While we believe the market would continue to chase A/C names in the near term, given the category might record outstanding double-digit growth y/y in 2Q and 3Q, we highlight the category’s growth may slow down from 4Q onwards, as a result of its correlation to slowing property completions. As new home sales in China remain muted, with unfinished and delayed projects gradually being completed YTD, we argue that those categories more depende...