【华泰证券】中高频经济数据观察：Sell in May利率存在超调风险.pdf

Consumer Discretionary: Sequential improvement may support re-rating

Statement by the Managing Director on the FY 2024 Work Program of the Executive Board Executive Board Meeting May 30, 2023

May NEV likely to hit second highest in history

4Q22 earnings miss; sales may rise QoQ in FY23E

–New-car GPM may bottom out in 2H23E

Excavator demand slowed down in May; still positive on replacement cycle

China Auto Sector – May NEV likely to hit second highest in history

China Property Sector–NBS Oct data in line, Nov-Dec may continue to be weak on low buying sentiment

投资策略定期报告：“Sell in May”可能被再次验证

–Sequential margin contraction indicates inventory digestions may persist till FY23E