| 【Company Research】PDD Holdings (PDD US) - Earnings beat; better consumption sentiment could propel valuation rerating |
| 【Company Research】Tongcheng Travel (780 HK) - 4Q earnings beat; likely another year of solid earnings growth ahead |
| 【Company Research】Tuhu Car (9690 HK) - Still better positioned than most rivals |
| 【Company Research】Hutchmed (13 HK) - Expecting sustainable profitability |
| 【Company Research】Anta Sports (2020 HK) - Prudent targets but the trend is encouraging |
| 【Sector Research】Capital Goods - New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai |
| 【Company Research】INT Medical (1501 HK) - Solid growth with margin improvement |
| 【Company Research】Dmall Inc (2586 HK) - Full-year breakeven in FY24; focus on AI retail to drive long-term growth |
| 【Company Research】Tencent (700 HK) - Stepping up AI investment to unleash growth opportunities |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - Shifting back to volume growth strategy |
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 © 2019-2025 CMB International Capital Corporation Limited. All rights reserved.
