| 【Company Research】Shennan Circuits (002916 CH) – Margin pressure to persist on rising material cost; Maintain HOLD |
| 【Sector Research】China Brokerage Sector – Structural changes occurring; valuation attractive to play beta |
| 【Company Research】Baozun Inc. (9991 HK) – TAM expansion with new channels and M&A |
| 【Company Research】Baozun Inc. (BZUN US) – TAM expansion with new channels and M&A |
| 【Company Research】Alibaba (BABA US) – Investment for long-term growth |
| 【Company Research】AAC Technologies (2018 HK) – 1Q profit alert on normalised demand; Maintain HOLD on fair valuation |
| 【Company Research】Ming Yuan Cloud (909 HK) – SaaS growth outlook intact, upgrade to BUY |
| 【Company Research】SF Holding (002352 CH) – Further earnings downside risk; Wait for a better entry point |
| 【Company Research】Tian Lun Gas (1600 HK) – FY20 results in line; on track to earnings acceleration in 2021E |
| 【Fixed Income Research】Zhenro properties: Stable financial result support its credit rating (ZHPRHK) |
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