{"id":60084,"date":"2025-01-21T21:12:02","date_gmt":"2025-01-21T13:12:02","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=60084"},"modified":"2025-01-22T15:14:35","modified_gmt":"2025-01-22T07:14:35","slug":"technical-analysis-22-january-2025","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-22-january-2025\/","title":{"rendered":"Technical Analysis &#8211; 22 January 2025"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><a href=\"#us\">United States<\/a> |<a href=\"#sg\"> Singapore<\/a> |<a href=\"#hk\"> Hong Kong<\/a> |<a href=\"#ea\" title=\"\"> Earnings<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-49726-_5ifytjpamge8\"><\/a><img fetchpriority=\"high\" decoding=\"async\" title=\"us\" width=\"637\" height=\"135\" class=\"alignnone wp-image-49827\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136.png\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/08\/word-image-136-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Oracle Corp. (ORCL US) <img decoding=\"async\" width=\"2396\" height=\"1350\" alt=\"A graph of stock market\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127.png\" class=\"wp-image-60184\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127.png 2396w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127-1024x577.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127-768x433.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127-1536x865.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-127-2048x1154.png 2048w\" sizes=\"(max-width: 2396px) 100vw, 2396px\" \/><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a high since December 2024 with a surge in volume. 5dEMA is about to cross the 50dEMA.<br>  <\/li>\n\n\n\n<li>MACD just turned positive, RSI is constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 170 Target 190 Stop 160<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-78.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-60185\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-78.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-78-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pinterest, Inc. (PINS US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2396\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128.png\" alt=\"A graph of stock market\n\nDescription automatically generated\" class=\"wp-image-60186\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128.png 2396w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128-300x169.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128-1024x577.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128-768x433.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128-1536x865.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-128-2048x1154.png 2048w\" sizes=\"(max-width: 2396px) 100vw, 2396px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above 50dEMA with more volume. 5dEMA just crossed the 20dEMA and 50dEMA. <br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 31.5 Target 35.5 Stop 29.5<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-4-1.png\" alt=\"\" class=\"wp-image-60188\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-4-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-60084-_q3z2pzaup3mw\"><\/a><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-5-1.png\" class=\"wp-image-60189\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-5-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-5-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-60084-_4v935amthnu1\"><\/a>Rex International Holding Ltd. (REXI SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"883\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-129.png\" alt=\"A graph of stock market\n\nDescription automatically generated\" class=\"wp-image-60190\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-129.png 1472w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-129-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-129-1024x614.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-129-768x461.png 768w\" sizes=\"(max-width: 1472px) 100vw, 1472px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 5dEMA with more volume. 50dEMA just crossed the 200dEMA.<br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is at an overbought level.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 0.140, Target 0.150, Stop 0.135<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-79.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-60191\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-79.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-79-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-60084-_69a0g3lz0tw\"><\/a>Tianjin Pharmaceutical Da Re Tang Group. (TIAN SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1472\" height=\"883\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-130.png\" alt=\"A graph of stock market\n\nDescription automatically generated\" class=\"wp-image-60192\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-130.png 1472w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-130-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-130-1024x614.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-130-768x461.png 768w\" sizes=\"(max-width: 1472px) 100vw, 1472px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed higher above the 20dEMA. 5dEMA just crossed the 20dEMA. <br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 2.10 Target 2.30, Stop 2.00<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-9-1.png\" alt=\"\" class=\"wp-image-60193\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-9-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-9-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-60084-_ox2yqx6nkukc\"><\/a><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-10-1.png\" class=\"wp-image-60194\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-10-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-10-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">AAC Technologies Holdings Inc (2018 HK)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1535\" height=\"849\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-131.png\" alt=\"A graph of stock market\n\nDescription automatically generated\" class=\"wp-image-60195\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-131.png 1535w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-131-300x166.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-131-1024x566.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-131-768x425.png 768w\" sizes=\"(max-width: 1535px) 100vw, 1535px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a 52-week high above the 5wEMA. <br>  <\/li>\n\n\n\n<li>Both MACD and RSI are constructive.<br>  <\/li>\n\n\n\n<li><strong>Long <\/strong>\u2013 <strong>Entry 39, Target 43, Stop 37<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-80.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-60196\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-80.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-line-in-a-white-background-description-automati-80-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Kingdee International Software Group Co Ltd (268 HK)  <img loading=\"lazy\" decoding=\"async\" width=\"1535\" height=\"849\" alt=\"A graph of stock market\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-132.png\" class=\"wp-image-60197\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-132.png 1535w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-132-300x166.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-132-1024x566.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-132-768x425.png 768w\" sizes=\"(max-width: 1535px) 100vw, 1535px\" \/><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a 1-month high above the 5dEMA with rising volume. The 20dEMA is about to cross the 50dEMA. <br>  <\/li>\n\n\n\n<li>RSI is constructive and MACD is positive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 9.0 Target 10.0, Stop 8.5<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-14-1.png\" alt=\"\" class=\"wp-image-60198\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-14-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-14-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"ea\"><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-15-1.png\" alt=\"\" class=\"wp-image-60199\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-15-1.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-60084-15-1-300x54.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Charles Schwab Corp (SCHW)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a id=\"post-60084-_Hlk184285473\"><\/a><strong>4Q24 Revenue: <\/strong>$5.33B, +19.5% YoY, beat estimates by $130M<br>  <\/li>\n\n\n\n<li><strong>4Q24 Non-GAAP EPS:<\/strong> $1.01, beat estimates by $0.10<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Expect net interest margin expanding to 2.8% by FY25.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Charles Schwab delivered robust results, driven by a significant increase in asset management fees. The market rally, fueled by expectations of lower corporate taxes and deregulation under newly elected U.S. President Donald Trump, contributed to a surge in Schwab\u2019s assets under management and corresponding fees. Asset management and administration fees, primarily from managing mutual funds and exchange-traded funds, rose 22% to $1.5 billion. In the near term, U.S. companies are expected to benefit from the pro-business policies of the Trump administration, which aim to stimulate economic growth and corporate profitability. <strong>1Q25<\/strong> <strong>recommended trading range: $76 to $90. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u67e5\u5c14\u65af\u00b7\u65af\u74e6\u5e03 (SCHW) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong>53.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f19.5%\uff0c\u8d85\u51fa\u9884\u671f1.3\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a1.01\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.10\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u51c0\u606f\u5dee\u5c06\u6269\u5927\u81f32.8%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u67e5\u5c14\u65af\u00b7\u65af\u74e6\u5e03\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u4e1a\u7ee9\uff0c\u8d44\u4ea7\u7ba1\u7406\u8d39\u7684\u663e\u8457\u589e\u957f\u662f\u4e3b\u8981\u9a71\u52a8\u529b\u3002\u65b0\u5f53\u9009\u7684\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\u7684\u51cf\u7a0e\u548c\u653e\u677e\u76d1\u7ba1\u653f\u7b56\u63d0\u632f\u4e86\u5e02\u573a\uff0c\u63a8\u52a8\u4e86\u65af\u74e6\u5e03\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\u548c\u76f8\u5e94\u8d39\u7528\u7684\u589e\u957f\u3002\u8d44\u4ea7\u7ba1\u7406\u548c\u884c\u653f\u8d39\u7528\uff08\u4e3b\u8981\u6765\u81ea\u7ba1\u7406\u5171\u540c\u57fa\u91d1\u548c\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u589e\u957f\u4e8622%\uff0c\u8fbe\u523015\u4ebf\u7f8e\u5143\u3002\u77ed\u671f\u5185\uff0c\u7f8e\u56fd\u516c\u53f8\u6709\u671b\u53d7\u76ca\u4e8e\u7279\u6717\u666e\u653f\u5e9c\u7684\u4eb2\u5546\u653f\u7b56\uff0c\u8fd9\u4e9b\u653f\u7b56\u65e8\u5728\u523a\u6fc0\u7ecf\u6d4e\u589e\u957f\u548c\u4f01\u4e1a\u76c8\u5229\u80fd\u529b\u3002<strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a76\u81f390\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M Co (MMM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q24 Adjusted Revenue: <\/strong>$5.8B, -24.6% YoY, miss estimates by $50M<br>  <\/li>\n\n\n\n<li><strong>4Q24 Non-GAAP EPS:<\/strong> $1.68, beat estimates by $0.14<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Expects adjusted total sales growth of 0.5% to 1.5%; expects non-GAAP EPS to be between $7.60 to $7.90, midpoint of $7.75 below consensus of $7.79; expects adjusted organic sales growth of 2% to 3%; expects adjusted operating cash flow of $5.20bn to $5.30bn.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> 3M Co. reported stronger-than-expected earnings for the quarter and provided FY25 guidance aligned with market expectations. Although adjusted revenue fell short of estimates, comparable sales\u2014excluding the impact of discontinued chemical products\u2014rose 2.1% year-over-year, marking the company\u2019s fastest growth rate in recent history. Under the leadership of CEO William Brown, the company is showing clear signs of a turnaround, emphasizing research, innovation, and streamlined operations. Key drivers of growth included standout performances in the Transportation & Electronics and Safety & Industrial segments. Transportation & Electronics posted a 3.4% increase, fueled by successful new product launches, while Safety & Industrial grew 0.7%, supported by stronger demand for adhesives and roofing products. These results underscore the effectiveness of the restructuring efforts spearheaded by Brown. However, MMM continues to face headwinds from a stronger dollar, which pressures its international sales, a trend linked to market optimism around pro-business policies under the Trump administration. The company plans to unveil more details of its growth strategy at an analyst event in February. <strong>1Q25<\/strong> <strong>recommended trading range: $135 to $165. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M\u516c\u53f8 (MMM) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong> 58\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d24.6%\uff0c\u4f4e\u4e8e\u9884\u671f5000\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a 1.68\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.14\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8c03\u6574\u540e\u603b\u9500\u552e\u989d\u589e\u957f0.5%\u81f31.5%\uff1b\u9884\u8ba1\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u57287.60\u7f8e\u5143\u81f37.90\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a7.75\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u76847.79\u7f8e\u5143\uff1b\u9884\u8ba1\u8c03\u6574\u540e\u6709\u673a\u9500\u552e\u989d\u589e\u957f2%\u81f33%\uff1b\u9884\u8ba1\u8c03\u6574\u540e\u7ecf\u8425\u73b0\u91d1\u6d41\u4e3a52\u4ebf\u7f8e\u5143\u81f353\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>MMM\u516c\u53f8\u672c\u5b63\u5ea6\u76c8\u5229\u8d85\u51fa\u9884\u671f\uff0c\u5e76\u7ed9\u51fa\u4e86\u4e0e\u5e02\u573a\u9884\u671f\u4e00\u81f4\u768425\u8d22\u5e74\u6307\u5f15\u3002\u5c3d\u7ba1\u8c03\u6574\u540e\u8425\u6536\u672a\u8fbe\u9884\u671f\uff0c\u4f46\u5254\u9664\u505c\u4ea7\u5316\u5b66\u4ea7\u54c1\u7684\u5f71\u54cd\u540e\uff0c\u53ef\u6bd4\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f2.1%\uff0c\u4e3a\u516c\u53f8\u8fd1\u671f\u6700\u5feb\u589e\u957f\u901f\u5ea6\u3002\u5728CEO William Brown\u7684\u9886\u5bfc\u4e0b\uff0c\u516c\u53f8\u5c55\u73b0\u51fa\u660e\u663e\u7684\u590d\u82cf\u8ff9\u8c61\uff0c\u5f3a\u8c03\u7814\u53d1\u3001\u521b\u65b0\u548c\u7cbe\u7b80\u8fd0\u8425\u3002\u589e\u957f\u4e3b\u8981\u52a8\u529b\u5305\u62ec\u8fd0\u8f93\u4e0e\u7535\u5b50\u4ee5\u53ca\u5b89\u5168\u4e0e\u5de5\u4e1a\u90e8\u95e8\u7684\u51fa\u8272\u8868\u73b0\u3002\u8fd0\u8f93\u4e0e\u7535\u5b50\u90e8\u95e8\u589e\u957f3.4%\uff0c\u5f97\u76ca\u4e8e\u65b0\u4ea7\u54c1\u6210\u529f\u63a8\u51fa\uff1b\u5b89\u5168\u4e0e\u5de5\u4e1a\u90e8\u95e8\u589e\u957f0.7%\uff0c\u5f97\u76ca\u4e8e\u5bf9\u7c98\u5408\u5242\u548c\u5c4b\u9876\u4ea7\u54c1\u7684\u9700\u6c42\u589e\u5f3a\u3002\u8fd9\u4e9b\u7ed3\u679c\u51f8\u663e\u4e86Brown\u9886\u5bfc\u7684\u91cd\u7ec4\u5de5\u4f5c\u7684\u6709\u6548\u6027\u3002\u7136\u800c\uff0cMMM\u4ecd\u9762\u4e34\u7f8e\u5143\u8d70\u5f3a\u5e26\u6765\u7684\u4e0d\u5229\u5f71\u54cd\uff0c\u8fd9\u5bf9\u5176\u56fd\u9645\u9500\u552e\u9020\u6210\u538b\u529b\uff0c\u800c\u8fd9\u4e00\u8d8b\u52bf\u4e0e\u7279\u6717\u666e\u653f\u5e9c\u63a8\u884c\u4eb2\u5546\u653f\u7b56\u6240\u5f15\u53d1\u7684\u5e02\u573a\u4e50\u89c2\u60c5\u7eea\u6709\u5173\u3002\u516c\u53f8\u8ba1\u5212\u57282\u6708\u4efd\u7684\u5206\u6790\u5e08\u4f1a\u8bae\u4e0a\u516c\u5e03\u66f4\u591a\u589e\u957f\u6218\u7565\u7ec6\u8282\u3002<strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a135\u81f3165\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R. Horton Inc (DHI)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$7.6B, -1.3% YoY, beat estimates by $520M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS:<\/strong> $2.61, beat estimates by $0.24<br>  <\/li>\n\n\n\n<li><strong>1Q25 Dividend:<\/strong> D.R. Horton (NYSE:DHI) declared $0.40\/share quarterly dividend, in line with previous; Forward yield 1.08%; Payable Feb. 14; for shareholders of record Feb. 7; ex-div Feb. 7.<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance: <\/strong>Re-affirms FY25 outlook. Expects consolidated revenue of between $36.0bn to $37.5bn, midpoint of $36.75bn below consensus of $37.09bn; expects around 90k \u2013 92k homes closed by homebuilding operations, midpoint of 91k homes below consensus of 91.3k homes; expects an income tax rate of 24.0%.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> D.R. Horton delivered better-than-expected results, despite ongoing buyer affordability challenges and competitive market conditions. The company has effectively utilized incentives, such as mortgage rate buydowns, to improve affordability and stimulate demand. While higher home prices have created obstacles for many buyers, D.R. Horton has responded by increasing the availability of homes with smaller floor plans, aligning with consumer needs. Management emphasized that favorable demographic trends continue to support housing demand over the long term. Additionally, the company reiterated its commitment to offering mortgage rate buydowns as a strategy to attract more buyers. In a positive development, D.R. Horton announced an increase in its stock buyback program, raising its planned repurchases for the year to $2.6\u2013$2.8 billion from its prior guidance of $2.4 billion. However, elevated 30-year mortgage rates, currently above 7.0%, remain a significant headwind for homebuyers, adding pressure to affordability.<strong>1Q25<\/strong> <strong>recommended trading range: $130 to $168. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R. Horton Inc. (DHI) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>76\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1.3%\uff0c\u8d85\u51fa\u9884\u671f5.2\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.61\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.24\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5206\u7ea2<\/strong>\uff1aD.R. Horton\u5ba3\u5e03\u6bcf\u80a1\u5b63\u5ea6\u5206\u7ea20.40\u7f8e\u5143\uff0c\u4e0e\u4e4b\u524d\u6301\u5e73\uff1b\u8fdc\u671f\u6536\u76ca\u73871.08%\uff1b\u652f\u4ed8\u65e52\u670814\u65e5\uff1b\u80a1\u6743\u767b\u8bb0\u65e52\u67087\u65e5\uff1b\u9664\u606f\u65e52\u67087\u65e5\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u7533FY25\u5c55\u671b\u3002\u9884\u8ba1\u5408\u5e76\u8425\u6536\u5728360\u4ebf\u7f8e\u5143\u81f3375\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4e2d\u503c\u4e3a367.5\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u7684370.9\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u623f\u5c4b\u5efa\u7b51\u4e1a\u52a1\u5c06\u5173\u95ed\u7ea69\u4e07\u81f39.2\u4e07\u5957\u623f\u5c4b\uff0c\u4e2d\u503c\u4e3a9.1\u4e07\u5957\uff0c\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u768491.3\u4e07\u5957\uff1b\u9884\u8ba1\u6240\u5f97\u7a0e\u7387\u4e3a24.0%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>D.R. Horton\u5c3d\u7ba1\u9762\u4e34\u6301\u7eed\u7684\u8d2d\u623f\u8005\u8d1f\u62c5\u80fd\u529b\u6311\u6218\u548c\u7ade\u4e89\u6fc0\u70c8\u7684\u5e02\u573a\u73af\u5883\uff0c\u4f46\u4ecd\u4ea4\u51fa\u4e86\u8d85\u51fa\u9884\u671f\u7684\u4e1a\u7ee9\u3002\u516c\u53f8\u6709\u6548\u5730\u5229\u7528\u4e86\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4e70\u65ad\u7b49\u6fc0\u52b1\u63aa\u65bd\uff0c\u4ee5\u6539\u5584\u8d1f\u62c5\u80fd\u529b\u5e76\u523a\u6fc0\u9700\u6c42\u3002\u867d\u7136\u66f4\u9ad8\u7684\u623f\u4ef7\u7ed9\u8bb8\u591a\u8d2d\u623f\u8005\u5e26\u6765\u4e86\u969c\u788d\uff0c\u4f46D.R. Horton\u901a\u8fc7\u589e\u52a0\u5c0f\u578b\u6237\u578b\u7684\u4f9b\u5e94\u6765\u5e94\u5bf9\uff0c\u4ee5\u6ee1\u8db3\u6d88\u8d39\u8005\u7684\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03\uff0c\u6709\u5229\u7684\u4eba\u53e3\u8d8b\u52bf\u957f\u671f\u652f\u6301\u4f4f\u623f\u9700\u6c42\u3002\u6b64\u5916\uff0c\u516c\u53f8\u91cd\u7533\u4e86\u63d0\u4f9b\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4e70\u65ad\u4f5c\u4e3a\u5438\u5f15\u66f4\u591a\u8d2d\u623f\u8005\u6218\u7565\u7684\u627f\u8bfa\u3002\u5728\u79ef\u6781\u7684\u53d1\u5c55\u4e2d\uff0cD.R. Horton\u5ba3\u5e03\u589e\u52a0\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u5c06\u5176\u8ba1\u5212\u7684\u5e74\u5ea6\u56de\u8d2d\u989d\u4ece\u4e4b\u524d\u768424\u4ebf\u7f8e\u5143\u63d0\u9ad8\u523026\u4ebf\u81f328\u4ebf\u7f8e\u5143\u3002\u7136\u800c\uff0c\u76ee\u524d\u9ad8\u4e8e7.0%\u7684\u9ad8\u989d30\u5e74\u671f\u62b5\u62bc\u8d37\u6b3e\u5229\u7387\u4ecd\u662f\u8d2d\u623f\u8005\u7684\u91cd\u5927\u963b\u529b\uff0c\u7ed9\u8d1f\u62c5\u80fd\u529b\u5e26\u6765\u538b\u529b\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a130\u81f3168\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>United Microelectronics Corp (UMC)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q24 Revenue: <\/strong>$1.84B, +9.9% YoY, miss estimates by $10M<br>  <\/li>\n\n\n\n<li><strong>4Q24 GAAP EPS:<\/strong> $0.10, miss estimates by $0.05<br>  <\/li>\n\n\n\n<li><strong>1Q25 Guidance: <\/strong>UMC expects 1Q25 wafer shipments to remain flat quarter-over-quarter, while average selling prices in USD are forecast to decrease by mid-single digits. The company projects 1Q25 gross margin will be above 25%, factoring in impact from a January earthquake.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> United Microelectronics Corp (UMC) reported weaker-than-expected results and provided cautious guidance for the near term. Management forecasted flat quarter-over-quarter wafer shipments alongside a decline in average selling prices. For FY25, UMC anticipates single-digit growth, trailing the industry\u2019s projected growth rate of approximately 10%, according to market estimates. The company continues to navigate a challenging operating environment, characterized by rising depreciation costs and a sluggish recovery in capacity utilization. While restocking demand from the consumer electronics market offers some support, these factors remain headwinds in the near term. Looking ahead, UMC is positioned to benefit from growing demand for AI-driven applications, particularly in edge devices and peripherals, which could support its longer-term growth prospects. <strong>1Q25<\/strong> <strong>recommended trading range: $5.20 to $6.40. Negative Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8054\u7535 (UMC) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong>184\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f9.9%\uff0c\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a 0.10\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f0.05\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba125\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6676\u5706\u51fa\u8d27\u91cf\u5c06\u4fdd\u6301\u5b63\u5ea6\u73af\u6bd4\u6301\u5e73\uff0c\u800c\u7f8e\u5143\u5e73\u5747\u552e\u4ef7\u9884\u8ba1\u5c06\u4e0b\u964d5%\u5de6\u53f3\u3002\u516c\u53f8\u9884\u8ba125\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bdb\u5229\u7387\u5c06\u9ad8\u4e8e25%\uff0c\u5df2\u8003\u86511\u6708\u5730\u9707\u7684\u5f71\u54cd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8054\u7535\u516c\u5e03\u7684\u4e1a\u7ee9\u4f4e\u4e8e\u9884\u671f\uff0c\u5e76\u5bf9\u8fd1\u671f\u524d\u666f\u7ed9\u51fa\u4e86\u8c28\u614e\u7684\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u6676\u5706\u51fa\u8d27\u91cf\u5c06\u5b63\u5ea6\u73af\u6bd4\u6301\u5e73\uff0c\u540c\u65f6\u5e73\u5747\u552e\u4ef7\u4e5f\u5c06\u4e0b\u964d\u3002\u5bf9\u4e8e25\u8d22\u5e74\uff0c\u8054\u7535\u9884\u8ba1\u589e\u957f\u4e3a\u4e2a\u4f4d\u6570\uff0c\u4f4e\u4e8e\u5e02\u573a\u4f30\u8ba1\u7684\u884c\u4e1a\u7ea610%\u7684\u589e\u957f\u7387\u3002\u516c\u53f8\u7ee7\u7eed\u9762\u4e34\u7740\u6298\u65e7\u6210\u672c\u4e0a\u5347\u548c\u4ea7\u80fd\u5229\u7528\u7387\u590d\u82cf\u7f13\u6162\u7684\u6311\u6218\u3002\u867d\u7136\u6765\u81ea\u6d88\u8d39\u7535\u5b50\u5e02\u573a\u7684\u8865\u8d27\u9700\u6c42\u63d0\u4f9b\u4e86\u4e00\u4e9b\u652f\u6301\uff0c\u4f46\u8fd9\u4e9b\u56e0\u7d20\u5728\u77ed\u671f\u5185\u4ecd\u662f\u963b\u529b\u3002\u5c55\u671b\u672a\u6765\uff0c\u8054\u7535\u6709\u671b\u53d7\u76ca\u4e8e\u5bf9\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u5e94\u7528\u7684\u9700\u6c42\u589e\u957f\uff0c\u7279\u522b\u662f\u5728\u8fb9\u7f18\u8bbe\u5907\u548c\u5916\u56f4\u8bbe\u5907\u65b9\u9762\uff0c\u8fd9\u53ef\u80fd\u652f\u6301\u5176\u957f\u671f\u589e\u957f\u524d\u666f\u3002<strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a5.20\u81f36.40\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>New Oriental Education & Technology Group Inc (EDU)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q25 Revenue: <\/strong>$1.04B, +19.6% YoY, beat estimates by $10M<br>  <\/li>\n\n\n\n<li><strong>2Q25 Non-GAAP EPADS:<\/strong> $0.22, miss estimates by $0.08<br>  <\/li>\n\n\n\n<li><strong>3Q25 Guidance: <\/strong>Expects third quarter revenue between $1.01bn and $1.03bn, representing growth of 18% to 21% YoY.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> New Oriental Education & Technology Group reported stronger-than-expected revenue but weaker-than-expected earnings for 2Q25. Management attributed the healthy top-line growth to the continued expansion of non-academic tutoring services and intelligent learning systems. Revenue from overseas test preparation and study consulting businesses also showed strong performance, growing 21.1% and 31% YoY, respectively. However, operating income declined 9.8% YoY to $19.3mn, largely due to costs associated with accelerated capacity expansion in its educational businesses. The company continues to face regulatory challenges from China\u2019s \u201cdouble reduction\u201d policy, aimed at reducing student workloads and private tutoring hours. This has forced New Oriental to diversify its offerings and adopt strategic cost management, contributing to a 20% YoY increase in operational expenses. Looking ahead, management reaffirmed its focus on strategic growth and profitability by expanding its private-label product offerings and leveraging a multi-platform approach through its EDU learning centres. These initiatives are expected to support the company\u2019s long-term resilience and adaptability in a shifting regulatory environment. <strong>1Q25<\/strong> <strong>recommended trading range: $36 to $56. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u65b0\u4e1c\u65b9\u6559\u80b2\u79d1\u6280 (EDU) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u8425\u6536\uff1a<\/strong> 10.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f19.6%\uff0c\u8d85\u51fa\u9884\u671f1000\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63Non-GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a0.22\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f0.08\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u572810.1\u4ebf\u81f310.3\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u540c\u6bd4\u589e\u957f18%\u81f321%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u65b0\u4e1c\u65b9\u6559\u80b2\u79d1\u6280\u96c6\u56e2\u516c\u5e03\u4e86\u5f3a\u4e8e\u9884\u671f\u7684\u8425\u6536\uff0c\u4f46\u76c8\u5229\u4f4e\u4e8e\u9884\u671f\u3002\u516c\u53f8\u5c06\u8425\u6536\u589e\u957f\u5f52\u529f\u4e8e\u975e\u5b66\u672f\u8f85\u5bfc\u670d\u52a1\u548c\u667a\u80fd\u5b66\u4e60\u7cfb\u7edf\u7684\u6301\u7eed\u6269\u5f20\u3002\u6d77\u5916\u8003\u8bd5\u51c6\u5907\u548c\u5b66\u4e60\u54a8\u8be2\u4e1a\u52a1\u4e5f\u8868\u73b0\u5f3a\u52b2\uff0c\u540c\u6bd4\u5206\u522b\u589e\u957f21.1%\u548c31%\u3002\u7136\u800c\uff0c\u7531\u4e8e\u6559\u80b2\u4e1a\u52a1\u52a0\u901f\u6269\u4ea7\u5e26\u6765\u7684\u6210\u672c\u589e\u52a0\uff0c\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u4e0b\u964d9.8%\u81f31930\u4e07\u7f8e\u5143\u3002\u516c\u53f8\u7ee7\u7eed\u9762\u4e34\u4e2d\u56fd\u201c\u53cc\u51cf\u201d\u653f\u7b56\u5e26\u6765\u7684\u76d1\u7ba1\u6311\u6218\u3002\u4e3a\u4e86\u5e94\u5bf9\u8fd9\u4e00\u6311\u6218\uff0c\u65b0\u4e1c\u65b9\u5df2\u591a\u5143\u5316\u5176\u4ea7\u54c1\u5e76\u91c7\u53d6\u6218\u7565\u6027\u6210\u672c\u7ba1\u7406\u63aa\u65bd\uff0c\u5bfc\u81f4\u8fd0\u8425\u8d39\u7528\u540c\u6bd4\u589e\u957f20%\u3002\u5c55\u671b\u672a\u6765\uff0c\u516c\u53f8\u91cd\u7533\u5c06\u901a\u8fc7\u6269\u5927\u81ea\u6709\u54c1\u724c\u4ea7\u54c1\u548c\u5229\u7528EDU\u5b66\u4e60\u4e2d\u5fc3\u7684\u591a\u5e73\u53f0\u65b9\u6cd5\uff0c\u5b9e\u73b0\u6218\u7565\u589e\u957f\u548c\u76c8\u5229\u80fd\u529b\u3002\u8fd9\u4e9b\u4e3e\u63aa\u6709\u671b\u652f\u6301\u516c\u53f8\u5728\u4e0d\u65ad\u53d8\u5316\u7684\u76d1\u7ba1\u73af\u5883\u4e0b\u7684\u957f\u671f\u97e7\u6027\u548c\u9002\u5e94\u6027\u3002<strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a36\u81f356\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Netflix Inc (NFLX)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q24 Revenue: <\/strong>$10.25B, +16.1% YoY, beat estimates by $140M<br>  <\/li>\n\n\n\n<li><strong>4Q24 GAAP EPS:<\/strong> $4.27, beat estimates by $0.07<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance: <\/strong>Expects revenue of $43.5B to $44.5Bi, an increase of a half-billion dollars over the prior forecast.<br>  <\/li>\n\n\n\n<li><strong>Share buyback:<\/strong> Board approved an incremental $15B to repurchase shares, which brings the total buyback authorisation to $17.1B<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> In the fourth quarter, Netflix surpassed forecasts adding 18.9 million subscribers, driven by live events such as the Jake Paul and Mike Tyson boxing match and popular shows like Squid Game. Revenue rose 16% to US$10.2bn, and earnings hit US$4.27 per share, both exceeding estimates. Annual operating income exceeded US$10bn for the first time. Netflix announced price hikes in select regions and projected 2025 revenue of US$43.5bn to US$44.5bn. Live events boosted ad-supported tier sign-ups, expected to generate more ad revenue in 2025. The company plans to increase prices for most service plans in the US, Canada, Portugal and Argentina, where it spends more on programming. With 41 million subscribers added in 2024, it will shift focus from subscriber growth to revenue and profit metrics as growth slows. A US$15bn share buyback was approved, signalling confidence in continued momentum. <strong>1Q25<\/strong> <strong>recommended trading range: $850 to $1050. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Netflix Inc (NFLX)) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong> 102.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.1%\uff0c\u8d85\u51fa\u9884\u671f1.4\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a4.27\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u6536\u5165\u4e3a435-445\u4ebf\u7f8e\u5143\uff0c\u8f83\u6b64\u524d\u9884\u6d4b\u63d0\u9ad85\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u80a1\u7968\u56de\u8d2d:<\/strong> \u8463\u4e8b\u4f1a\u6279\u51c6\u589e\u53d1150\u4ebf\u7f8e\u5143\u7528\u4e8e\u80a1\u7968\u56de\u8d2d\uff0c\u4f7f\u603b\u56de\u8d2d\u6388\u6743\u989d\u8fbe\u5230171\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7b2c\u56db\u5b63\u5ea6\uff0cNetflix\u65b0\u589e\u8ba2\u9605\u7528\u62371890\u4e07\uff0c\u8d85\u51fa\u9884\u671f\uff0c\u53d7\u5230Jake Paul\u548cMike Tyson\u62f3\u51fb\u8d5b\u7b49\u76f4\u64ad\u8d5b\u4e8b\u4ee5\u53ca\u300a\u9c7f\u9c7c\u6e38\u620f\u300b\u7b49\u70ed\u95e8\u5267\u96c6\u7684\u63a8\u52a8\u3002 \u6536\u5165\u589e\u957f16%\u81f3102\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u8fbe\u52304.27\u7f8e\u5143\uff0c\u5747\u8d85\u51fa\u9884\u671f\u3002 \u5e74\u5ea6\u8425\u4e1a\u6536\u5165\u9996\u6b21\u8d85\u8fc7100\u4ebf\u7f8e\u5143\u3002 Netflix\u5ba3\u5e03\u5728\u90e8\u5206\u5730\u533a\u4e0a\u8c03\u4ef7\u683c\uff0c\u5e76\u9884\u8ba12025\u5e74\u6536\u5165\u4e3a435-445\u4ebf\u7f8e\u5143\u3002 \u76f4\u64ad\u8d5b\u4e8b\u63a8\u52a8\u4e86\u5e7f\u544a\u652f\u6301\u5c42\u7ea7\u7684\u8ba2\u9605\u589e\u957f\uff0c\u9884\u8ba1\u5c06\u57282025\u5e74\u4ea7\u751f\u66f4\u591a\u5e7f\u544a\u6536\u5165\u3002 \u516c\u53f8\u8ba1\u5212\u5728\u7f8e\u56fd\u3001\u52a0\u62ff\u5927\u3001\u8461\u8404\u7259\u548c\u963f\u6839\u5ef7\u7b49\u8282\u76ee\u652f\u51fa\u8f83\u9ad8\u7684\u5730\u533a\u4e0a\u8c03\u5927\u591a\u6570\u670d\u52a1\u8ba1\u5212\u7684\u4ef7\u683c\u3002 \u968f\u77402024\u5e74\u65b0\u589e4100\u4e07\u8ba2\u9605\u7528\u6237\uff0c\u8be5\u516c\u53f8\u5c06\u4ece\u8ba2\u9605\u7528\u6237\u589e\u957f\u8f6c\u5411\u6536\u5165\u548c\u5229\u6da6\u6307\u6807\uff0c\u56e0\u4e3a\u589e\u957f\u6b63\u5728\u653e\u7f13\u3002 \u6279\u51c6\u4e86150\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\uff0c\u8868\u660e\u5bf9\u6301\u7eed\u589e\u957f\u52bf\u5934\u7684\u4fe1\u5fc3\u3002 <strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a850\u81f31050\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>United Airlines Holdings Inc (UAL)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q24 Revenue: <\/strong>$14.67B, +7.6% YoY, beat estimates by $330M<br>  <\/li>\n\n\n\n<li><strong>4Q24 Non-GAAP EPS:<\/strong> $3.26, beat estimates by $0.26<br>  <\/li>\n\n\n\n<li><strong>1Q25 Guidance:<\/strong> Expect to earn adjusted earnings of $0.75 to $1.25 per share above the $0.54 analysts estimate<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance: <\/strong>Expects to grow adjusted earnings to $11.50 to $13.50, slightly below expectations of about $12.85<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> United Airlines exceeded fourth quarter expectations, reporting adjusted earnings of US$3.26 per share versus a US$3.00 forecast, driven by robust travel demand and higher fares. Premium and economy sales rose 10% and 20%, respectively, while corporate bookings increased 7%. The airline expects 1Q25 profits between US$0.75 and US$1.25 per share, surpassing analysts\u2019 US$0.54 estimate. Full-year 2025 profit guidance is US$11.50 to US$13.50 per share, slightly below Wall Street\u2019s US$12.85 estimate. United anticipates double-digit pre-tax margins and further pricing power growth due to limited seat supply. Looking ahead, we expect United Airlines revenue to continue to benefit from pricier seats and its loyalty programs alongside lower jet fuel prices from President Trump\u2019s plan to boost US oil output. <strong>1Q25<\/strong> <strong>recommended trading range: $105 to $125. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8054\u5408\u822a\u7a7a\u63a7\u80a1\u516c\u53f8 (UAL) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong> 146.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7.6%\uff0c\u8d85\u51fa\u9884\u671f3.3\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a3.26\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.26\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15: <\/strong>\u9884\u8ba1\u6bcf\u80a1\u8c03\u6574\u540e\u6536\u76ca\u4e3a0.75-1.25\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u9884\u671f\u76840.54\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8c03\u6574\u540e\u6536\u76ca\u4e3a11.50-13.50\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u534e\u5c14\u8857\u9884\u671f\u768412.85\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8054\u5408\u822a\u7a7a\u516c\u5e03\u4e86\u8d85\u51fa\u9884\u671f\u7684\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a3.26\u7f8e\u5143\uff0c\u9ad8\u4e8e\u9884\u671f\u76843.00\u7f8e\u5143\uff0c\u5f97\u76ca\u4e8e\u5f3a\u52b2\u7684\u65c5\u884c\u9700\u6c42\u548c\u66f4\u9ad8\u7684\u7968\u4ef7\u3002 \u9ad8\u7ea7\u8231\u548c\u7ecf\u6d4e\u8231\u9500\u552e\u989d\u5206\u522b\u589e\u957f10%\u548c20%\uff0c\u800c\u4f01\u4e1a\u9884\u8ba2\u91cf\u589e\u957f7%\u3002 \u8be5\u822a\u7a7a\u516c\u53f8\u9884\u8ba12025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u4e3a0.75-1.25\u7f8e\u5143\uff0c\u8d85\u8fc7\u5206\u6790\u5e08\u9884\u671f\u76840.54\u7f8e\u5143\u3002 2025\u5e74\u5168\u5e74\u76c8\u5229\u6307\u5f15\u4e3a\u6bcf\u80a111.50-13.50\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u534e\u5c14\u8857\u9884\u671f\u768412.85\u7f8e\u5143\u3002 \u8054\u5408\u822a\u7a7a\u9884\u8ba1\u7a0e\u524d\u5229\u6da6\u7387\u5c06\u8fbe\u5230\u4e24\u4f4d\u6570\uff0c\u5e76\u7531\u4e8e\u5ea7\u4f4d\u4f9b\u5e94\u6709\u9650\u800c\u8fdb\u4e00\u6b65\u63d0\u9ad8\u5b9a\u4ef7\u6743\u3002 \u5c55\u671b\u672a\u6765\uff0c\u6211\u4eec\u9884\u8ba1\u8054\u5408\u822a\u7a7a\u7684\u6536\u5165\u5c06\u7ee7\u7eed\u53d7\u76ca\u4e8e\u66f4\u6602\u8d35\u7684\u5ea7\u4f4d\u3001\u5176\u5fe0\u8bda\u5ea6\u8ba1\u5212\u4ee5\u53ca\u7279\u6717\u666e\u603b\u7edf\u63d0\u9ad8\u7f8e\u56fd\u77f3\u6cb9\u4ea7\u91cf\u7684\u8ba1\u5212\u5e26\u6765\u7684\u8f83\u4f4e\u7684\u71c3\u6cb9\u4ef7\u683c\u3002 <strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a105\u81f3125\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interactive Brokers Group Inc (IBKR)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q24 Revenue: <\/strong>$1.39B, +21.9% YoY, beat estimates by $20M<br>  <\/li>\n\n\n\n<li><strong>4Q24 Non-GAAP EPS:<\/strong> $2.03, beat estimates by $0.17<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance: <\/strong>No guidance provided.<br>  <\/li>\n\n\n\n<li><strong>Dividend:<\/strong> Declared a quarterly cash dividend of $0.25 per share, payable on 14 March 2025<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Interactive Brokers reported strong fourth quarter results, with earnings per share of US$2.03 exceeding estimates by US$0.17, and revenue of US$1.39bn beating expectations. This was driven by a 37% YoY rise in commission revenue, boosted by surging trading volumes in options by 32% and stocks by 65%. Net interest income grew 11% to US$807mn due to higher margin loans and credit balances. Customer accounts increased 30% YoY to 3.34mn, while equity rose 33% to US$568.2bn. The board declared a US$0.25 dividend, with a 76% pretax profit margin achieved. Looking ahead, we anticipate continued market volatility, which could benefit Interactive Brokers by driving higher trading volumes and commissions. <strong>1Q25<\/strong> <strong>recommended trading range: $190 to $220. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u76c8\u900f\u8bc1\u5238\u96c6\u56e2 (IBKR) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong> 13.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f21.9%\uff0c\u8d85\u51fa\u9884\u671f2000\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u7b2c\u56db\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.03\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.17\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u672a\u63d0\u4f9b\u6307\u5f15\u3002<br>  <\/li>\n\n\n\n<li><strong>\u80a1\u606f:<\/strong> \u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d1\u73b0\u91d1\u80a1\u606f0.25\u7f8e\u5143\uff0c\u5c06\u4e8e2025\u5e743\u670814\u65e5\u652f\u4ed8<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u76c8\u900f\u8bc1\u5238\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u6bcf\u80a1\u6536\u76ca\u4e3a2.03\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.17\u7f8e\u5143\uff0c\u6536\u5165\u4e3a13.9\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f\u3002 \u8fd9\u662f\u7531\u4f63\u91d1\u6536\u5165\u540c\u6bd4\u589e\u957f37%\u9a71\u52a8\u7684\uff0c\u53d7\u76ca\u4e8e\u671f\u6743\u4ea4\u6613\u91cf\u6fc0\u589e32%\u548c\u80a1\u7968\u4ea4\u6613\u91cf\u589e\u957f65%\u3002 \u51c0\u5229\u606f\u6536\u5165\u589e\u957f11%\u81f38.07\u4ebf\u7f8e\u5143\uff0c\u539f\u56e0\u662f\u4fdd\u8bc1\u91d1\u8d37\u6b3e\u548c\u4fe1\u7528\u4f59\u989d\u589e\u52a0\u3002 \u5ba2\u6237\u8d26\u6237\u540c\u6bd4\u589e\u957f30%\u81f3334\u4e07\u4e2a\uff0c\u800c\u6743\u76ca\u8d44\u672c\u589e\u957f33%\u81f35682\u4ebf\u7f8e\u5143\u3002 \u8463\u4e8b\u4f1a\u5ba3\u5e03\u6d3e\u53d1\u6bcf\u80a10.25\u7f8e\u5143\u7684\u80a1\u606f\uff0c\u5b9e\u73b076%\u7684\u7a0e\u524d\u5229\u6da6\u7387\u3002 \u5c55\u671b\u672a\u6765\uff0c\u6211\u4eec\u9884\u8ba1\u5e02\u573a\u6ce2\u52a8\u6027\u5c06\u6301\u7eed\uff0c\u8fd9\u53ef\u80fd\u4f1a\u901a\u8fc7\u63a8\u52a8\u66f4\u9ad8\u7684\u4ea4\u6613\u91cf\u548c\u4f63\u91d1\u6536\u5165\u800c\u4f7f\u76c8\u900f\u8bc1\u5238\u53d7\u76ca\u3002\u3002<strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a190\u81f3220\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Seagate Technology Holdings PLC (STX)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q25 Revenue: <\/strong>$2.33B, +49.4% YoY, beat estimates by $10M<br>  <\/li>\n\n\n\n<li><strong>2Q25 Non-GAAP EPS:<\/strong> $2.03, beat estimates by $0.15<br>  <\/li>\n\n\n\n<li><strong>3Q25 Guidance: <\/strong>Expects revenue of $2.1B, plus or minus $150M and non-GAAP diluted EPS of $1.70, plus or minus $0.20<br>  <\/li>\n\n\n\n<li><strong>Dividend:<\/strong> Declared cash dividend of $0.72 per share, payable on 2 April 2025<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Seagate Technology delivered revenue of US$2.33bn rising 49.5% YoY and a non-GAAP EPS of US$2.03, surpassing analysts\u2019 estimates. The company\u2019s gross margin expanded to 35.5%. Seagate forecasted third quarter revenue of US$2.10bn, \u00b1US$150mn, below analyst expectations of US$2.19bn, citing weak demand for storage devices in the struggling PC market. Adjusted profit guidance matched estimates at US$1.70 per share. Global PC shipments in 2024 rose only 1%, and inventory normalization for memory devices remains slow. However, investments by cloud providers in generative AI infrastructure in 2025 may boost Seagate\u2019s sales. The recent announcement of a US$500bn investment in AI infrastructure by the US government, alongside initiatives from top tech firms, further supports this expectation. <strong>3Q25<\/strong> <strong>recommended trading range: $100 to $110. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5e0c\u6377\u79d1\u6280\u63a7\u80a1\u6709\u9650\u516c\u53f8 (STX) <\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u8425\u6536\uff1a<\/strong> 23.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f49.4%\uff0c\u8d85\u51fa\u9884\u671f1000\u4e07\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63GAAP\u6bcf\u80a1\u76c8\u5229<\/strong>\uff1a2.03\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.15\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u80a1\u606f:<\/strong> \u5ba3\u5e03\u6d3e\u53d1\u6bcf\u80a1\u73b0\u91d1\u80a1\u606f0.72\u7f8e\u5143\uff0c\u4e8e2025\u5e744\u67082\u65e5\u652f\u4ed8<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15:<\/strong> \u9884\u8ba1\u6536\u5165\u4e3a21\u4ebf\u7f8e\u5143\uff0c\u6b63\u8d1f1.5\u4ebf\u7f8e\u5143\uff0c\u4ee5\u53ca\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a1.70\u7f8e\u5143\uff0c\u6b63\u8d1f0.20\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5e0c\u6377\u79d1\u6280\u5b9e\u73b0\u6536\u516523.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f49.5%\uff0c\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a2.03\u7f8e\u5143\uff0c\u5747\u8d85\u51fa\u5206\u6790\u5e08\u9884\u671f\u3002 \u516c\u53f8\u6bdb\u5229\u7387\u6269\u5927\u81f335.5%\u3002 \u5e0c\u6377\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u4e3a21\u4ebf\u7f8e\u5143\uff0c\u6b63\u8d1f1.5\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5206\u6790\u5e08\u9884\u671f\u76842.19\u4ebf\u7f8e\u5143\uff0c\u539f\u56e0\u662f\u75b2\u8f6f\u7684PC\u5e02\u573a\u5bf9\u5b58\u50a8\u8bbe\u5907\u7684\u9700\u6c42\u75b2\u8f6f\u3002 \u8c03\u6574\u540e\u7684\u76c8\u5229\u6307\u5f15\u4e0e\u9884\u671f\u4e00\u81f4\uff0c\u4e3a\u6bcf\u80a11.70\u7f8e\u5143\u3002 2024\u5e74\u5168\u7403PC\u51fa\u8d27\u91cf\u4ec5\u589e\u957f1%\uff0c\u5185\u5b58\u8bbe\u5907\u5e93\u5b58\u6b63\u5e38\u5316\u4ecd\u8fdb\u5c55\u7f13\u6162\u3002 \u7136\u800c\uff0c\u4e91\u670d\u52a1\u63d0\u4f9b\u5546\u57282025\u5e74\u5bf9\u751f\u6210\u5f0fAI\u57fa\u7840\u8bbe\u65bd\u7684\u6295\u8d44\u53ef\u80fd\u4f1a\u63a8\u52a8\u5e0c\u6377\u7684\u9500\u552e\u3002 \u7f8e\u56fd\u653f\u5e9c\u6700\u8fd1\u5ba3\u5e03\u5bf9AI\u57fa\u7840\u8bbe\u65bd\u6295\u8d445000\u4ebf\u7f8e\u5143\uff0c\u4ee5\u53ca\u6765\u81ea\u9876\u7ea7\u79d1\u6280\u516c\u53f8\u7684\u4e3e\u63aa\uff0c\u8fdb\u4e00\u6b65\u652f\u6301\u4e86\u8fd9\u4e00\u9884\u671f\u3002<strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a100\u81f3110\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wp-block-uagb-image alignleft uagb-block-971ecb1b wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-left\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.kgieworld.sg\/research\/KGISGWA\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/Get-more-from-KGI-on-WhatsApp.png\" alt=\"\" class=\"uag-image-59753\" width=\"637\" height=\"174\" title=\"Get more from KGI on WhatsApp.\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png\" alt=\"\" class=\"wp-image-15031\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>United States | Singapore | Hong Kong | Earnings Oracle Corp. (ORCL US) Pinterest, Inc. (PINS US) ^ Back To Top Rex International Holding Ltd. (REXI SP) Tianjin Pharmaceutical Da Re Tang Group. (TIAN SP) ^ Back To Top AAC Technologies Holdings Inc (2018 HK) Kingdee International Software Group Co Ltd (268 HK) ^ Back [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-60084","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Jiong Han Lee","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"United States | Singapore | Hong Kong | Earnings Oracle Corp. (ORCL US) Pinterest, Inc. (PINS US) ^ Back To Top Rex International Holding Ltd. (REXI SP) Tianjin Pharmaceutical Da Re Tang Group. (TIAN SP) ^ Back To Top AAC Technologies Holdings Inc (2018 HK) Kingdee International Software Group Co Ltd (268 HK) ^ Back&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/60084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=60084"}],"version-history":[{"count":2,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/60084\/revisions"}],"predecessor-version":[{"id":60200,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/60084\/revisions\/60200"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=60084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=60084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=60084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}