Technical Analysis: 5 August 2026

Pfizer Inc. (PFE) 

• 2Q26 Revenue: $15.03B, +2.6% YoY, beat estimates by $640M 

• 2Q26 Non-GAAP EPS:  $0.77, beat estimates by $0.09 

• FY26 Guidance: Raised FY26 revenue guidance to US$60.5B–US$62.5B (from US$59.5B–US$62.5B) while reaffirming adjusted EPS guidance of US$2.80–US$3.00. Management also announced an additional US$2.5B cost-reduction programme, bringing total targeted savings to US$9.7B by 2029. 

• Dividends/Share Buybacks: Management reaffirmed its commitment to maintaining the dividend and indicated it intends to resume dividend growth after navigating the upcoming patent-expiration cycle. 

• Comment: This was a solid operational quarter. Revenue and adjusted EPS both exceeded expectations despite continued collapse in COVID product sales. Eliquis revenue increased 21%, Padcev grew 23%, and other key oncology and cardiovascular franchises continued gaining market share. The results suggest Pfizer’s non-COVID portfolio is increasingly capable of offsetting pandemic-related revenue declines. The main issue remains long-term growth visibility. Patent expirations over the next several years continue to pressure investor sentiment, while the recent failure of sigvotatug vedotin represents a setback for the Seagen acquisition. Management is responding by accelerating cost reductions and reinvesting savings into R&D, with obesity (Metsera), oncology and internal pipeline assets expected to drive growth after 2028. Shares rose roughly 2% following the earnings release as investors focused on the earnings beat and stronger non-COVID performance. The principal variables to monitor are execution of the expanded cost-saving programme, progress of the obesity pipeline, late-stage oncology readouts (particularly mevrometostat), and the company’s ability to replace revenue lost from patent expirations. 3Q26 recommended trading range: $20 to $30. Neutral Outlook. 

Pfizer Inc.（PFE) 

• 26财年第二季度营收：150.3亿美元，同比增长2.6%，超出预期6.4亿美元 

• 26财年第二季度非公认会计准则每股收益：0.77美元，显著超出预期0.09美元 

• 26财年全年指引更新：上调全年营收至605亿–625亿美元（原为595亿–625亿美元）；重申调整后EPS指引为2.80–3.00美元；宣布新增25亿美元成本削减计划，使2029年前总目标节省达97亿美元 

• 股息：重申维持当前股息，并计划在度过专利悬崖周期后恢复股息增长 

• 短评：本季度表现稳健，标志着非新冠业务持续复苏并逐步填补疫情产品收入缺口。尽管新冠相关销售额继续大幅萎缩，但Eliquis（抗凝药）等核心产品强劲增长，显示公司在肿瘤、心血管等关键治疗领域市场份额稳步提升。管理层正积极应对未来几年的专利到期压力（如Eliquis美国专利于2026年底到期），通过大规模成本优化释放资源，重点投向肥胖症（Metsera）、肿瘤学及内部研发管线，目标在2028年后实现新增长拐点。然而，长期增长能见度仍是核心挑战：Seagen收购后的关键候选药物sigvotatug vedotin近期临床失败，削弱了部分并购协同预期。市场虽认可当前执行力，但仍担忧“后Eliquis时代”的收入断崖风险。财报后股价上涨约2%，反映投资者对非新冠业务韧性与成本纪律的认可，但估值仍受制于中期增长不确定性。后续关键变量包括：（1）97亿美元成本削减计划的执行效率；（2）肥胖症管线（Metsera）；（3）晚期肿瘤项目（如mevrometostat）；（4）能否通过内生研发或外部合作有效对冲专利损失。Pfizer现金流强劲、股息安全，在转型期具备防御性。若研发管线取得突破，有望开启新一轮估值重估。26财年第三季度建议交易区间：20美元至30美元。中性前景。 

Caterpillar Inc. (CAT) 

• 2Q26 Revenue: $20.5B, +23.5% YoY, beat estimates by $1.3B 

• 2Q26 Non-GAAP EPS: $8.17, beat estimates by $1.97 

• FY26 Guidance: Raised FY26 sales and revenue growth guidance to mid- to high-teens from the prior outlook. Management also lowered expected FY26 tariff costs to approximately US$2.2B. Total backlog increased to a record US$72.1B, up roughly 92% YoY. 

• Dividends/Share Buybacks: Returned US$2.2B to shareholders during the quarter, including US$1.5B of share repurchases and approximately US$700M of dividends. 

• Comment: This was an exceptional quarter with broad-based strength across every major business. Construction Industries revenue increased 35%, Resource Industries grew 20%, and Power & Energy rose 17%, supported by robust demand for AI data-center infrastructure, mining equipment and North American construction. Stronger equipment volumes, pricing and operating leverage drove one of Caterpillar’s largest earnings beats in recent years. The key positive is demand visibility. Record backlog, accelerating order growth and raised full-year guidance suggest that AI infrastructure, utility investment and non-residential construction remain powerful secular drivers. The primary risks are whether hyperscaler data-center spending eventually moderates, regulatory constraints on power availability delay projects, and whether mining demand softens if commodity prices weaken. Shares surged approximately 10% following the earnings release, reflecting the magnitude of the beat and guidance increase. The principal variables to monitor are AI-related power demand, construction activity, mining capital expenditure, tariff impacts and backlog conversion. 3Q26 recommended trading range: $800 to $1000. Positive Outlook. 

Caterpillar Inc.（CAT) 

• 26财年第二季度营收：205亿美元，同比增长23.5%，大幅超出预期13亿美元 

• 26财年第二季度非公认会计准则每股收益：8.17美元，显著超出预期1.97美元 

• 26财年全年指引上调：全年销售与收入增速指引提升至“中高双位数”（约15%–19%）；预计26财年关税成本下调至约22亿美元；积压订单（backlog） 

• 股息与回购：本季度向股东返还22亿美元（含15亿回购 + 7亿股息） 

• 短评：本季度表现极为强劲，为近年来最突出的盈利超预期之一。三大业务板块全面增长：建筑工业（Construction Industries）；资源工业（Resource Industries）；能源与动力系统（Power & Energy）增长由多重结构性趋势驱动：AI数据中心建设激增、北美非住宅建筑活跃、矿业资本开支稳健，共同推升设备销量、定价能力与运营杠杆。最大亮点在于需求能见度极高：创纪录的721亿美元 backlog（同比+92%）和加速的订单流入，表明当前并非周期性反弹，而是由AI算力基建、电网现代化和资源安全等长期趋势支撑的持续性扩张。财报后股价大涨约10%，反映市场对Caterpillar从“周期股”向“结构性成长股”重估的认可。然而，风险仍需关注：（1）超大规模客户（hyperscalers）；（2）电力审批与输电瓶颈是否延缓数据中心项目落地；（3）若大宗商品价格回落，矿业投资可能放缓。后续关键变量包括：（1）AI相关电力与冷却设备需求持续性；（2）美国基建法案与制造业回流对建筑活动的拉动；（3）全球矿业CAPEX节奏；（4）关税与供应链成本是否进一步改善；（5）backlog向收入的高效转化能力。Caterpillar正站在全球再工业化与AI基础设施浪潮的交汇点，技术领先、定价权强、现金流充沛。若执行持续兑现，有望维持高估值中枢。26财年第三季度建议交易区间：800美元至1000美元。积极前景。 

McDonald’s Corporation (MCD) 

• 2Q26 Revenue: $7.09B, +3.7% YoY, miss estimates by $40M 

• 2Q26 Non-GAAP EPS: $3.38, beat estimates by $0.06 

• FY26 Guidance: Management remains focused on improving U.S. execution through enhanced digital offers, value promotions, personalized marketing and operational improvements. The company also lowered its estimated foreign-exchange tailwind for FY26.  

• Dividends/Share Buybacks: McDonald’s continues its regular quarterly dividend and ongoing share repurchase program. 

• Comment: This was a mixed but slightly better-than-feared quarter. Adjusted EPS beat expectations, while international markets remained resilient with positive comparable sales across all operating segments. Global systemwide sales increased about 4% in constant currency, demonstrating continued brand strength despite a challenging consumer backdrop. The primary weakness remains the U.S. business. Domestic comparable sales slowed to 0.8%, with management attributing roughly two-thirds of the shortfall to inconsistent restaurant execution and weaker-than-expected marketing rather than deteriorating demand. Reduced digital promotions also lowered customer engagement, prompting McDonald’s to accelerate personalized offers and strengthen its value platform. The appointment of Skye Anderson as President of McDonald’s USA underscores management’s focus on execution. Shares rose modestly, about 1%–2%, following the earnings release. The principal variables to monitor are U.S. comparable-sales recovery, digital engagement, value-menu effectiveness, margin resilience amid commodity inflation, and international growth. 3Q26 recommended trading range: $210 to $300. Neutral Outlook. 

McDonald’s Corporation（MCD) 

• 26财年第二季度营收：70.9亿美元，同比增长3.7%，略低于预期4000万美元 

• 26财年第二季度非公认会计准则每股收益：3.38美元，小幅超出预期0.06美元 

• 26财年全年指引：管理层聚焦改善美国市场运营，通过强化数字优惠、价值促销、个性化营销及门店执行；同时下调全年外汇利好预期 

• 股息与回购：维持季度股息及持续股票回购计划 

• 短评：本季度表现混合但略好于市场担忧。尽管营收小幅不及预期，调整后EPS超预期，且所有国际业务板块均实现同店销售正增长，全球系统销售额（constant currency），彰显品牌在全球范围内的韧性。然而，美国市场仍是主要拖累：同店销售额仅增长0.8%，远低于历史水平。管理层指出，约三分之二的疲软源于内部执行问题——包括营销效果不佳、门店运营不一致及数字促销减少导致顾客互动下降，而非宏观需求恶化。为应对，公司正加速推出个性化优惠、强化“价值菜单”（如$5 Meal Deal），并任命Skye Anderson为美国业务总裁，凸显对本土市场重振的决心。财报后股价温和上涨1%–2%，反映投资者认可国际业务稳健及美国问题“可修复”的判断。后续关键变量包括：（1）美国同店销售能否在Q3–Q4显著回升；（2）数字平台活跃度与会员转化率是否提升；（3）价值套餐在高通胀环境下对客流的拉动效果；（4）牛肉、鸡肉等大宗商品成本走势对特许经营商利润的影响；（5）欧洲、亚太等国际市场增长持续性。麦当劳凭借强大品牌、轻资产模式和全球布局，在消费承压环境中仍具防御性。若美国运营改善见效，有望驱动新一轮估值修复。26财年第三季度建议交易区间：210美元至300美元。中性前景。 

Energy Transfer LP Common Units (ET) 

• 2Q26 Revenue: $34.3B, beat estimates by $5.44B 

• 2Q26 GAAP EPS: $0.59, beat estimates by $0.22 

• 3Q26 Guidance: Raised FY26 adjusted EBITDA guidance to US$16.5B–US$16.9B (from the prior outlook) and increased growth capital expenditure guidance to reflect continued investment in natural gas infrastructure, including Permian and LNG-related projects. 

• Dividends/Share Buybacks: Announced its 19th consecutive quarterly distribution increase, continuing its steady distribution growth strategy. 

• Comment: This was an excellent quarter. Revenue, adjusted EPS and EBITDA all exceeded expectations, supported by record transportation volumes across natural gas, NGLs and crude oil. The company also raised full-year guidance, reinforcing that North American natural gas infrastructure remains one of the strongest beneficiaries of LNG export growth and rising electricity demand. The key positive is growth visibility. Energy Transfer continues to expand its pipeline network and processing assets while benefiting from long-term, fee-based contracts that provide relatively stable cash flows. AI-driven data-center power demand, new LNG export capacity and continued Permian production growth should support high utilization across its system over the next several years. The primary risks remain higher capital spending, execution on new projects and interest-rate sensitivity given the partnership’s leverage. The principal variables to monitor are LNG export growth, Permian production volumes, project execution, leverage, and distributable cash flow coverage. 3Q26 recommended trading range: $18 to $22. Neutral Outlook. 

Energy Transfer LP（ET) 

• 26财年第二季度营收：343亿美元，大幅超出预期54.4亿美元 

• 26财年第二季度公认会计准则每股收益：0.59美元，显著超出预期0.22美元 

• 26财年全年指引上调：调整后EBITDA指引提升至165亿–169亿美元；增长型资本开支增加，用于持续投资天然气基础设施，包括二叠纪盆地和LNG相关项目 

• 股息（分配）：宣布连续第19个季度提高单位分配，延续稳健的分配增长策略 

• 短评：本季度表现极为出色，全面超预期。天然气、NGL（天然气液）和原油的运输量均创纪录，推动营收、EBITDA和盈利强劲增长。公司上调全年指引，进一步验证其作为北美LNG出口扩张与电力需求增长核心受益者的地位。核心优势在于高能见度的增长路径：Energy Transfer正通过扩建管道与处理设施，深度绑定三大结构性趋势——（1）美国LNG出口能力持续提升；（2）AI数据中心激增推高天然气发电需求；（3）二叠纪盆地油气产量维持高位。其收入主要来自长期、基于费用的合同，提供相对稳定且可预测的现金流。然而，风险仍需关注：（1）资本开支上升可能延缓去杠杆进程；（2）新项目执行进度与成本控制；（3）利率高企环境下，其较高杠杆水平对融资成本敏感。财报后市场反应积极，反映投资者对其“基础设施+能源转型”双重逻辑的认可。后续关键变量包括：（1）美国LNG出口终端投产与利用率；（2）二叠纪产量是否维持在180万桶油当量/日以上；（3）新管道与处理厂项目的按时投运；（4）可分配现金流对分配的覆盖率（当前稳健）；（5）资产负债表去杠杆节奏。Energy Transfer凭借庞大资产网络、长期合约和战略位置，在能源再平衡周期中占据有利地位。高分配收益率（当前约7%+）叠加增长前景，具备吸引力，但需警惕利率与项目执行风险。26财年第三季度建议交易区间：18美元至22美元。中性前景。 

Merck & Co., Inc. (MRK) 

• 2Q26 Revenue: $16.61B, +5.1% YoY, beat estimates by $240M 

• 2Q26 Non-GAAP EPS: –$0.13, beat estimates by $0.13 

• 3Q26 Guidance: Raised FY26 revenue guidance to US$66.3B–US$67.3B from US$65.8B–US$67.0B. However, FY26 adjusted EPS guidance was reduced to US$2.66–US$2.76 due entirely to acquisition-related charges and financing costs rather than weaker operations. 

• Dividends/Share Buybacks: Maintained its quarterly dividend. 

• Comment: This was a fundamentally strong quarter despite the headline loss. Keytruda sales increased 5% to US$8.37B, with the new subcutaneous formulation Keytruda QLEX contributing US$463M in its early launch. Winrevair continued its rapid ramp, with revenue increasing 75% YoY to US$588M, while Animal Health revenue rose 8%. These businesses more than offset continued weakness in legacy products such as Januvia. The main concern is earnings optics rather than operating performance. The acquisition of Terns Pharmaceuticals materially reduced reported earnings and forced a sharp cut to FY26 EPS guidance, even though revenue guidance was increased. Investors largely looked through the accounting impact, focusing instead on the strength of the oncology franchise and Merck’s growing post-Keytruda pipeline. Shares rose modestly following the release. The principal variables to monitor are continued uptake of Keytruda QLEX, Winrevair commercialization, Gardasil demand recovery, execution of recently acquired pipeline assets, and progress in building replacement growth ahead of Keytruda’s patent expiry later this decade. 3Q26 recommended trading range: $110 to $150. Neutral Outlook. 

Merck & Co., Inc.（MRK) 

• 26财年第二季度营收：166.1亿美元，同比增长5.1%，超出预期2.4亿美元 

• 26财年第二季度非公认会计准则每股收益：-0.13美元，优于预期0.13美元（亏损收窄） 

• 26财年全年指引调整：上调全年营收至663亿–673亿美元（原为658亿–670亿美元）；但下调调整后EPS至2.66–2.76美元，主因收购Terns Pharmaceuticals产生的融资成本与一次性费用，而非核心业务疲软 

• 股息：维持季度股息不变 

• 短评：本季度基本面强劲，尽管账面录得亏损，实则运营表现优异。Keytruda销售额增长5%至83.7亿美元，其中新推出的皮下注射剂型Keytruda QLEX已贡献4.63亿美元，验证给药便利性带来的市场接受度。Winrevair（肺动脉高压新药），动物保健业务增长8%，共同抵消了Januvia等老产品持续下滑的影响。然而，盈利指引大幅下调引发短期困惑——这完全源于收购Terns的会计处理（包括债务融资利息及整合成本），并非经营恶化。管理层明确强调，核心肿瘤、心血管和动物健康业务势头良好。投资者理性看待这一“会计噪音”，更关注Keytruda专利到期（预计2028–2029年）前的接续管线进展。财报后股价温和上涨，反映市场聚焦长期价值而非短期盈利波动。后续关键变量包括：（1）Keytruda QLEX的渗透速度与定价优势；（2）Winrevair能否维持高增长并拓展适应症；（3）Gardasil疫苗需求是否从库存调整中恢复；（4）Terns及其他收购资产的临床与商业化整合成效；（5）内部研发管线（如V116肺炎疫苗、MK-1962等）。Merck正处在一个关键转型期：在享受Keytruda最后几年峰值收入的同时，加速构建“后Keytruda时代”的增长引擎。当前估值已部分反映过渡期压力，若新药放量顺利，有望重获增长溢价。26财年第三季度建议交易区间：110美元至150美元。中性前景 
   

Advanced Micro Devices, Inc. (AMD) 

• 2Q26 Revenue: $11.54B, +50.1% YoY, beat estimates by $230M 

• 2Q26 Non-GAAP EPS: $1.66, beat estimates by $0.05 

• 3Q26 Guidance: 3Q26 revenue is expected to be approximately US$13.0B (±US$300M), above consensus of about US$12.5B, with adjusted gross margin of approximately 56%. Management expects Helios AI rack systems to begin ramping during 2H26 and into 2027. 

• Comment: This was an excellent operating quarter. Revenue, EPS and guidance all exceeded expectations, while Data Center revenue surged 107% YoY as Instinct AI accelerators and EPYC server CPUs continued gaining share. AMD also expanded its AI ecosystem through Helios rack-scale systems and secured major hyperscale customers including Anthropic, Meta, Microsoft, Oracle and OpenAI. The main issue was expectations rather than execution. Investors had anticipated an even more aggressive AI outlook after AMD’s sharp share-price rally. Gross margin of 54% missed expectations because of near-term costs associated with the Helios ramp, while management’s revenue guidance, although above consensus, was not viewed as a “blowout.” As a result, the stock fell roughly 8–9% after hours despite delivering a clean beat-and-raise quarter. The principal variables to monitor are Helios deployment, MI500 GPU adoption, Data Center gross-margin expansion, ROCm software adoption versus NVIDIA CUDA, and the pace of hyperscaler AI infrastructure spending through 2027. 3Q26 recommended trading range: $430 to $550. Neutral Outlook. 

Advanced Micro Devices, Inc.（AMD) 

• 26财年第二季度营收：115.4亿美元，同比增长50.1%，超出预期2.3亿美元 

• 26财年第二季度非公认会计准则每股收益：1.66美元，小幅超出预期0.05美元 

• 26财年第三季度指引：营收约130亿美元（±3亿美元），高于市场共识的125亿美元；调整后毛利率约56%；Helios AI整机柜系统将于2H26起逐步量产，并延续至2027年 

• 短评：本季度运营表现卓越，全面超预期。数据中心业务收入同比暴增107%，由Instinct MI300系列AI加速器和EPYC服务器CPU强劲放量驱动，持续抢占市场份额。公司进一步深化AI生态布局，推出Helios整机柜级AI系统，并赢得Anthropic、Meta、Microsoft、Oracle和OpenAI等顶级超大规模客户，验证其从芯片向完整AI基础设施解决方案的战略转型。然而，市场反应负面——盘后股价大跌8%–9%，主因在于预期过高：投资者在前期股价大幅上涨后，期待更激进的AI增长指引；实际毛利率54%略低于预期，因Helios初期部署带来短期成本压力；尽管Q3指引高于共识，但未达“爆炸性”水平，被视作“温和超预期”。后续关键变量包括：（1）Helios系统在2026下半年及2027年的部署节奏与客户采纳率；（2）MI500系列GPU的下一代产品竞争力与市占率提升；（3）数据中心毛利率能否随规模效应和产品组合优化回升至56%+；（4）ROCm软件生态对NVIDIA CUDA的替代进展（开发者迁移是长期胜负手）；（5）超大规模客户AI资本开支是否在2027年前维持高位。AMD已确立为AI计算核心玩家之一，技术路线清晰、客户基础坚实。但作为高估值成长股，其股价对“预期差”极度敏感。若Helios和MI500顺利放量，有望重获上行动能。26财年第三季度建议交易区间：430美元至550美元。中性前景。 

Space Exploration Technologies Corp. (SPCX) 

• 2Q26 Revenue: $7.8B, +90.2% YoY, beat estimates by $980M 

• 2Q26 GAAP EPS: –$0.09, beat estimates by $0.20 

• Guidance: Management reiterated its long-term target of scaling AI compute capacity to 10 GW by 2027, expanding Starship launch cadence and continuing rapid Starlink subscriber growth. Capital expenditure remained extremely elevated at approximately US$15.8B during the quarter. 

• Comment: This was a fundamentally strong first earnings report as a public company. Revenue grew 92% YoY, AI revenue surged more than 240%, Starlink revenue reached approximately US$4.3B, and the quarterly loss was much smaller than expected. The results reinforce that SpaceX is evolving beyond a launch company into an AI infrastructure and satellite connectivity platform. The principal concern is capital intensity. AI infrastructure spending reached US$15.8B in the quarter, driving negative free cash flow despite rapid revenue growth. In addition, the imminent IPO lock-up expiry has created technical selling pressure. Investors reacted negatively despite the earnings beat, with shares falling roughly 6%–7% after hours as the market focused on cash burn rather than revenue growth. The key variables to monitor are AI infrastructure returns, Starlink subscriber growth, Starship commercialization, launch cadence, and whether operating leverage begins to offset exceptionally high capex. 3Q26 recommended trading range: $90 to $140. Negative Outlook. 

Space Exploration Technologies Corp.（SPCX) 

• 26财年第二季度营收：78亿美元，同比增长90.2%，超出预期9.8亿美元 

• 26财年第二季度公认会计准则每股亏损：0.09美元，显著优于预期（亏损收窄0.20美元） 

• 指引与战略重点：重申长期目标——到2027年将AI算力容量扩展至10吉瓦（GW）、提升Starship发射频率、加速Starlink用户增长；本季度资本开支高达158亿美元，维持极高投入水平 

• 短评：作为SpaceX上市后的首份财报，本季度展现强劲基本面。营收同比激增92%，其中AI相关收入飙升超240%，Starlink贡献约43亿美元收入，验证公司正从“火箭发射商”成功转型为“AI基础设施+全球卫星互联网平台”。亏损大幅收窄，远好于市场担忧。然而，市场焦点迅速转向资本强度风险：单季158亿美元的资本开支导致自由现金流深度为负，即便在高增长背景下，投资者仍担忧其“烧钱换规模”模式的可持续性。叠加IPO锁定期即将结束，引发潜在抛压，加剧短期波动。财报后股价盘后下跌6%–7%，反映市场在当前高利率环境下，对高资本支出、负现金流成长股的容忍度下降——即使故事宏大，也要求更清晰的盈利路径。后续关键变量包括：（1）AI基础设施投资能否在未来12–18个月内产生可量化的回报（如云计算或模型训练服务收入）；（2）Starlink用户增长与ARPU提升节奏（当前超400万用户）；（3）Starship是否实现高频、低成本商业化发射（降低单位发射成本）；（4）运营杠杆能否随规模扩大而显现，逐步抵消巨额capex。SpaceX拥有颠覆性技术组合与垄断性轨道资产，在AI与太空经济交汇点占据独特生态位。但短期估值高度依赖叙事而非盈利，且现金流压力显著。若AI或Starlink变现不及预期，股价或持续承压。26财年第三季度建议交易区间：90美元至140美元。负面前景。 

Arista Networks Inc. (ANET) 

• 2Q26 Revenue: $3.04B, +38.2% YoY, beat estimates by $210M 

• 2Q26 Non-GAAP EPS: $1.02, beat estimates by $0.13 

• 3Q26 Guidance: Expect revenue of $3.3B, above analysts’ average estimate of $2.94B and adjusted earnings per share in the range of $1.06 to $1.08, also above estimate of 91 cents. 

• Comment: Arista Networks delivered another strong quarter as robust AI infrastructure investment continued to drive demand for its high-speed networking solutions. Second-quarter revenue rose 38% YoY to US$3.04bn while adjusted EPS of US$1.02 comfortably beat expectations, supported by strong demand from hyperscale cloud customers such as Microsoft and Amazon, as well as improving supply chain execution and expanding operating margins. Management also guided third-quarter revenue of approximately US$3.3bn and adjusted EPS of US$1.06-1.08, both well above consensus, reflecting sustained momentum in AI data center deployments. Beyond hyperscalers, Arista continues to diversify its revenue base by expanding into enterprise campus and branch networking, positioning its networking platform as the core infrastructure connecting AI data centers, cloud and enterprise environments. Arista Networks remains well positioned to benefit from the accelerating buildout of AI infrastructure as hyperscalers continue investing in next-generation data centers requiring increasingly high-performance networking equipment. Improving component availability, expanded manufacturing capacity and stronger supply agreements should support continued growth and margin resilience, while its growing enterprise networking business provides an additional avenue for diversification beyond cloud customers. As AI clusters become larger and more bandwidth intensive, Arista’s leadership in high-speed Ethernet networking is expected to support sustained revenue growth and continued market share gains over the coming years. 3Q26 recommended trading range: $200 to $230. Positive Outlook. 

Arista Networks（ANET) 

• 26财年第二季度营收：30.4亿美元，同比增长38.2%，超出预期2.1亿美元 

• 26财年第二季度非公认会计准则每股收益：1.02美元，超出预期0.13美元 

• 26财年第三季度指引：预计营收为33亿美元，高于分析师平均预期的29.4亿美元；调整后每股收益在1.06至1.08美元之间，高于预期的0.91美元。 

• 短评：Arista Networks第二季度业绩强劲，稳健的AI基础设施投资持续推动其高速网络解决方案的需求。第二季度营收同比增长38%至30.4亿美元，调整后每股收益1.02美元轻松超出预期，这得益于微软和亚马逊等超大规模云客户的强劲需求，以及供应链执行力的改善和营业利润率的扩大。管理层给出的第三季度营收指引约为33亿美元，调整后每股收益为1.06至1.08美元，均远高于市场共识，反映出AI数据中心部署的持续动能。除超大规模客户外，Arista正通过向企业园区和分支机构网络扩展来继续实现收入基础的多元化，将其网络平台定位为连接AI数据中心、云和企业环境的核心基础设施。随着超大规模云客户继续投资于需要日益高性能网络设备的新一代数据中心，Arista Networks仍处于有利地位，有望受益于加速发展的AI基础设施建设。零部件供应的改善、产能的扩大以及更强大的供应协议应能支持其持续增长和利润率的韧性，而其不断增长的企业网络业务为云客户之外的多元化提供了额外途径。随着AI集群规模扩大且对带宽要求更高，Arista在高速以太网网络领域的领导地位预计将支持其在未来几年实现持续的营收增长和市场份额提升。26财年第三季度建议交易区间：200美元至230美元。积极前景。 

Astera Labs Inc. (ALAB) 

• 2Q26 Revenue: $392.4M, +104.5% YoY, beat estimates by $31.59M 

• 2Q26 Non-GAAP EPS: $0.80, beat estimates by $0.11 

• 3Q26 Guidance: Expect revenue of $540-560M, non-GAAP gross margin of about 72%, operating expenses of $156M to $160M and operating margin of about 43%. 

• Comment: Astera Labs delivered another record quarter, with revenue rising 27% sequentially and 104% YoY to US$392.4mn, driven by broad-based demand across its AI connectivity portfolio and accelerating hyperscaler AI infrastructure deployments. PCIe 6.0 products now account for more than half of total revenue, led by strong adoption of Scorpio AI fabric switches and Aries retimers, while Scorpio X-Series has entered volume production and is expected to become the company’s largest product family one quarter ahead of schedule. Growth was further supported by record Aries revenue, increasing Taurus shipments for AI networking, and renewed momentum in CXL memory controllers, alongside continued design wins with hyperscalers across AI training, inference and general-purpose compute. Management also guided for strong third-quarter revenue of US$540-560mn, implying roughly 40% sequential growth, underpinned by the continued production ramp of Scorpio X-Series, expanding PCIe 6.0 deployments and improving operating leverage. Astera Labs is well positioned to benefit from the accelerating buildout of AI infrastructure as hyperscalers scale larger AI clusters that require increasingly sophisticated connectivity solutions. Management expects Scorpio AI fabric switches, PCIe 6.0 signal conditioning products, Taurus smart cable modules and Leo CXL memory controllers to drive sustained growth through 2027, while expansion into optical interconnects, UALink-enabled fabrics and custom silicon solutions significantly broadens its long-term addressable market. With growing design wins, deeper customer engagements and increasing silicon content per AI system, Astera Labs appears well placed to outgrow the broader AI infrastructure market as next-generation AI architectures become more complex and bandwidth intensive. 3Q26 recommended trading range: $320 to $380. Neutral Outlook. 

Astera Labs（ALAB) 

• 26财年第二季度营收：3.924亿美元，同比增长104.5%，超出预期3159万美元 

• 26财年第二季度非公认会计准则每股收益：0.80美元，超出预期0.11美元 

• 26财年第三季度指引：预计营收在5.4亿至5.6亿美元之间，非公认会计准则毛利率约为72%，运营费用在1.56亿至1.6亿美元之间，营业利润率约为43%。 

• 短评：Astera Labs再创季度新高，营收环比增长27%，同比增长104%，达到3.924亿美元，这主要得益于其AI连接产品组合的广泛需求以及超大规模客户AI基础设施部署的加速。PCIe 6.0产品目前占总营收的一半以上，其中Scorpio AI架构交换机和Aries重定时器的强劲采用起到了主导作用，而Scorpio X系列已进入量产阶段，预计将比计划提前一个季度成为公司最大的产品系列。Aries营收创下历史新高、用于AI网络的Taurus出货量增加、CXL内存控制器重新焕发增长动能，以及在AI训练、推理和通用计算领域持续赢得超大规模客户的设计订单，进一步推动了业绩增长。管理层给出的第三季度强劲营收指引为5.4亿至5.6亿美元，意味着环比增长约40%，这得益于Scorpio X系列的持续量产爬坡、PCIe 6.0部署的扩大以及运营杠杆的改善。随着超大规模客户扩展需要日益复杂的连接解决方案的更大规模AI集群，Astera Labs处于有利地位，有望受益于加速发展的AI基础设施建设。管理层预计，Scorpio AI架构交换机、PCIe 6.0信号调节产品、Taurus智能电缆模块和Leo CXL内存控制器将推动持续增长直至2027年，同时向光互连、支持UALink的架构和定制硅解决方案的扩展显著拓宽了其长期潜在市场。随着设计订单的增加、客户互动的深化以及每个AI系统硅含量的提高，随着下一代AI架构变得更加复杂且对带宽要求更高，Astera Labs似乎已做好充分准备，其增长速度将超越更广泛的AI基础设施市场。26财年第三季度建议交易区间：320美元至380美元。中性前景。 

Booking Holdings Inc. (BKNG) 

• 2Q26 Revenue: $7.35B, +8.1% YoY, beat estimates by $160M 

• 2Q26 Non-GAAP EPS: $2.54, beat estimates by $0.11 

• FY26 Guidance: Expect full-year gross bookings growth to be in high single-digits, ​down from its prior forecast of high single-digits to low double-digits. 

• Comment: Booking Holdings delivered a strong second quarter, with adjusted EPS of US$2.54 beating expectations, supported by resilient U.S. domestic and regional travel demand despite ongoing geopolitical disruptions. However, the company lowered its full-year gross bookings growth outlook to the high single digits from its previous expectation of high single digits to low double digits, reflecting weaker long-haul international travel as elevated airfares, reduced airline capacity and the prolonged Middle East conflict weighed on global travel demand. Management expects inbound travel to the Middle East and broader flight network disruptions to persist through the third quarter. Encouragingly, the company’s investments in AI are already generating tangible benefits, with customer service costs per booking declining at a double-digit rate while maintaining high customer satisfaction, highlighting improving operating efficiency. Booking Holdings remains well-positioned to benefit from resilient leisure travel demand, particularly in domestic and regional markets, while continued investment in AI should enhance customer experience, improve operating efficiency and support long-term profitability. Although geopolitical tensions and airline capacity constraints are expected to continue weighing on international travel in the near term, management believes its technology investments and diversified global platform position the company to capture demand as travel conditions normalise. Looking ahead, the pace of recovery in long-haul travel, adoption of AI-powered booking capabilities and competitive dynamics from emerging AI travel agents will be key factors influencing future growth. 3Q26 recommended trading range: $180 to $220. Neutral Outlook. 

Booking Holdings（BKNG) 

• 26财年第二季度营收：73.5亿美元，同比增长8.1%，超出预期1.6亿美元 

• 26财年第二季度非公认会计准则每股收益：2.54美元，超出预期0.11美元 

• 26财年全年指引：预计全年总预订量增长率为高个位数，低于此前预测的高个位数至低双位数。 

• 短评：Booking Holdings第二季度业绩强劲，调整后每股收益2.54美元超出预期，尽管地缘政治局势持续动荡，但美国国内和区域旅游需求依然保持韧性。然而，公司将全年总预订量增长预期从此前的高个位数至低双位数下调至高个位数，反映出由于机票价格居高不下、航空公司运力减少以及中东冲突旷日持久对全球旅游需求造成压力，导致长途国际旅行疲软。管理层预计，前往中东的入境旅行和更广泛的航班网络中断情况将持续到第三季度。令人鼓舞的是，公司在AI领域的投资已开始产生切实效益，每次预订的客户服务成本以双位数的比率下降，同时保持了较高的客户满意度，凸显了运营效率的提升。Booking Holdings仍处于有利地位，有望受益于具有韧性的休闲旅游需求，尤其是在国内和区域市场，而对AI的持续投资应能提升客户体验、提高运营效率并支持长期盈利能力。尽管地缘政治紧张局势和航空运力限制预计将在短期内继续对国际旅行造成压力，但管理层认为，其技术投资和多元化的全球平台使公司能够在旅行条件正常化时把握需求。展望未来，长途旅行的复苏步伐、AI驱动预订功能的采用以及新兴AI旅行代理带来的竞争态势，将是影响未来增长的关键因素。26财年第三季度建议交易区间：180美元至220美元。中性前景。