| 【Company Research】SANY International (631 HK) - 2Q25 profit in-line; Raise earnings forecast on new business growth & expense control |
| CMBI Fixed Income - ZHOSHK: Credit profile remains solid under a challenging operating environment |
| 【行业研究】AI主题研究 - 政策加速AI应用与商业化落地 |
| 【行业研究】半导体 - AI 基础设施投资持续增长；英伟达展望显示需求依然强劲 |
| 【Company Research】Innolight (300308 CH) - Record revenue and earnings coupled with significant margin expansion; Maintain BUY |
| 【Sector Research】Semiconductors - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand |
| 【Company Research】DPC Dash (1405 HK) - Fundamentals intact regardless of city tiers |
| 【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 |
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