| 【Sector Research】Technology - Apple FY3Q25 read-through: Strong iPhone, China rebound and service momentum; 4Q guidance better than feared |
| 【Sector Research】Semiconductors - Thematic investing and megatrends: 2H25 AI capex on track; positive on supply chain |
| 【Company Research】 Sino Biopharm (1177 HK) - Revaluation of innovative pipeline for the leading Chinese pharma player |
| 【Company Research】Microsoft (MSFT US) - Results a solid beat; cloud acceleration better than expectation driven by strong demand |
| 【Sector Research】Technology - Smartphone: Samsung/MTK/QCOM results takeaways |
| 【Company Research】Meta (META US) - 2Q25 results beat; AI drives core business growth |
| 【Company Research】Luckin Coffee (LKNCY US) - Sales are booming but costs are also rising |
| 【公司研究】中国生物制药 (1177 HK) - 创新管线价值重估，制药龙头华丽转身 |
| 【Sector Research】Technology - Global AI glasses: Ray-Ban Meta upbeat in 1H25, Xiaomi 500k target and Quark Glasses launch |
| 【Company Research】New Oriental (EDU US) - Revenue growth decelerates; more focus on profitability and shareholder return in FY26 |
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