| 【Company Research】Hope Education (1765 HK) – Several positive catalysts in 1-2 years |
| 【Company Research】Innolight (300308 CH) – 4Q20 in-line; 400G upgrade and hyperscale capex recovery to drive growth in 2021 |
| 【Company Research】I-Mab BioPharma (IMAB US) – Expect rich R&D catalysts |
| 【Company Research】Shengyi Technology (600183CH) – 4Q20 miss on slower 5G and cost pressure; Expect gradual GPM recovery in 1H21E |
| 【Sector Research】China software & IT services – New Infrastructure for digital transformation |
| 【Company Research】Tigermed (300347 CH) – Better business recovery outlook in 2021E |
| 【Company Research】Sunway (300136 CH) – 4Q20 miss on slower antenna and FX impact; Trim TP to RMB46.7 |
| 【Sector Research】China Technology Sector – Apple FY1Q beat with mixed guidance; iPhone 12 and Mac/iPad momentum to continue into 2021 |
| 【Company Research】Prada (1913 HK) – Flattish sales growth achieved in Dec 2020 |
| 【Company Research】ZTE (000063 CH) – Solid 4Q20 recovery with improving margin; Lift TP to RMB41.7 |
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