Research Report
01
Dec
2023
2023
2024 Economic Outlook: The mismatch of US and China economic cycle to enter into the second half
PDF
30
Nov
2023
2023
APT Medical（688617.CH）: Focus on three key cardiovascular segments; a bright future ahead
PDF
30
Nov
2023
2023
BUD APAC (1876.HK): Positive trends in China and marginal improvement in South Korea will substantially increase earnings visibility; Upgrade to BUY
PDF
28
Nov
2023
2023
Takeaway of field trip to 2023 Guangzhou International Automobile Exhibition: Automation, premiumization, and intellectualization
PDF
28
Nov
2023
2023
Zylox Tonbridge (2190.HK): Neurointervention and peripheral intervention the two core segments; product approvals accelerate
PDF
23
Nov
2023
2023
Tongcheng Travel (780.HK): Strong growth momentum; outbound travel still in recovery
PDF
21
Nov
2023
2023
China foundry industry: Industry margin and revenue growth rate are bottoming out, and the cycle is trending up
PDF
20
Nov
2023
2023
MicroPort EP MedTech (688351.CH): Domestic electrophysiology leader; TrueForce and other new products drive earnings growth
PDF
16
Nov
2023
2023
Vipshop (VIPS.US): Steady earnings recovery; focus on profit margin improvement; guidance remains cautious
PDF
16
Nov
2023
2023
Comments on China’s October economic data: Uneven economic recovery continues, while momentum softens
PDF
16
Nov
2023
2023
US inflation data slows more than expected in October, the rate hike cycle may have ended
PDF
15
Nov
2023
2023
China Sportswear: Recent Xtep’s inventory crisis does not negatively imply same issue for Li Ning or ANTA
PDF
06
Nov
2023
2023
Li Ning (2331.HK): Analysis of the growth drivers of Li Ning in different time dimensions
PDF
03
Nov
2023
2023
MicroPort NeuroTech (2172.HK): Domestic leader with both growth potential and visibility, centralized procurement and new products drive earnings growth
PDF
02
Nov
2023
2023
Yum China (YUMC.US/9987.HK): Market is overreacting, but long-term growth logic remains intact
PDF
02
Nov
2023
2023
Mindray (300760.CH): 3Q23 revenue growth hindered by healthcare anti-corruption; improvements in gross profit margin and expense drive steady profit growth
PDF
02
Nov
2023
2023
SPDBI Monthly Fund Flows: State-owned fund increasing holdings may boost market sentiment
PDF
02
Nov
2023
2023
Yili (600887.CH): Main business steadily improving and 2023 net profit margin expected to surpass the guidance
PDF
02
Nov
2023
2023
BUD APAC (1876.HK): Premiumization trend improving in China but Korea business faces great uncertainty in short term
PDF
02
Nov
2023
2023
WuXi AppTec (2359.HK/603259.CH): 3Q23 results slightly lower than expected; the company lowered its full-year revenue guidance
PDF
02
Nov
2023
2023
Pharmaron (3759.HK/300759.CH): 3Q23 results hindered by weak financing environment; the company maintains full-year revenue growth guidance
PDF
31
Oct
2023
2023
Milkground（600882.CH）：No sign of improvement on revenue , gross profit margin under pressure, but operational efficiency has improved
PDF
31
Oct
2023
2023
Tsingtao Brewery (168.HK/600600.CH): The negative climate impact on sales has been absorbed, the structural upgrade exceeds market expectations
PDF
30
Oct
2023
2023
Introducing Stellantis as a shareholder, Leapmotor opens up its overseas sales network for a win-win situation
PDF
27
Oct
2023
2023
Times Electric (3898.HK/688187.HK): 3Q23 GM improvement drove up profit, with both rail transit business and emerging equipment business contributing increamental profit
PDF
26
Oct
2023
2023
Wingtech (600745.CH): 3Q profit increased QoQ, with Nexperia's profit stablizing and ODM profit gradually releasing
PDF
26
Oct
2023
2023
Li Ning (2331.HK): Decisive actions required under current situation to reorganize for next year’s performance
PDF
25
Oct
2023
2023
Yangjie (300373.CH): 3Q23 GPM and operating profit recovered QoQ, indicating semi cycle bottoming out
PDF
25
Oct
2023
2023
Luxshare (002475.CH): Profit growth sustaining in 3Q23 and 4Q23 with clear long-term growth path
PDF
24
Oct
2023
2023
Topsports (6110.HK): Why we are bullish on Topsports’ stock performance for the next 12 months
PDF
20
Oct
2023
2023
Tesla (TSLA.US): Broadly stable GM on QoQ basis in 3Q23, increasing OPEX due to new product and technical inputs, and sustaining annual sales target of 1.8 million units
PDF
19
Oct
2023
2023
BYD (1211.HK/002594.CH): 3Q23 preliminary results beat expectation, and profit per car continues growing
PDF
19
Oct
2023
2023
ANTA Sports (2020.HK): Multi-brand strategy establishes Anta’s core competitiveness, market confidence in Anta brand will likely increase
PDF
16
Oct
2023
2023
Transsion (688036.CH): Smartphone shipments return to growth, and software services provide long-term increments
PDF
16
Oct
2023
2023
US core CPI inflation went up again in MoM term; it may be earlier to say that the Fed rate hike has been ended
PDF
16
Oct
2023
2023
ANTA Sports (2020.HK): 3Q23 retail sales in line, 2023 profit growth may exceed expectation
PDF
10
Oct
2023
2023
Comments on National Day Golden Week’s data: Tourism performance to support consumption recovery
PDF
03
Oct
2023
2023
BYDE (285.HK): Acquisition of Jabil’s assets expected to provide short-term and long-term profit increments
PDF
27
Sep
2023
2023
SPDBI Monthly Macro Insights: China’s policies come through, the expectation of US rate cut declines sharply
PDF
27
Sep
2023
2023
Technology field research: Stable trends in Smartphone and NEV industries, bottoming out in semiconductor industry fundamentals
PDF
27
Sep
2023
2023
China Power Semiconductor Industry: Wind power, photovoltaic, vehicle, storage and other new energy demands provide long-term increments, and cycle bottoms out in near future, opening up the upside
PDF
22
Sep
2023
2023
US Fed hints one more rate hike this year, while high interest rate may persist longer
PDF
18
Sep
2023
2023
With a second RRR cut this year and largely better-than-expected real activities data, what is the next step for policies?
PDF
14
Sep
2023
2023
Alibaba (9988.HK/BABA.US): Leadership transition completed—new changes and new expectations
PDF
11
Sep
2023
2023
Li Ning (2331.HK): Steady positive sell-through with slower market sentiment improvement
PDF
11
Sep
2023
2023
Topsports (6110.HK): 1HFY24 sales is expected to steadily recover compared with pre-pandemic level, with strong visibility of net profit margin expansion
PDF
07
Sep
2023
2023
Smartphone Industry Watch: HUAWEI Kirin returns while Apple’s new releases approaching
PDF
07
Sep
2023
2023
Yunkang Group (2325.HK): COVID receivables are collected steadily; short-term performance is disrupted by COVID, positive in long-term potential
PDF
07
Sep
2023
2023
Super Hi (9658.HK): Negative catalyst observation — slower than expected store opening pace may lead to weak short-term stock price
PDF
07
Sep
2023
2023
Tsingtao Brewery (168.HK/600600.CH): With peak season ending soon, short-term weak sales volume may affect market sentiment
PDF
07
Sep
2023
2023
Venus MedTech (2500.HK): Domestic business emphasizes profitability, with subsidy decreased in 1H23; rapidly expand overseas markets through Venus-P
PDF
07
Sep
2023
2023
Peijia Medical (9996.HK): TAVR market share continued to increase in 1H23, growth of neurointerventional products slightly exceeded expectations
PDF
07
Sep
2023
2023
MicroPort CardioFlow (2160.HK): 1H23 implantation volume in-line, August performance is slightly affected by the medical anti-corruption
PDF
05
Sep
2023
2023
Technology industry interim results summary: Market demand of smartphone and NEV is still the most important fundamental support
PDF
05
Sep
2023
2023
MedBot (2252.HK): 1H23 Toumai installation lower than expected; short-term focus should be impact of medical anti-corruption and liquidity
PDF
04
Sep
2023
2023
SPDBI Monthly Macro Insights: China to wait for further policy support, US Fed’s rate hike cycle to continue
PDF
04
Sep
2023
2023
Mengniu Dairy (2319.HK): High 2H23 OPM base with strong visibility for long-term margin growth
PDF
04
Sep
2023
2023
iDreamSky (1119.HK): Cost reduction leads to turnaround, new games expected to be growth driver
PDF
04
Sep
2023
2023
Mindray (300760.CH): Stable 1H23 results in-line；impact of anti-corruption gradually appears in 3Q23
PDF
31
Aug
2023
2023
Huitongda（9878.HK）: Performance remains resilient, growth expected to pick up in 2H23
PDF
31
Aug
2023
2023
Pinduoduo (PDD.US): Revenue growth accelerated again and greatly exceeded expectations, even as margins declined
PDF
31
Aug
2023
2023
China Feihe (6186.HK): Digital ecology has positive meaning in the long term, but is unlikely to change short-term structural difficulty
PDF
31
Aug
2023
2023
Yili (600887.CH): High 2023 earnings visibility but weak short-term market sentiment
PDF
31
Aug
2023
2023
BYDE (285.HK): Gross margin improved significantly in Q2, with multiple businesses driving up fundamentals
PDF
31
Aug
2023
2023
BYD (1211.HK/002594.CH): Profit per car grew in Q2, and BYD maintained the annual sales target of 3 million units
PDF
30
Aug
2023
2023
Tongcheng Travel (780.HK): Strong third-quarter earnings growth expected during peak travel season
PDF
30
Aug
2023
2023
Pharmaron (3759.HK/300759.CH): Mature business grows steadily in 1H23; CMC business inquiry volume recovers since June
PDF
29
Aug
2023
2023
SPDBI Strategy Insights: Measures to revive stock market may boost market confidence
PDF
29
Aug
2023
2023
Wingtech (600745.CH)：Overseas automotive business stabilizes Nexperia’s profitability, while cost control drives loss reduction in ODM segment
PDF
28
Aug
2023
2023
iDreamSky (1119.HK): Self-developed games enter harvest season, Fanbook helps long-term operation of Games
PDF
28
Aug
2023
2023
Meituan (3690.HK): GPM improvement drives profit beat; food delivery expected to slow, and hotel & travel expected to remain strong in Q3
PDF
28
Aug
2023
2023
WuXi Biologics (2269.HK): 1H23 adjusted net profit growth lower than expected; new projects recovered significantly in June
PDF
25
Aug
2023
2023
Optics Industry: Flowers blooming and falling (Sunny and Q-Tech 1H23 earnings results read)
PDF
25
Aug
2023
2023
Jiumaojiu (9922.HK): 2023 store net open target in line with expectation, store level operation continues to recover
PDF
23
Aug
2023
2023
ANTA Sports (2020.HK): Multi-brands and high proportion of direct retail business boost strong earnings, profit growth may further accelerate in 2H23
PDF
21
Aug
2023
2023
Global smartphone shipments YoY decline narrows in 2Q23, and we expect a moderate demand recovery in 2H23
PDF
21
Aug
2023
2023
China Resources Beer (291.HK): High earnings visibility for 2023, and strong premiumization trend in long term
PDF
21
Aug
2023
2023
Bilibili (9626.HK/BILI.US): Ad monetization accelerating, delays in new games lead to lower revenue guidance
PDF
21
Aug
2023
2023
JD.com (9618.HK/JD.US): Earnings exceed expectation, subsidies lead to margin decline
PDF
21
Aug
2023
2023
Tencent (700.HK): Seasonal fluctuation in domestic gaming, video accounts drive strong recovery in ad business
PDF
21
Aug
2023
2023
Chongqing Brewery (600132.CH): Valuation elasticity shown as expected, and market sentiment expected to improve further
PDF
18
Aug
2023
2023
Will Semiconductor (603501.CH): Adjust 2023-2025E earnings forecasts and target price, and maintain BUY rating
PDF
15
Aug
2023
2023
US executive order of restrictions on investment in China: Limited short-term impact, long-term focus on technological competition
PDF
15
Aug
2023
2023
Pou Sheng (3813.HK): Optimistic about revenues, but margins under pressure in short term; lower TP, maintain BUY rating
PDF
14
Aug
2023
2023
Li Ning (2331.HK): Improved full-year result visibility, short-term valuation expected to increase; maintain BUY
PDF
14
Aug
2023
2023
July US inflation data to support the Fed to skip rate hike in Sep, but may not mean the end of hiking cycle
PDF
11
Aug
2023
2023
Li Auto (LI.US/2015.HK): 2Q23 significant earnings growth, 3Q23 soft delivery guidance limited by capacity, 4Q23 delivery expected to increase driven by new capacity release
PDF
09
Aug
2023
2023
July inflation data comments: Details better than headline print, more policy effort is still needed
PDF
07
Aug
2023
2023
Exploring consumer electronics from Apple: CY2Q23 results and CY3Q23 gross margin guidance beat expectation with strong performance on iPhone switching and wearables in China
PDF
07
Aug
2023
2023
HUTCHMED（13.HK/HCM.US）: 1H23 results in-line; Fruquintinib expected FDA approval by year-end
PDF
07
Aug
2023
2023
BUD APAC (1876.HK): Short-term margins under pressure, mid- to long-term growth logic weak; maintain Hold
PDF
03
Aug
2023
2023
PBoC mid-year work conference takeaways: What to expect from monetary policy in 2H23?
PDF
02
Aug
2023
2023
Yum China (YUMC.US/9987.HK): Same-store sales recovery and store expansion boost revenue growth
PDF
02
Aug
2023
2023
WuXi AppTec (2359.HK/603259.CH): 1H23 profit growth slightly beats；High growth in non-COVID business
PDF
01
Aug
2023
2023
China Catering Industry: How to pick winners in the most competitive consumer sub-sector?
PDF
01
Aug
2023
2023
SPDBI Monthly Macro Insights: China’s economic outlook after Politburo meeting, US seeing soft landing scenario
PDF
27
Jul
2023
2023
Volkswagen takes stake in Xpeng, laying the foundation of long-term strategic cooperation and opening up a win-win situation
PDF
25
Jul
2023
2023
Takeaways on the July Politburo meeting: Give more priority to preventing and resolving risks
PDF
25
Jul
2023
2023
SPDBI Strategy Insights: July Politburo meeting reaffirms three key investment strategies
PDF
21
Jul
2023
2023
Tesla (TSLA.US): 2Q23 GM slightly below expectations, maintained annual deliveries target of 1.8 million
PDF
21
Jul
2023
2023
Exploring semiconductor industry from TSMC: fundamentals in the downcycle while AI demand grows rapidly
PDF
21
Jul
2023
2023
Kuaishou (1024.HK): Q2 results expected to remain solid, profits may exceed expectations
PDF
21
Jul
2023
2023
Ping An Good Doctor (1833.HK) – 1H23 results preview: Revenue under pressure due to strategic transformation, 2024E may return to revenue growth
PDF
19
Jul
2023
2023
China unveils new plan to boost household consumption, while more policy support is still needed to expand domestic demand
PDF
18
Jul
2023
2023
Will Semiconductor (603501.CH): Preliminary earnings factoring in fundamentals weakness in 1H23, expecting fundamentals and valuations to trend up in 2H23
PDF
18
Jul
2023
2023
BYD (1211.HK/002594.CH): 2Q23 preliminary results beat expectation, optimistic about the growth momentum of NEV
PDF
18
Jul
2023
2023
BYDE (285.HK): 2Q23 positive profit alert beats expectation, multiple business segments keep boosting fundamentals
PDF
18
Jul
2023
2023
Semiconductor memory trends in the age of large-scale AI models from Huawei’s AI memory product launch
PDF
14
Jul
2023
2023
Exploring smartphone optics industry from Largan: Industry demand gradually stabilizes
PDF
14
Jul
2023
2023
Interpretation of symposium on platform economy: release of favorable policies to promote valuation improvement
PDF
14
Jul
2023
2023
Faster-than-expected core CPI deceleration is less likely to avoid the July rate hike
PDF
12
Jul
2023
2023
Messages from the extension of property financing support measures and the series of enterprise symposiums
PDF
12
Jul
2023
2023
Technology field research: Improving visibility in trends of semiconductor and NEV industries
PDF
10
Jul
2023
2023
Anta (2020.HK): 1H23 profit growth may lead the industry, expect higher growth in 2H23
PDF
10
Jul
2023
2023
June FX reserves increased largely by FX valuation effect, expecting RMB to appreciate in mid-term
PDF
29
Jun
2023
2023
SPDBI Monthly Macro Insights: China to eye on stimulus, US to be wary of credit tightening
PDF
27
Jun
2023
2023
Internet 2H23 outlook: Could AIGC help the Internet industry overcome the “midlife crisis”?
PDF
27
Jun
2023
2023
Technology 2H23 outlook: Having been waiting in 1H23 and to be waiting in 2H23 for industry fundamentals and valuations to resonate upward
PDF
27
Jun
2023
2023
Healthcare 2H23 outlook: Buy stocks with elasticity and innovative nature; new catalysts are needed for sharp rebound
PDF
15
Jun
2023
2023
New Energy Vehicle Investment Handbook: Riddles and thoughts on the prisoner’s dilemma
PDF
07
Jun
2023
2023
China Semiconductor Foundry: valuation bottomed out ahead of fundamentals, taking advantage of Beta upside opportunity
PDF
06
Jun
2023
2023
1Q23 global smartphone shipment slightly below expectation, waiting for marginal demand recovery in 2H23
PDF
06
Jun
2023
2023
Shandong Weigao (1066.HK): Investor day emphasize on innovation; accelerate R&D in rehabilitation and informatization products apart from core pipeline
PDF
06
Jun
2023
2023
2H23 Economic Outlook: US to enter recession gradually, China’s recovery story to resume
PDF
25
May
2023
2023
Topsports (6110.HK): Fundamentals remain solid with high certainty of margin expansion
PDF
23
May
2023
2023
Technology field research: smartphone, NEV and foundry industries update and outlook
PDF
18
May
2023
2023
Tencent (700.HK): earnings back on growth track in 1Q23, accelerated recovery expected
PDF
12
May
2023
2023
Pou Sheng (3813.HK): excellent 1Q23 results and strong revenue growth in April and Labor Day Golden Week boost market confidence and improve market expectations, raise price target
PDF
12
May
2023
2023
Topsports (6110.HK): Pou Sheng’s strong revenue growth in April and labor day golden week may boost Topsports’ stock performance
PDF
11
May
2023
2023
Chongqing Brewery (600132.CH): Weaker earning guidance, but bullish on stock price flexibility in peak season
PDF
11
May
2023
2023
Luxshare (002475.CH): 2Q23 earnings guidance beyond expected and counter-trend growth driven by multi-business expansion
PDF
11
May
2023
2023
Budweiser Brewing APAC (1876.HK): The certainty of post-pandemic recovery trend of the Chinese and Korean markets may diverge
PDF
05
May
2023
2023
Chongqing Brewery (600132.CH): Weaker earning guidance, but bullish on stock price flexibility in peak season
PDF
03
May
2023
2023
Transsion (688036.CH): Handset shipments driven up by inventory replenishment, and focus on ChatGPT and AI strategies
PDF
03
May
2023
2023
Yonyou Network (600588.CH): Adjust 2023-25E forecasts and target price, maintain Buy
PDF
03
May
2023
2023
Ausnutria Dairy (1717.HK): Declining product mix hinders margin rebound, weak industry trend hampers valuation reversal; Cut TP and maintain Hold
PDF
03
May
2023
2023
Inner Mongolia Yili (600887.CH): High certainty of organic margin expansion with Ausnutria being the biggest uncertainty
PDF
03
May
2023
2023
Shenzhen Mindray (300760.CH): 2022 and 1Q23 results in line; IVD slightly dragged by Covid-19
PDF
03
May
2023
2023
Pharmaron (3759.HK/300759.CH): Mature businesses showed resilience in 1Q23, while order book buildup from the new business is on track
PDF
03
May
2023
2023
BYDE (285.HK): Increasing capacity utilization and high growth in automotive business
PDF
27
Apr
2023
2023
WuXi AppTec (603259.CH/2359.HK): Slowdown in core business growth in 1Q23, cut price target
PDF
27
Apr
2023
2023
Tsingtao Brewery (168.HK/600600.CH): Strong 1Q23 performance, follow-up focus on structural optimization sustainability; raise forecasts and price target
PDF
26
Apr
2023
2023
Tesla (TSLA.US): Improving supply and demand balance, rapid growth of NEV sales, and fair valuation
PDF
21
Apr
2023
2023
Will Semiconductor (603501.CH): Fundamentals improve quarter by quarter, resonating upwards in multiple sectors
PDF
19
Apr
2023
2023
Antengene (6996.HK): Potentials of core product significantly undervalued; in-house R&D entering validation stage
PDF
13
Apr
2023
2023
Venus MedTech (2500.HK): Implant volume slightly dropped in 2022; follow-up attention can be paid to the timing of profit breakeven and the progress of oversea commercialization
PDF
13
Apr
2023
2023
ANTA Sports (2020.HK): Mixed short-term trends with certainty of long-term store efficiency recovery and margin expansion
PDF
13
Apr
2023
2023
Sunny Optical (2382.HK): Vehicle related business continues to drive growth in group profit
PDF
13
Apr
2023
2023
Sino Biopharmaceutical (1177.HK): Lowering the earnings forecast and target price for 2023-24E
PDF
06
Apr
2023
2023
MicroPort CardioFlow (2160.HK): Non-recurring expense increase loss in 2022；strong recovery of the implant volume has already appeared in 1Q23
PDF
06
Apr
2023
2023
Peijia Medical (9996.HK): Continue to reduce losses under 2022 COVID pandemic; market share of transcatheter valve and neurointerventional business are expected to further increase
PDF
06
Apr
2023
2023
Everest Medicines (1952.HK): Domestic commercialization approaching, long-term value of core products significantly underestimated
PDF
06
Apr
2023
2023
MedBot Surgical (2252.HK)：2022 result is slightly lower than expected due to license restriction and COVID;short-term disturbances will not change long-term growth potential
PDF
04
Apr
2023
2023
China Mengniu Dairy (2319.HK): High quality long term investment target with high certainty of profitability improvement and high valuation-to-cost ratio
PDF
04
Apr
2023
2023
Nayuki (2150.HK): Optimized single-store model provides significantly improved profit outlook, and expansion pace further increases; upgrade to Buy
PDF
31
Mar
2023
2023
RemeGen (9995.HK): Sales performance affected by COVID-19 but regaining momentum recently; global R&D on track
PDF
31
Mar
2023
2023
Topsports (6110.HK): Nike rebound drives revenue growth, inventory optimization drives margin expansion
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31
Mar
2023
2023
Innovent Biologics (1801.HK): Adjust upward the 2023-24E net loss forecast; lower the target price.
PDF
31
Mar
2023
2023
InnoCare Pharma (9969.HK): Impressive interim readout from orelabrutinib Phase II study in MS; commercial infrastructure ramping up
PDF
29
Mar
2023
2023
Zhaoke Ophthalmology (6622.HK): Raised 2023-24E adjusted net loss forecast; lowered target price
PDF
27
Mar
2023
2023
China Resources Beer (291.HK): Preminization accelerates, core EBIT continue to expand significantly; maintain top choice of the industry
PDF
24
Mar
2023
2023
WuXi Biologics (2269.HK): Strong growth momentum in core business to continue into FY23; mid-to-long term visibility improving
PDF
23
Mar
2023
2023
WuXi AppTec (603259.CH/2359.HK): Expecting core business to record solid growth in 2023; new business gaining momentum
PDF
23
Mar
2023
2023
Anta (2020.HK): In-line 2023 revenue guidance with margin expansion as the key driver
PDF
22
Mar
2023
2023
Keymed Biosciences (2162.HK): Moderate cash burn in FY22, sales force ramp-up and advancement of early-stage R&D projects among key focuses in 2023
PDF
22
Mar
2023
2023
Pinduoduo (PDD.US): investing more to bolster consumption and accelerating overseas expansion
PDF
21
Mar
2023
2023
Kingdee International (268.HK): adjust 2023-25E estimates and price target, maintain Buy
PDF
21
Mar
2023
2023
Li Ning (2331.HK): Expect short-term negative sentiment with retail trend continues to improve; trim target price
PDF
17
Mar
2023
2023
Pou Sheng International (3813.HK): Solid 4Q22 margins indicate improving operational Capabilities; maintain Buy
PDF
17
Mar
2023
2023
Akesobio (9926.HK): First bispecific antibody delivered outstanding sales performance; multiple catalysts to watch for in 2023
PDF
17
Mar
2023
2023
Ping An Good Doctor (1833.HK): New strategies start to bear fruit; business recovery and customer acquisition performance among key themes in 2023
PDF
17
Mar
2023
2023
Zai Lab (ZLAB.US/9688.HK): Long-term pipeline potential significantly under-appreciated; initiate on ZLAB.US at Buy
PDF
17
Mar
2023
2023
JD.com (9618.HK/JD.US): Better-than-expected profit improvement; refocus on low-price strategy
PDF
10
Mar
2023
2023
China Sportswear: Adidas still faces big short-term challenges, but won’t affect its Chinese retail partners to rebound in 2023
PDF
07
Mar
2023
2023
Peijia Medical (9626.HK/BILI.US): Interventional medtech incubation platform unveiled, 2023 R&D Day highlights the depth of product pipeline
PDF
07
Mar
2023
2023
Beigene (9626.HK/BILI.US): With strong FY22 results, BeiGene continues its evolution into a global big pharma
PDF
03
Mar
2023
2023
Budweiser Brewing Co APAC （1876.HK）: High certainty of revenue rebound, but EBITDA margin outlook still unclear; maintain Hold
PDF
02
Mar
2023
2023
HUTCHMED（HCM.US/13.HK）: Strong commercial performance delivered in FY22; core products further penetrated into target markets
PDF
02
Mar
2023
2023
MicroPort CardioFlow （2160.HK）: 2022 revenue in line; net loss increase partly due to non-cash and one-off items
PDF
01
Mar
2023
2023
RemeGen （9995.HK）: Amid rising competition among HER2 ADCs in China, Remegen holds advantages in safety profile and pricing
PDF
01
Mar
2023
2023
Technology Field Research and Update on 2023 outlook: maintaining cautious and expecting to improve in 2H23 for smartphone industry; wait-and-see sentiment lingering and new models expected to drive growth in NEV industry
PDF
27
Feb
2023
2023
Keymed Biosciences (2162.HK): Global rights on Claudin 18.2 ADC out-licensed to AstraZeneca; Raise TP
PDF
23
Feb
2023
2023
Tsingtao Brewery (168.HK/600600.CH): limited preminization but attractive valuation of H shares
PDF
23
Feb
2023
2023
Milkground (600882.CH): challenging short term performance with solid long term growth logic; cut target price and maintain Buy
PDF
20
Feb
2023
2023
InnoCare (9969.HK): regain its global rights to orelabrutinib for autoimmune diseases; cut target price
PDF
16
Feb
2023
2023
Pou Sheng (3813.HK): Recovery of international sportswear brand under low base escalate Pou Sheng’s revenue growth; maintain Buy and target price
PDF
15
Feb
2023
2023
China CXO review & outlook: Strong performance delivered by core business in 2022; keep an eye on structural changes within the sector
PDF
09
Feb
2023
2023
China’s beer industry: Premiumization accelerated 2023 revenue growth, but the outbreak will take time
PDF
09
Feb
2023
2023
China Resources Beer (291.HK)：Premiumization drives 2023 revenue growth and profit margin expansion, raise target price
PDF
09
Feb
2023
2023
Zhaoke Ophthalmology (6622.HK): Development of low-dose atropine on track, significant room in stock rerating
PDF
09
Feb
2023
2023
Nayuki (2150.HK)：Improved profit outlook, but the resilience of store efficiency rebound may vary, raise target price while maintaining Hold
PDF
03
Feb
2023
2023
Topsports (6110.HK): Fundamentals began to rebound, and market attention increased; raise target price and maintain Buy
PDF
03
Feb
2023
2023
Beigene (6160.HK)： growing market expansion potential for core products; raise target price
PDF
01
Feb
2023
2023
Yili (600887.CH): Higher than expected CNY sales and high certainty for 4Q22 result. Adjusted 2022-24E estimates and raise TP
PDF
31
Jan
2023
2023
HUTCHMED (HCM.US/13.HK): Major process made in fruquintinib globalization, savolitinib negotiated into the NRDL
PDF
31
Jan
2023
2023
Chongqing Brewery (600132.CH): Possibly the one beer company with the best resilience
PDF
16
Jan
2023
2023
Anta (2020.HK): beyond expectation 4Q22 retail sales of anta brand, improving inventory sales rate of Fila and positive outlook of management will boost market confidence
PDF
11
Jan
2023
2023
Li Ning (2331.HK)：Expect higher than industry recovery rate; lower 2022 forecast and maintain 2023/2034 forecast, remain “buy” rating and raise TP
PDF
11
Jan
2023
2023
Everest Medicines 1952.HK): New corporate strategies underway; build-out of in-house capabilities to drive long-term sustainable growth
PDF
21
Dec
2022
2022
Anta (2020.HK): Future elasticity and certainty are greater than short-term turnover and profit margin pressure
PDF
20
Dec
2022
2022
Alphamab Oncology (9966.HK): Latest clinical data of bispecific antibodies revealed at SABCS 2022, raise target price
PDF
16
Dec
2022
2022
The "Strategic Plan for Expanding Domestic Demand" benefit long-term consumption power recovery and upgrading, but will take time to reveal result
PDF
12
Dec
2022
2022
Technology 2023 outlook: Technology 2023 outlook: Waiting for smartphone industry fundamentals and valuations to resonate upward
PDF
09
Dec
2022
2022
Akeso (9926.HK): Blockbuster out-licensing deal validates the potential of Akeso’s bispecific pipeline, raise TP
PDF
09
Dec
2022
2022
Mengniu (2319.HK) : market expectations and performance certainty deviates， valuation is expected to rise in short term
PDF
09
Dec
2022
2022
Feihe (6186.HK): lower performance forecast for 2022-2024 and target price, maintain “hold” rating
PDF
01
Dec
2022
2022
Topsports (6110.HK): The recovery of Nike brand power and stable inventory enhance the certainty of performance
PDF
30
Nov
2022
2022
Leapmotor (9863.HK) initiation: in-house electronic components manufacturing capability providing potential high profit growth
PDF
30
Nov
2022
2022
Li Ning (2331.HK): 2022 guidance faces challenges, but healthy inventory level sets the ground for continuous development
PDF
28
Nov
2022
2022
China biotech: We continue to like companies with good execution power, ample catalyst and attractive valuation
PDF
07
Nov
2022
2022
Yili Group (600887.CH): Adjust 2022-24E earnings estimates and raise the target price
PDF
04
Nov
2022
2022
Mengniu (2319.HK): High 2H22 performance certainty, optimistic about Mengniu’s short-term valuation recovery
PDF
03
Nov
2022
2022
RemeGen (9995.HK): 3Q sales in line; watch for further sales ramp-up and clinical milestones
PDF
31
Oct
2022
2022
Yili Group (600887.CH): Unsatisfactory 3Q22 performance does not change Yili’s stable long-term fundamentals
PDF
31
Oct
2022
2022
Pharmaron (3759.HK/300759.CH): Adjust 2022-24E earnings estimates and cut target price
PDF
31
Oct
2022
2022
Mindray (300760.CH): 3Q22 net profit slightly beats, recent policies provide greater certainty in growth
PDF
28
Oct
2022
2022
Budweiser Brewing (1876.HK): Premiumization in China continues to be hindered and South Korea's low-base period ended
PDF
28
Oct
2022
2022
WuXi AppTec (603259.CH/2359.HK): Core business segments saw meaningful rebound in 3Q; H-share issuance terminated
PDF
28
Oct
2022
2022
Topsports (6110.HK): Operational flexibility and efficiency bring forward resilient performance, maintain Buy
PDF
22
Sep
2022
2022
Topsports (6110.HK): increases share contribution to Skechers drives revenue growth, and Nike's performance rebound is expected to drive the recovery of valuation
PDF
21
Sep
2022
2022
SPDBI A-Share Top Picks ROR: Valuation concerns, and financials and healthcare sectors deserve further study
PDF
21
Sep
2022
2022
Near-term impact likely limited from the US biomanufacturing executive order; valuation attractive after sell-off
PDF
15
Sep
2022
2022
New Energy Vehicle Investment Handbook: new platforms, new products, and new cycle to re-boost growth
PDF
15
Sep
2022
2022
US capital flow remains at the first supporting level--Global and US equity flow watch (September 2022)
PDF
15
Sep
2022
2022
Significant inflow from energy sector and continuous outflow from financial sector -- China equity flow watch (September 2022)
PDF
07
Sep
2022
2022
Pharmaron (3759.HK\300759.CH): strong 1H22 results from core business; CDMO leadership reinforced by new manufacturing facility
PDF
02
Sep
2022
2022
Yili (600887.CH): Why did Yili lower its 2022 profit margin guidance with beyond expected 1H22 performance?
PDF
02
Sep
2022
2022
RemeGen (9995.HK): 1H22 results further validated sales capabilities; overseas development on track
PDF
01
Sep
2022
2022
1H22 financial review and outlook of China IMF industry：intensified short- and medium-term competition, and long-term concentration increase
PDF
30
Aug
2022
2022
Tsingtao Brewery （168.HK/600600.CH）: Better-than-expected performance and better short-term prospects; H-share is more cost-effective than A-shares
PDF
26
Aug
2022
2022
Akesobio (9926.HK): Initial sales performance of cadonilimab above expectation; multiple major data readouts in 2023-24
PDF
26
Aug
2022
2022
Mengniu Dairy (2319.HK): Positive profit margin guidance expects to turn market sentiment around and boost valuations
PDF
26
Aug
2022
2022
Sino Biopharmaceutical (1177.HK)：Resilient 1H22 results; in-house R&D and BD will continue to drive innovation
PDF
25
Aug
2022
2022
ANTA Sports (2020.HK): retail sales and profit margin improved HOH; low valuation and strong fundamentals provide high cost effectiveness
PDF
23
Aug
2022
2022
InnoCare Pharma (9969.HK): Quick ramp-up in orelabrutinib sales after NRDL inclusion; abundant catalysts over the next 12 months
PDF
23
Aug
2022
2022
Mindray (300760.CH)： 1H22 results in line with expectation, gross margin impacted by transport expense and FX
PDF
22
Aug
2022
2022
Chongqing Brewery (600132.CH): Wusu expected to resume growth in 2H22 and will drive stock price recovery
PDF
22
Aug
2022
2022
WuXi Biologics (2269.HK): Full-year guidance raised; booming CMO business into the next 3 years
PDF
18
Aug
2022
2022
China Resources Beer (291.HK): Unchanged premiumization trend assist in continuous profit margin expansion
PDF
18
Aug
2022
2022
Everest Medicines (1952.HK): New deal achieved with Immunomedics to return Trodelvy rights and replenish cash
PDF
15
Aug
2022
2022
China semiconductor foundry: thoughts amid switching period of a cycle (including SMIC and Huahong 2Q22 earnings results)
PDF
15
Aug
2022
2022
Li Ning (2331.HK): Rigorous inventory management is the biggest guarantee for Li Ning’s continuous growth
PDF
15
Aug
2022
2022
Robust commercial operations by leading biotech companies in 2Q22, globalization and cross-border collaboration on track
PDF
10
Aug
2022
2022
US equity flows raised to the first support level – Global and US equity flow watch (August 2022)
PDF
05
Aug
2022
2022
Equity flow upside down, significant outflow from financial sector -- China equity flow watch (August 2022)
PDF
02
Aug
2022
2022
China Dairy Industry: long-term sustainable growth driven by higher health awareness and consumption upgrade
PDF
01
Aug
2022
2022
WuXi AppTec（603259.CH、2359.HK）： Resilient 2Q22 results amid domestic COVID-19 resurgence, further recovery expected in 2H
PDF
01
Aug
2022
2022
Budweiser Brewing （1876.HK）：Marginal improving Chinese market and strong performance from Korea and India will escalate BUD APAC’s 3Q22 growth
PDF
01
Aug
2022
2022
China's innovative oncology drugs: set to ride the secular growth waves in the next decade
PDF
27
Jul
2022
2022
Topsport（6110.HK）greatly reduced adidas business proportion to optimize brand structure for long-term healthy development
PDF
13
Jul
2022
2022
Anta (2020.HK)’s beyond-expectation 1H22 retail sales will further assist its profit to beat market expectation
PDF
11
Jul
2022
2022
Smartphone optics tracker (July): 2Q22-3Q22 smartphone demand being weak, expectation hitting bottom, waiting for recovery
PDF
07
Jul
2022
2022
Continuing equity inflows in June; significant inflows in consumer sectors -- China equity flow watch (July 2022)
PDF
07
Jul
2022
2022
US treasury yields may have peaked amid shift from stagflation to recession; long China growth stocks
PDF
24
Jun
2022
2022
Sino Biopharmaceutical (1177.HK): VBP impact turning positive, R&D efforts to bear fruits on multiple fronts
PDF
17
Jun
2022
2022
1Q22 drug sales at sample hospitals: Sequentially improving, with normalizing impact from the fifth round of VBP
PDF
17
Jun
2022
2022
Semiconductor supply chain: China's foundry players fully enjoying the industry upward cycle and the strong demand of domestic substitution
PDF
14
Jun
2022
2022
Everest Medicines (1952.HK): First TROP2 ADC approved in China, sales guidance above estimate
PDF
13
Jun
2022
2022
Keep prudent after equity flowing back – Global and US equity flow watch (June 2022)
PDF
06
Jun
2022
2022
2022 Outlook: China's economy still likely to outperform, with V-shape recovery in stock market
PDF
06
Jun
2022
2022
Consumer 2H22 outlook: Gradually switch to more aggressive method in the second half of epidemic
PDF
06
Jun
2022
2022
Technology 2H22 outlook: 2H22 smartphone expectation hitting bottom, grasping the opportunity of best cost- performance moment
PDF
06
Jun
2022
2022
Healthcare 2H22 outlook: Highly attractive valuation after recent volatility, await recovery in 2H22
PDF
06
Jun
2022
2022
New energy vehicle 2H22 outlook: pandemic impact bottoming out, and China NEV sales penetration rate continuing to accelerate
PDF
01
Jun
2022
2022
Topsports （6110.HK）：Strong short-term resilience and adaptability + high long-term growth momentum and investment return
PDF
30
May
2022
2022
RemeGen (9995.HK): ASCO 2022 update: Disitamab vedotin demonstrated strong efficacy on urothelial carcinoma
PDF
30
May
2022
2022
New Energy Vehicle Investment Handbook: Pandemic impact fading away, supply and demand gradually recovering, boosting NEV companies to grow rapidly ( including 1Q22 review/preview of NIO, XPeng, Li Auto Earnings
PDF
30
May
2022
2022
Smartphone Supply Chain: 1H22 Weak Shipment and Market Expectation Going through the Trough, looking for defensive names; Top pick Sunny Optical and Luxshare
PDF
30
May
2022
2022
Ali Heaith (241.HK): FY22 results in line, with further improvement in direct sales business and fulfillment efficiency
PDF
25
May
2022
2022
Inflection of Fed appears, and ECB is expected to raise interest rate on July——SPDBI Global Central Bank Monitor (May 2022)
PDF
25
May
2022
2022
WuXi Biologics (2269.HK): Business growth above expectation despite domestic COVID-19 resurgence; likely to be taken off UVL by year-end
PDF
24
May
2022
2022
Daily Chart: Despite uncertain healthcare funding environment in China, more clinical trials were initiated MoM in April
PDF
23
May
2022
2022
Daily chart: Consumer’s increasing concern about sugar intake promotes sales of Better-for-you beverages in China
PDF
19
May
2022
2022
Sea (SE.US): Shopee is expected to achieve positive adjusted EBITDA in GSEA by the end of 2023, but gaming will be under pressure
PDF
13
May
2022
2022
US equity flows fall to the First Support Level, technical rebound expected while downside risks still remain
PDF
13
May
2022
2022
Pou Sheng (3813.HK)’s 1Q22 results reflect optimized operating leverage and improving visibility
PDF
13
May
2022
2022
Daily Chart: Global biopharmaceutical investment activities saw a slight MoM slowdown in April 2022
PDF
13
May
2022
2022
Investment opportunities under a lingering pandemic and the new normal: focus on post - lock down business recovery and potential long-term benefactors
PDF
13
May
2022
2022
Chongqing Brewer (600132.CH)’s sales volume will continue to outperform competitors under pandemic
PDF
13
May
2022
2022
April macro data: Increasing food price push inflation up, while the inflation expectation is still manageable
PDF
12
May
2022
2022
Daily Chart: Improved cold chain logistics in China accelerates improvements in food safety and consumption upgrades in food industry
PDF
11
May
2022
2022
Smartphone optics tracker (May): Weak 2Q22 Demand, CCM Shipment Could Miss Guidance, Yet Pessimism Already Priced In and Remain Bullish on Vehicle Business
PDF
11
May
2022
2022
April macro data: China's exports face three-dimensional challenge, while import structure diverges
PDF
11
May
2022
2022
Significant equity outflows under multiple market risks -- Global and US equity flow watch (May 2022)
PDF
11
May
2022
2022
Daily Chart: The excess return of China growth stocks relative to value stocks has reached historical low
PDF
06
May
2022
2022
Framework analysis of the impact of metal price hike on new energy vehicle supply chain.
PDF
06
May
2022
2022
Enhanced policy support is coming with equity flow reaching the bottom -- China equity flow watch
PDF
06
May
2022
2022
Budweiser Apac (1876.HK): Higher-than-expected 1Q22 result reflects management's flexible resource allocation capabilities
PDF
06
May
2022
2022
High commodity prices may weaken the impact of rate hikes on EM equities in the short term
PDF
04
May
2022
2022
China CXO Industry: core business posted solid growth momentum in 1Q22; look for longer-term visibility and rerating potential in stock selection
PDF
04
May
2022
2022
Pharmaron (3759.HK/300759.CH): 1Q22 revenue beat; impact from domestic COVID-19 resurgence likely moderate and transient
PDF
03
May
2022
2022
China beer industry: 1Q22 performance review and future stock selection logic of major players
PDF
03
May
2022
2022
April macro data: Demand and Supply Chain Issues Worsen as Economy is Approaching the Bottom
PDF
03
May
2022
2022
Daily Chart: E-commerce advertising is still a key driver in China’s Internet advertising market
PDF
28
Apr
2022
2022
RemeGen (9995.HK): 1Q22 net loss narrower than expected and major risks priced in, maintain Buy
PDF
27
Apr
2022
2022
Daily Chart: The importance of ready meal will further increase in homes and standardized restaurants
PDF
26
Apr
2022
2022
WuXi AppTec (603259.CH/2359.HK): Core segment revenue above expectation, robust growth likely to sustain under the CRDMO model
PDF
22
Apr
2022
2022
Li Ning (2331.HK): 1Q22 steady growth under high base provides greater confidence into the market
PDF
21
Apr
2022
2022
Monetary Policy of the Federal Reserve: Tightening then Easing ——SPDBI Global Central Bank Watch (Apr 2022)
PDF
21
Apr
2022
2022
Mindray (300760.CH): 2021&1Q22; post steady growth, driven by rising infrastructure development and procurement
PDF
19
Apr
2022
2022
ANTA (2020.HK): The epidemic resurgence increased uncertainties of Anta’s operation results
PDF
19
Apr
2022
2022
Daily Chart: Global private financing activities recovered MoM in the healthcare sector in March 2022
PDF
15
Apr
2022
2022
March macro data: China's imports unexpectedly fell in March, export resilience is still to be tested
PDF
15
Apr
2022
2022
Daily Chart: Chinese consumer companies’ marketing strategies will focus more on private traffic
PDF
13
Apr
2022
2022
March macro data: Focus on long-term trend of credit expansion and structure improvement
PDF
13
Apr
2022
2022
Multiple data readouts from domestic innovators at AACR and new CDE guidelines guidelines on bispecific antibodies, leading to a clearer path for domestic early-stage R&D efforts
PDF
12
Apr
2022
2022
Smartphone optics tracker (April): 1Q22 Shipment on track, expecting YoY and QoQ improvement in 2Q22, monitoring demand volatility impacted by the pandemic
PDF
08
Apr
2022
2022
Daily Chart: There’s Still Plenty of Room to Grow for Global 5G Mobile Connections (2021 vs 2025E)
PDF
07
Apr
2022
2022
Downside remains despite of short-term equity inflow -- Global and US equity flow watch
PDF
07
Apr
2022
2022
Tongcheng Travel (780.HK): Pandemic is still affecting company in the short run, FY22 performance to fall before rebound
PDF
07
Apr
2022
2022
Chongqing Beer (600132.CH) Most defensive in the industry over the short-term. Maintains buy rating, lowers TP
PDF
07
Apr
2022
2022
Daily Chart: The scale of Elderly internet users continues to grow; Cost effectiveness becomes ever more important
PDF
04
Apr
2022
2022
BYD (1211.HK/002594.CH): 4Q21 Earnings Review: Booster and beneficiary of China NEV penetration "S" curve, expecting sustained high growth in 2022 and 2023.
PDF
04
Apr
2022
2022
RemeGen (9995.HK): Rapid ramp-up in product sales and commercialization efforts after NRDL coverage; telitacicept US Phase III trial initiated
PDF
04
Apr
2022
2022
Sino Biopharma (1177.HK): FY2021 revenue in line, multiple catalysts to expect within innovative drug pipeline
PDF
04
Apr
2022
2022
Daily Chart: HK-listed healthcare companies posted strong earnings growth in 2021, and CXO was the fastest growing subsector
PDF
01
Apr
2022
2022
Daily Chart: Development in lower-tier cities and rural markets is the general trend of china’s consumer industry
PDF
31
Mar
2022
2022
New Energy Vehicle Investment Handbook: Limited Impact to NEV Demand from Raw Material Price Hike, Slightly Raising NEV Sales Unit Forecast in China after 4Q21 Earnings Review of NIO, XPENG, Li Auto
PDF
31
Mar
2022
2022
China's manufacturing and services sectors simultaneously contracted at the bottom of economic cycle
PDF
31
Mar
2022
2022
Short-term investment strategy: Kuaishou (1024.HK) share price to rebound from oversold
PDF
30
Mar
2022
2022
Everest Medicines (1952.HK): FY2021 cash burn lighter than expectation, multiple products to enter commercialization in 2022-23
PDF
30
Mar
2022
2022
Daily Chart: Analyze the volatile price of nickel, cobalt, and lithium from the trade perspective
PDF
29
Mar
2022
2022
PHARMARON (3759.HK/300759.CH): 2022 guidance raised, future expansion to focus on infrastructure and new technologies
PDF
28
Mar
2022
2022
ZHAOKE OPHTH-B (6622.HK): 2021 cash burn manageable, NDA for CsA ophthalmic gel soon to be filed
PDF
26
Mar
2022
2022
Daily Chart: The scale of Internet users in China continues to peak, and user dependence continues to rise
PDF
25
Mar
2022
2022
WuXi AppTec (603259.CH / 2359.HK): Strong business performance delivered in 2021, capacity expansion and new technology application to speed up in 2022
PDF
25
Mar
2022
2022
CR Beer (291.HK): China resources beer plans to raise price in to cover increased cost, and to pursue high-end transformation
PDF
25
Mar
2022
2022
Short-term investment strategy: Sunny (2382.HK) share price to rebound from oversold
PDF
25
Mar
2022
2022
Optics Industry: Sunny and Q-Tech 2021 earnings review and 2022 outlook: expecting automotive business to grow rapidly, and smartphone business to get improved in 2H22
PDF
25
Mar
2022
2022
Daily Chart: Global private financing activities softened YoY in the healthcare sector in 2M22, but still came stronger than 2M20
PDF
24
Mar
2022
2022
WUXI BIO (2269.HK): 2H21 results above estimates, global operations and capacity expansion going full steam ahead
PDF
24
Mar
2022
2022
Daily Chart: The importance of inventory optimization to the quality improvement of retail operations
PDF
23
Mar
2022
2022
ANTA Sports (2020.HK): Anta continues to focus on long-term, high-quality, sustainable revenue and profit growth
PDF
23
Mar
2022
2022
China's Internet Industry: Can a ray of light in the darkness lead the Internet out of the haze? ——Review the "3.16 meeting" and the future market outlook
PDF
21
Mar
2022
2022
Li Ning (2331.HK) : Li Ning continues to improve internal drivers with overall market sentiment bottoms out
PDF
19
Mar
2022
2022
How much money is flowing back to Hong Kong stocks? And how to allocate among sectors?
PDF
17
Mar
2022
2022
How to interpret the FOMC meeting on Mar 2022?——Inflation driven rate hikes, and balance sheet reduction approaching
PDF
17
Mar
2022
2022
PA GoodDoctor (1833.HK): FY2021 results in line, awaiting visibility amid strategy shifts
PDF
17
Mar
2022
2022
Short-term investment strategy: Luxshare (002475.CH) share price to rebound from oversold
PDF
17
Mar
2022
2022
Luxshare (002475.CH): Consumer electronics business expanding despite of declining smartphone demand and automotive electronics business supporting long - term growth.
PDF
16
Mar
2022
2022
China drug sales quarterly tracker (2022 Vol.01): 4Q21 drug sales at sample hospitals in China: The fifth round of VBP began to take its toll
PDF
16
Mar
2022
2022
4Q21 drug sales at sample hospitals in China: The fifth round of VBP began to take its toll
PDF
16
Mar
2022
2022
POU SHENG INT'L(3813.HK): 4Q21 results highlighting its operational weakness compared with Topsports, downgrade TP
PDF
16
Mar
2022
2022
Short-term investment strategy: Li Auto (2015.HK) share price to rebound from oversold
PDF
16
Mar
2022
2022
Short-term investment strategy: XPENG (9868.HK) share price to rebound from oversold
PDF
15
Mar
2022
2022
February macro data: Focus on the long-term trend of the credit expansion and inflation
PDF
15
Mar
2022
2022
Daily Chart: China’s public health insurance fund gained surplus in 2021; future directions of reform reiterated at the Two Sessions
PDF
14
Mar
2022
2022
Smartphone Optics Tracker (March): CCM fundamental under pressure, valuation having fallen sharply, factoring in pessimistic expectation, and expecting 2Q22 fundamentals to be improved.
PDF
10
Mar
2022
2022
Hang Seng Index touches its 250-month moving average —add positions of Hong Kong stocks
PDF
10
Mar
2022
2022
Short-term investment strategy: Li Ning (2331.HK)’s stock price expect to rebound in the next month
PDF
10
Mar
2022
2022
Daily chart: A two-dimensional view of the RMB exchange rate, after the Russia-Ukraine conflict
PDF
09
Mar
2022
2022
February macro data: Structural resilience of exports will face challenges, growth rate has seen a slowdown
PDF
09
Mar
2022
2022
China beer industry: the analysis on the impact of raw material price hike led by Russia-Ukraine war
PDF
04
Mar
2022
2022
Zai Lab（9688.HK）：FY2021 revenue in line, significant progress made in R&D, BD and commercialization
PDF
04
Mar
2022
2022
Daily Chart: The CDE's regulatory review process has been accelerating, and the new guidelines for breakthrough therapies may further help
PDF
02
Mar
2022
2022
February macro data：Improved demand drives manufacturing PMI up slightly, non-manufacturing expansion accelerates as expected
PDF
02
Mar
2022
2022
Daily Chart: Heineken joins hands with CRB will change the current high-end beer market’s competitive pattern in China
PDF
01
Mar
2022
2022
Li Auto (LI.US/2015.HK): Li Auto (LI.US/2015.HK): Raising Price Target on Strong 4Q21 Earnings Performance and Rapid Expansion in 2022 and 2023
PDF
01
Mar
2022
2022
Short-term investment strategy: Expecting multiple catalysts to drive near-term share performance for Everest Medicines (1952.HK)
PDF
28
Feb
2022
2022
Daily Chart: China's local governments set conservative growth targets for 2022, Hainan's target ranked first
PDF
25
Feb
2022
2022
Budweiser APAC (1876.HK): Robust 4Q21 results reflecting sustainable premiumization capability, raise TP to HK$31.0
PDF
22
Feb
2022
2022
Daily Chart: The expected IRR for global biopharmaceutical innovation rebounded to 7.0% in 2021, mainly thanks to COVID-19 projects
PDF
21
Feb
2022
2022
RemeGen（9995.HK）: Full-year 2021 revenue in-line, with profit turnaround achieved; 2022 likely a fruitful year in R&D and commercialization
PDF
21
Feb
2022
2022
Daily Chart: China dairy industry(1): China’s per capita dairy sales ranks at bottom globally
PDF
18
Feb
2022
2022
TopSports (6110.HK): Retail sales rebounded earlier than expected, market sentiment gradually recovered
PDF
18
Feb
2022
2022
Stronger tightening monetary policy: tightening pressure will reach the highest in 1H22 ——SPDBI Global Central Bank Watch
PDF
17
Feb
2022
2022
Daily Chart: Weak expectation on income and employment , rising propensity to saving than consumption
PDF
16
Feb
2022
2022
WuXi AppTec (603259.CH/2359.HK): 2021 results above preliminary range, management expecting >60% revenue growth in 2022
PDF
15
Feb
2022
2022
Smartphone Optics Tracker (February): Smartphone CCM entering light season, and facing YoY pressure; vehicle lenses resuming growth
PDF
14
Feb
2022
2022
Daily Chart: China's passenger trips increase substantially during the Spring Festival in 2022
PDF
14
Feb
2022
2022
China's January Macro Data: China's credit growth picks up, leading to stronger-than-expected aggregate social financing
PDF
11
Feb
2022
2022
Daily Charts：Preliminary FY2021 results of CXO companies showed strong revenue and earnings growth
PDF
08
Feb
2022
2022
Daily Charts：A significant epidemic rebound in 2022 drove up China export containerized freight index
PDF
08
Feb
2022
2022
China's January Macro Data: Weak demand and temporary factors affected the manufacturing and non-manufacturing expansion respectively
PDF
08
Feb
2022
2022
Chongqing Brewery (600132.CH): 2021 NP beat our expectation, 2022 Wusu sales growth likely to maintain strong
PDF
08
Feb
2022
2022
WuXi Biologics (2269.HK): FY2021 preliminary results above expectation, ramp-up of CMO segment to drive strong future growth
PDF
08
Feb
2022
2022
WuXi Biologics (2269.HK): Inclusion in the US Commerce Department's Unverified List likely to have limited impact
PDF
28
Jan
2022
2022
Daily Chart: Sino Biopharma's Taibowei has become the sixth adalimumab approved in China
PDF
28
Jan
2022
2022
Ping An Healthcare and Technology (1833.HK): Near-term revenue pressure amid strategy shifts; move to Hold
PDF
27
Jan
2022
2022
China beer industry: Cheers! Duel in the field of high end market by embracing premiumization!
PDF
27
Jan
2022
2022
Daily Chart: Analysis of China consumer sector stock price performance in early 2022
PDF
25
Jan
2022
2022
Daily Chart: Improvement of the financing side will be the key to China's real estate developers
PDF
25
Jan
2022
2022
Pharmaron (3759.HK/300759.CH): Full-year 2021 results largely in line, 2022 a critical year for capacity expansion
PDF
21
Jan
2022
2022
Anta (2020.HK): profit alert largely in line with our expectation, with more specific 2022 guidance from management
PDF
21
Jan
2022
2022
China's December Macro Data: How is China’s economic recovery in the last quarter of 2021
PDF
20
Jan
2022
2022
Daily Chart: The future growth of short video will be driven by advertising and e-commerce
PDF
20
Jan
2022
2022
Wuxi AppTec (603259.CH/2359.HK): Preannounced 2021 full-year results beat; 2022 revenue growth set to further accelerate
PDF
19
Jan
2022
2022
Daily Chart: 86.25% of China’s population has been fully vaccinated against COVID-19, according to the NHC
PDF
19
Jan
2022
2022
Inflation pressure and tightening of liquidity are still lasting ——SPDBI Global Central Bank Watch
PDF
18
Jan
2022
2022
Daily Chart: Demonstrating the importance of earnings quality with Li Ning's historical financials
PDF
12
Jan
2022
2022
Pharmaron (3759.HK/300759.CH): Acquisition of a UK-based API manufacturing facility to enhance overseas CDMO capabilities; impact from recent COVID-19 resurgence likely manageable
PDF
11
Jan
2022
2022
Daily Chart: Mobile game advertising was the largest segment in China's mobile ad market in 2021
PDF
10
Jan
2022
2022
Daily Chart: Private financing activities for Chinese healthcare companies picked up in 2021
PDF
07
Jan
2022
2022
Daily Chart：The retail consumer goods performance largely depends on the recovery of consumer sentiment
PDF
06
Jan
2022
2022
Daily Chart：The word frequency of “inflation” in financial reports of S&P 500 has reached record high
PDF
05
Jan
2022
2022
RemeGen (9955.HK): Management refuted allegations on internal control loopholes and provided positive clinical updates; reiterate Buy
PDF
05
Jan
2022
2022
China's December Macro Data: the overall economy continued to expand, while small enterprises profit squeeze and the epidemic rebound needed to be considered
PDF
31
Dec
2021
2021
Daily Chart：US bank deposits surged above the pre-pandemic trend due to the fiscal support
PDF
31
Dec
2021
2021
Sino Biopharmaceutical （1177.HK）：Solid fundamental and a good entry point after recent corrections； initiate at Buy
PDF
30
Dec
2021
2021
China's November Macro Data: Cost pressures temporarily pull down industrial profits, while the inventory stock continue to increase
PDF
30
Dec
2021
2021
Daily Chart： Drug sales and pricing at PDB sample hospital in 3Q21 (by major therapeutic area)
PDF
23
Dec
2021
2021
Alibaba Health(241.HK): Potential regulatory changes still pose near-term risks but long-term growth prospects remain intact
PDF
23
Dec
2021
2021
Top Esports(6110.HK): Short-term challenges from supply chain continue, but the long-term fundamental advantages remain unchanged
PDF
22
Dec
2021
2021
Short-term investment strategy:expect supply chain issue continues to negatively impact Topsports’ (6110.HK) 4QFY22 retail performance
PDF
21
Dec
2021
2021
Daily Chart：China’s gaming industry revenue from the overseas market is growing rapidly
PDF
21
Dec
2021
2021
Accelerated Taper and Further Tightening of Liquidity ——SPDBI Global Central Bank Watch
PDF
20
Dec
2021
2021
How to interpret the FOMC meeting on Dec 2021?——Beware of potential drawdown of risk assets in 1H22
PDF
17
Dec
2021
2021
Everest Medicines (1952.HK)：Re-appreciation of the in-licensing model expected, maintain Buy
PDF
17
Dec
2021
2021
China's November Macro Data：Industrial production continued to recover, investment decline narrowed, while consumption is still weak
PDF
17
Dec
2021
2021
Short-term investment strategy：Li Ning’s sell through of next 3 months likely to beat market expectation
PDF
17
Dec
2021
2021
Lining（2331.HK）: 2022 revenue growth likely to beat market expectation underpinned by brand equity elevation and store expansion
PDF
17
Dec
2021
2021
iPhone Supply Chain: Chinese Manufacturers to Build Integrated Assembly Platforms and to Enjoy Long-term Growth
PDF
14
Dec
2021
2021
China's November Macro Data： Scissors gap between PPI and CPI will continue to narrow, the bottoming rebound of social financing growth is expected
PDF
14
Dec
2021
2021
Daily Chart: Both the primary and secondary housing markets have shown a cooling trend in China
PDF
09
Dec
2021
2021
Daily Chart: China’s Internet investment and financing increased in the number of transactions and decreased in the amount of funding in 3Q21
PDF
09
Dec
2021
2021
China's November Macro Data： China’s exports stayed resilient, while the trade surplus will gradually narrow
PDF
07
Dec
2021
2021
Daily Chart: The contribution of e-commerce channel to China’s consumer retail industry may continue to increase
PDF
07
Dec
2021
2021
2021 NRDL negotiation results: numerous homegrown innovation drugs successfully included
PDF
06
Dec
2021
2021
New Energy Vehicle 2022 Outlook: Global NEV Sales on Rapid Growth, Chinese Automotive Makers Boosting China NEV Sales Penetration Increase to Accelerate
PDF
06
Dec
2021
2021
Healthcare 2022 Outlook：Focusing on innovators with rerating potential and high visibility
PDF
06
Dec
2021
2021
Technology 2022 Outlook: Smartphone demand on track of recovery, expecting sector fundamental trend of from down to up in 2022, opposite of that in 2021
PDF
06
Dec
2021
2021
2022 Outlook: China's economy likely to outperform, with V-shape recovery in stock market
PDF
06
Dec
2021
2021
2022 Macro Outlook: China’s stable growth in the context of global economic recovery
PDF
03
Dec
2021
2021
Daily Chart: How much can the proportion of renewable energy consumption increase from 2018 to 2050?
PDF
01
Dec
2021
2021
Daily Chart: Market Size and Supplier Breakdown of LiDAR for Automotive and Industrial Applications
PDF
26
Nov
2021
2021
Daily Chart: China’s oncology drug market may grow at a 2020-25E CAGR of 16%, outpacing the global market
PDF
25
Nov
2021
2021
Daily Chart: Peaking of premium Baijiu’s first-tier wholesale price in the short-term
PDF
24
Nov
2021
2021
Daily Chart: Global assets under management exceeded one hundred trillion, and the proportion of passive products increased
PDF
24
Nov
2021
2021
Bilibili (9626.HK\BILI.US)：Better-than-expected user growth along with increasing loss
PDF
18
Nov
2021
2021
Ping An Health（1833.HK）：Strategy upgrade adapts to market trends, but short-term pain is inevitable
PDF
16
Nov
2021
2021
China's October Macro Data: Industry production stabilized, investment hit bottom, and weak consumption recovery
PDF
15
Nov
2021
2021
3Q21 OPM significantly missed, leading to low possibility to meet 2021 full-year guidance with rising uncertainty; Downgrade to “Hold”
PDF
15
Nov
2021
2021
China's October Macro Data: PPI at Record High while CPI Picking Up; Financial Conditions are Yet to Loosen Up but Loan Growth Rebounded
PDF
12
Nov
2021
2021
Daily Chart: Analyze the global supply chain crisis from the perspective of U.S. container ports
PDF
11
Nov
2021
2021
Smartphone Optics Tracker: October Shipment Below Expectation and Limited Demand Improvement in 4Q21, but Timing to Invest into 2022.
PDF
09
Nov
2021
2021
Daily Chart: Livestreaming has become an important marketing method in E-Commerce industry
PDF
08
Nov
2021
2021
China's October Macro Data: China's exports continued to expand and the trade surplus hit a single-month record high
PDF
05
Nov
2021
2021
Daily Chart: Why is it necessary for China consumer companies to transform from wholesale to DTC?
PDF
04
Nov
2021
2021
Daily Chart: The market selection of individual fund investors usually leads to "time to loss is more " and "money earn from win is less"
PDF
02
Nov
2021
2021
Wuxi Apptec（603259.CH、2359.HK）3Q21 results：High growth in core businesses，CAPEX to accelerate
PDF
02
Nov
2021
2021
Nayuki (2150.HK): The profit warning has validated our concern and is likely to depress market confidence
PDF
02
Nov
2021
2021
China's October Macro Data: The manufacturing and non-manufacturing PMI fell due to the weak production and rebound epidemic
PDF
02
Nov
2021
2021
Daily Chart: Tesla has become the first car manufacturer to hit trillion-dollar market cap
PDF
01
Nov
2021
2021
Daily Chart: Comparison between emerging and developed smartphone markets by price segment
PDF
01
Nov
2021
2021
TopSports (6110.HK): Better-than-expected NP in 1HFY22, sequential recovery in 2HFY22, and strong fundamental in the long term
PDF
01
Nov
2021
2021
Global Commodities: Change of CAPEX Structure——Supply-side Multidimensional Series Report (2)
PDF
28
Oct
2021
2021
Pharmaron（3759.HK、300759.CH）：3Q21 results: Results in-line with expectation, lab service reports robust growth
PDF
28
Oct
2021
2021
Li Ning（2331.HK）：The top-up placement to bode well for long-term business expansion, despite short-term stock price volatility
PDF
26
Oct
2021
2021
Li Ning（2331.HK）：Soar against headwind – 3Q21 retail sell-through significantly ahead of competitors, demonstrating strong brand equity
PDF
26
Oct
2021
2021
Daily Chart: Observing the upgrading of China's manufacturing industry from the structure of employees
PDF
22
Oct
2021
2021
Daily Chart: The penetration rate of NEV sales in China fell slightly in September compared with August
PDF
22
Oct
2021
2021
Further Marginal Tightening of Overseas Market Liquidity——SPDBI Global Central Bank Watch
PDF
19
Oct
2021
2021
Anta (2020.HK): 3Q21 retail performance within expectation; new norm of Fila set to release long-term value
PDF
19
Oct
2021
2021
Global Commodities: Revenge from CAPEX—Supply-side Multidimensional Series Report (1)
PDF
18
Oct
2021
2021
Daily Chart: Impact of recent raw milk prices in china on profitability of china's dairy industry
PDF
15
Oct
2021
2021
Daily Chart: the preference for primary market in China for medical, manufacturing, consumption and artificial intelligence industry has increased.
PDF
15
Oct
2021
2021
China's September Macro Data: Structural competitiveness drives exports to keep rising
PDF
28
Sep
2021
2021
Li Ning (2331.HK): Short-term slowdown of retail sell-through growth and stock correction to reshape market expectation, highlighting the long-term investment thesis
PDF
24
Sep
2021
2021
Everest Medicine (1952.HK): License-in BTK inhibitors; collaborate with partners to extend R&D frontier
PDF
23
Sep
2021
2021
Thoughts on Helens and China pub industry: great room for growth riding on premiumization in low-tier cities
PDF
21
Sep
2021
2021
Global equity flow is showing sign of peaking, and investors are advised to remain cautious.
PDF
16
Sep
2021
2021
US and Eurozone about to taper QE, first rate hike in South Korea—SPDBI Global Central Banks Watch
PDF
15
Sep
2021
2021
Everest Medicine (1952.HK): License in mRNA COVID-19 vaccine, potential use as booster shots
PDF
14
Sep
2021
2021
Smartphone Optics Tracker: The weak demand of smartphone CCM in 3Q21 within expectations, and looking for the demand YoY improvement in 4Q21
PDF
07
Sep
2021
2021
New Energy Vehicle Investment Handbook: Significantly Raising NEV Sales and Penetration Forecasts in China after 2Q21 Earnings Review
PDF
03
Sep
2021
2021
Nayuki (2150.HK): Fierce market competition leading to strong uncertainty in profitability
PDF
02
Sep
2021
2021
Everest Medicines (1952.HK)：Approaching commercialization, potential 2-3 more in-licensing drugs by year end
PDF
02
Sep
2021
2021
Kuaishou (1024.HK): Improving revenue structure with attractive valuation; upgrade to BUY rating
PDF
01
Sep
2021
2021
China's August Macro Data: China's epidemic rebound hits the service sector significantly, the overall economy has temporarily contracted
PDF
31
Aug
2021
2021
Smartphone Supply Chain 2Q21 Earnings Review: Strong Sell-in, but Weak Sell-through in 1H21; Being Cautious in 2H21, Preparing for 2021 Growth
PDF
31
Aug
2021
2021
Pharmaron（3759.HK/300759.CH）：1H21 results: Key segments maintain robust growth, enhancing CRO/CDMO one-stop solution capabilities through M&A
PDF
30
Aug
2021
2021
Remegen（9995.HK）：Key drugs sales ramping up, RC 48 licensed-out proves pipeline competiveness
PDF
27
Aug
2021
2021
Ping An Health（1833.HK）1H21 results: Strategy upgrade continues; maintains guidance of profit making in 2024-25E
PDF
25
Aug
2021
2021
Anta (2020.HK): 1H21 results slightly better than expected; long-term growing logic still holds despite short-term headwind in 2H21
PDF
25
Aug
2021
2021
Wuxi Biologics（2269.HK）：1H21 result beats，higher revenue contribution from CMO and COVID projects going forward
PDF
25
Aug
2021
2021
China's July Macro Data: China's economy hits short-term headwinds, delaying the double-engine recovery
PDF
20
Aug
2021
2021
Zhaoke Ophthalmology(6622 HK) 1H21 results: Phase III of cyclosporine A ophthalmic gel met primary endpoint, key clinical trials on track
PDF
17
Aug
2021
2021
Pou Sheng （3813.HK）: 1H21 NP beat; higher certainty in 2021 full-year margin improvement despite short-term pressure on sales
PDF
17
Aug
2021
2021
TOT Biopharm（1875.HK）1H21 results：robust CDMO,TAA013 Phase III clinical trials on schedule
PDF
17
Aug
2021
2021
Li Ning (2331.HK): Actual 1H21 results stronger than profit alert; 2H21 guidance better than expected
PDF
17
Aug
2021
2021
Wuxi Apptec（603259.CH、2359.HK）1H21 results: strong growth in CDMO, global demand continues to be robust
PDF
13
Aug
2021
2021
Smartphone Optics Tracker: Smartphone Peak Season Boosting Sequential Growth in July, but YoY Momentum Remaining to be Monitored
PDF
13
Aug
2021
2021
Zai Lab(9688.HK) 1H21 results: Revenue growth beats; Zejula recorded strong growth after inclusion in NRDL
PDF
03
Aug
2021
2021
China's July Macro Data: China’s economic expansion marginally slowed down due to the chain reaction and exogenous shock
PDF
28
Jul
2021
2021
Short-term investment strategy: Zhaoke Ophthalmology (6622.HK) to rebound from oversold
PDF
23
Jul
2021
2021
Akesobio (9926.HK): Penpulimab is expected to be approved this year; multiple milestones and catalysts of clinical progress ahead
PDF
19
Jul
2021
2021
New Energy Vehicle and Smartphone Industry and Supply Chain Comparison: The Initial Melee among New Forces, Smartphone Players, Internet Giants, and Traditional and Transformational Car Makers
PDF
16
Jul
2021
2021
Fed officials split on QE easing, PBoC enforced a RRR cut—SPDBI Global Central Banks Watch
PDF
15
Jul
2021
2021
XPeng Motors (9868.HK) Initiation: Pioneer of Autonomous Driving Among NEV New Forces
PDF
14
Jul
2021
2021
Smartphone Optics Tracker: 2Q21 Optics Companies Performance Dragged by Weak Smartphone Demand and CCM Spec Upgrade Speed Slowing Down in the Short-term
PDF
09
Jul
2021
2021
Five-Year retail sales growth target for Anta brand higher than expected, demonstrating mgmt’s strong confidence
PDF
07
Jul
2021
2021
CDE’s proposed new rules for oncology drug trials: top players will be the beneficiaries, while subsectors with lofty valuations tumbled
PDF
07
Jul
2021
2021
China Sportswear: New consumption trends and omni-channel fueling robust growth of leading China sportswear play
PDF
02
Jul
2021
2021
Short-term investment strategy: Li Auto Inc (LI.US) has upside potential in the short-term
PDF
02
Jul
2021
2021
China's June Macro Data: resilient manufacturing and lower recovery expectations in service sector
PDF
29
Jun
2021
2021
New Covid-19 cases in Guangdong and diverged industrial enterprises’ profit data impede double-engine recovery
PDF
25
Jun
2021
2021
The fifth batch of national GPO results released, impact gradually turn to positive to pharma companies (attached analysis of H-listed pharma companies market share)
PDF
25
Jun
2021
2021
New Energy Vehicle Investment Handbook: The Beginning of a Golden Decade, from Sell to Buy, Riding on Valuation Digestion and Fundamental Growth
PDF
18
Jun
2021
2021
Immunotech Biopharm (6978.HK): Focusing on cellular immunotherapy, EAL is expected to launch in the near future
PDF
18
Jun
2021
2021
We are about to see a “Good news is bad news” pattern driven by the US job statistics—SPDBI Global Central Banks Watch
PDF
07
Jun
2021
2021
2H21 Technology Sector Outlook: Looking for Opportunities Amid Smartphone Demand Volatility and Semiconductor Capacity Shortage
PDF
04
Jun
2021
2021
Weimob （2013.HK）：Completed placement of US$ 600 million in new shares and convertible
PDF
31
May
2021
2021
The “four quadrants” approach: A new method of analyzing market consensus and divergence
PDF
28
May
2021
2021
Smartphone OEM and Supply Chain: 1Q21 Strong Earning Results and 2Q21 Soft Demand Does Not Alter 2021 Recovery Trend
PDF
24
May
2021
2021
Alibaba (9988.HK): 30%+ YoY FY22 topline growth target; margin pressure from investments
PDF
18
May
2021
2021
China's April Macro Data: Investment and exports led to steady industrial production growth, while consumption recovery not quite on track
PDF
18
May
2021
2021
Everest Medicine (1952.HK): Trodelvy BLA accepted by NMPA, far earlier than expected
PDF
18
May
2021
2021
China's April Macro Data: liquidity turning point reconfirmed, “scissors gap” between CPI and PPI is worrisome
PDF
14
May
2021
2021
Short-term investment strategy: Everest Medicines (1952.HK) has upside potential in the short-term
PDF
14
May
2021
2021
TOT Biopharm (1875.HK): CDMO progress better than expected, bevacizumab biosimilars competition becomes fierce
PDF
12
May
2021
2021
Smartphone Optics Tracker: Shipment Momentum of Q-Tech’s CCM and Sunny’s Handset Lens Going Weak in April, Smartphone Demand Weakening or Semiconductor Capacity Limitation?
PDF
11
May
2021
2021
China's April Macro Data: Rapid trade growth, and container shipping boom driven by both demand and supply sides
PDF
04
May
2021
2021
China's April Macro Data: Economic expansion slowed down but with a more balanced structure
PDF
04
May
2021
2021
Wuxi AppTec (603259.CH/2359.HK): Growth momentum continues, CDMO segment delivered robust growth
PDF
04
May
2021
2021
Pharmaron (300759.CH/3759.HK) Earnings doubled in 1Q21, aggressive expansion to provide end to end service
PDF
28
Apr
2021
2021
China's March Macro Data: A steady growth of industrial profit with a rising inventory as expected
PDF
26
Apr
2021
2021
Will Semiconductor (603501.CH): 2020 & 1Q21 Earnings: CCM Demand Strong, Omnivision Gaining Share within CIS of High-end Smartphone and Automotive
PDF
22
Apr
2021
2021
Hengrui Medicine (600276.SS) 2020 and 1Q21 results: Earnings in line, new blockbuster drugs growth momentum continued (meeting minutes attached)
PDF
21
Apr
2021
2021
New Oriental Education (9901.HK) 3QFY21 Earnings: Earnings beat with strong guidance
PDF
16
Apr
2021
2021
Zai Lab (9688.HK): TTFields phase III trial in NSCLC may be accelerated, Zejula reimbursement negotiated price disclosed
PDF
16
Apr
2021
2021
Huawei：2020 Annual Report and 2021 HAS Read: Moving forward through times of uncertainty
PDF
14
Apr
2021
2021
SPDBI Global Central Banks Watch: How will central banks respond to the upward shift of the global nominal interest rate
PDF
13
Apr
2021
2021
Smartphone Optics Tracker: Sunny and Q-Tech Early Pull-in Effect Fading, Largan April and May Revenue Guidance Weak
PDF
01
Apr
2021
2021
Wuxi AppTec (2359.HK) 2020 annual results: Stable revenue growth, gains from investment contributed earnings
PDF
31
Mar
2021
2021
BYD Electronic (285.HK) 4Q20 Earnings: Core Global Client Growing Rapidly, Driving Earnings Growth
PDF
30
Mar
2021
2021
China's February Macro Data: industrial profit is off to a good start with inventory growth
PDF
30
Mar
2021
2021
Pharmaron (3759.HK) 2020 annual results: Gross margin improved, M&A will be another leg of growth
PDF
30
Mar
2021
2021
RemeGen (2269.HK) 2020 annual results: ADC drug expected to launch this year, raise target price
PDF
29
Mar
2021
2021
Wuxi Biologics (2269.HK) 2020 annual results: Better than expected earnings, capacity expansion unveil growth potential
PDF
25
Mar
2021
2021
TOT Biopharm (1875.HK) 2020 annual results: Several drugs expected to launch, TAA013 phase III trial on track
PDF
25
Mar
2021
2021
Everest Medicine (1952.HK) 2020 annual results: R&D expense increased, key drugs progressed well
PDF
24
Mar
2021
2021
Sino Biopharm (1177.HK) 2020 annual results: Earnings beat the market, multiple blockbusters expected to launch in 2021
PDF
19
Mar
2021
2021
Sunny Optical (2382.HK): 2020 Earnings Beating Expectation, 2021 Guidance Remaining Strong
PDF
16
Mar
2021
2021
China's February Macro Data：Growing industrial production, steady investments, and delayed consumption rebound
PDF
12
Mar
2021
2021
China's February Macro Data：Aggregate financing speeds up while the trend is downward; Inflation has crossed the peak of base effect
PDF
12
Mar
2021
2021
SPDBI Global Central Banks Watch：Treasury yields may still rise, while in a gentle slope
PDF
05
Mar
2021
2021
Zai Lab (9688.HK) 2020 Annual Results: Gross margin decreased, while two drugs are expected to be approved in 2021
PDF
25
Feb
2021
2021
Strategist ’s commentary: Hong Kong's first trading tax hike and its impacts on the stock market
PDF
11
Feb
2021
2021
China's January Macro Data: Slowing growth in aggregate financing, high-base effect and CPI rotation drive inflation down
PDF
06
Feb
2021
2021
PA Good Doctor (1833.HK) 2020 earnings: higher than expected growth, online medical services maintained robust growth
PDF
04
Feb
2021
2021
TOT Biopharm (1875.HK): IND application of TAB014 Phase III Clinical Trial authorized by FDA
PDF
02
Feb
2021
2021
Wingtech (600745.CH): 4Q20 earnings missing expectation; maintaining positive view on long-term growth
PDF
02
Feb
2021
2021
China's January Macro Data: Stabilizing manufacturing sector awaits new drivers, services sector cools amid a resurgence of COVID-19
PDF
28
Jan
2021
2021
China’s December Macro Data: Industrial efficiency sees an overall improvement, and inventory growth is set to accelerate
PDF
28
Jan
2021
2021
Zai Lab (9688.HK)：Zejula® included in China’s NRDL, while pipeline expanded with three new license-in assets
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26
Jan
2021
2021
Wuxi Biologics (2269. HK): More COVID-19 projects and acceleration in capacity expansion
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19
Jan
2021
2021
China's December Macro Data: The manufacturing sector thrived and a consumption rebound to be expected
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18
Jan
2021
2021
NEV Tracker: In December, China’s NEV Monthly Sales YoY Dropped from Peak, and Penetration Increased
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15
Jan
2021
2021
China's December Macro Data: Slowing growth in aggregate financing and unsustainable rise in inflation will not affect the economic recovery driven by the manufacturing sector
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14
Dec
2020
2020
New Energy Vehicle Investment Handbook: Standing at the Starting Point of a Golden Decade, to Buy or Not to Buy?
PDF
08
Dec
2020
2020
2021 Technology Sector Outlook: End Demand Recovering and Rising, Opportunity Among Competitive Landscape Reshaping
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26
Nov
2020
2020
Ali Health 1HFY21 Earnings: Turnaround first time with strong growth of online pharmaceutical direct sales and platform business
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19
Nov
2020
2020
China's October Macro Data: Different V-shaped recovery among industrial production, investment, and consumption
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10
Nov
2020
2020
Smartphone Optics Tracker: October shipment dragged by Huawei, supply chain boosted as election results come to an end
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06
Nov
2020
2020
SPDBI Global Central Banks Watch：Pandemic Resurgence: Easing and diverging monetary policies as well as a potentially strong U.S dollar ahead
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02
Nov
2020
2020
China's October Macro Data: The growth baton passes from manufacturing sectors to non-manufacturing sectors
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31
Oct
2020
2020
14th Five Year Plan: From Quantitative to Qualitative: The Road towards an Innovative and High Income Economy
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30
Oct
2020
2020
BYDE (285.HK) 3Q20 Earning: Riding on Core Global Client, Rapid Growth for the Next Three Years Waiting Ahead
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27
Oct
2020
2020
China's September Macro Data: September Industrial Profit Growth Normalized as Pandemic Effect Faded
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15
Oct
2020
2020
China's September Macro Data: Neutral monetary policy and rapid growth in total social financing
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13
Oct
2020
2020
Smartphone Optics Tracker: High-end Smartphone Demand Continues to be Weak and Significant Discrepancy Exists Among Companies
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12
Oct
2020
2020
SPDBI Global Central Banks Watch：Global monetary policy further easing, a farewell to stronger EUR
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30
Sep
2020
2020
China's September Macro Data: A simultaneous recovery of manufacturing and non-manufacturing sectors
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28
Sep
2020
2020
Nongfu Spring (9633 HK): Maiden 1H20 Results Muted; Capturing Category Evolution is the key
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17
Sep
2020
2020
Xiaomi Initiation Roadshow Feedback: Revisit Huawei Market Space and Xiaomi Valuation
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16
Sep
2020
2020
Apple September 2020 Launch Event: Paving a Road of Cost Performance for iPad and Apple Watch
PDF
15
Sep
2020
2020
China's August Macro Data: The overall recovery in industry, investment, and consumption
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14
Sep
2020
2020
Smartphone Optics Tracker: CCM Overseas Demand Recovery; Eyeing on New iPhone Launch
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09
Sep
2020
2020
China's August Macro Data: Food prices drive down the CPI, while the economic recovery narrows the PPI decline
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01
Sep
2020
2020
SPDBI Global Central Banks Watch：New Monetary Policy Framework has Hints of Long-Term Easing
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31
Aug
2020
2020
China's August Macro Data: A sustained rebound in PMI led by the recovery of non-manufacturing business activities
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26
Aug
2020
2020
Kintor Pharma 1H20 earnings: NDA filing for Proxalutamide in China is expected in 4Q20
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18
Aug
2020
2020
TOT Biopharm 1H20 results: ADC drug entered phase III trial, biosimilar NDA submission delayed
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18
Aug
2020
2020
Smartphone Optics Industry: Sunny and Q-Tech 1H20 Earnings Slightly Beating Market Expectation
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12
Aug
2020
2020
Smartphone Optics Tracker: Domestic Smartphone Demand Weakening, but Samsung Overseas Demand Recovery Supporting Sunny’s Continuous Growth
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16
Jul
2020
2020
Hengan (1044 HK) Investor Meeting Highlights: Growth Driven by Premiumization and Online Sales ; to Raise Dividend Payout
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15
Jul
2020
2020
Huawei 1H20 Earnings Read: 1H20 Consumer Business Better than Expectation, Smartphone Demand Softens into 3Q20
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14
Jul
2020
2020
Smartphone Optics Tracker: Q-Tech Profit Alert Beats Market Expectation; Prefer Sunny over Largan in the Short-term
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10
Jul
2020
2020
Largan 2Q20 Earning Takeaway: High-end Smartphone Weak Demand Continues Into Next Two Months
PDF
26
Jun
2020
2020
Sunny Optical Investor Day Takeaway: Macro Volatility Does Not Alter CCM Upgrade Trend
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11
Jun
2020
2020
Smartphone Optics Tracker: May Shipment Dragged by Overseas Pandemic, Supply Chain Recovery Pace Diversifies
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20
May
2020
2020
Bilibili: Strong User Growth Momentum Coupled With Increasing Loss; 2Q Guidance Beat
PDF
13
May
2020
2020
Initial Read on Nongfu Spring: Premium, Profitable, Defensive; Future on New Product and M&A
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