Research Report

26
Apr
2024
Xiaomi 2024 Investor Day: To Be Global Hardcore Technology Leader in the Decade Ahead
PDF
23
Apr
2024
AIGC Industry: More products to come; Embracing multimodal LLM
PDF
23
Apr
2024
SPDBI Monthly Macro Insights: China’s Q1 growth is better than expected, and the possibility of substantial policy stimulus declines
PDF
22
Apr
2024
Proya (603605.CH): Multi-brands create multi-growth drivers, and high growth may sustain in 2024
PDF
22
Apr
2024
China Feihe (6186.HK): Channel management optimization increases investment value, high dividend payout elevates long-term shareholder investment return; upgrade to BUY
PDF
22
Apr
2024
TSMC 1Q24 earnings: 2024 guidance remains unchanged, and AI demand stays strong
PDF
22
Apr
2024
XPeng and Volkswagen joined hands again to develop E/E Architecture, deepening and speeding up the technical collaboration
PDF
17
Apr
2024
Q1 growth much better than expected, while the majority of March’s real activities data weaker than expected
PDF
15
Apr
2024
SPDBI Strategy Insights: New guidelines for capital market development released, high-dividend SOEs may be the beneficiaries
PDF
15
Apr
2024
Unity (U.US): Game engine leader expanding business boundaries and riding the GenAI wave
PDF
15
Apr
2024
SPDBI Monthly Strategy: Targeting opportunities in China market
PDF
15
Apr
2024
Topsports (6110.HK): Low PE, high dividend yield and sound fundamentals enhance its defensive support
PDF
11
Apr
2024
Takeaways from March’s inflation data and FOMC minutes: policy rate cut may be delayed to Q3
PDF
10
Apr
2024
Tongcheng Travel (780.HK): Tourism thrives during Qingming Holiday
PDF
10
Apr
2024
Sino Biopharmaceutical (1177.HK)：BI strategic partnership kicks off, bringing more R&D assets to domestic oncology pipeline
PDF
10
Apr
2024
Super Hi (9658.HK)：Strong 2023 result and optimistic 2024 outlook, unleashing growth potential
PDF
09
Apr
2024
RemeGen (9995.HK): No clear guidance for the out-licensing timeline of telitacicept, downgrade to hold rating
PDF
09
Apr
2024
Monthly fund flows: stocks southbound preferred to watch
PDF
08
Apr
2024
MicroPort NeuroTech (2172.HK): 2024 net profit is expected to achieve high growth due to steady revenue growth and reduction in expense ratio
PDF
05
Apr
2024
Huitongda (9878.HK): Business optimization; focus on profit improvement
PDF

More

05
Apr
2024
MedBot (2252.HK): Approval of medical equipment license may accelerate; keep an eye on cash management
PDF
05
Apr
2024
Sino Biopharmaceutical (1177.HK): Innovative drugs to drive 2024 revenue reaching double-digit growth
PDF
03
Apr
2024
Pharmaron (3759.HK/300759.CH)：4Q23 results in line; 2024 revenue guidance being 10%+ YoY growth
PDF
03
Apr
2024
Vipshop (VIPS.US): Seasonal growth may be affected by weather; margins expected to improve
PDF
03
Apr
2024
NetDragon (777.HK): Games Remain Stable; exploring education software 3usiness
PDF
03
Apr
2024
Douyu (DOYU.US): Profitability improved; competitive pressure remains
PDF
03
Apr
2024
Huya (HUYA.US): Full-year turnaround; enhancing shareholder returns
PDF
02
Apr
2024
Xiaomi SU7 launch event and visit to Xiaomi Automobile Super Factory
PDF
02
Apr
2024
Yunkang Group (2325.HK): 2023 results under pressure due to faded COVID-19 tests demand and receivables impairment; routine testing revenue +27% YoY
PDF
02
Apr
2024
BYD (1211.HK/002594.CH): Sales volume to grow steadily on stabilized market expectations
PDF
02
Apr
2024
BYDE (285.HK): Sustainable increments from consolidated business, and high growth in auto electronics segment
PDF
02
Apr
2024
Keymed (2162.HK): 2023 net loss in 2023 higher than expected; CM310 guided RMB500mn sales target for 2025
PDF
02
Apr
2024
Mengniu Dairy (2319.HK): Fundamentals remain solid, but management changes may cause short-term market sentiment fluctuations
PDF
02
Apr
2024
WuXi Biologics (2269.HK): 2024 revenue guidance of 5%-10% YoY growth, lower than expected
PDF
28
Mar
2024
Giant Biogene (2367.HK): Brand strategy and online channel adjustment to drive rapid growth in 2024
PDF
28
Mar
2024
ANTA Sports (2020.HK): Operational quality improvement drives high-quality growth in 2024; maintain BUY rating
PDF
28
Mar
2024
SPDBI Monthly Macro Insights: Will soft landing scenario expected by US Fed be achieved?
PDF
28
Mar
2024
Leapmotor (9863.HK): Gross margin improved significantly in 4Q23 and sales growth to be achieved in both domestic and overseas markets
PDF
26
Mar
2024
Jiumaojiu (9922.HK): Bullish on long-term operation improvements despite the weak short-term trend priced in valuation
PDF
26
Mar
2024
AAC (2018.HK): We expect both revenue and profit growth in 2024, and auto acoustics drives long-term growth
PDF
26
Mar
2024
Meituan (3690.HK): Steady recovery in core business; focus on profit improvement
PDF
25
Mar
2024
China Mobile: AI, computing power, and new quality productive forces drive the company’s growth and lead technological innovation
PDF
25
Mar
2024
Li Auto (LI.US/2015.HK): Adjusted 1Q24 and full-year sales guidance promptly while continuing to improve operational efficiency
PDF
25
Mar
2024
Zylox Tonbridge (2190.HK): 2023 revenue growth slightly beats; Blood flow-guided mesh stent expected to be approved within the year
PDF
25
Mar
2024
US equity market series 4: Investing during the rate-cut cycle and AI revolution (I)
PDF
22
Mar
2024
XPeng (XPEV.US/9868.HK): Net loss narrowed in 4Q23 and NEV sales is expected to improve QoQ this year
PDF
22
Mar
2024
PDD Holdings (PDD.US): Topline and bottomline doubled; why not buy?
PDF
22
Mar
2024
Tencent (700.HK): Weak game performance; GPM keeps improving
PDF
22
Mar
2024
Kuaishou (1024.HK): First annual profit; Strong growth momentum in eCommerce
PDF
22
Mar
2024
Innovent Biologics (1801.HK): Operational efficiency driving net loss better than expected
PDF
22
Mar
2024
Xiaomi (1810.HK): Core business profit maintaining stable high profit and smart EV business valuation to be rerated
PDF
22
Mar
2024
Ping An Good Doctor (1833.HK): Organizational structure upgrade completed; gross profit margin improvement and cost saving help narrowing loss
PDF
22
Mar
2024
March FOMC meeting takeaways: Dovish Fed means policy rate cut may still start from Q2
PDF
21
Mar
2024
Li Ning (2331.HK): Reset channel inventory in 2023, rebuild brand and confidence in 2024, restart growth in 2025
PDF
21
Mar
2024
Tongcheng Travel (780.HK): Solid recovery; tourism to be the new topline driver
PDF
21
Mar
2024
Akeso (9926.HK): The Phase 3 interim analysis of Ivonescimab vs. Keytruda is expected to announce in end-2Q24
PDF
20
Mar
2024
SPDBI Monthly Macro Insights: Clarified economic growth target and policies to boost China’s economic recovery
PDF
20
Mar
2024
WuXi AppTec (2359.HK/603259.CH): 2024 topline/bottom line guided to decline slightly or remain flattish
PDF
20
Mar
2024
NVIDIA GTC 2024: Don’t miss this transformative moment in AI
PDF
19
Mar
2024
China Resources Beer (291.HK): One of the players with the strongest premiumization trend in 2024
PDF
19
Mar
2024
Takeaways from Jan-Feb real activities data: dual -track economic recovery continues
PDF
18
Mar
2024
NEV Industry Insights: Price competition remains fierce with battery cost reduction to benefit consumers
PDF
18
Mar
2024
China Healthcare Sector: Confidence in the long-term potential of innovative drugs, top pick Innovent and Akeso
PDF
15
Mar
2024
Luckin Coffee (LKNCY.US): Tradition breaker transformed to industry leader underpinned by strong innovation
PDF
15
Mar
2024
Pou Sheng (3813.HK): Channel mix and discount rate improvement may drive 2024 margin expansion
PDF
15
Mar
2024
What is the impact of large-scale equipment renewals and trade-ins of consumer goods?
PDF
14
Mar
2024
US CPI data remains resilient in February, but it may not impact on Fed’s rate cut decision
PDF
11
Mar
2024
Updates on Technology Industry: Broadly stable fundamentals, and market sentiment to be further repaired
PDF
11
Mar
2024
SPDBI Monthly Strategy: Earnings and the “Two Sessions” in focus
PDF
11
Mar
2024
Bilibili (9626.HK/BILI.US): Solid ad growth; targets breakeven in Q3
PDF
08
Mar
2024
JD.com (9618.HK/JD.US): Dividend and buyback impressive; recovery remains weak
PDF
07
Mar
2024
AIGC Investment Handbook: AI Stocks (US Software) to watch
PDF
06
Mar
2024
SPDBI Strategy Insights: Investment opportunities from “Two Sessions”
PDF
05
Mar
2024
SPDBI Monthly Macro Insights: US economy to shift from soft landing to hard landing?
PDF
05
Mar
2024
BUD APAC (1876.HK): Better positioned in 2024, with higher-than-expected 4Q23 EBITDA growth
PDF
05
Mar
2024
Li Auto 2024 Spring Launch Event: High-voltage BEV model officially launched, starting a new product cycle
PDF
05
Mar
2024
MWC 2024 Recap: 5G-A Accelerates, and AI continues to empower the Internet of Everything
PDF
04
Mar
2024
BYDE (285.HK): Expected stable profit growth in 2024/2025 and clear long-term strategy
PDF
04
Mar
2024
NetEase (9999.HK/NTES.US): Eggy Party maintains lead; entering new games cycle
PDF
01
Mar
2024
HUTCHMED (HCM.US/13.HK): Fruquintinib sales beat with impressive US sales at initial launch
PDF
01
Mar
2024
Vipshop (VIPS.US): Earnings beats on seasonal demand; steady growth in FY24 expected
PDF
01
Mar
2024
Zai Lab (ZLAB.US/9688.HK): Better-than-expected efgartigimod sales
PDF
28
Feb
2024
BeiGene (BGNE.US/6160.HK/688235.CH): Accelerated globalization progress, US surpassing China becoming the No.1 product sales contributor
PDF
28
Feb
2024
Li Auto (LI.US/2015.HK): Significantly improved net profits on YoY basis in 4Q23, first-achieved full-year turnaround, and annual sales target of 650k-800k in 2024
PDF
28
Feb
2024
SPDBI Monthly Fund Flows: Stock connect flows are positive, with a focus on high dividend stocks
PDF
27
Feb
2024
Transsion (688036.CH): 4Q23 high yoy growth in smartphone shipments and profits
PDF
26
Feb
2024
HUTCHMED (HCM.US/13.HK): A pioneer in small molecule targeted drugs, Syk inhibitor approval expected in 2024
PDF
26
Feb
2024
BeiGene (BGNE.US/6160.HK/688235.CH): Globalization progressing well
PDF
26
Feb
2024
Zai Lab (ZLAB.US/9688.HK): Accelerated commercialization progress pushing forward profitability; maintain BUY
PDF
26
Feb
2024
NVIDIA: FY4Q24 results and FY1Q25 guidance exceed expectations, and AI demand remains strong
PDF
22
Feb
2024
AIGC Industry Trend: Sora, a game changer in multimodal AI
PDF
22
Feb
2024
Global smartphone shipments in 4Q23 resumed yoy growth, and we maintain a moderate growth forecast for 2024 shipments
PDF
21
Feb
2024
4Q23 Hang Seng Indices rebalancing: limited market implications but presents stocks opportunities
PDF
09
Feb
2024
Alibaba (9988.HK/BABA.US): Lackluster performance in core e-commerce, downgrade to Hold rating
PDF
08
Feb
2024
Yum China (YUMC.US/9987.HK): Relatively positive outlook for ticket size and profit margin will boost market confidence in the new normal
PDF
08
Feb
2024
China foundry industry: 2024 fundamentals continue to improve
PDF
05
Feb
2024
SPDBI Monthly Strategy: Renewed focus on high-quality SOEs
PDF
05
Feb
2024
Technology field research: Movements in capital amplified the market sentiment while fundamentals stabilize
PDF
05
Feb
2024
Meituan (3690.HK): Intensifying competition in in-store business, downgrade to Hold rating
PDF
05
Feb
2024
SPDBI Monthly Macro Insights: Policies are pivotal for economic outlook
PDF
05
Feb
2024
January’s FOMC meeting almost rule out the possibility of March’s rate cut, the first rate cut could be in May
PDF
01
Feb
2024
JD.com (9618.HK/JD.US): Sluggish growth with bottom-line pressure, downgrade to Hold rating
PDF
30
Jan
2024
Haidilao (6862.HK): Recovery of table turnover rate is better than peers, but profit margin may miss market expectations
PDF
30
Jan
2024
SPDBI Monthly Fund Flows: A wave of buybacks may enhance liquidity
PDF
30
Jan
2024
NetEase (9999.HK/NTES.US): Improving visibility in regulation, maintain NetEase as sector top pick
PDF
30
Jan
2024
Tesla (TSLA.US): Slightly lower GM on a QoQ basis in 4Q23, and potentially slower volume growth in 2024
PDF
26
Jan
2024
SPDBI Strategy Insights: More supportive policies may boost market sentiment
PDF
25
Jan
2024
The PBoC announces 50 bps RRR cut, implying monetary easing to continue
PDF
25
Jan
2024
Tsingtao Brewery (168.HK/600600.CH): Resistance to premiumization increases amid consumption divergence; downgrade Tsingtao Brewery H shares to "Hold"
PDF
23
Jan
2024
Li Ning (2331.HK): 2024 results face high uncertainty; moderately reduce 2024-2025E forecast
PDF
23
Jan
2024
TSMC’s implications for 2024: Semiconductor foundries to return to growth, backed by strong Al demand
PDF
19
Jan
2024
SPDBI Quant Strategy: Introducing our A-share sentiment index (Ⅱ)
PDF
18
Jan
2024
4Q23 growth slightly lower than expected, while December’s data starts to show policy effect
PDF
18
Jan
2024
China Dairy Industry: Fundamentals remain robust, and valuation is significantly undervalued in the new normal
PDF
17
Jan
2024
CES 2024 recap: AI accelerates the innovation of many industries
PDF
15
Jan
2024
US inflation data continues to strengthen in December, lowering the likelihood of March Fed rate cut
PDF
15
Jan
2024
China Resources Beer (291.HK): Heineken will continue to drive premiumization, but at a slower pace
PDF
15
Jan
2024
SPDBI Quant Strategy: Introducing our A-share sentiment index (Ⅰ)
PDF
15
Jan
2024
Giant Biogene (2367.HK): Continued online business expansion boosts 2023 earnings to beat market expectation
PDF
10
Jan
2024
SPDBI Monthly Strategy: The best defense is a good offense
PDF
08
Jan
2024
ANTA Sports (2020.HK): Higher-than-peers performance visibility, and Amer Sports’ IPO to be finalized
PDF
08
Jan
2024
SPDBI Monthly Macro Insights: Waiting for the good news
PDF
03
Jan
2024
Li Ning（2331.HK）：2023 net profit that may miss market expectations causes short-term pressure on stock price, but we still see a favorable 2024 outlook on fundamental recovery and stock price resilience
PDF
03
Jan
2024
2024 Outlook: Breaking the ice
PDF
18
Dec
2023
Topsports (6110.HK): Steady and high-quality 3QFY24 sales growth may boost market confidence
PDF
18
Dec
2023
Comments on China’s November economic data: Sluggish demand weakens the recovery momentum
PDF
18
Dec
2023
NEV 2024 Outlook: Maintaining high growth amid continued competition in incremental market
PDF
15
Dec
2023
Joint interpretation on the US Fed’s rate cut expectations: How to trade?
PDF
15
Dec
2023
Technology 2024 Outlook: End-user demand returning to growth, providing momentum for consumer electronics and Semi industries
PDF
15
Dec
2023
US Fed tone turns more dovish, are the policy rate cuts coming?
PDF
15
Dec
2023
SPDBI Strategy Insights: Market implications from the CEWC
PDF
15
Dec
2023
Internet 2024 Outlook: Growth or Value?
PDF
15
Dec
2023
Takeaways from Central Economic Work Conference: Modest policy stimulus under high quality growth requirement
PDF
15
Dec
2023
The rebound of US sequentia CPI suggests too early to say policy rate cuts
PDF
15
Dec
2023
Healthcare 2024 Outlook: Rise amid volatility; capture sub-sector rotation opportunities
PDF
15
Dec
2023
Consumer 2024 Outlook：Unearthing new opportunities in the new normal from the bottom up
PDF
12
Dec
2023
China Beauty Industry: Breaking through challenges, how can Chinese companies achieve sustainable growth?
PDF
08
Dec
2023
New Energy Vehicle Investment Handbook: China’s NEV industry in full bloom
PDF
08
Dec
2023
2024 China Strategy Outlook: Rejuvenation and growth beyond cycles
PDF
01
Dec
2023
2024 Economic Outlook: The mismatch of US and China economic cycle to enter into the second half
PDF
01
Dec
2023
Bilibili (9626.HK/BILI.US)：DAU reaching 100mn; GPM improving
PDF
30
Nov
2023
APT Medical（688617.CH）: Focus on three key cardiovascular segments; a bright future ahead
PDF
30
Nov
2023
Meituan (3690.HK): Inline revenue, bottomline under pressure
PDF
30
Nov
2023
BUD APAC (1876.HK): Positive trends in China and marginal improvement in South Korea will substantially increase earnings visibility; Upgrade to BUY
PDF
30
Nov
2023
PDD Holdings (PDD.US): Solid beat driven by Temu; GPM decline on revenue mix
PDF
28
Nov
2023
Takeaway of field trip to 2023 Guangzhou International Automobile Exhibition: Automation, premiumization, and intellectualization
PDF
28
Nov
2023
Technology field research: Takeaway from Transsion Holdings 2023 Investor Day
PDF
28
Nov
2023
Zylox Tonbridge (2190.HK): Neurointervention and peripheral intervention the two core segments; product approvals accelerate
PDF
23
Nov
2023
Kingsoft (3888.HK): Decent topline growth; mobile JX III to launch in 1H24
PDF
23
Nov
2023
Kuaishou (1024.HK): 3Q earnings beat; solid GMV growth
PDF
23
Nov
2023
Tongcheng Travel (780.HK): Strong growth momentum; outbound travel still in recovery
PDF
21
Nov
2023
China foundry industry: Industry margin and revenue growth rate are bottoming out, and the cycle is trending up
PDF
21
Nov
2023
SPDBI Trading Strategy: 3Q23 Hang Seng Indices rebalancing
PDF
20
Nov
2023
NetEase (9999.HK/NTES.US): Earnings beat; solid game pipeline
PDF
20
Nov
2023
Alibaba (9988.HK/BABA.US) : Inline results; cloud spinoff called off; lower TP
PDF
20
Nov
2023
JD.com (9618.HK/JD.US): Weak topline growth while bottomline beat
PDF
20
Nov
2023
MicroPort EP MedTech (688351.CH): Domestic electrophysiology leader; TrueForce and other new products drive earnings growth
PDF
20
Nov
2023
Tencent (700.HK): Inline revenue with improving GPM
PDF
16
Nov
2023
Vipshop (VIPS.US): Steady earnings recovery; focus on profit margin improvement; guidance remains cautious
PDF
16
Nov
2023
Sea (SE.US): Ecommerce in growth dilemma in short term; downgrade to Hold rating
PDF
16
Nov
2023
Comments on China’s October economic data: Uneven economic recovery continues, while momentum softens
PDF
16
Nov
2023
US inflation data slows more than expected in October, the rate hike cycle may have ended
PDF
15
Nov
2023
China Sportswear: Recent Xtep’s inventory crisis does not negatively imply same issue for Li Ning or ANTA
PDF
13
Nov
2023
Optics Industry Update: Flowers blooming and falling (Ⅱ)
PDF
13
Nov
2023
SPDBI Monthly Strategy: Style rotation underway
PDF
09
Nov
2023
Trend of profit growth improvement confirmed, focus on high-yield growth stocks
PDF
09
Nov
2023
SPDBI Monthly Macro Insights: Entering into a better stage
PDF
06
Nov
2023
Li Ning (2331.HK): Analysis of the growth drivers of Li Ning in different time dimensions
PDF
03
Nov
2023
BYD (1211.HK/002594.CH): Profit per car hit a record high in 3Q23
PDF
03
Nov
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
US Fed paused rate hike again in November, has the hike cycle ended?
PDF
02
Nov
2023
Yum China (YUMC.US/9987.HK): Market is overreacting, but long-term growth logic remains intact
PDF
02
Nov
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
SPDBI Monthly Fund Flows: State-owned fund increasing holdings may boost market sentiment
PDF
02
Nov
2023
Yili (600887.CH): Main business steadily improving and 2023 net profit margin expected to surpass the guidance
PDF
02
Nov
2023
BUD APAC (1876.HK): Premiumization trend improving in China but Korea business faces great uncertainty in short term
PDF
02
Nov
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
Pharmaron (3759.HK/300759.CH): 3Q23 results hindered by weak financing environment; the company maintains full-year revenue growth guidance
PDF
31
Oct
2023
Milkground（600882.CH）：No sign of improvement on revenue , gross profit margin under pressure, but operational efficiency has improved
PDF
31
Oct
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
Introducing Stellantis as a shareholder, Leapmotor opens up its overseas sales network for a win-win situation
PDF
27
Oct
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
Wingtech (600745.CH): 3Q profit increased QoQ, with Nexperia's profit stablizing and ODM profit gradually releasing
PDF
26
Oct
2023
Li Ning (2331.HK): Decisive actions required under current situation to reorganize for next year’s performance
PDF
25
Oct
2023
XPENG 2023 Tech Day: Implementation of City NGP is coming soon
PDF
25
Oct
2023
Yangjie (300373.CH): 3Q23 GPM and operating profit recovered QoQ, indicating semi cycle bottoming out
PDF
25
Oct
2023
Luxshare (002475.CH): Profit growth sustaining in 3Q23 and 4Q23 with clear long-term growth path
PDF
24
Oct
2023
Topsports (6110.HK): Why we are bullish on Topsports’ stock performance for the next 12 months
PDF
24
Oct
2023
SPDBI Strategy Insights: Buying the dip of high quality stocks
PDF
20
Oct
2023
Read on U.S. new regulations on chips and semi equipment export control
PDF
20
Oct
2023
Kuaishou (1024.HK): Expect inline 3Q results, strong growth momentum in eCommerce
PDF
20
Oct
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
20
Oct
2023
US equity market series 3: Earnings the key driver
PDF
19
Oct
2023
BYD (1211.HK/002594.CH): 3Q23 preliminary results beat expectation, and profit per car continues growing
PDF
19
Oct
2023
BYDE (285.HK): 3Q23 positive profit alert beats expectation
PDF
19
Oct
2023
3Q growth better than expected, policy to shift to “wait and see” mode
PDF
19
Oct
2023
ANTA Sports (2020.HK): Multi-brand strategy establishes Anta’s core competitiveness, market confidence in Anta brand will likely increase
PDF
17
Oct
2023
iDreamSky (1119.HK): Decent performance in key titles, new game largely inline
PDF
16
Oct
2023
Transsion (688036.CH): Smartphone shipments return to growth, and software services provide long-term increments
PDF
16
Oct
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
ANTA Sports (2020.HK): 3Q23 retail sales in line, 2023 profit growth may exceed expectation
PDF
10
Oct
2023
SPDBI Monthly Strategy: A balance of offense and defense
PDF
10
Oct
2023
Comments on National Day Golden Week’s data: Tourism performance to support consumption recovery
PDF
03
Oct
2023
BYDE (285.HK): Acquisition of Jabil’s assets expected to provide short-term and long-term profit increments
PDF
28
Sep
2023
SPDBI Monthly Fund Flows: Outflows slowed, inflows may return
PDF
27
Sep
2023
SPDBI Monthly Macro Insights: China’s policies come through, the expectation of US rate cut declines sharply
PDF
27
Sep
2023
Technology field research: Stable trends in Smartphone and NEV industries, bottoming out in semiconductor industry fundamentals
PDF
27
Sep
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
Kuaishou（1024.HK）：Improving content and monetisation ecosystem
PDF
22
Sep
2023
US Fed hints one more rate hike this year, while high interest rate may persist longer
PDF
19
Sep
2023
US equity market series 2: Asset allocation after rate hikes
PDF
18
Sep
2023
With a second RRR cut this year and largely better-than-expected real activities data, what is the next step for policies?
PDF
15
Sep
2023
US core CPI in MoM term rebounded in August, expecting another rate hike in 4Q
PDF
15
Sep
2023
Apple Event 2023: iPhone 15 continues steady upgrade path
PDF
14
Sep
2023
Alibaba (9988.HK/BABA.US): Leadership transition completed—new changes and new expectations
PDF
14
Sep
2023
Macro theme research: What is the economic impact of old village renovation?
PDF
14
Sep
2023
Star Plus Legend (6683.HK): Innovative new retail player empowered by celebrity IP
PDF
12
Sep
2023
China Gaming Industry: Recovering with new trends
PDF
11
Sep
2023
Li Ning (2331.HK): Steady positive sell-through with slower market sentiment improvement
PDF
11
Sep
2023
SPDBI Monthly Strategy: New measures provide opportunities in the China market
PDF
11
Sep
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
Smartphone Industry Watch: HUAWEI Kirin returns while Apple’s new releases approaching
PDF
07
Sep
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
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
Tsingtao Brewery (168.HK/600600.CH): With peak season ending soon, short-term weak sales volume may affect market sentiment
PDF
07
Sep
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
Peijia Medical (9996.HK): TAVR market share continued to increase in 1H23, growth of neurointerventional products slightly exceeded expectations
PDF
07
Sep
2023
MicroPort CardioFlow (2160.HK): 1H23 implantation volume in-line, August performance is slightly affected by the medical anti-corruption
PDF
05
Sep
2023
Technology industry interim results summary: Market demand of smartphone and NEV is still the most important fundamental support
PDF
05
Sep
2023
MedBot (2252.HK): 1H23 Toumai installation lower than expected; short-term focus should be impact of medical anti-corruption and liquidity
PDF
05
Sep
2023
SPDBI Strategy Insights: Three investment strategies on easing mortgage policies
PDF
04
Sep
2023
SPDBI Monthly Macro Insights: China to wait for further policy support, US Fed’s rate hike cycle to continue
PDF
04
Sep
2023
Three arrows from the PBoC to stabilize property sector, what’s the implication?
PDF
04
Sep
2023
Mengniu Dairy (2319.HK): High 2H23 OPM base with strong visibility for long-term margin growth
PDF
04
Sep
2023
iDreamSky (1119.HK): Cost reduction leads to turnaround, new games expected to be growth driver
PDF
04
Sep
2023
Mindray (300760.CH): Stable 1H23 results in-line；impact of anti-corruption gradually appears in 3Q23
PDF
31
Aug
2023
Huitongda（9878.HK）: Performance remains resilient, growth expected to pick up in 2H23
PDF
31
Aug
2023
Haidilao (6862.HK): 1H23 results in line with expectations, but guidance is mixed
PDF
31
Aug
2023
Pinduoduo (PDD.US): Revenue growth accelerated again and greatly exceeded expectations, even as margins declined
PDF
31
Aug
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
Yili (600887.CH): High 2023 earnings visibility but weak short-term market sentiment
PDF
31
Aug
2023
BYDE (285.HK): Gross margin improved significantly in Q2, with multiple businesses driving up fundamentals
PDF
31
Aug
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
Tongcheng Travel (780.HK): Strong third-quarter earnings growth expected during peak travel season
PDF
30
Aug
2023
SPDBI Monthly Fund Flows: Oversold high-quality stocks to watch
PDF
30
Aug
2023
Pharmaron (3759.HK/300759.CH): Mature business grows steadily in 1H23; CMC business inquiry volume recovers since June
PDF
29
Aug
2023
SPDBI Strategy Insights: Measures to revive stock market may boost market confidence
PDF
29
Aug
2023
Wingtech (600745.CH)：Overseas automotive business stabilizes Nexperia’s profitability, while cost control drives loss reduction in ODM segment
PDF
28
Aug
2023
iDreamSky (1119.HK): Self-developed games enter harvest season, Fanbook helps long-term operation of Games
PDF
28
Aug
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
WuXi Biologics (2269.HK): 1H23 adjusted net profit growth lower than expected; new projects recovered significantly in June
PDF
25
Aug
2023
Optics Industry: Flowers blooming and falling (Sunny and Q-Tech 1H23 earnings results read)
PDF
25
Aug
2023
Jiumaojiu (9922.HK): 2023 store net open target in line with expectation, store level operation continues to recover
PDF
23
Aug
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
22
Aug
2023
SPDBI Trading Strategy: 2Q23 Hang Seng Indices rebalancing
PDF
22
Aug
2023
Kingdee (268.HK): Adjust 2023-25E estimates, maintain BUY
PDF
22
Aug
2023
Yonyou (600588.CH): Adjust 2023-25E estimates, maintain BUY
PDF
22
Aug
2023
Vipshop (VIPS.US): Adjust 2023-25E estimates, maintain Hold
PDF
21
Aug
2023
Global smartphone shipments YoY decline narrows in 2Q23, and we expect a moderate demand recovery in 2H23
PDF
21
Aug
2023
China Resources Beer (291.HK): High earnings visibility for 2023, and strong premiumization trend in long term
PDF
21
Aug
2023
Bilibili (9626.HK/BILI.US): Ad monetization accelerating, delays in new games lead to lower revenue guidance
PDF
21
Aug
2023
JD.com (9618.HK/JD.US): Earnings exceed expectation, subsidies lead to margin decline
PDF
21
Aug
2023
Tencent (700.HK): Seasonal fluctuation in domestic gaming, video accounts drive strong recovery in ad business
PDF
21
Aug
2023
Chongqing Brewery (600132.CH): Valuation elasticity shown as expected, and market sentiment expected to improve further
PDF
18
Aug
2023
Weimob (2013.HK): Adjust 2023-25E estimates, maintain BUY
PDF
18
Aug
2023
Sea (SE.US)：Gaming bottom out, e-commerce miss
PDF
18
Aug
2023
Will Semiconductor (603501.CH): Adjust 2023-2025E earnings forecasts and target price, and maintain BUY rating
PDF
15
Aug
2023
US executive order of restrictions on investment in China: Limited short-term impact, long-term focus on technological competition
PDF
15
Aug
2023
Pou Sheng (3813.HK): Optimistic about revenues, but margins under pressure in short term; lower TP, maintain BUY rating
PDF
15
Aug
2023
China Semiconductor Foundry: Read on 2Q23 earnings results in the cycle switching
PDF
14
Aug
2023
Alibaba (9988.HK/BABA.US): Core e-ommerce turnaround
PDF
14
Aug
2023
Li Ning (2331.HK): Improved full-year result visibility, short-term valuation expected to increase; maintain BUY
PDF
14
Aug
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
US equity market series 1: A shifting stock-bond correction
PDF
11
Aug
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
July inflation data comments: Details better than headline print, more policy effort is still needed
PDF
09
Aug
2023
Technology field research: Takeaways from Wingtech’s Kunming factory visit
PDF
07
Aug
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
HUTCHMED（13.HK/HCM.US）: 1H23 results in-line; Fruquintinib expected FDA approval by year-end
PDF
07
Aug
2023
SPDBI Monthly Strategy: The best is yet to come
PDF
07
Aug
2023
BUD APAC (1876.HK): Short-term margins under pressure, mid- to long-term growth logic weak; maintain Hold
PDF
03
Aug
2023
PBoC mid-year work conference takeaways: What to expect from monetary policy in 2H23?
PDF
02
Aug
2023
Yum China (YUMC.US/9987.HK): Same-store sales recovery and store expansion boost revenue growth
PDF
02
Aug
2023
WuXi AppTec (2359.HK/603259.CH): 1H23 profit growth slightly beats；High growth in non-COVID business
PDF
01
Aug
2023
China Catering Industry: How to pick winners in the most competitive consumer sub-sector?
PDF
01
Aug
2023
SPDBI Monthly Macro Insights: China’s economic outlook after Politburo meeting, US seeing soft landing scenario
PDF
27
Jul
2023
Volkswagen takes stake in Xpeng, laying the foundation of long-term strategic cooperation and opening up a win-win situation
PDF
27
Jul
2023
Fed raises policy rate by 25bps in July, which might not be the end of hike cycle
PDF
25
Jul
2023
Takeaways on the July Politburo meeting: Give more priority to preventing and resolving risks
PDF
25
Jul
2023
SPDBI Strategy Insights: July Politburo meeting reaffirms three key investment strategies
PDF
21
Jul
2023
Tesla (TSLA.US): 2Q23 GM slightly below expectations, maintained annual deliveries target of 1.8 million
PDF
21
Jul
2023
Exploring semiconductor industry from TSMC: fundamentals in the downcycle while AI demand grows rapidly
PDF
21
Jul
2023
Kuaishou (1024.HK): Q2 results expected to remain solid, profits may exceed expectations
PDF
21
Jul
2023
Ping An Good Doctor (1833.HK) – 1H23 results preview: Revenue under pressure due to strategic transformation, 2024E may return to revenue growth
PDF
21
Jul
2023
Sunny Optical (2382.HK): Profit warning fully eases performance risks
PDF
21
Jul
2023
Takeaways on Central Government’s new policies to support private economy
PDF
21
Jul
2023
SPDBI quantitative views: The Hong Kong market volatility is going down
PDF
19
Jul
2023
China unveils new plan to boost household consumption, while more policy support is still needed to expand domestic demand
PDF
18
Jul
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
BYD (1211.HK/002594.CH): 2Q23 preliminary results beat expectation, optimistic about the growth momentum of NEV
PDF
18
Jul
2023
BYDE (285.HK): 2Q23 positive profit alert beats expectation, multiple business segments keep boosting fundamentals
PDF
18
Jul
2023
China cheese industry: Demand may be experiencing structural challenges
PDF
18
Jul
2023
Semiconductor memory trends in the age of large-scale AI models from Huawei’s AI memory product launch
PDF
14
Jul
2023
Exploring smartphone optics industry from Largan: Industry demand gradually stabilizes
PDF
14
Jul
2023
SPDBI Strategy Insights: Capturing the resilience amid volatility
PDF
14
Jul
2023
Interpretation of symposium on platform economy: release of favorable policies to promote valuation improvement
PDF
14
Jul
2023
Faster-than-expected core CPI deceleration is less likely to avoid the July rate hike
PDF
12
Jul
2023
Messages from the extension of property financing support measures and the series of enterprise symposiums
PDF
12
Jul
2023
Technology field research: Improving visibility in trends of semiconductor and NEV industries
PDF
12
Jul
2023
AIGC industry trend: LLMs tend to diverge, focus on applications development
PDF
10
Jul
2023
Anta (2020.HK): 1H23 profit growth may lead the industry, expect higher growth in 2H23
PDF
10
Jul
2023
June FX reserves increased largely by FX valuation effect, expecting RMB to appreciate in mid-term
PDF
06
Jul
2023
SPDBI Strategy Insights: Investing through RMB cycles
PDF
06
Jul
2023
Li Ning (2331.HK): 1H23 margins face challenge, but 2H23 will rebound; maintain BUY
PDF
06
Jul
2023
June FOMC Minutes takeaway – At least two more rate hikes this year
PDF
05
Jul
2023
2H23 Outlook: Positives ahead
PDF
05
Jul
2023
Strategy 2H23 outlook: Sailing with the tailwind
PDF
05
Jul
2023
China Sportswear: 1H23 results set, 3Q23 revenue faces challenges
PDF
04
Jul
2023
Topsports (6110.HK): Growth potential holds for 2023, 2024 and beyond
PDF
29
Jun
2023
SPDBI Monthly Macro Insights: China to eye on stimulus, US to be wary of credit tightening
PDF
27
Jun
2023
Consumer 2H23 outlook：Be patient and rational, seek for growth visibility
PDF
27
Jun
2023
Internet 2H23 outlook: Could AIGC help the Internet industry overcome the “midlife crisis”?
PDF
27
Jun
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
Healthcare 2H23 outlook: Buy stocks with elasticity and innovative nature; new catalysts are needed for sharp rebound
PDF
27
Jun
2023
New energy vehicle 2H23 outlook: Accelerating growth amid industry volatility
PDF
21
Jun
2023
Technology field research: Sunny 2023 Investor Day Observation
PDF
15
Jun
2023
New Energy Vehicle Investment Handbook: Riddles and thoughts on the prisoner’s dilemma
PDF
07
Jun
2023
China Semiconductor Foundry: valuation bottomed out ahead of fundamentals, taking advantage of Beta upside opportunity
PDF
06
Jun
2023
1Q23 global smartphone shipment slightly below expectation, waiting for marginal demand recovery in 2H23
PDF
06
Jun
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
2H23 Economic Outlook: US to enter recession gradually, China’s recovery story to resume
PDF
05
Jun
2023
Meituan (3690.HK): Earnings beat; intensifying competition in instore business
PDF
05
Jun
2023
Bilibili (BILI.US/9626.HK): Loss narrowing down; Ad recovery on track
PDF
31
May
2023
PDD Holdings (PDD.US): Solid 1Q result; overseas expansion continues
PDF
30
May
2023
Tongcheng Travel (780.HK): Booming travel demand
PDF
25
May
2023
Kingsoft (3888.HK): adjust 2023-25E estimates, maintain Buy
PDF
25
May
2023
Topsports (6110.HK): Fundamentals remain solid with high certainty of margin expansion
PDF
25
May
2023
Kuaishou (1024.HK): earnings beat; solid growth in eCommerce
PDF
23
May
2023
Technology field research: smartphone, NEV and foundry industries update and outlook
PDF
23
May
2023
Alibaba (9988.HK/BABA.US): inline result, expect positive FY1Q24 GMV growth
PDF
18
May
2023
Tencent (700.HK): earnings back on growth track in 1Q23, accelerated recovery expected
PDF
18
May
2023
Sea (SE.US): adjust 2023-25E estimate and price target, maintain BUY
PDF
16
May
2023
Weimob (2013.HK): adjust 2023-25E estimate and price target, maintain BUY
PDF
16
May
2023
Xiaomi (1810.HK): expect GPM improvement in 1Q23, maintain BUY
PDF
12
May
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
JD.COM (9618.HK/JD.US): 1Q23 profits beat; 3P is expected to be the new driver
PDF
12
May
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
Beer Industry in China: Increased product mix and decreased cost pressure
PDF
11
May
2023
Chongqing Brewery (600132.CH): Weaker earning guidance, but bullish on stock price flexibility in peak season
PDF
11
May
2023
Luxshare (002475.CH): 2Q23 earnings guidance beyond expected and counter-trend growth driven by multi-business expansion
PDF
11
May
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
Chongqing Brewery (600132.CH): Weaker earning guidance, but bullish on stock price flexibility in peak season
PDF
03
May
2023
Transsion (688036.CH): Handset shipments driven up by inventory replenishment, and focus on ChatGPT and AI strategies
PDF
03
May
2023
Yonyou Network (600588.CH): Adjust 2023-25E forecasts and target price, maintain Buy
PDF
03
May
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
Inner Mongolia Yili (600887.CH): High certainty of organic margin expansion with Ausnutria being the biggest uncertainty
PDF
03
May
2023
Shenzhen Mindray (300760.CH): 2022 and 1Q23 results in line; IVD slightly dragged by Covid-19
PDF
03
May
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
BYDE (285.HK): Increasing capacity utilization and high growth in automotive business
PDF
27
Apr
2023
Alibaba (9988.HK/BABA.US): Alibaba Cloud Slashes Prices to Bolster Market Dominance
PDF
27
Apr
2023
Technology Field Research: ICT industry trends seeing from Huawei
PDF
27
Apr
2023
WuXi AppTec (603259.CH/2359.HK): Slowdown in core business growth in 1Q23, cut price target
PDF
27
Apr
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
Tesla (TSLA.US): Improving supply and demand balance, rapid growth of NEV sales, and fair valuation
PDF
25
Apr
2023
Bilibili (9626.HK/BILI.US): Ad recovery on track; key title in pipeline
PDF
21
Apr
2023
Will Semiconductor (603501.CH): Fundamentals improve quarter by quarter, resonating upwards in multiple sectors
PDF
19
Apr
2023
Antengene (6996.HK): Potentials of core product significantly undervalued; in-house R&D entering validation stage
PDF
19
Apr
2023
OTA sector in China: Booming demand in tourism
PDF
17
Apr
2023
Q Technology (1478.HK): Fundamentals bottoming out in 2H22 and to rebound in 2H23
PDF
13
Apr
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
ANTA Sports (2020.HK): Mixed short-term trends with certainty of long-term store efficiency recovery and margin expansion
PDF
13
Apr
2023
Sunny Optical (2382.HK): Vehicle related business continues to drive growth in group profit
PDF
13
Apr
2023
Sino Biopharmaceutical (1177.HK): Lowering the earnings forecast and target price for 2023-24E
PDF
06
Apr
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
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
Everest Medicines (1952.HK): Domestic commercialization approaching, long-term value of core products significantly underestimated
PDF
06
Apr
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
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
Nayuki (2150.HK): Optimized single-store model provides significantly improved profit outlook, and expansion pace further increases; upgrade to Buy
PDF
04
Apr
2023
Pharmaron (3759.HK/300759.CH): trimmed 2023-24E earnings estimates and target price
PDF
31
Mar
2023
RemeGen (9995.HK): Sales performance affected by COVID-19 but regaining momentum recently; global R&D on track
PDF
31
Mar
2023
Kuaishou (1024.HK): improving profitability outlook
PDF
31
Mar
2023
Huitongda (9878.HK): decent growth against headwind
PDF
31
Mar
2023
Xiaomi (1810.HK): Waiting for the smartphone industry to recover
PDF
31
Mar
2023
Topsports (6110.HK): Nike rebound drives revenue growth, inventory optimization drives margin expansion
PDF
31
Mar
2023
Innovent Biologics (1801.HK): Adjust upward the 2023-24E net loss forecast; lower the target price.
PDF
31
Mar
2023
Alibaba (9988.HK/BABA.US): restructuring favorable for long term valuation
PDF
31
Mar
2023
InnoCare Pharma (9969.HK): Impressive interim readout from orelabrutinib Phase II study in MS; commercial infrastructure ramping up
PDF
29
Mar
2023
Zhaoke Ophthalmology (6622.HK): Raised 2023-24E adjusted net loss forecast; lowered target price
PDF
27
Mar
2023
China Resources Beer (291.HK): Preminization accelerates, core EBIT continue to expand significantly; maintain top choice of the industry
PDF
27
Mar
2023
Meituan (3690.HK): Earnings beat；intensifying competition in in-store business
PDF
24
Mar
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
Tencent (700.HK): Effective cost control; online-ad recovery on track
PDF
23
Mar
2023
WuXi AppTec (603259.CH/2359.HK): Expecting core business to record solid growth in 2023; new business gaining momentum
PDF
23
Mar
2023
Anta (2020.HK): In-line 2023 revenue guidance with margin expansion as the key driver
PDF
23
Mar
2023
Kingsoft (3888.HK): Adjusts 2023-25E forecast and target price, maintains Buy
PDF
23
Mar
2023
Trip.com (780.HK): Promising prospect for recovery, focus on increasing user ARPU
PDF
22
Mar
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
Pinduoduo (PDD.US): investing more to bolster consumption and accelerating overseas expansion
PDF
21
Mar
2023
Kingdee International (268.HK): adjust 2023-25E estimates and price target, maintain Buy
PDF
21
Mar
2023
CStone Pharmaceuticals (2616.HK): cut 2023-24E estimate and target price
PDF
21
Mar
2023
Li Ning (2331.HK): Expect short-term negative sentiment with retail trend continues to improve; trim target price
PDF
17
Mar
2023
Pou Sheng International (3813.HK): Solid 4Q22 margins indicate improving operational Capabilities; maintain Buy
PDF
17
Mar
2023
Akesobio (9926.HK): First bispecific antibody delivered outstanding sales performance; multiple catalysts to watch for in 2023
PDF
17
Mar
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
New valuation mode of HK equity market
PDF
17
Mar
2023
Zai Lab (ZLAB.US/9688.HK): Long-term pipeline potential significantly under-appreciated; initiate on ZLAB.US at Buy
PDF
17
Mar
2023
JD.com (9618.HK/JD.US): Better-than-expected profit improvement; refocus on low-price strategy
PDF
10
Mar
2023
China Sportswear: Adidas still faces big short-term challenges, but won’t affect its Chinese retail partners to rebound in 2023
PDF
10
Mar
2023
Sea (SE.US): Earnings beat; expect take rate to improve
PDF
07
Mar
2023
Bilibili (9626.HK/BILI.US): decent cost control, weak 2023 guidance
PDF
07
Mar
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
Beigene (9626.HK/BILI.US): With strong FY22 results, BeiGene continues its evolution into a global big pharma
PDF
03
Mar
2023
Budweiser Brewing Co APAC （1876.HK）: High certainty of revenue rebound, but EBITDA margin outlook still unclear; maintain Hold
PDF
02
Mar
2023
HUTCHMED（HCM.US/13.HK）: Strong commercial performance delivered in FY22; core products further penetrated into target markets
PDF
02
Mar
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
RemeGen （9995.HK）: Amid rising competition among HER2 ADCs in China, Remegen holds advantages in safety profile and pricing
PDF
01
Mar
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
01
Mar
2023
Alibaba (9988.HK/BABA.US): earnings beat; expect gradual recovery
PDF
01
Mar
2023
Vipshop (VIPS.US): adjust 2023-24E estimates and target price; maintain Hold
PDF
27
Feb
2023
Keymed Biosciences (2162.HK): Global rights on Claudin 18.2 ADC out-licensed to AstraZeneca; Raise TP
PDF
23
Feb
2023
Tsingtao Brewery (168.HK/600600.CH): limited preminization but attractive valuation of H shares
PDF
23
Feb
2023
Milkground (600882.CH): challenging short term performance with solid long term growth logic; cut target price and maintain Buy
PDF
20
Feb
2023
InnoCare (9969.HK): regain its global rights to orelabrutinib for autoimmune diseases; cut target price
PDF
16
Feb
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
AIGC, engine of new era
PDF
15
Feb
2023
China CXO review & outlook: Strong performance delivered by core business in 2022; keep an eye on structural changes within the sector
PDF
15
Feb
2023
Hong Kong equities: turn back to momentum driven market
PDF
09
Feb
2023
Meituan (3690.HK): Expect mild impact from Tiktok
PDF
09
Feb
2023
China’s beer industry: Premiumization accelerated 2023 revenue growth, but the outbreak will take time
PDF
09
Feb
2023
China Resources Beer (291.HK)：Premiumization drives 2023 revenue growth and profit margin expansion, raise target price
PDF
09
Feb
2023
Zhaoke Ophthalmology (6622.HK): Development of low-dose atropine on track, significant room in stock rerating
PDF
09
Feb
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
Topsports (6110.HK): Fundamentals began to rebound, and market attention increased; raise target price and maintain Buy
PDF
03
Feb
2023
Beigene (6160.HK)： growing market expansion potential for core products; raise target price
PDF
01
Feb
2023
Tongcheng Travel (780.HK)：recovery on track
PDF
01
Feb
2023
Yili (600887.CH): Higher than expected CNY sales and high certainty for 4Q22 result. Adjusted 2022-24E estimates and raise TP
PDF
01
Feb
2023
Huitongda Network （9878.HK）： Adjust 2022-24E estimates, maintain Buy and TP
PDF
31
Jan
2023
HUTCHMED (HCM.US/13.HK): Major process made in fruquintinib globalization, savolitinib negotiated into the NRDL
PDF
31
Jan
2023
Peijia Medical (9996.HK)：adjust 2022-24E estimates and maintain TP
PDF
31
Jan
2023
Chongqing Brewery (600132.CH): Possibly the one beer company with the best resilience
PDF
16
Jan
2023
Mengniu (2319.HK): steady 2022 performance and bright future of 2023
PDF
16
Jan
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
16
Jan
2023
MedBot Surgical (2252.HK)：Commercialization of Chinese surgical robot kicks off
PDF
16
Jan
2023
Transcatheter Heart Valve: Spring to come
PDF
11
Jan
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
Everest Medicines 1952.HK): New corporate strategies underway; build-out of in-house capabilities to drive long-term sustainable growth
PDF
21
Dec
2022
Anta (2020.HK): Future elasticity and certainty are greater than short-term turnover and profit margin pressure
PDF
20
Dec
2022
Alphamab Oncology (9966.HK): Latest clinical data of bispecific antibodies revealed at SABCS 2022, raise target price
PDF
16
Dec
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
2023 Outlook: Awakening
PDF
12
Dec
2022
Macro 2023 outlook：A turning point
PDF
12
Dec
2022
Strategy 2023 outlook：Risk factor rotation
PDF
12
Dec
2022
Consumer 2023 outlook：zigzag recovery amid uncertainty
PDF
12
Dec
2022
Internet 2023 outlook: Improving visibility in recovery
PDF
12
Dec
2022
Technology 2023 outlook: Technology 2023 outlook: Waiting for smartphone industry fundamentals and valuations to resonate upward
PDF
12
Dec
2022
Healthcare 2023 outlook: Breaking dawn
PDF
12
Dec
2022
New energy vehicle 2023 outlook: NEV penetration continuing to accelerate upward
PDF
09
Dec
2022
Akeso (9926.HK): Blockbuster out-licensing deal validates the potential of Akeso’s bispecific pipeline, raise TP
PDF
09
Dec
2022
Mengniu (2319.HK) : market expectations and performance certainty deviates， valuation is expected to rise in short term
PDF
09
Dec
2022
Feihe (6186.HK): lower performance forecast for 2022-2024 and target price, maintain “hold” rating
PDF
01
Dec
2022
Topsports (6110.HK): The recovery of Nike brand power and stable inventory enhance the certainty of performance
PDF
01
Dec
2022
Bilibili (9626.HK/BILI.US): in-line result, efficient cost control
PDF
30
Nov
2022
Leapmotor (9863.HK) initiation: in-house electronic components manufacturing capability providing potential high profit growth
PDF
30
Nov
2022
Li Ning (2331.HK): 2022 guidance faces challenges, but healthy inventory level sets the ground for continuous development
PDF
30
Nov
2022
Pinduoduo (PDD.US): PDD: Solid 3Q22 result
PDF
28
Nov
2022
ZH-stocks under current investment style
PDF
28
Nov
2022
China biotech: We continue to like companies with good execution power, ample catalyst and attractive valuation
PDF
07
Nov
2022
Yili Group (600887.CH): Adjust 2022-24E earnings estimates and raise the target price
PDF
07
Nov
2022
Mindray (300760.CH): Adjust 2022-24E earnings estimates and raise the target price
PDF
07
Nov
2022
Overseas Power Semiconductor Series Takeaways
PDF
04
Nov
2022
Mengniu (2319.HK): High 2H22 performance certainty, optimistic about Mengniu’s short-term valuation recovery
PDF
03
Nov
2022
RemeGen (9995.HK): 3Q sales in line; watch for further sales ramp-up and clinical milestones
PDF
31
Oct
2022
Yili Group (600887.CH): Unsatisfactory 3Q22 performance does not change Yili’s stable long-term fundamentals
PDF
31
Oct
2022
Pharmaron (3759.HK/300759.CH): Adjust 2022-24E earnings estimates and cut target price
PDF
31
Oct
2022
Mindray (300760.CH): 3Q22 net profit slightly beats, recent policies provide greater certainty in growth
PDF
28
Oct
2022
Budweiser Brewing (1876.HK): Premiumization in China continues to be hindered and South Korea's low-base period ended
PDF
28
Oct
2022
WuXi AppTec (603259.CH/2359.HK): Core business segments saw meaningful rebound in 3Q; H-share issuance terminated
PDF
28
Oct
2022
Topsports (6110.HK): Operational flexibility and efficiency bring forward resilient performance, maintain Buy
PDF
10
Oct
2022
Strategic allocation to Hong Kong Equities
PDF
22
Sep
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
Analyzing exchange rate trends of major economies from a trade balance perspective
PDF
21
Sep
2022
SPDBI A-Share Top Picks ROR: Valuation concerns, and financials and healthcare sectors deserve further study
PDF
21
Sep
2022
Near-term impact likely limited from the US biomanufacturing executive order; valuation attractive after sell-off
PDF
15
Sep
2022
New Energy Vehicle Investment Handbook: new platforms, new products, and new cycle to re-boost growth
PDF
15
Sep
2022
US capital flow remains at the first supporting level--Global and US equity flow watch (September 2022)
PDF
15
Sep
2022
Significant inflow from energy sector and continuous outflow from financial sector -- China equity flow watch (September 2022)
PDF
14
Sep
2022
China e-commerce: structural changes along with decent recovery
PDF
14
Sep
2022
Alibaba (9988.HK/BABA.US): adjust FY2023-24E estimates and cut target price
PDF
07
Sep
2022
Pharmaron (3759.HK\300759.CH): strong 1H22 results from core business; CDMO leadership reinforced by new manufacturing facility
PDF
07
Sep
2022
Technology September Update
PDF
02
Sep
2022
Ausnutria (1717.HK): trim 2022-24E estimates and maintain Hold
PDF
02
Sep
2022
Yili (600887.CH): Why did Yili lower its 2022 profit margin guidance with beyond expected 1H22 performance?
PDF
02
Sep
2022
RemeGen (9995.HK): 1H22 results further validated sales capabilities; overseas development on track
PDF
01
Sep
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
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
Akesobio (9926.HK): Initial sales performance of cadonilimab above expectation; multiple major data readouts in 2023-24
PDF
26
Aug
2022
Mengniu Dairy (2319.HK): Positive profit margin guidance expects to turn market sentiment around and boost valuations
PDF
26
Aug
2022
Sino Biopharmaceutical (1177.HK)：Resilient 1H22 results; in-house R&D and BD will continue to drive innovation
PDF
25
Aug
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
InnoCare Pharma (9969.HK): Quick ramp-up in orelabrutinib sales after NRDL inclusion; abundant catalysts over the next 12 months
PDF
23
Aug
2022
Tongcheng Travel （780.HK）：Adjusted 2022-23 estimates and maintain Buy
PDF
23
Aug
2022
Mindray (300760.CH)： 1H22 results in line with expectation, gross margin impacted by transport expense and FX
PDF
22
Aug
2022
Ping An Healthcare（1833.HK）：Adjust 2022-24E estimates and maintain Hold
PDF
22
Aug
2022
Chongqing Brewery (600132.CH): Wusu expected to resume growth in 2H22 and will drive stock price recovery
PDF
22
Aug
2022
WuXi Biologics (2269.HK): Full-year guidance raised; booming CMO business into the next 3 years
PDF
22
Aug
2022
Tencent (700.HK): effective cost control, focus on video account monetisation
PDF
18
Aug
2022
China Resources Beer (291.HK): Unchanged premiumization trend assist in continuous profit margin expansion
PDF
18
Aug
2022
Everest Medicines (1952.HK): New deal achieved with Immunomedics to return Trodelvy rights and replenish cash
PDF
16
Aug
2022
Yunkang Group (2325.HK): Adjust 2022-24E estimates and raise the target price
PDF
15
Aug
2022
China semiconductor foundry: thoughts amid switching period of a cycle (including SMIC and Huahong 2Q22 earnings results)
PDF
15
Aug
2022
Li Ning (2331.HK): Rigorous inventory management is the biggest guarantee for Li Ning’s continuous growth
PDF
15
Aug
2022
Robust commercial operations by leading biotech companies in 2Q22, globalization and cross-border collaboration on track
PDF
15
Aug
2022
Sector rotation of A-Shares
PDF
10
Aug
2022
US equity flows raised to the first support level – Global and US equity flow watch (August 2022)
PDF
05
Aug
2022
Equity flow upside down, significant outflow from financial sector -- China equity flow watch (August 2022)
PDF
02
Aug
2022
China Dairy Industry: long-term sustainable growth driven by higher health awareness and consumption upgrade
PDF
01
Aug
2022
WuXi AppTec（603259.CH、2359.HK）： Resilient 2Q22 results amid domestic COVID-19 resurgence, further recovery expected in 2H
PDF
01
Aug
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
A two-dimensional analysis of the impact of rate hikes on U.S. consumption
PDF
01
Aug
2022
China's innovative oncology drugs: set to ride the secular growth waves in the next decade
PDF
27
Jul
2022
Topsport（6110.HK）greatly reduced adidas business proportion to optimize brand structure for long-term healthy development
PDF
15
Jul
2022
Price cuts less severe than expected in the seventh round of VBP
PDF
13
Jul
2022
Anta (2020.HK)’s beyond-expectation 1H22 retail sales will further assist its profit to beat market expectation
PDF
12
Jul
2022
Short-term investment strategy: Anta (2020.HK) share price to rebound
PDF
11
Jul
2022
Smartphone optics tracker (July): 2Q22-3Q22 smartphone demand being weak, expectation hitting bottom, waiting for recovery
PDF
07
Jul
2022
Significant equity outflows in June——Global and US equity flow watch (July 2022)
PDF
07
Jul
2022
Continuing equity inflows in June; significant inflows in consumer sectors -- China equity flow watch (July 2022)
PDF
07
Jul
2022
US treasury yields may have peaked amid shift from stagflation to recession; long China growth stocks
PDF
04
Jul
2022
Topsports（6110 HK）：3 highlights of Topsports’1QFY23 results
PDF
04
Jul
2022
Short-term investment strategy: Tongcheng Travel (780.HK) share price to rebound
PDF
24
Jun
2022
Sino Biopharmaceutical (1177.HK): VBP impact turning positive, R&D efforts to bear fruits on multiple fronts
PDF
22
Jun
2022
Yunkang Group (2325.HK): A powerful enabler for diagnostics operations
PDF
17
Jun
2022
1Q22 drug sales at sample hospitals: Sequentially improving, with normalizing impact from the fifth round of VBP
PDF
17
Jun
2022
Semiconductor supply chain: China's foundry players fully enjoying the industry upward cycle and the strong demand of domestic substitution
PDF
16
Jun
2022
Meituan (3690.HK): Improving visibility in recovery, upgrade to “buy” rating
PDF
16
Jun
2022
bilibili (9626.HK、BILI.US): Strong growth momentum in user traffic
PDF
14
Jun
2022
Everest Medicines (1952.HK): First TROP2 ADC approved in China, sales guidance above estimate
PDF
13
Jun
2022
Volatile rebounded – China equity flow watch (June 2022)
PDF
13
Jun
2022
Keep prudent after equity flowing back – Global and US equity flow watch (June 2022)
PDF
06
Jun
2022
2022 Outlook: China's economy still likely to outperform, with V-shape recovery in stock market
PDF
06
Jun
2022
China economy is still resilient when the world is heading for a perfect storm
PDF
06
Jun
2022
Strategy 2H22 outlook: Volatile rebounded
PDF
06
Jun
2022
Consumer 2H22 outlook: Gradually switch to more aggressive method in the second half of epidemic
PDF
06
Jun
2022
Internet 2H22 outlook: Expect gradual recovery with improving regulatory visibility
PDF
06
Jun
2022
Technology 2H22 outlook: 2H22 smartphone expectation hitting bottom, grasping the opportunity of best cost- performance moment
PDF
06
Jun
2022
Healthcare 2H22 outlook: Highly attractive valuation after recent volatility, await recovery in 2H22
PDF
06
Jun
2022
New energy vehicle 2H22 outlook: pandemic impact bottoming out, and China NEV sales penetration rate continuing to accelerate
PDF
01
Jun
2022
Topsports （6110.HK）：Strong short-term resilience and adaptability + high long-term growth momentum and investment return
PDF
30
May
2022
RemeGen (9995.HK): ASCO 2022 update: Disitamab vedotin demonstrated strong efficacy on urothelial carcinoma
PDF
30
May
2022
An estimation of when US stocks will bottom out
PDF
30
May
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
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
Ali Heaith (241.HK): FY22 results in line, with further improvement in direct sales business and fulfillment efficiency
PDF
30
May
2022
Li Ning (2331.HK): Seeking the truth within the uncertainties
PDF
26
May
2022
Understanding the infrastructure in China
PDF
26
May
2022
Kuaishou (1024.HK): Revenue beats with effective cost control
PDF
26
May
2022
Daily chart: A high degree of inflation dispersion in Eurozone
PDF
25
May
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
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
Daily Chart: Despite uncertain healthcare funding environment in China, more clinical trials were initiated MoM in April
PDF
23
May
2022
Daily chart: Consumer’s increasing concern about sugar intake promotes sales of Better-for-you beverages in China
PDF
20
May
2022
Tencent（700.HK）：positive policy against economic headwind
PDF
20
May
2022
Daily chart: US equity flows fall to the First Support Level
PDF
19
May
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
19
May
2022
Daily Chart: China's copper stocks dropd to 10-year low
PDF
18
May
2022
Daily Chart: The penetration rate of NEV sales in China reached 29.0% in April
PDF
17
May
2022
April macro data: When will China's economy rebound from the “late spring coldness”
PDF
17
May
2022
Zai Lab (9688.HK): 1Q22 beat; maintain Buy after recent volatility
PDF
17
May
2022
Daily Chart: April Camera Module Shipment (Sunny & Q-Tech)
PDF
16
May
2022
Daily Chart: China's Internet investment and financing continued to decline in 1Q22
PDF
13
May
2022
US equity flows fall to the First Support Level, technical rebound expected while downside risks still remain
PDF
13
May
2022
Pou Sheng (3813.HK)’s 1Q22 results reflect optimized operating leverage and improving visibility
PDF
13
May
2022
Daily Chart: Global biopharmaceutical investment activities saw a slight MoM slowdown in April 2022
PDF
13
May
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
Chongqing Brewer (600132.CH)’s sales volume will continue to outperform competitors under pandemic
PDF
13
May
2022
April macro data: Increasing food price push inflation up, while the inflation expectation is still manageable
PDF
12
May
2022
Daily Chart: Improved cold chain logistics in China accelerates improvements in food safety and consumption upgrades in food industry
PDF
11
May
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
April macro data: China's exports face three-dimensional challenge, while import structure diverges
PDF
11
May
2022
Significant equity outflows under multiple market risks -- Global and US equity flow watch (May 2022)
PDF
11
May
2022
Daily Chart: The excess return of China growth stocks relative to value stocks has reached historical low
PDF
06
May
2022
Framework analysis of the impact of metal price hike on new energy vehicle supply chain.
PDF
06
May
2022
Enhanced policy support is coming with equity flow reaching the bottom -- China equity flow watch
PDF
06
May
2022
Budweiser Apac (1876.HK): Higher-than-expected 1Q22 result reflects management's flexible resource allocation capabilities
PDF
06
May
2022
Yonyou (600588.CH): Cloud transformation continues
PDF
06
May
2022
High commodity prices may weaken the impact of rate hikes on EM equities in the short term
PDF
05
May
2022
Daily Chart: Delivery of NIO, XPENG, and Li Auto declining
PDF
04
May
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
Pharmaron (3759.HK/300759.CH): 1Q22 revenue beat; impact from domestic COVID-19 resurgence likely moderate and transient
PDF
04
May
2022
Daily Chart: 1Q22 India’s Smartphone Shipments Slightly Grew 2% Year Over Year
PDF
03
May
2022
Policy Trough Realizing —— Key Takeaways from the April Politburo Meeting
PDF
03
May
2022
China beer industry: 1Q22 performance review and future stock selection logic of major players
PDF
03
May
2022
April macro data: Demand and Supply Chain Issues Worsen as Economy is Approaching the Bottom
PDF
03
May
2022
Tsingtao Brew (168.HK/600600.CH): Pandemic caused A/H valuations to further diverge
PDF
03
May
2022
Daily Chart: E-commerce advertising is still a key driver in China’s Internet advertising market
PDF
28
Apr
2022
RemeGen (9995.HK): 1Q22 net loss narrower than expected and major risks priced in, maintain Buy
PDF
28
Apr
2022
Daily Chart: Sales performances of domestic PD-1/PD-L1 antibodies varied in 2021
PDF
27
Apr
2022
Daily Chart: The importance of ready meal will further increase in homes and standardized restaurants
PDF
26
Apr
2022
WuXi AppTec (603259.CH/2359.HK): Core segment revenue above expectation, robust growth likely to sustain under the CRDMO model
PDF
26
Apr
2022
Daily Chart: The Runoff of Fed's Balance Sheet May Last Till 2025
PDF
25
Apr
2022
Daily Chart: Marginal improvements to the bottlenecks in China's supply chain
PDF
22
Apr
2022
Li Ning (2331.HK): 1Q22 steady growth under high base provides greater confidence into the market
PDF
22
Apr
2022
Daily Chart: YTD price increase of Tesla, NIO, XPENG, Li Auto and BYD in China
PDF
21
Apr
2022
March macro data: The pandemic rebound may slow down China's economic recovery
PDF
21
Apr
2022
Monetary Policy of the Federal Reserve: Tightening then Easing ——SPDBI Global Central Bank Watch (Apr 2022)
PDF
21
Apr
2022
Mindray (300760.CH): 2021&1Q22; post steady growth, driven by rising infrastructure development and procurement
PDF
21
Apr
2022
Daily Chart: 2022 CIS revenue share forecast by end market and vendor
PDF
20
Apr
2022
Daily Chart: Game licensing resumes in China
PDF
19
Apr
2022
ANTA (2020.HK): The epidemic resurgence increased uncertainties of Anta’s operation results
PDF
19
Apr
2022
Daily Chart: Global private financing activities recovered MoM in the healthcare sector in March 2022
PDF
15
Apr
2022
March macro data: China's imports unexpectedly fell in March, export resilience is still to be tested
PDF
15
Apr
2022
Daily Chart: Chinese consumer companies’ marketing strategies will focus more on private traffic
PDF
13
Apr
2022
March macro data: Focus on long-term trend of credit expansion and structure improvement
PDF
13
Apr
2022
Kingsoft (3888.HK): Release of online gaming license, likely to increase visibility
PDF
13
Apr
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
13
Apr
2022
Daily Chart: The equity flow of global market sees further room for downside
PDF
12
Apr
2022
Smartphone optics tracker (April): 1Q22 Shipment on track, expecting YoY and QoQ improvement in 2Q22, monitoring demand volatility impacted by the pandemic
PDF
12
Apr
2022
March macro data: The narrowing "scissors gap" between PPI and CPI will be tested
PDF
12
Apr
2022
Daily Chart: The performance of stock market after the inverted yield curve
PDF
11
Apr
2022
Daily Chart: March & 1Q22 Delivery of NIO, XPENG, and Li Auto
PDF
08
Apr
2022
Daily Chart: There’s Still Plenty of Room to Grow for Global 5G Mobile Connections (2021 vs 2025E)
PDF
07
Apr
2022
Downside remains despite of short-term equity inflow -- Global and US equity flow watch
PDF
07
Apr
2022
Bull market is coming as equity flow reaches the bottom -- China equity flow watch
PDF
07
Apr
2022
Tongcheng Travel (780.HK): Pandemic is still affecting company in the short run, FY22 performance to fall before rebound
PDF
07
Apr
2022
Chongqing Beer (600132.CH) Most defensive in the industry over the short-term. Maintains buy rating, lowers TP
PDF
07
Apr
2022
Daily Chart: The scale of Elderly internet users continues to grow; Cost effectiveness becomes ever more important
PDF
31
Mar
2022
Daily Chart: Significant drawdown and underwater of US bond market
PDF
04
Apr
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
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
Sino Biopharma (1177.HK): FY2021 revenue in line, multiple catalysts to expect within innovative drug pipeline
PDF
04
Apr
2022
Daily Chart: HK-listed healthcare companies posted strong earnings growth in 2021, and CXO was the fastest growing subsector
PDF
01
Apr
2022
Daily Chart: Development in lower-tier cities and rural markets is the general trend of china’s consumer industry
PDF
31
Mar
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
China's manufacturing and services sectors simultaneously contracted at the bottom of economic cycle
PDF
31
Mar
2022
Nayuki (2150.HK): 3 major concerns aggravate uncertainties of Nayuki’s outlook
PDF
31
Mar
2022
Short-term investment strategy: Kuaishou (1024.HK) share price to rebound from oversold
PDF
30
Mar
2022
Everest Medicines (1952.HK): FY2021 cash burn lighter than expectation, multiple products to enter commercialization in 2022-23
PDF
30
Mar
2022
Daily Chart: Analyze the volatile price of nickel, cobalt, and lithium from the trade perspective
PDF
29
Mar
2022
PHARMARON (3759.HK/300759.CH): 2022 guidance raised, future expansion to focus on infrastructure and new technologies
PDF
29
Mar
2022
Daily Chart: NEV Credits Structure in China in 2021
PDF
28
Mar
2022
ZHAOKE OPHTH-B (6622.HK): 2021 cash burn manageable, NDA for CsA ophthalmic gel soon to be filed
PDF
28
Mar
2022
Daily Chart: Global 5G Smartphone Penetration Increased Significantly in 4Q21
PDF
26
Mar
2022
Daily Chart: The scale of Internet users in China continues to peak, and user dependence continues to rise
PDF
25
Mar
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
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
Short-term investment strategy: Sunny (2382.HK) share price to rebound from oversold
PDF
25
Mar
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
Daily Chart: Global private financing activities softened YoY in the healthcare sector in 2M22, but still came stronger than 2M20
PDF
24
Mar
2022
WUXI BIO (2269.HK): 2H21 results above estimates, global operations and capacity expansion going full steam ahead
PDF
24
Mar
2022
Daily Chart: The importance of inventory optimization to the quality improvement of retail operations
PDF
23
Mar
2022
Short-term Investment Strategy Termination：Li Ning (2331.HK)
PDF
23
Mar
2022
ANTA Sports (2020.HK): Anta continues to focus on long-term, high-quality, sustainable revenue and profit growth
PDF
23
Mar
2022
Daily Chart: The money outflow of Hong Kong stocks has reached a significant level
PDF
23
Mar
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
Li Ning (2331.HK) : Li Ning continues to improve internal drivers with overall market sentiment bottoms out
PDF
21
Mar
2022
Daily chart: Two dimensions of China's stable growth policy
PDF
19
Mar
2022
How much money is flowing back to Hong Kong stocks? And how to allocate among sectors?
PDF
19
Mar
2022
Li Ning (2331.HK）：2H21 financial performance interpretation and its 2022 outlook
PDF
18
Mar
2022
Daily Chart: The penetration rate of NEV sales in China reached 21.6% in February
PDF
17
Mar
2022
How to interpret the FOMC meeting on Mar 2022?——Inflation driven rate hikes, and balance sheet reduction approaching
PDF
17
Mar
2022
PA GoodDoctor (1833.HK): FY2021 results in line, awaiting visibility amid strategy shifts
PDF
17
Mar
2022
Short-term investment strategy: Luxshare (002475.CH) share price to rebound from oversold
PDF
17
Mar
2022
Luxshare (002475.CH): Consumer electronics business expanding despite of declining smartphone demand and automotive electronics business supporting long - term growth.
PDF
17
Mar
2022
Short-term Investment Strategy Termination：Li Auto-W (2015.HK)
PDF
17
Mar
2022
Short-term Investment Strategy Termination: XPENG-W (9868.HK)
PDF
17
Mar
2022
Daily charts：Tech companies’ retreat affects millions of Russians
PDF
16
Mar
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
4Q21 drug sales at sample hospitals in China: The fifth round of VBP began to take its toll
PDF
16
Mar
2022
Daily chart: China's cloud game revenue increased by 93% in 2021
PDF
16
Mar
2022
POU SHENG INT'L(3813.HK): 4Q21 results highlighting its operational weakness compared with Topsports, downgrade TP
PDF
16
Mar
2022
Short-term investment strategy: Li Auto (2015.HK) share price to rebound from oversold
PDF
16
Mar
2022
Short-term investment strategy: XPENG (9868.HK) share price to rebound from oversold
PDF
15
Mar
2022
February macro data: Focus on the long-term trend of the credit expansion and inflation
PDF
15
Mar
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
Smartphone Optics Tracker (March): CCM fundamental under pressure, valuation having fallen sharply, factoring in pessimistic expectation, and expecting 2Q22 fundamentals to be improved.
PDF
14
Mar
2022
Daily chart: Large geographical gap in dairy product demand in China
PDF
11
Mar
2022
Daily chart: Our leading indicator shows that China's economy will soon bottom out
PDF
10
Mar
2022
Hang Seng Index touches its 250-month moving average —add positions of Hong Kong stocks
PDF
10
Mar
2022
Short-term investment strategy: Li Ning (2331.HK)’s stock price expect to rebound in the next month
PDF
10
Mar
2022
Daily chart: A two-dimensional view of the RMB exchange rate, after the Russia-Ukraine conflict
PDF
09
Mar
2022
February macro data: Structural resilience of exports will face challenges, growth rate has seen a slowdown
PDF
09
Mar
2022
China beer industry: the analysis on the impact of raw material price hike led by Russia-Ukraine war
PDF
09
Mar
2022
Daily Chart: Quick View - February Delivery of NIO, XPENG, and Li Auto
PDF
08
Mar
2022
Bilibili (9626.HK/BILI.US): Breakeven target in 2024
PDF
08
Mar
2022
Daily Chart: The Shipment of Apple’s iPhone increased significantly in 2021
PDF
07
Mar
2022
Actively pursue growth and stabilization ——Government Work Report 2022
PDF
07
Mar
2022
Daily Chart: Time spent on mobile game by category in China
PDF
04
Mar
2022
Zai Lab（9688.HK）：FY2021 revenue in line, significant progress made in R&D, BD and commercialization
PDF
04
Mar
2022
Sea (SE.US)：weak game guidance
PDF
04
Mar
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
February macro data：Improved demand drives manufacturing PMI up slightly, non-manufacturing expansion accelerates as expected
PDF
02
Mar
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
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
Short-term investment strategy: Expecting multiple catalysts to drive near-term share performance for Everest Medicines (1952.HK)
PDF
01
Mar
2022
Alibaba (9988.HK/BABA.US): CMR declines slightly; solid growth in taobao deal
PDF
01
Mar
2022
Daily chart: Our proprietary indicator is giving a buy signal of Chinese stocks.
PDF
28
Feb
2022
Daily Chart: China's local governments set conservative growth targets for 2022, Hainan's target ranked first
PDF
25
Feb
2022
Chinese Stocks: Add positions
PDF
25
Feb
2022
How does the Russia-Ukraine conflict affect the current global economic recovery?
PDF
25
Feb
2022
Budweiser APAC (1876.HK): Robust 4Q21 results reflecting sustainable premiumization capability, raise TP to HK$31.0
PDF
25
Feb
2022
Daily Chart: 2021 Retails Sales Volumes Ranking by NEV Models
PDF
24
Feb
2022
Meituan (3690.HK): still cautious on policy headwind
PDF
24
Feb
2022
Daily Chart: 2021 Worldwide TOP 10 Semiconductor Consumers
PDF
23
Feb
2022
Mindray (300760.CH): Chinese medical device leader, best yet to come
PDF
23
Feb
2022
Daily Chart: China's gaming gross sales revenue grew 6.4% in 2021
PDF
22
Feb
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
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
Daily Chart: China dairy industry(1): China’s per capita dairy sales ranks at bottom globally
PDF
18
Feb
2022
TopSports (6110.HK): Retail sales rebounded earlier than expected, market sentiment gradually recovered
PDF
18
Feb
2022
Sea（SE.US）：Free Fire banned in India, globalization still on track
PDF
18
Feb
2022
Stronger tightening monetary policy: tightening pressure will reach the highest in 1H22 ——SPDBI Global Central Bank Watch
PDF
18
Feb
2022
Daily Chart: Supply bottleneck is the main contribution to US high inflation
PDF
17
Feb
2022
China's January Macro Data: Inflation stabilized prior to Lunar New Year of 2022
PDF
17
Feb
2022
Daily Chart: Weak expectation on income and employment , rising propensity to saving than consumption
PDF
16
Feb
2022
WuXi AppTec (603259.CH/2359.HK): 2021 results above preliminary range, management expecting >60% revenue growth in 2022
PDF
16
Feb
2022
Daily Chart: January Delivery of NIO, XPENG, and Li Auto
PDF
15
Feb
2022
Daily Chart: January Camera Module Shipment (Sunny & Q-Tech)
PDF
15
Feb
2022
Smartphone Optics Tracker (February): Smartphone CCM entering light season, and facing YoY pressure; vehicle lenses resuming growth
PDF
14
Feb
2022
Daily Chart: China's passenger trips increase substantially during the Spring Festival in 2022
PDF
14
Feb
2022
China's January Macro Data: China's credit growth picks up, leading to stronger-than-expected aggregate social financing
PDF
11
Feb
2022
Innovent/Lilly's US BLA for sintilimab hit a wall at the FDA. What's next?
PDF
11
Feb
2022
Daily Charts：Preliminary FY2021 results of CXO companies showed strong revenue and earnings growth
PDF
10
Feb
2022
Daily Charts：Chinese brands are seizing market share in many consumer subcategories
PDF
09
Feb
2022
Daily Charts：Super backwardation of WTI crude oil futures
PDF
08
Feb
2022
Daily Charts：A significant epidemic rebound in 2022 drove up China export containerized freight index
PDF
08
Feb
2022
China's January Macro Data: Weak demand and temporary factors affected the manufacturing and non-manufacturing expansion respectively
PDF
08
Feb
2022
Chongqing Brewery (600132.CH): 2021 NP beat our expectation, 2022 Wusu sales growth likely to maintain strong
PDF
08
Feb
2022
WuXi Biologics (2269.HK): FY2021 preliminary results above expectation, ramp-up of CMO segment to drive strong future growth
PDF
08
Feb
2022
WuXi Biologics (2269.HK): Inclusion in the US Commerce Department's Unverified List likely to have limited impact
PDF
07
Feb
2022
Daily Charts：China 2021 Retail Sales Volume Ranking by NEV Manufactures
PDF
04
Feb
2022
Daily Charts：4Q21 Global Smartphone Shipment Share by Brand
PDF
31
Jan
2022
Generation Z become main contributor of China eCommerce new users
PDF
28
Jan
2022
Daily Chart: Sino Biopharma's Taibowei has become the sixth adalimumab approved in China
PDF
28
Jan
2022
Ping An Healthcare and Technology (1833.HK): Near-term revenue pressure amid strategy shifts; move to Hold
PDF
27
Jan
2022
China beer industry: Cheers! Duel in the field of high end market by embracing premiumization!
PDF
27
Jan
2022
Daily Chart: Analysis of China consumer sector stock price performance in early 2022
PDF
27
Jan
2022
TOT Biopharm（1875.HK）: Discontinuation of coverage (2022-01-26)
PDF
26
Jan
2022
Daily Chart: Bearish sentiment of US stock market is shooting up
PDF
25
Jan
2022
Daily Chart: Improvement of the financing side will be the key to China's real estate developers
PDF
25
Jan
2022
Pharmaron (3759.HK/300759.CH): Full-year 2021 results largely in line, 2022 a critical year for capacity expansion
PDF
24
Jan
2022
Daily Chart: The penetration rate of NEV sales in China reached 20.6% in December
PDF
21
Jan
2022
Daily Chart: Global smartphone shipment growth from high to low in 2021
PDF
21
Jan
2022
Anta (2020.HK): profit alert largely in line with our expectation, with more specific 2022 guidance from management
PDF
21
Jan
2022
China's December Macro Data: How is China’s economic recovery in the last quarter of 2021
PDF
20
Jan
2022
Daily Chart: The future growth of short video will be driven by advertising and e-commerce
PDF
20
Jan
2022
Wuxi AppTec (603259.CH/2359.HK): Preannounced 2021 full-year results beat; 2022 revenue growth set to further accelerate
PDF
19
Jan
2022
Daily Chart: 86.25% of China’s population has been fully vaccinated against COVID-19, according to the NHC
PDF
19
Jan
2022
Wingtech (600745.CH): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Sunny Optical (2382.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
BYD Electronic (285.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Xiaomi (1810.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
NewBornTown (9911.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Tongcheng Travel (780.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
RemeGen (9995.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
WuXi Biologics (2269.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Mengniu Dairy (2319.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Topsports (6110.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Li Ning (2331.HK): 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
ANTA Sports (2020.HK) 2022 SPDBI Corporate Day takeaways
PDF
19
Jan
2022
Wingtech (600745.CH): Semiconductors, ODM, and optical business on growth
PDF
19
Jan
2022
Inflation pressure and tightening of liquidity are still lasting ——SPDBI Global Central Bank Watch
PDF
18
Jan
2022
Daily Chart: Demonstrating the importance of earnings quality with Li Ning's historical financials
PDF
17
Jan
2022
Daily Chart: Marginal ease of global supply chain pressures
PDF
14
Jan
2022
What the Beveridge Curve told us about the current U.S. job market？
PDF
13
Jan
2022
BYD NEV Sales in 2021
PDF
12
Jan
2022
Daily Chart: September & 2021 Camera Module Shipment (Sunny & Q-Tech)
PDF
12
Jan
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
Daily Chart: Mobile game advertising was the largest segment in China's mobile ad market in 2021
PDF
10
Jan
2022
Daily Chart: Private financing activities for Chinese healthcare companies picked up in 2021
PDF
07
Jan
2022
Daily Chart：The retail consumer goods performance largely depends on the recovery of consumer sentiment
PDF
06
Jan
2022
Daily Chart：The word frequency of “inflation” in financial reports of S&P 500 has reached record high
PDF
05
Jan
2022
Daily Chart：The impact of Indonesia's coal export ban on China
PDF
05
Jan
2022
Short-term Investment Strategy Termination: RemeGen (9995.HK)
PDF
05
Jan
2022
RemeGen (9955.HK): Management refuted allegations on internal control loopholes and provided positive clinical updates; reiterate Buy
PDF
05
Jan
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
04
Jan
2022
Daily Chart: December & 2021 Delivery of NIO, XPENG, and Li Auto
PDF
03
Jan
2022
Short-term investment strategy: RemeGen (9955.HK) to rebound from oversold
PDF
03
Jan
2022
Daily Chart: 3Q21 global foldable smartphone shipments grew 480% year over year
PDF
03
Jan
2022
The discrepancy between buy side and sell side in sector allocation
PDF
03
Jan
2022
The elasticity of each sector under decreasing global fund flows
PDF
03
Jan
2022
Prediction of a downward cycle in 1H22 by US treasury yield
PDF
31
Dec
2021
Daily Chart：US bank deposits surged above the pre-pandemic trend due to the fiscal support
PDF
24
May
2021
Alibaba (9988.HK): 30%+ YoY FY22 topline growth target; margin pressure from investments
PDF
31
Dec
2021
Sino Biopharmaceutical （1177.HK）：Solid fundamental and a good entry point after recent corrections； initiate at Buy
PDF
18
May
2021
China's April Macro Data: Investment and exports led to steady industrial production growth, while consumption recovery not quite on track
PDF
30
Dec
2021
Alternative views of US inflation
PDF
18
May
2021
Everest Medicine (1952.HK): Trodelvy BLA accepted by NMPA, far earlier than expected
PDF
30
Dec
2021
Behind the underperforming of internet sector in 2021
PDF
18
May
2021
A revelation for sector rotation strategies: Will the sector rotation continue?
PDF
30
Dec
2021
China's November Macro Data: Cost pressures temporarily pull down industrial profits, while the inventory stock continue to increase
PDF
18
May
2021
China Youzan (8083.HK):Revenue growth slows down, lower TP to HK$2.1
PDF
30
Dec
2021
Daily Chart： Drug sales and pricing at PDB sample hospital in 3Q21 (by major therapeutic area)
PDF
18
May
2021
China's April Macro Data: liquidity turning point reconfirmed, “scissors gap” between CPI and PPI is worrisome
PDF
29
Dec
2021
Daily Chart：The correlation between China birth rate and IMF sales volume
PDF
17
May
2021
Perspectives of global QE taper—SPDBI Global Central Banks Watch
PDF
28
Dec
2021
Daily Chart：The fund flow of global equity market is over the sum of past 15 years
PDF
14
May
2021
Short-term investment strategy: Everest Medicines (1952.HK) has upside potential in the short-term
PDF
14
May
2021
TOT Biopharm (1875.HK): CDMO progress better than expected, bevacizumab biosimilars competition becomes fierce
PDF
24
Dec
2021
Short-term investment strategy: RemeGen (9955.HK) to rebound from oversold
PDF
12
May
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
24
Dec
2021
Credit impulse has bottomed out: we are not far away from the market bottom
PDF
11
May
2021
China's April Macro Data: Rapid trade growth, and container shipping boom driven by both demand and supply sides
PDF
24
Dec
2021
Convexity of gold price and increasing real yield make gold under pressure
PDF
04
May
2021
China's April Macro Data: Economic expansion slowed down but with a more balanced structure
PDF
24
Dec
2021
Daily Chart：Tencent’s investment portfolio
PDF
04
May
2021
Wuxi AppTec (603259.CH/2359.HK): Growth momentum continues, CDMO segment delivered robust growth
PDF
24
Dec
2021
Short-term Investment Strategy Termination: Topsports (6110.HK)
PDF
04
May
2021
Pharmaron (300759.CH/3759.HK) Earnings doubled in 1Q21, aggressive expansion to provide end to end service
PDF
24
Dec
2021
Market Cap Strategy of China A Shares under Different Volatility Environments
PDF
28
Apr
2021
China's March Macro Data: A steady growth of industrial profit with a rising inventory as expected
PDF
23
Dec
2021
Short-term Investment Strategy Termination: Luxshare (002475.CH)
PDF
28
Apr
2021
Meituan (3690.HK): Maintain “Neutral”; Caution on near-term headwind
PDF
23
Dec
2021
Daily Chart: The penetration rate of NEV sales in China reached 17.8% in November
PDF
26
Apr
2021
Will Semiconductor (603501.CH): 2020 & 1Q21 Earnings: CCM Demand Strong, Omnivision Gaining Share within CIS of High-end Smartphone and Automotive
PDF
23
Dec
2021
Alibaba Health(241.HK): Potential regulatory changes still pose near-term risks but long-term growth prospects remain intact
PDF
22
Apr
2021
Hengrui Medicine (600276.SS) 2020 and 1Q21 results: Earnings in line, new blockbuster drugs growth momentum continued (meeting minutes attached)
PDF
23
Dec
2021
Top Esports(6110.HK): Short-term challenges from supply chain continue, but the long-term fundamental advantages remain unchanged
PDF
21
Apr
2021
New Oriental Education (9901.HK) 3QFY21 Earnings: Earnings beat with strong guidance
PDF
23
Dec
2021
China’s 2022 Economic Outlook after the Central Economic Work Conference
PDF
20
Apr
2021
China's March Macro Data: Four highlights about China’s economic recovery in 1Q21
PDF
22
Dec
2021
Short-term investment strategy:expect supply chain issue continues to negatively impact Topsports’ (6110.HK) 4QFY22 retail performance
PDF
16
Apr
2021
Zai Lab (9688.HK): TTFields phase III trial in NSCLC may be accelerated, Zejula reimbursement negotiated price disclosed
PDF
22
Dec
2021
Daily Chart: Camera Module November Shipment Comparison: Sunny vs Q-Tech
PDF
16
Apr
2021
Huawei：2020 Annual Report and 2021 HAS Read: Moving forward through times of uncertainty
PDF
21
Dec
2021
Daily Chart：China’s gaming industry revenue from the overseas market is growing rapidly
PDF
14
Apr
2021
Gold investment analysis framework: Bottom fishing now?
PDF
21
Dec
2021
Accelerated Taper and Further Tightening of Liquidity ——SPDBI Global Central Bank Watch
PDF
14
Apr
2021
SPDBI Global Central Banks Watch: How will central banks respond to the upward shift of the global nominal interest rate
PDF
20
Dec
2021
Short-term investment strategy: Lens (300433.CH) share price to rise
PDF
13
Apr
2021
Alibaba (8083.HK): Regulation risk mitigated, buy on dip.
PDF
20
Dec
2021
Short-term investment strategy: Luxshare (002475.CH) share price to rise
PDF
13
Apr
2021
Smartphone Optics Tracker: Sunny and Q-Tech Early Pull-in Effect Fading, Largan April and May Revenue Guidance Weak
PDF
20
Dec
2021
How to interpret the FOMC meeting on Dec 2021?——Beware of potential drawdown of risk assets in 1H22
PDF
09
Apr
2021
Different cycle this time?——market cycle analysis framework series (2)
PDF
20
Dec
2021
CXO: Growth prospect remain positive; good entry point after recent volatility
PDF
08
Apr
2021
China's March Macro Data: China's full economic recovery starts
PDF
20
Dec
2021
Sea（SE.US）: The rising star from Southeast Asia
PDF
08
Apr
2021
Short-term Investment Strategy Termination: China Youzan (8083.HK)
PDF
17
Dec
2021
Daily Chart： 3Q21 drug sales at PDB sample hospitals dropped 1.7% YoY
PDF
01
Apr
2021
Wuxi AppTec (2359.HK) 2020 annual results: Stable revenue growth, gains from investment contributed earnings
PDF
17
Dec
2021
Everest Medicines (1952.HK)：Re-appreciation of the in-licensing model expected, maintain Buy
PDF
31
Mar
2021
BYD Electronic (285.HK) 4Q20 Earnings: Core Global Client Growing Rapidly, Driving Earnings Growth
PDF
17
Dec
2021
China's November Macro Data：Industrial production continued to recover, investment decline narrowed, while consumption is still weak
PDF
31
Mar
2021
Xiaomi (1810.HK) ：Xiaomi Entering EV, Alive!
PDF
17
Dec
2021
How to interpret the crash of healthcare sector from short sell ratio?
PDF
30
Mar
2021
China's February Macro Data: industrial profit is off to a good start with inventory growth
PDF
17
Dec
2021
Short-term investment strategy：Li Ning’s sell through of next 3 months likely to beat market expectation
PDF
30
Mar
2021
Pharmaron (3759.HK) 2020 annual results: Gross margin improved, M&A will be another leg of growth
PDF
17
Dec
2021
Lining（2331.HK）: 2022 revenue growth likely to beat market expectation underpinned by brand equity elevation and store expansion
PDF
30
Mar
2021
RemeGen (2269.HK) 2020 annual results: ADC drug expected to launch this year, raise target price
PDF
17
Dec
2021
iPhone Supply Chain: Chinese Manufacturers to Build Integrated Assembly Platforms and to Enjoy Long-term Growth
PDF
30
Mar
2021
Meituan (3690.HK)：low visibility in online grocery initiatives, downgrade to “Hold”
PDF
16
Dec
2021
Ming Yuan Cloud（909.HK）: Cut TP on uncertainties in real estate industry
PDF
30
Mar
2021
China Youzan (8083.HK): lower-than-expected revenue along with improving GPM
PDF
16
Dec
2021
Weimob（2013.HK）: Headwind in advertising
PDF
29
Mar
2021
Wuxi Biologics (2269.HK) 2020 annual results: Better than expected earnings, capacity expansion unveil growth potential
PDF
16
Dec
2021
Daily Chart：The concentration analysis of China beer market
PDF
29
Mar
2021
Q Technology (1478.HK) 2H20 Earnings: CCM on the Rise
PDF
15
Dec
2021
Daily Chart：Diminishing marginal impact of the pandemic on transportation
PDF
25
Mar
2021
Tencent (700.HK): Inline 4Q result, decent growth across all segments
PDF
14
Dec
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
25
Mar
2021
Tongcheng-Elong (780.HK) 2021 focus: paying user+ accommodation business
PDF
02
Nov
2021
Nayuki (2150.HK): The profit warning has validated our concern and is likely to depress market confidence
PDF
14
Dec
2021
Daily Chart: Both the primary and secondary housing markets have shown a cooling trend in China
PDF
26
Nov
2020
Bevacizumab biosimilars on ESMO and competitive landscape in China
PDF
25
Mar
2021
TOT Biopharm (1875.HK) 2020 annual results: Several drugs expected to launch, TAA013 phase III trial on track
PDF
02
Nov
2021
Short-term investment strategy: Yonyou (1952.HK) to rebound from oversold
PDF
26
Nov
2020
Tongcheng-Elong 3Q20 Earnings: inline 3Q result; soft 4Q guidance
PDF
02
Nov
2021
China's October Macro Data: The manufacturing and non-manufacturing PMI fell due to the weak production and rebound epidemic
PDF
13
Dec
2021
Daily Chart: November Delivery of NIO, XPENG, and Li Auto
PDF
26
Nov
2020
Ali Health 1HFY21 Earnings: Turnaround first time with strong growth of online pharmaceutical direct sales and platform business
PDF
25
Mar
2021
Everest Medicine (1952.HK) 2020 annual results: R&D expense increased, key drugs progressed well
PDF
02
Nov
2021
Daily Chart: Tesla has become the first car manufacturer to hit trillion-dollar market cap
PDF
25
Nov
2020
Xiaomi 3Q20 Earnings: Clear Visibility into Smartphone Growth
PDF
01
Nov
2021
Daily Chart: Comparison between emerging and developed smartphone markets by price segment
PDF
14
Dec
2021
Zai Lab （9688.HK）: BD and commercialization progressing well; upgrade to Buy
PDF
19
Nov
2020
China's October Macro Data: Different V-shaped recovery among industrial production, investment, and consumption
PDF
25
Mar
2021
Xiaomi (1810.HK) 4Q20 Earnings: GM Improving, and Opex/sales Increasing
PDF
01
Nov
2021
TopSports (6110.HK): Better-than-expected NP in 1HFY22, sequential recovery in 2HFY22, and strong fundamental in the long term
PDF
17
Nov
2020
Alibaba: Review on 2020 “Double 11”
PDF
01
Nov
2021
Global Commodities: Change of CAPEX Structure——Supply-side Multidimensional Series Report (2)
PDF
10
Dec
2021
Daily Chart: 3Q21 Global smartphone Shipments Breakdown by Regions
PDF
13
Nov
2020
Tencent 3Q20 Earnings: A solid quarter driven by mobile games
PDF
24
Mar
2021
Short-term Investment Strategy Termination: Pharmaron (3759.HK)
PDF
29
Oct
2021
Daily Chart: China’s vertical SaaS is experiencing rapid growth
PDF
12
Nov
2020
China's October Macro Data: Macro leverage will drive economic recovery
PDF
28
Oct
2021
Pharmaron（3759.HK、300759.CH）：3Q21 results: Results in-line with expectation, lab service reports robust growth
PDF
09
Dec
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
12
Nov
2020
Uni-President (220 HK): 3Q20 Net Profit Beat on Double-digit Decline in Expense
PDF
24
Mar
2021
Sino Biopharm (1177.HK) 2020 annual results: Earnings beat the market, multiple blockbusters expected to launch in 2021
PDF
28
Oct
2021
Li Ning（2331.HK）：The top-up placement to bode well for long-term business expansion, despite short-term stock price volatility
PDF
10
Nov
2020
China's October Macro Data: This is not the beginning of deflation
PDF
28
Oct
2021
Daily Chart: the global surgical robot market booms
PDF
09
Dec
2021
China's November Macro Data： China’s exports stayed resilient, while the trade surplus will gradually narrow
PDF
10
Nov
2020
Smartphone Optics Tracker: October shipment dragged by Huawei, supply chain boosted as election results come to an end
PDF
19
Mar
2021
Sunny Optical (2382.HK): 2020 Earnings Beating Expectation, 2021 Guidance Remaining Strong
PDF
27
Oct
2021
Daily Chart: The beer ASP in China is significantly below the international level
PDF
09
Nov
2020
Quick Comment: Tingyi (322 HK) To Change CEO
PDF
26
Oct
2021
Li Ning（2331.HK）：Soar against headwind – 3Q21 retail sell-through significantly ahead of competitors, demonstrating strong brand equity
PDF
09
Nov
2020
China’s October Macro Data: RMB strengthens as trade surplus widens
PDF
18
Mar
2021
An optimistic but cautious asymmetrical adjustment by the Fed
PDF
26
Oct
2021
Daily Chart: Observing the upgrading of China's manufacturing industry from the structure of employees
PDF
06
Nov
2020
SPDBI Global Central Banks Watch：Pandemic Resurgence: Easing and diverging monetary policies as well as a potentially strong U.S dollar ahead
PDF
25
Oct
2021
Daily Chart: China property market and lukewarm land sales
PDF
03
Nov
2020
Pharmaron 3Q20 results: Margins improvement continue
PDF
16
Mar
2021
China's February Macro Data：Growing industrial production, steady investments, and delayed consumption rebound
PDF
22
Oct
2021
Daily Chart: The penetration rate of NEV sales in China fell slightly in September compared with August
PDF
03
Nov
2020
Wuxi AppTec 3Q20 Results: Large backlog value indicates high growth visibility
PDF
22
Oct
2021
Further Marginal Tightening of Overseas Market Liquidity——SPDBI Global Central Bank Watch
PDF
08
Dec
2021
Daily Chart: China bevacicumab biosimilar market on the rise
PDF
02
Nov
2020
China's October Macro Data: The growth baton passes from manufacturing sectors to non-manufacturing sectors
PDF
15
Mar
2021
Kuaishou (1024.HK): the lens to a wider world
PDF
21
Oct
2021
Daily Chart: Apple strengthens its iPhone portfolio again
PDF
31
Oct
2020
14th Five Year Plan: From Quantitative to Qualitative: The Road towards an Innovative and High Income Economy
PDF
20
Oct
2021
Daily Chart: SEA Internet economy still has great growth potential
PDF
07
Dec
2021
Daily Chart: The contribution of e-commerce channel to China’s consumer retail industry may continue to increase
PDF
30
Oct
2020
'New' economy-dominated MSCI China , a new champion
PDF
12
Mar
2021
China's February Macro Data：Aggregate financing speeds up while the trend is downward; Inflation has crossed the peak of base effect
PDF
19
Oct
2021
Anta (2020.HK): 3Q21 retail performance within expectation; new norm of Fila set to release long-term value
PDF
30
Oct
2020
BYDE (285.HK) 3Q20 Earning: Riding on Core Global Client, Rapid Growth for the Next Three Years Waiting Ahead
PDF
19
Oct
2021
Global Commodities: Revenge from CAPEX—Supply-side Multidimensional Series Report (1)
PDF
07
Dec
2021
2021 NRDL negotiation results: numerous homegrown innovation drugs successfully included
PDF
28
Oct
2020
Transsion: 3Q20 Earnings Beat Expectation, Net Profit YoY Accelerating
PDF
12
Mar
2021
SPDBI Global Central Banks Watch：Treasury yields may still rise, while in a gentle slope
PDF
19
Oct
2021
Daily Chart: China's pharmaceutical market size continues to grow
PDF
27
Oct
2020
China's September Macro Data: September Industrial Profit Growth Normalized as Pandemic Effect Faded
PDF
18
Oct
2021
Daily Chart: Impact of recent raw milk prices in china on profitability of china's dairy industry
PDF
27
Oct
2020
BYDE (285.HK): Rapid Growth from Core Global Client
PDF
11
Mar
2021
Smartphone Optics Tracker: Feb high growth off last year’s low base
PDF
15
Oct
2021
Daily Chart: the preference for primary market in China for medical, manufacturing, consumption and artificial intelligence industry has increased.
PDF
21
Oct
2020
Why positions of internet & tech stocks changed dramatically?
PDF
15
Oct
2021
China's September Macro Data: Structural competitiveness drives exports to keep rising
PDF
20
Oct
2020
Identify Cosmetics Consumption Trends from Li Jiaqi 11.11 List
PDF
10
Mar
2021
China's February Macro Data：Exports remained resilient; imports held steady
PDF
13
Oct
2021
手机和车载光学行业月度追踪（2021年10月刊）
PDF
19
Oct
2020
China's September Macro Data: Asymmetric V-shaped recovery
PDF
13
Oct
2021
每日一图：疫情期间，全球房地产价格增速分化
PDF
06
Dec
2021
New Energy Vehicle 2022 Outlook: Global NEV Sales on Rapid Growth, Chinese Automotive Makers Boosting China NEV Sales Penetration Increase to Accelerate
PDF
16
Oct
2020
Micro to macro strategy: Great changes of US inflation not seen in 25 years?
PDF
09
Mar
2021
NEV: From over-heat to rational, to buy or not to buy?
PDF
12
Oct
2021
每日一图：9月蔚来、小鹏交付量均首次破万
PDF
16
Oct
2020
China's September Macro Data: Downward pressure on inflation
PDF
11
Oct
2021
每日一图：最新发布的iOS15仍可支持iPhone6s 6sPlus及之后的机型
PDF
06
Dec
2021
Healthcare 2022 Outlook：Focusing on innovators with rerating potential and high visibility
PDF
15
Oct
2020
Xiaomi Smartphone Market Size Revisit: Huawei Honor vs Xiaomi
PDF
05
Mar
2021
A look at Hang Seng Index's biggest overhaul
PDF
08
Oct
2021
每日一图：短视频时长占比不断提升，成为最大品类
PDF
15
Oct
2020
Ten key questions about Tencent
PDF
08
Oct
2021
哔哩哔哩（9626.HK、BILI.US）：感性刷弹幕，理性看恰饭 ——从内容和变现的“破”与“不破”看投资核心逻辑
PDF
06
Dec
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
15
Oct
2020
China's September Macro Data: Neutral monetary policy and rapid growth in total social financing
PDF
05
Mar
2021
Zai Lab (9688.HK) 2020 Annual Results: Gross margin decreased, while two drugs are expected to be approved in 2021
PDF
07
Oct
2021
每日一图：稳健增长的中国大健康市场
PDF
14
Oct
2020
Apple 2020 Launch Event: Is iPhone 12 Series Pricing Juicy or Not?
PDF
06
Oct
2021
每日一图：中国运动服饰行业双低预示未来较大增长空间
PDF
06
Dec
2021
Internet 2022 Outlook：Valuation attractive; expect rebound in 2022E
PDF
13
Oct
2020
China's September Macro Data: Balanced recovery in exports and imports
PDF
02
Mar
2021
Short-term investment strategy: China Youzan (8083.HK) to rebound from oversold
PDF
05
Oct
2021
9月中国宏观数据点评——制造业短期继续分化，疫情稳控助力服务业反弹
PDF
13
Oct
2020
Internet Healthcare: This is the Time
PDF
05
Oct
2021
每日一图：全球雇佣前景指数反映美国就业市场状况良好
PDF
06
Dec
2021
Consumer 2022 outlook ：Every cloud has a silver lining
PDF
13
Oct
2020
Smartphone Optics Tracker: High-end Smartphone Demand Continues to be Weak and Significant Discrepancy Exists Among Companies
PDF
02
Mar
2021
China Youzan (8083.HK): Main Board Listing to unlock value
PDF
04
Oct
2021
每日一图：全球通胀走高，但程度仍不及2008年
PDF
12
Oct
2020
SPDBI Global Central Banks Watch：Global monetary policy further easing, a farewell to stronger EUR
PDF
28
Sep
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
06
Dec
2021
2022 Outlook: China's economy likely to outperform, with V-shape recovery in stock market
PDF
09
Oct
2020
Largan (3008.TW) 3Q20 Earnings Call Takeaway: 4Q20, Not a Strong Busy Season
PDF
02
Mar
2021
China's February Macro Data: PMI Moderately Declined Amid Growth Driver Transition
PDF
24
Sep
2021
Everest Medicine (1952.HK): License-in BTK inhibitors; collaborate with partners to extend R&D frontier
PDF
30
Sep
2020
China's September Macro Data: A simultaneous recovery of manufacturing and non-manufacturing sectors
PDF
23
Sep
2021
Thoughts on Helens and China pub industry: great room for growth riding on premiumization in low-tier cities
PDF
28
Sep
2020
China's August Macro Data: A continuous recovery of industrial profits and revenue
PDF
25
Feb
2021
Strategist ’s commentary: Hong Kong's first trading tax hike and its impacts on the stock market
PDF
21
Sep
2021
Global equity flow is showing sign of peaking, and investors are advised to remain cautious.
PDF
28
Sep
2020
Nongfu Spring (9633 HK): Maiden 1H20 Results Muted; Capturing Category Evolution is the key
PDF
16
Sep
2021
Apple September 2021 Launch Event: iPhone 13 Series Upgrade Direction
PDF
06
Dec
2021
2022 Strategy Outlook: From down to up, be cautious in the 1H22
PDF
17
Sep
2020
Xiaomi Initiation Roadshow Feedback: Revisit Huawei Market Space and Xiaomi Valuation
PDF
25
Feb
2021
Short-term investment strategy: Pharmaron (3759.HK) to rebound from oversold
PDF
16
Sep
2021
US and Eurozone about to taper QE, first rate hike in South Korea—SPDBI Global Central Banks Watch
PDF
17
Sep
2020
Bear Market or Correction? - Market Cycle Analysis Framework Reports Series (1)
PDF
15
Sep
2021
Everest Medicine (1952.HK): License in mRNA COVID-19 vaccine, potential use as booster shots
PDF
06
Dec
2021
2022 Macro Outlook: China’s stable growth in the context of global economic recovery
PDF
16
Sep
2020
Apple September 2020 Launch Event: Paving a Road of Cost Performance for iPad and Apple Watch
PDF
25
Feb
2021
Pharmaron (3759.HK) Earnings Preview: Growth stage, with volatile investment income
PDF
14
Sep
2021
Smartphone Optics Tracker: The weak demand of smartphone CCM in 3Q21 within expectations, and looking for the demand YoY improvement in 4Q21
PDF
15
Sep
2020
China's August Macro Data: The overall recovery in industry, investment, and consumption
PDF
07
Sep
2021
New Energy Vehicle Investment Handbook: Significantly Raising NEV Sales and Penetration Forecasts in China after 2Q21 Earnings Review
PDF
14
Sep
2020
Smartphone Optics Tracker: CCM Overseas Demand Recovery; Eyeing on New iPhone Launch
PDF
23
Feb
2021
Optics: Lighting up the world, looking into the future
PDF
03
Sep
2021
Ming Yuan Cloud (909.HK): solid growth in SaaS, near-term pressure on OPM
PDF
11
Sep
2020
A Little Thing of Tech Correction
PDF
03
Sep
2021
Nayuki (2150.HK): Fierce market competition leading to strong uncertainty in profitability
PDF
03
Dec
2021
Daily Chart: How much can the proportion of renewable energy consumption increase from 2018 to 2050?
PDF
10
Sep
2020
Tongcheng-elong: Clear visibility in recovery, upgrade to BUY rating
PDF
11
Feb
2021
SPDBI Global Central Banks Watch：Changing
PDF
02
Sep
2021
Everest Medicines (1952.HK)：Approaching commercialization, potential 2-3 more in-licensing drugs by year end
PDF
09
Sep
2020
China's August Macro Data: Food prices drive down the CPI, while the economic recovery narrows the PPI decline
PDF
02
Sep
2021
Kuaishou (1024.HK): Improving revenue structure with attractive valuation; upgrade to BUY rating
PDF
02
Dec
2021
Daily Chart: Analysis of current US CPI inflation
PDF
07
Sep
2020
China's August Macro Data: The recovery in exports and imports has yet to peak
PDF
11
Feb
2021
China's January Macro Data: Slowing growth in aggregate financing, high-base effect and CPI rotation drive inflation down
PDF
01
Sep
2021
China's August Macro Data: China's epidemic rebound hits the service sector significantly, the overall economy has temporarily contracted
PDF
04
Sep
2020
“What's Past is Prologue”; Flavoring Sector 1H20 Review
PDF
31
Aug
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
01
Dec
2021
Daily Chart: Market Size and Supplier Breakdown of LiDAR for Automotive and Industrial Applications
PDF
01
Sep
2020
SPDBI Global Central Banks Watch：New Monetary Policy Framework has Hints of Long-Term Easing
PDF
06
Feb
2021
PA Good Doctor (1833.HK) 2020 earnings: higher than expected growth, online medical services maintained robust growth
PDF
31
Aug
2021
Pharmaron（3759.HK/300759.CH）：1H21 results: Key segments maintain robust growth, enhancing CRO/CDMO one-stop solution capabilities through M&A
PDF
01
Sep
2020
Chinese Smartphone OEMs Conquering the World
PDF
30
Aug
2021
Remegen（9995.HK）：Key drugs sales ramping up, RC 48 licensed-out proves pipeline competiveness
PDF
30
Nov
2021
Daily Chart: Camera Module October Shipment Comparison: Sunny vs Q-Tech
PDF
31
Aug
2020
China's August Macro Data: A sustained rebound in PMI led by the recovery of non-manufacturing business activities
PDF
05
Feb
2021
Alibaba (9988.HK): Solid 3Q results with cloud turning profitable
PDF
30
Aug
2021
Kingsoft (3888.HK): New games delayed; revenue guidance tuned down
PDF
28
Aug
2020
Pharmaron 1H20 Earnings: Robust Growth With Margin Expansion
PDF
27
Aug
2021
Ping An Health（1833.HK）1H21 results: Strategy upgrade continues; maintains guidance of profit making in 2024-25E
PDF
29
Nov
2021
Daily Chart: China’s major internet companies’ revenue growth slows down in 3Q21
PDF
28
Aug
2020
Meituan Dianping 2Q20 Earnings: Strong Beat on Delivery Earnings
PDF
04
Feb
2021
Don't Sweat the Liquidity Squeeze
PDF
26
Aug
2021
Remain cautious on risk assets amid the approaching QE tapering
PDF
28
Aug
2020
Fed’s Dovish Monetary Framework and Its Implications for Asset
PDF
26
Aug
2021
SEA (SE US): Solid growth across all segments
PDF
29
Nov
2021
Omicron variant adds uncertainties to global pandemic
PDF
27
Aug
2020
The United Lab 1H20 Earnings: Robust Growth of Insulin Products
PDF
04
Feb
2021
TOT Biopharm (1875.HK): IND application of TAB014 Phase III Clinical Trial authorized by FDA
PDF
25
Aug
2021
Tongcheng-Elong (780.HK): New record in users with improving GPM
PDF
27
Aug
2020
Alibaba 1QFY21 Earnings: A Strong Quarter with Solid Growth
PDF
25
Aug
2021
Anta (2020.HK): 1H21 results slightly better than expected; long-term growing logic still holds despite short-term headwind in 2H21
PDF
26
Nov
2021
Daily Chart: China’s oncology drug market may grow at a 2020-25E CAGR of 16%, outpacing the global market
PDF
27
Aug
2020
China's July Macro Data: Industrial Profits Keep Rising
PDF
02
Feb
2021
Transsion (688036.CH): Strong earnings growth in 4Q20
PDF
25
Aug
2021
Yonyou Network (600588.CH): Strong growth momentum in cloud business
PDF
27
Aug
2020
Genertec Universal Medical 1H20 Earnings: Recovered from Covid-19 Gradually
PDF
25
Aug
2021
Wuxi Biologics（2269.HK）：1H21 result beats，higher revenue contribution from CMO and COVID projects going forward
PDF
25
Nov
2021
Kuaishou (1024.HK): Better-than-expected 3Q result with healthy user growth
PDF
26
Aug
2020
Kintor Pharma 1H20 earnings: NDA filing for Proxalutamide in China is expected in 4Q20
PDF
02
Feb
2021
Wingtech (600745.CH): 4Q20 earnings missing expectation; maintaining positive view on long-term growth
PDF
25
Aug
2021
Kingdee (268.HK): Better-than-expected topline growth with increasing loss
PDF
24
Aug
2020
The Story Just Unfolds; Look into Yihai from Three Perspectives
PDF
25
Aug
2021
China's July Macro Data: China's economy hits short-term headwinds, delaying the double-engine recovery
PDF
25
Nov
2021
Daily Chart: Peaking of premium Baijiu’s first-tier wholesale price in the short-term
PDF
24
Aug
2020
Scholar Education 1H20 earnings: Further expansion in Greater Bay Area
PDF
02
Feb
2021
China's January Macro Data: Stabilizing manufacturing sector awaits new drivers, services sector cools amid a resurgence of COVID-19
PDF
20
Aug
2021
Tencent (700.HK): inline 2Q result, regulation headwind ahead
PDF
21
Aug
2020
Ascentage Pharma: Submitted NDA for core product HQP1351 in China
PDF
20
Aug
2021
Zhaoke Ophthalmology(6622 HK) 1H21 results: Phase III of cyclosporine A ophthalmic gel met primary endpoint, key clinical trials on track
PDF
24
Nov
2021
Daily Chart: Global assets under management exceeded one hundred trillion, and the proportion of passive products increased
PDF
19
Aug
2020
WuXi AppTec: Fast recovered; Big changes in paper gains from investment
PDF
01
Feb
2021
PA GOODDOCTOR (1833.HK) earnings preview: Strategy upgrade in progress
PDF
18
Aug
2021
Weimob （2013.HK）: Solid growth in SaaS business
PDF
19
Aug
2020
WuXi Biologics 1H20 results: Beat consensus due to COVID-19 projects
PDF
17
Aug
2021
The approaching QE tapering—SPDBI Global Central Banks Watch
PDF
19
Aug
2020
Kingsoft: Solid 2Q Result with 30%+ FY20 Topline Guidance
PDF
29
Jan
2021
Wuxi AppTec (2359.HK) Earnings Preview: Strong net profit growth beats consensus
PDF
17
Aug
2021
Pou Sheng （3813.HK）: 1H21 NP beat; higher certainty in 2021 full-year margin improvement despite short-term pressure on sales
PDF
19
Aug
2020
Read on US Further Restriction on Huawei
PDF
17
Aug
2021
Baidu (9888.HK): AI cloud maintained rapid growth; 3Q guidance lower than expected
PDF
24
Nov
2021
Alibaba（9988HK\BABA.US）：FY22 guidance turned down on weak E-commerce growth
PDF
18
Aug
2020
TOT Biopharm 1H20 results: ADC drug entered phase III trial, biosimilar NDA submission delayed
PDF
28
Jan
2021
China’s December Macro Data: Industrial efficiency sees an overall improvement, and inventory growth is set to accelerate
PDF
17
Aug
2021
TOT Biopharm（1875.HK）1H21 results：robust CDMO,TAA013 Phase III clinical trials on schedule
PDF
18
Aug
2020
Smartphone Optics Industry: Sunny and Q-Tech 1H20 Earnings Slightly Beating Market Expectation
PDF
17
Aug
2021
Li Ning (2331.HK): Actual 1H21 results stronger than profit alert; 2H21 guidance better than expected
PDF
24
Nov
2021
Bilibili (9626.HK\BILI.US)：Better-than-expected user growth along with increasing loss
PDF
14
Aug
2020
China's July Macro Data: Steady Recovery Amid Flood
PDF
28
Jan
2021
Zai Lab (9688.HK)：Zejula® included in China’s NRDL, while pipeline expanded with three new license-in assets
PDF
17
Aug
2021
Wuxi Apptec（603259.CH、2359.HK）1H21 results: strong growth in CDMO, global demand continues to be robust
PDF
14
Aug
2020
Uni-President (220 HK) Nudges “Kai Xiao Zao”
PDF
13
Aug
2021
Smartphone Optics Tracker: Smartphone Peak Season Boosting Sequential Growth in July, but YoY Momentum Remaining to be Monitored
PDF
24
Nov
2021
Short-term investment strategy: Bilibili (9626.HK) to rebound from oversold
PDF
13
Aug
2020
Gold is Not Golden
PDF
26
Jan
2021
Wuxi Biologics (2269. HK): More COVID-19 projects and acceleration in capacity expansion
PDF
13
Aug
2021
The first licensed-out ADC: Seagen licenses RemeGen (9995.HK)’s disitamab vedotin
PDF
12
Aug
2020
Smartphone Optics Tracker: Domestic Smartphone Demand Weakening, but Samsung Overseas Demand Recovery Supporting Sunny’s Continuous Growth
PDF
13
Aug
2021
Zai Lab(9688.HK) 1H21 results: Revenue growth beats; Zejula recorded strong growth after inclusion in NRDL
PDF
07
Aug
2020
China's July Macro Data: Ongoing Recovery in Imports and Exports
PDF
19
Jan
2021
SPDBI Research: Termination of Coverage (2021-01-19)
PDF
13
Aug
2021
China Youzan (8083.HK): GMV growth slower than expected, downgrade to neutral
PDF
07
Aug
2020
IGG：Turnaround
PDF
05
Aug
2021
Alibaba (9988.HK/BABA.US): Decent growth in core business, Aliyun slow down
PDF
24
Nov
2021
Time of taper is confirmed——SPDBI Global Central Bank Watch
PDF
04
Aug
2020
Inke (3700. HK): SNS, the new growth driver
PDF
19
Jan
2021
iDreamSky (1119. HK): Deeper cooperation with Tencent in entertainment
PDF
04
Aug
2021
Short-term Investment Strategy Termination: WuXi AppTec (2359.HK)
PDF
31
Jul
2020
China's July Macro Data: Manufacturing PMI rises to Two-year High
PDF
03
Aug
2021
China's July Macro Data: China’s economic expansion marginally slowed down due to the chain reaction and exogenous shock
PDF
31
Jul
2020
SPDBI Global Central Banks Watch：Further Accommodation, Strong EUR Not Sustainable
PDF
19
Jan
2021
Short-term Investment Strategy Termination: Xiaomi (1810. HK)
PDF
02
Aug
2021
Trillion RMB sector allocation
PDF
31
Jul
2020
Ali-Empire, Rock Solid
PDF
30
Jul
2021
Short-term Investment Strategy Termination: Everest Medicines (1952.HK)
PDF
19
Nov
2021
Daily Chart: Smartphone brand loyalty of Apple, Samsung, and Google in US
PDF
30
Jul
2020
A Glance at 2020 New Sugar-Free Beverages, a Rising Trend
PDF
19
Jan
2021
Strategist ’s commentary: A surge in southbound flows
PDF
30
Jul
2021
Short-term Investment Strategy Termination: WuXi Biologics (2269.HK)
PDF
28
Jul
2020
China’s June Macro Data: Industrial Profits
PDF
30
Jul
2021
Short-term Investment Strategy Termination: Li Ning (2331.HK)
PDF
18
Nov
2021
Daily Chart: Double 11 sales growth slows down in 2021
PDF
24
Jul
2020
CRO sector recovered to robust growth, positive long-term outlook
PDF
19
Jan
2021
China's December Macro Data: The manufacturing sector thrived and a consumption rebound to be expected
PDF
30
Jul
2021
Short-term Investment Strategy Termination: Pharmaron (3759.HK)
PDF
24
Jul
2020
Hang Seng TECH Index—Rising HK stock new power
PDF
28
Jul
2021
Short-term investment strategy: Everest Medicines (1952.HK) to rebound
PDF
18
Nov
2021
Ping An Health（1833.HK）：Strategy upgrade adapts to market trends, but short-term pain is inevitable
PDF
17
Jul
2020
China’s June Macro Data: V-shaped Recovery Confirmed, What’s Next?
PDF
18
Jan
2021
Semiconductor Industry Tracker: A Revelation for 2021 from TSMC
PDF
28
Jul
2021
Short-term investment strategy: Zhaoke Ophthalmology (6622.HK) to rebound from oversold
PDF
16
Jul
2020
Hengan (1044 HK) Investor Meeting Highlights: Growth Driven by Premiumization and Online Sales ; to Raise Dividend Payout
PDF
28
Jul
2021
Short-term investment strategy: Pharmaron (3759.HK) to rebound from oversold
PDF
16
Jul
2020
Netdragon (777.HK) Takeaway: Dual drivers: “game + education”
PDF
18
Jan
2021
NEV Tracker: In December, China’s NEV Monthly Sales YoY Dropped from Peak, and Penetration Increased
PDF
28
Jul
2021
Short-term investment strategy: WuXi Biologics (2269.HK) to rebound from oversold
PDF
28
Jul
2020
Short-term investment strategy: WuXi AppTec (2359.HK) to rebound from oversold
PDF
17
Nov
2021
Daily Chart: Proportion of non-hospital drug sales steadily climbs
PDF
16
Jul
2020
Q-Tech (1478.HK) Takeaway: CCM ASP Increase Boosting Earnings to Grow
PDF
15
Jan
2021
Short-term investment strategy: Xiaomi (1810. HK) to rebound from oversold
PDF
28
Jul
2021
Li Ning(2331.HK): buy on dip
PDF
15
Jul
2020
Huawei 1H20 Earnings Read: 1H20 Consumer Business Better than Expectation, Smartphone Demand Softens into 3Q20
PDF
28
Jul
2021
Short-term investment strategy: Li Ning (2331.HK) to rebound from oversold
PDF
16
Nov
2021
Daily Chart: 2021 YTD price hike of major raw materials in China consumer space
PDF
14
Jul
2020
Smartphone Optics Tracker: Q-Tech Profit Alert Beats Market Expectation; Prefer Sunny over Largan in the Short-term
PDF
15
Jan
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
PDF
23
Jul
2021
Akesobio (9926.HK): Penpulimab is expected to be approved this year; multiple milestones and catalysts of clinical progress ahead
PDF
10
Jul
2020
Largan 2Q20 Earning Takeaway: High-end Smartphone Weak Demand Continues Into Next Two Months
PDF
23
Jul
2021
Chinese Internet Stocks: Is the “darkest hour” over?
PDF
16
Nov
2021
China's October Macro Data: Industry production stabilized, investment hit bottom, and weak consumption recovery
PDF
09
Jul
2020
SPDBI Global Central Banks Watch 07/2020 Issue
PDF
12
Jan
2021
SPDBI Global Central Banks Watch：Most CBs are cautiously optimistic, except ECB
PDF
21
Jul
2021
China's June Macro Data: China's economic transition in 2Q21
PDF
08
Jul
2020
Tech IPO Track: MEMSensing: Domestic MEMS Rising on the Horizon
PDF
20
Jul
2021
Short-term investment strategy: Q Technology (1478.HK) to rebound from oversold
PDF
29
Jun
2020
Wuxi biologics: Short term impacted, long term growth intact
PDF
11
Jan
2021
Smartphone Optics Tracker: Supply Chain Shortage Impacting Monthly Performance
PDF
19
Jul
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
26
Jun
2020
Sunny Optical Investor Day Takeaway: Macro Volatility Does Not Alter CCM Upgrade Trend
PDF
16
Jul
2021
Fed officials split on QE easing, PBoC enforced a RRR cut—SPDBI Global Central Banks Watch
PDF
15
Nov
2021
Daily Chart: Reasons for overseas investors to invest in China
PDF
19
Jun
2020
2H20 Outlook: What Doesn’t Kill You Makes You Stronger
PDF
08
Jan
2021
Optics Industry Track: Largan’s Implication on High End Lens Upgrade
PDF
15
Jul
2021
XPeng Motors (9868.HK) Initiation: Pioneer of Autonomous Driving Among NEV New Forces
PDF
19
Jun
2020
2H20 Technology Sector Outlook: Looking for Certainties among Uncertainties
PDF
14
Jul
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
15
Nov
2021
3Q21 OPM significantly missed, leading to low possibility to meet 2021 full-year guidance with rising uncertainty; Downgrade to “Hold”
PDF
19
Jun
2020
2H20 Internet Sector Outlook: Clear visibility in “Return”
PDF
06
Jan
2021
Xiaomi (1810.HK): High Growth and High Certainty in 2021
PDF
09
Jul
2021
Quantification of US inflation risks based on demand-supply framework
PDF
19
Jun
2020
2H20 Healthcare Sector Outlook: Looking for Long-term Opportunities Amid Dispersion
PDF
15
Nov
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
19
Jun
2020
2H20 Consumer Sector Outlook: Riding On Key Trends for Winners
PDF
21
Dec
2020
SaaS in sweet spot
PDF
09
Jul
2021
Five-Year retail sales growth target for Anta brand higher than expected, demonstrating mgmt’s strong confidence
PDF
19
Jun
2020
2H20 Strategy Outlook: Stay with Central Banks
PDF
07
Jul
2021
CDE’s proposed new rules for oncology drug trials: top players will be the beneficiaries, while subsectors with lofty valuations tumbled
PDF
12
Nov
2021
Daily Chart: Analyze the global supply chain crisis from the perspective of U.S. container ports
PDF
19
Jun
2020
2H20 Macro Outlook: Top 10 Post-Pandemic Q&A
PDF
19
Dec
2020
Biotech Report (1) : Antibody-drug Conjugates
PDF
07
Jul
2021
China Sportswear: New consumption trends and omni-channel fueling robust growth of leading China sportswear play
PDF
11
Jun
2020
Smartphone Optics Tracker: May Shipment Dragged by Overseas Pandemic, Supply Chain Recovery Pace Diversifies
PDF
02
Jul
2021
Short-term investment strategy: Li Auto Inc (LI.US) has upside potential in the short-term
PDF
11
Nov
2021
Daily Chart: NEV October Delivery of NIO, XPENG, Li Auto
PDF
10
Jun
2020
Meituan Dianping: All-Around Player in LBS
PDF
19
Dec
2020
Zai Lab (9688.HK): Integration and inclusive
PDF
02
Jul
2021
China's June Macro Data: resilient manufacturing and lower recovery expectations in service sector
PDF
07
Jun
2020
What Do We Learn from the Surprisingly Strong US Nonfarm Payrolls in May?
PDF
29
Jun
2021
New Covid-19 cases in Guangdong and diverged industrial enterprises’ profit data impede double-engine recovery
PDF
11
Nov
2021
Smartphone Optics Tracker: October Shipment Below Expectation and Limited Demand Improvement in 4Q21, but Timing to Invest into 2022.
PDF
05
Jun
2020
SPDBI Global Central Banks Watch 06/2020 Issue
PDF
14
Dec
2020
New Energy Vehicle Investment Handbook: Standing at the Starting Point of a Golden Decade, to Buy or Not to Buy?
PDF
29
Jun
2021
Zhaoke Ophthalmology (6622. HK): A rising star in ophthalmology
PDF
04
Jun
2020
Portfolio Strategy Series (1): High Correlation, High Dispersion, So What?
PDF
25
Jun
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
10
Nov
2021
Daily Chart: 3Q21 Global Smartphone Shipments Declined 7% Year Over Year
PDF
20
May
2020
Bilibili: Strong User Growth Momentum Coupled With Increasing Loss; 2Q Guidance Beat
PDF
08
Dec
2020
2021 Outlook: Navigating Through the New Normal
PDF
25
Jun
2021
New Energy Vehicle Investment Handbook: The Beginning of a Golden Decade, from Sell to Buy, Riding on Valuation Digestion and Fundamental Growth
PDF
14
May
2020
Tencent: 1Q Earnings Strong Beat on Mobile Games and Social Advertisement
PDF
18
Jun
2021
Immunotech Biopharm (6978.HK): Focusing on cellular immunotherapy, EAL is expected to launch in the near future
PDF
09
Nov
2021
Daily Chart: Livestreaming has become an important marketing method in E-Commerce industry
PDF
13
May
2020
Initial Read on Nongfu Spring: Premium, Profitable, Defensive; Future on New Product and M&A
PDF
08
Dec
2020
2021 Healthcare Sector Outlook: Insist on innovation, active waiting
PDF
18
Jun
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
May
2020
Pharmaron: Raising Target Price on Resilient 1Q Earnings
PDF
07
Jun
2021
2H21 Outlook: Seizing the structural opportunities
PDF
08
Nov
2021
China's October Macro Data: China's exports continued to expand and the trade surplus hit a single-month record high
PDF
06
May
2020
Tongcheng-Elong: Expect Moderate Tourism Recovery
PDF
08
Dec
2020
2021 Strategy Outlook: From Up to Down, From Macro to Micro
PDF
07
Jun
2021
2H21 Macro Outlook: It’s the quality of growth that matters
PDF
06
May
2020
WuXi AppTec: Limited COVID-19 Impact on Full Year Earnings
PDF
07
Jun
2021
Maneuver through the Peak with Caution
PDF
08
Nov
2021
Daily Chart: Flourishing Chinese surgical robot market
PDF
05
May
2020
SPDBI Global Central Banks Watch May 2020 Issue
PDF
08
Dec
2020
2021 Macro Outlook: A New Decade, a Disparate Decade
PDF
07
Jun
2021
2H21 Healthcare Sector Outlook: Review and thinking on the plateau
PDF
28
Apr
2020
Sinopharm: Better-than-expected 1Q Results
PDF
07
Jun
2021
2H21 Technology Sector Outlook: Looking for Opportunities Amid Smartphone Demand Volatility and Semiconductor Capacity Shortage
PDF
27
Apr
2020
Haitian: Resilient 1Q20 results aided by Penetration and Optimization
PDF
08
Dec
2020
2021 Consumer Sector Outlook: Leverage Category Dividend, Rewrite Industry Rankings
PDF
07
Jun
2021
2H21 Internet Sector Outlook: Investment opportunities along with regulatory risk
PDF
23
Apr
2020
Avastin biosimilar TAB008 Pusintin met the primary endpoint in Phase III trial
PDF
07
Jun
2021
2H21 Consumer Sector Outlook: Four structural consumption trends in post-COVID era
PDF
05
Nov
2021
Daily Chart: Why is it necessary for China consumer companies to transform from wholesale to DTC?
PDF
22
Apr
2020
CRO/CDMO：More Upside to Come
PDF
08
Dec
2020
2021 Technology Sector Outlook: End Demand Recovering and Rising, Opportunity Among Competitive Landscape Reshaping
PDF
04
Jun
2021
Weimob （2013.HK）：Completed placement of US$ 600 million in new shares and convertible
PDF
22
Apr
2020
Where does the US Market Rebound Lead Us To?
PDF
04
Jun
2021
Kingsoft (3888.HK): Software business still solid, decent growth in flagship title
PDF
04
Nov
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
17
Apr
2020
Does the Rebound in China’s Macro Data Confirm Bottoming Out?
PDF
08
Dec
2020
2021 Technology Sector Outlook: The New Digital Era
PDF
04
Jun
2021
Tongcheng-Elong (780.HK): solid recovery in domestic tourism, raise TP to HK$24
PDF
09
Apr
2020
SPDBI Global Central Banks Watch
PDF
01
Jun
2021
Ali Health (241.HK): Lower than expected growth rate amid negative market sentiment
PDF
03
Nov
2021
Daily Chart: Inflation and unemployment - two challenges that G20 countries face
PDF
03
Apr
2020
How to Fish at the Bottom?
PDF
04
Dec
2020
Xiaomi (1810. HK): Read on Placement and CB
PDF
31
May
2021
The “four quadrants” approach: A new method of analyzing market consensus and divergence
PDF
27
Mar
2020
Buckle Up：The Risk and Opportunities amidst Global Recession
PDF
28
May
2021
Smartphone OEM and Supply Chain: 1Q21 Strong Earning Results and 2Q21 Soft Demand Does Not Alter 2021 Recovery Trend
PDF
02
Nov
2021
Wuxi Apptec（603259.CH、2359.HK）3Q21 results：High growth in core businesses，CAPEX to accelerate
PDF
24
Mar
2020
Top 10 Industry Trends Reinforced by the Pandemic
PDF
27
Nov
2020
China Beverage Industry Initiation: It is a Marathon, Not a Sprint
PDF
27
May
2021
China equities valuation handbook
PDF