| 【Fixed Income Research】CAPG - Vigilant investment penetrates deleverage |
| 【Company Research】Baozun (BZUN US) – 2H21E headwinds yet over |
| 【Company Research】JOYY Inc. (YY US) – Soft guidance on overseas traffic normalization |
| 【Company Research】China Hongqiao (1378 HK) – Outstanding 1H21 profitability; aim higher with support from good pricing in 2H21 |
| 【Company Research】New Hope Service (3658 HK) – Standing on the giant’s shoulders; initiate with Buy |
| 【Company Research】China Resources Gas (1193 HK) – 1H21 results beat; accelerating new business growth |
| 【Company Research】Redsun Services (1971 HK) – Strong 1H21 Results |
| 【Company Research】Bilibili (BILI US) – Full-year growth intact |
| 【Fixed Income Research】TPHL - Curve fairly priced |
| 【Company Research】Agile (3383 HK) – Play safe to deliver stable dividend |
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