{"id":89522,"date":"2026-04-15T08:00:00","date_gmt":"2026-04-15T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=87818"},"modified":"2026-04-15T08:00:00","modified_gmt":"2026-04-15T00:00:00","slug":"technical-analysis-15-april-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-15-april-2026\/","title":{"rendered":"Technical Analysis &#8211; 15 April 2026"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\" id=\"top\"><strong><a href=\"\/researchstg\/#us\">United States<\/a> | <a href=\"\/researchstg\/#sg\">Singapore<\/a> | <a href=\"\/researchstg\/#hk\">Hong Kong<\/a> | <a href=\"\/researchstg\/#ea\" title=\"\">Earnings<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-76998-_5ifytjpamge8\"><\/a><figure><img fetchpriority=\"high\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-77026\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-76998-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Ouster, Inc\u00a0(OUST\u00a0US)<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-239.png\" alt=\"\" class=\"wp-image-87845\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-239.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-239-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-239-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0on\u00a0the 5dEMA\u00a0with rising volume.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a023,\u00a0Target\u00a033,\u00a0Stop\u00a018<\/strong>\u00a0<\/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\/2026\/03\/a-line-in-a-white-background-description-automati-9.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-87138\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-9.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-9-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">GE Aerospace.\u00a0(GE\u00a0US)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-240.png\" alt=\"\" class=\"wp-image-87846\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-240.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-240-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-240-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above the\u00a05dEMA.\u00a0<\/li>\n\n\n\n<li>RSI is\u00a0constructive\u00a0and\u00a0MACD is\u00a0about to turn\u00a0positive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a0315,\u00a0Target\u00a0345,\u00a0Stop\u00a0300<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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\/2026\/03\/word-image-87084-4-1.png\" alt=\"\" class=\"wp-image-87140\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87084-4-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87084-4-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-86958-_q3z2pzaup3mw\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5.png\" class=\"wp-image-87044\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-5-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">Sunpower\u00a0Group Ltd.\u00a0(SPWG\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-224.png\" alt=\"\" class=\"wp-image-87819\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA.\u00a0<\/li>\n\n\n\n<li>The\u00a0RSI\u00a0is constructive\u00a0and MACD\u00a0is about to turn positive.\u00a0<\/li>\n\n\n\n<li><strong>Buy\u00a0\u2013 Entry\u00a00.500,\u00a0Target\u00a00.550,\u00a0Stop\u00a00.475<\/strong>\u00a0\u00a0<\/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\/2026\/03\/a-line-in-a-white-background-description-automati-10.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-87159\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Food Empire Holdings\u00a0Limited\u00a0(FEH\u00a0SP)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"540\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-225.png\" alt=\"\" class=\"wp-image-87820\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-225.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-225-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-225-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares\u00a0closed\u00a0above the\u00a05dEMA.\u00a0\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0<\/li>\n\n\n\n<li><strong>Buy\u00a0\u2013 Entry\u00a03.10,\u00a0Target\u00a03.40,\u00a0Stop\u00a02.95<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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\/2026\/03\/word-image-87147-4.png\" alt=\"\" class=\"wp-image-87161\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-87147-_ox2yqx6nkukc\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-87162\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-87147-5-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\">Giga\u00a0Device\u00a0Semiconductor Inc.\u00a0(3986\u00a0HK) \u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-226.png\" alt=\"\" class=\"wp-image-87821\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA with rising volume.\u00a0<\/li>\n\n\n\n<li>RSI is constructive and MACD turned positive.\u00a0<\/li>\n\n\n\n<li><strong>Long\u00a0<\/strong>\u2013\u00a0<strong>Entry\u00a0410,\u00a0Target\u00a0440,\u00a0Stop\u00a0395<\/strong><\/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\/2026\/03\/a-line-in-a-white-background-description-automati-10.png\" alt=\"A line in a white background\n\nDescription automatically generated\" class=\"wp-image-87159\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/a-line-in-a-white-background-description-automati-10-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Lenovo Group Limited\u00a0(992\u00a0HK)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-227.png\" alt=\"\" class=\"wp-image-87822\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares\u00a0closed at a five-month high above the 5dEMA with rising volume.\u00a0The 20dEMA crossed the 100dEMA.\u00a0<\/li>\n\n\n\n<li>Both RSI and MACD are constructive.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a010.3,\u00a0Target\u00a011.1, Stop\u00a09.9<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"\/researchstg\/#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\/2026\/03\/word-image-86958-14.png\" alt=\"\" class=\"wp-image-87053\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-14.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-14-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\" id=\"er\"><img loading=\"lazy\" decoding=\"async\" width=\"601\" height=\"108\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15.png\" alt=\"\" class=\"wp-image-87054\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15.png 601w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/03\/word-image-86958-15-300x54.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>JPMorgan Chase & Co. (JPM)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$50.5B,\u00a0+9.8% YoY,\u00a0beat estimates by $1.59B\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$5.94,\u00a0beat\u00a0estimates by $0.48\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26\u00a0Guidance:<\/strong>\u00a0Management described the U.S. economy as resilient but emphasized rising risks including geopolitical tensions, energy price volatility, trade uncertainty, large fiscal deficits, and elevated asset prices.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share\u00a0Buybacks:\u00a0<\/strong>Common dividend was $4.1B, or $1.50 per share. The firm also repurchased $8.1B of common stock in 1Q26.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was strong across most major lines. Net income was $16.5B, up 13% YoY, while managed revenue reached $50.5B. ROE was 19% and ROTCE was 23%, which\u00a0remains\u00a0a very strong\u00a0level of profitability for a bank of JPMorgan\u2019s scale. Markets and investment banking were the clear drivers. CIB revenue rose 19% YoY. Markets revenue reached a record $11.6B, up 20%, with Fixed Income Markets up 21% and Equity Markets up 17%. Investment banking fees rose 28%, supported by stronger advisory and ECM activity. This is consistent with broader reporting that volatility and active client positioning created a\u00a0favorable\u00a0backdrop for trading desks and deal execution. Core banking also held up well. Net interest income was $25.5B, up 9% YoY, helped by loan growth and deposit balances. Average loans rose 11%\u00a0YoY,\u00a0and average deposits rose 7% YoY. In Consumer & Community Banking, card sales volume rose 9% and active mobile customers rose 7%,\u00a0indicating\u00a0that consumer activity\u00a0remains\u00a0healthy rather than deteriorating abruptly. Asset & Wealth Management remained constructive. AUM reached $4.8T, up 16% YoY, and\u00a0long-term\u00a0net inflows were $54B. That supports fee revenue durability and adds balance to the earnings mix beyond the more volatile markets\u00a0businesses. Credit\u00a0costs were manageable. Provision for credit losses was $2.5B, down from $3.3B a year ago, with a modest net reserve build of $191M. Capital and liquidity also remain very strong, with CET1 capital of $291B, a standardized CET1 ratio of 14.3%, and $1.5T of cash and marketable securities. Shares traded lower after the release despite the beat, with reports\u00a0indicating\u00a0a decline of\u00a0roughly 0.7%\u00a0to 2.6% as investors weighed the strong print against Dimon\u2019s cautious macro tone and the view that expectations were already elevated. The quarter reinforces JPMorgan\u2019s position as the highest quality large cap U.S. bank franchise. Trading, investment banking, consumer activity, capital return, and balance sheet strength were all supportive. However, the stock often trades on forward macro expectations rather than backward looking execution, and management was explicit that energy, geopolitics, trade, and valuation risks\u00a0remain\u00a0meaningful. The key variables now are whether capital markets momentum persists into 2Q26, whether credit\u00a0remains\u00a0benign, and whether the macro backdrop stays resilient enough to support multiple expansion.\u00a0<strong>2Q26\u00a0recommended trading range: $290\u00a0to $330.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6469\u6839\u5927\u901a\uff08JPM)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>505\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f9.8%\uff0c\u8d85\u51fa\u9884\u671f15.9\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>5.94\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.48\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5b8f\u89c2\u5c55\u671b\uff1a<\/strong>\u7ba1\u7406\u5c42\u79f0\u7f8e\u56fd\u7ecf\u6d4e\u4ecd\u5177\u97e7\u6027\uff0c\u4f46\u5f3a\u8c03\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u3001\u80fd\u6e90\u4ef7\u683c\u6ce2\u52a8\u3001\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u3001\u5de8\u989d\u8d22\u653f\u8d64\u5b57\u53ca\u9ad8\u4f01\u7684\u8d44\u4ea7\u4f30\u503c\u6784\u6210\u663e\u8457\u4e0a\u884c\u4e0e\u4e0b\u884c\u98ce\u9669\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u6d3e\u53d1\u666e\u901a\u80a1\u80a1\u606f41\u4ebf\u7f8e\u5143\uff08\u6bcf\u80a11.50\u7f8e\u5143\uff09\uff1b\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d81\u4ebf\u7f8e\u5143\u666e\u901a\u80a1\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u5728\u51e0\u4e4e\u6240\u6709\u4e3b\u8981\u4e1a\u52a1\u7ebf\u5747\u8868\u73b0\u5f3a\u52b2\u3002\u51c0\u5229\u6da6\u8fbe165\u4ebf\u7f8e\u5143\uff08+13% YoY\uff09\uff0c\u7ecf\u7ba1\u8425\u6536505\u4ebf\u7f8e\u5143\uff1b\u51c0\u8d44\u4ea7\u6536\u76ca\u7387\uff08ROE\uff0919%\uff0c\u6709\u5f62\u666e\u901a\u80a1\u6743\u76ca\u56de\u62a5\u7387\uff08ROTCE\uff0923%\uff0c\u5f70\u663e\u5176\u4f5c\u4e3a\u5168\u7403\u89c4\u6a21\u6700\u5927\u94f6\u884c\u4e4b\u4e00\u7684\u5353\u8d8a\u76c8\u5229\u80fd\u529b\u3002\u6295\u884c\u4e0e\u5e02\u573a\u4e1a\u52a1\u4e3a\u6700\u5927\u9a71\u52a8\u529b\uff1a\u4f01\u4e1a\u4e0e\u6295\u8d44\u94f6\u884c\uff08CIB\uff09\u8425\u6536\u540c\u6bd4\u589e\u957f19%\uff1b\u5e02\u573a\u4e1a\u52a1\u8425\u6536\u521b\u7eaa\u5f55\u8fbe116\u4ebf\u7f8e\u5143\uff08+20% 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class=\"wp-block-paragraph\"><strong>BlackRock, Inc. (BLK)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$6.69B,\u00a0+26.7% YoY, beat estimates by $250M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$12.53,\u00a0beat estimates by $1.03\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Management emphasized broad based client activity, continued private markets fundraising, and strong structural demand for ETF, active, and private market solutions, but did not issue a numerical annual outlook.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share Buybacks:\u00a0<\/strong>Quarterly dividend was raised 10% to $5.73 per share. BlackRock repurchased $450M of shares during the quarter.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was strong across the core franchise. Total net inflows were $130B, the highest quarterly inflow level in five years, with\u00a0particular strength\u00a0in iShares ETFs, active strategies, and private markets. Assets under management ended at $13.89T, up materially versus a year ago, although slightly below the peak reached at the end of 2025 due to market volatility. ETF momentum was the clearest highlight. iShares generated a record first quarter, and the breadth of inflows\u00a0indicates\u00a0BlackRock continues to\u00a0benefit\u00a0from its scale, distribution, and product depth during volatile markets. That matters because ETF flows tend to be high quality from an operating leverage perspective and reinforce BlackRock\u2019s position as the default allocation vehicle for both institutional and retail capital. Private markets were also constructive. Private markets AUM reached $320.4B and the business brought in $9B of quarterly net inflows. Management highlighted continued institutional demand for private credit, particularly from insurance clients seeking higher yielding assets with lower leverage. This\u00a0remains\u00a0strategically important because BlackRock is\u00a0attempting\u00a0to broaden its earnings mix beyond public markets beta and management fees. Profitability improved meaningfully. Net income rose to\u00a0roughly $2.21B and performance fees increased sharply to $272M from $60M a year earlier. Base management fees also grew, which suggests this was not merely a market driven uplift but also reflected stronger product demand and fee earning mix.\u00a0 The main caution is valuation and expectations. BlackRock has been leaning aggressively into private markets through acquisitions, and that has raised the market\u2019s scrutiny on execution, integration, and liquidity sensitivity in private credit products. While the quarter was clearly strong, the stock is not trading on whether the business is good, but whether current strategic expansion can sustain above trend earnings growth without introducing new risk. Shares rose about 3% to 4% following the earnings release. The market reaction reflects a combination of strong inflows, better than expected EPS, and reassurance that BlackRock\u2019s diversified model is holding up well in a more volatile environment. The setup is constructive. ETF flows\u00a0remain\u00a0very strong,\u00a0active\u00a0and private markets are contributing, performance fees rebounded sharply, and capital return\u00a0remains\u00a0supportive.\u00a0<strong>2Q26 recommended trading range: $290 to $330. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8d1d\u83b1\u5fb7\uff08BLK)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>66.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f26.7%\uff0c\u8d85\u51fa\u9884\u671f2.5\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>12.53\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f1.03\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5c55\u671b\uff1a<\/strong>\u7ba1\u7406\u5c42\u5f3a\u8c03\u5ba2\u6237\u6d3b\u52a8\u5e7f\u6cdb\u6d3b\u8dc3\u3001\u79c1\u52df\u5e02\u573a\u52df\u8d44\u6301\u7eed\u5f3a\u52b2\uff0c\u4ee5\u53ca\u5bf9ETF\u3001\u4e3b\u52a8\u7ba1\u7406\u53ca\u79c1\u52df\u89e3\u51b3\u65b9\u6848\u7684\u7ed3\u6784\u6027\u9700\u6c42\u7a33\u5065\uff0c\u4f46\u672a\u63d0\u4f9b\u5177\u4f53\u5168\u5e74\u8d22\u52a1\u6307\u5f15\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u5b63\u5ea6\u80a1\u606f\u4e0a\u8c0310%\u81f3\u6bcf\u80a15.73\u7f8e\u5143\uff1b\u5f53\u5b63\u56de\u8d2d4.5\u4ebf\u7f8e\u5143\u80a1\u7968\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u6838\u5fc3\u7279\u8bb8\u7ecf\u8425\u8868\u73b0\u5f3a\u52b2\u3002\u603b\u51c0\u8d44\u91d1\u6d41\u5165\u8fbe1300\u4ebf\u7f8e\u5143\uff0c\u4e3a\u4e94\u5e74\u6765\u6700\u9ad8\u5355\u5b63\u6c34\u5e73\uff0c\u5176\u4e2diShares 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class=\"wp-block-paragraph\"><strong>Citigroup Inc. (C)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$24.63B,\u00a0+14.0% YoY, beat estimates by $1.04B\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$3.06,\u00a0beat estimates by $0.43\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Management\u00a0stated\u00a0the firm is on track to achieve its 2026\u00a0RoTCE\u00a0target of 10% to 11%. 1Q26\u00a0RoTCE\u00a0was 13.1%.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share Buybacks:\u00a0<\/strong>Citi repurchased $6.3B of common stock in 1Q26.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was strong across the franchise. Total revenue of $24.63B was Citi\u2019s best quarterly revenue in a decade, with growth in every major business line. Net income rose 42% YoY to $5.79B, while the efficiency ratio improved to 58.1% from 62.2% a year ago,\u00a0indicating\u00a0meaningful positive operating leverage. Markets was a major driver. Segment revenue rose 19% YoY to $7.2B, with Fixed Income Markets up 13% to $5.2B and Equity Markets up 39% to $2.1B. That performance reflects Citi\u2019s improved positioning in equities and stronger client activity during a volatile quarter. Prime balances were up more than 50% YoY, which is a notable indicator of deeper client engagement and share gains in financing-related activity. Banking also improved. Banking revenue rose to $1.8B from $1.5B a year ago, and investment banking fees increased 12% YoY, supported by record first quarter advisory revenue. Management highlighted that Citi advised on three of the largest global M&A deals during the quarter, suggesting that the senior banker hiring and broader rebuild of the franchise are beginning to show through in results. The broader earnings mix was also constructive. Services revenue rose to $4.8B from $4.6B, Wealth increased to $3.1B from $2.8B, and U.S. Consumer Cards grew to $2.9B from $2.8B. This matters because the quarter was not purely a trading-led beat. Revenue growth was broad based, with both NII and fee income improving. NII rose 12% YoY and non-interest revenue rose 17% YoY. The principal caution\u00a0remains\u00a0cost and credit. Expenses rose 7% YoY to $14.31B, driven by higher compensation, severance, and investment spending. Provision for credit losses increased 3% YoY to $2.81B, including a $597M ACL build. This is manageable in the context of current profitability, but it does\u00a0indicate\u00a0that Citi is still investing heavily while\u00a0remaining\u00a0exposed to a less benign macro environment. Shares rose after the release\u00a0as investors responded to the earnings beat, strong trading results, and confidence around the 2026 profitability target. The read-through is\u00a0favorable. Citi is showing real improvement in revenue quality, operating leverage, and capital return, while Jane Fraser\u2019s restructuring\u00a0appears to be\u00a0translating into stronger execution. The key variables to monitor are whether markets momentum\u00a0remains\u00a0strong in 2Q26, whether banking revenues continue to inflect as newly hired bankers become more productive, and whether expense growth moderates enough to preserve operating leverage.\u00a0<strong>2Q26 recommended trading range: $110\u00a0to $160. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u82b1\u65d7\u96c6\u56e2\uff08C)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>246.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f14.0%\uff0c\u8d85\u51fa\u9884\u671f10.4\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>3.06\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.43\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5c55\u671b\uff1a<\/strong>\u7ba1\u7406\u5c42\u8868\u793a\u516c\u53f8\u6b63\u6309\u8ba1\u5212\u5b9e\u73b02026\u5e74\u6709\u5f62\u666e\u901a\u80a1\u6743\u76ca\u56de\u62a5\u7387\uff08RoTCE\uff0910%\u201311%\u7684\u76ee\u6807\uff1bQ1 RoTCE\u5df2\u8fbe13.1%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d63\u4ebf\u7f8e\u5143\u666e\u901a\u80a1\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u4e3a\u5341\u5e74\u6765\u6700\u5f3a\u5355\u5b63\u8868\u73b0\uff0c\u5404\u4e3b\u8981\u4e1a\u52a1\u7ebf\u5168\u9762\u589e\u957f\u3002\u603b\u8425\u6536246.3\u4ebf\u7f8e\u5143\u521b\u5341\u5e74\u65b0\u9ad8\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u5927\u589e42%\u81f357.9\u4ebf\u7f8e\u5143\uff0c\u6548\u7387\u6bd4\u7387\u4ece\u53bb\u5e74\u540c\u671f62.2%\u6539\u5584\u81f358.1%\uff0c\u663e\u793a\u663e\u8457\u7684\u6b63\u5411\u8fd0\u8425\u6760\u6746\u3002\u5e02\u573a\u4e1a\u52a1\u4e3a\u5173\u952e\u9a71\u52a8\u529b\uff1a\u677f\u5757\u8425\u6536\u540c\u6bd4\u589e\u957f19%\u81f372\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u56fa\u6536\u5e02\u573a+13%\u81f352\u4ebf\u7f8e\u5143\uff0c\u80a1\u7968\u5e02\u573a\u6fc0\u589e39%\u81f321\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u516c\u53f8\u5728\u80a1\u7968\u9886\u57df\u7684\u6218\u7565\u91cd\u5efa\u521d\u89c1\u6210\u6548\uff0c\u5e76\u5728\u9ad8\u6ce2\u52a8\u73af\u5883\u4e2d\u6355\u6349\u5230\u5f3a\u52b2\u5ba2\u6237\u4ea4\u6613\u9700\u6c42\uff1b\u4e3b\u7ecf\u7eaa\u5546\u4e1a\u52a1\u4f59\u989d\u540c\u6bd4\u589e\u8d8550%\uff0c\u5f70\u663e\u5ba2\u6237\u53c2\u4e0e\u5ea6\u6df1\u5316\u53ca\u878d\u8d44\u6d3b\u52a8\u4efd\u989d\u63d0\u5347\u3002\u6295\u884c\u4e1a\u52a1\u4ea6\u660e\u663e\u6539\u5584\uff1a\u94f6\u884c\u4e1a\u52a1\u8425\u6536\u4ece15\u4ebf\u7f8e\u5143\u5347\u81f318\u4ebf\u7f8e\u5143\uff0c\u6295\u884c\u8d39\u7528\u6536\u5165\u589e\u957f12%\uff0c\u987e\u95ee\u6536\u5165\u521b\u4e00\u5b63\u5ea6\u7eaa\u5f55\u2014\u2014\u7ba1\u7406\u5c42\u7279\u522b\u6307\u51fa\uff0c\u82b1\u65d7\u53c2\u4e0e\u4e86\u5f53\u5b63\u5168\u7403\u4e09\u5927M&A\u4ea4\u6613\u4e4b\u4e00\uff0c\u5370\u8bc1\u9ad8\u7ea7\u94f6\u884c\u5bb6\u62db\u52df\u4e0e\u7279\u8bb8\u7ecf\u8425\u91cd\u5efa\u6b63\u8f6c\u5316\u4e3a\u5b9e\u9645\u6210\u679c\u3002\u6536\u5165\u7ed3\u6784\u591a\u5143\u4e14\u8d28\u91cf\u63d0\u5347\uff1a\u670d\u52a1\u4e1a\u52a1\u3001\u8d22\u5bcc\u7ba1\u7406\uff08+3.1\u4ebf\u219231\u4ebf\uff09\u3001\u7f8e\u56fd\u6d88\u8d39\u4fe1\u7528\u5361\uff08+2.8\u4ebf\u219229\u4ebf\uff09\u5747\u589e\u957f\uff1b\u51c0\u5229\u606f\u6536\u5165\uff08NII\uff09+12%\uff0c\u975e\u5229\u606f\u6536\u5165+17%\uff0c\u8868\u660e\u672c\u5b63\u5e76\u975e\u5355\u7eaf\u4f9d\u8d56\u4ea4\u6613\uff0c\u800c\u662fNII\u4e0e\u624b\u7eed\u8d39\u53cc\u8f6e\u9a71\u52a8\u3002\u4e3b\u8981\u8c28\u614e\u70b9\u5728\u4e8e\u6210\u672c\u4e0e\u4fe1\u7528\u98ce\u9669\uff1a\u8fd0\u8425\u652f\u51fa\u540c\u6bd4\u589e\u957f7%\u81f3143.1\u4ebf\u7f8e\u5143\uff08\u4e3b\u56e0\u85aa\u916c\u3001\u9063\u6563\u8d39\u53ca\u6295\u8d44\u589e\u52a0\uff09\uff1b\u4fe1\u8d37\u635f\u5931\u62e8\u5907\u589e\u81f328.1\u4ebf\u7f8e\u5143\uff08\u542b5.97\u4ebf\u7f8e\u5143\u8d37\u6b3e\u635f\u5931\u51c6\u5907\u91d1\u589e\u63d0\uff09\uff0c\u867d\u5728\u5f53\u524d\u76c8\u5229\u6c34\u5e73\u4e0b\u53ef\u63a7\uff0c\u4f46\u4ecd\u53cd\u6620\u516c\u53f8\u5728\u79ef\u6781\u6295\u5165\u7684\u540c\u65f6\uff0c\u5bf9\u5b8f\u89c2\u73af\u5883\u6f5c\u5728\u6076\u5316\u4fdd\u6301\u8b66\u60d5\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0a\u6da8\uff0c\u6295\u8d44\u8005\u8ba4\u53ef\u4e1a\u7ee9\u8d85\u9884\u671f\u3001\u4ea4\u6613\u5f3a\u52bf\u53ca2026\u5e74\u76c8\u5229\u76ee\u6807\u7684\u53ef\u4fe1\u5ea6\u3002\u6574\u4f53\u4fe1\u53f7\u79ef\u6781\uff1a\u82b1\u65d7\u5728\u6536\u5165\u8d28\u91cf\u3001\u8fd0\u8425\u6760\u6746\u4e0e\u8d44\u672c\u8fd4\u8fd8\u65b9\u9762\u5c55\u73b0\u771f\u5b9e\u8fdb\u6b65\uff0cJane Fraser\u7684\u91cd\u7ec4\u6218\u7565\u6b63\u8f6c\u5316\u4e3a\u66f4\u5f3a\u6267\u884c\u529b\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5e02\u573a\u4e1a\u52a1\u52a8\u80fd\u80fd\u5426\u5728Q2\u5ef6\u7eed\uff1b\uff082\uff09\u65b0\u8058\u94f6\u884c\u5bb6\u4ea7\u80fd\u91ca\u653e\u662f\u5426\u63a8\u52a8\u6295\u884c\u4e1a\u52a1\u6301\u7eed\u62d0\u70b9\uff1b\uff083\uff09\u652f\u51fa\u589e\u901f\u80fd\u5426\u653e\u7f13\u4ee5\u7ef4\u6301\u8fd0\u8425\u6760\u6746\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u7f8e\u5143\u81f3160\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Johnson & Johnson (JNJ)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$24.06B,\u00a0+9.9% YoY, beat estimates by $450M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$2.70,\u00a0beat estimates by $0.02\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Raised FY26 outlook to reported sales of $100.8B at the midpoint and adjusted EPS of $11.55 at the midpoint.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was fundamentally solid. Reported sales rose 9.9% to $24.1B, with operational growth of 6.4% and adjusted operational growth of 5.3%. The company also raised full-year guidance, which\u00a0indicates\u00a0management is seeing enough underlying momentum across the portfolio to absorb current external noise and still move expectations higher. The most important offset was Stelara. Stelara sales fell about 60% as biosimilar competition accelerated, which is a major erosion in one of J&J\u2019s historic profit engines. However, the decline was more than offset by strength in other growth drivers, especially\u00a0Darzalex\u00a0and Tremfya.\u00a0Darzalex\u00a0generated about $4.0B in sales in the quarter, while Tremfya reached about $1.6B, reinforcing that J&J\u2019s replacement portfolio is now large enough to cushion the patent-loss cycle. Medical Devices also contributed meaningfully. Segment sales rose 7.7% to about $8.6B, which is important because it broadens the earnings base beyond pharmaceuticals and reduces dependence on any single molecule. That diversification\u00a0remains\u00a0a core part of the investment case, particularly at a time when large-cap pharma investors are increasingly focused on patent cliffs and U.S. pricing policy. The main issue is quality of earnings versus market expectations. Net earnings fell sharply YoY because the prior-year quarter included a reversal of special charges, making the reported comparison noisy. Operationally, the quarter was better than the reported EPS decline would imply. Still, investors are likely to stay focused on the pace of Stelara erosion, the durability of Tremfya and\u00a0Darzalex\u00a0growth, and the commercial ramp of the newly launched oral psoriasis therapy. The earnings release was constructive, but the stock reaction was\u00a0relatively restrained, with the broader tape also influenced by macro de-escalation hopes and falling oil prices on the day. The more important read-through is that J&J delivered a clean beat and raise while managing through a major loss-of-exclusivity event, which is usually the type of setup investors reward over time. The near-term debate will\u00a0center\u00a0on three factors: first, whether Stelara erosion stabilizes at a manageable pace; second, whether\u00a0Darzalex, Tremfya, and newer launches continue to outgrow the loss; and third, whether policy pressure around U.S. drug pricing creates a new valuation overhang.\u00a0<strong>2Q26 recommended trading range: $220\u00a0to $280. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5f3a\u751f\u516c\u53f8\uff08JNJ)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>240.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f9.9%\uff0c\u8d85\u51fa\u9884\u671f4.5\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>2.70\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f0.02\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u4e0a\u8c03\u5168\u5e74\u5c55\u671b\uff0c\u9884\u8ba1\u62a5\u544a\u9500\u552e\u989d\u4e2d\u503c1008\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e2d\u503c11.55\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u57fa\u672c\u9762\u624e\u5b9e\u3002\u62a5\u544a\u9500\u552e\u989d\u589e\u957f9.9%\u81f3241\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u8fd0\u8425\u589e\u957f6.4%\uff08\u5254\u9664\u6c47\u7387\u4e0e\u8d44\u4ea7\u7ec4\u5408\u5f71\u54cd\uff09\uff0c\u663e\u793a\u5185\u751f\u52a8\u80fd\u7a33\u5065\u3002\u516c\u53f8\u540c\u6b65\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\uff0c\u8868\u660e\u7ba1\u7406\u5c42\u5bf9\u8de8\u4e1a\u52a1\u7ec4\u5408\u7684\u5e95\u5c42\u589e\u957f\u4fe1\u5fc3\u5145\u8db3\uff0c\u8db3\u4ee5\u62b5\u6d88\u5916\u90e8\u4e0d\u786e\u5b9a\u6027\u3002\u6700\u5927\u6311\u6218\u6765\u81eaStelara\u4e13\u5229\u60ac\u5d16\uff1a\u8be5\u91cd\u78c5\u836f\u7269\u9500\u552e\u989d\u540c\u6bd4\u9aa4\u964d\u7ea660%\uff0c\u56e0\u751f\u7269\u7c7b\u4f3c\u836f\u7ade\u4e89\u52a0\u901f\uff0c\u5bf9\u5176\u5386\u53f2\u9ad8\u5229\u6da6\u8d21\u732e\u6784\u6210\u663e\u8457\u4fb5\u8680\u3002\u7136\u800c\uff0c\u8fd9\u4e00\u4e0b\u6ed1\u88ab\u5176\u4ed6\u589e\u957f\u5f15\u64ce\u5f3a\u529b\u5bf9\u51b2\u2014\u2014Darzalex\u5355\u5b63\u9500\u552e\u8fbe40\u4ebf\u7f8e\u5143\uff0cTremfya\u8fbe16\u4ebf\u7f8e\u5143\uff0c\u5370\u8bc1\u5f3a\u751f\u7684\u65b0\u4e00\u4ee3\u4ea7\u54c1\u7ec4\u5408\u5df2\u5177\u5907\u8db3\u591f\u89c4\u6a21\uff0c\u53ef\u7f13\u51b2\u4e13\u5229\u5230\u671f\u51b2\u51fb\u3002\u533b\u7597\u79d1\u6280\u4e1a\u52a1\u4ea6\u8d21\u732e\u663e\u8457\uff1a\u677f\u5757\u9500\u552e\u989d\u589e\u957f7.7%\u81f386\u4ebf\u7f8e\u5143\uff0c\u62d3\u5bbd\u76c8\u5229\u57fa\u7840\uff0c\u964d\u4f4e\u5bf9\u5355\u4e00\u836f\u54c1\u4f9d\u8d56\uff0c\u5f3a\u5316\u5176\u5728\u5927\u578b\u5236\u836f\u80a1\u4e2d\u201c\u591a\u5143\u5316\u6297\u98ce\u9669\u201d\u7684\u6838\u5fc3\u6295\u8d44\u903b\u8f91\uff0c\u5c24\u5176\u5728\u5f53\u524d\u5e02\u573a\u9ad8\u5ea6\u5173\u6ce8\u4e13\u5229\u60ac\u5d16\u4e0e\u7f8e\u56fd\u836f\u4ef7\u653f\u7b56\u80cc\u666f\u4e0b\u3002\u9700\u6ce8\u610f\u7684\u662f\uff0cGAAP\u51c0\u5229\u6da6\u540c\u6bd4\u5927\u5e45\u4e0b\u6ed1\uff0c\u4e3b\u56e0\u53bb\u5e74\u540c\u671f\u5305\u542b\u7279\u6b8a\u8d39\u7528\u8f6c\u56de\uff0c\u5bfc\u81f4\u540c\u6bd4\u57fa\u6570\u5931\u771f\uff1b\u82e5\u805a\u7126\u8fd0\u8425\u8868\u73b0\uff0c\u5b9e\u9645\u4f18\u4e8e\u8868\u9762\u6570\u636e\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u53cd\u5e94\u6e29\u548c\uff0c\u90e8\u5206\u53d7\u5f53\u65e5\u5b8f\u89c2\u60c5\u7eea\uff08\u5730\u7f18\u7f13\u548c\u3001\u6cb9\u4ef7\u4e0b\u8dcc\uff09\u5f71\u54cd\u3002\u4f46\u66f4\u5173\u952e\u7684\u4fe1\u606f\u662f\uff1a\u5f3a\u751f\u5728\u7ecf\u5386\u91cd\u5927\u72ec\u5bb6\u6743\u4e27\u5931\u7684\u540c\u65f6\uff0c\u4ecd\u5b9e\u73b0\u201c\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\uff0c\u6b64\u7c7b\u97e7\u6027\u901a\u5e38\u83b7\u957f\u671f\u6295\u8d44\u8005\u8ba4\u53ef\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09Stelara\u4fb5\u8680\u901f\u5ea6\u80fd\u5426\u8d8b\u4e8e\u7a33\u5b9a\uff1b\uff082\uff09Darzalex\u3001Tremfya\u53ca\u65b0\u4e0a\u5e02\u53e3\u670d\u94f6\u5c51\u75c5\u7597\u6cd5\u80fd\u5426\u6301\u7eed\u8d85\u901f\u589e\u957f\uff1b\uff083\uff09\u7f8e\u56fd\u836f\u54c1\u5b9a\u4ef7\u653f\u7b56\u662f\u5426\u5f15\u53d1\u65b0\u4e00\u8f6e\u4f30\u503c\u538b\u529b\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a220\u7f8e\u5143\u81f3280\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Wells Fargo & Company (WFC)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$21.45B,\u00a0+6.5% YoY,\u00a0miss\u00a0estimates by $340M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$1.60,\u00a0beat estimates by $0.02\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Reaffirmed 2026 net interest income guidance of approximately $50B and 2026 noninterest expense guidance of approximately $55.7B.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\/Share Buybacks:\u00a0<\/strong>Repurchased 46.3M shares, or $4.0B, in 1Q26. No new dividend increase was\u00a0disclosed\u00a0with the quarter.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was mixed. Headline profitability was acceptable, with net income of $5.25B and diluted EPS of $1.60, but revenue and net interest income both came in below market expectations. Total revenue rose 6% YoY to $21.45B, while net interest income was $12.10B, up 5% YoY. The problem is that the market was already looking for a stronger NII trajectory, so the miss on the core banking spread line mattered more than the EPS beat. Balance sheet growth was a clear positive. Average loans rose 11% YoY to $996.0B and average deposits rose 7% YoY to $1.415T. This\u00a0indicates\u00a0that the removal of the Federal Reserve asset cap is beginning to translate into meaningful balance sheet expansion, particularly in cards, auto, and broader lending activity. CET1 remained solid at 10.3%, which gives Wells Fargo continued room for buybacks while still\u00a0operating\u00a0with excess capital. Underlying business trends were broadly constructive across segments. Management\u00a0stated\u00a0that each operating segment increased revenue YoY. Consumer Banking and Lending revenue grew 7%, Commercial Banking also grew 7%, Corporate and Investment Banking posted 11% growth in Banking revenue and 19% growth in Markets revenue, while Wealth and Investment Management grew 14%. This suggests that the franchise is showing broader operating momentum rather than relying on one-off items. Expenses and credit were still manageable, but neither was especially clean. Noninterest expense rose 3% YoY to $14.33B, reflecting higher compensation, advertising, and technology spending. Provision for credit losses rose to $1.14B from $932M a year ago, with management citing higher commercial and industrial and auto loan balances, partly offset by lower allowance needs in commercial real estate and cards. Credit performance\u00a0remains\u00a0sound, but provisioning is moving modestly higher as the bank grows. The central debate\u00a0remains\u00a0earnings quality. Wells Fargo is producing loan and deposit growth and returning meaningful capital, but the quarter showed that stronger volume alone is not enough if NII does not inflect as expected. Management\u2019s comments on higher fuel prices and pressure on lower-income consumer spending also suggest that the macro backdrop could become less\u00a0favorable\u00a0if oil stays elevated. Shares fell\u00a0roughly 5%\u00a0on the day of the release as investors focused on the revenue and NII miss rather than the modest EPS beat. That reaction is logical. Wells Fargo is increasingly being valued on whether post-asset-cap growth can produce a sustained improvement in core earnings power, and this quarter did not fully satisfy that requirement. The constructive elements are clear: loan growth is strong, deposits are rising, capital return\u00a0remains\u00a0significant, and franchise momentum appears broad based. However, the market needs clearer evidence that NII can re-accelerate and that growth can translate into higher-quality revenue rather than merely larger balances. The key variables for the next quarter are NII progression, operating leverage, credit normalization as lending expands, and the degree to which higher fuel costs pressure consumer\u00a0behavior.\u00a0<strong>2Q26 recommended trading range: $70\u00a0to $95. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5bcc\u56fd\u94f6\u884c\uff08WFC)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>214.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.5%\uff0c\u4f4e\u4e8e\u9884\u671f3.4\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.60\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f0.02\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u91cd\u75332026\u5e74\u51c0\u5229\u606f\u6536\u5165\uff08NII\uff09\u7ea6500\u4ebf\u7f8e\u5143\uff1b\u975e\u5229\u606f\u652f\u51fa\u7ea6557\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u4e0e\u8d44\u672c\u8fd4\u8fd8\uff1a<\/strong>\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d4630\u4e07\u80a1\u80a1\u7968\uff0c\u8017\u8d4440\u4ebf\u7f8e\u5143\uff1b\u672a\u5ba3\u5e03\u80a1\u606f\u4e0a\u8c03\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u8868\u73b0\u559c\u5fe7\u53c2\u534a\u3002\u51c0\u5229\u6da652.5\u4ebf\u7f8e\u5143\uff0cEPS 1.60\u7f8e\u5143\uff0c\u76c8\u5229\u5c1a\u53ef\uff0c\u4f46\u8425\u6536\u4e0e\u51c0\u5229\u606f\u6536\u5165\u5747\u4e0d\u53ca\u5e02\u573a\u9884\u671f\u2014\u2014\u603b\u8425\u6536\u589e\u957f6%\u81f3214.5\u4ebf\u7f8e\u5143\uff0cNII\u4e3a121\u4ebf\u7f8e\u5143\uff08+5% 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(JPM)\u00a0 \u6469\u6839\u5927\u901a\uff08JPM)\u00a0 BlackRock, Inc. (BLK)\u00a0 \u8d1d\u83b1\u5fb7\uff08BLK)\u00a0 Citigroup Inc. (C)\u00a0 \u82b1\u65d7\u96c6\u56e2\uff08C)\u00a0 Johnson &#038; Johnson (JNJ)\u00a0 \u5f3a\u751f\u516c\u53f8\uff08JNJ)\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[30],"tags":[],"class_list":["post-89522","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":"admin","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"United States | Singapore | Hong Kong | Earnings Ouster, Inc\u00a0(OUST\u00a0US) GE Aerospace.\u00a0(GE\u00a0US)\u00a0 ^ Back To Top Sunpower\u00a0Group Ltd.\u00a0(SPWG\u00a0SP)\u00a0 Food Empire Holdings\u00a0Limited\u00a0(FEH\u00a0SP)\u00a0 ^ Back To Top Giga\u00a0Device\u00a0Semiconductor Inc.\u00a0(3986\u00a0HK) \u00a0 Lenovo Group Limited\u00a0(992\u00a0HK)\u00a0 ^ Back To Top JPMorgan Chase & Co. (JPM)\u00a0 \u6469\u6839\u5927\u901a\uff08JPM)\u00a0 BlackRock, Inc. (BLK)\u00a0 \u8d1d\u83b1\u5fb7\uff08BLK)\u00a0 Citigroup Inc. (C)\u00a0 \u82b1\u65d7\u96c6\u56e2\uff08C)\u00a0 Johnson & Johnson (JNJ)\u00a0 \u5f3a\u751f\u516c\u53f8\uff08JNJ)\u00a0&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89522","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=89522"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89522\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=89522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=89522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=89522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}