| 招商证券（国际）早会纪要 20260216 | 招商香港研究部 | 2026-02-16 |
| 云音乐 (9899 HK) - 利润率持续扩张，看好用户增长 | 李怡珊,王腾杰,张贺楠 | 2026-02-13 |
| 网易 (NTES US) - 递延收入加速，游戏表现持续亮眼 | 李怡珊,王腾杰,张贺楠 | 2026-02-13 |
| NetEase (NTES US) - Deferred revenue accelerated with promising game performance | Li Yishan, Crystal,Wong Tang Kit, Tommy,Zhang Henan | 2026-02-12 |
| Cloud Music (9899 HK) - Margin expansion intact, bullish on user growth | Li Yishan, Crystal,Wong Tang Kit, Tommy,Zhang Henan | 2026-02-12 |
| Bud APAC (1876 HK) - 4Q better-than-feared; demand-driven reset remains uncertain | Wong Ming Him, Joseph | 2026-02-12 |
| Spotify科技集团 (SPOT US) - 人工智能带来长期利好，而非短期扰动 | 王腾杰,李怡珊,张贺楠 | 2026-02-12 |
| Spotify Technology S.A. (SPOT US) - AI should be a tailwind rather than headwind | Wong Tang Kit, Tommy,Li Yishan, Crystal,Zhang Henan | 2026-02-11 |
| Shiseido (4911 JP) - A mixed 4Q; 26E sales recovery remains clouded | Wong Ming Him, Joseph | 2026-02-11 |
| China Internet Sector - Domestic model iteration accelerates; Reiterate BUY on key AI names | Li Yishan, Crystal,Wong Tang Kit, Tommy | 2026-02-11 |
| 特斯拉（TSLA US）- 战略重心向物理AI迁移，但规模化及现金流能力有待观察 | 梁勇活,殷浩程 | 2026-02-10 |
| Tesla (TSLA US) - Strategic shift toward physical AI underway, with scalability and cash flow visibility yet to be proven | Liang Yonghuo,Harrison, Yin Haocheng | 2026-02-10 |
| China Macro Economy - Bond allocation window opens | CMS (HK) Research | 2026-02-10 |
| 美股市场周报(2026/2/9) - 牛市中期的修正：技术范式取代、资本开支焦虑与宏观流动性审视 | 宁铂 | 2026-02-09 |
| Reddit (RDDT US) - 四季度业绩与一季度指引重申可持续增长趋势 | 王腾杰,李怡珊,张贺楠 | 2026-02-09 |
| Reddit (RDDT US) - 4Q and 1Q guide reaffirm durable growth trend | Wong Tang Kit, Tommy,Li Yishan, Crystal,Zhang Henan | 2026-02-09 |
| US Strategy Weekly (9 February 2026) - Mid-Bull Market Correction: Tech Paradigm Shifts, CAPEX Anxiety, and Macro Liquidity Scrutiny | Ning Bo | 2026-02-09 |
| 港股市场周报 (2026/2/9) - 史诗级回调后，怎么看恒科和有色板块？ | 宁铂 | 2026-02-09 |
| HK Strategy Weekly (9 February 2026) - Beyond the Epic Pullback: Is it Time to Re-enter HSTECH and the Basic Metals Sector? | Ning Bo | 2026-02-09 |
| 亚马逊 (AMZN US) - 强劲四季度业绩；AWS增长加速 | 王腾杰,李怡珊,张贺楠 | 2026-02-06 |