Equity Research

The work behind the conviction.

In-depth industry research and market commentary — written for VCs, PE, and industry professionals.

Featured · Healthcare · Private Equity

To What Extent Does Private Equity Ownership Benefit US Healthcare Companies?

An extended study comparing private equity's impact on US hospitals against pharmaceuticals and biotech. Leverage improves margins but raises fragility and hospital-acquired conditions; in innovation-driven pharma, PE capital creates value — with affordability as the cost.

Andrew Liu·Mar 2026·28 min read

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Energy · Industrials

In-Depth Analysis Report on the Rotary Steerable System Industry

The Rotary Steerable System (RSS) is hailed as the 'crown jewel' of directional drilling technology. By continuously adjusting the wellbore trajectory while the drill string rotates, it overcomes the inherent drawbacks of traditional sliding drilling methods.

Andrew Liu · Jan 8 · 7 min read

Technology · AI

Reflections on the AI Investment Bubble Debate

Since the launch of ChatGPT in late 2022, the stock prices of leading US AI companies have significantly outperformed the broader market. Following the emergence of DeepSeek in early 2025, leading Chinese AI companies have also substantially outperformed.

Andrew Liu · Nov 27, 2025 · 9 min read

Healthcare · Biotech

Akeso: Seizing a Trillion-Dollar Track in the $145.8 Billion Global Oncology Market with Bispecific Technology

Akeso, Inc. (9926.HK), founded in 2012, is dedicated to the research, development, production, and commercialization of innovative bispecific antibody therapies in oncology.

Andrew Liu · Oct 9, 2025 · 7 min read

Infrastructure

The Next Trillion-Dollar Bet? Why Investment Titans See a 'Dual Tailwind' in Infrastructure

As two titans in the infrastructure investment arena, Brookfield Asset Management Ltd. and Macquarie Group Ltd. recently indicated a long-term bullish stance on global infrastructure.

Andrew Liu · Sep 25, 2025 · 2 min read

Industrials · Batteries

Shuangdeng Group Co., Ltd. Stock Research Report

Shuangdeng Group Co., Ltd., established in 2011, specializes in the research, development, manufacturing and sale of lead-acid and lithium battery products for industrial applications.

Andrew Liu · Sep 25, 2025 · 5 min read

Economics · Policy

The Profit Motive and Its Limits: Innovation, Incentives, and the Case for Hybrid Enterprise

Profit drives innovation, job creation, and efficiency — but it cannot fill every social gap. Drawing on Arrow, Schumpeterian rent theory, and behavioural economics, this paper argues for hybrid models that blend charitable mission with entrepreneurial discipline.

Ivy Guo · Jul 28 · 12 min read

Macro · China

A Fiscal Policy Brief on China's 2026 Economy

China is at a late expansionary stage with clear signs of deceleration. Real GDP growth of 4.5% sits well below the historical 8–9%, unemployment is exactly at the natural rate, and inflation near zero raises real deflation risk. This brief argues for expansionary fiscal policy.

Ivy Guo · Mar 4 · 9 min read