| 【Company Research】Ping An (2318 HK) - Life OPAT awaits for longer time to turnaround |
| 【Company Research】Hansoh Pharma (3692 HK) - Overseas out-licensing as a sustainable profit driver |
| 【Company Research】Xunfei Healthcare (2506 HK) - Leading the healthcare AI revolution; Initiate with BUY |
| 【Company Research】Baozun (BZUN US) - Driving quality growth |
| 【Company Research】CGN Mining (1164 HK) - Further downside risk should be reduced with large contract/spot uranium price gap |
| 【Company Research】Meituan (3690 HK) - Solid core business earnings growth to provide support for overseas expansion |
| 【Company Research】NIO Inc. (NIO US) - 4Q25 breakeven unlikely amid legacy burden |
| 【Company Research】VSTECS (856 HK) - Strong FY24 results; benefiting from the robust AI demand |
| 【公司研究】讯飞医疗科技 (2506 HK) - 医疗AI领航者，全方位赋能医疗行业；首予买入 |
| 【Company Research】China Lilang (1234 HK) - DTC transformation has started to bear fruit |
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