| 【Sector Research】Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer |
| 【公司研究】固生堂 (2273 HK) - 1Q26业务加速增长，持续加码股东回报 |
| 【Company Research】iQIYI (IQ US) - 1Q26E preview: Earnings face ST pressure; intact core business outlook |
| 【Company Research】New Oriental (EDU US) - 3QFY26 results: Solid top-line growth and margin expansion |
| 【Company Initiation】Iluvatar CoreX (9903 HK) - A system-level challenger in China’s evolving AI compute stack space; Initiate at BUY |
| 【Company Research】Ping An (2318 HK) - 1Q26 preview: Expect resilient OPAT, NPAT to slide on equity swings; solid NBV uptrend |
| 【Sector Research】China Healthcare - A catalyst-rich 2026: valuation re-rating opportunities for Chinese biotechs / biopharmas |
| 【Company Initiation】Haizhi Technology (2706 HK) - Leading graph-based enterprise AI solution provider in China |
| 【Company Research】Naura Technology (002371 CH) - Building for the next leg of WFE growth |
| 【Company Research】Jiangsu Hengli (601100 CH) - 4Q25 earnings miss on gross margin and FX loss; But structural growth outlook still intact |
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