| 【行业研究】软件 & IT服务 - 财税数字化软件：合规效率双赢，云端渗透加速 |
| 【Company Research】Anta Sports (2020 HK) - Anta brand’s miss offset by other brands’ beat |
| 【Sector Research】Technology - Implications of resumption of H20/MI308 sales in China; Positive for AI server/component supply chain |
| 【Company Research】Li Ning (2331 HK) - 2Q25 roughly inline and transition in progress |
| 【公司研究】巨子生物 (2367 HK) - 销售复苏在望，底部布局正当时 |
| 【Company Research】Bilibili (BILI US) - 2025 Investor Day: improving monetization to support quality earnings growth |
| 【Sector Research】Semiconductors - Thematic investing and megatrends: 1H25 AI demand check; Compute demand continues to grow |
| 【Sector Research】Auto - 2Q25 earnings preview and 2H25 outlook |
| 【Company Research】Q-Tech (1478 HK) - Beginning of earnings upward revision cycle; Raise TP to HK$13.21 |
| 【Company Research】Alibaba (BABA US) - Escalated investment in instant commerce could weigh on ST profitability |
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