| 【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 |
| 【Sector Research】China Financials - China moves from a blanket ban on crypto-related to tailored rules for tokenized RWAs |
| 【Company Research】Ke Holdings (BEKE US) - Cost reduction and new business profitability improvement to drive earnings recovery |
| 【Company Research】Amazon (AMZN US) - Growth story unchanged with acceleration in AWS revenue growth better than expectation |
| 【行业研究】中国医药 - 关注AI制药进展以及个股超跌机会 |
| 【Sector Research】Capital Goods - A good start of earth-moving machinery sales in Jan |
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