| 【Sector Research】China Insurance - 1Q26 insurance funds: Core equities sustained mid-teens share; Life core solvency rebounded |
| 【Company Research】Tongcheng Travel (780 HK) - 1Q26 results beat; higher oil prices dampen short-term revenue growth outlook |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - Historical detractors appear resolved |
| 【Company Research】NetEase (NTES US) - 1Q26 results: strong profit beat on margin expansion; solid game pipeline in 2H26E |
| 【Sector Research】Semiconductors - Nvidia 1QFY27 earnings: AI factory economics extends growth runway |
| 【Company Research】SANY International (631 HK) - Weak 1Q26 results but should be expected by the market; Focus on mining truck growth |
| 【Company Research】Baozun (BZUN US) - 1Q26 results beat; solid revenue growth momentum to sustain |
| 【Company Research】Kanzhun Limited (BZ US) - Inline 1Q26 results; revenue growth to accelerate on resilient recruitment demand |
| 【Company Research】Futu Holdings (FUTU US) - 1Q26 preview: softer earnings affected by interest income; net asset inflows close to record high |
| 【Company Research】Ke Holdings (BEKE US) - Embracing the profit release cycle |
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