【华泰金融控股】TSF & CPI Missed Expectations,Property Demand Weakened.pdf

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre

1H23E preview： Expecting Strategy 2.0 to gain momentum in post-pandemic periods

3Q NPAT boosted by net fair value gains; expect resilient full-year NBV upswing

China Property Fatigue about easing expectation

Unable to meet the expectation of dual engines

1H23 Preview: weak revenue amid industry headwinds; expect smartphone recovery in 2H23E

Ensure Policy Implementation to Stabilize Market and Expectations

We expect 1H24 to be still profitable

–Expect steady 3Q23 despite macro uncertainty

We expect prudent guidance but decent margins