| 【Company Research】Adobe (ADBE US) - Inline 3QFY26 results; focus on user acquisition to drive long-term growth |
| 【首次覆盖】瀚天天成 (2726 HK) - 境内外双轮驱动，8英寸放量抬升盈利斜率；首予买入，目标价161.18港元 |
| 【Sector Research】Consumer Discretionary - Bi-weekly flow monitor: shorts rotating to franchise chains; structural southbound inflows |
| 【Company Research】Palo Alto Networks (PANW US) - Net new ARR inflects; platformization compounds |
| 【Company Research】Leads Biolabs (9887 HK) - Eyes on LBL-024 readouts at WCLC/ESMO |
| 【首次覆盖】天岳先进 (2631 HK) - 全球SiC衬底龙头：8英寸切换叠加涨价周期，盈利拐点已现，进入量价齐升阶段；首予买入 |
| 【Company Research】Z.AI (2513 HK) - Scaling intelligence, scaling monetization |
| 【Company Research】Angelalign (6699 HK) - 1H26 earnings beat driven by first-time overseas profitability |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - 2Q26 miss on SG&A; Bottom-line to improve on resilient GPM, continued cost discipline |
| 【Sector Research】Property - Expert call takeaways: Ample room to buffer, local pilot rules expected in 1-1.5 months |
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