| 【Company Research】Hesai Group (HSAI US) - 1Q results beat; expecting SGI revenue to ramp up at a rapid pace |
| 【Company Research】Bilibili (BILI US) - 1Q26 review: solid user traffic growth and monetization improvement |
| 【Company Research】iQIYI (IQ US) - Inline 1Q26 results; solid progress on new growth engines |
| 【行业研究】中国医药 - AI有望改变创新药研发范式 |
| 【Sector Research】Capital Goods - Takeaways from Dongfang Electric plant visit |
| 【Company Research】Leapmotor (9863 HK) - On track to book another year of strong growth |
| 【Company Research】Tencent (700 HK) - Resilient 1Q26 earnings growth despite AI investment; solid AI progress |
| 【Company Research】Alibaba (BABA US) - Strong cloud business development prospects |
| 【行业研究】电解铝：供应缺口将扩大并持续，即便假设伊朗战争全面结束 |
| 【首次覆盖】宏桥控股 (002379 CH) - 高盈利弹性，高分红比例；首次覆盖给予买入评级 |
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