| 【Company Research】Kanzhun Limited (BZ US) - Hiring demand remains resilient; full-year earnings target unchanged |
| 【Company Research】iQIYI (IQ US) - Inline 1Q25 results; stepped-up content & marketing investment impacts ST margin |
| 【Company Research】Baidu (BIDU US) - Cloud revenue a strong beat; driving for more aggressive product innovation for search |
| 【Company Research】Palo Alto Networks (PANW US) - AI-related ARR continues ramping up |
| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - Entered a virtuous circle |
| 【Company Research】Weibo (WB US) - Flattish 1Q25 topline; leverage AI to capture new opportunities |
| 【公司研究】三生制药 (1530 HK) - 与辉瑞达成重磅授权交易，释放PD-1/VEGF的同类最佳潜力 |
| 【Company Research】ZTO Express (ZTO US/2057 HK) - 1Q25 earnings below expectation; further pricing pressure on parcel ahead |
| 【Company Research】Naura Technology (002371 CH) - NDR takeaways: Expanding product portfolio to reinforce domestic SME leadership |
| 【Company Research】Bilibili (BILI US) - 1Q25 earnings beat; expect strong earnings momentum to continue in 2Q25 |
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