| CMBI Fixed Income - CHIYBKs: Yield pick-up plays in a lower conviction environment |
| 【Company Research】Yum China (9987 HK) - A strong beat once again and we are optimistic |
| 【Company Research】Innovent Biologics (1801 HK) - Strong fundamentals enriched by a wealth of R&D catalysts |
| 【Company Research】Coinbase (COIN US) - Leading financial infrastructure for the crypto economy; initiate at BUY |
| 【行业研究】中国医药 - 医保谈判继续支持创新，海外研发需求复苏 |
| 【公司研究】固生堂 (2273 HK) - 民营中医龙头逆势起航 |
| 【Company Research】Maxscend (300782 CH) - LT growth intact; D/G to HOLD as the company goes through business model transformation |
| 【Company Research】Amazon (AMZN US) - Structural margin improvement trend intact |
| 【Sector Research】Technology - Apple FY4Q24 beat on better margin and China sales; Positive on Apple Intelligence and ChatGPT rollouts |
| 【Company Research】CPIC (2601 HK) - 3Q NBV growth accelerated; expect par sales to outgrow |
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