【招银国际】China Economy: Credit weakness awaiting policy support.pdf

China Economy – Inflation declines as aggregate demand remains weak

China EconomyGrowth momentum remained weak

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

China Economy–Trade remains weak as base effect narrows its slump

Growth slows sharply as confidence remains weak

Weak PMIs confirm downside pressure for growth

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

China’s Economy-HSBC PMI Rebounds, Economy Continues Pattern of Weak Stability：June HSBC Flash PMI Commentary

China Economy Confidence remained weak amid property slump and deflation

–1H23 weakness in-line; Maintain HOLD on fair valuation