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| 【Company Research】VSTECS (856 HK) - Leading IT distributor in Asia riding on tailwinds of AI & overseas expansion; initiate at BUY |
| 【Company Research】Hansoh Pharma (3692 HK) - Oral GLP-1 candidate accomplished transaction with MSD |
| 【Sector Research】Materials - China to secure more uranium resources in Kazakhstan |
| 【Company Research】CR Beverage (2460 HK) - A purified water pioneer evolving into integrated beverage titan |
| 【Sector Research】Capital Goods - Decent export growth across major machines in Nov; AWP stood out |
| 【行业研究】半导体 - 2025展望：AI热潮将延续 |
| 【行业研究】汽车 - 燃料电池重卡行业或将在2026-2027年迎来拐点 |
| 【行业研究】中国保险 - 2025展望：拨云见日终有时，价值增长曙光现 |
| 【行业研究】中国医药 - 2025展望：行业宏观环境改善，看好估值修复 |
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