$贝壳(BEKE)$   If you want a read on housing activity, watch Ke Holdings. Transactions look more stable, but not rebounding.

$亚马逊(AMZN)$   This quarter wasn’t about retail. AWS growth re-accelerated above 23%, with backlog rising alongside it. Retail supports margins, but AWS is driving growth again.

$谷歌(GOOG)$   This quarter wasn’t about the beat. AI is turning single searches into longer, decision-driven conversations. That’s what’s changing: the value of each search.

$Meta Platforms, Inc.(META)$   This quarter wasn’t about macro tailwinds. Ad volume and pricing both improved, but the real change is AI lifting engagement, conversion, and ad products at the same time. This isn’t an ad rebound. It’s an ad engine upgrade.

$微软(MSFT)$   This wasn’t a “one-quarter surprise” story. Azure and Copilot demand stayed strong, supply is the real constraint. The target price was trimmed for one reason: AI capex is higher than expected. But the conclusion didn’t change — more spending doesn’t mean weaker business, it means AI is moving deeper into the core.

$LMS Compliance(LMS.SI)$   The base case is simple: compliance demand is mandatory, not cyclical. What stands out in this initiation note: Testing is the base: high repeat business (85%+), lab testing dominates revenue (FY24: 93.6%) ESG is the growth layer: Singapore’s mandatory climate disclosures (from FY2025) and Malaysia’s phased rollout expand third-party assurance demand Financials are clean: FY24 net margin 20.5%, EBITDA ma

This report does something different. It barely revisits the noise, and keeps running the numbers on Kling’s AI video business. $快手-W(01024)$  

The quarter itself was clean. Growth, margins and cash flow stayed on track. The real variable now is the WBD acquisition — not growth, but whether the deal reshapes the structure.$奈飞(NFLX)$  

$腾讯控股(00700)$  $腾讯控股ADR(TCEHY)$   This earnings preview isn’t about valuation. Games and ads keep the base steady. AI shows up mainly as efficiency inside WeChat and ads. No sudden catalyst — just gradual margin work.

$智谱(02513)$   Zhipu AI has just gone public. Discussion focuses on models and tech. At this stage, the picture is pretty clear: revenue is growing, usage is expanding, but compute costs remain heavy.

$小鹏汽车-W(09868)$  $小鹏汽车(XPEV)$   XPeng securing L3 road-testing approval, crossing a 20% gross margin, and doubling annual volume all point to one thing — technology is starting to translate into scale.

$香港交易所(00388)$   HKEX earnings move with turnover, and market liquidity in Hong Kong has clearly shifted into a higher range. IPO activity is back, southbound flows are strong, and derivatives volumes remain supportive. The real question isn’t what drove 2025 — it’s how long this high-liquidity regime can last.

$泡泡玛特(09992)$   Overseas revenue is scaling faster than domestic, margins are higher, and IPs are being replicated across regions and channels. @Tiger_SG 

$MINIMAX-WP(00100)$   MiniMax has just gone public, but this research note isn’t about the IPO hype. What stands out is an AI company that already runs a dual-engine model: consumer apps for scale and data, enterprise services for margins — with most users coming from overseas. The report looks past the listing event and asks a more practical question: how an AI company turns global usage into sustainable revenue after going public.

$阿里巴巴-W(09988)$  $阿里巴巴(BABA)$   This research note focuses on Alibaba’s latest AI progress, but the real story sits underneath. As Qwen moves from a standalone model into Alibaba’s cloud, maps, and core apps, AI is starting to translate into actual workload demand. The report is less about short-term numbers, and more about whether AI can structurally lift cloud margins over time.

$Palo Alto Networks(PANW)$   This note is based on Palo Alto Networks’ FY25 results, which came in ahead of expectations. But the more interesting part of the report isn’t the headline numbers. Alongside solid subscription growth and stronger RPO visibility, PANW announced the acquisition of Chronosphere — a move that extends the platform beyond security into observability, especially for cloud-native and AI workloads. The report frames this less as a financial event and more as a strategic one: whether security platforms can move closer to the core of enterprise infrastructure as IT complexity continues to rise.

$九毛九(09922)$   Jiumaojiu is best known in China for its popular dining brands, but its latest move is less about opening more stores and more about how to go global. Instead of exporting a China-grown concept directly, the company is increasing its stake in a North America–based hot pot chain that already resonates with local diners. The interesting part isn’t the size of the deal, but the strategy behind it: using localized brands as a bridge for overseas expansion. This report is really about one question — what’s the most workable way for Chinese restaurant groups to grow abroad?

$亚朵(ATAT)$   Estimated reading time: 30–45 seconds Atour is best known in China as a mid-to-high-end hotel operator, but the more interesting shift is happening beyond hotel expansion. Recent financial results and research show that hotels are increasingly serving as customer and membership entry points, while branded retail — led by sleep-related products — is becoming a key driver of monetization per guest.