| 【Company Research】BYDE (285 HK) - 1Q25 earnings flat YoY; 2025 positive outlook backed by auto/AI and limited tariff impact |
| 【Company Research】Akeso (9926 HK) - Continued optimism on the global potential of Ivonescimab |
| 【行业研究】中国医药 - 关注ASCO数据发布，创新药行情或将分化 |
| 【Company Research】Ping An (2318 HK) - 1Q25 NBV stayed robust lifting L&H OPAT back to positive growth |
| 【Company Research】Great Wall Motor (2333 HK/601633 CH) - No need to read too much into 1Q25 earnings |
| 【Company Research】BYD (1211 HK/002594 CH) - 1Q25 earnings on track |
| 【公司研究】百度 (BIDU US) - Create 2025 AI开发者大会：推动模型调用成本进一步下探和应用生态繁荣 |
| 【Company Research】GAC Group (2238 HK/601238 CH) - We expect 2H25 earnings to improve after 1Q miss |
| 【Company Research】Alphabet (GOOG US) - Earnings beat on efficiency gains; maintain AI investment plan to drive long-term growth |
| 【Sector Research】Semiconductors - China’s ADAS/AD players are set to gain ground at accelerated pace |
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