| 【Company Research】Trip.com (TCOM US) – Revenue recovery underway |
| 【Company Research】Great Wall Motor (2333 HK) – 3Q22 beat; upcoming new models as key |
| 【Company Research】Yancoal Australia (3668 HK) – 3Q thermal coal ASP way above benchmark; a positive surprise |
| 【Company Research】Li Ning (2331 HK) – Guidance maintained but we are conservative |
| 【Sector Research】China AI – Public security demand remained weak in 3Q22, limited near term impact from new US export rules |
| 【Company Research】Xtep (1368 HK) – Guidance softens with mounting inventory risks |
| 【Sector Research】China Auto Sector – 2H22E likely beat; FY23E consensus overstated |
| 【Company Research】Anta Sports (2020 HK) – A more cautious but relatively better outlook |
| 【Company Research】Proya Cosmetics (603605 CH) – 3Q a small beat; but the implied 4Q numbers look unexciting given the current guidance |
| 【Company Research】China Meidong Auto (1268 HK) – 3Q22 operational data may beat expectation |
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