Technical Analysis – 15 April 2026

United States | Singapore | Hong Kong | Earnings

Ouster, Inc (OUST US)

• Shares closed on the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Long – Entry 23, Target 33, Stop 18 

GE Aerospace. (GE US) 

• Shares closed above the 5dEMA. 
• RSI is constructive and MACD is about to turn positive. 
• Long – Entry 315, Target 345, Stop 300 

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Sunpower Group Ltd. (SPWG SP) 

• Shares closed above the 5dEMA. 
• The RSI is constructive and MACD is about to turn positive. 
• Buy – Entry 0.500, Target 0.550, Stop 0.475  

Food Empire Holdings Limited (FEH SP) 

• Shares closed above the 5dEMA.  
• Both RSI and MACD are constructive. 
• Buy – Entry 3.10, Target 3.40, Stop 2.95 

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Giga Device Semiconductor Inc. (3986 HK)  

• Shares closed above the 5dEMA with rising volume. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 410, Target 440, Stop 395

Lenovo Group Limited (992 HK) 

• Shares closed at a five-month high above the 5dEMA with rising volume. The 20dEMA crossed the 100dEMA. 
• Both RSI and MACD are constructive.  
• Long – Entry 10.3, Target 11.1, Stop 9.9 

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JPMorgan Chase & Co. (JPM) 

• 1Q26 Revenue: $50.5B, +9.8% YoY, beat estimates by $1.59B 

• 1Q26 GAAP EPS: $5.94, beat estimates by $0.48 

• 2Q26 Guidance: Management described the U.S. economy as resilient but emphasized rising risks including geopolitical tensions, energy price volatility, trade uncertainty, large fiscal deficits, and elevated asset prices. 

• Dividend/Share Buybacks: Common dividend was $4.1B, or $1.50 per share. The firm also repurchased $8.1B of common stock in 1Q26.  

• Comment: The quarter was strong across most major lines. Net income was $16.5B, up 13% YoY, while managed revenue reached $50.5B. ROE was 19% and ROTCE was 23%, which remains a very strong level of profitability for a bank of JPMorgan’s scale. Markets and investment banking were the clear drivers. CIB revenue rose 19% YoY. Markets revenue reached a record $11.6B, up 20%, with Fixed Income Markets up 21% and Equity Markets up 17%. Investment banking fees rose 28%, supported by stronger advisory and ECM activity. This is consistent with broader reporting that volatility and active client positioning created a favorable backdrop for trading desks and deal execution. Core banking also held up well. Net interest income was $25.5B, up 9% YoY, helped by loan growth and deposit balances. Average loans rose 11% YoY, and average deposits rose 7% YoY. In Consumer & Community Banking, card sales volume rose 9% and active mobile customers rose 7%, indicating that consumer activity remains healthy rather than deteriorating abruptly. Asset & Wealth Management remained constructive. AUM reached $4.8T, up 16% YoY, and long-term net inflows were $54B. That supports fee revenue durability and adds balance to the earnings mix beyond the more volatile markets businesses. Credit costs were manageable. Provision for credit losses was $2.5B, down from $3.3B a year ago, with a modest net reserve build of $191M. Capital and liquidity also remain very strong, with CET1 capital of $291B, a standardized CET1 ratio of 14.3%, and $1.5T of cash and marketable securities. Shares traded lower after the release despite the beat, with reports indicating a decline of roughly 0.7% to 2.6% as investors weighed the strong print against Dimon’s cautious macro tone and the view that expectations were already elevated. The quarter reinforces JPMorgan’s position as the highest quality large cap U.S. bank franchise. Trading, investment banking, consumer activity, capital return, and balance sheet strength were all supportive. However, the stock often trades on forward macro expectations rather than backward looking execution, and management was explicit that energy, geopolitics, trade, and valuation risks remain meaningful. The key variables now are whether capital markets momentum persists into 2Q26, whether credit remains benign, and whether the macro backdrop stays resilient enough to support multiple expansion. 2Q26 recommended trading range: $290 to $330. Neutral Outlook. 

摩根大通（JPM) 

• 26财年第一季度营收：505亿美元，同比增长9.8%，超出预期15.9亿美元 

• 26财年第一季度公认会计准则每股收益：5.94美元，超出预期0.48美元 

• 26财年第二季度宏观展望：管理层称美国经济仍具韧性，但强调地缘政治紧张、能源价格波动、贸易不确定性、巨额财政赤字及高企的资产估值构成显著上行与下行风险 

• 股息与资本返还：派发普通股股息41亿美元（每股1.50美元）；第一季度回购81亿美元普通股 

• 短评：本季度在几乎所有主要业务线均表现强劲。净利润达165亿美元（+13% YoY），经管营收505亿美元；净资产收益率（ROE）19%，有形普通股权益回报率（ROTCE）23%，彰显其作为全球规模最大银行之一的卓越盈利能力。投行与市场业务为最大驱动力：企业与投资银行（CIB）营收同比增长19%；市场业务营收创纪录达116亿美元（+20% YoY），其中固收市场+21%、股票市场+17%，反映客户在高波动环境下的活跃交易；投行业务费用收入增长28%，受益于并购顾问及股权资本市场（ECM）活动回暖。核心银行业务亦稳健：净利息收入255亿美元（+9% YoY），平均贷款余额增长11%，平均存款增长7%。消费者业务保持健康：信用卡消费额+9%，活跃移动客户+7%，显示消费未现急剧恶化。资产管理持续扩张：管理资产规模（AUM）达4.8万亿美元（+16% YoY），长期资金净流入540亿美元，增强手续费收入稳定性。信用成本可控：信贷损失拨备25亿美元（低于去年同期33亿），仅小幅增提1.91亿美元准备金。资本与流动性极为充裕：普通股一级资本（CET1）2910亿美元，标准化CET1比率14.3%，持有1.5万亿美元现金及有价证券。尽管业绩超预期，财报发布后股价下跌0.7%–2.6%，主因投资者权衡强劲执行与CEO戴蒙（Dimon）谨慎的宏观警示——市场已计入高预期，而前方风险不容忽视。本季再次验证摩根大通为美国大型银行中质量最高、最全面的特许经营平台。然而，其股价往往由前瞻性宏观预期而非回溯性业绩驱动。后续关键变量包括：（1）资本市场动能能否延续至第二季度；（2）信用环境是否维持良性；（3）宏观背景是否足够稳健以支撑估值倍数扩张。26财年第二季度建议交易区间：290美元至330美元。中性前景。 

BlackRock, Inc. (BLK) 

• 1Q26 Revenue: $6.69B, +26.7% YoY, beat estimates by $250M 

• 1Q26 Non-GAAP EPS: $12.53, beat estimates by $1.03 

• 2Q26 Guidance: Management emphasized broad based client activity, continued private markets fundraising, and strong structural demand for ETF, active, and private market solutions, but did not issue a numerical annual outlook. 

• Dividend/Share Buybacks: Quarterly dividend was raised 10% to $5.73 per share. BlackRock repurchased $450M of shares during the quarter.  

• Comment: The quarter was strong across the core franchise. Total net inflows were $130B, the highest quarterly inflow level in five years, with particular strength in iShares ETFs, active strategies, and private markets. Assets under management ended at $13.89T, up materially versus a year ago, although slightly below the peak reached at the end of 2025 due to market volatility. ETF momentum was the clearest highlight. iShares generated a record first quarter, and the breadth of inflows indicates BlackRock continues to benefit from its scale, distribution, and product depth during volatile markets. That matters because ETF flows tend to be high quality from an operating leverage perspective and reinforce BlackRock’s position as the default allocation vehicle for both institutional and retail capital. Private markets were also constructive. Private markets AUM reached $320.4B and the business brought in $9B of quarterly net inflows. Management highlighted continued institutional demand for private credit, particularly from insurance clients seeking higher yielding assets with lower leverage. This remains strategically important because BlackRock is attempting to broaden its earnings mix beyond public markets beta and management fees. Profitability improved meaningfully. Net income rose to roughly $2.21B and performance fees increased sharply to $272M from $60M a year earlier. Base management fees also grew, which suggests this was not merely a market driven uplift but also reflected stronger product demand and fee earning mix.  The main caution is valuation and expectations. BlackRock has been leaning aggressively into private markets through acquisitions, and that has raised the market’s scrutiny on execution, integration, and liquidity sensitivity in private credit products. While the quarter was clearly strong, the stock is not trading on whether the business is good, but whether current strategic expansion can sustain above trend earnings growth without introducing new risk. Shares rose about 3% to 4% following the earnings release. The market reaction reflects a combination of strong inflows, better than expected EPS, and reassurance that BlackRock’s diversified model is holding up well in a more volatile environment. The setup is constructive. ETF flows remain very strong, active and private markets are contributing, performance fees rebounded sharply, and capital return remains supportive. 2Q26 recommended trading range: $290 to $330. Neutral Outlook. 

贝莱德（BLK) 

• 26财年第一季度营收：66.9亿美元，同比增长26.7%，超出预期2.5亿美元 

• 26财年第一季度非公认会计准则每股收益：12.53美元，超出预期1.03美元 

• 26财年第二季度展望：管理层强调客户活动广泛活跃、私募市场募资持续强劲，以及对ETF、主动管理及私募解决方案的结构性需求稳健，但未提供具体全年财务指引 

• 股息与资本返还：季度股息上调10%至每股5.73美元；当季回购4.5亿美元股票 

• 短评：本季度核心特许经营表现强劲。总净资金流入达1300亿美元，为五年来最高单季水平，其中iShares ETF、主动策略及私募市场贡献突出。管理资产规模（AUM）达13.89万亿美元，虽略低于2025年末高点（受市场波动影响），但仍显著高于去年同期。ETF动能最为亮眼：iShares创下历史最强一季度，资金流入广度印证贝莱德在动荡市况下凭借规模、分销网络与产品深度，持续成为机构与零售资本的“默认配置平台”——此类流入具备高运营杠杆属性，长期利好盈利质量。私募市场亦具建设性：私募AUM增至3204亿美元，季度净流入90亿美元；管理层指出保险等机构客户对私募信贷需求旺盛，寻求高收益、低杠杆资产，反映公司正成功拓展超越公开市场Beta和传统管理费的收入来源。盈利能力显著提升：净利润约22.1亿美元，业绩报酬（performance fees）从去年同期6000万美元飙升至2.72亿美元，基础管理费亦增长，表明增长不仅来自市场反弹，更源于产品需求与收费结构优化。主要谨慎点在于估值与扩张风险：公司通过并购积极加码私募市场，引发市场对其执行能力、整合效率及私募信贷流动性风险的关注。当前股价并非交易于“业务好坏”，而在于战略扩张能否持续驱动超趋势盈利增长而不引入新风险。财报发布后股价上涨3%–4%，反映市场对强劲资金流、超预期EPS及多元化模式在波动环境中韧性的认可。整体格局积极：ETF势头强劲、主动与私募业务协同贡献、业绩报酬大幅回升、资本返还持续。26财年第二季度建议交易区间：290美元至330美元。中性前景。 

Citigroup Inc. (C) 

• 1Q26 Revenue: $24.63B, +14.0% YoY, beat estimates by $1.04B 

• 1Q26 GAAP EPS: $3.06, beat estimates by $0.43 

• 2Q26 Guidance: Management stated the firm is on track to achieve its 2026 RoTCE target of 10% to 11%. 1Q26 RoTCE was 13.1%. 

• Dividend/Share Buybacks: Citi repurchased $6.3B of common stock in 1Q26.  

• Comment: The quarter was strong across the franchise. Total revenue of $24.63B was Citi’s best quarterly revenue in a decade, with growth in every major business line. Net income rose 42% YoY to $5.79B, while the efficiency ratio improved to 58.1% from 62.2% a year ago, indicating meaningful positive operating leverage. Markets was a major driver. Segment revenue rose 19% YoY to $7.2B, with Fixed Income Markets up 13% to $5.2B and Equity Markets up 39% to $2.1B. That performance reflects Citi’s improved positioning in equities and stronger client activity during a volatile quarter. Prime balances were up more than 50% YoY, which is a notable indicator of deeper client engagement and share gains in financing-related activity. Banking also improved. Banking revenue rose to $1.8B from $1.5B a year ago, and investment banking fees increased 12% YoY, supported by record first quarter advisory revenue. Management highlighted that Citi advised on three of the largest global M&A deals during the quarter, suggesting that the senior banker hiring and broader rebuild of the franchise are beginning to show through in results. The broader earnings mix was also constructive. Services revenue rose to $4.8B from $4.6B, Wealth increased to $3.1B from $2.8B, and U.S. Consumer Cards grew to $2.9B from $2.8B. This matters because the quarter was not purely a trading-led beat. Revenue growth was broad based, with both NII and fee income improving. NII rose 12% YoY and non-interest revenue rose 17% YoY. The principal caution remains cost and credit. Expenses rose 7% YoY to $14.31B, driven by higher compensation, severance, and investment spending. Provision for credit losses increased 3% YoY to $2.81B, including a $597M ACL build. This is manageable in the context of current profitability, but it does indicate that Citi is still investing heavily while remaining exposed to a less benign macro environment. Shares rose after the release as investors responded to the earnings beat, strong trading results, and confidence around the 2026 profitability target. The read-through is favorable. Citi is showing real improvement in revenue quality, operating leverage, and capital return, while Jane Fraser’s restructuring appears to be translating into stronger execution. The key variables to monitor are whether markets momentum remains strong in 2Q26, whether banking revenues continue to inflect as newly hired bankers become more productive, and whether expense growth moderates enough to preserve operating leverage. 2Q26 recommended trading range: $110 to $160. Neutral Outlook. 

花旗集团（C) 

• 26财年第一季度营收：246.3亿美元，同比增长14.0%，超出预期10.4亿美元 

• 26财年第一季度公认会计准则每股收益：3.06美元，超出预期0.43美元 

• 26财年第二季度展望：管理层表示公司正按计划实现2026年有形普通股权益回报率（RoTCE）10%–11%的目标；Q1 RoTCE已达13.1% 

• 股息与资本返还：第一季度回购63亿美元普通股 

• 短评：本季度为十年来最强单季表现，各主要业务线全面增长。总营收246.3亿美元创十年新高，净利润同比大增42%至57.9亿美元，效率比率从去年同期62.2%改善至58.1%，显示显著的正向运营杠杆。市场业务为关键驱动力：板块营收同比增长19%至72亿美元，其中固收市场+13%至52亿美元，股票市场激增39%至21亿美元，反映公司在股票领域的战略重建初见成效，并在高波动环境中捕捉到强劲客户交易需求；主经纪商业务余额同比增超50%，彰显客户参与度深化及融资活动份额提升。投行业务亦明显改善：银行业务营收从15亿美元升至18亿美元，投行费用收入增长12%，顾问收入创一季度纪录——管理层特别指出，花旗参与了当季全球三大M&A交易之一，印证高级银行家招募与特许经营重建正转化为实际成果。收入结构多元且质量提升：服务业务、财富管理（+3.1亿→31亿）、美国消费信用卡（+2.8亿→29亿）均增长；净利息收入（NII）+12%，非利息收入+17%，表明本季并非单纯依赖交易，而是NII与手续费双轮驱动。主要谨慎点在于成本与信用风险：运营支出同比增长7%至143.1亿美元（主因薪酬、遣散费及投资增加）；信贷损失拨备增至28.1亿美元（含5.97亿美元贷款损失准备金增提），虽在当前盈利水平下可控，但仍反映公司在积极投入的同时，对宏观环境潜在恶化保持警惕。财报发布后股价上涨，投资者认可业绩超预期、交易强势及2026年盈利目标的可信度。整体信号积极：花旗在收入质量、运营杠杆与资本返还方面展现真实进步，Jane Fraser的重组战略正转化为更强执行力。后续关键变量包括：（1）市场业务动能能否在Q2延续；（2）新聘银行家产能释放是否推动投行业务持续拐点；（3）支出增速能否放缓以维持运营杠杆。26财年第二季度建议交易区间：110美元至160美元。中性前景。 

Johnson & Johnson (JNJ) 

• 1Q26 Revenue: $24.06B, +9.9% YoY, beat estimates by $450M 

• 1Q26 Non-GAAP EPS: $2.70, beat estimates by $0.02 

• 2Q26 Guidance: Raised FY26 outlook to reported sales of $100.8B at the midpoint and adjusted EPS of $11.55 at the midpoint. 

• Comment: The quarter was fundamentally solid. Reported sales rose 9.9% to $24.1B, with operational growth of 6.4% and adjusted operational growth of 5.3%. The company also raised full-year guidance, which indicates management is seeing enough underlying momentum across the portfolio to absorb current external noise and still move expectations higher. The most important offset was Stelara. Stelara sales fell about 60% as biosimilar competition accelerated, which is a major erosion in one of J&J’s historic profit engines. However, the decline was more than offset by strength in other growth drivers, especially Darzalex and Tremfya. Darzalex generated about $4.0B in sales in the quarter, while Tremfya reached about $1.6B, reinforcing that J&J’s replacement portfolio is now large enough to cushion the patent-loss cycle. Medical Devices also contributed meaningfully. Segment sales rose 7.7% to about $8.6B, which is important because it broadens the earnings base beyond pharmaceuticals and reduces dependence on any single molecule. That diversification remains a core part of the investment case, particularly at a time when large-cap pharma investors are increasingly focused on patent cliffs and U.S. pricing policy. The main issue is quality of earnings versus market expectations. Net earnings fell sharply YoY because the prior-year quarter included a reversal of special charges, making the reported comparison noisy. Operationally, the quarter was better than the reported EPS decline would imply. Still, investors are likely to stay focused on the pace of Stelara erosion, the durability of Tremfya and Darzalex growth, and the commercial ramp of the newly launched oral psoriasis therapy. The earnings release was constructive, but the stock reaction was relatively restrained, with the broader tape also influenced by macro de-escalation hopes and falling oil prices on the day. The more important read-through is that J&J delivered a clean beat and raise while managing through a major loss-of-exclusivity event, which is usually the type of setup investors reward over time. The near-term debate will center on three factors: first, whether Stelara erosion stabilizes at a manageable pace; second, whether Darzalex, Tremfya, and newer launches continue to outgrow the loss; and third, whether policy pressure around U.S. drug pricing creates a new valuation overhang. 2Q26 recommended trading range: $220 to $280. Neutral Outlook. 

强生公司（JNJ) 

• 26财年第一季度营收：240.6亿美元，同比增长9.9%，超出预期4.5亿美元 

• 26财年第一季度非公认会计准则每股收益：2.70美元，小幅超出预期0.02美元 

• 26财年全年指引：上调全年展望，预计报告销售额中值1008亿美元，调整后每股收益中值11.55美元 

• 短评：本季度基本面扎实。报告销售额增长9.9%至241亿美元，其中运营增长6.4%（剔除汇率与资产组合影响），显示内生动能稳健。公司同步上调全年指引，表明管理层对跨业务组合的底层增长信心充足，足以抵消外部不确定性。最大挑战来自Stelara专利悬崖：该重磅药物销售额同比骤降约60%，因生物类似药竞争加速，对其历史高利润贡献构成显著侵蚀。然而，这一下滑被其他增长引擎强力对冲——Darzalex单季销售达40亿美元，Tremfya达16亿美元，印证强生的新一代产品组合已具备足够规模，可缓冲专利到期冲击。医疗科技业务亦贡献显著：板块销售额增长7.7%至86亿美元，拓宽盈利基础，降低对单一药品依赖，强化其在大型制药股中“多元化抗风险”的核心投资逻辑，尤其在当前市场高度关注专利悬崖与美国药价政策背景下。需注意的是，GAAP净利润同比大幅下滑，主因去年同期包含特殊费用转回，导致同比基数失真；若聚焦运营表现，实际优于表面数据。财报发布后股价反应温和，部分受当日宏观情绪（地缘缓和、油价下跌）影响。但更关键的信息是：强生在经历重大独家权丧失的同时，仍实现“超预期+上调指引”，此类韧性通常获长期投资者认可。后续关键变量包括：（1）Stelara侵蚀速度能否趋于稳定；（2）Darzalex、Tremfya及新上市口服银屑病疗法能否持续超速增长；（3）美国药品定价政策是否引发新一轮估值压力。26财年第二季度建议交易区间：220美元至280美元。中性前景。 

Wells Fargo & Company (WFC) 

• 1Q26 Revenue: $21.45B, +6.5% YoY, miss estimates by $340M 

• 1Q26 GAAP EPS: $1.60, beat estimates by $0.02 

• FY26 Guidance: Reaffirmed 2026 net interest income guidance of approximately $50B and 2026 noninterest expense guidance of approximately $55.7B.  

• Dividend/Share Buybacks: Repurchased 46.3M shares, or $4.0B, in 1Q26. No new dividend increase was disclosed with the quarter.  

• Comment: The quarter was mixed. Headline profitability was acceptable, with net income of $5.25B and diluted EPS of $1.60, but revenue and net interest income both came in below market expectations. Total revenue rose 6% YoY to $21.45B, while net interest income was $12.10B, up 5% YoY. The problem is that the market was already looking for a stronger NII trajectory, so the miss on the core banking spread line mattered more than the EPS beat. Balance sheet growth was a clear positive. Average loans rose 11% YoY to $996.0B and average deposits rose 7% YoY to $1.415T. This indicates that the removal of the Federal Reserve asset cap is beginning to translate into meaningful balance sheet expansion, particularly in cards, auto, and broader lending activity. CET1 remained solid at 10.3%, which gives Wells Fargo continued room for buybacks while still operating with excess capital. Underlying business trends were broadly constructive across segments. Management stated that each operating segment increased revenue YoY. Consumer Banking and Lending revenue grew 7%, Commercial Banking also grew 7%, Corporate and Investment Banking posted 11% growth in Banking revenue and 19% growth in Markets revenue, while Wealth and Investment Management grew 14%. This suggests that the franchise is showing broader operating momentum rather than relying on one-off items. Expenses and credit were still manageable, but neither was especially clean. Noninterest expense rose 3% YoY to $14.33B, reflecting higher compensation, advertising, and technology spending. Provision for credit losses rose to $1.14B from $932M a year ago, with management citing higher commercial and industrial and auto loan balances, partly offset by lower allowance needs in commercial real estate and cards. Credit performance remains sound, but provisioning is moving modestly higher as the bank grows. The central debate remains earnings quality. Wells Fargo is producing loan and deposit growth and returning meaningful capital, but the quarter showed that stronger volume alone is not enough if NII does not inflect as expected. Management’s comments on higher fuel prices and pressure on lower-income consumer spending also suggest that the macro backdrop could become less favorable if oil stays elevated. Shares fell roughly 5% on the day of the release as investors focused on the revenue and NII miss rather than the modest EPS beat. That reaction is logical. Wells Fargo is increasingly being valued on whether post-asset-cap growth can produce a sustained improvement in core earnings power, and this quarter did not fully satisfy that requirement. The constructive elements are clear: loan growth is strong, deposits are rising, capital return remains significant, and franchise momentum appears broad based. However, the market needs clearer evidence that NII can re-accelerate and that growth can translate into higher-quality revenue rather than merely larger balances. The key variables for the next quarter are NII progression, operating leverage, credit normalization as lending expands, and the degree to which higher fuel costs pressure consumer behavior. 2Q26 recommended trading range: $70 to $95. Neutral Outlook. 

富国银行（WFC) 

• 26财年第一季度营收：214.5亿美元，同比增长6.5%，低于预期3.4亿美元 

• 26财年第一季度公认会计准则每股收益：1.60美元，小幅超出预期0.02美元 

• 26财年全年指引：重申2026年净利息收入（NII）约500亿美元；非利息支出约557亿美元 

• 股息与资本返还：第一季度回购4630万股股票，耗资40亿美元；未宣布股息上调 

• 短评：本季度表现喜忧参半。净利润52.5亿美元，EPS 1.60美元，盈利尚可，但营收与净利息收入均不及市场预期——总营收增长6%至214.5亿美元，NII为121亿美元（+5% YoY），低于投资者对利率环境改善下NII加速的期待，导致核心银行业务利差表现成为焦点短板。积极方面在于资产负债表显著扩张：平均贷款余额同比增长11%至9960亿美元，平均存款增长7%至1.415万亿美元，反映美联储资产上限解除正有效转化为信贷与存款增长，尤其在信用卡、汽车贷款及商业借贷领域。资本充足率稳健：CET1比率10.3%，支持持续大额回购（本季40亿美元）并保有超额资本缓冲。各业务板块均实现同比增长：消费者银行与贷款+7%，商业银行+7%，企业与投行业务中银行收入+11%、市场业务+19%，财富与投资管理+14%，显示特许经营动能广泛，非依赖单一驱动。成本与信用风险可控但无亮点：非利息支出增长3%至143.3亿美元（主因薪酬、广告与科技投入）；信贷损失拨备增至11.4亿美元（去年同期9.32亿），反映商业与工业贷款及汽车贷款增长带来适度风险敞口扩大，但商业地产与信用卡准备金需求下降部分抵消。管理层亦提示高油价可能压制低收入消费者支出，暗示宏观环境潜在恶化。财报发布当日股价下跌约5%，主因市场聚焦NII与营收缺口——当前富国估值逻辑已转向“资产上限解除后能否实现可持续核心盈利提升”，而本季未能充分验证这一转型。尽管贷款、存款、资本返还与业务广度均显积极，但市场仍需更清晰证据证明NII可重新加速，且规模增长能转化为高质量收入而非仅资产负债表膨胀。后续关键变量包括：（1）NII走势能否改善；（2）运营杠杆是否显现；（3）信贷质量在扩表过程中是否保持稳定；（4）高能源成本对消费者行为的实际影响。26财年第二季度建议交易区间：70美元至95美元。中性前景。