| 【Company Research】Palo Alto Networks (PANW US) - Results beat; announced acquisition of Chronosphere to tap new growth opportunity |
| 【Company Research】NetEase (NTES US) - 3Q25 results: solid games business outlook on quality pipeline and evergreen games |
| 【Company Research】CSPC Pharmaceutical (1093 HK) - BD continues to drive long-term growth |
| 【Sector Research】Semiconductors - Nvidia: Solid 3Q results; 4Q guidance should alleviate AI bubble concerns |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - 3Q25 results in-line; Expect further improvement in ASP |
| 【行业研究】半导体 - 印制电路板/覆铜板行业 – AI驱动的上行周期：结构增长与格局分化 |
| 【Company Research】Futu Holdings (FUTU US) - 3Q earnings a strong beat, driven by resilient net asset inflows and NII recovery |
| 【Company Research】Kuaishou (1024 HK) - 3Q25 results: AI empowers all business lines |
| 【Company Research】iQIYI (IQ US) - Inline 3Q25 results; expect revenue and margin recovery in 4Q25E |
| 【Company Research】Xiaomi (1810 HK) - 3Q25 above; not immune to memory cost hike and EV purchase tax subsidies in the near term |
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