【招银国际】 Expect sustainable DPS growth onwards.pdf

TSF & CPI Missed Expectations,Property Demand Weakened

China Policy:Credit growth is expected to rebound in 2023

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

1H24 preview： margin weakness priced in; expect gradual ASP/margin recovery in 2H

–Release of pent-up demand as expected

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

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

2024 earnings way below expectations; outlook remains challenging

1Q23E profit beat expectations; Multiple catalysts ahead

U.S. Inflation Expectations During the Pandemic