【招商证券】China Pharmaceutical & Healthcare: Expecting global funding recovery in the coming quarters.pdf

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

Expect a year of mild recovery in FY23

China Property Sector: NBS Nov data in line, expect new policy in BJ／SH to boost secondary market in Dec

Turnaround is here but weaker than expected

Expect domestic business to rebound from 2025

Apple FY1Q23 miss on macro and supply chain issues; Expect weakness to persist in near term

Expect sustainable DPS growth onwards

2Q loss reduction trend better than expectation

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

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