| 【Company Research】ZTO Express (ZTO US) – Expect strong recovery after 1Q20E |
| 【Company Research】Xtep (1368 HK) – Solid cash position to yield attractive dividend |
| 【Sector Research】China Brokerage Sector – On an upward policy trajectory |
| 【Company Research】Tongda Group (698 HK) – Not immune from COVID-19 impact; D/G to HOLD |
| 【Company Research】A-Living (3319 HK) – Looking forward to next 3-year development |
| 【Company Research】JOYY Inc. (YY US) – Solid 4Q19; Eyes on overseas momentum |
| 【Company Research】Sunny Optical (2382 HK) – Wait for better entry point, Maintain Hold |
| 【公司研究】信义光能 (968 HK) – 19年业绩符合预期，新产能受疫情影响延迟一季度 |
| 【公司研究】华电福新 (816 HK) – 预料19财年业绩不俗；20年前路面临阴霾 |
| 【公司研究】世茂 (813 HK) – 为并购做好准备 |
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