| 【Company Research】CSPC Pharmaceutical (1093 HK) - Core sales inflection with substantial BD optionality |
| 【Company Research】PDD Holdings (PDD US) - Investing to enhance supply chain capabilities |
| 【Company Research】Kuaishou (1024 HK) - 1Q26 review: Kling AI maintained strong monetization momentum |
| 【Company Research】3SBio (1530 HK) - ASCO 2026 takeaways: encouraging first mPFS readout for 707 in 1L PD-L1+ NSCLC |
| 【Sector Research】China Insurance - 1Q26 insurance funds: Core equities sustained mid-teens share; Life core solvency rebounded |
| 【Company Research】Tongcheng Travel (780 HK) - 1Q26 results beat; higher oil prices dampen short-term revenue growth outlook |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - Historical detractors appear resolved |
| 【Company Research】NetEase (NTES US) - 1Q26 results: strong profit beat on margin expansion; solid game pipeline in 2H26E |
| 【Sector Research】Semiconductors - Nvidia 1QFY27 earnings: AI factory economics extends growth runway |
| 【Company Research】SANY International (631 HK) - Weak 1Q26 results but should be expected by the market; Focus on mining truck growth |
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