| 【Sector Research】Auto - New models to stabilize Chinese OEMs’ discounts |
| 【Company Research】CGN Mining (1164 HK) - New pricing formula for off-take agreement a big surprise |
| 【Company Research】NIO Inc. (NIO US) - Narrower loss possible, 4Q25 breakeven unlikely |
| 【Company Research】Xiaomi (1810 HK) - Key takeaways from Xiaomi Investor Day 2025 |
| 【行业研究】中国医药 - 中国创新药闪耀ASCO，重磅出海交易持续落地 |
| 【Company Research】AAC Tech (2018 HK) - Takeaways from mgmt. visit: Multiple growth drivers from optics, automotive and robotics |
| 【Company Research】ZhongAn (6060 HK) - HK Stablecoins outlook opens up the headroom for valuation re-rating; uplift TP to HK$20.4 |
| 【公司研究】贝克微 (2149 HK) - 潜在的EDA禁令不会阻碍公司成长 |
| 【Company Research】BaTeLab (2149 HK) - Potential EDA restrictions not to impede growth |
| 【Company Research】CSPC Pharmaceutical (1093 HK) - Large-scale BD out-licensing deals likely in near term |
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