| 【Fixed Income Research】Asian AT1s Part III – Picks on EM AT1s |
| 【Company Research】Xiaomi (1810 HK) – Weak 3Q22 as anticipated; Expect sequential recovery ahead |
| 【Company Research】CSPC Pharmaceutical (1093 HK) – Promising clinical progress of mRNA COVID-19 vaccine candidate |
| 【Company Research】Baidu (BIDU US) – Earnings beat on stringent cost control |
| 【Company Research】Kuaishou (1024 HK) – Resilient growth with FY23E group breakeven |
| 【Company Research】Tongcheng Travel (780 HK) – Factoring in 4Q22E epidemic resurgence |
| 【Sector Research】China Project Management Sector – Unsustainable demands from LGFVs but more from defaulted developers |
| 【Company Research】JD.com (JD US) – Stronger-than-expected margin expansion |
| 【Company Research】Weibo (WB US) – Ongoing moderate recovery |
| 【Company Research】NetEase Inc. (NTES US) – Preparing for next strong product cycle |
公司地址：香港中环花园道三号冠君大厦45-46楼
电话：（852）3900-0888 传真：（852）3761-8788
招银国际版权所有 Copyright © 2019-2026 CMB International Capital Corporation Limited. All rights reserved.
