| 【Company Research】GAC Group (2238 HK/601238 CH) - We expect competitive models, cost cuts in FY26E |
| 【Company Research】Nongfu Spring (9633 HK) - Solid 1H25 fuelled by strong non-water biz |
| 【Company Research】DualityBio (9606 HK) - Pioneering progress in ADC + next-gen IO |
| 【公司研究】固生堂 (2273 HK) - 客单价企稳，业绩有望回到加速通道 |
| 【Company Research】Great Wall Motor (2333 HK/601633 CH) - A possible re-rating amid Wey, Ora’s sales surge |
| 【Company Research】Shennan Circuit (002916 CH) - Strong 2Q with record sales and expanding margins; Maintain BUY |
| 【Company Research】SANY International (631 HK) - 2Q25 profit in-line; Raise earnings forecast on new business growth & expense control |
| CMBI Fixed Income - ZHOSHK: Credit profile remains solid under a challenging operating environment |
| 【行业研究】AI主题研究 - 政策加速AI应用与商业化落地 |
| 【行业研究】半导体 - AI 基础设施投资持续增长；英伟达展望显示需求依然强劲 |
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