| 【Sector Research】Consumer Discretionary - So far so good, but stay cautiously optimistic |
| 【行业研究】中国医药 - 开启估值修复 |
| 【Company Research】Yum China (YUMC US) - Constructive FY25E outlook and guidance |
| 【Company Research】Amazon (AMZN US) - Robust earnings growth, pace of margin expansion likely to slow in 2025 |
| 【Company Research】Yum China (9987 HK) - Constructive FY25E outlook and guidance |
| 【Company Research】Thermo Fisher (TMO US) - A promising year ahead |
| 【Company Research】Alphabet (GOOG US) - Increase AI investment to unlock growth opportunities in FY25 |
| 【Sector Research】Internet - Trends observed from 2025 Spring Festival |
| 【Company Research】Js Global Lifestyle (1691 HK) - Massive buyback with decent mid-term outlook |
| 【Company Research】Meta (META US) - Solid 4Q24 results; further stepping up AI investments in FY25 |
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