| 【Sector Research】Capital Goods - Export volume growth across all machines in Dec |
| 【Company Research】Baidu (BIDU US) - Solid cloud revenue growth a bright spot in the stage of business adjustment |
| 【Company Research】Q-Tech (1478 HK) - Beneficiary of China smartphone subsidies; Raise TP to HK$6.79 |
| 【Company Research】BeiGene (ONC US) - Inflection point arrives: operating breakeven in 2025E |
| 【Sector Research】Technology - 4Q24 global smartphone shipments ahead; Xiaomi/Vivo outperformed Apple/Samsung |
| 【公司研究】巨子生物 (2367 HK) - 线上2024年线上增速靓丽，上调业绩指引 |
| 【Company Research】Xtep (1368 HK) - A beat in 4Q24 with a constructive outlook |
| 【Company Research】Kelun-Biotech (6990 HK) - Long-acting TSLP mAb out-licensed via NewCo model |
| 【Company Research】Anta Sports (2020 HK) - A beat in 4Q24 but a conservative outlook |
| 【行业研究】中国医药 - 政策持续发力，看好估值反弹 |
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