| 【Company Research】Ping An (2318 HK) - 3Q earnings beat; improving business quality with catalysts across-the-board worth to expect |
| 【Sector Research】Capital Goods - 3Q25 results first take: SANY Heavy & Zoomlion beat; Weichai in-line; SANYI missed |
| 【Company Research】Mindray (300760 CH) - Overseas strength offsets domestic softness |
| 【Company Research】BYD (1211 HK/002594 CH) - Recover gradually |
| 【Company Research】BYDE (285 HK) - 3Q25 dragged by smartphone components; Positive on foldable/auto/AI servers in 2026 |
| 【Company Research】ServiceNow (NOW US) - 3Q25 results: solid cRPO growth and margin expansion on positive AI progress |
| 【Company Research】Microsoft (MSFT US) - Robust cloud revenue growth with enhanced monetization in AI-empowered products |
| 【Company Research】Alphabet (GOOG US) - 3Q25 results beat; upbeat on AI and cloud business momentum |
| 【Company Research】United Imaging (688271 CH) - Strong recovery in Q3 |
| 【Company Research】Shengyi Tech (600183 CH) - 3Q25 results: AI super-cycle in full swing; Raising TP to RMB90 |
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