| 【Company Research】Leapmotor (9863 HK) - Eyes on new models, especially D19 |
| 【Company Research】Ke Holdings (BEKE US) - Profitability improvement on track |
| 【Company Research】Q-Tech (1478 HK) - FY25 in-line; Positive outlook on CCM share gain and drone/auto/XR momentum |
| 【行业研究】中国医药 - 政策定调升级， AI与出海双轮驱动 |
| 【Company Research】Futu Holdings (FUTU US) - 4Q robust growth in-line; geographic diversification saw sequential improvement |
| 【Company Research】Shennan Circuit (002916 CH) - AI-led PCB growth with substrate upside ahead |
| 【Company Research】BYDE (285 HK) - 2H25 preview: expect flattish earnings dragged by smartphone/auto headwinds; Maintain BUY |
| 【Company Research】FIT Hon Teng (6088 HK) - FY25 earnings dragged by higher effective tax; Raise guidance on strong AI server outlook |
| 【Company Research】Adobe (ADBE US) - 1QFY26 results: Solid AI momentum, but ARR deceleration weighs on sentiment |
| 【行业研究】软件 & IT服务 - 美国软件NDR要点总结：关注客户端增量价值创造 |
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