| 【Company Research】ZTE (763 HK) - Accelerating compute power but decelerating margins |
| 【Company Research】Yancoal Australia (3668 HK) - Coal price likely to gain alongside the surging gas price; Buying opportunity on Yancoal |
| Yuexiu Transport (1052 HK) - Termination of Coverage |
| Unity Group (1539 HK) - Termination of Coverage |
| 【Company Research】JD.com (JD US) - Driving healthy core business earnings growth amid high base in 2026 |
| 【Company Research】Bilibili (BILI US) - 4Q25 results: AI to drive healthy community development and monetization improvement |
| 【Sector Research】Auto - 1Q26 carmakers’ margins under pressure amid rising discounts |
| 【Company Research】Refire (2570 HK) - New subsidies, lowering costs may make fuel cell competitive in 2027 |
| 【行业研究】海外龙头 TMT 公司业绩启示 - 资本开支进一步上行，半导体表现占优趋势或延续 |
| 【Sector Research】Materials - Production cut in Qatar to further increase supply risks; +ve to aluminium price |
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