| 【Company Research】Tencent (700 HK) - 2Q25 results: strong games and marketing businesses; AI drove business growth |
| 【Company Research】TME (TME US) - 2Q25 results beat; emerging opportunities beyond subscription |
| 【Company Research】Kingdee (268 HK) - Recovery in revenue growth in line with expectation, with more updates on AI |
| 【Company Research】Q-Tech (1478 HK) - 1H25 non-mobile and GPM beat; FY25E guidance raised on drone/auto/XR momentum |
| 【Company Research】SANY International (631 HK) - 2Q25E profit rose 16-35% largely in-line; Solid growth trajectory |
| 【Company Research】Hua Hong Semi (1347 HK) - 2Q margin beat, D/G to HOLD due to substantial recent share price gains |
| 【Company Research】Hutchmed (13 HK) - China product sales under pressure amid competition |
| 【Sector Research】Technology - US new sectoral tariffs better than feared; Positive for smartphone/AI server supply chain |
| 【Sector Research】Auto - Jul discounts narrowed amid new models, auto finance policy changes |
| 【Sector Research】Capital Goods - Strong domestic sales and export of excavators in Jul |
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