| 【Company Research】PICC P&C (2328 HK) - 3Q25 review: dual strength in underwriting and investment income |
| 【Company Research】BaTeLab (2149 HK) - Index inclusion, strategic repositioning, 4Q pricing power; Reiterate BUY |
| 【Company Research】Haier Smart Home (6690 HK) - FY26E guidance is solid but we are cautious |
| 【Company Research】BYDE (285 HK) - NDR takeaways: Apple/AI server/auto to accelerate revenue growth in 2026 |
| 【Company Research】China Life (2628 HK) - 3Q net earnings almost doubled on a high base |
| 【公司研究】生益科技 (600183 CH) - 三季度业绩表明AI周期全面启动，目标价上调至90元人民币 |
| 【Sector Research】Technology - Apple FY4Q25 read-through: Resilient iPhone/Services momentum; Upbeat 1Q guidance on strong iPhone demand |
| 【Company Research】Innolight (300308 CH) - Record-high quarter driven by AI demand; Robust cloud capex underpins outlook |
| 【Company Research】Amazon (AMZN US) - Acceleration in cloud revenue growth better than expected |
| 【Company Research】Coinbase (COIN US) - 3Q25 results beat on solid transaction business |
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