| 【Sector Research】China Financials Weekly – Expect higher NPL in 2Q & 2H; P&C loss ratio improved during COVID lockdowns |
| 【Company Research】Apollo Future Mobility (860 HK) – Foundation laid for riding the wave of e-mobility |
| 【Company Research】Termination of Coverage |
| 【Company Research】Innovent Biologics (1801 HK) – Encouraging preliminary data on IBI110 (LAG-3 mAb) released at ASCO |
| 【Company Research】JOYY Inc. (YY US) – Muted growth on soft macro while margin intact |
| 【Company Research】Meituan (3690 HK) – Recovery in sight with better margin outlook |
| 【Fixed Income Research】CENCHI - Buy on CENCHIs |
| 【Company Research】Smoore Int’l (6969 HK) – Overseas order and the new disposable vape to sustain growth throughout 2022E |
| 【Sector Research】China Auto Sector – Strong NEV sales recovery in May |
| 【Sector Research】China Auto Sector – Purchase-tax cut exceeds our expectation |
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