| 【Company Research】SMIC (981 HK) - 2Q earnings beat on pricing turn and earnings recovery |
| 【Company Research】Z.AI (2513 HK) - GLM-5.3 unveiled with strong capabilities |
| 【行业研究】汽车 - 以智能车为鉴，挖掘人形机器人投资机会：本体百家争鸣，零部件率先兑现 |
| 【Company Research】Hua Hong Grace (1347 HK) - Q2 earnings beat, but rich valuation keeps us at HOLD |
| 【Company Research】JD.com (JD US) - Driving continued operating efficiency improvement |
| 【Company Research】Dmall Inc (2586 HK) - 1H26 review: Accelerating AI transformation |
| 【Company Research】Coherent (COHR US) - 4Q earnings beat; optical demand stays robust w/ capacity playing catch-up |
| 【Sector Research】 Materials - Aluminium - Upside risk to our supply forecast following the resumption of EGA production |
| 【Company Research】AIA Group Ltd. (1299 HK) - 1H26 preview: 2Q VONB moderate while OPAT on track; 3Q high base looms in AIA HK/China |
| 【Company Research】China Tower (788 HK) - 1H26 results: D&A roll-off drove earnings amid revenue decline; Maintain HOLD |
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