| 【Company Research】Q-Tech (1478 HK) - 1H25 non-mobile and GPM beat; FY25E guidance raised on drone/auto/XR momentum |
| 【Company Research】SANY International (631 HK) - 2Q25E profit rose 16-35% largely in-line; Solid growth trajectory |
| 【Company Research】Hua Hong Semi (1347 HK) - 2Q margin beat, D/G to HOLD due to substantial recent share price gains |
| 【Company Research】Hutchmed (13 HK) - China product sales under pressure amid competition |
| 【Sector Research】Technology - US new sectoral tariffs better than feared; Positive for smartphone/AI server supply chain |
| 【Sector Research】Auto - Jul discounts narrowed amid new models, auto finance policy changes |
| 【Sector Research】Capital Goods - Strong domestic sales and export of excavators in Jul |
| 【Company Research】BeOne Medicines (ONC US) - Solid 2Q results, eyes on CDK4i readouts by year-end |
| 【Sector Research】Logistics - Price floor in Guangdong likely set an example for other regions; Staying +ve on the sector |
| 【Company Research】Datadog (DDOG US) - Solid 2Q results with better-than-expected operating efficiency gains |
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