| 【Company Initiation】Hongqiao Holdings (002379 CH) - High earnings sensitivity to aluminium price, high dividend payout; initiate with BUY |
| 【Sector Research】Capital Goods - Strong sales of earth-moving machinery in Apr; price hikes planned for excavators |
| 【Company Research】Coinbase (COIN US) - 1Q26 review: resilient business execution despite persistent market headwinds |
| 【Sector Research】Semiconductors - DeepSeek V4 pricing offer extended, signaling China’s LLM inference cost advantage |
| 【Company Research】Datadog (DDOG US) - Strong 1Q26 results with more upside ahead |
| 【Company Research】BeOne Medicines (ONC US) - Near-term readouts to validate novel pipeline assets |
| 【Company Research】PICC P&C (2328 HK) - Underwriting resilience persists despite investment headwinds |
| 【Company Research】China Life (2628 HK) - NBV surge a strong beat, outweighing 1Q net profit dip |
| 【Company Research】Meta (META US) - 1Q26 results: AI accelerates ad revenue growth; raise FY26 capex guidance |
| 【Company Research】Amazon (AMZN US) - AWS growth momentum continues to build |
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