Downgrades Outperform Neutral X

ABBV AbbVie

Daiwa Securities

$180

Downgrades Outperform Neutral X

ABBV AbbVie

Daiwa Securities

$150

Upgrades Neutral Outperform X

ALV Autoliv

Daiwa Securities

$109

Downgrades Buy Outperform X

AMD Advanced Micro Devices

Daiwa Securities

$170 $130

Upgrades Outperform Buy X

AMD Advanced Micro

Daiwa Securities

$140 $150

Upgrades Neutral Buy X

AMGN Amgen

Daiwa Securities

$264 $320

Initiated Buy X

AMGN Amgen

Daiwa Securities

$300

Initiated Sell X

ANSS ANSYS

Daiwa Securities

$253

Upgrades Neutral Outperform X

APP AppLovin

Daiwa Securities

$80 $280

Initiated Neutral X

APP AppLovin

Daiwa Securities

$80

Initiated Buy X

ATAT Atour Lifestyle Hldgs. Ltd.

Daiwa Securities

$24

Initiated Buy X

ATHM Autohome

Daiwa Securities

Upgrades Neutral Buy X

AXP American Express

Daiwa Securities

$190 $215

Initiated Neutral X

BAC Bank of America

Daiwa Securities

$31

Initiated Buy X

BEKE KE Holdings

Daiwa Securities

Initiated Buy X

BGNE BeiGene

Daiwa Securities

$308

Downgrades Buy Outperform X

BIDU Baidu

Daiwa Securities

Initiated Buy X

BIDU Baidu

Daiwa Securities

$335

Upgrades Neutral Buy X

BILI Bilibili

Daiwa Securities

Upgrades Neutral Outperform X

BILI Bilibili

Daiwa Securities

Downgrades Buy Neutral X

BILI Bilibili

Daiwa Securities

Initiated Outperform X

BILI BiliBili

Daiwa Securities

Upgrades Neutral Outperform X

BMY Bristol-Myers

Daiwa Securities

Downgrades Outperform Neutral X

BMY Bristol-Myers

Daiwa Securities

$68 $54

Initiated Outperform X

BMY Bristol-Myers

Daiwa Securities

$70

Downgrades Buy Neutral X

BZ Kanzhun Limited

Daiwa Securities

Initiated Buy X

BZ Kanzhun Limited

Daiwa Securities

$19

Upgrades Outperform Buy X

BZUN Baozun

Daiwa Securities

Upgrades Neutral Buy X

C Citigroup

Daiwa Securities

$63

Initiated Buy X

C Citigroup

Daiwa Securities

$75

Downgrades Buy Outperform X

CEA China Eastern Airlines

Daiwa Securities

Downgrades Outperform Neutral X

CEO CNOOC Ltd

Daiwa Securities

Initiated Outperform X

CEO CNOOC Ltd

Daiwa Securities

Upgrades Neutral Buy X

CGNX Cognex

Daiwa Securities

$81 $75

Initiated Outperform X

CMCSA Comcast

Daiwa Securities

$43

Upgrades Neutral Buy X

COIN Coinbase Global

Daiwa Securities

$58 $65

Downgrades Buy Neutral X

COIN Coinbase Global

Daiwa Securities

$82 $52

Upgrades Outperform Buy X

COIN Coinbase Global

Daiwa Securities

$100

Downgrades Buy Outperform X

COIN Coinbase Global

Daiwa Securities

$200 $100

Upgrades Outperform Buy X

CRWD CrowdStrike

Daiwa Securities

$193 $181

Initiated Outperform X

CRWD CrowdStrike

Daiwa Securities

$224

Initiated Neutral X

CSIQ Canadian Solar

Daiwa Securities

$21

Resumed Neutral X

DADA Dada

Daiwa Securities

Downgrades Buy Neutral X

DADA Dada

Daiwa Securities

Upgrades Neutral Buy X

DADA Dada

Daiwa Securities

Initiated Buy X

DADA Dada

Daiwa Securities

$10.73

Upgrades Neutral Outperform X

DAO Youdao

Daiwa Securities

$4 $9.50

Downgrades Buy Underperform X

DAO Youdao

Daiwa Securities

$10

Downgrades Buy Neutral X

DDL Dingdong Ltd

Daiwa Securities

$7.50 $2.80

Initiated Outperform X

DE Deere

Daiwa Securities

$440

Upgrades Neutral Outperform X

DELL Dell

Daiwa Securities

$50 $80

Downgrades Outperform Neutral X

DG Dollar General

Daiwa Securities

$172

Downgrades Buy Outperform X

DOCU DocuSign

Daiwa Securities

$60

Initiated Buy X

DOCU DocuSign

Daiwa Securities

$239

Upgrades Neutral Outperform X

DQ Daqo New Energy

Daiwa Securities

Downgrades Outperform Neutral X

DQ Daqo New Energy

Daiwa Securities

$45 $32

Upgrades Neutral Outperform X

DQ Daqo New Energy

Daiwa Securities

Downgrades Outperform Neutral X

DQ Daqo New Energy

Daiwa Securities

Upgrades Neutral Buy X

EDU New Oriental Education & Technology

Daiwa Securities

Downgrades Buy Neutral X

EDU New Oriental Education & Technology

Daiwa Securities

$11 $2.40

Initiated Outperform X

EMR Emerson

Daiwa Securities

$147

Downgrades Outperform Neutral X

ENPH Enphase Energy

Daiwa Securities

$145 $100

Initiated Outperform X

ENPH Enphase Energy

Daiwa Securities

$335

Upgrades Neutral Outperform X

EW Edwards Lifesciences

Daiwa Securities

Upgrades Underperform Neutral X

F Ford Motor

Daiwa Securities

$12

Downgrades Outperform Neutral X

FDX FedEx

Daiwa Securities

Initiated Buy X

FINV FinVolution Group

Daiwa Securities

$6.70

Initiated Outperform X

FSLR First Solar

Daiwa Securities

$175

Upgrades Neutral Outperform X

FTNT Fortinet

Daiwa Securities

$75

Downgrades Buy Neutral X

FTNT Fortinet

Daiwa Securities

$62

Upgrades Outperform Buy X

FTNT Fortinet

Daiwa Securities

$307

Upgrades Neutral Buy X

GDS GDS Holdings

Daiwa Securities

Downgrades Neutral Underperform X

GPS Gap

Daiwa Securities

$13.75

Downgrades Buy Outperform X

GRAB Grab

Daiwa Securities

Initiated Outperform X

GRAB Grab

Daiwa Securities

$4.60

Upgrades Neutral Outperform X

GS Goldman Sachs

Daiwa Securities

$410 $430

Initiated Outperform X

GS Goldman Sachs

Daiwa Securities

$300

Downgrades Buy Outperform X

HMC Honda Motor

Daiwa Securities

Downgrades Outperform Neutral X

HON Honeywell

Daiwa Securities

$206 $194

Downgrades Outperform Neutral X

HPE Hewlett Packard Enterprise

Daiwa Securities

$16

Upgrades Neutral Outperform X

HPE Hewlett Packard Enterprise

Daiwa Securities

$12 $17

Initiated Buy X

HSAI Hesai Group

Daiwa Securities

$35

Upgrades Outperform Buy X

HTHT Huazhu Group

Daiwa Securities

$43 $34

Downgrades Buy Outperform X

HTHT Huazhu Group

Daiwa Securities

Upgrades Outperform Buy X

HTHT Huazhu Group

Daiwa Securities

Downgrades Outperform Underperform X

HTHT Huazhu Group

Daiwa Securities

Initiated Outperform X

HTHT China Lodging

Daiwa Securities

$50

Upgrades Outperform Buy X

HUYA HUYA

Daiwa Securities

$4 $3.60

Downgrades Outperform Neutral X

HUYA HUYA

Daiwa Securities

Upgrades Neutral Outperform X

HUYA HUYA

Daiwa Securities

Initiated Neutral X

HUYA HUYA

Daiwa Securities

Upgrades Neutral Buy X

ILMN Illumina

Daiwa Securities

$120 $154

Initiated Buy X

IMAB I-MAB

Daiwa Securities

Downgrades Outperform Neutral X

INTC Intel

Daiwa Securities

Initiated Outperform X

INTU Intuit

Daiwa Securities

$444

Downgrades Underperform Sell X

JKS JinkoSolar

Daiwa Securities

Downgrades Outperform Neutral X

JKS JinkoSolar

Daiwa Securities

$25

Initiated Outperform X

JKS JinkoSolar

Daiwa Securities

$33.30

Downgrades Outperform Neutral X

JNJ Johnson & Johnson

Daiwa Securities

$160 $150

Initiated Outperform X

JNJ Johnson & Johnson

Daiwa Securities

Downgrades Buy Outperform X

JPM JPMorgan Chase

Daiwa Securities

$240

Upgrades Outperform Buy X

JPM JPMorgan Chase

Daiwa Securities

Initiated Outperform X

JPM JPMorgan Chase

Daiwa Securities

$139

Upgrades Neutral Outperform X

KEP Korea Electric Power Corp

Daiwa Securities

Initiated Buy X

LEGN Legend Biotech

Daiwa Securities

Upgrades Neutral Buy X

LI Li Auto

Daiwa Securities

$33 $34

Downgrades Buy Outperform X

LLY Eli Lilly

Daiwa Securities

$660 $610

Initiated Outperform X

LLY Eli Lilly

Daiwa Securities

$286

Downgrades Outperform Neutral X

LPL LG Display

Daiwa Securities

Upgrades Outperform Buy X

LYFT Lyft

Daiwa Securities

$60

Upgrades Neutral Outperform X

LYFT Lyft

Daiwa Securities

$59 $56

Downgrades Outperform Neutral X

MA Mastercard

Daiwa Securities

$385 $375

Upgrades Neutral Outperform X

MA MasterCard

Daiwa Securities

$402

Downgrades Buy Neutral X

MBLY Mobileye Global

Daiwa Securities

Initiated Buy X

MBLY Mobileye Global

Daiwa Securities

$50

Upgrades Outperform Buy X

MLCO Melco Resorts & Entertainment

Daiwa Securities

Initiated Outperform X

MLCO Melco Resorts & Entertainment

Daiwa Securities

Downgrades Buy Neutral X

MRK Merck

Daiwa Securities

Upgrades Neutral Buy X

MRK Merck

Daiwa Securities

$89 $102

Initiated Neutral X

MRK Merck

Daiwa Securities

$70

Upgrades Neutral Outperform X

MS Morgan Stanley

Daiwa Securities

$86

Initiated Neutral X

MS Morgan Stanley

Daiwa Securities

$71

Initiated Buy X

MU Micron

Daiwa Securities

$140

Upgrades Neutral Outperform X

MUFG Mitsubishi Financial

Daiwa Securities

Upgrades Neutral Outperform X

NFLX Netflix

Daiwa Securities

$226 $330

Initiated Outperform X

NIU Niu Technologies

Daiwa Securities

Downgrades Outperform Neutral X

NMR Nomura Holdings

Daiwa Securities

Upgrades Neutral Outperform X

NTAP NetApp

Daiwa Securities

$70

Upgrades Neutral Outperform X

NVDA NVIDIA

Daiwa Securities

$408 $475

Downgrades Outperform Neutral X

NVDA NVIDIA

Daiwa Securities

$215 $133

Initiated Outperform X

NXT Nextracker

Daiwa Securities

$63

Upgrades Outperform Buy X

OKTA Okta

Daiwa Securities

$87

Initiated Buy X

OKTA Okta

Daiwa Securities

$282

Initiated Neutral X

ORCL Oracle

Daiwa Securities

$87

Initiated Outperform X

PANW Palo Alto Networks

Daiwa Securities

$350

Initiated Neutral X

PARA Paramount Global

Daiwa Securities

$26

Upgrades Neutral Outperform X

PFE Pfizer

Daiwa Securities

Downgrades Outperform Neutral X

PFE Pfizer

Daiwa Securities

$38

Upgrades Neutral Outperform X

PFE Pfizer

Daiwa Securities

$51

Initiated Outperform X

PTR PetroChina

Daiwa Securities

Upgrades Outperform Buy X

PUK Prudential Plc

Daiwa Securities

Initiated Outperform X

PUK Prudential Plc

Daiwa Securities

Downgrades Outperform Neutral X

PWR Quanta Services

Daiwa Securities

Initiated Outperform X

PWR Quanta Services

Daiwa Securities

$355

Upgrades Neutral Outperform X

PYPL PayPal

Daiwa Securities

$68 $72

Downgrades Outperform Neutral X

PYPL PayPal

Daiwa Securities

$64 $62

Upgrades Neutral Outperform X

PYPL PayPal

Daiwa Securities

$85 $116

Downgrades Buy Outperform X

QCOM Qualcomm

Daiwa Securities

$125

Initiated Outperform X

RBLX Roblox

Daiwa Securities

$56

Downgrades Outperform Neutral X

SATS Echostar Holdings

Daiwa Securities

Upgrades Neutral Buy X

SE Sea Limited

Daiwa Securities

Downgrades Buy Neutral X

SE Sea Limited

Daiwa Securities

Initiated Neutral X

SEDG SolarEdge Technologies

Daiwa Securities

$325

Downgrades Buy Outperform X

SONY Sony

Daiwa Securities

Initiated Neutral X

SPLK Splunk

Daiwa Securities

$189

Upgrades Outperform Buy X

SQ Block

Daiwa Securities

$71 $77

Initiated Neutral X

T AT&T

Daiwa Securities

$26

Downgrades Outperform Neutral X

TAK Takeda Pharma

Daiwa Securities

Upgrades Neutral Buy X

TAL TAL Education

Daiwa Securities

Downgrades Buy Neutral X

TAL TAL Education

Daiwa Securities

$38 $6.90

Upgrades Neutral Outperform X

TAL TAL Education

Daiwa Securities

Upgrades Neutral Buy X

TCOM Trip.com Group

Daiwa Securities

Downgrades Outperform Neutral X

TGT Target

Daiwa Securities

$170 $130

Downgrades Outperform Neutral X

TGT Target

Daiwa Securities

$134

Upgrades Neutral Buy X

TIGR UP Fintech

Daiwa Securities

Downgrades Outperform Neutral X

TME Tencent Music

Daiwa Securities

Initiated Buy X

TME Tencent Music

Daiwa Securities

Initiated Neutral X

TMUS T-Mobile US

Daiwa Securities

$128

Downgrades Outperform Neutral X

TSLA Tesla

Daiwa Securities

$245 $195

Reiterated Outperform X

TSLA Tesla

Daiwa Securities

$218 $185

Downgrades Buy Outperform X

TSM Taiwan Semiconductor Manufacturing

Daiwa Securities

Upgrades Outperform Buy X

TSM Taiwan Semiconductor Manufacturing

Daiwa Securities

Initiated Buy X

TWLO Twilio

Daiwa Securities

$463

Downgrades Outperform Neutral X

U Unity Software

Daiwa Securities

$110 $34

Initiated Outperform X

U Unity Software

Daiwa Securities

$110

Downgrades Outperform Neutral X

UBER Uber

Daiwa Securities

$84

Downgrades Buy Outperform X

UBER Uber

Daiwa Securities

$42 $51

Upgrades Outperform Buy X

UBER Uber

Daiwa Securities

$68

Upgrades Outperform Buy X

UMC United Micro

Daiwa Securities

Downgrades Outperform Neutral X

UNP Union Pacific

Daiwa Securities

$235 $242

Downgrades Outperform Neutral X

UPS UPS

Daiwa Securities

$155

Downgrades Outperform Neutral X

V Visa

Daiwa Securities

$230 $225

Upgrades Neutral Outperform X

V Visa

Daiwa Securities

$259

Upgrades Neutral Outperform X

VIPS Vipshop

Daiwa Securities

$17.30

Upgrades Neutral Buy X

VIPS Vipshop

Daiwa Securities

Downgrades Neutral Underperform X

VIPS Vipshop

Daiwa Securities

Downgrades Outperform Neutral X

VIPS Vipshop

Daiwa Securities

Downgrades Outperform Neutral X

VRTX Vertex Pharma

Daiwa Securities

$210

Initiated Outperform X

VRTX Vertex Pharma

Daiwa Securities

$250

Initiated Neutral X

VST Vistra Corp.

Daiwa Securities

$120

Upgrades Neutral Outperform X

VZ Verizon

Daiwa Securities

$36 $47

Initiated Neutral X

VZ Verizon

Daiwa Securities

$57

Downgrades Outperform Neutral X

WMT Wal-Mart

Daiwa Securities

Upgrades Neutral Buy X

XPEV XPeng

Daiwa Securities

$11

Downgrades Buy Sell X

XPEV XPeng

Daiwa Securities

$13 $8

Upgrades Sell Buy X

XPEV Xpeng Inc.

Daiwa Securities

$34

Downgrades Outperform Neutral X

ZI ZoomInfo

Daiwa Securities

$15 $9

Initiated Buy X

ZI ZoomInfo

Daiwa Securities

$66

Upgrades Underperform Outperform X

ZM Zoom Video

Daiwa Securities

$107 $121

Upgrades Sell Underperform X

ZM Zoom Video

Daiwa Securities

$207

Initiated Sell X

ZM Zoom Video

Daiwa Securities

$250

Upgrades Neutral Buy X

ZNH China Southern Airlines

Daiwa Securities

Downgrades Buy Neutral X

ZNH China Southern Airlines

Daiwa Securities

Downgrades Outperform Neutral X

ZNH China Southern Airlines

Daiwa Securities