| 【Company Research】JOYY Inc. (YY US) – FY21E guidance intact despite soft 2Q21E |
| 【Company Research】SF Holding-A (002352 CH) – Spin-off of intra-city instant delivery business to unlock value |
| 【Company Research】Li Auto (LI US) – Facelifted Li ONE to continue boost sales growth |
| 【Company Research】Pinduoduo (PDD US) – A solid start |
| 【Company Research】Xiaomi (1810 HK) – 1Q21 strong beat on better margin; Reiterate BUY |
| 【Sector Research】China Construction Machinery / HDT (Market Perform) – Approaching the peak of upcycle; D/G Hengli, SANY Heavy & Sinotruk |
| 【Company Research】Kingsoft Cloud (KC US) – Riding on multi-cloud adoption |
| 【Company Research】CSPC Pharmaceutical (1093 HK) – Expect fruitful R&D and BD results |
| 【Company Research】Kuaishou (1024 HK) – 2Q21E rev to accelerate with better margin |
| 【Company Research】CG Service (6098 HK) – USD2bn fund raising for its ambitious 2025 plan |
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