| 【Company Research】Luckin Coffee (LKNCY US) - There are still multiple growth drivers in FY26E |
| 【Sector Research】Capital Goods - Domestic crane demand continues to recover |
| 【Company Research】Leapmotor (9863 HK) - 4Q25 NP to be more resilient; D19 key to FY26E |
| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - Earnings on track with positive surprise in robot |
| 【Company Research】Geely Automobile (175 HK) - We see margin lift potential on a solid 3Q25 |
| 【Sector Research】Semiconductors - Analog sector – PMIC recovery underway; RF in transition |
| 【行业研究】中国医药 - 中国生命科学上游行业景气度上行 |
| 【公司研究】百度 (BIDU US) - 2025百度世界大会：推动AI应用加速落地 |
| 【Company Research】Tencent (700 HK) - 3Q25 results: solid growth across business lines; upbeat on long-term AI opportunities |
| 【Company Research】Bilibili (BILI US) - 3Q25 results: healthy margin expansion on solid ad business and operating leverage |
Address: 45th & 46th Floor, Champion Tower, 3 Garden Road, Central, Hong Kong
Telephone: （852）3900 0888 Fax:（852）3761 8788
Copyright © 2019-2025 CMB International Capital Corporation Limited. All rights reserved.
