| 【Company Research】Innolight (300308 CH) - Record revenue and earnings coupled with significant margin expansion; Maintain BUY |
| 【Sector Research】Semiconductors - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand |
| 【Company Research】DPC Dash (1405 HK) - Fundamentals intact regardless of city tiers |
| 【Company Research】Giant Biogene (2367 HK) - Resilient revenue growth driven by multiple channels and dual brands |
| 【Company Research】Baozun (BZUN US) - Profitability improvement on track |
| 【Company Research】Trip.com (TCOM US) - 2Q results beat; resilient revenue and earnings growth to sustain |
| 【Company Research】Innovent Biologics (1801 HK) - IBI363 advancing towards global development |
| 【Company Research】Li Auto Inc. (LI US/2015 HK) - More aggressive pricing, shorter model cycle to regain sales traction |
| 【Company Research】SenseTime (20 HK) - 1H25 review: strong Gen AI revenue momentum with improving margin |
| CMBI Fixed Income - CNMDHL: A yield pick-up play over CHMEDA |
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