| 【Company Research】Palo Alto Networks (PANW US) - Net new ARR inflects; platformization compounds |
| 【Company Research】Leads Biolabs (9887 HK) - Eyes on LBL-024 readouts at WCLC/ESMO |
| 【首次覆盖】天岳先进 (2631 HK) - 全球SiC衬底龙头：8英寸切换叠加涨价周期，盈利拐点已现，进入量价齐升阶段；首予买入 |
| 【Company Research】Z.AI (2513 HK) - Scaling intelligence, scaling monetization |
| 【Company Research】Angelalign (6699 HK) - 1H26 earnings beat driven by first-time overseas profitability |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - 2Q26 miss on SG&A; Bottom-line to improve on resilient GPM, continued cost discipline |
| 【Sector Research】Property - Expert call takeaways: Ample room to buffer, local pilot rules expected in 1-1.5 months |
| 【Company Research】InnoScience (2577 HK) - 1H26 takes a breather as mix and margins improved |
| 【Company Research】PICC P&C (2328 HK) - Interim DPS +41.7% YoY a +VE surprise; Market pivots to 2H26E catastrophe claims outlook |
| 【Company Research】BaTeLab (2149 HK) - Pricing power now and capacity growth next; Maintain BUY |
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