| 【Sector Research】Auto - 2Q25 earnings preview and 2H25 outlook |
| 【Company Research】Q-Tech (1478 HK) - Beginning of earnings upward revision cycle; Raise TP to HK$13.21 |
| 【Company Research】Alibaba (BABA US) - Escalated investment in instant commerce could weigh on ST profitability |
| 【Company Research】JD.com (JD US) - Increasing investment in food delivery weighs on profit; synergy remains key to watch |
| 【Company Research】J&T Express (1519 HK) - Impressive parcel volume growth in SEA |
| 【行业研究】中国医药 - 理性看待创新药估值，寻找优秀公司的买点 |
| 【Company Research】Innovent Biologics (1801 HK) - Advancing a broad pipeline of next-generation therapies |
| 【Company Research】Alibaba (BABA US) - Offering of exchangeable bonds to support international business development |
| 【Sector Research】Technology - Implications of US-Vietnam tariff deal; Apple supply chain to benefit most |
| 【Company Research】BeiGene (ONC US) - CDK4i showed preliminary efficacy while data still maturing |
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