【光大证券】China's Economy：Money and Credit Growth Beats Expectations; the Central Bank might Slightly Rein in Its Pace of Monetary Loosening.pdf

2024 earnings way below expectations; outlook remains challenging

China Property SectorNBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters

–Release of pent-up demand as expected

China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

China Policy:Credit growth is expected to rebound in 2023

TSF & CPI Missed Expectations,Property Demand Weakened

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision

2024 results below expectation; Still positive on the structural overseas growth trend