【IMF】U.S. Inflation Expectations During the Pandemic.pdf

Property: NBS 4M24: REI continued weakening as expected; BJ’s relaxation showed noticeable effect

what-can-we-expect-in-china-in-2018

4Q23E earnings surged 31-71% YoY, above expectation

what-can-we-expect-in-china-in-2017

–1H23 worse than expected on slow recovery; Maintain HOLD

China Property Sector：NBS Sep data： gloomy as expected, no strong rebound, only mild recovery in 4Q in our view

China Property Sector – NBS 2M23 data： Strong as expected

China Economy – PMI beat expectations as economy continues to recover

2Q loss reduction trend better than expectation

Turnaround is here but weaker than expected