| 【Fixed Income Research】CARINC: Better than expected 1H22 results. Buy CARINC'24 as a carry play |
| 【Company Research】Nongfu Spring (9633 HK) – 1H22 beat on GPM; tea beverage should continue to drive growth over 2H |
| 【Company Research】SenseTime (20 HK) – A slower AI adoption pace amid macro uncertainties |
| 【Company Research】Proya Cosmetics (603605 CH) – 2Q in line with full year guidance maintained |
| 【Company Research】Mengniu (2319 HK) – 1H22 soft as expected; management remained upbeat on a strong sequential recovery for 2H |
| 【Company Research】ZhongAn Online (6060 HK) – 1H22 UW margin further improved |
| 【Company Research】CSPC Pharmaceutical (1093 HK) – Encouraging preliminary clinical results of mRNA COVID-19 vaccine candidate |
| 【Fixed Income Research】JIAYUA: The exchange, consent and RSA |
| 【Company Research】Ping An (2318 HK) – Channel reform is close to the finish line |
| 【Company Research】Jiumaojiu (9922 HK) – Re-opening, margins & Song are key drivers |
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