| 【Company Research】NIO Inc. (NIO US) - 4Q25 breakeven unlikely amid legacy burden |
| 【Company Research】VSTECS (856 HK) - Strong FY24 results; benefiting from the robust AI demand |
| 【公司研究】讯飞医疗科技 (2506 HK) - 医疗AI领航者，全方位赋能医疗行业；首予买入 |
| 【Company Research】China Lilang (1234 HK) - DTC transformation has started to bear fruit |
| 【Company Research】AAC Tech (2018 HK) - Beneficiary of edge AI upgrade cycle; Raise TP to HK$58.78 |
| 【Company Research】Geely Automobile (175 HK) - Economies of scale lays foundation for FY25 profit |
| 【Company Research】PDD Holdings (PDD US) - Earnings beat; better consumption sentiment could propel valuation rerating |
| 【Company Research】Tongcheng Travel (780 HK) - 4Q earnings beat; likely another year of solid earnings growth ahead |
| 【Company Research】Tuhu Car (9690 HK) - Still better positioned than most rivals |
| 【Company Research】Hutchmed (13 HK) - Expecting sustainable profitability |
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