| 【Sector Research】Capital Goods - Key themes in 2026: Focus on Mining equipment + Power for data centres + Replacement cycle |
| 【Company Research】Meituan (3690 HK) - FD investment peaked out driving value creation to enhance mind share in core users |
| 【行业研究】半导体 - 光模块行业 - AI驱动下的强势表现方兴未艾 |
| 【Company Research】Tongcheng Travel (780 HK) - Solid 3Q25 results with healthy earnings growth |
| 【Company Research】Li Auto Inc. (LI US/2015 HK) - Time to take a breather |
| 【Sector Research】Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead |
| CMBI Fixed Income - Bank Capital Papers: Opportunities in AT1 and T2 |
| 【Company Research】Alibaba (BABA US) - Strong cloud revenue growth; still eyeing on synergy generated from quick commerce |
| 【Company Research】NIO Inc. (NIO US/9866 HK) - Competition likely underestimated despite 3Q beat |
| 【Company Research】Yum China (9987 HK/YUMC US) - Key takeaways from YUMC 2025 Investor Day |
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