【招银国际】We expect prudent guidance but decent margins.pdf

Economics：TSF&CPI Missed Expectations，Property Demand Weakened

A-Share Market Strategy Weekly: Market Expectations Going Up

Sales of Comfy brand surpass expectations

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

Expect sequential improvement ahead

We expect 1H24 to be still profitable

Weekly highlight: expect strong sales momentum to last longer

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

China Property Fatigue about easing expectation

–2Q23 preview： expecting strong recovery ahead