| 【Company Research】JD.com (JD US) - Escalating investment to drive for food delivery business expansion |
| 【Sector Research】Semiconductors - Thematic investing and megatrends: Resilient 1Q25 capex among hyperscalers |
| 【Company Research】TME (TME US) - Inline 1Q25 results; online music business maintains solid momentum |
| 【Sector Research】Technology - Implications of China-US tariff reduction |
| 【公司研究】华虹半导体 (1347 HK) - 1Q25业绩符合预期，毛利率持续承压 |
| 【Sector Research】Capital Goods - Solid growth of earth-moving machinery sales in Apr; Expect momentum to continue in May |
| 【Company Research】Hua Hong Semi (1347 HK) - 1Q25 revenue in-line; GPM under pressure |
| 【Company Research】FIT Hon Teng (6088 HK) - 1Q25 results below; Guidance lowered on smartphone /system products due to macro uncertainties |
| 【Company Research】Coinbase (COIN US) - Inline 1Q25 results; acquisition of Deribit to advance crypto derivatives business |
| 【Sector Research】Consumer Discretionary - Constructive trend in S-R but cautious in L-R |
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