| 【Sector Research】Technology - Apple FY2Q25 read-through: iPhone/China weakness and US$900mn tariff cost; Mixed outlook into 2H25E |
| 【Company Research】Amazon (AMZN US) - 1Q earnings beat; pace of earnings growth to enter a healthy stage |
| 【Company Research】Yum China (YUMC US) - A more cautious FY25E after 1Q25 sales miss |
| 【Company Research】Yum China (9987 HK) - A more cautious FY25E after 1Q25 sales miss |
| 【Company Research】AIA Group Ltd. (1299 HK) - Decent VONB growth across ex-China markets; buybacks to complete faster than expected |
| 【Company Research】China Life (2628 HK) - Profit beat; net asset turned to positive growth for improved asset-liability matching |
| 【Company Research】Xiaomi (1810 HK) - 1Q25 Preview: Expect strong results ahead; regained No.1 in China amid Apple weakness |
| 【Company Research】Microsoft (MSFT US) - Cloud revenue growth reaccelerated |
| 【Company Research】Willsemi (603501 CH) - Solid 1Q25 earnings driven by robust auto momentum; Maintain BUY |
| 【Company Research】Meta (META US) - 1Q25 results beat; raising capex guidance to support core business and AI development |
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