| 【Company Research】Alibaba (BABA US) - Strong cloud revenue growth; still eyeing on synergy generated from quick commerce |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - Competition likely underestimated despite 3Q beat |
| 【Company Research】Yum China (9987 HK/YUMC US) - Key takeaways from YUMC 2025 Investor Day |
| 【行业研究】中国医药 - MNC购买资产热情高涨 |
| 【行业研究】半导体 - 英伟达：三季度业绩稳健，四季度指引有望缓解市场对AI泡沫的担忧 |
| 【Company Research】Palo Alto Networks (PANW US) - Results beat; announced acquisition of Chronosphere to tap new growth opportunity |
| 【Company Research】NetEase (NTES US) - 3Q25 results: solid games business outlook on quality pipeline and evergreen games |
| 【Company Research】CSPC Pharmaceutical (1093 HK) - BD continues to drive long-term growth |
| 【Sector Research】Semiconductors - Nvidia: Solid 3Q results; 4Q guidance should alleviate AI bubble concerns |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - 3Q25 results in-line; Expect further improvement in ASP |
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