Cailian Press and Caixin News reported on July 13 that CICC maintained a 'Buy' rating on MINIMAX-W (00100.HK), noting high revenue growth and infrastructure deployment progressing faster than expected, with net proceeds from its latest refinancing round amounting to approximately HK$15.96 billion. China Merchants Securities maintained a 'Strong Buy' rating on TCL Electronics (01070.HK), citing effective 'globalization' and 'premiumization' strategies, a joint venture with Sony, and an expansion project targeting annual production of ten million units. China Merchants Securities also maintained a 'Strong Buy' rating on Alibaba-SW (09988.HK) with a target price range of HK$161–189, highlighting accelerated cloud business revenue growth and improved profitability driven by strong growth in MaaS revenue and adoption of in-house developed chips. Soochow Securities maintained a 'Buy' rating on Bama Tea (06980.HK), stating the company delivered strong revenue and net profit growth in the first half of the year, driven by expansion across franchise, online, and key account channels.