| 【Company Research】Alibaba (BABA US) - Kicked off FY26 with solid progress on cloud and quick commerce |
| 【Company Research】J&T Express (1519 HK) - 1H25 profit a mixed bag but growth story well intact |
| 【Company Research】GAC Group (2238 HK/601238 CH) - We expect competitive models, cost cuts in FY26E |
| 【Company Research】Nongfu Spring (9633 HK) - Solid 1H25 fuelled by strong non-water biz |
| 【Company Research】DualityBio (9606 HK) - Pioneering progress in ADC + next-gen IO |
| 【公司研究】固生堂 (2273 HK) - 客单价企稳，业绩有望回到加速通道 |
| 【Company Research】Great Wall Motor (2333 HK/601633 CH) - A possible re-rating amid Wey, Ora’s sales surge |
| 【Company Research】Shennan Circuit (002916 CH) - Strong 2Q with record sales and expanding margins; Maintain BUY |
| 【Company Research】SANY International (631 HK) - 2Q25 profit in-line; Raise earnings forecast on new business growth & expense control |
| CMBI Fixed Income - ZHOSHK: Credit profile remains solid under a challenging operating environment |
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