| 【公司研究】百度 (BIDU US) - Create 2025 AI开发者大会：推动模型调用成本进一步下探和应用生态繁荣 |
| 【Company Research】GAC Group (2238 HK/601238 CH) - We expect 2H25 earnings to improve after 1Q miss |
| 【Company Research】Alphabet (GOOG US) - Earnings beat on efficiency gains; maintain AI investment plan to drive long-term growth |
| 【Sector Research】Semiconductors - China’s ADAS/AD players are set to gain ground at accelerated pace |
| 【Company Research】Thermo Fisher (TMO US) - Taking measures to counteract macro headwinds |
| 【Company Research】ServiceNow (NOW US) - 1Q25 cRPO beats guidance despite macro uncertainty; AI momentum continues |
| 【Company Research】New Oriental (EDU US) - Overseas-related business drags revenue growth |
| 【Company Research】ZTE (763 HK) - Strong growth in second-curve businesses |
| 【Company Research】Innolight (300308 CH) - Solid 1Q25 earnings w/ strong beat on margins |
| 【Company Research】Kanzhun Limited (BZ US) - Prominent online recruitment platform with strong earnings growth outlook; initiate w/ BUY |
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