【招银国际】Expect $3.5bn CB dilutive effect to be short-term.pdf

Expecting inline 3Q revenue growth with upside coming from bottom line

Expect sequential improvement ahead

We expect 1H24 to be still profitable

Economics：TSF&CPI Missed Expectations，Property Demand Weakened

Sales of Comfy brand surpass expectations

A-Share Market Strategy Weekly: Market Expectations Going Up

Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY

Expecting sustainable profitability

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

China Property Fatigue about easing expectation