{"id":92380,"date":"2026-07-16T08:57:06","date_gmt":"2026-07-16T00:57:06","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92380"},"modified":"2026-07-16T14:28:44","modified_gmt":"2026-07-16T06:28:44","slug":"technical-analysis-16-july-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-16-july-2026\/","title":{"rendered":"Technical Analysis: 16 July 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92380\" class=\"elementor elementor-92380\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7de8b58c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7de8b58c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-327eb9a6\" data-id=\"327eb9a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3580cd48 elementor-widget elementor-widget-heading\" data-id=\"3580cd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">TECHNICAL ANALYSIS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76fb0d42 elementor-widget elementor-widget-heading\" data-id=\"76fb0d42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Technical Analysis: 16 July 2026<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78cfe52b elementor-widget elementor-widget-text-editor\" data-id=\"78cfe52b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#sp\">SINGAPORE<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#hk\">HONG KONG<\/a><\/span><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><span style=\"text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\"><a href=\"#us\">UNITED STATES<\/a>\u00a0\u00a0<\/span><\/span>|<span style=\"color: #15a4ff;\">\u00a0\u00a0<\/span><a style=\"background-color: #e8f4ff;\" href=\"#er\">EARNINGS<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5fd542a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5fd542a2\" data-element_type=\"section\" data-e-type=\"section\" id=\"sg\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d1bf575\" data-id=\"7d1bf575\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d6ff210 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"3d6ff210\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Singapore<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-211acbef e-flex e-con-boxed e-con e-parent\" data-id=\"211acbef\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-49fcacc9 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"49fcacc9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1d277b15 elementor-widget elementor-widget-text-editor\" data-id=\"1d277b15\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">THBEV SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Thai Beverage Public Co., Ltd.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a4d3e66 elementor-widget elementor-widget-text-editor\" data-id=\"6a4d3e66\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a00.44, Target\u00a00.50, Stop\u00a00.41<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-179691ff elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"179691ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38985d1d elementor-widget elementor-widget-image\" data-id=\"38985d1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1214\" height=\"722\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.03-AM.png\" class=\"attachment-full size-full wp-image-92381\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.03-AM.png 1214w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.03-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.03-AM-1024x609.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.03-AM-768x457.png 768w\" sizes=\"(max-width: 1214px) 100vw, 1214px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47db7ac5 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"47db7ac5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8e69be9 elementor-widget elementor-widget-text-editor\" data-id=\"8e69be9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">FR SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">First Resources Ltd.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA\u00a0with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a03.40, Target\u00a03.90, Stop\u00a03.15<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d3c72a2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2d3c72a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73aec530 elementor-widget elementor-widget-image\" data-id=\"73aec530\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1208\" height=\"724\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.46-AM.png\" class=\"attachment-full size-full wp-image-92382\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.46-AM.png 1208w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.46-AM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.46-AM-1024x614.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-8.35.46-AM-768x460.png 768w\" sizes=\"(max-width: 1208px) 100vw, 1208px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-59bbfb01 e-flex e-con-boxed e-con e-parent\" data-id=\"59bbfb01\" data-element_type=\"container\" data-e-type=\"container\" id=\"hk\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-48ad8487 e-con-full e-flex e-con e-child\" data-id=\"48ad8487\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6496da02 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6496da02\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hong Kong<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0b714db e-flex e-con-boxed e-con e-parent\" data-id=\"0b714db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-e845b60 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"e845b60\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0a08a42 elementor-widget elementor-widget-text-editor\" data-id=\"0a08a42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">300 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Midea Group Co Ltd<br \/><br \/><\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8424634 elementor-widget elementor-widget-text-editor\" data-id=\"8424634\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above all key EMAs on rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long\u00a0<\/span><\/b><span data-contrast=\"auto\">\u2013\u00a0<\/span><b><span data-contrast=\"auto\">Entry 90, Target 95, Stop 87.5<\/span><\/b><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ca8642 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8ca8642\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6063494 elementor-widget elementor-widget-image\" data-id=\"6063494\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"2761\" height=\"1912\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03.png\" class=\"attachment-full size-full wp-image-92387\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03.png 2761w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03-300x208.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03-1024x709.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03-768x532.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03-1536x1064.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/300_2026-07-16_08-54-03-2048x1418.png 2048w\" sizes=\"(max-width: 2761px) 100vw, 2761px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-796d6d3 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"796d6d3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ca1d82b elementor-widget elementor-widget-text-editor\" data-id=\"ca1d82b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">9988 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Alibaba Group Holding Limited\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42f415e elementor-widget elementor-widget-text-editor\" data-id=\"42f415e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a one-month high above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"7\" data-list-defn-props=\"{&quot;134225954&quot;:true,&quot;134225961&quot;:true,&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry 111, Target 120, Stop 106.5<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48f64b5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"48f64b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b46392 elementor-widget elementor-widget-image\" data-id=\"7b46392\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2761\" height=\"1912\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47.png\" class=\"attachment-full size-full wp-image-92386\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47.png 2761w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47-300x208.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47-1024x709.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47-768x532.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47-1536x1064.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/9988_2026-07-16_08-53-47-2048x1418.png 2048w\" sizes=\"(max-width: 2761px) 100vw, 2761px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ec83e44 e-flex e-con-boxed e-con e-parent\" data-id=\"ec83e44\" data-element_type=\"container\" data-e-type=\"container\" id=\"us\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-2a2d5e8f e-con-full e-flex e-con e-child\" data-id=\"2a2d5e8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d298853 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"d298853\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">United States<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a4bba78 e-flex e-con-boxed e-con e-parent\" data-id=\"a4bba78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-caa650a e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"caa650a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d889dd6 elementor-widget elementor-widget-text-editor\" data-id=\"d889dd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">NVDA US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">NVIDIA Corporation.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed\u00a0above\u00a0the\u00a05dEMA.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"9\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry\u00a0205,\u00a0Target\u00a0235,\u00a0Stop\u00a0190<br \/><\/span><\/b><p>\u00a0<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848921 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3848921\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e0c58a elementor-widget elementor-widget-image\" data-id=\"5e0c58a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"851\" height=\"504\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.58-PM.png\" class=\"attachment-full size-full wp-image-92410\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.58-PM.png 851w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.58-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.58-PM-768x455.png 768w\" sizes=\"(max-width: 851px) 100vw, 851px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-04e9bfc e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"04e9bfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55d7169 elementor-widget elementor-widget-text-editor\" data-id=\"55d7169\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">AVGO US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Broadcom Inc.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed\u00a0above\u00a0the\u00a05dEMA.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI\u00a0is constructive\u00a0and MACD\u00a0is about to turn positive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry\u00a0390,\u00a0Target\u00a0460,\u00a0Stop\u00a0360<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f6c763 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f6c763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a7904c elementor-widget elementor-widget-image\" data-id=\"2a7904c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"845\" height=\"508\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.50-PM.png\" class=\"attachment-full size-full wp-image-92409\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.50-PM.png 845w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.50-PM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-16-at-2.17.50-PM-768x462.png 768w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a0c420a e-con e-atomic-element e-flexbox-base e-1a0c420a-108c1cb \" data-id=\"1a0c420a\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"1a0c420a\" data-e-type=\"e-flexbox\" data-id=\"1a0c420a\">\n    \t\t\t<p class=\"e-32092b11-15817bd e-paragraph-base\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-30f27d76 e-flex e-con-boxed e-con e-parent\" data-id=\"30f27d76\" data-element_type=\"container\" data-e-type=\"container\" id=\"er\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-ad2646f e-con-full e-flex e-con e-child\" data-id=\"ad2646f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-50b50a35 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"50b50a35\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Earnings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39b0c2cc e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"39b0c2cc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_tablet&quot;:&quot;fadeInUp&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-297187d6 elementor-widget elementor-widget-text-editor\" data-id=\"297187d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b><span data-contrast=\"auto\">ASML Holding N.V. (ASML)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">\u20ac9.33\u00a0B<\/span><span data-contrast=\"auto\">,\u00a0+21.3% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0<\/span><span data-contrast=\"auto\">\u20ac400M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0GAAP\u00a0EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">\u20ac7.59,\u00a0beat\u00a0estimates\u00a0by\u00a0\u20ac0.60<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0ASML expects 3Q26 revenue of \u20ac11.0B\u2013\u20ac12.0B with gross margin of 55%\u201357%. FY26 revenue guidance was raised materially to \u20ac43B\u2013\u20ac45B from \u20ac36B\u2013\u20ac40B, while gross-margin guidance increased to 54%\u201356% from 51%\u201353%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Declared a first quarterly interim dividend of \u20ac1.88 per share, payable on 5 August 2026. ASML repurchased approximately 0.8M shares for \u20ac1.1B during the quarter under its existing share-repurchase programme.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a strong beat-and-raise quarter, with the\u00a0magnitude\u00a0of the FY26 guidance upgrade more important than the headline earnings beat. Demand is broadening across advanced logic, high-bandwidth memory and supporting semiconductor capacity.\u00a0Nearly all\u00a0of ASML\u2019s expanded EUV capacity through 2027 is already booked, while management plans to increase EUV capacity by approximately 30% and pursue a similar expansion for DUV systems. The principal concern is valuation rather than operating momentum. The ADR has risen approximately 70% year to date and closed at US$1,815.27 following the results, equivalent to approximately 61x trailing earnings. At this valuation, further upside requires continued guidance upgrades and successful capacity execution rather than merely meeting the newly raised outlook. The key variables are EUV capacity ramp execution, customer\u00a0fab\u00a0construction schedules, High-NA adoption, memory-capex\u00a0durability\u00a0and China export restrictions. China is expected to contribute approximately 20% of FY26 sales, leaving ASML exposed to potential further restrictions despite demand\u00a0remaining\u00a0strong.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $1600\u00a0to $2000.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">ASML Holding N.V.\uff08ASML<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">93.3<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">21.3%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">7.59<\/span><span data-contrast=\"auto\">\u6b27\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.60<\/span><span data-contrast=\"auto\">\u6b27\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\u5927\u5e45\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">430<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">450<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">360<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">400<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143\uff09\uff1b<\/span><span data-contrast=\"auto\">\u6bdb\u5229\u7387\u6307\u5f15\u63d0\u5347\u81f3<\/span><span data-contrast=\"auto\">54%\u201356%<\/span><span data-contrast=\"auto\">\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">51%\u201353%\uff09\uff1b<\/span><span data-contrast=\"auto\">\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u9884\u8ba1<\/span><span data-contrast=\"auto\">110<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">120<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143\uff0c\u6bdb\u5229\u7387<\/span><span data-contrast=\"auto\">55%\u201357%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba3\u5e03\u9996\u7b14\u5b63\u5ea6\u4e2d\u671f\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">1.88<\/span><span data-contrast=\"auto\">\u6b27\u5143\uff08<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74<\/span><span data-contrast=\"auto\">8<\/span><span data-contrast=\"auto\">\u6708<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\u65e5\u652f\u4ed8\uff09\uff1b\u672c\u5b63\u5ea6\u56de\u8d2d\u7ea6<\/span><span data-contrast=\"auto\">80<\/span><span data-contrast=\"auto\">\u4e07\u80a1\uff0c\u8017\u8d44<\/span><span data-contrast=\"auto\">11<\/span><span data-contrast=\"auto\">\u4ebf\u6b27\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u4e3a\u5178\u578b\u7684\u201c\u8d85\u9884\u671f<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u5927\u5e45\u4e0a\u4fee\u201d\u7ec4\u5408\uff0c\u5168\u5e74\u6307\u5f15\u7684\u8dc3\u5347\u6bd4\u5355\u5b63\u76c8\u5229\u66f4\u5173\u952e\u3002\u9700\u6c42\u6b63\u4ece\u5148\u8fdb\u903b\u8f91\u82af\u7247\u6269\u5c55\u81f3\u9ad8\u5e26\u5bbd\u5185\u5b58\uff08<\/span><span data-contrast=\"auto\">HBM<\/span><span data-contrast=\"auto\">\uff09\u53ca\u914d\u5957\u6676\u5706\u5382\u5efa\u8bbe\uff0c\u63a8\u52a8\u5bf9<\/span><span data-contrast=\"auto\">EUV<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">DUV<\/span><span data-contrast=\"auto\">\u5149\u523b\u8bbe\u5907\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u7ba1\u7406\u5c42\u900f\u9732\uff0c\u622a\u81f3<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u7684\u51e0\u4e4e\u6240\u6709\u65b0\u589e<\/span><span data-contrast=\"auto\">EUV<\/span><span data-contrast=\"auto\">\u4ea7\u80fd\u5df2\u88ab\u9884\u8ba2\uff0c\u5e76\u8ba1\u5212\u5c06<\/span><span data-contrast=\"auto\">EUV<\/span><span data-contrast=\"auto\">\u4ea7\u80fd\u518d\u63d0\u5347\u7ea6<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\uff0c\u540c\u65f6\u6269\u5927<\/span><span data-contrast=\"auto\">DUV<\/span><span data-contrast=\"auto\">\u4ea7\u80fd\uff0c\u663e\u793a\u884c\u4e1a\u5bf9\u957f\u671f\u534a\u5bfc\u4f53\u8d44\u672c\u5f00\u652f\u9ad8\u5ea6\u4e50\u89c2\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c\u4e3b\u8981\u98ce\u9669\u5df2\u4ece\u8fd0\u8425\u8f6c\u5411\u4f30\u503c\uff1a<\/span><span data-contrast=\"auto\">ASML<\/span><span data-contrast=\"auto\">\u7f8e\u56fd\u5b58\u6258\u51ed\u8bc1\uff08<\/span><span data-contrast=\"auto\">ADR<\/span><span data-contrast=\"auto\">\uff09\u5e74\u521d\u81f3\u4eca\u7d2f\u8ba1\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">70%<\/span><span data-contrast=\"auto\">\uff0c\u8d22\u62a5\u540e\u6536\u4e8e<\/span><span data-contrast=\"auto\">1815.27<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5bf9\u5e94\u7ea6<\/span><span data-contrast=\"auto\">61<\/span><span data-contrast=\"auto\">\u500d\u6eda\u52a8\u5e02\u76c8\u7387\u3002\u5728\u6b64\u9ad8\u4f4d\uff0c\u5e02\u573a\u4e0d\u518d\u6ee1\u8db3\u4e8e\u201c\u8fbe\u6210\u76ee\u6807\u201d\uff0c\u800c\u8981\u6c42\u6301\u7eed\u4e0a\u8c03\u6307\u5f15\u4e0e\u4ea7\u80fd\u6267\u884c\u8d85\u9884\u671f\u624d\u80fd\u652f\u6491\u8fdb\u4e00\u6b65\u4e0a\u6da8\u3002<\/span><span data-contrast=\"auto\">\u6b64\u5916\uff0c\u5730\u7f18\u653f\u6cbb\u4ecd\u662f\u5173\u952e\u53d8\u91cf\uff1a\u4e2d\u56fd\u9884\u8ba1\u5c06\u8d21\u732e<\/span><span data-contrast=\"auto\">FY26<\/span><span data-contrast=\"auto\">\u7ea6<\/span><span data-contrast=\"auto\">20%<\/span><span data-contrast=\"auto\">\u7684\u9500\u552e\u989d\uff0c\u5c3d\u7ba1\u5f53\u524d\u51fa\u53e3\u8bb8\u53ef\u4ecd\u5141\u8bb8\u90e8\u5206<\/span><span data-contrast=\"auto\">DUV<\/span><span data-contrast=\"auto\">\u8bbe\u5907\u4ea4\u4ed8\uff0c\u4f46\u672a\u6765\u82e5\u9650\u5236\u52a0\u7801\uff0c\u53ef\u80fd\u5f71\u54cd\u6536\u5165\u80fd\u89c1\u5ea6\u3002<\/span><span data-contrast=\"auto\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09EUV<\/span><span data-contrast=\"auto\">\u4ea7\u80fd\u722c\u5761\u662f\u5426\u5982\u671f\u63a8\u8fdb\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u5ba2\u6237\uff08\u5982\u53f0\u79ef\u7535\u3001\u4e09\u661f\u3001\u82f1\u7279\u5c14\uff09\u6676\u5706\u5382\u5efa\u8bbe\u8fdb\u5ea6\u662f\u5426\u5339\u914d\u8bbe\u5907\u4ea4\u4ed8\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09High-NA EUV<\/span><span data-contrast=\"auto\">\u6280\u672f\u7684\u5ba2\u6237\u91c7\u7eb3\u8282\u594f\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u5b58\u50a8\u82af\u7247\u5382\u5546\u8d44\u672c\u5f00\u652f\u662f\u5426\u7ef4\u6301\u9ad8\u4f4d\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u5bf9\u534e\u51fa\u53e3\u653f\u7b56\u662f\u5426\u51fa\u73b0\u65b0\u53d8\u5316\u3002<\/span><span data-contrast=\"auto\">ASML<\/span><span data-contrast=\"auto\">\u4f5c\u4e3a\u5168\u7403\u534a\u5bfc\u4f53\u8bbe\u5907\u7687\u51a0\u4e0a\u7684\u660e\u73e0\uff0c\u57fa\u672c\u9762\u5f3a\u52b2\uff0c\u4f46\u4f30\u503c\u5df2\u5145\u5206\u53cd\u6620\u4e50\u89c2\u9884\u671f\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">1600<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">2000<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">BlackRock, Inc. (BLK)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$7.08B<\/span><span data-contrast=\"auto\">,\u00a0+30.6% YoY, beat estimates by $240M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP\u00a0EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$13.91, beat estimates by $1.26<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management remained constructive on organic growth after generating record first-half net inflows of $321B. The company is targeting continued expansion across ETFs, active fixed income, private\u00a0credit\u00a0and infrastructure, while working toward raising $400B of private-market assets between 2025 and 2030.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">The quarterly dividend remained $5.73 per share. BlackRock increased its planned FY26 share repurchases to approximately $2.0B and raised the quarterly repurchase pace to around $550M, reflecting stronger cash generation and management confidence.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a strong, broad-based beat. Assets under management reached a record $15.34T, +22% YoY, following $192B of quarterly net inflows versus expectations of approximately $169B. ETF inflows\u00a0remained\u00a0the principal engine, while active fixed income, systematic equities and private markets also contributed. Adjusted operating margin expanded to 45.9%, its highest level in\u00a0nearly five\u00a0years,\u00a0demonstrating\u00a0operating leverage despite continued investment in the private-markets platform. BLK shares rose 6.4% on the first full trading session following the earnings release, closing near $1,093, after trading as high as approximately $1,109. The reaction reflected the earnings beat, record AUM, stronger-than-expected flows and the increase in planned share repurchases. The principal concern is the contribution from market appreciation. Strong equity and credit markets increased AUM and fee revenue, meaning earnings growth could moderate if asset prices correct or investor risk appetite weakens. However, 8% organic base-fee growth, improving private-market fundraising and a more diversified revenue mix suggest that the quarter was not solely driven by market beta. The key variables are ETF flow durability, organic base-fee growth, private-market fundraising and deployment, acquisition integration, performance\u00a0fees\u00a0and market levels. Fundamentals\u00a0remain\u00a0constructive, but the post-results rally and valuation of approximately 27x trailing earnings reduce the near-term margin of safety.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $950\u00a0to $1080.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">BlackRock,\u00a0Inc.\uff08BLK<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">70.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">30.6%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">13.91<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.26<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u524d\u77bb\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u5bf9\u6709\u673a\u589e\u957f\u4fdd\u6301\u79ef\u6781\u6001\u5ea6\uff0c\u4e0a\u534a\u5e74\u5b9e\u73b0\u521b\u7eaa\u5f55\u7684\u51c0\u6d41\u5165<\/span><span data-contrast=\"auto\">3210<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u91cd\u70b9\u63a8\u8fdb<\/span><span data-contrast=\"auto\">ETF<\/span><span data-contrast=\"auto\">\u3001\u4e3b\u52a8\u56fa\u5b9a\u6536\u76ca\u3001\u79c1\u52df\u4fe1\u8d37\u53ca\u57fa\u7840\u8bbe\u65bd\u9886\u57df\u6269\u5f20\uff0c\u5e76\u8ba1\u5212\u5728<\/span><span data-contrast=\"auto\">2025\u20132030<\/span><span data-contrast=\"auto\">\u5e74\u95f4\u52df\u96c6<\/span><span data-contrast=\"auto\">4000<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u79c1\u52df\u5e02\u573a\u8d44\u4ea7<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">5.73<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff1b\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u4e0a\u8c03\u81f3\u7ea6<\/span><span data-contrast=\"auto\">20<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5b63\u5ea6\u56de\u8d2d\u8282\u594f\u63d0\u5347\u81f3\u7ea6<\/span><span data-contrast=\"auto\">5.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\u4e14\u5168\u9762\u8d85\u9884\u671f\u3002\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21\uff08<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\uff09\u8fbe\u521b\u7eaa\u5f55\u7684<\/span><span data-contrast=\"auto\">15.34<\/span><span data-contrast=\"auto\">\u4e07\u4ebf\u7f8e\u5143\uff08\u540c\u6bd4<\/span><span data-contrast=\"auto\">+22%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u5355\u5b63\u51c0\u6d41\u5165<\/span><span data-contrast=\"auto\">1920<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8fdc\u8d85\u5e02\u573a\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">1690<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002<\/span><span data-contrast=\"auto\">ETF<\/span><span data-contrast=\"auto\">\u6301\u7eed\u4e3a\u6d41\u5165\u4e3b\u529b\uff0c\u540c\u65f6\u4e3b\u52a8\u56fa\u6536\u3001\u7cfb\u7edf\u5316\u80a1\u7968\u7b56\u7565\u53ca\u79c1\u52df\u5e02\u573a\u4ea6\u8d21\u732e\u663e\u8457\u3002\u8c03\u6574\u540e\u8fd0\u8425\u5229\u6da6\u7387\u6269\u5927\u81f3<\/span><span data-contrast=\"auto\">45.9%<\/span><span data-contrast=\"auto\">\uff0c\u4e3a\u8fd1\u4e94\u5e74\u6700\u9ad8\uff0c\u663e\u793a\u516c\u53f8\u5728\u52a0\u5927\u79c1\u52df\u5e73\u53f0\u6295\u5165\u7684\u540c\u65f6\u4ecd\u5b9e\u73b0\u4f18\u5f02\u8fd0\u8425\u6760\u6746\u3002<\/span><span data-contrast=\"auto\">\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8<\/span><span data-contrast=\"auto\">6.4%<\/span><span data-contrast=\"auto\">\uff0c\u6536\u4e8e\u7ea6<\/span><span data-contrast=\"auto\">1093<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u76d8\u4e2d\u9ad8\u89c1<\/span><span data-contrast=\"auto\">1109<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff0c\u53cd\u6620\u5e02\u573a\u5bf9\u5f3a\u52b2\u73b0\u91d1\u6d41\u3001\u8d44\u672c\u8fd4\u8fd8\u52a0\u7801\u53ca\u7ed3\u6784\u6027\u589e\u957f\u53d9\u4e8b\u7684\u8ba4\u53ef\u3002\u7136\u800c\uff0c\u9700\u6ce8\u610f\u5e02\u573a<\/span><span data-contrast=\"auto\">beta<\/span><span data-contrast=\"auto\">\u8d21\u732e\u4e0d\u53ef\u5ffd\u89c6\uff1a\u7f8e\u80a1\u4e0e\u4fe1\u7528\u5e02\u573a\u5f3a\u52bf\u63a8\u5347<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u53ca\u8d39\u7528\u6536\u5165\uff0c\u82e5\u4e0b\u534a\u5e74\u8d44\u4ea7\u4ef7\u683c\u56de\u8c03\u6216\u98ce\u9669\u504f\u597d\u964d\u6e29\uff0c\u76c8\u5229\u589e\u901f\u53ef\u80fd\u653e\u7f13\u3002<\/span><span data-contrast=\"auto\">\u503c\u5f97\u80af\u5b9a\u7684\u662f\uff0c\u516c\u53f8\u5f55\u5f97<\/span><span data-contrast=\"auto\">8%<\/span><span data-contrast=\"auto\">\u7684\u6709\u673a\u57fa\u7840\u8d39\u7387\u589e\u957f\uff0c\u53e0\u52a0\u79c1\u52df\u52df\u8d44\u8fdb\u5c55\u987a\u5229\u3001\u6536\u5165\u7ed3\u6784\u65e5\u76ca\u591a\u5143\uff0c\u8868\u660e\u589e\u957f\u5e76\u975e\u4ec5\u4f9d\u8d56\u5e02\u573a\u4e0a\u6da8\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09ETF<\/span><span data-contrast=\"auto\">\u8d44\u91d1\u6d41\u5165\u80fd\u5426\u5728\u6ce2\u52a8\u5e02\u4e2d\u4fdd\u6301\u97e7\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u6709\u673a\u57fa\u7840\u8d39\u7387\u589e\u957f\u662f\u5426\u53ef\u6301\u7eed\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u79c1\u52df\u8d44\u4ea7\u52df\u8d44\u4e0e\u90e8\u7f72\u6548\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u8fd1\u671f\u6536\u8d2d\u6574\u5408\u6210\u6548\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u7ee9\u6548\u8d39\u6536\u5165\u5bf9\u5e02\u573a\u6ce2\u52a8\u7684\u654f\u611f\u6027\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1\u57fa\u672c\u9762\u7a33\u5065\uff0c\u4f46\u5f53\u524d\u4f30\u503c\u7ea6<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u500d\u6eda\u52a8\u5e02\u76c8\u7387\uff0c\u53e0\u52a0\u8d22\u62a5\u540e\u5df2\u6709\u4e00\u8f6e\u660e\u663e\u4e0a\u6da8\uff0c\u77ed\u671f\u4e0a\u884c\u7a7a\u95f4\u53d7\u9650\uff0c\u5b89\u5168\u8fb9\u9645\u6536\u7a84<\/span><b><span data-contrast=\"auto\">\u300226<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">950<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">1080<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p>\u00a0<\/p><p><b><span data-contrast=\"auto\">Morgan Stanley (MS)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$21.35B<\/span><span data-contrast=\"auto\">,\u00a0+27.2% YoY, beat estimates by $1.7B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP\u00a0EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$3.46, beat estimates by $0.53<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management remained constructive on investment-banking pipelines, IPO activity and AI-related financing, with the firm expecting capital markets to fund a multi-year AI investment cycle. Wealth Management assets reached the firm\u2019s long-standing $10T target, supported by $148B of quarterly net new assets. However, the exceptional trading and underwriting environment may normalize during the second half.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Increased the quarterly dividend 15% to $1.15 per share from $1.00. Morgan Stanley also reauthorized a multi-year\u00a0common-equity\u00a0repurchase programme of up to $20B. The firm repurchased $1.5B of shares during 2Q26, below expectations of approximately $1.8B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a strong and broad-based quarter. Equities trading revenue increased 69% to a record $6.30B, while investment-banking revenue rose 58% to $2.44B as IPO underwriting, equity issuance and M&amp;A activity accelerated. Morgan Stanley also\u00a0benefited\u00a0from its leadership in corporate stock-plan administration, with more than half of Wealth Management\u2019s $148B of net new assets coming from IPO-related stock-plan flows. MS shares were broadly flat following the earnings release, closing near $222 versus\u00a0a previous\u00a0close of $222.13, despite trading approximately 0.4% higher during the morning session. The muted reaction suggests that the earnings beat was\u00a0largely anticipated\u00a0following the stock\u2019s approximately 28.5% year-to-date increase. The lower-than-expected $1.5B quarterly buyback also partially offset the record revenue and EPS beat. The principal concern is earnings sustainability. Record equities revenue\u00a0benefited\u00a0from unusually active and volatile markets, while investment banking was supported by several major IPOs and transactions. These conditions are unlikely to recur at the same intensity every quarter. Nevertheless, the combination of Wealth Management scale, investment-banking market share and strong capital generation provides greater earnings durability than a purely trading-led model. The key variables are normalization in equities trading, IPO and M&amp;A completion levels, Wealth Management net new assets, asset-management performance fees and the pace of share\u00a0repurchases.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $200\u00a0to $280.\u00a0Positive\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u6469\u6839\u58eb\u4e39\u5229\uff08MS<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">213.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">27.2%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">17<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">3.46<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.53<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u524d\u77bb\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u5bf9\u6295\u884c\u4e1a\u52a1\u7ba1\u7ebf\u3001<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u6d3b\u52a8\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u878d\u8d44\u4fdd\u6301\u4e50\u89c2\uff0c\u8ba4\u4e3a\u8d44\u672c\u5e02\u573a\u5c06\u652f\u6491\u591a\u5e74\u671f<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u5468\u671f\uff1b\u8d22\u5bcc\u7ba1\u7406<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u8fbe\u957f\u671f\u76ee\u6807<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4e07\u4ebf\u7f8e\u5143\uff0c\u672c\u5b63\u65b0\u589e\u51c0\u8d44\u4ea7<\/span><span data-contrast=\"auto\">1480<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u5176\u4e2d\u8d85\u534a\u6570\u6765\u81ea<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u76f8\u5173\u80a1\u6743\u8ba1\u5212\u6d41\u5165\uff09\uff1b\u4f46\u63d0\u793a\u5f53\u524d\u5f02\u5e38\u5f3a\u52b2\u7684\u4ea4\u6613\u4e0e\u627f\u9500\u73af\u5883\u4e0b\u534a\u5e74\u53ef\u80fd\u56de\u5f52\u5e38\u6001<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u4e0a\u8c03<\/span><span data-contrast=\"auto\">15%<\/span><span data-contrast=\"auto\">\u81f3\u6bcf\u80a1<\/span><span data-contrast=\"auto\">1.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff1b\u91cd\u65b0\u6388\u6743\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">200<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u591a\u5e74\u671f\u666e\u901a\u80a1\u56de\u8d2d\u8ba1\u5212\uff1b\u672c\u5b63\u5ea6\u5b9e\u9645\u56de\u8d2d<\/span><span data-contrast=\"auto\">15<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">18<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\u4e14\u591a\u5143\u9a71\u52a8\u3002\u80a1\u7968\u4ea4\u6613\u6536\u5165\u540c\u6bd4\u66b4\u589e<\/span><span data-contrast=\"auto\">69%<\/span><span data-contrast=\"auto\">\u81f3\u521b\u7eaa\u5f55\u7684<\/span><span data-contrast=\"auto\">63<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u6295\u884c\u4e1a\u52a1\u6536\u5165\u5927\u589e<\/span><span data-contrast=\"auto\">58%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">24.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u53d7\u76ca\u4e8e<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u91cd\u542f\u3001\u80a1\u6743\u53d1\u884c\u53ca\u5e76\u8d2d\u6d3b\u8dc3\u3002\u5c24\u4e3a\u72ec\u7279\u7684\u662f\uff0c\u516c\u53f8\u51ed\u501f\u5728\u4f01\u4e1a\u5458\u5de5\u80a1\u6743\u8ba1\u5212\u7ba1\u7406\uff08<\/span><span data-contrast=\"auto\">stock-plan administration<\/span><span data-contrast=\"auto\">\uff09\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u5c06\u8d44\u672c\u5e02\u573a\u70ed\u6f6e\u76f4\u63a5\u8f6c\u5316\u4e3a\u8d22\u5bcc\u7ba1\u7406\u8d44\u4ea7\u6d41\u5165\u2014\u2014<\/span><span data-contrast=\"auto\">1480<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u65b0\u589e\u8d44\u4ea7\u4e2d\uff0c\u903e<\/span><span data-contrast=\"auto\">50%<\/span><span data-contrast=\"auto\">\u6e90\u4e8e\u6b64\u6e20\u9053\uff0c\u51f8\u663e\u5176\u201c\u6295\u884c<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u8d22\u5bcc\u201d\u534f\u540c\u6548\u5e94\u7684\u6218\u7565\u4f18\u52bf\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1\u4e1a\u7ee9\u4eae\u773c\uff0c\u80a1\u4ef7\u53cd\u5e94\u5e73\u6de1\uff08\u6536\u76d8\u6301\u5e73\u4e8e<\/span><span data-contrast=\"auto\">222<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff0c\u4e3b\u56e0\u5e02\u573a\u5df2<\/span><span data-contrast=\"auto\">price in<\/span><span data-contrast=\"auto\">\u5927\u90e8\u5206\u5229\u597d\u2014\u2014\u5e74\u521d\u81f3\u4eca\u7d2f\u8ba1\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">28.5%<\/span><span data-contrast=\"auto\">\uff0c\u4e14\u672c\u5b63\u56de\u8d2d\u89c4\u6a21\u7565\u4f4e\u4e8e\u9884\u671f\uff0c\u90e8\u5206\u62b5\u6d88\u4e86\u76c8\u5229\u60ca\u559c\u3002<\/span><span data-contrast=\"auto\">\u6838\u5fc3\u5173\u6ce8\u70b9\u5728\u4e8e\u76c8\u5229\u53ef\u6301\u7eed\u6027\uff1a\u5f53\u524d\u9ad8\u4ea4\u6613\u4e0e\u6295\u884c\u6536\u5165\u5efa\u7acb\u5728\u9ad8\u6ce2\u52a8\u3001\u591a<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u7684\u7279\u6b8a\u73af\u5883\u4e4b\u4e0a\uff0c\u96be\u4ee5\u6bcf\u5b63\u590d\u5236\u3002\u7136\u800c\uff0c\u4e0e\u7eaf\u4ea4\u6613\u578b\u5238\u5546\u4e0d\u540c\uff0c\u6469\u6839\u58eb\u4e39\u5229\u5df2\u6784\u5efa\u66f4\u7a33\u5065\u7684\u76c8\u5229\u57fa\u7840\uff1a<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4e07\u4ebf\u7f8e\u5143\u8d22\u5bcc\u7ba1\u7406\u5e73\u53f0\u63d0\u4f9b\u7a33\u5b9a\u8d39\u7528\u6536\u5165\u3001\u6295\u884c\u5e02\u5360\u7387\u9886\u5148\u3001\u8d44\u672c\u751f\u6210\u80fd\u529b\u5f3a\uff0c\u4f7f\u5176\u5728\u5468\u671f\u6ce2\u52a8\u4e2d\u66f4\u5177\u97e7\u6027\u3002<\/span><span data-contrast=\"auto\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u80a1\u7968\u4ea4\u6613\u6536\u5165\u662f\u5426\u6e29\u548c\u56de\u843d\u4f46\u4ecd\u9ad8\u4e8e\u8d8b\u52bf\u6c34\u5e73\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u5df2\u7b7e\u7ea6<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u4e0e\u5e76\u8d2d\u9879\u76ee\u80fd\u5426\u987a\u5229\u4ea4\u5272\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u8d22\u5bcc\u7ba1\u7406\u51c0\u65b0\u589e\u8d44\u4ea7\u80fd\u5426\u7ef4\u6301\u9ad8\u4f4d\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u8d44\u4ea7\u7ba1\u7406\u7ee9\u6548\u8d39\u5728\u5e02\u573a\u8c03\u6574\u4e2d\u7684\u7a33\u5b9a\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">5\uff09200<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u56de\u8d2d\u8ba1\u5212\u7684\u5b9e\u9645\u6267\u884c\u8282\u594f\u3002<\/span><span data-contrast=\"auto\">\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u5468\u671f\u4e0e\u8d22\u5bcc\u7ba1\u7406\u89c4\u6a21\u6548\u5e94\u53cc\u91cd\u652f\u6491\u4e0b\uff0c\u516c\u53f8\u957f\u671f\u524d\u666f\u5411\u597d\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">200<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">280<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Johnson &amp; Johnson (JNJ)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$25.31B<\/span><span data-contrast=\"auto\">,\u00a0+6.8% YoY, beat estimates by $250M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP\u00a0EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$2.90, beat estimates by $0.05<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Johnson &amp; Johnson raised FY26 reported-sales guidance to $100.8B\u2013$101.4B from $100.3B\u2013$101.3B. Adjusted EPS guidance increased to $11.60\u2013$11.75 from $11.45\u2013$11.65, while adjusted operational EPS guidance rose more meaningfully to $11.50\u2013$11.65 from $11.30\u2013$11.50.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">The quarterly dividend stands at $1.34 per share, following a 3.1% increase announced in April 2026. This marked Johnson &amp; Johnson\u2019s 64th consecutive year of dividend increases. J&amp;J prioritises dividends and strategic investment over large recurring share repurchases.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a resilient quarter, with strong Innovative Medicine growth more than offsetting Stelara\u2019s loss of exclusivity. Tremfya sales increased\u00a0approximately 73%\u00a0to $2.0B, while\u00a0Darzalex,\u00a0Carvykti,\u00a0Caplyta\u00a0and Spravato supported continued portfolio growth. Stelara\u00a0remained\u00a0the principal headwind, reducing Innovative Medicine operational growth by approximately 760 basis points. JNJ shares fell 2.7% on the earnings day to $247.02 despite the revenue and EPS beat and raised guidance. The negative reaction reflected weaker-than-expected MedTech sales, a 2% decline in Impella heart-pump revenue and modest oncology shortfalls. The stock traded as high as $257.80 intraday before selling off,\u00a0indicating\u00a0that investors focused on segment quality rather than the\u00a0consolidated\u00a0beat. The principal concern is whether new-product growth can fully offset Stelara\u2019s rapid biosimilar erosion while MedTech returns to a stronger trajectory. The Impella weakness adds uncertainty to the Abiomed investment thesis, although J&amp;J\u00a0maintains\u00a0that forthcoming clinical evidence should support the platform. The raised guidance\u00a0demonstrates\u00a0portfolio resilience, but the relatively\u00a0small consolidated\u00a0earnings surprise did not resolve these segment-level concerns. The key variables are Tremfya and oncology growth, Stelara erosion, uptake of newer medicines, Impella demand, MedTech procedure\u00a0volumes\u00a0and litigation exposure.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $220\u00a0to $270.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u5f3a\u751f\u516c\u53f8\uff08JNJ<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">253.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.8%\uff0c\u8d85\u51fa\u9884\u671f2.5\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.90\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f0.05\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">\u62a5\u544a\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">1008<\/span><span data-contrast=\"auto\">\u4ebf<\/span><span data-contrast=\"auto\">\u20131014<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-contrast=\"auto\">\uff08\u539f\u4e3a1003\u4ebf\u20131013\u4ebf\uff09\uff1b<\/span><span data-contrast=\"auto\">\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">11.60\u201311.75<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\uff08\u539f\u4e3a11.45\u201311.65\uff09\uff1b<\/span><span data-contrast=\"auto\">\u8c03\u6574\u540e\u8fd0\u8425<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u66f4\u663e\u8457\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">11.50\u201311.65<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\uff08\u539f\u4e3a11.30\u201311.50\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u7ef4\u6301\u6bcf\u80a11.34\u7f8e\u5143\uff082026\u5e744\u6708\u5ba3\u5e03\u4e0a\u8c033.1%\uff09\uff0c\u8fde\u7eed\u7b2c64\u5e74\u63d0\u9ad8\u80a1\u606f\uff1b\u516c\u53f8\u4f18\u5148\u4fdd\u969c\u80a1\u606f\u4e0e\u6218\u7565\u6295\u8d44\uff0c\u800c\u975e\u5927\u89c4\u6a21\u5e38\u89c4\u56de\u8d2d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5c55\u73b0\u663e\u8457\u97e7\u6027\u3002\u5c3d\u7ba1\u91cd\u78c5\u836f\u7269Stelara\u56e0\u751f\u7269\u7c7b\u4f3c\u836f\u51b2\u51fb\u5bfc\u81f4\u9500\u552e\u989d\u5927\u5e45\u4e0b\u6ed1\uff08\u62d6\u7d2f\u521b\u65b0\u533b\u836f\u677f\u5757\u8fd0\u8425\u589e\u957f\u7ea6760\u4e2a\u57fa\u70b9\uff09\uff0c\u4f46Tremfya\u9500\u552e\u989d\u540c\u6bd4\u6fc0\u589e73%\u81f320\u4ebf\u7f8e\u5143\uff0cDarzalex\u3001Carvykti\u3001Caplyta\u548cSpravato\u7b49\u4ea7\u54c1\u6301\u7eed\u653e\u91cf\uff0c\u6709\u6548\u5bf9\u51b2\u4e13\u5229\u60ac\u5d16\u5f71\u54cd\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c<\/span><span data-contrast=\"auto\">\u8d22\u62a5\u65e5\u80a1\u4ef7\u4e0b\u8dcc2.7%\u81f3247.02\u7f8e\u5143\uff0c\u76d8\u4e2d\u867d\u4e00\u5ea6\u51b2\u9ad8\u81f3257.80\u7f8e\u5143\uff0c\u4f46\u6700\u7ec8\u56de\u843d\uff0c\u53cd\u6620\u6295\u8d44\u8005\u66f4\u5173\u6ce8\u7ec6\u5206\u4e1a\u52a1\u8d28\u91cf\u800c\u975e\u6574\u4f53\u8d85\u9884\u671f\uff1a<\/span><span data-contrast=\"auto\">\u533b\u7597\u79d1\u6280<\/span><span data-contrast=\"auto\">\uff08MedTech\uff09\u8868\u73b0\u75b2\u8f6f\uff0c\u5c24\u5176Impella\u5fc3\u5ba4\u8f85\u52a9\u6cf5\u6536\u5165\u4e0b\u964d2%\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9\u5176\u6536\u8d2dAbiomed\u534f\u540c\u6548\u5e94\u7684\u62c5\u5fe7\uff1b<\/span><span data-contrast=\"auto\">\u80bf\u7624\u5b66\u90e8\u5206\u4ea7\u54c1\u9500\u552e\u7565\u4f4e\u4e8e\u9884\u671f\uff0c\u4ea6\u6784\u6210\u77ed\u671f\u62d6\u7d2f\u3002\u5c3d\u7ba1\u5168\u5e74\u6307\u5f15\u5168\u9762\u4e0a\u8c03\uff0c\u5370\u8bc1\u6574\u4f53\u7ec4\u5408\u6297\u538b\u80fd\u529b\uff0c\u4f46<\/span><span data-contrast=\"auto\">Stelara\u5feb\u901f\u4fb5\u8680\u4e0eMedTech\u590d\u82cf\u4e4f\u529b\u4ecd\u662f\u6838\u5fc3\u77db\u76fe\u3002\u7ba1\u7406\u5c42\u5f3a\u8c03Impella\u5e73\u53f0\u5c06\u53d7\u76ca\u4e8e\u5373\u5c06\u516c\u5e03\u7684\u4e34\u5e8a\u6570\u636e\uff0c\u6709\u671b\u91cd\u632f\u9700\u6c42\uff0c\u4f46\u9700\u65f6\u95f4\u9a8c\u8bc1\u3002<\/span><span data-contrast=\"auto\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09Tremfya<\/span><span data-contrast=\"auto\">\u53ca\u80bf\u7624\u7ba1\u7ebf\uff08\u5982<\/span><span data-contrast=\"auto\">Carvykti<\/span><span data-contrast=\"auto\">\uff09\u80fd\u5426\u7ef4\u6301\u9ad8\u589e\u957f\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09Stelara<\/span><span data-contrast=\"auto\">\u751f\u7269\u7c7b\u4f3c\u836f\u4fb5\u8680\u901f\u5ea6\u662f\u5426\u89c1\u9876\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u65b0\u4e00\u4ee3\u836f\u7269\uff08\u5982\u514d\u75ab\u3001\u795e\u7ecf\u79d1\u5b66\u9886\u57df\uff09\u7684\u5e02\u573a\u6e17\u900f\uff1b\uff08<\/span><span data-contrast=\"auto\">4\uff09Impella<\/span><span data-contrast=\"auto\">\u9700\u6c42\u4e0e<\/span><span data-contrast=\"auto\">MedTech<\/span><span data-contrast=\"auto\">\u624b\u672f\u91cf\u80fd\u5426\u56de\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u9057\u7559\u8bc9\u8bbc\u98ce\u9669\u662f\u5426\u8fdb\u4e00\u6b65\u7f13\u91ca\u3002\u5f3a\u751f\u57fa\u672c\u9762\u7a33\u5065\u3001\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u80a1\u606f\u53ef\u9760\uff0c\u4f46\u5728\u8f6c\u578b\u8fc7\u6e21\u671f\uff0c\u589e\u957f\u52a8\u80fd\u5c1a\u672a\u5b8c\u5168\u65e0\u7f1d\u8854\u63a5\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">220<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">270<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">United Airlines Holdings, Inc. (UAL)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$17.7B<\/span><span data-contrast=\"auto\">,\u00a0+16.1% YoY, beat estimates by $130M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP\u00a0EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$1.99, beat estimates by $0.14<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0United raised FY26 adjusted EPS guidance to $9.00\u2013$11.00 from $7.00\u2013$11.00. However, 3Q26 adjusted EPS guidance of $2.50\u2013$3.50 was below consensus of approximately $3.60. Management expects to recover 80%\u201390% of the incremental fuel-cost increase through pricing and capacity actions in 3Q26, rising to approximately 100% by 4Q26.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an operationally strong quarter but\u00a0a lower-quality earnings\u00a0beat. Premium revenue increased 16%, contracted corporate revenue rose 27%, cargo revenue increased 23%, and loyalty and basic-economy revenue each grew 11%. Pricing remained firm, with yields rising 12%,\u00a0demonstrating\u00a0that United has so far been able to pass a meaningful\u00a0portion\u00a0of higher fuel costs to passengers without materially damaging demand. UAL shares fell\u00a0approximately 2%\u20132.4% in after-hours trading following the earnings release. The regular US trading session following the announcement has not yet been completed, so the final first-session reaction is unavailable. Investors focused on the\u00a0nearly $6B increase in anticipated FY26 fuel expense and the below-consensus 3Q26 EPS guidance, rather than the headline earnings beat and higher full-year guidance floor. The principal issue is that the improved FY26 EPS range partly depends on United successfully recovering extraordinary fuel inflation through higher fares and lower capacity. Fuel expense increased $2.3B, or 84% YoY, during 2Q26, while United recovered only approximately half of that increase. The company\u2019s expectation of full recovery by 4Q26 is constructive but carries execution risk if fare increases weaken demand or industry capacity\u00a0remains\u00a0excessive. The key variables are jet-fuel prices, passenger yield growth, capacity discipline, corporate and premium demand, and the pace of fuel-cost recovery. The revenue environment\u00a0remains\u00a0strong, but earnings visibility is unusually sensitive to oil prices and geopolitical developments.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $105\u00a0to $160.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">United Airlines Holdings,\u00a0Inc.\uff08UAL<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">177\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.1%\uff0c\u8d85\u51fa\u9884\u671f1.3\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.99\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.14\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u66f4\u65b0\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">9.00\u201311.00<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\uff08\u539f\u4e3a7.00\u201311.00\u7f8e\u5143\uff0c\u5373\u63d0\u9ad8\u4e0b\u9650\uff09\uff1b<\/span><span data-contrast=\"auto\">\u4f46\u7b2c\u4e09\u5b63\u5ea6\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u6307\u5f15\u4e3a<\/span><span data-contrast=\"auto\">2.50\u20133.50<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u7ea6<\/span><span data-contrast=\"auto\">3.60<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-contrast=\"auto\">\u71c3\u6cb9\u6210\u672c\u5e94\u5bf9\u7b56\u7565\uff1a\u9884\u8ba1Q3\u53ef\u5bf9\u51b280%\u201390%\u7684\u65b0\u589e\u71c3\u6cb9\u6210\u672c\uff0cQ4\u5b9e\u73b0\u5168\u989d\u5bf9\u51b2\uff08\u7ea6100%\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u5f3a\u52b2\uff0c\u4f46\u76c8\u5229\u8d28\u91cf\u627f\u538b\u3002\u9ad8\u7aef\u8231\u4f4d\u6536\u5165\u589e\u957f16%\uff0c\u4f01\u4e1a\u534f\u8bae\u6536\u5165\u5927\u589e27%\uff0c\u8d27\u8fd0\u6536\u5165\u4e0a\u534723%\uff0c\u5e38\u65c5\u5ba2\u53ca\u57fa\u7840\u7ecf\u6d4e\u8231\u6536\u5165\u5747\u589e\u957f11%\u3002\u7968\u4ef7\u575a\u633a\uff0c\u6536\u76ca\u7387\u540c\u6bd4\u63d0\u534712%\uff0c\u663e\u793a\u8054\u822a\u5728\u9ad8\u6cb9\u4ef7\u73af\u5883\u4e0b\u4ecd\u5177\u5907\u8f83\u5f3a\u5b9a\u4ef7\u6743\uff0c\u4e14\u672a\u663e\u8457\u6291\u5236\u9700\u6c42\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c<\/span><span data-contrast=\"auto\">\u76d8\u540e\u80a1\u4ef7\u4e0b\u8dcc2%\u20132.4%\uff0c\u53cd\u6620\u6295\u8d44\u8005\u66f4\u5173\u6ce8\u4e24\u5927\u9690\u5fe7\uff1a<\/span><span data-contrast=\"auto\">\u71c3\u6cb9\u6210\u672c\u98d9\u5347<\/span><span data-contrast=\"auto\">\uff1aQ2\u71c3\u6cb9\u652f\u51fa\u540c\u6bd4\u66b4\u589e84%\uff08+23\u4ebf\u7f8e\u5143\uff09\uff0c\u4ec5\u7ea6\u4e00\u534a\u901a\u8fc7\u63d0\u4ef7\u8f6c\u5ac1\uff1bQ3<\/span><span data-contrast=\"auto\">\u76c8\u5229\u6307\u5f15\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">\uff0c\u5c3d\u7ba1\u5168\u5e74EPS\u4e0b\u9650\u4e0a\u8c03\uff0c\u4f46\u77ed\u671f\u5151\u73b0\u8def\u5f84\u5b58\u7591\u3002<\/span><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u9884\u8ba1\u901a\u8fc7<\/span><span data-contrast=\"auto\">\u7968\u4ef7\u63d0\u5347+\u8fd0\u529b\u8c03\u63a7\uff08capacity discipline\uff09\u9010\u6b65\u5b8c\u5168\u6d88\u5316\u71c3\u6cb9\u51b2\u51fb\uff0c\u5e76\u5728Q4\u5b9e\u73b0\u6210\u672c\u5168\u8986\u76d6\u3002\u8fd9\u4e00\u5047\u8bbe\u4e50\u89c2\u4f46\u5177\u6267\u884c\u98ce\u9669\u2014\u82e5\u63d0\u4ef7\u5bfc\u81f4\u9700\u6c42\u5f39\u6027\u663e\u73b0\uff0c\u6216\u884c\u4e1a\u4f9b\u7ed9\u8fc7\u5269\u538b\u5236\u7968\u4ef7\uff0c\u76c8\u5229\u4fee\u590d\u53ef\u80fd\u5ef6\u8fdf\u3002<\/span><span data-contrast=\"auto\">\u5f53\u524d\u8425\u6536\u73af\u5883\u5065\u5eb7\uff0c\u4f46<\/span><span 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data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">105<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">160<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore THBEV SP Thai Beverage Public Co., Ltd.\u00a0 Shares closed above the 5dEMA with rising volume.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy \u2013 Entry\u00a00.44, Target\u00a00.50, Stop\u00a00.41\u00a0 FR SP First Resources Ltd.\u00a0 Shares closed above the 5dEMA\u00a0with rising volume.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-92380","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 16 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore THBEV SP Thai Beverage Public Co., Ltd. Shares closed above the 5dEMA with rising volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.44, Target 0.50, Stop 0.41 FR SP First Resources Ltd. Shares closed above the 5dEMA with rising volume. Both RSI\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-16-july-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 16 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 16 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore THBEV SP Thai Beverage Public Co., Ltd. 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Shares closed above the 5dEMA with rising volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.44, Target 0.50, Stop 0.41 FR SP First Resources Ltd. Shares closed above the 5dEMA with rising volume. Both RSI","og:url":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-16-july-2026\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2026-07-16T00:57:06+00:00","article:modified_time":"2026-07-16T06:28:44+00:00","twitter:card":"summary","twitter:title":"Technical Analysis: 16 July 2026 \u2022 KGI Singapore Research","twitter:description":"TECHNICAL ANALYSIS Technical Analysis: 16 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore THBEV SP Thai Beverage Public Co., Ltd. Shares closed above the 5dEMA with rising volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.44, Target 0.50, Stop 0.41 FR SP First Resources Ltd. Shares closed above the 5dEMA with rising volume. 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