| 【Company Research】BYDE (285 HK) - NDR takeaways: Apple, NEV products and AI server are key growth drivers in 2025 |
| 【Company Research】Baozun (BZUN US) - Better-than-expected 3Q results drove enhanced full-year outlook |
| 【Company Research】iQIYI (IQ US) - Short-term headwind continues; strategic upgrades to drive long-term growth |
| 【Company Research】PDD Holdings (PDD US) - Impact from enhancement of merchant support stared to emerge |
| 【Company Research】Ke Holdings (BEKE US) - To ride on the policy tailwind in 4Q |
| 【Company Research】Baidu (BIDU US) - Pace of ads rev growth recovery key to watch |
| 【Company Research】Palo Alto Networks (PANW US) - Platformization strategy resonating well with customers |
| 【Company Research】Thermo Fisher (TMO US) - A global leader in life sciences with favourable industry trends; initiate at BUY |
| 【Sector Research】Semiconductors - Nvidia’s 3Q earnings takeaway: Strong demand for Blackwell well into next year |
| 【Company Research】NIO Inc. (NIO US) - NIO’s cost control disappoints us again |
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