| 【Fixed Income Research】COGARD: Our reflections after COGARD's |
| 【Company Research】Alibaba (BABA US) – User first strategy delivered early-stage results |
| 【Company Research】Far East Horizon (3360 HK) – 1H23 in-line: Solid asset quality; HCD spin-off untapped industrial potential to empower growth |
| 【Company Research】FIT Hon Teng (6088 HK) – Weak 1H23 in-line; Positive outlook in 2H23E |
| 【Company Research】Horizon CD (9930 HK) – 1H23 core profit +10% YoY; positive on the structural growth and mgmt. execution |
| 【Company Research】Li Auto Inc. (LI US) – A replica of FY20-21 Tesla? |
| 【Company Research】Yuexiu Transport (1052 HK) – 1H23 earnings +45% YoY with solid div payout; Potential asset injection to boost growth |
| 【Company Research】Q-Tech (1478 HK) – Expect better client demand in 2H; high-end CCM to drive ASP/GPM upside |
| 【Sector Research】China Auto Sector – Jul leading indicators: NEV new orders rose MoM |
| 【Sector Research】China Auto Sector – Jul discount: Chinese narrowed, foreign widened |
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