| 【Sector Research】Consumer Staples - Cosmetics monthly: Mao Geping & Giant Bio surged, Marubi & Jahwa had a strong start |
| 【Company Research】EHang Holdings (EH US) - Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E |
| 【Sector Research】Healthcare - Results review of overseas CXO and life science tools sectors in 2024 & 4Q24: C(D)MOs and tools suppliers exceled; clinical CROs faced a tough market |
| 【行业研究】中国医药 - 海外CXO/生命科学上游2024 和 4Q24业绩剖析：C(D)MO和生命科学上游表现亮眼，临床CRO需求滑坡 |
| 【Company Research】Leapmotor (9863 HK) - Competitive pricing for B10 with strong 4Q24 margins |
| 【Sector Research】Capital Goods - Domestic excavator sales +99% YoY in Feb a surprise |
| 【行业研究】中国医药 - 预期药品集采政策优化，期待“创新药目录”落地 |
| 【行业研究】房地产 - ~70%概率二季度板块受提振，建议增配优质标的 |
| 【Company Research】JD.com (JD US) - Results beat; eyeing on core business earnings growth |
| 【Sector Research】Auto - Price war to intensify amid AI arms race |
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