| 【Company Research】Huatai Securities (6886 HK) – Fee income growth played the lead |
| 【Sector Research】China Construction Machinery & HDT Sector – HDT sales +43% YoY in Apr; Expect robust growth for other machinery |
| 【Company Research】Hope Education (1765 HK) – Strong 1HFY20; multiple growth drivers |
| 【Company Research】GAC Group (2238 HK) – Expect earnings rebound from 2Q20E |
| 【Company Research】BYD Electronics (285 HK) – A strong year despite COVID-19; Upgrade to BUY |
| 【Company Research】China Construction Bank (939 HK) – Solid credit expansion underpins earnings sustainability |
| 【Company Research】NWS Holdings (659 HK) – Toll road income resumed |
| 【Company Research】Postal Savings Bank of China (1658 HK) – Healthy 1Q20 earnings; Retail strategy remains intact |
| 【公司研究】萬洲國際 (288 HK) – 2020年首季業績符合預期 |
| 【Company Research】CITIC Securities (6030 HK) – Provision dented robust top-line growth |
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