| 【Fixed Income Research】CARINC - The worst is over now, we see bond price tilting to upside, albeit gradually |
| 【Company Research】ZTO Express (ZTO US) - Market share gain > profitability |
| 【Company Research】Sunny Optical (2382 HK) - Entering next phase of growth; Lift TP to HK$254 |
| 【Company Research】ZTO Express (2057 HK) - Market share gain > profitability |
| 【Company Research】China Lilang (1234 HK) - A prudent retail sales target and attractive yield |
| 【Company Research】Xtep (1368 HK) - Solid turnaround to drive re-rating |
| 【Company Research】Pinduoduo (PDD US) – 2021 priority on agriculture & supply chain |
| 【Company Research】Yongda (3669 HK) – New business supports future growth |
| 【Company Research】ZTE (763 HK) – 1Q21 beat on solid revenue and better margin; Reiterate BUY |
| 【Company Research】Shennan Circuits (002916 CH) – Near-term cost pressure remains overhang; Maintain HOLD |
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