| 【Sector Research】Semi - Nvidia continues to impress |
| 【Company Research】Amazon (AMZN US) - Steady ship heading for new growth stage |
| 【Company Research】Microsoft (MSFT US) - AI and Copilot unlocking growth potential |
| 【Company Research】NIO (NIO US) - Need persuasive strategies to turn profitable |
| 【Sector Research】US Digital Advertising – AI-empowered digital transformation |
| 【Company Research】Tongcheng Travel (780 HK) - Solid momentum continued during CNY holiday |
| 【Sector Research】China Consumer Sector – CNY was mixed and we stay conservative |
| 【Company Research】Xpeng Inc. (XPEV US) - Lack of new model catalysts |
| 【Company Research】Xiaomi (1810 HK) - 4Q23E preview: strong smartphone recovery, eye on EV product launch in 2Q24; Maintain BUY |
| 【Sector Research】Internet - Solid travel consumption recovery during CNY |
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