| 【Company Research】Maxscend (300782 CH) - LT growth intact; D/G to HOLD as the company goes through business model transformation |
| 【Company Research】Amazon (AMZN US) - Structural margin improvement trend intact |
| 【Sector Research】Technology - Apple FY4Q24 beat on better margin and China sales; Positive on Apple Intelligence and ChatGPT rollouts |
| 【Company Research】CPIC (2601 HK) - 3Q NBV growth accelerated; expect par sales to outgrow |
| 【Company Research】United Imaging (688271 CH) - Anticipating a rapid rebound in domestic business |
| 【Company Research】Li Auto Inc. (LI US) - Solid earnings, thorough preparation pave way for FY25 |
| 【Company Research】Microsoft (MSFT US) - AI related monetization key to watch |
| 【Company Research】BYDE (285 HK) - 3Q24 in-line; Eyes on Jabil/NEV/AI server ramp-up |
| 【Company Research】Meta (META US) - AI development on track; stepped-up investment to drag margin expansion pace |
| 【Company Research】PICC P&C (2328 HK) - 3Q CoR miss dragged by non-auto claims |
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