| 【公司研究】贝克微 (2149 HK) - 纳入恒生半导体指数、进行分销商战略性调整、四季度定价能力提升；重申“买入”评级 |
| 【Company Research】Luxshare (002475 CH) - Stronger outlook in Apple upgrade cycle and Leoni/ODM synergies; Lift TP to RMB75.55 |
| 【公司研究】中际旭创 (300308 CH) - AI需求推动季度业绩创新高；云厂商资本支出强劲，展望积极 |
| 【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 |
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