{"id":67117,"date":"2025-05-07T20:08:59","date_gmt":"2025-05-07T12:08:59","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=67117"},"modified":"2025-05-08T14:36:03","modified_gmt":"2025-05-08T06:36:03","slug":"technical-analysis-08-may-2025","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-08-may-2025\/","title":{"rendered":"Technical Analysis &#8211; 08 May 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\">Salesforce, Inc. (CRM US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-67155\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-34-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/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 50dEMA. 5dEMA is about to cross the 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 275, Target 305, Stop 260<\/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\/05\/a-line-in-a-white-background-description-automati-18.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-67156\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-18.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-18-300x64.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\">International Business Machines Corp. (IBM US)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-67157\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-35-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/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 high since March 2025. 20dEMA just crossed the 50dEMA.<br>  <\/li>\n\n\n\n<li>Both RSI and MACD are constructive.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 250, Target 264, Stop 243<\/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\/05\/word-image-67117-4-1.png\" alt=\"\" class=\"wp-image-67158\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-4-1-300x64.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-67117-_q3z2pzaup3mw\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-5-1.png\" class=\"wp-image-67159\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-5-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-5-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">DFI Retail Group Holdings Ltd. (DFI SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-67160\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-36-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/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 with constructive volume. <br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is at an overbought level.<br>  <\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 2.70, Target 2.90, Stop 2.60<\/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\/05\/a-line-in-a-white-background-description-automati-19.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-67161\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-19.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-19-300x64.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\">Jardine Matheson Holdings Ltd. (JM SP)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2376\" height=\"1350\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-67162\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37.png 2376w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37-300x170.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37-1024x582.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37-768x436.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37-1536x873.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-37-2048x1164.png 2048w\" sizes=\"(max-width: 2376px) 100vw, 2376px\" \/><\/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 with a surge in volume. <br>  <\/li>\n\n\n\n<li>MACD is positive, RSI is at an overbought level.<br>  <\/li>\n\n\n\n<li><strong>Buy \u2013 Entry 48.0 Target 51.0, Stop 46.5<\/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\/05\/word-image-67117-9-1.png\" alt=\"\" class=\"wp-image-67163\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-9-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-9-1-300x64.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-67117-_ox2yqx6nkukc\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-10-1.png\" class=\"wp-image-67164\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-10-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-10-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Trip.com Group Ltd (9961 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\/05\/a-graph-of-stock-market-ai-generated-content-may-38.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-67165\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-38.png 1535w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-38-300x166.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-38-1024x566.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-38-768x425.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 one-month high above the 50dEMA with a surge in volume. The 20dEMA is about to cross the 200dEMA.<br>  <\/li>\n\n\n\n<li>Both RSI and MACD are constructive. <br>  <\/li>\n\n\n\n<li><strong>Long <\/strong>\u2013 <strong>Entry 478, Target 518, Stop 458<\/strong><br>    <br><br>    <br><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-67166\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-9.jpeg\" alt=\"A line in a white background\n\nDescription automatically generated\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-9.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-line-in-a-white-background-description-automati-9-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Tongcheng Travel Holdings Ltd (780 HK) <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"1535\" height=\"849\" class=\"wp-image-67167\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-39.png\" alt=\"A graph of stock market\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-39.png 1535w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-39-300x166.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-39-1024x566.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/a-graph-of-stock-market-ai-generated-content-may-39-768x425.png 768w\" sizes=\"(max-width: 1535px) 100vw, 1535px\" \/><\/figure><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares formed an inverted hammer pattern and closed above the 5dEMA.<br>  <\/li>\n\n\n\n<li>RSI is constructive, while MACD is negative.<br>  <\/li>\n\n\n\n<li><strong>Long \u2013 Entry 20.8, Target 22.4, Stop 20.0<\/strong><br>    <br><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\/05\/word-image-67117-14-1.png\" alt=\"\" class=\"wp-image-67168\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-14-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-14-1-300x64.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\/05\/word-image-67117-15-1.png\" alt=\"\" class=\"wp-image-67169\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-15-1.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/05\/word-image-67117-15-1-300x54.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>Uber Technologies Inc. (UBER)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$11.53B, +13.8% YoY, miss estimates by $90M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$0.83, beat estimates by $0.33<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance:<\/strong> Expect gross bookings to be between $45.75B and $47.25B, compared with Wall Street expectations of $45.83B and anticipates a 1.5% currency-related drag on gross bookings growth. Adjusted core earnings between $2.02B and $2.12B compared to estimates of $2.04B.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Uber reported its slowest ride-hailing revenue growth since the pandemic, with first-quarter revenue rising 14% to US$11.53bn, slightly below estimates. Ride-hailing revenue rose 15%, while delivery grew 18%, meeting expectations. U.S. travel demand softened, reflected in a higher mix of international trips. Despite this, Uber posted better-than-expected profit of US$0.83 per share compared to forecast of US$0.50 and issued an upbeat Q2 outlook, projecting gross bookings of $45.75bn-$47.25bn and adjusted EBITDA of $2.02bn-$2.12bn, both ahead of consensus. The company is leaning on international markets, delivery expansion, and autonomous vehicle partnerships, with Waymo and Pony AI, to offset U.S. softness. Uber also announced a US$700mn acquisition of Turkish delivery platform Trendyol Go and launched a US$2.99 monthly subscription service, Price Lock Pass, to attract budget-conscious riders. Uber is well-positioned to navigate near-term U.S. demand softness through its diversified global footprint, expanding delivery ecosystem, and deepening investments in autonomous mobility. Continued international growth, coupled with strategic acquisitions and automation initiatives, should underpin long-term gross bookings and margin expansion, amidst macro uncertainties like tariffs and currency headwinds. <strong>2Q25<\/strong> <strong>recommended trading range: $82 to $86. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4f18\u6b65\u79d1\u6280 (UBER)<\/strong>\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u8425\u6536\uff1a<\/strong>115.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f13.8%\uff0c\u4f4e\u4e8e\u9884\u671f9,000\u4e07\u7f8e\u5143\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.83\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.33\u7f8e\u5143\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u603b\u9884\u8ba2\u989d\u5728457.5\u4ebf\u7f8e\u5143\u81f3472.5\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u534e\u5c14\u8857\u9884\u671f\u4e3a458.3\u4ebf\u7f8e\u5143\uff0c\u5e76\u9884\u8ba1\u6c47\u7387\u6ce2\u52a8\u5c06\u5bf9\u603b\u9884\u8ba2\u989d\u589e\u957f\u9020\u62101.5%\u7684\u62d6\u7d2f\u3002\u8c03\u6574\u540e\u6838\u5fc3\u6536\u76ca\u9884\u8ba1\u572820.2\u4ebf\u7f8e\u5143\u81f321.2\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u5e02\u573a\u9884\u671f\u4e3a20.4\u4ebf\u7f8e\u5143\u3002\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u77ed\u8bc4\uff1a<\/strong>\u4f18\u6b65\u516c\u5e03\u4e86\u81ea\u75ab\u60c5\u4ee5\u6765\u6700\u6162\u7684\u7f51\u7ea6\u8f66\u8425\u6536\u589e\u957f\uff0c\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u589e\u957f14%\u81f3115.3\u4ebf\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u9884\u671f\u3002\u7f51\u7ea6\u8f66\u8425\u6536\u589e\u957f15%\uff0c\u5916\u5356\u4e1a\u52a1\u589e\u957f18%\uff0c\u7b26\u5408\u9884\u671f\u3002\u7f8e\u56fd\u51fa\u884c\u9700\u6c42\u6709\u6240\u653e\u7f13\uff0c\u8fd9\u53cd\u6620\u5728\u56fd\u9645\u51fa\u884c\u6bd4\u4f8b\u7684\u4e0a\u5347\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u4f18\u6b65\u516c\u5e03\u7684\u6bcf\u80a1\u6536\u76ca\u4e3a0.83\u7f8e\u5143\uff0c\u597d\u4e8e\u9884\u671f\u76840.50\u7f8e\u5143\uff0c\u5e76\u53d1\u5e03\u4e86\u4e50\u89c2\u7684\u7b2c\u4e8c\u5b63\u5ea6\u5c55\u671b\uff0c\u9884\u8ba1\u603b\u9884\u8ba2\u989d\u4e3a457.5\u4ebf\u7f8e\u5143\u81f3472.5\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540eEBITDA\u4e3a20.2\u4ebf\u7f8e\u5143\u81f321.2\u4ebf\u7f8e\u5143\uff0c\u5747\u9ad8\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u3002\u8be5\u516c\u53f8\u6b63\u4f9d\u8d56\u56fd\u9645\u5e02\u573a\u3001\u5916\u5356\u4e1a\u52a1\u6269\u5f20\u4ee5\u53ca\u4e0eWaymo\u548cPony AI\u7b49\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u516c\u53f8\u7684\u5408\u4f5c\uff0c\u4ee5\u62b5\u6d88\u7f8e\u56fd\u5e02\u573a\u7684\u75b2\u8f6f\u3002\u4f18\u6b65\u8fd8\u5ba3\u5e03\u4ee57\u4ebf\u7f8e\u5143\u6536\u8d2d\u571f\u8033\u5176\u5916\u5356\u5e73\u53f0Trendyol Go\uff0c\u5e76\u63a8\u51fa\u4e86\u6bcf\u67082.99\u7f8e\u5143\u7684\u8ba2\u9605\u670d\u52a1Price Lock Pass\uff0c\u4ee5\u5438\u5f15\u6ce8\u91cd\u9884\u7b97\u7684\u4e58\u5ba2\u3002\u901a\u8fc7\u5176\u591a\u5143\u5316\u7684\u5168\u7403\u5e03\u5c40\u3001\u4e0d\u65ad\u6269\u5927\u7684\u5916\u5356\u751f\u6001\u7cfb\u7edf\u4ee5\u53ca\u5728\u81ea\u52a8\u9a7e\u9a76\u9886\u57df\u7684\u6df1\u5165\u6295\u8d44\uff0c\u4f18\u6b65\u6709\u80fd\u529b\u5e94\u5bf9\u7f8e\u56fd\u5e02\u573a\u8fd1\u671f\u7684\u9700\u6c42\u75b2\u8f6f\u3002\u6301\u7eed\u7684\u56fd\u9645\u589e\u957f\uff0c\u52a0\u4e0a\u6218\u7565\u6536\u8d2d\u548c\u81ea\u52a8\u5316\u4e3e\u63aa\uff0c\u5e94\u80fd\u5728\u4e2d\u7f8e\u8d38\u6613\u6469\u64e6\u548c\u6c47\u7387\u6ce2\u52a8\u7b49\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u4e2d\u652f\u6491\u5176\u957f\u671f\u603b\u9884\u8ba2\u989d\u548c\u5229\u6da6\u7387\u7684\u6269\u5f20\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a82\u7f8e\u5143\u81f386\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Walt Disney Co. (DIS)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q25 Revenue: <\/strong>$23.6B, +6.8% YoY, beat estimates by $470M<br>  <\/li>\n\n\n\n<li><strong>2Q25 Non-GAAP EPS: <\/strong>$1.45, beat estimates by $0.24<br>  <\/li>\n\n\n\n<li><strong>FY25 Guidance:<\/strong> Expect adjusted earnings per share of $5.75 for FY25, an increase of 16% from the prior fiscal year. Reiterated guidance for 6% to 8% operating income growth in the parks-led Experiences division and for double-digit percentage operating income growth in the entertainment unit.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Disney exceeded expectations this quarter, driven by a surprise boost in Disney+ subscriptions with 1.4mn new customers, strong Hulu growth adding 1.1mn customers, and robust performance at its theme parks and cruise lines. Revenue rose 7% to US$23.6bn and adjusted EPS was US$1.45, both beating estimates. Operating income climbed to US$4.4bn, with a 61% YoY surge in the entertainment unit and 9% growth in its parks-led Experiences segment. The company reaffirmed 6% to 8% FY25 operating income growth guidance for Experiences and double-digit growth for Entertainment. It forecast adjusted earnings per share of US$5.75 for the fiscal year. Additionally, Disney announced plans for a landmark theme park resort in Abu Dhabi, its first in the Middle East, targeting the rapidly growing tourism hub that sits within a four-hour flight of one-third of the global population. Disney is strategically positioned for revenue growth through international park expansion, streaming profitability improvements, and resilient consumer demand for experiences. The Abu Dhabi theme park signals deeper geographic diversification, while steady gains in streaming and cruise bookings should bolster earnings even amid macro uncertainty. <strong>3Q25<\/strong> <strong>recommended trading range: $90 to $110. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u534e\u7279\u8fea\u58eb\u5c3c\u516c\u53f8 (DIS)<\/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>236\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.8%\uff0c\u8d85\u51fa\u9884\u671f4.7\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.45\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.24\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba125\u8d22\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a5.75\u7f8e\u5143\uff0c\u8f83\u4e0a\u4e00\u8d22\u5e74\u589e\u957f16%\u3002\u91cd\u7533\u4e50\u56ed\u4f53\u9a8c\u90e8\u95e86%\u81f38%\u7684\u8fd0\u8425\u6536\u5165\u589e\u957f\u6307\u5f15\uff0c\u4ee5\u53ca\u5a31\u4e50\u90e8\u95e8\u4e24\u4f4d\u6570\u7684\u8fd0\u8425\u6536\u5165\u589e\u957f\u6307\u5f15\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8fea\u58eb\u5c3c\u672c\u5b63\u5ea6\u4e1a\u7ee9\u8d85\u51fa\u9884\u671f\uff0c\u8fd9\u5f97\u76ca\u4e8eDisney+\u8ba2\u9605\u7528\u6237\u610f\u5916\u589e\u52a0140\u4e07\uff0cHulu\u7528\u6237\u5f3a\u52b2\u589e\u957f110\u4e07\uff0c\u4ee5\u53ca\u5176\u4e3b\u9898\u516c\u56ed\u548c\u90ae\u8f6e\u4e1a\u52a1\u7684\u5f3a\u52b2\u8868\u73b0\u3002\u8425\u6536\u589e\u957f7%\u81f3236\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a1.45\u7f8e\u5143\uff0c\u5747\u8d85\u51fa\u9884\u671f\u3002\u8fd0\u8425\u6536\u5165\u6500\u5347\u81f344\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5a31\u4e50\u90e8\u95e8\u540c\u6bd4\u589e\u957f61%\uff0c\u4e50\u56ed\u4f53\u9a8c\u90e8\u95e8\u589e\u957f9%\u3002\u8be5\u516c\u53f8\u91cd\u7533\u4e8625\u8d22\u5e74\u4e50\u56ed\u4f53\u9a8c\u90e8\u95e86%\u81f38%\u7684\u8fd0\u8425\u6536\u5165\u589e\u957f\u6307\u5f15\uff0c\u4ee5\u53ca\u5a31\u4e50\u90e8\u95e8\u4e24\u4f4d\u6570\u7684\u589e\u957f\u6307\u5f15\u3002\u9884\u8ba1\u672c\u8d22\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a5.75\u7f8e\u5143\u3002\u6b64\u5916\uff0c\u8fea\u58eb\u5c3c\u5ba3\u5e03\u8ba1\u5212\u5728\u963f\u5e03\u624e\u6bd4\u5efa\u8bbe\u4e00\u4e2a\u5177\u6709\u91cc\u7a0b\u7891\u610f\u4e49\u7684\u4e3b\u9898\u516c\u56ed\u5ea6\u5047\u533a\uff0c\u8fd9\u662f\u5176\u5728\u4e2d\u4e1c\u7684\u9996\u4e2a\u4e3b\u9898\u516c\u56ed\uff0c\u76ee\u6807\u662f\u8fd9\u4e2a\u5feb\u901f\u589e\u957f\u7684\u65c5\u6e38\u4e2d\u5fc3\uff0c\u8be5\u4e2d\u5fc3\u8ddd\u79bb\u5168\u7403\u4e09\u5206\u4e4b\u4e00\u7684\u4eba\u53e3\u4ec5\u56db\u5c0f\u65f6\u98de\u884c\u8ddd\u79bb\u3002\u901a\u8fc7\u56fd\u9645\u516c\u56ed\u6269\u5f20\u3001\u6d41\u5a92\u4f53\u4e1a\u52a1\u76c8\u5229\u80fd\u529b\u7684\u63d0\u9ad8\u4ee5\u53ca\u6d88\u8d39\u8005\u5bf9\u4f53\u9a8c\u7684\u6301\u7eed\u9700\u6c42\uff0c\u8fea\u58eb\u5c3c\u5728\u8425\u6536\u589e\u957f\u65b9\u9762\u5904\u4e8e\u6218\u7565\u4f18\u52bf\u5730\u4f4d\u3002\u963f\u5e03\u624e\u6bd4\u4e3b\u9898\u516c\u56ed\u6807\u5fd7\u7740\u66f4\u6df1\u5c42\u6b21\u7684\u5730\u57df\u591a\u5143\u5316\uff0c\u800c\u6d41\u5a92\u4f53\u548c\u90ae\u8f6e\u9884\u8ba2\u91cf\u7684\u7a33\u6b65\u589e\u957f\u5373\u4f7f\u5728\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u7684\u60c5\u51b5\u4e0b\u4e5f\u5e94\u80fd\u63d0\u632f\u6536\u76ca\u3002<strong>25\u8d22\u5e74\u7b2c\u4e09\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u7f8e\u5143\u81f3110\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Novo Nordisk A\/S (NVO)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>DKK78.09B, +19.5% YoY<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>DKK6.53<br>  <\/li>\n\n\n\n<li><strong>FY25 guidance: <\/strong>Lowered its sales growth to 13% to 21% at constant exchange rates, below the 16% to 24% previous forecast. Operating profit growth is forecast at 16% to 24%, versus 19% to 27% previously.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Novo Nordisk reported a mixed quarter, with Wegovy sales declining 13% QoQ to DKK 17.36bn, missing analyst expectations. First quarter EBIT grew 22% YoY to DKK 38.79bn, beating expectations. U.S. prescriptions have stagnated since February despite increased supply, primarily due to compounded copycat versions of Wegovy and Ozempic, which have captured roughly one-third of the U.S. obesity drug market. The FDA has mandated compounders to cease production by May 22, which is expected to restore market share to Novo. Novo has recently launched Wegovy in three new countries, bringing its global footprint to 25 markets, and plans to accelerate further rollouts as supply constraints ease. The company also introduced a new direct-to-consumer online pharmacy and expanded partnerships with telehealth providers. In addition, CVS Health will broaden access to Wegovy through its Caremark pharmacy benefit manager, improving affordability and accessibility for more patients. Despite these initiatives, Novo cut its 2025 sales growth guidance to 13%-21% from 16%-24% and operating profit growth to 16%-24% from 19%-27%, the first downward revision since Wegovy\u2019s launch. Looking ahead, Novo Nordisk is well-positioned for a recovery in U.S. Wegovy sales in 2H25 as regulatory actions curb compounder competition and insurance coverage expands. Accelerated international launches and easing supply constraints further underpin its global growth outlook. While near-term headwinds persist from competitors and potential tariff risks, Novo\u2019s expanding geographic reach, regulatory support, and strengthened distribution strategy should help it regain momentum and drive sustainable revenue growth. <strong>2Q25<\/strong> <strong>recommended trading range: $60 to $75. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8bfa\u548c\u8bfa\u5fb7 (NVO)<\/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>780.9\u4ebf\u4e39\u9ea6\u514b\u6717\uff0c\u540c\u6bd4\u589e\u957f19.5%<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>6.53\u4e39\u9ea6\u514b\u6717<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u5c06\u4ee5\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u7684\u9500\u552e\u989d\u589e\u957f\u9884\u671f\u4e0b\u8c03\u81f313%\u81f321%\uff0c\u4f4e\u4e8e\u6b64\u524d16%\u81f324%\u7684\u9884\u671f\u3002\u8fd0\u8425\u5229\u6da6\u589e\u957f\u9884\u671f\u4e3a16%\u81f324%\uff0c\u4f4e\u4e8e\u6b64\u524d19%\u81f327%\u7684\u9884\u671f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u8bfa\u548c\u8bfa\u5fb7\u516c\u5e03\u4e86\u4e00\u4efd\u559c\u5fe7\u53c2\u534a\u7684\u5b63\u5ea6\u62a5\u544a\uff0c\u5176\u4e2dWegovy\u7684\u5b63\u5ea6\u9500\u552e\u989d\u4e0b\u964d13%\u81f3173.6\u4ebf\u4e39\u9ea6\u514b\u6717\uff0c\u4f4e\u4e8e\u5206\u6790\u5e08\u9884\u671f\u3002\u7b2c\u4e00\u5b63\u5ea6\u606f\u7a0e\u524d\u5229\u6da6\u540c\u6bd4\u589e\u957f22%\u81f3387.9\u4ebf\u4e39\u9ea6\u514b\u6717\uff0c\u8d85\u51fa\u9884\u671f\u3002\u5c3d\u7ba1\u4f9b\u5e94\u589e\u52a0\uff0c\u4f46\u81ea2\u6708\u4efd\u4ee5\u6765\uff0c\u7f8e\u56fd\u5904\u65b9\u91cf\u4e00\u76f4\u505c\u6ede\u4e0d\u524d\uff0c\u8fd9\u4e3b\u8981\u662f\u7531\u4e8eWegovy\u548cOzempic\u7684\u4eff\u5236\u836f\u5df2\u5360\u636e\u7f8e\u56fd\u80a5\u80d6\u836f\u7269\u5e02\u573a\u7ea6\u4e09\u5206\u4e4b\u4e00\u7684\u4efd\u989d\u3002\u7f8e\u56fd\u98df\u54c1\u836f\u54c1\u76d1\u7763\u7ba1\u7406\u5c40\u5df2\u5f3a\u5236\u8981\u6c42\u914d\u836f\u957f\u57285\u670822\u65e5\u524d\u505c\u6b62\u751f\u4ea7\u8fd9\u4e9b\u4eff\u5236\u836f\uff0c\u9884\u8ba1\u8fd9\u5c06\u6709\u52a9\u4e8e\u8bfa\u548c\u8bfa\u5fb7\u6062\u590d\u5e02\u573a\u4efd\u989d\u3002\u8bfa\u548c\u8bfa\u5fb7\u6700\u8fd1\u5728\u4e09\u4e2a\u65b0\u56fd\u5bb6\u63a8\u51fa\u4e86Wegovy\uff0c\u4f7f\u5176\u5168\u7403\u5e02\u573a\u62d3\u5c55\u81f325\u4e2a\uff0c\u5e76\u8ba1\u5212\u5728\u4f9b\u5e94\u9650\u5236\u7f13\u89e3\u540e\u52a0\u5feb\u8fdb\u4e00\u6b65\u7684\u63a8\u5e7f\u3002\u8be5\u516c\u53f8\u8fd8\u63a8\u51fa\u4e86\u4e00\u5bb6\u65b0\u7684\u76f4\u63a5\u9762\u5411\u6d88\u8d39\u8005\u7684\u5728\u7ebf\u836f\u623f\uff0c\u5e76\u6269\u5927\u4e86\u4e0e\u8fdc\u7a0b\u533b\u7597\u670d\u52a1\u63d0\u4f9b\u5546\u7684\u5408\u4f5c\u3002\u6b64\u5916\uff0cCVS Health\u5c06\u901a\u8fc7\u5176Caremark\u836f\u623f\u798f\u5229\u7ba1\u7406\u90e8\u95e8\u6269\u5927Wegovy\u7684\u8986\u76d6\u8303\u56f4\uff0c\u63d0\u9ad8\u66f4\u591a\u60a3\u8005\u7684\u53ef\u8d1f\u62c5\u6027\u548c\u53ef\u53ca\u6027\u3002\u5c3d\u7ba1\u91c7\u53d6\u4e86\u8fd9\u4e9b\u4e3e\u63aa\uff0c\u8bfa\u548c\u8bfa\u5fb7\u4ecd\u5c06\u51762025\u5e74\u9500\u552e\u989d\u589e\u957f\u9884\u671f\u4ece16%-24%\u4e0b\u8c03\u81f313%-21%\uff0c\u5e76\u5c06\u8fd0\u8425\u5229\u6da6\u589e\u957f\u9884\u671f\u4ece19%-27%\u4e0b\u8c03\u81f316%-24%\uff0c\u8fd9\u662fWegovy\u4e0a\u5e02\u4ee5\u6765\u7684\u9996\u6b21\u4e0b\u8c03\u3002\u5c55\u671b\u672a\u6765\uff0c\u968f\u7740\u76d1\u7ba1\u884c\u52a8\u904f\u5236\u4eff\u5236\u836f\u7ade\u4e89\u4ee5\u53ca\u4fdd\u9669\u8986\u76d6\u8303\u56f4\u6269\u5927\uff0c\u8bfa\u548c\u8bfa\u5fb7\u6709\u671b\u57282025\u5e74\u4e0b\u534a\u5e74\u5b9e\u73b0\u7f8e\u56fdWegovy\u9500\u552e\u989d\u7684\u590d\u82cf\u3002\u52a0\u901f\u56fd\u9645\u5e02\u573a\u7684\u63a8\u51fa\u548c\u4f9b\u5e94\u9650\u5236\u7684\u7f13\u89e3\u8fdb\u4e00\u6b65\u652f\u6491\u4e86\u5176\u5168\u7403\u589e\u957f\u524d\u666f\u3002\u5c3d\u7ba1\u6765\u81ea\u7ade\u4e89\u5bf9\u624b\u548c\u6f5c\u5728\u5173\u7a0e\u98ce\u9669\u7684\u77ed\u671f\u4e0d\u5229\u56e0\u7d20\u4f9d\u7136\u5b58\u5728\uff0c\u4f46\u8bfa\u548c\u8bfa\u5fb7\u4e0d\u65ad\u6269\u5927\u7684\u5730\u57df\u8986\u76d6\u3001\u76d1\u7ba1\u652f\u6301\u548c\u5f3a\u5316\u7684\u5206\u9500\u7b56\u7565\u5e94\u6709\u52a9\u4e8e\u5176\u91cd\u62fe\u589e\u957f\u52bf\u5934\u5e76\u63a8\u52a8\u53ef\u6301\u7eed\u7684\u8425\u6536\u589e\u957f<strong>\u300225\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a60\u7f8e\u5143\u81f375\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002 <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Unity Software Inc (U)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$435M, -5.5% YoY, beat estimates by $18.37M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$0.24, beat estimates by $0.13<br>  <\/li>\n\n\n\n<li><strong>2Q25 Guidance: <\/strong>Expect total revenue between $415M and $425M and adjusted EBITDA between $70M and $75M. The company expects its Grow business to return to revenue growth and plans to continue investing in its Vector AI platform, focusing on leveraging first-party data across its ecosystem.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Unity Software delivered first-quarter results that exceeded expectations, despite a 5.5% year-over-year revenue decline to $435 million. Revenue fell across both its Create and Grow Solutions segments, down 8% and 4%, respectively. The decline in Create Solutions was primarily attributed to lower professional services and consumption revenue due to the ongoing portfolio reset, though this was partially offset by strong growth in subscription revenue. Meanwhile, the drop in Grow Solutions was driven by weaker performance in select products, partially mitigated by the earlier-than-expected rollout of Unity Vector, the company\u2019s new AI platform. Unity 6\u2014described by the company as its \u201cmost stable and performant version\u201d\u2014has seen over 4.4 million downloads since launch, with 43% of active users already migrated. Unity also announced the early completion of its ad network migration to Unity Vector, with all iOS and Android traffic now operating on the platform. <strong>2Q25<\/strong> <strong>recommended trading range: $18 to $24. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Unity Software (U)<\/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>4.35\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d5.5%\uff0c\u8d85\u51fa\u9884\u671f1,837\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.24\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.13\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u603b\u8425\u6536\u57284.15\u4ebf\u7f8e\u5143\u81f34.25\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8c03\u6574\u540eEBITDA\u57287,000\u4e07\u7f8e\u5143\u81f37,500\u4e07\u7f8e\u5143\u4e4b\u95f4\u3002\u8be5\u516c\u53f8\u9884\u8ba1\u5176Grow\u4e1a\u52a1\u5c06\u6062\u590d\u8425\u6536\u589e\u957f\uff0c\u5e76\u8ba1\u5212\u7ee7\u7eed\u6295\u8d44\u5176Vector AI\u5e73\u53f0\uff0c\u91cd\u70b9\u662f\u5229\u7528\u5176\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u7b2c\u4e00\u65b9\u6570\u636e\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u5c3d\u7ba1\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u4e0b\u964d5.5%\u81f34.35\u4ebf\u7f8e\u5143\uff0c\u4f46Unity Software\u7684\u4e1a\u7ee9\u4ecd\u8d85\u51fa\u9884\u671f\u3002\u5176Create\u548cGrow Solutions\u90e8\u95e8\u7684\u8425\u6536\u5747\u6709\u6240\u4e0b\u964d\uff0c\u5206\u522b\u4e0b\u964d\u4e868%\u548c4%\u3002Create Solutions\u90e8\u95e8\u7684\u4e0b\u6ed1\u4e3b\u8981\u5f52\u56e0\u4e8e\u6301\u7eed\u7684\u6295\u8d44\u7ec4\u5408\u8c03\u6574\u5bfc\u81f4\u4e13\u4e1a\u670d\u52a1\u548c\u6d88\u8d39\u6536\u5165\u51cf\u5c11\uff0c\u4f46\u8fd9\u90e8\u5206\u88ab\u8ba2\u9605\u6536\u5165\u7684\u5f3a\u52b2\u589e\u957f\u6240\u90e8\u5206\u62b5\u6d88\u3002\u4e0e\u6b64\u540c\u65f6\uff0cGrow Solutions\u90e8\u95e8\u7684\u4e0b\u6ed1\u662f\u7531\u4e8e\u90e8\u5206\u4ea7\u54c1\u8868\u73b0\u4e0d\u4f73\u6240\u81f4\uff0c\u4f46\u65e9\u4e8e\u9884\u671f\u63a8\u51fa\u7684Unity Vector\uff08\u516c\u53f8\u65b0\u7684AI\u5e73\u53f0\uff09\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7f13\u89e3\u4e86\u8fd9\u4e00\u5f71\u54cd\u3002Unity 6\u2014\u2014\u8be5\u516c\u53f8\u79f0\u4e4b\u4e3a\u201c\u6700\u7a33\u5b9a\u548c\u9ad8\u6027\u80fd\u7684\u7248\u672c\u201d\u2014\u2014\u81ea\u53d1\u5e03\u4ee5\u6765\u5df2\u83b7\u5f97\u8d85\u8fc7440\u4e07\u6b21\u4e0b\u8f7d\uff0c\u5176\u4e2d43%\u7684\u6d3b\u8dc3\u7528\u6237\u5df2\u5b8c\u6210\u8fc1\u79fb\u3002Unity\u8fd8\u5ba3\u5e03\u5176\u5e7f\u544a\u7f51\u7edc\u5df2\u63d0\u524d\u5b8c\u6210\u5411Unity Vector\u7684\u8fc1\u79fb\uff0c\u6240\u6709iOS\u548cAndroid\u6d41\u91cf\u73b0\u5728\u90fd\u5728\u8be5\u5e73\u53f0\u4e0a\u8fd0\u884c\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a18\u7f8e\u5143\u81f324\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vistra Corp. (VST)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$3.9B, +25.8% YoY, miss estimates by $615.2M<br>  <\/li>\n\n\n\n<li><strong>FY25 guidance: <\/strong>Reaffirmed 2025 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCF before growth guidance ranges of $5.5 billion to $6.1 billion and $3.0 billion to $3.6 billion, respectively. Continued line of sight for 2026 Ongoing Operations Adjusted EBITDA midpoint opportunity of more than $6 billion.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Vistra reported weaker-than-expected revenue and swung to a net loss in 1Q25, posting a loss of $268 million compared to a profit of $18 million in the same period last year. Despite the headline loss, the generation segment benefited from higher realized prices and favorable weather, while retail performance was supported by strong customer growth and healthy margins. The company also noted that its hedging program has locked in approximately 95% of expected generation for 2025 and 2026, helping to ensure earnings stability amid ongoing market volatility. Management emphasized the continued resilience of Vistra\u2019s business model in a challenging macroeconomic environment. The company\u2019s plants achieved approximately 95% commercial availability, while the retail segment posted year-over-year growth in both volume and customer count. Looking ahead, Vistra plans to return at least $2 billion to shareholders through share repurchases and dividends over 2025 and 2026. It is also committing $700 million to solar and energy storage projects\u2014including developments in Texas and Illinois\u2014supported by long-term contracts with major clients such as Amazon and Microsoft. <strong>2Q25<\/strong> <strong>recommended trading range: $125 to $160. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vistra Corp. (VST)<\/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>39\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f25.8%\uff0c\u4f4e\u4e8e\u9884\u671f6.152\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u75332025\u5e74\u6301\u7eed\u8fd0\u8425\u8c03\u6574\u540eEBITDA\u548c\u6301\u7eed\u8fd0\u8425\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u6307\u5f15\u8303\u56f4\u5206\u522b\u4e3a55\u4ebf\u7f8e\u5143\u81f361\u4ebf\u7f8e\u5143\u548c30\u4ebf\u7f8e\u5143\u81f336\u4ebf\u7f8e\u5143\u3002\u7ee7\u7eed\u770b\u597d2026\u5e74\u6301\u7eed\u8fd0\u8425\u8c03\u6574\u540eEBITDA\u4e2d\u70b9\u8d85\u8fc760\u4ebf\u7f8e\u5143\u7684\u673a\u4f1a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>Vistra\u516c\u5e03\u7684\u8425\u6536\u4f4e\u4e8e\u9884\u671f\uff0c\u5e76\u572825\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8f6c\u4e3a\u51c0\u4e8f\u635f\uff0c\u4e8f\u635f2.68\u4ebf\u7f8e\u5143\uff0c\u800c\u53bb\u5e74\u540c\u671f\u76c8\u52291,800\u4e07\u7f8e\u5143\u3002\u5c3d\u7ba1\u51fa\u73b0\u4e86\u4e8f\u635f\uff0c\u4f46\u53d1\u7535\u90e8\u95e8\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5b9e\u73b0\u4ef7\u683c\u548c\u6709\u5229\u7684\u5929\u6c14\uff0c\u800c\u96f6\u552e\u4e1a\u52a1\u7684\u4e1a\u7ee9\u5219\u53d7\u5230\u5f3a\u52b2\u7684\u5ba2\u6237\u589e\u957f\u548c\u5065\u5eb7\u7684\u5229\u6da6\u7387\u7684\u652f\u6491\u3002\u8be5\u516c\u53f8\u8fd8\u6307\u51fa\uff0c\u5176\u5bf9\u51b2\u8ba1\u5212\u5df2\u9501\u5b9a2025\u5e74\u548c2026\u5e74\u7ea695%\u7684\u9884\u671f\u53d1\u7535\u91cf\uff0c\u6709\u52a9\u4e8e\u5728\u6301\u7eed\u7684\u5e02\u573a\u6ce2\u52a8\u4e2d\u786e\u4fdd\u6536\u76ca\u7684\u7a33\u5b9a\u6027\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03\uff0c\u5728\u5145\u6ee1\u6311\u6218\u7684\u5b8f\u89c2\u7ecf\u6d4e\u73af\u5883\u4e0b\uff0cVistra\u7684\u5546\u4e1a\u6a21\u5f0f\u4f9d\u7136\u5177\u6709\u97e7\u6027\u3002\u8be5\u516c\u53f8\u7684\u53d1\u7535\u5382\u5b9e\u73b0\u4e86\u7ea695%\u7684\u5546\u4e1a\u53ef\u7528\u7387\uff0c\u800c\u96f6\u552e\u90e8\u95e8\u7684\u9500\u91cf\u548c\u5ba2\u6237\u6570\u91cf\u5747\u5b9e\u73b0\u4e86\u540c\u6bd4\u589e\u957f\u3002\u5c55\u671b\u672a\u6765\uff0cVistra\u8ba1\u5212\u57282025\u5e74\u548c2026\u5e74\u901a\u8fc7\u80a1\u7968\u56de\u8d2d\u548c\u80a1\u606f\u5411\u80a1\u4e1c\u8fd4\u8fd8\u81f3\u5c1120\u4ebf\u7f8e\u5143\u3002\u8be5\u516c\u53f8\u8fd8\u627f\u8bfa\u6295\u8d447\u4ebf\u7f8e\u5143\u7528\u4e8e\u592a\u9633\u80fd\u548c\u50a8\u80fd\u9879\u76ee\uff0c\u5305\u62ec\u5728\u5f97\u514b\u8428\u65af\u5dde\u548c\u4f0a\u5229\u8bfa\u4f0a\u5dde\u7684\u9879\u76ee\u5f00\u53d1\uff0c\u8fd9\u4e9b\u9879\u76ee\u5f97\u5230\u4e86\u4e9a\u9a6c\u900a\u548c\u5fae\u8f6f\u7b49\u4e3b\u8981\u5ba2\u6237\u7684\u957f\u671f\u5408\u540c\u652f\u6301\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a125\u7f8e\u5143\u81f3160\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AppLovin Corp. (APP)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$1.48B, +39.6% YoY, beat estimates by $100M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$1.67, beat estimates by $0.23<br>  <\/li>\n\n\n\n<li><strong>2Q25 guidance: <\/strong>Expect total advertising revenue to be between $1.195bn to $1.215bn, below consensus of $1.38bn; expects total advertising adjusted EBITDA to be between $970mn to $990mn; expects total advertising EBITDA margin to be 81%.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> AppLovin reported strong quarterly results and announced a strategic shift to sharpen its focus on its core advertising technology business. The company recently agreed to sell its mobile gaming division to Tripledot Studios for $400 million in cash. As part of the deal, AppLovin will also acquire an approximately 20% equity stake in Tripledot, the developer behind mobile titles such as Sudoku Friends, Puzzletime, and Solitaire Classic. The transaction is expected to close in the second quarter of 2025. The divestiture aligns with AppLovin\u2019s broader strategy to prioritize its high-growth advertising segment, which has gained momentum with the rapid adoption of AI technologies. In a separate development, AppLovin published a blog post on Wednesday outlining a proposed partnership with ByteDance\u2019s TikTok. While AppLovin clarified it does not intend to acquire TikTok\u2019s U.S. operations, it proposed a merger that would encompass TikTok\u2019s non-China assets. If successful, the deal could significantly enhance AppLovin\u2019s scale and strategic positioning in digital media and advertising. <strong>2Q25<\/strong> <strong>recommended trading range: $325 to $450. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>AppLovin Corp. (APP)<\/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>14.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f39.6%\uff0c\u8d85\u51fa\u9884\u671f1\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63\u901a\u7528\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.67\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.23\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u603b\u5e7f\u544a\u8425\u6536\u572811.95\u4ebf\u7f8e\u5143\u81f312.15\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4f4e\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u768413.8\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u603b\u5e7f\u544a\u8c03\u6574\u540eEBITDA\u57289.7\u4ebf\u7f8e\u5143\u81f39.9\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff1b\u9884\u8ba1\u603b\u5e7f\u544aEBITDA\u5229\u6da6\u7387\u4e3a81%\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>AppLovin\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u5e76\u5ba3\u5e03\u4e86\u4e00\u9879\u6218\u7565\u8f6c\u53d8\uff0c\u4ee5\u8fdb\u4e00\u6b65\u805a\u7126\u5176\u6838\u5fc3\u5e7f\u544a\u6280\u672f\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u6700\u8fd1\u540c\u610f\u4ee54\u4ebf\u7f8e\u5143\u73b0\u91d1\u5c06\u5176\u79fb\u52a8\u6e38\u620f\u90e8\u95e8\u51fa\u552e\u7ed9Tripledot Studios\u3002\u4f5c\u4e3a\u4ea4\u6613\u7684\u4e00\u90e8\u5206\uff0cAppLovin\u8fd8\u5c06\u83b7\u5f97Tripledot\uff08Sudoku Friends\u3001Puzzletime\u548cSolitaire Classic\u7b49\u79fb\u52a8\u6e38\u620f\u7684\u5f00\u53d1\u5546\uff09\u7ea620%\u7684\u80a1\u6743\u3002\u8be5\u4ea4\u6613\u9884\u8ba1\u5c06\u4e8e2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5b8c\u6210\u3002\u6b64\u6b21\u5265\u79bb\u7b26\u5408AppLovin\u4f18\u5148\u53d1\u5c55\u5176\u9ad8\u589e\u957f\u5e7f\u544a\u4e1a\u52a1\u7684\u66f4\u5e7f\u6cdb\u6218\u7565\uff0c\u8be5\u4e1a\u52a1\u968f\u7740\u4eba\u5de5\u667a\u80fd\u6280\u672f\u7684\u5feb\u901f\u666e\u53ca\u800c\u83b7\u5f97\u4e86\u589e\u957f\u52a8\u529b\u3002\u5728\u53e6\u4e00\u9879\u8fdb\u5c55\u4e2d\uff0cAppLovin\u5468\u4e09\u53d1\u5e03\u4e86\u4e00\u7bc7\u535a\u5ba2\u6587\u7ae0\uff0c\u6982\u8ff0\u4e86\u4e0e\u5b57\u8282\u8df3\u52a8\u65d7\u4e0bTikTok\u7684\u6f5c\u5728\u5408\u4f5c\u3002\u867d\u7136AppLovin\u6f84\u6e05\u5176\u65e0\u610f\u6536\u8d2dTikTok\u5728\u7f8e\u56fd\u7684\u4e1a\u52a1\uff0c\u4f46\u5b83\u63d0\u51fa\u4e86\u4e00\u9879\u5408\u5e76\u65b9\u6848\uff0c\u5c06\u6db5\u76d6TikTok\u5728\u4e2d\u56fd\u5883\u5916\u7684\u8d44\u4ea7\u3002\u5982\u679c\u6210\u529f\uff0c\u8be5\u4ea4\u6613\u53ef\u80fd\u4f1a\u663e\u8457\u63d0\u5347AppLovin\u5728\u6570\u5b57\u5a92\u4f53\u548c\u5e7f\u544a\u9886\u57df\u7684\u89c4\u6a21\u548c\u6218\u7565\u5730\u4f4d\u3002<strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a325\u7f8e\u5143\u81f3450\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Carvana Co. (CVNA)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$4.23B, +38.2% YoY, beat estimates by $250M<br>  <\/li>\n\n\n\n<li><strong>1Q25 GAAP EPS: <\/strong>$1.51, beat estimates by $0.84<br>  <\/li>\n\n\n\n<li><strong>2Q25 guidance: <\/strong> The company expects a sequential increase in both retail units sold and Adjusted EBITDA, leading to all-time company records on both metrics. The company remains on track to deliver significant growth in both retail units sold and Adjusted EBITDA in FY25.<strong>Comment:<\/strong> Carvana delivered strong results in the first quarter, driven by record sales amid rising industry demand. The company sold nearly 134,000 vehicles, marking a 46% year-over-year increase, as consumers accelerated purchases in anticipation of potential price hikes stemming from proposed automotive tariffs. Management downplayed the direct impact of tariffs on its business, noting that used car sales are largely insulated from such measures. In fact, the company sees potential upside, as tariffs on new vehicles may push more consumers toward the used car market\u2014boosting demand for Carvana\u2019s offerings. Supporting this trend, a key index tracking used vehicle prices surged last month to its highest level since October 2023, as both dealers and consumers moved quickly to secure purchases ahead of expected price increases. <strong>2Q25<\/strong> <strong>recommended trading range: $250 to $310. Positive Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Carvana Co. (CVNA)<\/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>42.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f38.2%\uff0c\u8d85\u51fa\u9884\u671f2.5\u4ebf\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.51\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.84\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u96f6\u552e\u9500\u91cf\u548c\u8c03\u6574\u540eEBITDA\u5c06\u8fde\u7eed\u589e\u957f\uff0c\u5747\u5c06\u521b\u4e0b\u516c\u53f8\u5386\u53f2\u65b0\u9ad8\u3002\u8be5\u516c\u53f8\u4ecd\u6709\u671b\u572825\u8d22\u5e74\u5b9e\u73b0\u96f6\u552e\u9500\u91cf\u548c\u8c03\u6574\u540eEBITDA\u7684\u663e\u8457\u589e\u957f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>Carvana\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u5f3a\u52b2\uff0c\u8fd9\u5f97\u76ca\u4e8e\u884c\u4e1a\u9700\u6c42\u4e0a\u5347\u80cc\u666f\u4e0b\u7684\u521b\u7eaa\u5f55\u9500\u91cf\u3002\u8be5\u516c\u53f8\u552e\u51fa\u8fd113.4\u4e07\u8f86\u6c7d\u8f66\uff0c\u540c\u6bd4\u589e\u957f46%\uff0c\u539f\u56e0\u662f\u6d88\u8d39\u8005\u9884\u8ba1\u62df\u8bae\u7684\u6c7d\u8f66\u5173\u7a0e\u53ef\u80fd\u5bfc\u81f4\u4ef7\u683c\u4e0a\u6da8\u800c\u52a0\u901f\u8d2d\u4e70\u3002\u7ba1\u7406\u5c42\u6de1\u5316\u4e86\u5173\u7a0e\u5bf9\u5176\u4e1a\u52a1\u7684\u76f4\u63a5\u5f71\u54cd\uff0c\u6307\u51fa\u4e8c\u624b\u8f66\u9500\u552e\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4e0d\u53d7\u6b64\u7c7b\u63aa\u65bd\u7684\u5f71\u54cd\u3002\u4e8b\u5b9e\u4e0a\uff0c\u8be5\u516c\u53f8\u8ba4\u4e3a\u8fd9\u53ef\u80fd\u5e26\u6765\u6f5c\u5728\u7684\u5229\u597d\uff0c\u56e0\u4e3a\u5bf9\u65b0\u8f66\u7684\u5173\u7a0e\u53ef\u80fd\u4f1a\u4fc3\u4f7f\u66f4\u591a\u6d88\u8d39\u8005\u8f6c\u5411\u4e8c\u624b\u8f66\u5e02\u573a\uff0c\u4ece\u800c\u63d0\u632f\u5bf9Carvana\u4ea7\u54c1\u7684\u9700\u6c42\u3002\u652f\u6301\u8fd9\u4e00\u8d8b\u52bf\u7684\u662f\uff0c\u4e00\u9879\u8ffd\u8e2a\u4e8c\u624b\u8f66\u4ef7\u683c\u7684\u5173\u952e\u6307\u6570\u4e0a\u4e2a\u6708\u98d9\u5347\u81f32023\u5e7410\u6708\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73\uff0c\u539f\u56e0\u662f\u7ecf\u9500\u5546\u548c\u6d88\u8d39\u8005\u90fd\u5728\u9884\u671f\u4ef7\u683c\u4e0a\u6da8\u4e4b\u524d\u8fc5\u901f\u5b8c\u6210\u8d2d\u4e70\u3002<strong>25\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a250\u7f8e\u5143\u81f3310\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Arm Holdings plc. (ARM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4Q25 Revenue: <\/strong>$1.24B, +33.6% YoY, beat estimates by $10M<br>  <\/li>\n\n\n\n<li><strong>4Q25 Non-GAAP EPS: <\/strong>$0.55, beat estimates by $0.03<br>  <\/li>\n\n\n\n<li><strong>1Q26 guidance: <\/strong>Expect<strong> <\/strong>revenue of $1.00bn to $1.10bn, midpoint below consensus of $1.10bn; Expect adjusted profit of $0.30 to $0.38 per share for the first quarter, compared with consensus of $0.42 per share.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> Arm Holdings delivered strong quarterly results but issued a cautious outlook for 1Q26. The company cited uncertainty stemming from sweeping global tariffs announced by Trump and tighter U.S. export restrictions on advanced semiconductors to China\u2014both of which have clouded the broader outlook for the semiconductor industry. Arm also noted that a major licensing deal may not close within the fiscal first quarter, contributing to its weaker-than-expected guidance. Due to ongoing global trade tensions and macroeconomic uncertainty, the company declined to provide full-year guidance for FY26. Looking ahead, evolving trade policies are expected to weigh on consumer demand, potentially pressuring the smartphone market this year. A shift in consumer preference toward entry-level smartphones amid economic uncertainty may also impact Arm\u2019s revenue, as these devices are less likely to incorporate the company\u2019s latest technologies. <strong>1Q26<\/strong> <strong>recommended trading range: $90 to $120. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Arm Holdings plc. (ARM)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536\uff1a<\/strong>12.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f33.6%\uff0c\u8d85\u51fa\u9884\u671f1,000\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u56db\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.55\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.03\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u4e3a10\u4ebf\u7f8e\u5143\u81f311\u4ebf\u7f8e\u5143\uff0c\u4e2d\u70b9\u4f4e\u4e8e\u5e02\u573a\u666e\u904d\u9884\u671f\u768411\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u7b2c\u4e00\u5b63\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a0.30\u7f8e\u5143\u81f30.38\u7f8e\u5143\uff0c\u800c\u5e02\u573a\u666e\u904d\u9884\u671f\u4e3a0.42\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>Arm Holdings\u516c\u5e03\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u4f46\u5bf926\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u53d1\u5e03\u4e86\u8c28\u614e\u7684\u5c55\u671b\u3002\u8be5\u516c\u53f8\u8868\u793a\u7279\u6717\u666e\u5ba3\u5e03\u7684\u5168\u9762\u5168\u7403\u5173\u7a0e\u4ee5\u53ca\u7f8e\u56fd\u5bf9\u534e\u5148\u8fdb\u534a\u5bfc\u4f53\u51fa\u53e3\u7684\u66f4\u4e25\u683c\u9650\u5236\uff0c\u90fd\u7ed9\u534a\u5bfc\u4f53\u884c\u4e1a\u7684\u6574\u4f53\u524d\u666f\u8499\u4e0a\u4e86\u4e00\u5c42\u9634\u5f71\uff0c\u5bfc\u81f4\u4e86\u4e0d\u786e\u5b9a\u6027\u3002Arm\u8fd8\u6307\u51fa\uff0c\u4e00\u9879\u91cd\u8981\u7684\u6388\u6743\u534f\u8bae\u53ef\u80fd\u65e0\u6cd5\u5728\u7b2c\u4e00\u8d22\u5b63\u5185\u5b8c\u6210\uff0c\u8fd9\u4e5f\u5bfc\u81f4\u5176\u6307\u5f15\u4f4e\u4e8e\u9884\u671f\u3002\u7531\u4e8e\u6301\u7eed\u7684\u5168\u7403\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u548c\u5b8f\u89c2\u7ecf\u6d4e\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u8be5\u516c\u53f8\u62d2\u7edd\u63d0\u4f9b26\u8d22\u5e74\u7684\u5168\u5e74\u6307\u5f15\u3002\u5c55\u671b\u672a\u6765\uff0c\u4e0d\u65ad\u53d8\u5316\u7684\u8d38\u6613\u653f\u7b56\u9884\u8ba1\u5c06\u5bf9\u6d88\u8d39\u8005\u9700\u6c42\u6784\u6210\u538b\u529b\uff0c\u4eca\u5e74\u53ef\u80fd\u4f1a\u5bf9\u667a\u80fd\u624b\u673a\u5e02\u573a\u9020\u6210\u5f71\u54cd\u3002\u5728\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u80cc\u666f\u4e0b\uff0c\u6d88\u8d39\u8005\u504f\u597d\u8f6c\u5411\u5165\u95e8\u7ea7\u667a\u80fd\u624b\u673a\u7684\u8d8b\u52bf\u4e5f\u53ef\u80fd\u5f71\u54cdArm\u7684\u8425\u6536\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u8bbe\u5907\u4e0d\u592a\u53ef\u80fd\u91c7\u7528\u8be5\u516c\u53f8\u6700\u65b0\u7684\u6280\u672f\u3002<strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u7f8e\u5143\u81f3120\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DoorDash Inc. (DASH)<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q25 Revenue: <\/strong>$3.03B, +20.7% YoY, miss estimates by $60M<br>  <\/li>\n\n\n\n<li><strong>1Q25 Non-GAAP EPS: <\/strong>$0.44, beat estimates by $0.06<br>  <\/li>\n\n\n\n<li><strong>2Q25 guidance: <\/strong>No guidance provided.<br>  <\/li>\n\n\n\n<li><strong>Comment:<\/strong> DoorDash posted a first-quarter profit as demand for online restaurant and grocery deliveries continued to grow. The company reported a net income of $193mn in 1Q25, reversing a loss of $23mn in the same period last year. DoorDash highlighted sustained growth in grocery delivery orders, both in volume and average order value\u2014a sign of increasing consumer trust in its platform. This momentum also reflects the strength and resilience of consumer demand, despite broader economic uncertainties, and aligns with typical seasonal trends. In a strategic move to expand its global footprint and capabilities, DoorDash announced plans to acquire British food-delivery firm Deliveroo and restaurant software provider SevenRooms. The Deliveroo acquisition will extend DoorDash\u2019s presence to over 40 countries. Together, DoorDash and Deliveroo recorded a combined gross order value of approximately $90bn in the past year and serve 50mn monthly active users. Both transactions are expected to close in the second half of the year. <strong>2Q25<\/strong> <strong>recommended trading range: $160 to $200. Neutral Outlook. <\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DoorDash (DASH)<\/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>30.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f20.7%\uff0c\u4f4e\u4e8e\u9884\u671f6,000\u4e07\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e00\u5b63Non-GAAP\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.44\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.06\u7f8e\u5143<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u7b2c\u4e8c\u5b63\u6307\u5f15\uff1a<\/strong>\u672a\u63d0\u4f9b\u6307\u5f15\u3002<br>  <\/li>\n\n\n\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u7531\u4e8e\u5728\u7ebf\u9910\u996e\u548c\u6742\u8d27\u914d\u9001\u9700\u6c42\u6301\u7eed\u589e\u957f\uff0cDoorDash\u7b2c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u76c8\u5229\u3002\u8be5\u516c\u53f8\u516c\u5e0325\u5e74\u7b2c\u4e00\u5b63\u5ea6\u51c0\u5229\u6da6\u4e3a1.93\u4ebf\u7f8e\u5143\uff0c\u800c\u53bb\u5e74\u540c\u671f\u4e8f\u635f2,300\u4e07\u7f8e\u5143\u3002DoorDash\u5f3a\u8c03\u6742\u8d27\u914d\u9001\u8ba2\u5355\u91cf\u548c\u5e73\u5747\u8ba2\u5355\u4ef7\u503c\u6301\u7eed\u589e\u957f\uff0c\u8fd9\u8868\u660e\u6d88\u8d39\u8005\u5bf9\u5176\u5e73\u53f0\u7684\u4fe1\u4efb\u5ea6\u4e0d\u65ad\u63d0\u9ad8\u3002\u8fd9\u4e00\u52bf\u5934\u4e5f\u53cd\u6620\u4e86\u5c3d\u7ba1\u5b8f\u89c2\u7ecf\u6d4e\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u4f46\u6d88\u8d39\u8005\u9700\u6c42\u4f9d\u7136\u5f3a\u52b2\u4e14\u5177\u6709\u97e7\u6027\uff0c\u5e76\u7b26\u5408\u5178\u578b\u7684\u5b63\u8282\u6027\u8d8b\u52bf\u3002\u4e3a\u4e86\u6269\u5927\u5176\u5168\u7403\u4e1a\u52a1\u8303\u56f4\u548c\u80fd\u529b\uff0cDoorDash\u5ba3\u5e03\u8ba1\u5212\u6536\u8d2d\u82f1\u56fd\u98df\u54c1\u914d\u9001\u516c\u53f8Deliveroo\u548c\u9910\u5385\u8f6f\u4ef6\u63d0\u4f9b\u5546SevenRooms\u3002\u6536\u8d2dDeliveroo\u5c06\u4f7fDoorDash\u7684\u4e1a\u52a1\u62d3\u5c55\u5230\u8d85\u8fc740\u4e2a\u56fd\u5bb6\u3002\u8fc7\u53bb\u4e00\u5e74\uff0cDoorDash\u548cDeliveroo\u7684\u603b\u8ba2\u5355\u4ef7\u503c\u5408\u8ba1\u7ea6\u4e3a900\u4ebf\u7f8e\u5143\uff0c\u670d\u52a15000\u4e07\u6708\u6d3b\u8dc3\u7528\u6237\u3002\u8fd9\u4e24\u9879\u4ea4\u6613\u9884\u8ba1\u5c06\u5728\u4eca\u5e74\u4e0b\u534a\u5e74\u5b8c\u6210<strong>\u300225\u5e74\u7b2c\u4e8c\u5b63\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a160\u7f8e\u5143\u81f3220\u7f8e\u5143\u3002\u4e2d\u6027\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 Salesforce, Inc. (CRM US) International Business Machines Corp. (IBM US) ^ Back To Top DFI Retail Group Holdings Ltd. (DFI SP) Jardine Matheson Holdings Ltd. (JM SP) ^ Back To Top Trip.com Group Ltd (9961 HK) Tongcheng Travel Holdings Ltd (780 HK) ^ Back To Top [&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-67117","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 275, Target 305, Stop 260 International Business Machines Corp. (IBM US) Shares closed at a high since March 2025. 20dEMA just crossed the 50dEMA.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Jiong Han Lee\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-08-may-2025\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis \u2013 08 May 2025 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 275, Target 305, Stop 260 International Business Machines Corp. (IBM US) Shares closed at a high since March 2025. 20dEMA just crossed the 50dEMA.\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-08-may-2025\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-05-07T12:08:59+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-05-08T06:36:03+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Technical Analysis \u2013 08 May 2025 \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"United States | Singapore | Hong Kong | Earnings Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA. MACD is positive, RSI is constructive. Long \u2013 Entry 275, Target 305, Stop 260 International Business Machines Corp. 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