| 【Company Research】Black Sesame (2533 HK) - Robust 1H25 growth amid margin pressure; Maintain +ve long-term outlook |
| 【行业研究】中国医药 - 1H25业绩回顾：创新药保持强势，行业需求疲弱 |
| 【Company Research】Salesforce (CRM US) - Inline 2QFY26 results; intact long-term outlook for AI and data cloud |
| CMBI Fixed Income - Macau gaming: GGR continues to recover and funding access normalized |
| 【Company Research】JS Global Lifestyle (1691 HK) - Joyoung may turn around while SharkNinja’s repaid growth continues |
| 【Company Research】Leads Biolabs (9887 HK) - Developing next-generation immuno-oncology therapies |
| 【Company Research】China Life (2628 HK) - 2Q earnings dip could be short-term; DPS uptrend a bright spot |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - Fair valuation with continued net loss in FY26E |
| 【公司研究】豪威集团 (603501 CH) - 上半年业绩稳健；维持“买入”评级 |
| 【Company Research】ZTE (763 HK/000063 CH) - AI server momentum drives growth; A key beneficiary of AI infrastructure and localization |
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