| 【行业研究】医药 - 海外CXO/上游1Q26业绩剖析：宏观不确定性下维持26年业绩指引，早研需求弱复苏，商业化需求维持强劲 |
| 【Company Research】JD.com (JD US) - Solid core earnings growth in 1Q26; price hikes to bring ST headwinds to revenue growth |
| 【Company Research】TME (TME US) - Inline 1Q26 results; competition headwind persists |
| 【Sector Research】Materials - Aluminium: A prolonged supply deficit even assuming the end of Iran war |
| 【Company Initiation】Hongqiao Holdings (002379 CH) - High earnings sensitivity to aluminium price, high dividend payout; initiate with BUY |
| 【Sector Research】Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators |
| 【Company Research】Coinbase (COIN US) - 1Q26 review: resilient business execution despite persistent market headwinds |
| 【Sector Research】Semiconductors - DeepSeek V4 pricing offer extended, signaling China’s LLM inference cost advantage |
| 【Company Research】Datadog (DDOG US) - Strong 1Q26 results with more upside ahead |
| 【Company Research】BeOne Medicines (ONC US) - Near-term readouts to validate novel pipeline assets |
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