【招银国际】China Economy: Weak inflation points to easing policy stance ahead.pdf

China Economy: Weak exports support further policy easing

Weak 1Q23 as expected; Expect multiple drivers from iPhone／CPU socket／400G／EV in 2H23E

China Macro Monitor – Growth momentum remained weak

Weak PMIs confirm downside pressure for growth

China Economy – Inflation declines as aggregate demand remains weak

Proxy of China’s consumption-led recovery; buying into any weakness for the next recovery wave

Growth slows sharply as confidence remains weak

China’s Economy Weekly：Economy Showed Signs of Weak Stabilization, Growth Stabilizing Policies Accelerate

–1H23 weakness in-line; Lower TP on slower demand recovery

Semi–China CIS sector–Solid auto CIS growth offset by weak mobile CIS demand