| 【Company Research】Kuaishou (1024 HK) – Resilient growth with FY23E group breakeven |
| 【Company Research】Tongcheng Travel (780 HK) – Factoring in 4Q22E epidemic resurgence |
| 【Sector Research】China Project Management Sector – Unsustainable demands from LGFVs but more from defaulted developers |
| 【Company Research】JD.com (JD US) – Stronger-than-expected margin expansion |
| 【Company Research】Weibo (WB US) – Ongoing moderate recovery |
| 【Company Research】NetEase Inc. (NTES US) – Preparing for next strong product cycle |
| 【Company Research】Wingtech (600745 CH) – NWF divesture order will have trivial impact on operation; Will reinforce self-sufficiency trend |
| 【Company Research】Alibaba (BABA US) – Earnings back on growth track |
| 【Company Research】Tencent (700 HK) – Return to earnings growth track |
| 【Company Research】Huya Inc. (HUYA US) – Looking beyond soft 4Q22E |
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