| 【Sector Research】China Healthcare Sector – Release of NRDL negotiation results; overhang removed for domestic PD-1 drugs |
| 【Company Research】Tongcheng-Elong (780 HK) – 3Q19 beat; Expecting 4Q19 to accelerate |
| 【Company Research】Momo (MOMO US) – Solid 3Q19; Eyes on Tantan’s initiatives |
| 【Company Research】Xiaomi (1810 HK) – Solid 5G roadmap; Maintain Hold on fair valuation |
| 【Company Research】Union Medical Healthcare (2138 HK) – Solid medical services |
| 【Company Research】Wisdom Education (6068 HK) – Explore asset-light model to enhance return |
| 【Company Research】Cafe De Coral (341 HK) – 1H20 results inline but pressure may sustain |
| 【Sector Research】China Construction Machinery Sector – Four structural drivers to extend the upcycle to 2020-21E |
| 【Company Research】Prada (1913 HK) – Retail turnaround may drive further re-rating |
| 【Company Research】Mengniu (2319 HK) – Acquisition to access raw milk supply and become regional player |
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