| 【Company Research】AAC Tech (2018 HK) - Beneficiary of edge AI upgrade cycle; Raise TP to HK$58.78 |
| 【Company Research】Geely Automobile (175 HK) - Economies of scale lays foundation for FY25 profit |
| 【Company Research】PDD Holdings (PDD US) - Earnings beat; better consumption sentiment could propel valuation rerating |
| 【Company Research】Tongcheng Travel (780 HK) - 4Q earnings beat; likely another year of solid earnings growth ahead |
| 【Company Research】Tuhu Car (9690 HK) - Still better positioned than most rivals |
| 【Company Research】Hutchmed (13 HK) - Expecting sustainable profitability |
| 【Company Research】Anta Sports (2020 HK) - Prudent targets but the trend is encouraging |
| 【Sector Research】Capital Goods - New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai |
| 【Company Research】INT Medical (1501 HK) - Solid growth with margin improvement |
| 【Company Research】Dmall Inc (2586 HK) - Full-year breakeven in FY24; focus on AI retail to drive long-term growth |
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