| 【Company Research】PDD Holdings (PDD US) - Focus on more visible growth opportunities amid a challenging environment |
| 【Company Research】OmniVision (603501 CH) - Early signs of inflection at a cyclical trough |
| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - 4Q26 volume acceleration; robotics fundraising unlocks SOTP value |
| 【Company Research】Leapmotor (9863 HK) - All set for a stronger 2H26 |
| 【Company Research】Greentown Service (2869 HK) - Trading scale for quality in 1H26; maintain BUY |
| 【Company Research】Henlius Biotech (2696 HK) - Broadening global footprint while advancing innovation |
| 【Company Research】Ke Holdings (BEKE US) - Efficiency gains broaden from cost control to operating productivity |
| 【Company Research】ZTE (763 HK) - Compute growth accelerates but margin pressure persists |
| 【Company Research】Pharmaron Beijing (300759 CH) - Guidance raised on robust CDMO growth |
| 【Company Research】Hongqiao Holdings (002379 CH) - Net profit +77% YoY in 1H26, in line with profit alert |
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