| 【Company Research】GDS (GDS US) – Growing fast despite near term regulatory impact |
| 【Company Research】ZTO Express (ZTO US) – Solid 1Q21 volume with resilient ASP |
| 【Company Research】ZTO Express (2057 HK) – Solid 1Q21 volume with resilient ASP |
| 【Company Research】Antengene Corporation Limited (6996 HK) – License in global rights of an oral CD73 inhibitor |
| 【Company Research】Baidu (BIDU US) – Stepping-up Auto & AI investment ahead |
| 【Company Research】Baozun (BZUN US) – Looking into 2H21E after BCI one-off impact |
| 【Company Research】iQIYI (IQ US) – Eyes on 2H21E stronger content |
| 【Company Research】Trip.com (TCOM US) – Strong domestic rebound ahead |
| 【Fixed Income Research】We suggest to stay front-end of CENCHI’s curve (CENCHI) |
| 【Company Research】Tongcheng-Elong (780 HK) – Looking into 2Q21E recovery acceleration |