| 【Company Research】Yum China (YUMC US) - Improving outlook and decent cash returns |
| 【行业研究】软件 & IT服务 - 海外公司梳理：拆解盈利增长前景及估值提升空间 |
| 【Sector Research】Auto - Jan 2025 NEV sales to fall MoM despite solid Dec leading indicators |
| 【Fixed Income Research】Asia Credit Outlook 2025 |
| 【Sector Research】Technology - CES 2025 preview: AI remains the key theme; more on AI glasses/home/auto/satellite/PC/robotics |
| 【Company Research】Yum China (9987 HK) - Improving outlook and decent cash returns |
| 【Sector Research】Technology - National subsidies to expand to smartphones, tablets and smart watches; Positive on replacement demand |
| 【Sector Research】Auto - BYD is set to lead a new round of price war |
| 【行业研究】可选消费 - 2025展望: 静待政策岀台，供需平衡拐点和消费信心回升 |
| 【Company Research】Innovent Biologics (1801 HK) - Initial validation of overseas expansion capabilities |
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