Technical Analysis – 22 April 2026

United States | Singapore | Hong Kong | Earnings

Aeva Technologies, Inc (AEVA US)

• Shares closed above the 5dEMA with rising volume. 
• RSI is near overbought levels, but MACD is still constructive. 
• Long – Entry 16, Target 20, Stop 14 

Ouster, Inc (OUST US) 

• Shares closed above the 5dEMA with rising volume. 
• RSI is at overbought levels, but MACD is still constructive. 
• Long – Entry 27, Target 33, Stop 24  

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Digital Core REIT (DCREIT SP) 

• Shares closed above the 5dEMA. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.51, Target 0.57, Stop 0.48 

Toku Ltd. (TKU SP) 

• Shares closed above the 5dEMA with rising volume 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.25, Target 0.29, Stop 0.23 

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Datang International Power Generation Co., Ltd. (991 HK)  

• Shares closed above the 20dEMA with rising volume. The 5dEMA crossed the 10dEMA. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 2.55, Target 2.75, Stop 2.45

Huaneng Power International, Inc. (902 HK) 

• Shares closed at a four-month high above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Long – Entry 6.2, Target 6.6, Stop 6.0 

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UnitedHealth Group Incorporated (UNH) 

• 1Q26 Revenue: $111.72B, +2.0% YoY, beat estimates by $2.06B 

• 1Q26 Non-GAAP EPS: $7.23, beat estimates by $0.63 

• FY26 Guidance: Raised FY26 outlook to net EPS of more than $17.35 and adjusted EPS of more than $18.25, up from prior adjusted EPS guidance of more than $17.75. 

• Comment: The quarter was materially better than feared and, more importantly, the quality of the beat appears linked to lower medical cost pressure rather than only accounting noise. Medical cost ratio was 83.9%, down from 84.8% a year ago and below estimates around 85.5% to 85.7%, which indicates that cost management and reserve development were better than the market had expected. The central issue remains turnaround credibility. UnitedHealth entered 2026 after a difficult 2025 that included Medicare Advantage pressure, leadership disruption, and investor skepticism around Optum Health. Against that backdrop, a clean beat and a guidance raise matter disproportionately because they suggest the company has at least stabilized key operating trends. That said, not every underlying metric was clean. Membership declined, including Medicare Advantage enrollment, which indicates that part of the recovery is being driven by pricing, mix, and discipline rather than broad-based membership expansion. That is acceptable near term, but it means investors still need evidence that margin repair can persist without sacrificing too much growth. Optum remains the critical swing factor. The company is also investing roughly $1.5B in AI in 2026 to offset reimbursement pressure and improve productivity. That is strategically sensible, but it raises the burden on execution over the next several quarters.  Shares rose roughly 7% to 9%. The market reaction was driven by relief that medical costs improved, guidance moved higher, and the turnaround narrative did not deteriorate further. The near-term setup has improved meaningfully. The key variables now are whether the MCR can remain controlled through the rest of 2026, whether Optum Health margin repair continues, and whether membership declines stabilize rather than deepen. 2Q26 recommended trading range: $280 to $400. Neutral Outlook. 

联合健康集团（UNH) 

• 26财年第一季度营收：1117.2亿美元，同比增长2.0%，大幅超出预期20.6亿美元 

• 26财年第一季度非公认会计准则每股收益：7.23美元，超出预期0.63美元 

• 26财年全年指引：上调全年展望，预计报告每股收益超17.35美元，调整后每股收益超18.25美元（此前为超17.75美元） 

• 短评：本季度表现显著好于市场担忧，且盈利质量具实质支撑。核心亮点在于医疗成本比率（MCR）：83.9%，低于去年同期84.8%及市场预期的85.5%–85.7%，表明公司在医疗成本管控与准备金释放方面优于预期，而非仅依赖会计调整。这一改善对信心重建至关重要——联合健康在经历2025年困境（包括Medicare Advantage承压、管理层动荡及Optum Health业务受质疑）后，此次“清晰超预期+上调指引”传递出关键运营趋势已企稳的积极信号。然而，并非所有指标均向好：会员人数继续下滑，尤其是Medicare Advantage参保人数减少，显示当前复苏更多依赖定价优化、产品组合改善与成本纪律，而非广泛会员增长。短期可接受，但长期仍需验证利润率修复能否在不牺牲增长的前提下持续。Optum仍是核心变量：公司计划2026年投入约15亿美元用于AI，以应对医保报销压力并提升生产力——战略方向合理，但抬高了未来几个季度的执行门槛。财报发布后股价上涨7%–9%，反映市场对医疗成本改善、指引上调及转型叙事未进一步恶化的 relief。近端格局明显改善。后续关键变量包括：（1）MCR能否在2026年余下时间保持受控；（2）Optum Health利润率修复是否延续；（3）会员流失是否企稳而非加剧。26财年第二季度建议交易区间：280美元至400美元。中性前景。 
   

General Electric Company (GE) 

• 1Q26 Revenue: $11.6B, +28.9% YoY, beat estimates by $890M 

• 1Q26 Non-GAAP EPS: $1.86, beat estimates by $0.26 

• FY26 Guidance: Maintained FY26 adjusted EPS guidance of $7.10 to $7.40 and management stated the business is trending toward the high end of that range, while keeping guidance unchanged because of macro and oil-related uncertainty. 

• Comment: The quarter was fundamentally strong. GE Aerospace delivered broad-based upside in revenue, earnings, cash flow, and orders. Total orders rose 87% to $23.0B, adjusted operating profit reached $2.5B, and free cash flow was $1.7B, up 14% YoY. This is a high-quality print and confirms that commercial aftermarket demand remains very healthy. Commercial aerospace remains the core driver. Coverage indicated commercial engines and services revenue rose 34%, supported by spare parts demand and long-term service agreements. That matters because GE’s installed base economics continue to benefit from delayed aircraft deliveries at Boeing and Airbus, which keeps older fleets in service longer and drives higher maintenance demand. Defense also remains supportive. Orders and revenue in defense were reported as materially higher, helped by stronger military demand and a more constructive geopolitical spending backdrop. This gives the earnings base more diversification, although commercial aerospace remains the larger swing factor for the stock. The main issue is not current execution but the macro-overlay. Management held full-year guidance rather than raising it, despite the strong quarter, because higher oil prices, fuel availability constraints, and slower global growth could pressure airline profitability and flight activity. GE now expects only flat to low-single-digit growth in airline departures, which is below prior assumptions. Margin mix also deserves monitoring. Barron’s noted that commercial operating margins were pressured by a less favorable mix as new engine sales, which are lower margin than services, remained strong. This is not a structural issue, but it does mean revenue growth and profit growth will not always move in parallel quarter to quarter. The stock reaction was mixed to negative despite the beat. The most relevant takeaway is that fundamentals were good, but expectations were already high, and investors wanted either a formal raise or a cleaner macro setup. The setup remains constructive. GE Aerospace continues to benefit from a strong installed base, improving supply chain execution, robust order momentum, and delayed aircraft replacement cycles that support aftermarket demand. The principal variables to monitor are airline capacity discipline under higher fuel prices, service revenue resilience if flight growth slows, commercial margin mix, and whether management can convert the current trend toward the high end into a formal guidance raise later in the year. 2Q26 recommended trading range: $250 to $300. Neutral Outlook. 

通用电气公司（GE) 

• 26财年第一季度营收：116亿美元，同比增长28.9%，超出预期8.9亿美元 

• 26财年第一季度非公认会计准则每股收益：1.86美元，超出预期0.26美元 

• 26财年全年指引：维持调整后每股收益7.10–7.40美元区间；管理层表示业务正朝区间高端演进，但因宏观与油价不确定性暂未上调指引 

• 短评：本季度基本面强劲，GE航空航天（GE Aerospace）。总订单激增87%至230亿美元，调整后营业利润达25亿美元，自由现金流17亿美元（+14% YoY），印证商用售后市场需求持续旺盛。商用航空仍是核心引擎：发动机及服务收入增长34%，受益于备件需求与长期服务协议——波音与空客交付延迟使老旧机队服役时间延长，进一步推高维护频次与价值。国防业务亦提供支撑：订单与收入显著增长，反映地缘紧张背景下军费开支增加，增强盈利多样性，尽管商用航空仍是股价主要驱动变量。关键矛盾在于执行优异但指引保守：尽管业绩超预期，管理层选择维持全年EPS区间，主因高油价、航油供应限制及全球增长放缓可能压制航空公司盈利与航班量——公司现预计2026年航班起降量仅持平至低个位数增长，低于此前预期。利润率结构亦需关注：据《巴伦周刊》报道，商用板块营业利润率受产品组合影响承压，因低毛利的新发动机销售强劲，而高毛利的服务占比相对下降。此属周期性波动，非结构性问题，但意味着收入与利润增长未必同步。财报发布后股价反应偏弱甚至下跌，主因市场已计入高预期，投资者期待正式上调指引或更清晰的宏观路径。当前格局仍具建设性：GE Aerospace受益于庞大在役机队、供应链改善、订单动能强劲及飞机替换周期延后。后续关键变量包括：（1）高油价下航空公司运力纪律；（2）若航班增长放缓，服务收入能否保持韧性；（3）商用业务利润率组合演变；（4）管理层能否将“趋近指引上限”的趋势转化为下半年正式上调。26财年第二季度建议交易区间：250美元至300美元。中性前景。 

RTX Corporation (RTX) 

• 1Q26 Revenue: $22.1B, +8.9% YoY, beat estimates by $630M 

• 1Q26 Non-GAAP EPS: $1.78, beat estimates by $0.26 

• 2Q26 Guidance: Raised FY26 adjusted EPS guidance to $6.70 to $6.90 from $6.60 to $6.80, and raised adjusted sales guidance to $92.5B to $93.5B from $92.0B to $93.0B. 

• Comment: The quarter was strong across all three segments. Revenue rose 9% YoY, adjusted EPS increased 21%, and management raised full-year sales and earnings guidance after what it described as a strong start to 2026. Backlog reached $271B, including $109B of defense backlog, which supports multi-quarter visibility. Defense demand remains a key earnings driver. Reuters reported strong missile-system demand and cited a $3.7B Patriot missile contract for Ukraine, while Raytheon segment sales rose 10% to $6.95B. That matters because geopolitical tensions are translating into tangible order support rather than only better sentiment. Commercial aerospace was also constructive. Pratt & Whitney benefited from 19% growth in commercial aftermarket sales as airlines continue operating older fleets for longer amid aircraft delivery delays. This is an important offset because it provides a second growth engine alongside defense and supports earnings quality beyond purely military exposure. There are still cost and policy issues to monitor. RTX initially rose on the earnings beat and guidance raise but later fell 4.4% as broader market weakness and concerns around “peak defense” spending weighed on sentiment. Fundamentally, this was a high-quality quarter. RTX delivered broad-based growth, raised guidance, and continues to benefit from both defense replenishment demand and commercial aftermarket strength. The principal variables to monitor are tariff recovery, the durability of missile and air-defense order momentum, Pratt aftermarket growth as airline economics evolve, and whether investors begin to question medium-term defense budget upside after a strong stock move. 2Q26 recommended trading range: $160 to $200. Neutral Outlook. 

RTX Corporation（RTX) 

• 26财年第一季度营收：221亿美元，同比增长8.9%，超出预期6.3亿美元 

• 26财年第一季度非公认会计准则每股收益：1.78美元，超出预期0.26美元 

• 26财年全年指引：上调调整后EPS至6.70–6.90美元（原为6.60–6.80美元）；上调调整后销售额至925–935亿美元（原为920–930亿美元） 

• 短评：本季度三大业务板块（Raytheon、Pratt & Whitney、Collins Aerospace）全面表现强劲。营收同比增长9%，调整后EPS大增21%，管理层在财报中称“2026年开局强劲”，并同步上调全年销售与盈利指引。订单积压达2710亿美元（其中国防部分1090亿美元），提供多季度能见度。国防需求仍是核心驱动力：据路透社报道，导弹系统需求旺盛，包括一笔价值37亿美元的“爱国者”防空导弹对乌合同；Raytheon板块销售额增长10%至69.5亿美元，显示地缘冲突正转化为实质性订单支撑，而非仅情绪改善。商用航空航天亦贡献积极：Pratt & Whitney受益于商用售后市场收入增长19%，因波音与空客交付延迟迫使航司延长老旧机队服役周期，推高维护与备件需求——这为RTX提供了国防之外的第二增长引擎，提升盈利质量与抗周期能力。尽管基本面扎实，股价先涨后跌（盘后下跌4.4%），主因大盘走弱及市场对“国防支出见顶”的担忧升温。但从运营角度看，本季属高质量超预期：增长广泛、指引上调、双轮驱动（国防补库+商用售后）逻辑持续兑现。后续关键变量包括：（1）公司能否有效转嫁关税成本；（2）导弹与防空系统订单动能是否可持续；（3）Pratt售后增长能否在航空公司盈利压力下保持韧性；（4）在股价已大幅上涨后，投资者是否开始质疑中长期国防预算上行空间。26财年第二季度建议交易区间：160美元至200美元。中性前景。 

3M Company (MMM) 

• 1Q26 Revenue: $6B, +3.9% YoY, in-line with estimates 

• 1Q26 Non-GAAP EPS: $2.14, beat estimates by $0.16 

• FY26 Guidance: Reiterated FY26 adjusted EPS guidance of $8.50 to $8.70. Management also continues to expect about 3% organic growth for the full year but warned that higher oil prices could create about $125M of annual cost headwind. 

• Dividends/Share Buybacks: 3M returned $2.4B to shareholders through dividends and share repurchases in 1Q26. 

• Comment: The quarter was better than feared, particularly on profitability. Adjusted operating margin reached 23.8%, up 30 bps YoY, while adjusted EPS rose 14% despite tariff pressure, dis-synergies tied to the PFAS manufacturing exit and the Solventum separation, and other macro cost friction. This suggests that productivity and execution remain the primary support for the current earnings recovery. Segment performance was mixed but acceptable. Safety and Industrial organic sales rose 3.2%, while Consumer was down 1.3% and Transportation & Electronics fell 0.3%. That mix is important because it shows the recovery is being led by the more industrial part of the portfolio, while electronics, auto, and discretionary consumer demand are still lagging. About 40% of the portfolio had a slow start to the year, especially in automotive and electronics. Cash generation was positive, though not especially strong. 3M generated $0.6B of operating cash flow and $0.5B of adjusted free cash flow in the quarter. That is adequate for the current stage of the turnaround, but the next step for the story is stronger cash conversion rather than only margin protection.  The main issue is that management did not raise guidance. Investors focused on the fact that, despite a good quarter, 3M only reiterated guidance while highlighting oil, inflation, and electronics demand uncertainty. Nearly 35% higher oil prices tied to Middle East tensions could create about $125M of annual cost impact, and management may respond with about 50 bps of price increases. That leaves the setup dependent on continued cost control and a better second half rather than a clean demand-led acceleration today. Shares fell ~1.5% after the release despite the earnings beat. The negative reaction was driven less by the quarter itself and more by the lack of a guidance raise, ongoing oil and inflation pressure, and concerns that consumer electronics and PC-related end markets remain soft. The operating picture is improving, and management appears to be executing well on productivity, margin discipline, and portfolio simplification. However, the stock still needs clearer evidence of broader demand improvement across electronics, automotive, and consumer, as well as stronger free cash flow conversion. The principal variables to monitor are second-half volume progression, price-cost recovery if oil remains elevated, and whether management can translate current execution into an actual guidance raise later in the year. 2Q26 recommended trading range: $130 to $165. Neutral Outlook. 

3M公司（3M Company, MMM) 

• 26财年第一季度营收：60亿美元，同比增长3.9%，符合市场预期 

• 26财年第一季度非公认会计准则每股收益：2.14美元，超出预期0.16美元 

• 26财年全年指引：重申调整后每股收益8.50–8.70美元；预计全年有机增长约3%；但警告高油价或带来约1.25亿美元年度成本逆风 

• 股息与资本返还：第一季度通过股息与回购向股东返还24亿美元 

• 短评：本季度表现好于市场担忧，尤其在盈利能力方面。调整后营业利润率23.8%（同比提升30个基点），调整后EPS增长14%，在面临关税压力、PFAS制造退出与Solventum分拆带来的协同损失及宏观成本摩擦下仍实现改善，凸显生产力提升与执行力仍是当前盈利复苏的核心支撑。分部表现分化但总体可接受：安全与工业板块有机销售增长3.2%，而消费品下滑1.3%，交通与电子板块微降0.3%，显示复苏主要由工业端驱动，电子、汽车及可选消费品需求仍显疲软——约40%的业务组合年初开局缓慢，尤以汽车和电子为甚。现金流表现尚可但不突出：经营活动现金流6亿美元，调整后自由现金流5亿美元，对当前转型阶段属合理水平，但下一阶段需看到更强的现金转化能力，而非仅利润率维稳。关键在于管理层未上调指引：尽管业绩稳健，公司仅重申原有目标，并强调油价、通胀及电子需求不确定性。中东局势推高油价近35%，或致全年成本增加1.25亿美元，公司计划通过约50个基点的提价部分对冲。这使前景依赖于持续的成本控制与下半年改善，而非当前需求全面加速。财报发布后股价下跌约1.5%，主因并非季度本身，而是缺乏指引上调、油价与通胀压力持续，以及市场对消费电子和PC相关终端市场疲软的担忧。运营基本面确在改善，管理层在生产力、利润率纪律与业务简化上执行良好。但股价仍需更明确证据：（1）电子、汽车、消费品需求广泛回暖；（2）自由现金流转化显著增强。后续关键变量包括：（1）下半年销量走势；（2）若油价维持高位，价格能否有效覆盖成本；（3）当前执行力能否转化为年内正式上调指引。26财年第二季度建议交易区间：130美元至165美元。中性前景。 

D.R. Horton, Inc. (DHI) 

• 2Q26 Revenue: $7.6B, -2.2% YoY, in-line with estimates 

• 2Q26 GAAP EPS: $2.24, beat estimates by $0.10 

• FY26 Guidance: Updated FY26 consolidated revenue guidance to $33.5B to $34.5B and home closings guidance to 86,000 to 87,500 homes. Management also guided 3Q26 home sales gross margin to 19.7% to 20.2%. 

• Dividends: Declared a quarterly dividend of $0.45 per share  

• Comment: The quarter was better than feared, but the underlying environment remains difficult. Revenue declined to $7.56B from $7.73B a year earlier, while net income fell to $647.9M and EPS declined to $2.24 from $2.58. High mortgage rates, affordability pressure, inflation, and tariff-related construction cost concerns are still weighing on housing demand and buyer confidence. Order trends were the most constructive element. Net sales orders increased 11% YoY to 24,992 homes, and management indicated cancellation rates remained stable while seasonal buyer demand held up. That is important because it suggests demand may be stabilizing at a lower affordability-adjusted level rather than deteriorating further. Margins were also better than expected. Home sales gross margin came in at 20.1%, above the roughly 19.1% level analysts had expected, with support from lower warranty expense and favorable litigation outcomes. The 3Q26 gross margin guide of 19.7% to 20.2% was also better than feared, which indicates incentive pressure is not worsening as quickly as some investors had expected. However, the quality of the outlook remains mixed. The company narrowed its FY26 revenue guide but still expects to rely on incentives such as mortgage rate buydowns and smaller, more affordable homes to support sales. That preserves volume, but it also means profitability remains sensitive to incentives, input costs, and mortgage-rate volatility through the rest of fiscal 2026. Shares rose as much as 6.4% intraday as investors responded to the earnings beat and stronger-than-expected gross margin performance. The near-term read-through is constructive. Orders improved, margins held up better than expected, and the company appears to be managing the affordability slowdown with discipline. The principal variables to monitor are mortgage-rate direction, the sustainability of incentive-driven demand, whether order growth converts into clean closings growth, and whether gross margin can stay near the current range without further earnings pressure. 3Q26 recommended trading range: $135 to $200. Neutral Outlook. 

D.R. Horton, Inc.（DHI) 

• 26财年第二季度营收：76亿美元，同比下降2.2%，符合市场预期 

• 26财年第二季度公认会计准则每股收益：2.24美元，超出预期0.10美元 

• 26财年全年指引：更新全年合并营收指引至335亿–345亿美元；预计房屋交付量86,000至87,500套；第三季度房屋销售毛利率指引为19.7%–20.2% 

• 股息：宣布季度股息每股0.45美元 

• 短评：本季度表现好于市场担忧，但住房市场基本面仍承压。营收从去年同期77.3亿美元微降至75.6亿美元，净利润下滑至6.479亿美元，EPS从2.58美元降至2.24美元，反映高房贷利率、可负担性压力、通胀及关税推升的建造成本持续抑制需求与买家信心。订单趋势成为最大亮点：净销售订单同比增长11%至24,992套，且取消率保持稳定、季节性需求未明显恶化，表明需求或已在更低但更稳定的可负担水平上企稳，而非进一步下滑。利润率亦超预期：房屋销售毛利率达20.1%，高于市场预期的约19.1%，受益于保修支出减少及有利的诉讼结果；Q3毛利率指引（19.7%–20.2%）同样优于悲观预期，显示促销压力未如部分投资者担忧般快速加剧。然而，前景质量仍显混合：公司虽收窄全年营收指引，但仍依赖房贷利率补贴（buydowns）等激励措施维持销量——此举保住了交付量，但也使盈利对激励力度、原材料成本及房贷利率波动高度敏感。财报发布后股价盘中一度上涨6.4%，反映投资者对EPS超预期及毛利率韧性的积极反应。近端信号具建设性：订单改善、利润率稳健、公司在可负担性放缓环境中展现纪律性。后续关键变量包括：（1）房贷利率走势；（2）激励驱动的需求能否持续；（3）订单增长能否顺利转化为干净的交付增长；（4）毛利率能否维持在当前区间而不引发进一步盈利压力。26财年第三季度建议交易区间：135美元至200美元。中性前景。 

Intuitive Surgical, Inc. (ISRG) 

• 1Q26 Revenue: $2.77B, +23.1% YoY, beat estimates by $150M 

• 1Q26 Non-GAAP EPS: $2.50, beat estimates by $0.39 

• 2Q26 Guidance: Raised FY26 worldwide procedure growth outlook to 13.5% to 15.5% from 13.0% to 15.0% previously and raised adjusted gross profit margin guidance to 67.5% to 68.5% from 67.0% to 68.0%. Adjusted operating expense growth guidance remains 11% to 14%. 

• Comment: The quarter was fundamentally strong. Intuitive delivered 17% worldwide procedure growth, 23% revenue growth, and a meaningful margin beat, which indicates continued healthy utilization of the da Vinci ecosystem and strong recurring revenue conversion from instruments and accessories. Instruments and accessories revenue rose to $1.69B, while systems revenue increased to $651M.  Procedure growth remains the core driver. Global procedures increased 17%, ahead of the company’s prior full-year framework, with da Vinci procedure growth of 16% and Ion procedure growth of 39%. This is important because it shows adoption is still broad based across core robotic surgery and adjacent lung biopsy applications rather than being driven only by system placements.  System demand was also healthy. Intuitive placed 431 da Vinci systems in the quarter, up 17% YoY, including 232 da Vinci 5 systems. Total installed base reached 11,395 da Vinci systems and 1,041 Ion systems. That supports future recurring revenue growth, although the market is now increasingly focused on whether procedure growth can remain strong enough to justify the valuation rather than on installed-base expansion alone. The main issue is not the quarter itself, but the quality of the raise. Management only lifted the procedure growth outlook modestly, and 2026 implied growth still trails the 18% procedure growth delivered in 2025. Investors also remain attentive to emerging competitive pressure from Medtronic and Johnson & Johnson, as well as pressure from remanufactured instruments and broader regulatory scrutiny. The stock fell around 2% after hours and roughly 3.1% during the regular session, reflecting investor concern that the guidance increase was too modest relative to the magnitude of the quarter. The operating read-through remains constructive. Procedure growth is strong, system placements remain healthy, margins improved, and Intuitive continues to extend its ecosystem with da Vinci 5 and Ion. The principal variables to monitor are the pace of procedure growth normalization in the second half, competitive progress from new robotic entrants, the sustainability of capital placements, and whether recurring revenue growth remains strong enough to offset valuation pressure. 2Q26 recommended trading range: $420 to $520. Neutral Outlook. 

直观外科公司（ISRG) 

• 26财年第一季度营收：27.7亿美元，同比增长23.1%，超出预期1.5亿美元 

• 26财年第一季度非公认会计准则每股收益：2.50美元，大幅超出预期0.39美元 

• 26财年全年指引：上调全球手术量增长预期至13.5%–15.5%（原为13.0%–15.0%）；上调调整后毛利率指引至67.5%–68.5%（原为67.0%–68.0%）；运营支出增速指引维持11%–14% 

• 短评：本季度基本面强劲。公司实现全球手术量增长17%、营收增长23%，并显著超预期的利润率表现，印证da Vinci生态系统使用率健康，且耗材与配件的经常性收入转化高效。其中，耗材与配件收入达16.9亿美元，系统销售收入增至6.51亿美元。手术量增长仍是核心驱动力：da Vinci手术增长16%，Ion肺活检手术激增39%，显示需求不仅来自新装机，更源于现有装机的深度使用及在相邻适应症（如肺部介入）的拓展。系统装机亦稳健：本季新增431台da Vinci系统（+17% YoY），包括232台新一代da Vinci 5；截至季末，全球da Vinci装机总量达11,395台，Ion系统1,041台，为未来经常性收入奠定基础。然而，市场焦点已从“装机扩张”转向“手术量能否持续支撑高估值”。尽管业绩亮眼，指引上调幅度有限：全年手术量预期仅小幅上修，且隐含增速（中值14.5%）仍低于2025年实际达成的18%，引发投资者对增长可持续性的疑虑。此外，美敦力（Medtronic）、强生（J&J）等新竞争者加速入场、翻新器械带来的价格压力及监管审查风险，亦构成潜在挑战。财报发布后股价盘后下跌约2%（当日跌幅3.1%），反映市场认为指引提升力度不及当季超预期幅度。整体运营信号仍具建设性：手术量强劲、装机健康、利润率改善、da Vinci 5与Ion生态持续扩展。后续关键变量包括：（1）下半年手术量增长是否温和回归常态；（2）新进机器人厂商的竞争进展；（3）资本设备销售能否维持动能；（4）经常性收入增长是否足以抵消估值压力。26财年第二季度建议交易区间：420美元至520美元。中性前景。 

United Airlines Holdings Inc. (UAL) 

• 1Q26 Revenue: $14.61B, +10.7% YoY, beat estimates by $230M 

• 1Q26 Non-GAAP EPS: $1.19, beat estimates by $0.11 

• 2Q26 Guidance: Expects adjusted earnings of $1 to $2 per share, below analysts’ average estimate of $2.08 and expects to pay about $4.30 per gallon for fuel in the current quarter. 

• FY26 Guidance: Expects full-year profit of $7 to $11 per share, compared with an expectation of about $9.58. 

• Comment: United Airlines delivered a strong first quarter, with adjusted earnings per share of US$1.19 and revenue of US$14.61bn both beating expectations, supported by more than 10% YoY revenue growth and broad-based unit revenue improvement across all segments, including a 7.9% increase in domestic unit revenue. However, management sharply lowered its near-term outlook as higher jet fuel prices pressure margins, guiding second-quarter adjusted earnings to US$1-US$2 per share and full-year earnings to US$7-US$11 per share, both below Wall Street expectations. The company noted that while demand for premium travel remains resilient and pricing power is still healthy, it expects to recover only 40%-50% of the fuel cost increase in the second quarter, with better recovery later in the year as capacity growth moderates. Looking ahead, United still appears better positioned than many peers given its premium-heavy network and stronger revenue mix, but near-term earnings will likely remain constrained until fuel costs normalize or fare recovery improves more meaningfully. 2Q26 recommended trading range: $90 to $110. Neutral Outlook. 

联合航空控股公司（UAL) 

• 26财年第一季度营收：146.1亿美元，同比增长10.7%，超出预期2.3亿美元 

• 26财年第一季度非公认会计准则每股收益：1.19美元，超出预期0.11美元 

• 26财年第二季度指引：预计调整后每股收益为1至2美元，低于分析师平均预期的2.08美元；预计本季度燃油成本约为每加仑4.30美元 

• 26财年全年指引：预计全年每股收益为7至11美元，与此前市场预期的约9.58美元相比 

• 评论：联合航空第一季度表现强劲，调整后每股收益1.19美元、营收146.1亿美元均超出预期，受益于营收同比增长超10%以及各板块单位收益普遍改善，包括国内单位收益增长7.9%。然而，由于喷气式燃油价格上涨挤压利润率，管理层大幅下调短期展望，指引第二季度调整后每股收益为1至2美元、全年每股收益为7至11美元，均低于华尔街预期。公司指出，尽管高端旅行需求保持韧性、定价能力依然健康，但预计第二季度仅能挽回40%至50%的燃油成本上涨影响，随着运力增速放缓，下半年挽回比例有望提升。展望未来，联合航空凭借以高端航线为主的网络结构和更优的营收组合，相较于多数同业仍具优势，但在燃油成本回归正常或票价复苏显著改善之前，短期盈利可能持续承压。26财年第二季度建议交易区间：90至110美元。中性展望。 

Interactive Brokers Group, Inc. (IBKR) 

• 1Q26 Revenue: $1.67B, +16.8% YoY, miss estimates by $10M 

• 1Q26 Non-GAAP EPS: $0.60, in-line with estimates  

• 2Q26 Guidance: Expect revenue to reach $7.03B and EPS to be between $0.61 to $0.71. 

• Dividend distribution: Board of directors declared $0.0875/share quarterly dividend, 9.4% increase from prior dividend of $0.0800, payable 12 June; for shareholders of record 1 June. 

• Comment: Interactive Brokers Group delivered a strong first quarter despite a weaker market backdrop, with record net revenue, rising trading activity, and continued growth in its client base. While global markets declined over the quarter, client engagement remained robust, with daily average trades up 24% YoY and strong volume growth across stocks, options, and futures. The firm benefited from higher balances, with client equity rising 38% to $789 billion and uninvested cash reaching a record US$169bn, driving a 17% increase in net interest income. Commission revenue also grew 19%, supported by increased volatility and hedging demand, while the company-maintained industry-leading profitability with a 77% pre-tax margin. Strategic initiatives, particularly the integration of AI across trading tools, client service, and operations, alongside expansion in products such as crypto and international offerings, continue to enhance its platform and scalability. Looking ahead, Interactive Brokers appears well positioned to sustain growth through its low-cost, highly automated model and expanding global client base, particularly as market volatility and retail participation remain elevated. Continued account growth should support higher trading volumes and client balances, partially offsetting potential pressure from declining interest rates on net interest income. Additionally, ongoing investments in AI and product expansion could further strengthen client engagement and operational efficiency. However, earnings sensitivity to interest rate cycles and market activity remains a key risk, making the outlook dependent on sustained trading volumes and client funding trends. 2Q26 recommended trading range: $75 to $85. Neutral Outlook. 

盈透证券集团（IBKR) 

• 26财年第一季度营收：16.7亿美元，同比增长16.8%，低于预期1000万美元 

• 26财年第一季度非公认会计准则每股收益：0.60美元，符合预期 

• 26财年第二季度指引：预计营收达70.3亿美元，每股收益介于0.61至0.71美元 

• 股息分配：董事会宣布派发每股0.0875美元的季度股息，较此前0.0800美元增长9.4%，将于6月12日支付；股权登记日为6月1日 

• 评论：尽管市场环境偏弱，盈透证券集团第一季度仍表现强劲，净营收创纪录，交易活跃度提升，客户基础持续扩大。尽管全球市场当季下跌，但客户参与度保持稳健，日均交易量同比增长24%，股票、期权及期货交易量均实现强劲增长。公司受益于客户资产规模上升，客户权益增长38%至7890亿美元，未投资现金达创纪录的1690亿美元，推动净利息收入增长17%。佣金收入亦增长19%，得益于市场波动加剧及对冲需求上升，同时公司维持行业领先的盈利能力，税前利润率达77%。战略举措方面，尤其是将人工智能整合至交易工具、客户服务及运营流程，以及加密货币和国际产品等业务的拓展，持续提升其平台能力与可扩展性。展望未来，盈透证券凭借低成本、高度自动化的运营模式及不断扩大的全球客户基础，有望维持增长态势，尤其在市场波动性和散户参与度保持高位的背景下。账户持续增长应能支撑交易量与客户资产规模提升，部分抵消利率下行对净利息收入的潜在压力。此外，对人工智能及产品拓展的持续投入有望进一步增强客户粘性与运营效率。然而，盈利对利率周期及市场活跃度的敏感性仍是主要风险，未来展望取决于交易量与客户资金流入趋势能否持续。26财年第二季度建议交易区间：75至85美元。中性展望。 

Chubb Limited. (CB) 

• 1Q26 Revenue: $13.5B, +12.1% YoY 

• 1Q26 Non-GAAP EPS: $6.82, beat estimates by $0.21 

• 2Q26 Guidance: Management did not provide formal guidance. 

• Comment: Chubb delivered a strong first quarter, with adjusted earnings per share of US$6.82 beating estimates and net premiums written rising 10.7% to US$14.01bn, supported by broad-based growth across both property and casualty and life insurance. Profitability improved sharply, with net income up 74.3% YoY to US$2.32bn, helped by much lower catastrophe losses than the prior year, while property and casualty underwriting income more than quadrupled to US$1.79bn and the combined ratio improved to an excellent 84.0%. The company also benefited from record investment income, with adjusted net investment income rising 10.1% to US$1.84bn, highlighting the strength of its underwriting discipline, global diversification and investment portfolio. Looking ahead, Chubb appears well positioned to continue delivering resilient earnings growth, as strong pricing, disciplined risk selection, and expanding life and international businesses should help offset macro and catastrophe volatility, although the sustainability of outsized underwriting profits will still depend on loss trends and catastrophe experience remaining manageable. 2Q26 recommended trading range: $310 to $340. Neutral Outlook. 

安达保险集团（CB) 

• 26财年第一季度营收：135亿美元，同比增长12.1% 

• 26财年第一季度非公认会计准则每股收益：6.82美元，超出预期0.21美元 

• 26财年第二季度指引：管理层未提供正式指引 

• 评论：安达保险第一季度表现强劲，调整后每股收益6.82美元超出预期，净承保保费增长10.7%至140.1亿美元，受益于财产意外险与人寿保险业务的全面增长。盈利能力显著提升，净利润同比增长74.3%至23.2亿美元，主要得益于灾害损失大幅低于去年同期，同时财产意外险承保利润增长超四倍至17.9亿美元，综合成本率优化至优异的84.0%。公司还受益于创纪录的投资收益，调整后净投资收益增长10.1%至18.4亿美元，凸显其承保纪律、全球化布局及投资组合的稳健实力。展望未来，安达保险凭借强劲的定价能力、审慎的风险选择以及人寿与国际业务的持续拓展，有望延续稳健的盈利增长，以抵消宏观环境与灾害波动的影响，但超额承保利润的可持续性仍取决于损失趋势与灾害经验是否保持在可控范围内。26财年第二季度建议交易区间：310至340美元。中性展望。