| 【Sector Research】China Property Service Sector – Marketing feedback – Remain bullish |
| 【Company Research】Alibaba (BABA US) – Stepping-up reinvestment |
| 【Company Research】Alibaba (9988 HK) – Stepping-up reinvestment |
| 【Company Research】Sun Art Retail (6808 HK) – Initiatives to accelerate sales growth |
| 【Company Research】Goertek (002241 CH) – Strong 4Q20 with better margins; Maintain BUY |
| 【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 |
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