| 【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 |
| 【Sector Research】Semiconductors - CIS sector – Sustained growth fueled by automotive and emerging applications |
| 【Company Research】Ping An (2318 HK) - 3Q earnings beat; improving business quality with catalysts across-the-board worth to expect |
| 【Sector Research】Capital Goods - 3Q25 results first take: SANY Heavy & Zoomlion beat; Weichai in-line; SANYI missed |
| 【Company Research】Mindray (300760 CH) - Overseas strength offsets domestic softness |
| 【Company Research】BYD (1211 HK/002594 CH) - Recover gradually |
| 【Company Research】BYDE (285 HK) - 3Q25 dragged by smartphone components; Positive on foldable/auto/AI servers in 2026 |
| 【Company Research】ServiceNow (NOW US) - 3Q25 results: solid cRPO growth and margin expansion on positive AI progress |
| 【Company Research】Microsoft (MSFT US) - Robust cloud revenue growth with enhanced monetization in AI-empowered products |
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