| 【Company Research】TME (TME US) - 3Q25 review: investing to expand music product offerings |
| 【Company Research】Hesai Group (HSAI US) - Solid 3Q results; business development momentum remains strong |
| 【Company Research】FIT Hon Teng (6088 HK) - Solid 3Q25 and strong AI revenue guidance in FY26-28E; Raise TP to HK$6.77 |
| 【Company Research】China Hongqiao (1378 HK) - Further re-rating is possible |
| 【Company Research】Ke Holdings (BEKE US) - Driving profitability improvement of new businesses and enhancing shareholder return |
| 【公司研究】Coinbase (COIN US) - 持续推进万物交易所愿景，探索创新业务机会 |
| 【公司研究】辉瑞 (PFE US) - 重构创新管线，驱动价值重估 |
| 【Sector Research】Semiconductors - PCB/CCL sector – AI-driven upcycle: structural growth with diverging dynamics |
| 【Company Research】BeOne Medicines (ONC US) - A trajectory of rising profitability |
| 【行业研究】中国医药 - 布局更偏稳健，关注低估值个股机会 |
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