{"id":89530,"date":"2026-04-22T09:21:24","date_gmt":"2026-04-22T01:21:24","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=88080"},"modified":"2026-04-22T09:21:24","modified_gmt":"2026-04-22T01:21:24","slug":"technical-analysis-22-april-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-22-april-2026\/","title":{"rendered":"Technical Analysis &#8211; 22 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\">Aeva Technologies,\u00a0Inc\u00a0(AEVA\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-347.png\" alt=\"\" class=\"wp-image-88119\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-347.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-347-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-347-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed\u00a0above\u00a0the 5dEMA\u00a0with rising volume.\u00a0<\/li>\n\n\n\n<li>RSI\u00a0is\u00a0near\u00a0overbought\u00a0levels,\u00a0but\u00a0MACD\u00a0is still\u00a0constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a016,\u00a0Target\u00a020,\u00a0Stop\u00a014<\/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\">Ouster, Inc (OUST US)\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-349.png\" alt=\"\" class=\"wp-image-88121\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-349.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-349-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-349-768x459.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\u00a0with rising volume.\u00a0<\/li>\n\n\n\n<li>RSI is at overbought levels, but MACD is still constructive.\u00a0<\/li>\n\n\n\n<li><strong>Long \u2013 Entry\u00a027,\u00a0Target\u00a033,\u00a0Stop\u00a024<\/strong>\u00a0\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\">Digital Core REIT\u00a0(DCREIT\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-334.png\" alt=\"\" class=\"wp-image-88094\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-334.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-334-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-334-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA.\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\u00a00.51,\u00a0Target\u00a00.57,\u00a0Stop\u00a00.48<\/strong>\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\">Toku Ltd. (TKU\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-335.png\" alt=\"\" class=\"wp-image-88095\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-335.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-335-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-335-768x459.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a05dEMA\u00a0with rising volume\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\u00a00.25,\u00a0Target\u00a00.29,\u00a0Stop\u00a00.23<\/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\">Datang\u00a0International Power Generation Co.,\u00a0Ltd.\u00a0(991\u00a0HK) \u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"534\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-336.png\" alt=\"\" class=\"wp-image-88096\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-336.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-336-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-336-768x454.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed above the\u00a020dEMA with rising volume.\u00a0The 5dEMA crossed the 10dEMA.\u00a0<\/li>\n\n\n\n<li>RSI is constructive and MACD\u00a0turned positive.\u00a0<\/li>\n\n\n\n<li><strong>Long\u00a0<\/strong>\u2013\u00a0<strong>Entry\u00a02.55,\u00a0Target\u00a02.75,\u00a0Stop\u00a02.45<\/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\">Huaneng Power International, Inc. (902\u00a0HK)\u00a0<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"534\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-337.png\" alt=\"\" class=\"wp-image-88097\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-337.png 903w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-337-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/image-337-768x454.png 768w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shares closed at a\u00a0four-month high above the 5dEMA with 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\u00a06.2,\u00a0Target\u00a06.6, Stop\u00a06.0<\/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>UnitedHealth Group Incorporated (UNH)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$111.72B,\u00a0+2.0% YoY,\u00a0beat estimates by\u202f$2.06B\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$7.23,\u00a0beat\u00a0estimates by\u00a0$0.63\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26\u00a0Guidance:<\/strong>\u00a0Raised FY26 outlook to net EPS of more than $17.35 and adjusted EPS of more than $18.25, up from prior adjusted EPS guidance of more than $17.75.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was materially better than feared and, more importantly, the quality of the beat appears linked to lower medical cost pressure rather than only accounting noise. Medical cost ratio was 83.9%, down from 84.8% a year ago and below estimates around 85.5% to 85.7%, which\u00a0indicates\u00a0that cost management and reserve development were better than the market had expected. The central issue\u00a0remains\u00a0turnaround credibility. UnitedHealth entered 2026 after a difficult 2025 that included Medicare Advantage pressure, leadership disruption, and investor\u00a0skepticism\u00a0around Optum Health. Against that backdrop, a clean beat and a guidance raise matter disproportionately because they suggest the company has at least stabilized key operating trends. That said, not every underlying metric was clean. Membership declined, including Medicare Advantage\u00a0enrollment, which\u00a0indicates\u00a0that part of the recovery is being driven by pricing, mix, and discipline rather than broad-based membership expansion. That is acceptable near term, but it means investors still need evidence that margin repair can persist without sacrificing too much growth. Optum\u00a0remains\u00a0the critical swing factor. The company is also investing\u00a0roughly $1.5B in AI in 2026 to offset reimbursement pressure and improve productivity. That is strategically sensible, but it raises the burden on execution over the next several quarters.\u00a0\u00a0Shares rose\u00a0roughly 7%\u00a0to 9%. The market reaction was driven by relief that medical costs improved, guidance moved higher, and the turnaround narrative did not deteriorate further. The near-term setup has improved meaningfully. The key variables now are whether the MCR can remain controlled through the rest of 2026, whether Optum Health margin repair continues, and whether membership declines stabilize rather than deepen.\u00a0<strong>2Q26\u00a0recommended trading range: $280\u00a0to $400.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8054\u5408\u5065\u5eb7\u96c6\u56e2\uff08UNH)\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>1117.2\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.0%\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f20.6\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>7.23\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.63\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\u6bcf\u80a1\u6536\u76ca\u8d8517.35\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u8d8518.25\u7f8e\u5143\uff08\u6b64\u524d\u4e3a\u8d8517.75\u7f8e\u5143\uff09\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\u663e\u8457\u597d\u4e8e\u5e02\u573a\u62c5\u5fe7\uff0c\u4e14\u76c8\u5229\u8d28\u91cf\u5177\u5b9e\u8d28\u652f\u6491\u3002\u6838\u5fc3\u4eae\u70b9\u5728\u4e8e\u533b\u7597\u6210\u672c\u6bd4\u7387\uff08MCR\uff09\uff1a83.9%\uff0c\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f84.8%\u53ca\u5e02\u573a\u9884\u671f\u768485.5%\u201385.7%\uff0c\u8868\u660e\u516c\u53f8\u5728\u533b\u7597\u6210\u672c\u7ba1\u63a7\u4e0e\u51c6\u5907\u91d1\u91ca\u653e\u65b9\u9762\u4f18\u4e8e\u9884\u671f\uff0c\u800c\u975e\u4ec5\u4f9d\u8d56\u4f1a\u8ba1\u8c03\u6574\u3002\u8fd9\u4e00\u6539\u5584\u5bf9\u4fe1\u5fc3\u91cd\u5efa\u81f3\u5173\u91cd\u8981\u2014\u2014\u8054\u5408\u5065\u5eb7\u5728\u7ecf\u53862025\u5e74\u56f0\u5883\uff08\u5305\u62ecMedicare Advantage\u627f\u538b\u3001\u7ba1\u7406\u5c42\u52a8\u8361\u53caOptum Health\u4e1a\u52a1\u53d7\u8d28\u7591\uff09\u540e\uff0c\u6b64\u6b21\u201c\u6e05\u6670\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\u4f20\u9012\u51fa\u5173\u952e\u8fd0\u8425\u8d8b\u52bf\u5df2\u4f01\u7a33\u7684\u79ef\u6781\u4fe1\u53f7\u3002\u7136\u800c\uff0c\u5e76\u975e\u6240\u6709\u6307\u6807\u5747\u5411\u597d\uff1a\u4f1a\u5458\u4eba\u6570\u7ee7\u7eed\u4e0b\u6ed1\uff0c\u5c24\u5176\u662fMedicare Advantage\u53c2\u4fdd\u4eba\u6570\u51cf\u5c11\uff0c\u663e\u793a\u5f53\u524d\u590d\u82cf\u66f4\u591a\u4f9d\u8d56\u5b9a\u4ef7\u4f18\u5316\u3001\u4ea7\u54c1\u7ec4\u5408\u6539\u5584\u4e0e\u6210\u672c\u7eaa\u5f8b\uff0c\u800c\u975e\u5e7f\u6cdb\u4f1a\u5458\u589e\u957f\u3002\u77ed\u671f\u53ef\u63a5\u53d7\uff0c\u4f46\u957f\u671f\u4ecd\u9700\u9a8c\u8bc1\u5229\u6da6\u7387\u4fee\u590d\u80fd\u5426\u5728\u4e0d\u727a\u7272\u589e\u957f\u7684\u524d\u63d0\u4e0b\u6301\u7eed\u3002Optum\u4ecd\u662f\u6838\u5fc3\u53d8\u91cf\uff1a\u516c\u53f8\u8ba1\u52122026\u5e74\u6295\u5165\u7ea615\u4ebf\u7f8e\u5143\u7528\u4e8eAI\uff0c\u4ee5\u5e94\u5bf9\u533b\u4fdd\u62a5\u9500\u538b\u529b\u5e76\u63d0\u5347\u751f\u4ea7\u529b\u2014\u2014\u6218\u7565\u65b9\u5411\u5408\u7406\uff0c\u4f46\u62ac\u9ad8\u4e86\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u7684\u6267\u884c\u95e8\u69db\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0a\u6da87%\u20139%\uff0c\u53cd\u6620\u5e02\u573a\u5bf9\u533b\u7597\u6210\u672c\u6539\u5584\u3001\u6307\u5f15\u4e0a\u8c03\u53ca\u8f6c\u578b\u53d9\u4e8b\u672a\u8fdb\u4e00\u6b65\u6076\u5316\u7684 relief\u3002\u8fd1\u7aef\u683c\u5c40\u660e\u663e\u6539\u5584\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09MCR\u80fd\u5426\u57282026\u5e74\u4f59\u4e0b\u65f6\u95f4\u4fdd\u6301\u53d7\u63a7\uff1b\uff082\uff09Optum Health\u5229\u6da6\u7387\u4fee\u590d\u662f\u5426\u5ef6\u7eed\uff1b\uff083\uff09\u4f1a\u5458\u6d41\u5931\u662f\u5426\u4f01\u7a33\u800c\u975e\u52a0\u5267\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a280\u7f8e\u5143\u81f3400\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<br>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>General Electric Company (GE)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$11.6B,\u00a0+28.9% YoY, beat estimates by\u202f$890M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.86,\u00a0beat estimates by\u00a0$0.26\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Maintained FY26 adjusted EPS guidance of $7.10 to\u00a0$7.40\u00a0and management\u00a0stated\u00a0the business is trending toward the high end of that range, while keeping guidance unchanged because of macro and oil-related uncertainty.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was fundamentally strong. GE Aerospace delivered broad-based upside in revenue, earnings, cash flow, and orders. Total orders rose 87% to $23.0B, adjusted operating profit reached $2.5B, and free cash flow was $1.7B, up 14% YoY. This is a high-quality print and confirms that commercial aftermarket demand\u00a0remains\u00a0very healthy. Commercial aerospace\u00a0remains\u00a0the core driver. Coverage\u00a0indicated\u00a0commercial engines and services revenue rose 34%, supported by spare parts demand and long-term service agreements. That matters because GE\u2019s installed base economics continue to\u00a0benefit\u00a0from delayed\u00a0aircraft\u00a0deliveries at Boeing and Airbus, which keeps older fleets in service longer and drives higher maintenance demand.\u00a0Defense\u00a0also\u00a0remains\u00a0supportive. Orders and revenue in\u00a0defense\u00a0were reported as materially higher, helped by stronger military demand and a more constructive geopolitical spending backdrop. This gives the earnings base more diversification, although commercial aerospace\u00a0remains\u00a0the larger swing factor for the stock. The main issue is not current execution but the macro-overlay. Management held full-year guidance rather than raising it, despite the strong quarter, because higher oil prices, fuel availability constraints, and slower global growth could pressure airline profitability and flight activity. GE now expects only flat to low-single-digit growth in airline departures, which is below prior assumptions. Margin mix also deserves monitoring. Barron\u2019s noted that commercial operating margins were pressured by a less\u00a0favorable\u00a0mix as new engine sales, which are lower margin than services, remained strong. This is not a structural issue, but it does mean revenue growth and profit growth will not always move in parallel quarter to quarter. The stock reaction was mixed to negative despite the beat. The most relevant takeaway is that fundamentals were good, but expectations were already high, and investors wanted either a formal raise or a cleaner macro setup. The setup\u00a0remains\u00a0constructive. GE Aerospace continues to\u00a0benefit\u00a0from a strong installed base, improving supply chain execution, robust order momentum, and delayed\u00a0aircraft\u00a0replacement cycles that support aftermarket demand. The principal variables to monitor are airline capacity discipline under higher fuel prices, service revenue resilience if flight growth slows, commercial margin mix, and whether management can convert the current trend toward the high end into a formal guidance raise later in the year.\u00a0<strong>2Q26 recommended trading range: $250\u00a0to $300. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u901a\u7528\u7535\u6c14\u516c\u53f8\uff08GE)\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>116\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8d85\u51fa\u9884\u671f8.9\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\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.86\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.26\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>\u7ef4\u6301\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca7.10\u20137.40\u7f8e\u5143\u533a\u95f4\uff1b\u7ba1\u7406\u5c42\u8868\u793a\u4e1a\u52a1\u6b63\u671d\u533a\u95f4\u9ad8\u7aef\u6f14\u8fdb\uff0c\u4f46\u56e0\u5b8f\u89c2\u4e0e\u6cb9\u4ef7\u4e0d\u786e\u5b9a\u6027\u6682\u672a\u4e0a\u8c03\u6307\u5f15\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\u5f3a\u52b2\uff0cGE\u822a\u7a7a\u822a\u5929\uff08GE Aerospace\uff09\u3002\u603b\u8ba2\u5355\u6fc0\u589e87%\u81f3230\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u8fbe25\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d4117\u4ebf\u7f8e\u5143\uff08+14% YoY\uff09\uff0c\u5370\u8bc1\u5546\u7528\u552e\u540e\u5e02\u573a\u9700\u6c42\u6301\u7eed\u65fa\u76db\u3002\u5546\u7528\u822a\u7a7a\u4ecd\u662f\u6838\u5fc3\u5f15\u64ce\uff1a\u53d1\u52a8\u673a\u53ca\u670d\u52a1\u6536\u5165\u589e\u957f34%\uff0c\u53d7\u76ca\u4e8e\u5907\u4ef6\u9700\u6c42\u4e0e\u957f\u671f\u670d\u52a1\u534f\u8bae\u2014\u2014\u6ce2\u97f3\u4e0e\u7a7a\u5ba2\u4ea4\u4ed8\u5ef6\u8fdf\u4f7f\u8001\u65e7\u673a\u961f\u670d\u5f79\u65f6\u95f4\u5ef6\u957f\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u7ef4\u62a4\u9891\u6b21\u4e0e\u4ef7\u503c\u3002\u56fd\u9632\u4e1a\u52a1\u4ea6\u63d0\u4f9b\u652f\u6491\uff1a\u8ba2\u5355\u4e0e\u6536\u5165\u663e\u8457\u589e\u957f\uff0c\u53cd\u6620\u5730\u7f18\u7d27\u5f20\u80cc\u666f\u4e0b\u519b\u8d39\u5f00\u652f\u589e\u52a0\uff0c\u589e\u5f3a\u76c8\u5229\u591a\u6837\u6027\uff0c\u5c3d\u7ba1\u5546\u7528\u822a\u7a7a\u4ecd\u662f\u80a1\u4ef7\u4e3b\u8981\u9a71\u52a8\u53d8\u91cf\u3002\u5173\u952e\u77db\u76fe\u5728\u4e8e\u6267\u884c\u4f18\u5f02\u4f46\u6307\u5f15\u4fdd\u5b88\uff1a\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u7ba1\u7406\u5c42\u9009\u62e9\u7ef4\u6301\u5168\u5e74EPS\u533a\u95f4\uff0c\u4e3b\u56e0\u9ad8\u6cb9\u4ef7\u3001\u822a\u6cb9\u4f9b\u5e94\u9650\u5236\u53ca\u5168\u7403\u589e\u957f\u653e\u7f13\u53ef\u80fd\u538b\u5236\u822a\u7a7a\u516c\u53f8\u76c8\u5229\u4e0e\u822a\u73ed\u91cf\u2014\u2014\u516c\u53f8\u73b0\u9884\u8ba12026\u5e74\u822a\u73ed\u8d77\u964d\u91cf\u4ec5\u6301\u5e73\u81f3\u4f4e\u4e2a\u4f4d\u6570\u589e\u957f\uff0c\u4f4e\u4e8e\u6b64\u524d\u9884\u671f\u3002\u5229\u6da6\u7387\u7ed3\u6784\u4ea6\u9700\u5173\u6ce8\uff1a\u636e\u300a\u5df4\u4f26\u5468\u520a\u300b\u62a5\u9053\uff0c\u5546\u7528\u677f\u5757\u8425\u4e1a\u5229\u6da6\u7387\u53d7\u4ea7\u54c1\u7ec4\u5408\u5f71\u54cd\u627f\u538b\uff0c\u56e0\u4f4e\u6bdb\u5229\u7684\u65b0\u53d1\u52a8\u673a\u9500\u552e\u5f3a\u52b2\uff0c\u800c\u9ad8\u6bdb\u5229\u7684\u670d\u52a1\u5360\u6bd4\u76f8\u5bf9\u4e0b\u964d\u3002\u6b64\u5c5e\u5468\u671f\u6027\u6ce2\u52a8\uff0c\u975e\u7ed3\u6784\u6027\u95ee\u9898\uff0c\u4f46\u610f\u5473\u7740\u6536\u5165\u4e0e\u5229\u6da6\u589e\u957f\u672a\u5fc5\u540c\u6b65\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u53cd\u5e94\u504f\u5f31\u751a\u81f3\u4e0b\u8dcc\uff0c\u4e3b\u56e0\u5e02\u573a\u5df2\u8ba1\u5165\u9ad8\u9884\u671f\uff0c\u6295\u8d44\u8005\u671f\u5f85\u6b63\u5f0f\u4e0a\u8c03\u6307\u5f15\u6216\u66f4\u6e05\u6670\u7684\u5b8f\u89c2\u8def\u5f84\u3002\u5f53\u524d\u683c\u5c40\u4ecd\u5177\u5efa\u8bbe\u6027\uff1aGE Aerospace\u53d7\u76ca\u4e8e\u5e9e\u5927\u5728\u5f79\u673a\u961f\u3001\u4f9b\u5e94\u94fe\u6539\u5584\u3001\u8ba2\u5355\u52a8\u80fd\u5f3a\u52b2\u53ca\u98de\u673a\u66ff\u6362\u5468\u671f\u5ef6\u540e\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u9ad8\u6cb9\u4ef7\u4e0b\u822a\u7a7a\u516c\u53f8\u8fd0\u529b\u7eaa\u5f8b\uff1b\uff082\uff09\u82e5\u822a\u73ed\u589e\u957f\u653e\u7f13\uff0c\u670d\u52a1\u6536\u5165\u80fd\u5426\u4fdd\u6301\u97e7\u6027\uff1b\uff083\uff09\u5546\u7528\u4e1a\u52a1\u5229\u6da6\u7387\u7ec4\u5408\u6f14\u53d8\uff1b\uff084\uff09\u7ba1\u7406\u5c42\u80fd\u5426\u5c06\u201c\u8d8b\u8fd1\u6307\u5f15\u4e0a\u9650\u201d\u7684\u8d8b\u52bf\u8f6c\u5316\u4e3a\u4e0b\u534a\u5e74\u6b63\u5f0f\u4e0a\u8c03\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a250\u7f8e\u5143\u81f3300\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RTX Corporation (RTX)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$22.1B,\u00a0+8.9% YoY, beat estimates by\u202f$630M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.78,\u00a0beat estimates by\u00a0$0.26\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Raised FY26 adjusted EPS guidance to $6.70 to $6.90 from $6.60 to\u00a0$6.80, and\u00a0raised adjusted sales guidance to $92.5B to $93.5B from $92.0B to $93.0B.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was strong across all three segments. Revenue rose 9% YoY, adjusted EPS increased 21%, and management raised full-year sales and earnings guidance after what it described as a strong start to 2026. Backlog reached $271B, including $109B of\u00a0defense\u00a0backlog, which supports multi-quarter visibility.\u00a0Defense\u00a0demand\u00a0remains\u00a0a key earnings driver. Reuters reported strong missile-system demand and cited a $3.7B Patriot missile contract for Ukraine, while Raytheon segment sales rose 10% to $6.95B. That matters because geopolitical tensions are translating into tangible order support rather than only better sentiment. Commercial aerospace was also constructive. Pratt & Whitney\u00a0benefited\u00a0from 19% growth in commercial aftermarket sales as airlines continue\u00a0operating\u00a0older fleets for longer amid\u00a0aircraft\u00a0delivery delays. This is an important offset because it provides a second growth engine alongside\u00a0defense\u00a0and supports earnings quality beyond purely military exposure. There are still cost and policy issues to\u00a0monitor.\u00a0RTX initially rose on the earnings beat\u00a0and\u00a0guidance\u00a0raise\u00a0but later fell 4.4% as broader market weakness and concerns around \u201cpeak\u00a0defense\u201d spending weighed on sentiment. Fundamentally, this was a high-quality quarter. RTX delivered broad-based growth, raised guidance, and continues to\u00a0benefit\u00a0from both\u00a0defense\u00a0replenishment demand and commercial aftermarket strength. The principal variables to monitor are tariff recovery, the durability of missile and air-defense\u00a0order momentum, Pratt aftermarket growth as airline economics evolve, and whether investors begin to question medium-term\u00a0defense\u00a0budget upside after a strong stock move.\u00a0<strong>2Q26 recommended trading range: $160\u00a0to $200. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RTX\u00a0Corporation\uff08RTX)\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>221\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.9%\uff0c\u8d85\u51fa\u9884\u671f6.3\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>1.78\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.26\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\u8c03\u6574\u540eEPS\u81f36.70\u20136.90\u7f8e\u5143\uff08\u539f\u4e3a6.60\u20136.80\u7f8e\u5143\uff09\uff1b\u4e0a\u8c03\u8c03\u6574\u540e\u9500\u552e\u989d\u81f3925\u2013935\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a920\u2013930\u4ebf\u7f8e\u5143\uff09\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u77ed\u8bc4\uff1a<\/strong>\u672c\u5b63\u5ea6\u4e09\u5927\u4e1a\u52a1\u677f\u5757\uff08Raytheon\u3001Pratt & Whitney\u3001Collins Aerospace\uff09\u5168\u9762\u8868\u73b0\u5f3a\u52b2\u3002\u8425\u6536\u540c\u6bd4\u589e\u957f9%\uff0c\u8c03\u6574\u540eEPS\u5927\u589e21%\uff0c\u7ba1\u7406\u5c42\u5728\u8d22\u62a5\u4e2d\u79f0\u201c2026\u5e74\u5f00\u5c40\u5f3a\u52b2\u201d\uff0c\u5e76\u540c\u6b65\u4e0a\u8c03\u5168\u5e74\u9500\u552e\u4e0e\u76c8\u5229\u6307\u5f15\u3002\u8ba2\u5355\u79ef\u538b\u8fbe2710\u4ebf\u7f8e\u5143\uff08\u5176\u4e2d\u56fd\u9632\u90e8\u52061090\u4ebf\u7f8e\u5143\uff09\uff0c\u63d0\u4f9b\u591a\u5b63\u5ea6\u80fd\u89c1\u5ea6\u3002\u56fd\u9632\u9700\u6c42\u4ecd\u662f\u6838\u5fc3\u9a71\u52a8\u529b\uff1a\u636e\u8def\u900f\u793e\u62a5\u9053\uff0c\u5bfc\u5f39\u7cfb\u7edf\u9700\u6c42\u65fa\u76db\uff0c\u5305\u62ec\u4e00\u7b14\u4ef7\u503c37\u4ebf\u7f8e\u5143\u7684\u201c\u7231\u56fd\u8005\u201d\u9632\u7a7a\u5bfc\u5f39\u5bf9\u4e4c\u5408\u540c\uff1bRaytheon\u677f\u5757\u9500\u552e\u989d\u589e\u957f10%\u81f369.5\u4ebf\u7f8e\u5143\uff0c\u663e\u793a\u5730\u7f18\u51b2\u7a81\u6b63\u8f6c\u5316\u4e3a\u5b9e\u8d28\u6027\u8ba2\u5355\u652f\u6491\uff0c\u800c\u975e\u4ec5\u60c5\u7eea\u6539\u5584\u3002\u5546\u7528\u822a\u7a7a\u822a\u5929\u4ea6\u8d21\u732e\u79ef\u6781\uff1aPratt & Whitney\u53d7\u76ca\u4e8e\u5546\u7528\u552e\u540e\u5e02\u573a\u6536\u5165\u589e\u957f19%\uff0c\u56e0\u6ce2\u97f3\u4e0e\u7a7a\u5ba2\u4ea4\u4ed8\u5ef6\u8fdf\u8feb\u4f7f\u822a\u53f8\u5ef6\u957f\u8001\u65e7\u673a\u961f\u670d\u5f79\u5468\u671f\uff0c\u63a8\u9ad8\u7ef4\u62a4\u4e0e\u5907\u4ef6\u9700\u6c42\u2014\u2014\u8fd9\u4e3aRTX\u63d0\u4f9b\u4e86\u56fd\u9632\u4e4b\u5916\u7684\u7b2c\u4e8c\u589e\u957f\u5f15\u64ce\uff0c\u63d0\u5347\u76c8\u5229\u8d28\u91cf\u4e0e\u6297\u5468\u671f\u80fd\u529b\u3002\u5c3d\u7ba1\u57fa\u672c\u9762\u624e\u5b9e\uff0c\u80a1\u4ef7\u5148\u6da8\u540e\u8dcc\uff08\u76d8\u540e\u4e0b\u8dcc4.4%\uff09\uff0c\u4e3b\u56e0\u5927\u76d8\u8d70\u5f31\u53ca\u5e02\u573a\u5bf9\u201c\u56fd\u9632\u652f\u51fa\u89c1\u9876\u201d\u7684\u62c5\u5fe7\u5347\u6e29\u3002\u4f46\u4ece\u8fd0\u8425\u89d2\u5ea6\u770b\uff0c\u672c\u5b63\u5c5e\u9ad8\u8d28\u91cf\u8d85\u9884\u671f\uff1a\u589e\u957f\u5e7f\u6cdb\u3001\u6307\u5f15\u4e0a\u8c03\u3001\u53cc\u8f6e\u9a71\u52a8\uff08\u56fd\u9632\u8865\u5e93+\u5546\u7528\u552e\u540e\uff09\u903b\u8f91\u6301\u7eed\u5151\u73b0\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u516c\u53f8\u80fd\u5426\u6709\u6548\u8f6c\u5ac1\u5173\u7a0e\u6210\u672c\uff1b\uff082\uff09\u5bfc\u5f39\u4e0e\u9632\u7a7a\u7cfb\u7edf\u8ba2\u5355\u52a8\u80fd\u662f\u5426\u53ef\u6301\u7eed\uff1b\uff083\uff09Pratt\u552e\u540e\u589e\u957f\u80fd\u5426\u5728\u822a\u7a7a\u516c\u53f8\u76c8\u5229\u538b\u529b\u4e0b\u4fdd\u6301\u97e7\u6027\uff1b\uff084\uff09\u5728\u80a1\u4ef7\u5df2\u5927\u5e45\u4e0a\u6da8\u540e\uff0c\u6295\u8d44\u8005\u662f\u5426\u5f00\u59cb\u8d28\u7591\u4e2d\u957f\u671f\u56fd\u9632\u9884\u7b97\u4e0a\u884c\u7a7a\u95f4\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a160\u7f8e\u5143\u81f3200\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M Company (MMM)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$6B,\u00a0+3.9% YoY,\u00a0in-line with\u00a0estimates\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$2.14,\u00a0beat estimates by\u00a0$0.16\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Reiterated FY26 adjusted EPS guidance of $8.50 to $8.70. Management also continues to expect about 3% organic growth for the full year but warned that higher oil prices could create about $125M of annual cost headwind.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends\/Share Buybacks:\u00a0<\/strong>3M returned $2.4B to shareholders through dividends and share repurchases in 1Q26.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was better than feared, particularly on profitability. Adjusted operating margin reached 23.8%, up 30 bps YoY, while adjusted EPS rose 14% despite tariff pressure, dis-synergies tied to the PFAS manufacturing exit and the\u00a0Solventum\u00a0separation, and other macro cost friction. This suggests that productivity and execution remain the primary support for the current earnings recovery. Segment performance was mixed but acceptable. Safety and Industrial organic sales rose 3.2%, while Consumer was down 1.3% and Transportation & Electronics fell 0.3%. That mix is important because it shows the recovery is being led by the more industrial part of the portfolio, while electronics, auto, and discretionary consumer demand are still lagging.\u00a0About 40% of the portfolio had a slow start to the year, especially in automotive and electronics. Cash generation was positive, though not especially strong. 3M generated $0.6B of operating cash flow and $0.5B of adjusted free cash flow in the quarter. That is adequate for the current stage of the turnaround, but the next step for the story is stronger cash conversion rather than only margin protection.\u00a0\u00a0The main issue is that management did not raise guidance.\u00a0Investors\u00a0focused on the fact that, despite a good quarter, 3M only reiterated guidance while highlighting oil, inflation, and electronics demand uncertainty.\u00a0Nearly 35%\u00a0higher oil prices tied to Middle East tensions could create about $125M of annual cost impact, and management may respond with about 50 bps of price increases. That leaves the setup dependent on continued cost control and a better second half rather than a clean demand-led acceleration today. Shares fell ~1.5% after the release despite the earnings beat. The negative reaction was driven less by the quarter itself and more by the lack of a guidance raise, ongoing oil and inflation pressure, and concerns that consumer electronics and PC-related end markets\u00a0remain\u00a0soft. The operating picture is improving, and management\u00a0appears to be\u00a0executing well on productivity, margin discipline, and portfolio simplification. However, the stock still needs clearer evidence of broader demand improvement across electronics, automotive, and consumer, as well as stronger free cash flow conversion. The principal variables to monitor are second-half volume progression, price-cost recovery if oil\u00a0remains\u00a0elevated, and whether management can translate current execution into an actual guidance raise later in the year.\u00a0<strong>2Q26 recommended trading range: $130\u00a0to $165. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3M\u516c\u53f8\uff083M Company, MMM)\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>60\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f3.9%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\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>2.14\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.16\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\u7533\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca8.50\u20138.70\u7f8e\u5143\uff1b\u9884\u8ba1\u5168\u5e74\u6709\u673a\u589e\u957f\u7ea63%\uff1b\u4f46\u8b66\u544a\u9ad8\u6cb9\u4ef7\u6216\u5e26\u6765\u7ea61.25\u4ebf\u7f8e\u5143\u5e74\u5ea6\u6210\u672c\u9006\u98ce\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\u901a\u8fc7\u80a1\u606f\u4e0e\u56de\u8d2d\u5411\u80a1\u4e1c\u8fd4\u8fd824\u4ebf\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\u8868\u73b0\u597d\u4e8e\u5e02\u573a\u62c5\u5fe7\uff0c\u5c24\u5176\u5728\u76c8\u5229\u80fd\u529b\u65b9\u9762\u3002\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u738723.8%\uff08\u540c\u6bd4\u63d0\u534730\u4e2a\u57fa\u70b9\uff09\uff0c\u8c03\u6574\u540eEPS\u589e\u957f14%\uff0c\u5728\u9762\u4e34\u5173\u7a0e\u538b\u529b\u3001PFAS\u5236\u9020\u9000\u51fa\u4e0eSolventum\u5206\u62c6\u5e26\u6765\u7684\u534f\u540c\u635f\u5931\u53ca\u5b8f\u89c2\u6210\u672c\u6469\u64e6\u4e0b\u4ecd\u5b9e\u73b0\u6539\u5584\uff0c\u51f8\u663e\u751f\u4ea7\u529b\u63d0\u5347\u4e0e\u6267\u884c\u529b\u4ecd\u662f\u5f53\u524d\u76c8\u5229\u590d\u82cf\u7684\u6838\u5fc3\u652f\u6491\u3002\u5206\u90e8\u8868\u73b0\u5206\u5316\u4f46\u603b\u4f53\u53ef\u63a5\u53d7\uff1a\u5b89\u5168\u4e0e\u5de5\u4e1a\u677f\u5757\u6709\u673a\u9500\u552e\u589e\u957f3.2%\uff0c\u800c\u6d88\u8d39\u54c1\u4e0b\u6ed11.3%\uff0c\u4ea4\u901a\u4e0e\u7535\u5b50\u677f\u5757\u5fae\u964d0.3%\uff0c\u663e\u793a\u590d\u82cf\u4e3b\u8981\u7531\u5de5\u4e1a\u7aef\u9a71\u52a8\uff0c\u7535\u5b50\u3001\u6c7d\u8f66\u53ca\u53ef\u9009\u6d88\u8d39\u54c1\u9700\u6c42\u4ecd\u663e\u75b2\u8f6f\u2014\u2014\u7ea640%\u7684\u4e1a\u52a1\u7ec4\u5408\u5e74\u521d\u5f00\u5c40\u7f13\u6162\uff0c\u5c24\u4ee5\u6c7d\u8f66\u548c\u7535\u5b50\u4e3a\u751a\u3002\u73b0\u91d1\u6d41\u8868\u73b0\u5c1a\u53ef\u4f46\u4e0d\u7a81\u51fa\uff1a\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d416\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d415\u4ebf\u7f8e\u5143\uff0c\u5bf9\u5f53\u524d\u8f6c\u578b\u9636\u6bb5\u5c5e\u5408\u7406\u6c34\u5e73\uff0c\u4f46\u4e0b\u4e00\u9636\u6bb5\u9700\u770b\u5230\u66f4\u5f3a\u7684\u73b0\u91d1\u8f6c\u5316\u80fd\u529b\uff0c\u800c\u975e\u4ec5\u5229\u6da6\u7387\u7ef4\u7a33\u3002\u5173\u952e\u5728\u4e8e\u7ba1\u7406\u5c42\u672a\u4e0a\u8c03\u6307\u5f15\uff1a\u5c3d\u7ba1\u4e1a\u7ee9\u7a33\u5065\uff0c\u516c\u53f8\u4ec5\u91cd\u7533\u539f\u6709\u76ee\u6807\uff0c\u5e76\u5f3a\u8c03\u6cb9\u4ef7\u3001\u901a\u80c0\u53ca\u7535\u5b50\u9700\u6c42\u4e0d\u786e\u5b9a\u6027\u3002\u4e2d\u4e1c\u5c40\u52bf\u63a8\u9ad8\u6cb9\u4ef7\u8fd135%\uff0c\u6216\u81f4\u5168\u5e74\u6210\u672c\u589e\u52a01.25\u4ebf\u7f8e\u5143\uff0c\u516c\u53f8\u8ba1\u5212\u901a\u8fc7\u7ea650\u4e2a\u57fa\u70b9\u7684\u63d0\u4ef7\u90e8\u5206\u5bf9\u51b2\u3002\u8fd9\u4f7f\u524d\u666f\u4f9d\u8d56\u4e8e\u6301\u7eed\u7684\u6210\u672c\u63a7\u5236\u4e0e\u4e0b\u534a\u5e74\u6539\u5584\uff0c\u800c\u975e\u5f53\u524d\u9700\u6c42\u5168\u9762\u52a0\u901f\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea61.5%\uff0c\u4e3b\u56e0\u5e76\u975e\u5b63\u5ea6\u672c\u8eab\uff0c\u800c\u662f\u7f3a\u4e4f\u6307\u5f15\u4e0a\u8c03\u3001\u6cb9\u4ef7\u4e0e\u901a\u80c0\u538b\u529b\u6301\u7eed\uff0c\u4ee5\u53ca\u5e02\u573a\u5bf9\u6d88\u8d39\u7535\u5b50\u548cPC\u76f8\u5173\u7ec8\u7aef\u5e02\u573a\u75b2\u8f6f\u7684\u62c5\u5fe7\u3002\u8fd0\u8425\u57fa\u672c\u9762\u786e\u5728\u6539\u5584\uff0c\u7ba1\u7406\u5c42\u5728\u751f\u4ea7\u529b\u3001\u5229\u6da6\u7387\u7eaa\u5f8b\u4e0e\u4e1a\u52a1\u7b80\u5316\u4e0a\u6267\u884c\u826f\u597d\u3002\u4f46\u80a1\u4ef7\u4ecd\u9700\u66f4\u660e\u786e\u8bc1\u636e\uff1a\uff081\uff09\u7535\u5b50\u3001\u6c7d\u8f66\u3001\u6d88\u8d39\u54c1\u9700\u6c42\u5e7f\u6cdb\u56de\u6696\uff1b\uff082\uff09\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u5316\u663e\u8457\u589e\u5f3a\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u4e0b\u534a\u5e74\u9500\u91cf\u8d70\u52bf\uff1b\uff082\uff09\u82e5\u6cb9\u4ef7\u7ef4\u6301\u9ad8\u4f4d\uff0c\u4ef7\u683c\u80fd\u5426\u6709\u6548\u8986\u76d6\u6210\u672c\uff1b\uff083\uff09\u5f53\u524d\u6267\u884c\u529b\u80fd\u5426\u8f6c\u5316\u4e3a\u5e74\u5185\u6b63\u5f0f\u4e0a\u8c03\u6307\u5f15\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a130\u7f8e\u5143\u81f3165\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R. Horton, Inc.\u00a0(DHI)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q26\u00a0Revenue:\u00a0<\/strong>$7.6B,\u00a0-2.2% YoY,\u00a0in-line with\u00a0estimates\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q26\u00a0GAAP\u00a0EPS<\/strong>:\u00a0$2.24,\u00a0beat estimates by\u00a0$0.10\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY<\/strong><strong>26 Guidance:<\/strong>\u00a0Updated FY26\u00a0consolidated\u00a0revenue guidance to $33.5B to $34.5B and home closings guidance to 86,000 to 87,500 homes.\u00a0Management also guided 3Q26 home sales gross margin to 19.7% to 20.2%.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividends:\u00a0<\/strong>Declared a quarterly dividend of $0.45 per share<strong>\u00a0<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was better than feared, but the underlying environment\u00a0remains\u00a0difficult. Revenue declined to $7.56B from $7.73B a year earlier, while net income fell to $647.9M and EPS declined to $2.24 from $2.58. High mortgage rates, affordability pressure, inflation, and tariff-related construction cost concerns are still weighing on housing demand and buyer confidence. Order trends were the most constructive element. Net sales orders increased 11% YoY to 24,992 homes, and management\u00a0indicated\u00a0cancellation rates remained stable while seasonal buyer demand held up. That is important because it suggests demand may be stabilizing at a lower affordability-adjusted level rather than deteriorating further. Margins were also better than expected. Home sales gross margin came in at 20.1%, above the\u00a0roughly 19.1%\u00a0level analysts had expected, with support from lower warranty expense and\u00a0favorable\u00a0litigation outcomes. The 3Q26 gross margin guide of 19.7% to 20.2% was also better than feared, which\u00a0indicates\u00a0incentive pressure is not worsening as quickly as some investors had expected. However, the quality of the outlook\u00a0remains\u00a0mixed. The company narrowed its FY26 revenue guide but still expects to rely on incentives such as mortgage rate buydowns and smaller, more affordable homes to support sales. That preserves volume, but it also means profitability\u00a0remains\u00a0sensitive to incentives, input costs, and mortgage-rate volatility through the rest of fiscal 2026. Shares rose as much as 6.4% intraday as investors responded to the earnings beat and stronger-than-expected gross margin performance. The near-term read-through is constructive. Orders improved, margins held up better than expected, and the company\u00a0appears to be\u00a0managing the affordability slowdown with discipline. The principal variables to monitor are mortgage-rate direction, the sustainability of incentive-driven demand, whether order growth converts into clean closings growth, and whether gross margin can stay near the current range without further earnings pressure.\u00a0<strong>3Q26 recommended trading range: $135\u00a0to $200. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>D.R. Horton,\u00a0Inc.\uff08DHI)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>76\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d2.2%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>2.24\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.10\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>\u66f4\u65b0\u5168\u5e74\u5408\u5e76\u8425\u6536\u6307\u5f15\u81f3335\u4ebf\u2013345\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u623f\u5c4b\u4ea4\u4ed8\u91cf86,000\u81f387,500\u5957\uff1b\u7b2c\u4e09\u5b63\u5ea6\u623f\u5c4b\u9500\u552e\u6bdb\u5229\u7387\u6307\u5f15\u4e3a19.7%\u201320.2%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\uff1a<\/strong>\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.45\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\u8868\u73b0\u597d\u4e8e\u5e02\u573a\u62c5\u5fe7\uff0c\u4f46\u4f4f\u623f\u5e02\u573a\u57fa\u672c\u9762\u4ecd\u627f\u538b\u3002\u8425\u6536\u4ece\u53bb\u5e74\u540c\u671f77.3\u4ebf\u7f8e\u5143\u5fae\u964d\u81f375.6\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da6\u4e0b\u6ed1\u81f36.479\u4ebf\u7f8e\u5143\uff0cEPS\u4ece2.58\u7f8e\u5143\u964d\u81f32.24\u7f8e\u5143\uff0c\u53cd\u6620\u9ad8\u623f\u8d37\u5229\u7387\u3001\u53ef\u8d1f\u62c5\u6027\u538b\u529b\u3001\u901a\u80c0\u53ca\u5173\u7a0e\u63a8\u5347\u7684\u5efa\u9020\u6210\u672c\u6301\u7eed\u6291\u5236\u9700\u6c42\u4e0e\u4e70\u5bb6\u4fe1\u5fc3\u3002\u8ba2\u5355\u8d8b\u52bf\u6210\u4e3a\u6700\u5927\u4eae\u70b9\uff1a\u51c0\u9500\u552e\u8ba2\u5355\u540c\u6bd4\u589e\u957f11%\u81f324,992\u5957\uff0c\u4e14\u53d6\u6d88\u7387\u4fdd\u6301\u7a33\u5b9a\u3001\u5b63\u8282\u6027\u9700\u6c42\u672a\u660e\u663e\u6076\u5316\uff0c\u8868\u660e\u9700\u6c42\u6216\u5df2\u5728\u66f4\u4f4e\u4f46\u66f4\u7a33\u5b9a\u7684\u53ef\u8d1f\u62c5\u6c34\u5e73\u4e0a\u4f01\u7a33\uff0c\u800c\u975e\u8fdb\u4e00\u6b65\u4e0b\u6ed1\u3002\u5229\u6da6\u7387\u4ea6\u8d85\u9884\u671f\uff1a\u623f\u5c4b\u9500\u552e\u6bdb\u5229\u7387\u8fbe20.1%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\u7684\u7ea619.1%\uff0c\u53d7\u76ca\u4e8e\u4fdd\u4fee\u652f\u51fa\u51cf\u5c11\u53ca\u6709\u5229\u7684\u8bc9\u8bbc\u7ed3\u679c\uff1bQ3\u6bdb\u5229\u7387\u6307\u5f15\uff0819.7%\u201320.2%\uff09\u540c\u6837\u4f18\u4e8e\u60b2\u89c2\u9884\u671f\uff0c\u663e\u793a\u4fc3\u9500\u538b\u529b\u672a\u5982\u90e8\u5206\u6295\u8d44\u8005\u62c5\u5fe7\u822c\u5feb\u901f\u52a0\u5267\u3002\u7136\u800c\uff0c\u524d\u666f\u8d28\u91cf\u4ecd\u663e\u6df7\u5408\uff1a\u516c\u53f8\u867d\u6536\u7a84\u5168\u5e74\u8425\u6536\u6307\u5f15\uff0c\u4f46\u4ecd\u4f9d\u8d56\u623f\u8d37\u5229\u7387\u8865\u8d34\uff08buydowns\uff09\u7b49\u6fc0\u52b1\u63aa\u65bd\u7ef4\u6301\u9500\u91cf\u2014\u2014\u6b64\u4e3e\u4fdd\u4f4f\u4e86\u4ea4\u4ed8\u91cf\uff0c\u4f46\u4e5f\u4f7f\u76c8\u5229\u5bf9\u6fc0\u52b1\u529b\u5ea6\u3001\u539f\u6750\u6599\u6210\u672c\u53ca\u623f\u8d37\u5229\u7387\u6ce2\u52a8\u9ad8\u5ea6\u654f\u611f\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u76d8\u4e2d\u4e00\u5ea6\u4e0a\u6da86.4%\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9EPS\u8d85\u9884\u671f\u53ca\u6bdb\u5229\u7387\u97e7\u6027\u7684\u79ef\u6781\u53cd\u5e94\u3002\u8fd1\u7aef\u4fe1\u53f7\u5177\u5efa\u8bbe\u6027\uff1a\u8ba2\u5355\u6539\u5584\u3001\u5229\u6da6\u7387\u7a33\u5065\u3001\u516c\u53f8\u5728\u53ef\u8d1f\u62c5\u6027\u653e\u7f13\u73af\u5883\u4e2d\u5c55\u73b0\u7eaa\u5f8b\u6027\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u623f\u8d37\u5229\u7387\u8d70\u52bf\uff1b\uff082\uff09\u6fc0\u52b1\u9a71\u52a8\u7684\u9700\u6c42\u80fd\u5426\u6301\u7eed\uff1b\uff083\uff09\u8ba2\u5355\u589e\u957f\u80fd\u5426\u987a\u5229\u8f6c\u5316\u4e3a\u5e72\u51c0\u7684\u4ea4\u4ed8\u589e\u957f\uff1b\uff084\uff09\u6bdb\u5229\u7387\u80fd\u5426\u7ef4\u6301\u5728\u5f53\u524d\u533a\u95f4\u800c\u4e0d\u5f15\u53d1\u8fdb\u4e00\u6b65\u76c8\u5229\u538b\u529b\u3002<strong>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a135\u7f8e\u5143\u81f3200\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Intuitive Surgical, Inc.\u00a0(ISRG)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$2.77B,\u00a0+23.1% YoY, beat estimates by\u202f$150M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$2.50,\u00a0beat estimates by\u00a0$0.39\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Raised FY26 worldwide procedure growth outlook to 13.5% to 15.5% from 13.0% to 15.0% previously and raised adjusted gross profit margin guidance to 67.5% to 68.5% from 67.0% to 68.0%. Adjusted operating expense growth guidance\u00a0remains\u00a011% to 14%.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>The quarter was fundamentally strong. Intuitive delivered 17% worldwide procedure growth, 23% revenue growth, and a meaningful margin beat, which\u00a0indicates\u00a0continued healthy\u00a0utilization\u00a0of the da Vinci ecosystem and strong recurring revenue conversion from instruments and accessories. Instruments and accessories revenue rose to $1.69B, while systems revenue increased to $651M.\u00a0\u00a0Procedure growth\u00a0remains\u00a0the core driver. Global procedures increased 17%, ahead of the company\u2019s prior full-year framework, with da Vinci procedure growth of 16% and Ion procedure growth of 39%. This is important because it shows adoption is still broad based across core robotic surgery and adjacent lung biopsy applications rather than being driven only by system placements.\u00a0\u00a0System demand was also healthy. Intuitive placed 431 da Vinci systems in the quarter, up 17% YoY, including 232 da Vinci 5 systems. Total installed base reached 11,395 da Vinci systems and 1,041 Ion systems. That supports future recurring revenue growth, although the market is now increasingly focused on whether procedure growth can remain strong enough to justify the valuation rather than on installed-base expansion alone. The main issue is not the quarter itself, but the quality of the raise. Management only lifted the procedure growth outlook modestly, and 2026 implied growth still trails the 18% procedure growth delivered in 2025. Investors also\u00a0remain\u00a0attentive to\u00a0emerging\u00a0competitive pressure from Medtronic and Johnson & Johnson, as well as pressure from remanufactured instruments and broader regulatory scrutiny. The stock fell around 2% after hours and\u00a0roughly 3.1%\u00a0during the regular session, reflecting investor concern that the guidance increase was too modest\u00a0relative\u00a0to the\u00a0magnitude\u00a0of the quarter. The operating read-through\u00a0remains\u00a0constructive. Procedure growth is strong, system placements\u00a0remain\u00a0healthy, margins improved, and Intuitive continues to extend its ecosystem with da Vinci 5 and Ion. The principal variables to monitor are the pace of procedure growth normalization in the second half, competitive progress from new robotic entrants, the sustainability of capital placements, and whether recurring revenue growth\u00a0remains\u00a0strong enough to offset valuation pressure.\u00a0<strong>2Q26 recommended trading range: $420\u00a0to $520. Neutral Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u76f4\u89c2\u5916\u79d1\u516c\u53f8\uff08ISRG)\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>27.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f23.1%\uff0c\u8d85\u51fa\u9884\u671f1.5\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>2.50\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.39\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\u7403\u624b\u672f\u91cf\u589e\u957f\u9884\u671f\u81f313.5%\u201315.5%\uff08\u539f\u4e3a13.0%\u201315.0%\uff09\uff1b\u4e0a\u8c03\u8c03\u6574\u540e\u6bdb\u5229\u7387\u6307\u5f15\u81f367.5%\u201368.5%\uff08\u539f\u4e3a67.0%\u201368.0%\uff09\uff1b\u8fd0\u8425\u652f\u51fa\u589e\u901f\u6307\u5f15\u7ef4\u630111%\u201314%\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\u5f3a\u52b2\u3002\u516c\u53f8\u5b9e\u73b0\u5168\u7403\u624b\u672f\u91cf\u589e\u957f17%\u3001\u8425\u6536\u589e\u957f23%\uff0c\u5e76\u663e\u8457\u8d85\u9884\u671f\u7684\u5229\u6da6\u7387\u8868\u73b0\uff0c\u5370\u8bc1da Vinci\u751f\u6001\u7cfb\u7edf\u4f7f\u7528\u7387\u5065\u5eb7\uff0c\u4e14\u8017\u6750\u4e0e\u914d\u4ef6\u7684\u7ecf\u5e38\u6027\u6536\u5165\u8f6c\u5316\u9ad8\u6548\u3002\u5176\u4e2d\uff0c\u8017\u6750\u4e0e\u914d\u4ef6\u6536\u5165\u8fbe16.9\u4ebf\u7f8e\u5143\uff0c\u7cfb\u7edf\u9500\u552e\u6536\u5165\u589e\u81f36.51\u4ebf\u7f8e\u5143\u3002\u624b\u672f\u91cf\u589e\u957f\u4ecd\u662f\u6838\u5fc3\u9a71\u52a8\u529b\uff1ada Vinci\u624b\u672f\u589e\u957f16%\uff0cIon\u80ba\u6d3b\u68c0\u624b\u672f\u6fc0\u589e39%\uff0c\u663e\u793a\u9700\u6c42\u4e0d\u4ec5\u6765\u81ea\u65b0\u88c5\u673a\uff0c\u66f4\u6e90\u4e8e\u73b0\u6709\u88c5\u673a\u7684\u6df1\u5ea6\u4f7f\u7528\u53ca\u5728\u76f8\u90bb\u9002\u5e94\u75c7\uff08\u5982\u80ba\u90e8\u4ecb\u5165\uff09\u7684\u62d3\u5c55\u3002\u7cfb\u7edf\u88c5\u673a\u4ea6\u7a33\u5065\uff1a\u672c\u5b63\u65b0\u589e431\u53f0da Vinci\u7cfb\u7edf\uff08+17% YoY\uff09\uff0c\u5305\u62ec232\u53f0\u65b0\u4e00\u4ee3da Vinci 5\uff1b\u622a\u81f3\u5b63\u672b\uff0c\u5168\u7403da Vinci\u88c5\u673a\u603b\u91cf\u8fbe11,395\u53f0\uff0cIon\u7cfb\u7edf1,041\u53f0\uff0c\u4e3a\u672a\u6765\u7ecf\u5e38\u6027\u6536\u5165\u5960\u5b9a\u57fa\u7840\u3002\u7136\u800c\uff0c\u5e02\u573a\u7126\u70b9\u5df2\u4ece\u201c\u88c5\u673a\u6269\u5f20\u201d\u8f6c\u5411\u201c\u624b\u672f\u91cf\u80fd\u5426\u6301\u7eed\u652f\u6491\u9ad8\u4f30\u503c\u201d\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u4eae\u773c\uff0c\u6307\u5f15\u4e0a\u8c03\u5e45\u5ea6\u6709\u9650\uff1a\u5168\u5e74\u624b\u672f\u91cf\u9884\u671f\u4ec5\u5c0f\u5e45\u4e0a\u4fee\uff0c\u4e14\u9690\u542b\u589e\u901f\uff08\u4e2d\u503c14.5%\uff09\u4ecd\u4f4e\u4e8e2025\u5e74\u5b9e\u9645\u8fbe\u6210\u768418%\uff0c\u5f15\u53d1\u6295\u8d44\u8005\u5bf9\u589e\u957f\u53ef\u6301\u7eed\u6027\u7684\u7591\u8651\u3002\u6b64\u5916\uff0c\u7f8e\u6566\u529b\uff08Medtronic\uff09\u3001\u5f3a\u751f\uff08J&J\uff09\u7b49\u65b0\u7ade\u4e89\u8005\u52a0\u901f\u5165\u573a\u3001\u7ffb\u65b0\u5668\u68b0\u5e26\u6765\u7684\u4ef7\u683c\u538b\u529b\u53ca\u76d1\u7ba1\u5ba1\u67e5\u98ce\u9669\uff0c\u4ea6\u6784\u6210\u6f5c\u5728\u6311\u6218\u3002\u8d22\u62a5\u53d1\u5e03\u540e\u80a1\u4ef7\u76d8\u540e\u4e0b\u8dcc\u7ea62%\uff08\u5f53\u65e5\u8dcc\u5e453.1%\uff09\uff0c\u53cd\u6620\u5e02\u573a\u8ba4\u4e3a\u6307\u5f15\u63d0\u5347\u529b\u5ea6\u4e0d\u53ca\u5f53\u5b63\u8d85\u9884\u671f\u5e45\u5ea6\u3002\u6574\u4f53\u8fd0\u8425\u4fe1\u53f7\u4ecd\u5177\u5efa\u8bbe\u6027\uff1a\u624b\u672f\u91cf\u5f3a\u52b2\u3001\u88c5\u673a\u5065\u5eb7\u3001\u5229\u6da6\u7387\u6539\u5584\u3001da Vinci 5\u4e0eIon\u751f\u6001\u6301\u7eed\u6269\u5c55\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u4e0b\u534a\u5e74\u624b\u672f\u91cf\u589e\u957f\u662f\u5426\u6e29\u548c\u56de\u5f52\u5e38\u6001\uff1b\uff082\uff09\u65b0\u8fdb\u673a\u5668\u4eba\u5382\u5546\u7684\u7ade\u4e89\u8fdb\u5c55\uff1b\uff083\uff09\u8d44\u672c\u8bbe\u5907\u9500\u552e\u80fd\u5426\u7ef4\u6301\u52a8\u80fd\uff1b\uff084\uff09\u7ecf\u5e38\u6027\u6536\u5165\u589e\u957f\u662f\u5426\u8db3\u4ee5\u62b5\u6d88\u4f30\u503c\u538b\u529b\u3002<strong>26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a420\u7f8e\u5143\u81f3520\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>United Airlines Holdings Inc. (UAL)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$14.61B,\u00a0+10.7% YoY, beat estimates by\u202f$230M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$1.19,\u00a0beat estimates by\u00a0$0.11\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Expects\u00a0adjusted earnings of $1 to $2 per share, below\u00a0analysts\u2019 average estimate of $2.08\u00a0and\u00a0expects to pay about $4.30 per gallon for fuel in the current quarter.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FY26\u00a0Guidance:<\/strong>\u00a0Expects\u00a0full-year profit of $7 to $11 per share, compared with an expectation of about $9.58.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>United Airlines delivered a strong first quarter, with adjusted earnings per share of US$1.19 and revenue of US$14.61bn\u00a0both beating expectations, supported by more than 10%\u00a0YoY\u00a0revenue growth and broad-based unit revenue improvement across all segments, including a 7.9% increase in domestic unit revenue. However, management sharply lowered its near-term outlook as higher jet fuel prices pressure margins, guiding second-quarter adjusted earnings to US$1-US$2 per share and full-year earnings to US$7-US$11 per share, both below Wall Street expectations. The company noted that while demand for premium travel\u00a0remains\u00a0resilient and pricing power is still healthy, it expects to recover only 40%-50% of the fuel cost increase in the second quarter, with better recovery later in the year as capacity growth moderates. Looking ahead, United still appears better positioned than many peers given its premium-heavy network and stronger revenue mix, but near-term earnings will\u00a0likely remain\u00a0constrained until fuel costs normalize or fare recovery improves more meaningfully.\u00a0<strong>2Q26 recommended trading range: $90\u00a0to $110.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u8054\u5408\u822a\u7a7a\u63a7\u80a1\u516c\u53f8\uff08UAL<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>146.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f10.7%\uff0c\u8d85\u51fa\u9884\u671f2.3\u4ebf\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>1.19\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.11\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a1\u81f32\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u76842.08\u7f8e\u5143\uff1b\u9884\u8ba1\u672c\u5b63\u5ea6\u71c3\u6cb9\u6210\u672c\u7ea6\u4e3a\u6bcf\u52a0\u4ed14.30\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a7\u81f311\u7f8e\u5143\uff0c\u4e0e\u6b64\u524d\u5e02\u573a\u9884\u671f\u7684\u7ea69.58\u7f8e\u5143\u76f8\u6bd4\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8bc4\u8bba\uff1a<\/strong>\u8054\u5408\u822a\u7a7a\u7b2c\u4e00\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca1.19\u7f8e\u5143\u3001\u8425\u6536146.1\u4ebf\u7f8e\u5143\u5747\u8d85\u51fa\u9884\u671f\uff0c\u53d7\u76ca\u4e8e\u8425\u6536\u540c\u6bd4\u589e\u957f\u8d8510%\u4ee5\u53ca\u5404\u677f\u5757\u5355\u4f4d\u6536\u76ca\u666e\u904d\u6539\u5584\uff0c\u5305\u62ec\u56fd\u5185\u5355\u4f4d\u6536\u76ca\u589e\u957f7.9%\u3002\u7136\u800c\uff0c\u7531\u4e8e\u55b7\u6c14\u5f0f\u71c3\u6cb9\u4ef7\u683c\u4e0a\u6da8\u6324\u538b\u5229\u6da6\u7387\uff0c\u7ba1\u7406\u5c42\u5927\u5e45\u4e0b\u8c03\u77ed\u671f\u5c55\u671b\uff0c\u6307\u5f15\u7b2c\u4e8c\u5b63\u5ea6\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a1\u81f32\u7f8e\u5143\u3001\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u4e3a7\u81f311\u7f8e\u5143\uff0c\u5747\u4f4e\u4e8e\u534e\u5c14\u8857\u9884\u671f\u3002\u516c\u53f8\u6307\u51fa\uff0c\u5c3d\u7ba1\u9ad8\u7aef\u65c5\u884c\u9700\u6c42\u4fdd\u6301\u97e7\u6027\u3001\u5b9a\u4ef7\u80fd\u529b\u4f9d\u7136\u5065\u5eb7\uff0c\u4f46\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u4ec5\u80fd\u633d\u56de40%\u81f350%\u7684\u71c3\u6cb9\u6210\u672c\u4e0a\u6da8\u5f71\u54cd\uff0c\u968f\u7740\u8fd0\u529b\u589e\u901f\u653e\u7f13\uff0c\u4e0b\u534a\u5e74\u633d\u56de\u6bd4\u4f8b\u6709\u671b\u63d0\u5347\u3002\u5c55\u671b\u672a\u6765\uff0c\u8054\u5408\u822a\u7a7a\u51ed\u501f\u4ee5\u9ad8\u7aef\u822a\u7ebf\u4e3a\u4e3b\u7684\u7f51\u7edc\u7ed3\u6784\u548c\u66f4\u4f18\u7684\u8425\u6536\u7ec4\u5408\uff0c\u76f8\u8f83\u4e8e\u591a\u6570\u540c\u4e1a\u4ecd\u5177\u4f18\u52bf\uff0c\u4f46\u5728\u71c3\u6cb9\u6210\u672c\u56de\u5f52\u6b63\u5e38\u6216\u7968\u4ef7\u590d\u82cf\u663e\u8457\u6539\u5584\u4e4b\u524d\uff0c\u77ed\u671f\u76c8\u5229\u53ef\u80fd\u6301\u7eed\u627f\u538b\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>90<\/strong><strong>\u81f3<\/strong><strong>110<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/strong><strong>\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interactive Brokers Group, Inc. (IBKR)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$1.67B,\u00a0+16.8% YoY,\u00a0miss\u00a0estimates by\u202f$10M\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$0.60,\u00a0in-line with\u00a0estimates\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Expect revenue\u00a0to reach\u00a0$7.03B\u00a0and EPS to\u00a0be between\u00a0$0.61\u00a0to $0.71.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dividend\u00a0distribution:\u00a0<\/strong>Board of directors declared\u00a0$0.0875\/share quarterly dividend, 9.4% increase from prior dividend of $0.0800,\u00a0payable\u00a012\u00a0June; for shareholders of record\u00a01\u00a0June.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>Interactive Brokers Group delivered a strong first quarter despite a weaker market backdrop, with record net revenue, rising trading activity, and continued growth in its client base. While global markets declined over the quarter, client engagement remained robust, with daily average trades up 24%\u00a0YoY\u00a0and strong volume growth across stocks, options, and futures. The firm\u00a0benefited\u00a0from higher balances, with client equity rising 38% to $789 billion and uninvested cash reaching a record\u00a0US$169bn, driving a 17% increase in net interest income. Commission revenue also grew 19%, supported by increased volatility and hedging demand, while the\u00a0company-maintained\u00a0industry-leading profitability with a 77% pre-tax margin. Strategic initiatives, particularly the integration of AI across trading tools, client service, and operations, alongside expansion in products such as crypto and international offerings, continue to enhance its platform and scalability.\u00a0Looking ahead, Interactive Brokers appears well positioned to sustain growth through its low-cost, highly automated model and expanding global client base, particularly as market volatility and retail participation remain elevated. Continued account growth should support higher trading volumes and client balances, partially offsetting potential pressure from declining interest rates on net interest income. Additionally, ongoing investments in AI and product expansion could further strengthen client engagement and operational efficiency. However, earnings sensitivity to interest rate cycles and market activity\u00a0remains\u00a0a key risk, making the outlook dependent on sustained trading volumes and client funding trends.\u00a0<strong>2Q26 recommended trading range: $75\u00a0to $85.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u76c8\u900f\u8bc1\u5238\u96c6\u56e2\uff08IBKR<\/strong><strong>)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>16.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.8%\uff0c\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>0.60\u7f8e\u5143\uff0c\u7b26\u5408\u9884\u671f\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u9884\u8ba1\u8425\u6536\u8fbe70.3\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u4ecb\u4e8e0.61\u81f30.71\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u80a1\u606f\u5206\u914d\uff1a<\/strong>\u8463\u4e8b\u4f1a\u5ba3\u5e03\u6d3e\u53d1\u6bcf\u80a10.0875\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff0c\u8f83\u6b64\u524d0.0800\u7f8e\u5143\u589e\u957f9.4%\uff0c\u5c06\u4e8e6\u670812\u65e5\u652f\u4ed8\uff1b\u80a1\u6743\u767b\u8bb0\u65e5\u4e3a6\u67081\u65e5\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8bc4\u8bba\uff1a<\/strong>\u5c3d\u7ba1\u5e02\u573a\u73af\u5883\u504f\u5f31\uff0c\u76c8\u900f\u8bc1\u5238\u96c6\u56e2\u7b2c\u4e00\u5b63\u5ea6\u4ecd\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u8425\u6536\u521b\u7eaa\u5f55\uff0c\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u63d0\u5347\uff0c\u5ba2\u6237\u57fa\u7840\u6301\u7eed\u6269\u5927\u3002\u5c3d\u7ba1\u5168\u7403\u5e02\u573a\u5f53\u5b63\u4e0b\u8dcc\uff0c\u4f46\u5ba2\u6237\u53c2\u4e0e\u5ea6\u4fdd\u6301\u7a33\u5065\uff0c\u65e5\u5747\u4ea4\u6613\u91cf\u540c\u6bd4\u589e\u957f24%\uff0c\u80a1\u7968\u3001\u671f\u6743\u53ca\u671f\u8d27\u4ea4\u6613\u91cf\u5747\u5b9e\u73b0\u5f3a\u52b2\u589e\u957f\u3002\u516c\u53f8\u53d7\u76ca\u4e8e\u5ba2\u6237\u8d44\u4ea7\u89c4\u6a21\u4e0a\u5347\uff0c\u5ba2\u6237\u6743\u76ca\u589e\u957f38%\u81f37890\u4ebf\u7f8e\u5143\uff0c\u672a\u6295\u8d44\u73b0\u91d1\u8fbe\u521b\u7eaa\u5f55\u76841690\u4ebf\u7f8e\u5143\uff0c\u63a8\u52a8\u51c0\u5229\u606f\u6536\u5165\u589e\u957f17%\u3002\u4f63\u91d1\u6536\u5165\u4ea6\u589e\u957f19%\uff0c\u5f97\u76ca\u4e8e\u5e02\u573a\u6ce2\u52a8\u52a0\u5267\u53ca\u5bf9\u51b2\u9700\u6c42\u4e0a\u5347\uff0c\u540c\u65f6\u516c\u53f8\u7ef4\u6301\u884c\u4e1a\u9886\u5148\u7684\u76c8\u5229\u80fd\u529b\uff0c\u7a0e\u524d\u5229\u6da6\u7387\u8fbe77%\u3002\u6218\u7565\u4e3e\u63aa\u65b9\u9762\uff0c\u5c24\u5176\u662f\u5c06\u4eba\u5de5\u667a\u80fd\u6574\u5408\u81f3\u4ea4\u6613\u5de5\u5177\u3001\u5ba2\u6237\u670d\u52a1\u53ca\u8fd0\u8425\u6d41\u7a0b\uff0c\u4ee5\u53ca\u52a0\u5bc6\u8d27\u5e01\u548c\u56fd\u9645\u4ea7\u54c1\u7b49\u4e1a\u52a1\u7684\u62d3\u5c55\uff0c\u6301\u7eed\u63d0\u5347\u5176\u5e73\u53f0\u80fd\u529b\u4e0e\u53ef\u6269\u5c55\u6027\u3002\u5c55\u671b\u672a\u6765\uff0c\u76c8\u900f\u8bc1\u5238\u51ed\u501f\u4f4e\u6210\u672c\u3001\u9ad8\u5ea6\u81ea\u52a8\u5316\u7684\u8fd0\u8425\u6a21\u5f0f\u53ca\u4e0d\u65ad\u6269\u5927\u7684\u5168\u7403\u5ba2\u6237\u57fa\u7840\uff0c\u6709\u671b\u7ef4\u6301\u589e\u957f\u6001\u52bf\uff0c\u5c24\u5176\u5728\u5e02\u573a\u6ce2\u52a8\u6027\u548c\u6563\u6237\u53c2\u4e0e\u5ea6\u4fdd\u6301\u9ad8\u4f4d\u7684\u80cc\u666f\u4e0b\u3002\u8d26\u6237\u6301\u7eed\u589e\u957f\u5e94\u80fd\u652f\u6491\u4ea4\u6613\u91cf\u4e0e\u5ba2\u6237\u8d44\u4ea7\u89c4\u6a21\u63d0\u5347\uff0c\u90e8\u5206\u62b5\u6d88\u5229\u7387\u4e0b\u884c\u5bf9\u51c0\u5229\u606f\u6536\u5165\u7684\u6f5c\u5728\u538b\u529b\u3002\u6b64\u5916\uff0c\u5bf9\u4eba\u5de5\u667a\u80fd\u53ca\u4ea7\u54c1\u62d3\u5c55\u7684\u6301\u7eed\u6295\u5165\u6709\u671b\u8fdb\u4e00\u6b65\u589e\u5f3a\u5ba2\u6237\u7c98\u6027\u4e0e\u8fd0\u8425\u6548\u7387\u3002\u7136\u800c\uff0c\u76c8\u5229\u5bf9\u5229\u7387\u5468\u671f\u53ca\u5e02\u573a\u6d3b\u8dc3\u5ea6\u7684\u654f\u611f\u6027\u4ecd\u662f\u4e3b\u8981\u98ce\u9669\uff0c\u672a\u6765\u5c55\u671b\u53d6\u51b3\u4e8e\u4ea4\u6613\u91cf\u4e0e\u5ba2\u6237\u8d44\u91d1\u6d41\u5165\u8d8b\u52bf\u80fd\u5426\u6301\u7eed\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>75<\/strong><strong>\u81f3<\/strong><strong>85<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/strong><strong>\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Chubb Limited. (CB)<\/strong>\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Revenue:\u00a0<\/strong>$13.5B,\u00a0+12.1% YoY\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1Q26\u00a0Non-GAAP\u00a0EPS<\/strong>:\u00a0$6.82,\u00a0beat estimates by\u00a0$0.21\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2Q<\/strong><strong>26 Guidance:<\/strong>\u00a0Management did not\u00a0provide\u00a0formal guidance.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Comment:\u00a0<\/strong>Chubb delivered a strong first quarter, with adjusted earnings per share of\u00a0US$6.82 beating estimates and net premiums written rising 10.7% to\u00a0US$14.01bn, supported by broad-based growth across both property and casualty and life insurance. Profitability improved sharply, with net income up 74.3%\u00a0YoY\u00a0to\u00a0US$2.32bn, helped by much lower catastrophe losses than the prior year, while property and casualty underwriting income more than quadrupled to\u00a0US$1.79bn\u00a0and the combined ratio improved to an excellent 84.0%. The company also\u00a0benefited\u00a0from record investment income, with adjusted net investment income rising 10.1% to\u00a0US$1.84bn, highlighting the strength of its underwriting discipline, global\u00a0diversification\u00a0and investment portfolio. Looking ahead, Chubb appears well positioned to continue delivering resilient earnings growth, as strong pricing, disciplined risk selection, and expanding life and international businesses should help offset macro and catastrophe volatility, although the sustainability of outsized underwriting profits will still depend on loss trends and catastrophe experience\u00a0remaining\u00a0manageable.\u00a0<strong>2Q26 recommended trading range: $310\u00a0to $340.\u00a0Neutral\u00a0Outlook.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5b89\u8fbe\u4fdd\u9669\u96c6\u56e2\uff08CB)\u00a0<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/strong>135\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12.1%\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/strong>6.82\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.21\u7f8e\u5143\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/strong>\u7ba1\u7406\u5c42\u672a\u63d0\u4f9b\u6b63\u5f0f\u6307\u5f15\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8bc4\u8bba\uff1a<\/strong>\u5b89\u8fbe\u4fdd\u9669\u7b2c\u4e00\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca6.82\u7f8e\u5143\u8d85\u51fa\u9884\u671f\uff0c\u51c0\u627f\u4fdd\u4fdd\u8d39\u589e\u957f10.7%\u81f3140.1\u4ebf\u7f8e\u5143\uff0c\u53d7\u76ca\u4e8e\u8d22\u4ea7\u610f\u5916\u9669\u4e0e\u4eba\u5bff\u4fdd\u9669\u4e1a\u52a1\u7684\u5168\u9762\u589e\u957f\u3002\u76c8\u5229\u80fd\u529b\u663e\u8457\u63d0\u5347\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f74.3%\u81f323.2\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u707e\u5bb3\u635f\u5931\u5927\u5e45\u4f4e\u4e8e\u53bb\u5e74\u540c\u671f\uff0c\u540c\u65f6\u8d22\u4ea7\u610f\u5916\u9669\u627f\u4fdd\u5229\u6da6\u589e\u957f\u8d85\u56db\u500d\u81f317.9\u4ebf\u7f8e\u5143\uff0c\u7efc\u5408\u6210\u672c\u7387\u4f18\u5316\u81f3\u4f18\u5f02\u768484.0%\u3002\u516c\u53f8\u8fd8\u53d7\u76ca\u4e8e\u521b\u7eaa\u5f55\u7684\u6295\u8d44\u6536\u76ca\uff0c\u8c03\u6574\u540e\u51c0\u6295\u8d44\u6536\u76ca\u589e\u957f10.1%\u81f318.4\u4ebf\u7f8e\u5143\uff0c\u51f8\u663e\u5176\u627f\u4fdd\u7eaa\u5f8b\u3001\u5168\u7403\u5316\u5e03\u5c40\u53ca\u6295\u8d44\u7ec4\u5408\u7684\u7a33\u5065\u5b9e\u529b\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b89\u8fbe\u4fdd\u9669\u51ed\u501f\u5f3a\u52b2\u7684\u5b9a\u4ef7\u80fd\u529b\u3001\u5ba1\u614e\u7684\u98ce\u9669\u9009\u62e9\u4ee5\u53ca\u4eba\u5bff\u4e0e\u56fd\u9645\u4e1a\u52a1\u7684\u6301\u7eed\u62d3\u5c55\uff0c\u6709\u671b\u5ef6\u7eed\u7a33\u5065\u7684\u76c8\u5229\u589e\u957f\uff0c\u4ee5\u62b5\u6d88\u5b8f\u89c2\u73af\u5883\u4e0e\u707e\u5bb3\u6ce2\u52a8\u7684\u5f71\u54cd\uff0c\u4f46\u8d85\u989d\u627f\u4fdd\u5229\u6da6\u7684\u53ef\u6301\u7eed\u6027\u4ecd\u53d6\u51b3\u4e8e\u635f\u5931\u8d8b\u52bf\u4e0e\u707e\u5bb3\u7ecf\u9a8c\u662f\u5426\u4fdd\u6301\u5728\u53ef\u63a7\u8303\u56f4\u5185\u3002<strong>26<\/strong><strong>\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/strong><strong>310<\/strong><strong>\u81f3<\/strong><strong>340<\/strong><strong>\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/strong><strong>\u3002<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-0ad8dd24\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-dc1bd65c\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-2f4e392f wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56747-_fginbsn8cd1z\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-27ad8851\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>United States | Singapore | Hong Kong | Earnings Aeva Technologies,\u00a0Inc\u00a0(AEVA\u00a0US) Ouster, Inc (OUST US)\u00a0 ^ Back To Top Digital Core REIT\u00a0(DCREIT\u00a0SP)\u00a0 Toku Ltd. (TKU\u00a0SP)\u00a0 ^ Back To Top Datang\u00a0International Power Generation Co.,\u00a0Ltd.\u00a0(991\u00a0HK) \u00a0 Huaneng Power International, Inc. (902\u00a0HK)\u00a0 ^ Back To Top UnitedHealth Group Incorporated (UNH)\u00a0 \u8054\u5408\u5065\u5eb7\u96c6\u56e2\uff08UNH)\u00a0 General Electric Company (GE)\u00a0 \u901a\u7528\u7535\u6c14\u516c\u53f8\uff08GE)\u00a0 RTX Corporation [&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-89530","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 Aeva Technologies,\u00a0Inc\u00a0(AEVA\u00a0US) Ouster, Inc (OUST US)\u00a0 ^ Back To Top Digital Core REIT\u00a0(DCREIT\u00a0SP)\u00a0 Toku Ltd. (TKU\u00a0SP)\u00a0 ^ Back To Top Datang\u00a0International Power Generation Co.,\u00a0Ltd.\u00a0(991\u00a0HK) \u00a0 Huaneng Power International, Inc. (902\u00a0HK)\u00a0 ^ Back To Top UnitedHealth Group Incorporated (UNH)\u00a0 \u8054\u5408\u5065\u5eb7\u96c6\u56e2\uff08UNH)\u00a0 General Electric Company (GE)\u00a0 \u901a\u7528\u7535\u6c14\u516c\u53f8\uff08GE)\u00a0 RTX Corporation&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89530","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=89530"}],"version-history":[{"count":0,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/89530\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=89530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=89530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=89530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}