| 【Company Research】Xiaomi (1810 HK) - 2Q25 Preview: expect strong earnings backed by IoT/EV momentum and solid smartphone |
| 【行业研究】软件 & IT服务 - 海外云厂商：营收增速环比加快，利润率表现分化 |
| 【Company Research】Yum China (9987 HK/YUMC US) - Target kept but cash return may be limited |
| 【Company Research】China Tower (788 HK) - 1H25 results in-line; Maintain HOLD |
| 【Sector Research】Logistics - Strong policy momentum to curb price war; a similar price hike story like 2022 |
| 【Company Research】Green Tea Group (6831 HK) - 1H25E profit comes as surprise with positive 2H25E outlook |
| 【Company Research】Amazon (AMZN US) - Solid 2Q25 results; AWS revenue and earnings growth remain key to watch |
| 【Company Research】Coinbase (COIN US) - Soft crypto market sentiment impacted 2Q25 results; eyes on new growth opportunities |
| 【Sector Research】Technology - Apple FY3Q25 read-through: Strong iPhone, China rebound and service momentum; 4Q guidance better than feared |
| 【Sector Research】Semiconductors - Thematic investing and megatrends: 2H25 AI capex on track; positive on supply chain |
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