| 【Company Research】DPC Dash (1405 HK) - Fundamentals intact regardless of city tiers |
| CMBI Fixed Income - ZHOSHK: Credit profile remains solid under a challenging operating environment |
| 【Company Research】Giant Biogene (2367 HK) - Resilient revenue growth driven by multiple channels and dual brands |
| 【Company Research】Baozun (BZUN US) - Profitability improvement on track |
| 【Company Research】Trip.com (TCOM US) - 2Q results beat; resilient revenue and earnings growth to sustain |
| 【Company Research】Innovent Biologics (1801 HK) - IBI363 advancing towards global development |
| 【Company Research】Li Auto Inc. (LI US/2015 HK) - More aggressive pricing, shorter model cycle to regain sales traction |
| 【Company Research】SenseTime (20 HK) - 1H25 review: strong Gen AI revenue momentum with improving margin |
| CMBI Fixed Income - CNMDHL: A yield pick-up play over CHMEDA |
| 【Company Research】Sinotruk (Hong Kong) (3808 HK) - 1H25 profit in-line with our below-consensus forecast; Stable growth for full year largely priced in |
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