| 【Company Research】Kelun-Biotech (6990 HK) - Inaugural year of commercialization |
| 【Company Research】Minth Group (425 HK) - Solid outlook in both auto and new businesses |
| 【Company Research】Henlius Biotech (2696 HK) - Accelerating global commercialization and innovation |
| 【Company Research】ZhongAn (6060 HK) - Net earnings weakened in 2H; ZA Bank hit first full-year profit |
| 【Company Research】Greentown Service (2869 HK) - Continue to bear fruit from efficiency gains |
| 【Company Research】SANY International (631 HK) - Profit in 2025 a negative surprise; Looking for improvement in 2026 |
| 【Company Research】Xpeng Inc. (XPEV US/9868 HK) - Mona SUVs, robot production as key in FY26 |
| 【Company Research】AIA Group Ltd. (1299 HK) - US$1.7bn buyback a +VE surprise; lift TP to HK$112 |
| 【Company Research】AAC Tech (2018 HK) - FY25 in-line; auto/thermal/edge AI and margin recovery to drive earnings growth in 2026-27E |
| 【Company Research】Giant Biogene (2367 HK) - Recovery expected in 2026E |
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