| 【Company Research】Trip.com (TCOM US) - Lead industry recovery amid release of strong travel demand |
| 【Company Research】New Oriental (EDU US) - Bracing for a new growth stage |
| 【Fixed Income Research】YUZHOU: More thoughts on the restructuring plan |
| 【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 |
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