【招银国际】 Expect a year of mild recovery in FY23.pdf

CMS Strategy Weekly (20 Feb 2023) Rate expectations see upward revision

2024 results below expectation; Still positive on the structural overseas growth trend

U.S. Inflation Expectations During the Pandemic

1Q23E profit beat expectations; Multiple catalysts ahead

China Sportswear Sector – We expect prudent guidance but decent margins

Solid growth of earth-moving machinery sales in Apr; Expect momentum to continue in May

Core net profit in 2022 +53% YoY in line with expectation; Margin recovery in 4Q

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

China Pharmaceutical & Healthcare - Expecting global funding recovery in the coming quarters

2024 earnings way below expectations; outlook remains challenging