| 【Sector Research】Technology - National subsidies to expand to smartphones, tablets and smart watches; Positive on replacement demand |
| 【Sector Research】Auto - BYD is set to lead a new round of price war |
| 【行业研究】可选消费 - 2025展望: 静待政策岀台，供需平衡拐点和消费信心回升 |
| 【Company Research】Innovent Biologics (1801 HK) - Initial validation of overseas expansion capabilities |
| 【Company Research】Wingtech (600745 CH) - Valuation to improve on ODM business spin-off |
| 【Sector Research】Auto - Nine out of 11 NEV makers hit record-high sales |
| 【Company Research】Vesync (2148 HK) - Privatization amid trade headwinds and challenging capital market conditions |
| 【Company Research】Hesai Group (HSAI US) - Road towards scalable intelligent driving starts from here; initiate at BUY |
| 【Company Research】VSTECS (856 HK) - Leading IT distributor in Asia riding on tailwinds of AI & overseas expansion; initiate at BUY |
| 【Company Research】Hansoh Pharma (3692 HK) - Oral GLP-1 candidate accomplished transaction with MSD |
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