In this briefing: China’s Bank-Centric Funding: An Under-Reported Risk Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics OpenAI. Is The Narrative Slowly Disintegrating ? The Beat Ideas: Dharmaj Crop Guard - From Capex Drag to Operating Leverage Propellant 1. China’s Bank-Centric Funding: An Under-Reported Risk China’s bank-centric funding model is an under-reported risk that appears to be lost amidst the current rally in Chinese stocks While it powered China’s investment boom previously, this model now misallocates capital, warehouses property losses on bank balance sheets, blunts PBoC easing, prolongs deflation risks and echoes Japan-style balance-sheet stagnation Without credible bank clean-up and a shift toward bond, equity and REIT funding, China’s rally risks remaining tactical rather than structural. The current rally does not signal a multi-year bull-run 2. Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits Allied Blenders & Distillers is transitioning from a mass-market to a premium-led portfolio , with strong brands like Officer’s Choice, ICONiQ White, and Sterling Reserve driving growth.