| 【Company Research】Maxscend (300782 CH) – 1Q22 preliminary results: top-line better than feared, bottom-line miss; Maintain BUY |
| 【Company Research】CR Beer (291 HK) – We cut 2.5% of our 2022E shipment forecast to factor-in the current pandemic impact |
| 【Company Research】Shennan Circuits (002916 CH) – 1Q22 in line with positive margin surprise |
| 【Sector Research】China Auto Sector – 2021 dual-credit takeaways and 2022 outlook |
| 【Company Research】UEG (467 HK) – Acceleration of volume growth + Higher price in 2022E |
| 【Sector Research】China Internet Sector – Comments on resumption of new games approval |
| 【Sector Research】China Software & IT Services – Lockdowns add uncertainty to cloud recovery timeline |
| 【Sector Research】China Consumer Staples – 2021 results wrap-up; taking out Feihe from our top picks on soft 1H22 outlook |
| 【Company Research】GAC Group (2238 HK) – The worst appears to be over for local brands |
| 【Company Research】Xtep (1368 HK) – Prudent on 2Q22 but guidance maintained |
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