| 【Company Research】Palo Alto Networks (PANW US) - Results beat; AI-related security brings new waves of growth opportunity |
| 【Company Research】SANY International (631 HK) - Mining truck gaining traction; Higher earnings forecast and TP |
| 【Company Research】Hua Hong Semi (1347 HK) - Improving mix and scale, yet valuation stretches |
| 【Company Research】Coinbase (COIN US) - 4Q25 results: navigate short-term headwinds amid soft crypto market sentiment |
| 【Sector Research】Capital Goods - Strong momentum of non-earth-moving machinery sales in Jan |
| 【Company Research】Hesai Group (HSAI US) - Structural growth story remains intact |
| 【Company Research】NetEase Cloud Music (9899 HK) - 2H25 revenue miss on soft non-subscription business; intact FY26 earnings growth outlook |
| 【Company Research】NetEase (NTES US) - 4Q25 results: strong contract liabilities growth despite revenue miss |
| 【Company Research】Geekplus (2590 HK) - Official launch of humanoid robots for warehouse |
| 【Company Research】Datadog (DDOG US) - Robust usage growth to drive solid revenue growth outlook |
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