| 【Fixed Income Research】Chinese properties - from (A)MCs to (Z)henro |
| 【Sector Research】China Financials Weekly – Life slow jumpstart; Limited impact from new rules on overseas loans |
| 【Sector Research】China AI – AI leaders taking different expansion paths |
| 【Company Research】Zhihu (ZH US) – Solid 4Q21E ahead, with FY22E transition |
| 【Company Research】Yum China (9987 HK) – Headwinds likely to stay after a weak 4Q21 |
| 【Company Research】Jiangsu Hengli (601100 CH) – Recovery weaker-than-expected; Rich valuation along with earnings risk |
| 【Fixed Income Research】TBLAIJ – Maintain Buy on TBLAIJ'23 despite a questionable rating downgrade |
| 【Sector Research】China Property Sector – Loan relaxation for affordable rental housing positive for property investments |
| 【Company Research】Innolight (300308 CH) – Mgmt. call takeaways: Expect strong demand from digital infrastructure |
| 【Company Research】Yili Industrial (600887 CH) – We expect synergy from the Ausnutria takeover |
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