| 【Sector Research】Capital Goods - New subsidies on truck replacement cover NES IV and natural gas trucks; +ve to Weichai |
| 【Company Research】INT Medical (1501 HK) - Solid growth with margin improvement |
| 【Company Research】Dmall Inc (2586 HK) - Full-year breakeven in FY24; focus on AI retail to drive long-term growth |
| 【Company Research】Tencent (700 HK) - Stepping up AI investment to unleash growth opportunities |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - Shifting back to volume growth strategy |
| 【Company Research】Xtep (1368 HK) - Building a more all-round company in long run |
| 【Company Research】WuXi AppTec (603259 CH) - Strengthened earnings certainty drives valuation recovery |
| 【Company Research】Ke Holdings (BEKE US) - Proactive investment to drive better business development prospects in the long run |
| 【Sector Research】Property - City-level relaxation came earlier, sales recovery to last longer, suggest to add quality names |
| 【Company Research】Xiaomi (1810 HK) - 4Q24 strong beat; Positive on upbeat EV target and overseas AIoT upside |
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