| 【Company Research】Cloud Music (9899 HK) – Monetization and margin improvement on the horizon |
| 【Company Research】TME (TME US) – Resilience in the evolving industry |
| 【Company Research】NetEase Inc. (NTES US) – Sturdy game and content developing leader |
| 【Sector Research】China Property Sector – Major policy support may mute for now |
| 【Company Research】Trip.com (TCOM US) – Revenue recovery underway |
| 【Company Research】Great Wall Motor (2333 HK) – 3Q22 beat; upcoming new models as key |
| 【Company Research】Yancoal Australia (3668 HK) – 3Q thermal coal ASP way above benchmark; a positive surprise |
| 【Company Research】Li Ning (2331 HK) – Guidance maintained but we are conservative |
| 【Sector Research】China AI – Public security demand remained weak in 3Q22, limited near term impact from new US export rules |
| 【Company Research】Xtep (1368 HK) – Guidance softens with mounting inventory risks |
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