| 【Sector Research】Semiconductors - Nvidia: Solid 3Q results; 4Q guidance should alleviate AI bubble concerns |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - 3Q25 results in-line; Expect further improvement in ASP |
| 【行业研究】半导体 - 印制电路板/覆铜板行业 – AI驱动的上行周期：结构增长与格局分化 |
| 【Company Research】Futu Holdings (FUTU US) - 3Q earnings a strong beat, driven by resilient net asset inflows and NII recovery |
| 【Company Research】Kuaishou (1024 HK) - 3Q25 results: AI empowers all business lines |
| 【Company Research】iQIYI (IQ US) - Inline 3Q25 results; expect revenue and margin recovery in 4Q25E |
| 【Company Research】Xiaomi (1810 HK) - 3Q25 above; not immune to memory cost hike and EV purchase tax subsidies in the near term |
| 【Company Research】Baidu (BIDU US) - OP likely hit trough; AI-related new initiatives have more visibility |
| 【Company Research】PDD Holdings (PDD US) - 3Q25 results beat; earnings swung to positive growth |
| 【Company Research】Trip.com (TCOM US) - 3Q results beat; travel demand remains solid |
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