【招银国际】Turnaround is here but weaker than expected.pdf

China Policy:Credit growth is expected to rebound in 2023

TSF & CPI Missed Expectations,Property Demand Weakened

–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

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

Solid growth of earth-moving machinery sales in Apr; Expect momentum to continue in May

U.S. Inflation Expectations During the Pandemic