【华泰证券】3Q业绩短期承压；4Q冬装销售向好.pdf

4Q preview: cFX/reported sales +12.1%/6.4%

4Q亏损扩大，国内线支撑流量恢复

4Q环比改善，高端产品助力成长

4Q业绩触底，浆价下行盈利弹性可期

3Q符合预告，4Q利好在前

4Q利润持续高增长，21表现可期

4Q净利创新高，产能扩张筑龙头根基

Nvidia: Solid 4Q results and 1QFY26E guidance;investors look for evidence of growth beyond FY26

2022年业绩快报点评：4Q年末成本影响，多举措推进2023年改革

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