【招银国际】【Economic Perspectives】China Economy–Weak growth calls for additional policy easing.pdf

Weak PMIs confirm downside pressure for growth

Apple FY2Q25 read-through: iPhone/China weakness and US$900mn tariff cost; Mixed outlook into 2H25E

China Economy – Weak PMIs confirm downside pressure for growth

China Economy – Growth slows sharply as confidence remains weak

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

China EconomyGrowth momentum remained weak

–1H23 preview：Better ASP to offset shipment weakness; Focus on demand recovery in 2H23E

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

1H23E preview： Expect profit decline on weak coal price

China Technology Sector–Apple FY4Q23 beat on margins, resilient China iPhone sales, weak outlook for iPad／Wearablese