| 【Company Research】Shennan Circuit (002916 CH) - Solid FY24 results; Upgrade to BUY being key beneficiary in domestic localization |
| 【Company Research】FIT Hon Teng (6088 HK) - Decent FY24 results; Expectations reset on softer guidance |
| 【Company Research】CGN Mining (1164 HK) - Profit alert mainly related to one-off items; core profit remains intact |
| 【Company Research】Adobe (ADBE US) - Inline 1QFY25 results; AI standalone products ARR to double by end-FY25 |
| 【Company Research】Weibo (WB US) - Advertiser sentiment remains mixed; stepping up AI investment in FY25 |
| 【Company Research】361 Degrees (1361 HK) - Cautiously optimistic after a decent 2025 CNY |
| 【Sector Research】Consumer Staples - Cosmetics monthly: Mao Geping & Giant Bio surged, Marubi & Jahwa had a strong start |
| 【Company Research】EHang Holdings (EH US) - Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E |
| 【Sector Research】Healthcare - Results review of overseas CXO and life science tools sectors in 2024 & 4Q24: C(D)MOs and tools suppliers exceled; clinical CROs faced a tough market |
| 【行业研究】中国医药 - 海外CXO/生命科学上游2024 和 4Q24业绩剖析：C(D)MO和生命科学上游表现亮眼，临床CRO需求滑坡 |
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