| 【Company Research】China Technology – Semi field trip takeaways: darkness before dawn; fabless better positioned than SPE/materials |
| 【Company Research】Li Auto Inc. (LI US) – Well on track |
| 【Company Research】Cloud Music (9899 HK) – Strong GPM expansion supported the breakeven in 2H22 |
| 【Sector Research】China Construction Machinery – Near-term recovery more seasonal than structural; Pair trade opportunities |
| 【Company Research】iQIYI (IQ US) – Stronger momentum ahead |
| 【Company Research】Alibaba (BABA US) – Operating efficiency improvement on track |
| 【Company Research】Netease (NTES US) – Aiming for long-term growth |
| 【Company Research】Yidu Tech (2158 HK) – Eyes on post-COVID business recovery |
| 【Company Research】Dingdang Health (9886 HK) – 2022 preview: Continuing to enhance long-term growth logic |
| 【Company Research】Baidu (BIDU US) – Strong AI capability to empower business growth |
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