【招银国际】China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view.pdf

–NDR takeaways：Strong order backlog in 2H23E; Solid pipeline to drive growth into FY24／25E

Quality growth strategy underpins strong earnings growth

滔搏（06110）：Prudent guidance but strong cash flow & yield

–Strong 3Q results on accelerating AI revenue

Strong and sustainable non-COVID growth

China Auto Sector – Strong June provides more confidence for 2H23

Property: Weekly highlight: Strong WoW recovery at Mar end,policy relaxation continued

渣打集团（02888）：Strong Network Foundation, Robust WM Business Momentum

Solid mobile games and margin improvement support strong 1Q23 results

Expect strong sales in 2023 driven by the US approval of zanubrutinib in CLL