| 【Company Research】Baidu (BIDU US) - OP likely hit trough; AI-related new initiatives have more visibility |
| 【Company Research】PDD Holdings (PDD US) - 3Q25 results beat; earnings swung to positive growth |
| 【Company Research】Trip.com (TCOM US) - 3Q results beat; travel demand remains solid |
| 【公司研究】固生堂 (2273 HK) - 开启海外规模化扩张，26年业绩加速增长 |
| 【Company Research】Kanzhun Limited (BZ US) - 3Q25 results beat; driving quality revenue growth on enhanced recruitment demand |
| 【Company Research】Luckin Coffee (LKNCY US) - There are still multiple growth drivers in FY26E |
| 【Sector Research】Capital Goods - Domestic crane demand continues to recover |
| 【Company Research】Leapmotor (9863 HK) - 4Q25 NP to be more resilient; D19 key to FY26E |
| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - Earnings on track with positive surprise in robot |
| 【Company Research】Geely Automobile (175 HK) - We see margin lift potential on a solid 3Q25 |
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