China Consumer:Key takeaways from Bain’s presentation on FMCG China Prop Weekly:Weekly sales dropped 1.5% in low season Compression MLPs:Cautiously Optimistic on Compression as Near-Term Uncertainty Clouds Attractive Long-Term Potential;CCLP Top Pi Applied Tech Weekly:Weekly Tearsheet Yum Cha RE 2Q EPS Misses, PRE 2Q In Line With Pre-Announcement 1H15 results preview: Margin pressure persists The unbearable lightness of China’s growth Potential pipeline reform could offset further gas price cut, upgrade to NEUTRAL What is China’s actual capital outflow?

Fixed Income Daily Market Update Fixed Income Daily Market Update Reiterate BUY on multiple growth drivers in 2024 Solar power business remains major investor concern during site visit 小米汽车发布超预期，向生态链要价值 全年业绩亮眼，中长期成长可持续 中国飞鹤2023年报点评：奶粉价盘夯实，积极因子蓄力 2023年报业绩点评：收入利润符合预期，现金流和运营质量明显改善 公司简评报告：全年业绩表现亮眼，童装及电商高增 业绩高速增长，派息率提升

20250415-中国银河-彩讯股份-300634.SZ-营收稳健增长，AI赋能三大产品线发力.pdf 20250414-中国银河-中铝国际-601068.SH-聚焦工业放弃部分市政民建，海外合同增速快.pdf 20250415-中原证券-中原环保-000544.SZ-年报点评：污水处理收入占比持续提升，带动净利润逆势增长.pdf 20250414-中国银河-广东建工-002060.SZ-新签订单增速快，经营现金流有所改善.pdf 20250415-中银证券-大金重工-002487.SZ-“新两海”战略成效初显，海外海风或迎放量未来成长可期.pdf 20250415-国盛证券-洪城环境-600461.SH-营收利润双增，产业链持续完善支撑业绩增长.pdf 20250415-开源证券-太平鸟-603877.SH-公司信息更新报告：2025Q1毛利率显著改善，渠道调整临近尾声.pdf 20250414-东吴证券-禾望电气-603063.SH-2025年一季报点评：传动及新能源业务高增、海外显著突破、盈利能力稳健.pdf 20250413-东吴证券-大金重工-002487.SZ-2024年年报点评：出海盈利能力显著超预期，进入订单释放+量利双升共振阶段.pdf 20250412-中国银河-萤石网络-688475.SH-2024年年报业绩点评：智能产品线高增，净利润弹性有望长期变现.pdf