| 【Company Research】Zenergy (3677 HK) - Higher earnings visibility amid better client mix, possible battery price hike |
| 【Company Research】Sunny Optical (2382 HK) - FY25E profit alert in-line; auto/smart glasses to offset smartphone weakness in 2026 |
| 【Company Research】Microsoft (MSFT US) - Results beat; long-term structural growth story remains unchanged |
| 【Company Research】ServiceNow (NOW US) - 4Q25 results: solid AI business and margin expansion |
| 【Company Research】Meta (META US) - 4Q25 results beat; AI continues to drive ad business growth |
| 【Company Research】New Oriental (EDU US) - 2QFY26 results beat; strong core educational business and solid margin expansion |
| 【公司研究】三生制药 (1530 HK) - 辉瑞全速推进707全球临床，ADC联用蓄势待发 |
| 【Company Research】CR Beverage (2460 HK) - Leave the worst behind in 2025 |
| 【行业研究】中国医药 - 创新药出海BD仍然火爆，关注IO 2.0抢位赛 |
| 【Company Research】Ping An (2318 HK) - Banca fuelling NBV growth in jumpstart sales; 4Q earnings could ease on growth stock corrections |
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