【招银国际】–Release of pent-up demand as expected.pdf

TSF & CPI Missed Expectations,Property Demand Weakened

China Property Sector: NBS Aug data in-line, expect better recovery in SepOct but sustainability is uncertain

We expect prudent guidance but decent margins

【Sector Research】China Property Sector–NBS Jun data： weak as expected, a tough 3Q ahead

–Expect steady 3Q23 despite macro uncertainty

We expect 1H24 to be still profitable

China Property Sector – Property+ Weekly： Can we expect post-CNY recovery？

Ensure Policy Implementation to Stabilize Market and Expectations

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

Unable to meet the expectation of dual engines