| 【行业研究】海外龙头 TMT 公司业绩启示 - 资本开支进一步上行，半导体表现占优趋势或延续 |
| 【Sector Research】Materials - Production cut in Qatar to further increase supply risks; +ve to aluminium price |
| 【Sector Research】Technology - iPhone 17e and M4 iPad Air debut with aggressive value proposition is positive to Apple supply chain |
| 【Sector Research】Materials - Potential supply disruption in the Middle East will support the aluminium price |
| 【Company Research】BeOne Medicines (ONC US) - First full-year profitability driven by robust BTK sales |
| 【Company Research】Baidu (BIDU US) - In progress to provide greater visibility on AI-powered business growth and enhance shareholder return |
| 【行业研究】中国医药 - AI将改变创新药物研发范式 |
| 【Company Research】Xiaomi (1810 HK) - 4Q25E preview: earnings dragged by smartphone/ IoT headwinds; Maintain BUY |
| 【Sector Research】Auto - Eyes on new models from Mar after a weak start |
| 【Company Research】BOE Varitronix (710 HK) - 2025 preview: near-term earnings dragged by pricing pressure and new plant profitability |
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