| 【Company Research】Tongcheng Travel (780 HK) – More bullish on 2H23E momentum |
| 【Company Research】Geely Automobile (175 HK) – 1H23 GPM beat for both ICE and NEV |
| 【Company Research】Zhejiang Jingsheng (300316 CH) – 2Q23 net profit +73% YoY in line; Arms race still good for equipment makers |
| 【Company Research】CR Beer (291 HK) – 1H rev/EBIT +13%/26%; Heineken grew 60% |
| 【Fixed Income Research】Longfor: How Longfor is different? |
| 【Company Research】FriendTimes Inc. (6820 HK) – Looking into moderate recovery in FY24E |
| 【Company Research】Xpeng Inc. (XPEV US) – 2Q23 GPM miss; Still a long way for healthy GPM |
| 【Company Research】Atour Lifestyle (ATAT US) – Remain cautiously optimistic after a solid 2Q23 |
| 【Company Research】Kingdee (268 HK) – Loss reduction on track |
| 【Company Research】Kindly Medical (1501 HK) – Rapid sales recovery in 1H23 |
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