| 【Company Initiation】Iluvatar CoreX (9903 HK) - A system-level challenger in China’s evolving AI compute stack space; Initiate at BUY |
| 【Company Research】Ping An (2318 HK) - 1Q26 preview: Expect resilient OPAT, NPAT to slide on equity swings; solid NBV uptrend |
| 【Sector Research】China Healthcare - A catalyst-rich 2026: valuation re-rating opportunities for Chinese biotechs / biopharmas |
| 【Company Initiation】Haizhi Technology (2706 HK) - Leading graph-based enterprise AI solution provider in China |
| 【Company Research】Naura Technology (002371 CH) - Building for the next leg of WFE growth |
| 【Company Research】Jiangsu Hengli (601100 CH) - 4Q25 earnings miss on gross margin and FX loss; But structural growth outlook still intact |
| 【行业研究】中国医药 - 中国大型药企具备估值重塑机遇 |
| 【Company Research】Hesai Group (HSAI US) - Takeaway from 2026 Investor Day & Technology Open Day |
| 【Company Research】Innolight (300308 CH) - 1Q26 earnings: Brighter than a shooting star |
| 【行业研究】AI主题研究 - 1Q26大模型进展复盘：关注Agent化及B端突围 |
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