| 【Company Research】Proya Cosmetics (603605 CH) – ESOP & mgt sell-off signal growth to peak-out but relative operation excellence makes a trading Buy |
| 【Company Research】Shanghai Jahwa (600315 CH) – Too early to call for a turnaround but ESOP target is likely hit as a low hanging fruit; Down to HOLD |
| 【Company Research】China Feihe (6186 HK) – Limited upside upon a lacklustre outlook; downgrade to HOLD |
| 【Company Research】CTGDF (601888 CH) – Overseas travel a lingering headwind to valuation despite operation turnaround |
| 【Sector Research】China Consumer Sector – A strong comeback in 5-1 Golden Week |
| 【Sector Research】China Technology Sector – Apple FY2Q23 beat on strong iPhone and EM; Positive on resilient performance amid headwinds |
| 【Company Research】BeiGene (BGNE US) – Improving cost efficiency with rapid sales growth |
| 【Sector Research】China Sportswear Sector – 5-1 sales beat but competition intensified |
| 【Company Research】EC Healthcare (2138 HK) – Rebound of cross-border consumption to fuel growth in FY24 |
| 【Company Research】Yum China (YUMC US) – Confidence increases after upbeat 1Q23 result |
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