| 【Company Research】Baozun (BZUN US) – VAS enrichment & resilient GMV ahead |
| 【Company Research】Pinduoduo (PDD US) – Well positioned for upcoming recovery |
| 【Company Research】I-Mab BioPharma (IMAB US) – Uliledlimab (CD73) showed preliminary efficacy in treatment-naïve advanced NSCLC patients |
| 【Company Research】Baidu (BIDU US) – 2Q22E epidemic headwinds well priced in |
| 【Company Research】China Hongqiao (1378 HK) – Market leader in the aluminum industry |
| 【Company Research】Alibaba (BABA US) – Moderate recovery in sight with cost efficiency |
| 【Company Research】Greentown Management (9979 HK) – Recovered new contract growth, maintain BUY |
| 【Company Research】ZTO Express (ZTO US) – Lower parcel volume guidance but largely expected; ASP story well intact |
| 【Company Research】ZTO Express (2057 HK) – Lower parcel volume guidance but largely expected; ASP story well intact |
| 【Sector Research】China Software & IT Services- Software localization to benefit China ERP |
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