Yanlord：Resilient FY22 results and business model; maintain Buy
中国化妆品——消费领域的皇冠上的明珠；用 Buy 发起 Botanee／ Proya／ Jahwa
3QFY23 margin beat on cost control; Upgrade to BUY
–Clear path to margin recovery; Upgrade to BUY
1Q23 dragged by higher investments and macro headwinds; Maintain BUY on 2H recovery
Chinese TMT： Buy XIAOMI 0’27, XIAOMI 30-31s, MEITUA 0’27 and PDD 0’25
Leading the healthcare AI revolution; Initiate with BUY
Capital Goods: Turning cautious on export market; D/G Sinotruk to HOLD; Maintain BUY on Weichai
Semi: Global foundry sector stabilizing in 2024, modest recovery expected in 2025; initiate Hua Hong w/BUY
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