{"id":92514,"date":"2026-07-20T09:24:20","date_gmt":"2026-07-20T01:24:20","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92514"},"modified":"2026-07-20T21:17:19","modified_gmt":"2026-07-20T13:17:19","slug":"technical-analysis-20-july-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-july-2026\/","title":{"rendered":"Technical Analysis: 20 July 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92514\" class=\"elementor elementor-92514\" 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: 20 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-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;\">SPWR SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Sunpower Group Ltd.\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>Shares closed above the 5dEMA.<\/li><li>Both RSI and MACD are constructive.<\/li><li><strong>Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43<\/strong><\/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 fetchpriority=\"high\" decoding=\"async\" width=\"907\" height=\"541\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.20.59-AM.png\" class=\"attachment-full size-full wp-image-92517\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.20.59-AM.png 907w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.20.59-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.20.59-AM-768x458.png 768w\" sizes=\"(max-width: 907px) 100vw, 907px\" \/>\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;\">BAL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Bumitama Agri Ltd.\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>Shares closed above the 5dEMA with rising volume.<\/li><li>Both RSI and MACD are constructive.<\/li><li><strong>Buy \u2013 Entry 1.8, Target 2.0, Stop 1.7<\/strong><\/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 decoding=\"async\" width=\"905\" height=\"541\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.21.46-AM.png\" class=\"attachment-full size-full wp-image-92518\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.21.46-AM.png 905w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.21.46-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.21.46-AM-768x459.png 768w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/>\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;\">1038 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CK Infrastructure Holdings Ltd\u00a0<\/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=\"10\" 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\u00a0closed above\u00a0the\u00a0100dEMA\u00a0with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" 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.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" 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\u00a0<\/span><\/b><span data-contrast=\"auto\">\u2013\u00a0<\/span><b><span data-contrast=\"auto\">Entry\u00a063,\u00a0Target\u00a067,\u00a0Stop\u00a061<\/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-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=\"905\" height=\"553\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.22.30-AM.png\" class=\"attachment-full size-full wp-image-92519\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.22.30-AM.png 905w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.22.30-AM-300x183.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.22.30-AM-768x469.png 768w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/>\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;\">2 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CLP Holdings 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=\"10\" 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=\"auto\">Shares\u00a0closed above\u00a05dEMA\u00a0with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" 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.\u00a0<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"10\" 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=\"auto\">Long \u2013 Entry\u00a076, Target\u00a082, Stop\u00a073<\/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-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=\"905\" height=\"553\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.23.03-AM.png\" class=\"attachment-full size-full wp-image-92520\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.23.03-AM.png 905w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.23.03-AM-300x183.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-9.23.03-AM-768x469.png 768w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/>\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-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;\">ZBRA US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Zebra Technologies Corporation.\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=\"13\" 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\u00a0with an increasing\u00a0volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"13\" 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=\"13\" 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\u00a0260,\u00a0Target\u00a0300,\u00a0Stop\u00a0240<\/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 loading=\"lazy\" decoding=\"async\" width=\"910\" height=\"539\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.05-AM.png\" class=\"attachment-full size-full wp-image-92547\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.05-AM.png 910w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.05-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.05-AM-768x455.png 768w\" sizes=\"(max-width: 910px) 100vw, 910px\" \/>\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;\">TXT US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Textron Inc.\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=\"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\u00a0with\u00a0rising\u00a0volume.\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 the 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\u00a090,\u00a0Target\u00a0100,\u00a0Stop\u00a085<\/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 loading=\"lazy\" decoding=\"async\" width=\"910\" height=\"539\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.48-AM.png\" class=\"attachment-full size-full wp-image-92548\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.48-AM.png 910w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.48-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-20-at-11.17.48-AM-768x455.png 768w\" sizes=\"(max-width: 910px) 100vw, 910px\" \/>\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\">UnitedHealth Group Incorporated (UNH)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$112.0B<\/span><span data-contrast=\"auto\">,&nbsp;+0.3% YoY,&nbsp;beat&nbsp;estimates&nbsp;by&nbsp;<\/span><span data-contrast=\"auto\">$1.14B<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$6.38,&nbsp;beat&nbsp;estimates&nbsp;by&nbsp;$1.46<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Raised FY26 adjusted EPS guidance to $19.50\u2013$20.00 from at least $18.25. The medical-care-ratio outlook improved to 88.1% \u00b125 bps, while operating cash-flow guidance increased to approximately $24B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The quarterly dividend was raised 5% to $2.32 per share in June. UnitedHealth had repurchased $4.0B of shares through mid-July and now expects at least $5.0B of FY26 repurchases, versus approximately $2.5B previously.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was&nbsp;a decisive earnings&nbsp;beat, driven primarily by better medical-cost control. The medical care ratio improved to 86.7% from 89.4% a year ago and was significantly better than market expectations. Optum operating earnings reached $4.0B, with operating margin expanding 160 bps YoY,&nbsp;indicating&nbsp;that the recovery extended beyond the insurance business. However, part of the medical-cost improvement reflected $860M of favourable prior-period development. Management also&nbsp;maintained&nbsp;a cautious view on elevated commercial medical trends, specialty-drug&nbsp;costs&nbsp;and No Surprises Act arbitration expenses. This explains why the shares initially rose approximately 8% but closed only about 1%\u20132% higher after trading as high as $460.03. The principal variables are whether the lower medical-cost ratio persists without reserve benefits, execution of Medicare Advantage repricing and benefit reductions, Optum Health margin recovery, and continuing regulatory investigations.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $380&nbsp;to $400.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u8054\u5408\u5065\u5eb7\u96c6\u56e2\uff08UNH<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">1,120<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">0.3%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">11.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">6.38<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">1.46<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5c06\u5168\u5e74\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u6307\u5f15\u4ece\u81f3\u5c11<\/span><span data-contrast=\"auto\">18.25<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">19.50\u201320.00<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u533b\u7597\u8d54\u4ed8\u7387<\/span><span data-contrast=\"auto\">\uff08MCR<\/span><span data-contrast=\"auto\">\uff09\u5c55\u671b\u6539\u5584\u81f3<\/span><span data-contrast=\"auto\">88.1% \u00b125<\/span><span data-contrast=\"auto\">\u4e2a\u57fa\u70b9\uff0c\u7ecf\u8425\u73b0\u91d1\u6d41\u6307\u5f15\u4e0a\u8c03\u81f3\u7ea6<\/span><span data-contrast=\"auto\">240<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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<\/span><\/b><b><span data-contrast=\"auto\">\/<\/span><\/b><b><span data-contrast=\"auto\">\u80a1\u7968\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\u6708\u4efd\u5b63\u5ea6\u80a1\u606f\u4e0a\u8c03<\/span><span data-contrast=\"auto\">5%<\/span><span data-contrast=\"auto\">\u81f3\u6bcf\u80a1<\/span><span data-contrast=\"auto\">2.32<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u622a\u81f3<\/span><span data-contrast=\"auto\">7<\/span><span data-contrast=\"auto\">\u6708\u4e2d\u65ec\uff0c\u8054\u5408\u5065\u5eb7\u5df2\u56de\u8d2d<\/span><span data-contrast=\"auto\">40<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u80a1\u7968\uff0c\u76ee\u524d\u9884\u8ba1<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u56de\u8d2d\u89c4\u6a21\u81f3\u5c11\u8fbe\u5230<\/span><span data-contrast=\"auto\">50<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u6b64\u524d\u9884\u671f\u7684\u7ea6<\/span><span data-contrast=\"auto\">25<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u8bc4\u8bba\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u6b21\u8d22\u62a5\u5927\u5e45\u8d85\u9884\u671f\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u66f4\u597d\u7684\u533b\u7597\u6210\u672c\u63a7\u5236\u3002\u533b\u7597\u8d54\u4ed8\u7387\u4ece\u53bb\u5e74\u540c\u671f\u7684<\/span><span data-contrast=\"auto\">89.4%<\/span><span data-contrast=\"auto\">\u6539\u5584\u81f3<\/span><span data-contrast=\"auto\">86.7%<\/span><span data-contrast=\"auto\">\uff0c\u663e\u8457\u4f18\u4e8e\u5e02\u573a\u9884\u671f\u3002<\/span><span data-contrast=\"auto\">Optum<\/span><span data-contrast=\"auto\">\u8425\u4e1a\u5229\u6da6\u8fbe\u5230<\/span><span data-contrast=\"auto\">40<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u540c\u6bd4\u6269\u5927<\/span><span data-contrast=\"auto\">160<\/span><span data-contrast=\"auto\">\u4e2a\u57fa\u70b9\uff0c\u8868\u660e\u590d\u82cf\u4e0d\u4ec5\u9650\u4e8e\u4fdd\u9669\u4e1a\u52a1\u3002\u7136\u800c\uff0c\u90e8\u5206\u533b\u7597\u6210\u672c\u6539\u5584\u53cd\u6620\u4e86<\/span><span data-contrast=\"auto\">8.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u6709\u5229\u524d\u671f\u51c6\u5907\u91d1\u8c03\u6574\u3002\u7ba1\u7406\u5c42\u5bf9\u5546\u4e1a\u533b\u7597\u8d8b\u52bf\u8d70\u9ad8<\/span><span data-contrast=\"auto\">\u3001&nbsp;specialty&nbsp;drug<\/span><span data-contrast=\"auto\">\uff08\u7279\u79cd\u836f\u7269\uff09\u6210\u672c\u4ee5\u53ca\u300a\u65e0\u610f\u5916\u6cd5\u6848<\/span><span data-contrast=\"auto\">\u300b\uff08No Surprises Act<\/span><span data-contrast=\"auto\">\uff09\u4ef2\u88c1\u8d39\u7528\u4ecd\u6301\u8c28\u614e\u6001\u5ea6\u3002\u8fd9\u89e3\u91ca\u4e86\u4e3a\u4f55\u80a1\u4ef7\u6700\u521d\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">8%<\/span><span data-contrast=\"auto\">\uff0c\u4f46\u5728\u76d8\u4e2d\u6700\u9ad8\u89e6\u53ca<\/span><span data-contrast=\"auto\">460.03<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u540e\uff0c\u6536\u76d8\u4ec5\u4e0a\u6da8<\/span><span data-contrast=\"auto\">1%\u20132%<\/span><span data-contrast=\"auto\">\u3002\u5173\u952e\u53d8\u91cf\u5728\u4e8e\uff1a\u5728\u6ca1\u6709\u51c6\u5907\u91d1\u6536\u76ca\u7684\u60c5\u51b5\u4e0b\uff0c\u8f83\u4f4e\u7684\u533b\u7597\u8d54\u4ed8\u7387\u80fd\u5426\u6301\u7eed\uff1b<\/span><span data-contrast=\"auto\">Medicare&nbsp;Advantage<\/span><span data-contrast=\"auto\">\uff08\u8054\u90a6\u533b\u7597\u4fdd\u9669\u4f18\u52bf\u8ba1\u5212\uff09\u7684\u91cd\u65b0\u5b9a\u4ef7\u548c\u798f\u5229\u524a\u51cf\u6267\u884c\u60c5\u51b5\uff1b<\/span><span data-contrast=\"auto\">Optum&nbsp;Health<\/span><span data-contrast=\"auto\">\u5229\u6da6\u7387\u80fd\u5426\u6301\u7eed\u6062\u590d\uff1b\u4ee5\u53ca\u76d1\u7ba1\u8c03\u67e5\u7684\u540e\u7eed\u8fdb\u5c55\u3002<\/span><b><span data-contrast=\"auto\">2026<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">380<span data-contrast=\"auto\">\u81f3<\/span>400<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Taiwan Semiconductor Manufacturing Company Limited (TSM)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$40.2B<\/span><span data-contrast=\"auto\">,&nbsp;+33.7% YoY, beat estimates by $900M<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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 GAAP&nbsp;EPADR<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$4.31, beat estimates by $0.37<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">3Q<\/span><\/b><b><span data-contrast=\"auto\">26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;3Q26 revenue is guided to US$44.6B\u2013US$45.8B, with gross margin of 65%\u201367% and operating margin of 56%\u201358%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">FY26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Management raised FY26 revenue-growth expectations to slightly above 40% and increased capital-expenditure guidance to US$60B\u2013US$64B, reflecting continued investment in advanced-node and packaging capacity.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The latest declared quarterly dividend is NT$7.00 per common share, equivalent to approximately US$1.11 per ADR, payable on October 8, 2026.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was an exceptional operating quarter. AI and high-performance-computing demand drove record revenue,&nbsp;profit&nbsp;and margins, while the&nbsp;initial&nbsp;contribution from 2nm indicates that the next technology cycle has already begun. Advanced nodes&nbsp;remained&nbsp;the core growth engine, with 3nm accounting for approximately 30% of wafer revenue and 2nm contributing about 3%. The market\u2019s concern is not demand but the increasingly demanding valuation and investment burden. TSMC\u2019s ADR declined&nbsp;approximately 2.3%&nbsp;to $409.74 despite the earnings beat and stronger guidance, as investors focused on higher capital expenditure, overseas-fab&nbsp;dilution&nbsp;and the difficulty of continuing to exceed exceptionally elevated AI expectations. The principal variables are&nbsp;CoWoS&nbsp;and advanced-packaging capacity expansion, 2nm yield progression, the margin impact from Arizona and other overseas&nbsp;fabs, and whether&nbsp;hyperscaler&nbsp;AI expenditure&nbsp;remains&nbsp;sufficiently strong through 2027. The fundamental outlook&nbsp;remains&nbsp;highly constructive, but the current valuation leaves limited tolerance for execution misses.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $380&nbsp;to $500.&nbsp;Positive&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u53f0\u6e7e\u79ef\u4f53\u7535\u8def\u5236\u9020\u80a1\u4efd\u6709\u9650\u516c\u53f8\uff08TSM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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\">402<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">33.7%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u7f8e\u56fd\u5b58\u6258\u80a1\u6536\u76ca\uff08<\/span><\/b><b><span data-contrast=\"auto\">EPADR\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">4.31<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.37<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536<\/span><span data-contrast=\"auto\">446<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">458<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u6bdb\u5229\u7387<\/span><span data-contrast=\"auto\">65%\u201367%<\/span><span data-contrast=\"auto\">\uff0c\u8425\u4e1a\u5229\u6da6\u7387<\/span><span data-contrast=\"auto\">56%\u201358%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u8425\u6536\u589e\u901f\u81f3\u7565\u9ad8\u4e8e<\/span><span data-contrast=\"auto\">40%<\/span><span data-contrast=\"auto\">\uff1b\u8d44\u672c\u652f\u51fa\u5927\u5e45\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">600<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">640<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u91cd\u70b9\u6295\u5411\u5148\u8fdb\u5236\u7a0b\uff08\u5982<\/span><span data-contrast=\"auto\">2nm<\/span><span data-contrast=\"auto\">\uff09\u53ca<\/span><span data-contrast=\"auto\">CoWoS<\/span><span data-contrast=\"auto\">\u5148\u8fdb\u5c01\u88c5\u4ea7\u80fd<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6700\u65b0\u5b63\u5ea6\u80a1\u606f\u4e3a\u6bcf\u80a1\u65b0\u53f0\u5e01<\/span><span data-contrast=\"auto\">7.00<\/span><span data-contrast=\"auto\">\u5143\uff08\u7ea6\u5408\u6bcf<\/span><span data-contrast=\"auto\">ADR 1.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff0c\u5c06\u4e8e<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u6708<\/span><span data-contrast=\"auto\">8<\/span><span data-contrast=\"auto\">\u65e5\u652f\u4ed8<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u6781\u4e3a\u5f3a\u52b2\uff0c\u521b\u4e0b\u8425\u6536\u3001\u5229\u6da6\u4e0e\u5229\u6da6\u7387\u65b0\u9ad8\u3002<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0e\u9ad8\u6027\u80fd\u8ba1\u7b97\uff08<\/span><span data-contrast=\"auto\">HPC<\/span><span data-contrast=\"auto\">\uff09\u6210\u4e3a\u6838\u5fc3\u9a71\u52a8\u529b\uff0c\u5360\u6676\u5706\u6536\u5165\u6bd4\u91cd\u6301\u7eed\u63d0\u5347\u3002\u6280\u672f\u8fed\u4ee3\u52a0\u901f\uff1a<\/span><span data-contrast=\"auto\">3nm<\/span><span data-contrast=\"auto\">\u5236\u7a0b\u8d21\u732e\u7ea6<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\u7684\u6676\u5706\u6536\u5165\uff0c<\/span><span data-contrast=\"auto\">2nm<\/span><span data-contrast=\"auto\">\u5df2\u5f00\u59cb\u91cf\u4ea7\u5e76\u8d21\u732e\u7ea6<\/span><span data-contrast=\"auto\">3%<\/span><span data-contrast=\"auto\">\uff0c\u6807\u5fd7\u4e0b\u4e00\u4ee3\u6280\u672f\u5468\u671f\u6b63\u5f0f\u542f\u52a8\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1\u57fa\u672c\u9762\u8d85\u9884\u671f\u4e14\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff0c<\/span><span data-contrast=\"auto\">ADR<\/span><span data-contrast=\"auto\">\u80a1\u4ef7\u5374\u4e0b\u8dcc<\/span><span data-contrast=\"auto\">2.3%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">409.74<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cd\u6620\u5e02\u573a\u5173\u6ce8\u70b9\u5df2\u4ece\u201c\u9700\u6c42\u662f\u5426\u5f3a\u52b2\u201d\u8f6c\u5411\u201c\u4f30\u503c\u4e0e\u6267\u884c\u98ce\u9669\u201d\uff1a<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u6fc0\u589e\u81f3<\/span><span data-contrast=\"auto\">600<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">640<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u51f8\u663e\u516c\u53f8\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u957f\u671f\u8d8b\u52bf\u7684\u62bc\u6ce8\uff1b<\/span><span data-contrast=\"auto\">\u6d77\u5916\u5de5\u5382\uff08\u5982\u7f8e\u56fd\u4e9a\u5229\u6851\u90a3\u5dde\u3001\u65e5\u672c\u3001\u6b27\u6d32\uff09\u521d\u671f\u826f\u7387\u4e0e\u6210\u672c\u7ed3\u6784\u53ef\u80fd\u62d6\u7d2f\u6574\u4f53\u5229\u6da6\u7387\uff1b\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9884\u671f\u5df2\u6781\u5ea6\u9ad8\u6da8\u7684\u80cc\u666f\u4e0b\uff0c\u4efb\u4f55\u4ea4\u4ed8\u5ef6\u8fdf\u6216\u5ba2\u6237\u652f\u51fa\u653e\u7f13\u90fd\u53ef\u80fd\u5f15\u53d1\u91cd\u4f30<\/span><span data-contrast=\"auto\">\u3002<\/span><span data-contrast=\"auto\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09CoWoS<\/span><span data-contrast=\"auto\">\u5148\u8fdb\u5c01\u88c5\u4ea7\u80fd\u6269\u5f20\u8fdb\u5ea6\u2014\u2014\u5f53\u524d\u4e3a<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u82af\u7247\u74f6\u9888\u73af\u8282\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff092nm<\/span><span data-contrast=\"auto\">\u826f\u7387\u722c\u5761\u901f\u5ea6\u4e0e\u5ba2\u6237\u5bfc\u5165\u8282\u594f\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u6d77\u5916\u6676\u5706\u5382\u5bf9\u6574\u4f53\u6bdb\u5229\u7387\u7684\u5f71\u54cd\u662f\u5426\u53ef\u63a7\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\uff08<\/span><span data-contrast=\"auto\">hyperscalers<\/span><span data-contrast=\"auto\">\uff09\u5728<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u524d\u662f\u5426\u7ef4\u6301\u9ad8\u5f3a\u5ea6<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u3002<\/span><span data-contrast=\"auto\">TSMC<\/span><span data-contrast=\"auto\">\u4f5c\u4e3a\u5168\u7403\u534a\u5bfc\u4f53\u5236\u9020\u57fa\u77f3\uff0c\u6280\u672f\u9886\u5148\u4f18\u52bf\u7a33\u56fa\uff0c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6d6a\u6f6e\u4e0b\u6218\u7565\u5730\u4f4d\u65e0\u53ef\u66ff\u4ee3\u3002\u7136\u800c\uff0c\u5f53\u524d\u4f30\u503c\u5df2\u5145\u5206\u53cd\u6620\u4e50\u89c2\u9884\u671f\uff0c\u5bb9\u9519\u7a7a\u95f4\u6709\u9650\u3002\u82e5\u6267\u884c\u6301\u7eed\u7cbe\u51c6\u5151\u73b0\uff0c\u4ecd\u6709\u4e0a\u884c\u6f5c\u529b\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\">380<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">500<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">General Electric Company (GE)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$12.6B<\/span><span data-contrast=\"auto\">,&nbsp;+23.5% YoY, beat estimates by $710M<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.02, beat estimates by $0.16<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">FY26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Raised FY26 adjusted EPS guidance to $7.65\u2013$7.85 from $7.10\u2013$7.40. Adjusted revenue growth is now expected in the high teens, while free-cash-flow guidance increased to $8.9B\u2013$9.2B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Declared a quarterly dividend of $0.47 per share, payable July 27, 2026.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a strong quarter driven by commercial aftermarket demand. Commercial Engines &amp; Services revenue rose 27%, including 26% services growth, while&nbsp;Defense&nbsp;&amp; Propulsion Technologies revenue increased 16%. Engine deliveries increased 31% in 1H26, including 41% growth in LEAP deliveries, supporting the broad guidance upgrade. The principal concern is execution rather than demand. GE\u2019s overhaul capacity&nbsp;remains&nbsp;heavily subscribed, but supplier constraints and spare-parts delays continue to limit how quickly backlog can be converted. Segment margin also contracted as higher equipment volumes, inflation and investment diluted the favourable services mix. Shares declined approximately 4.1% despite the beat and guidance raise. The negative reaction reflects slowing order growth, from 87% in 1Q26 to 17% in 2Q26, and a demanding valuation of&nbsp;roughly 42x&nbsp;trailing earnings. The fundamental outlook&nbsp;remains&nbsp;constructive, but further upside requires sustained services growth and clearer supply-chain improvement.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $300&nbsp;to $400.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u901a\u7528\u7535\u6c14\u516c\u53f8\uff08GE<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">126<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">23.5%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">7.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.16<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u5927\u5e45\u4e0a\u8c03\uff1a<\/span><\/b><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\">7.65\u20137.85<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">7.10\u20137.40<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff1b<\/span><span data-contrast=\"auto\">\u8c03\u6574\u540e\u8425\u6536\u589e\u901f\u9884\u8ba1\u8fbe<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">\u9ad8<\/span><span data-contrast=\"auto\">&nbsp;teens\u201d\uff08<\/span><span data-contrast=\"auto\">\u5373<\/span><span data-contrast=\"auto\">17%\u201319%\uff09\uff1b<\/span><span data-contrast=\"auto\">\u81ea\u7531\u73b0\u91d1\u6d41\u6307\u5f15\u63d0\u5347\u81f3<\/span><span data-contrast=\"auto\">89<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">92<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">0.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c06\u4e8e<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74<\/span><span data-contrast=\"auto\">7<\/span><span data-contrast=\"auto\">\u6708<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u65e5\u652f\u4ed8<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u6838\u5fc3\u9a71\u52a8\u529b\u6765\u81ea\u5546\u7528\u822a\u7a7a\u552e\u540e\u5e02\u573a\uff08<\/span><span data-contrast=\"auto\">aftermarket<\/span><span data-contrast=\"auto\">\uff09\u9700\u6c42\u65fa\u76db\u3002\u5546\u7528\u53d1\u52a8\u673a\u4e0e\u670d\u52a1\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">27%<\/span><span data-contrast=\"auto\">\uff08\u5176\u4e2d\u670d\u52a1\u589e\u957f<\/span><span data-contrast=\"auto\">26%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u56fd\u9632\u4e0e\u63a8\u8fdb\u6280\u672f\u4e1a\u52a1\u589e\u957f<\/span><span data-contrast=\"auto\">16%<\/span><span data-contrast=\"auto\">\u3002\u4e0a\u534a\u5e74\u53d1\u52a8\u673a\u4ea4\u4ed8\u91cf\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">31%\uff0cLEAP<\/span><span data-contrast=\"auto\">\u53d1\u52a8\u673a\u4ea4\u4ed8\u66f4\u98d9\u5347<\/span><span data-contrast=\"auto\">41%<\/span><span data-contrast=\"auto\">\uff0c\u652f\u6491\u516c\u53f8\u5168\u9762\u4e0a\u8c03\u5168\u5e74\u8d22\u52a1\u6307\u5f15\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c\u80a1\u4ef7\u5374\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">4.1%\uff0c<\/span><span data-contrast=\"auto\">\u53cd\u6620\u5e02\u573a\u5bf9\u4e24\u5927\u9690\u5fe7\u7684\u62c5\u5fe7<\/span><span data-contrast=\"auto\">\uff1a<\/span><span data-contrast=\"auto\">\u8ba2\u5355\u589e\u901f\u663e\u8457\u653e\u7f13\uff1a\u4ece<\/span><span data-contrast=\"auto\">Q1<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">87%<\/span><span data-contrast=\"auto\">\u540c\u6bd4\u6fc0\u589e\u9aa4\u964d\u81f3<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">17%\uff0c<\/span><span data-contrast=\"auto\">\u5f15\u53d1\u5bf9\u672a\u6765\u589e\u957f\u53ef\u6301\u7eed\u6027\u7684\u7591\u8651<\/span><span data-contrast=\"auto\">\uff1b<\/span><span data-contrast=\"auto\">\u4f30\u503c\u9ad8\u4f01\uff1a\u5f53\u524d\u6eda\u52a8\u5e02\u76c8\u7387\u7ea6<\/span><span data-contrast=\"auto\">42<\/span><span data-contrast=\"auto\">\u500d\uff0c\u5728\u5de5\u4e1a\u80a1\u4e2d\u5c5e\u9ad8\u4f4d\uff0c\u5bf9\u6267\u884c\u7455\u75b5\u5bb9\u5fcd\u5ea6\u4f4e\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1\u9700\u6c42\u5f3a\u52b2\uff0c\u4f9b\u5e94\u7aef\u4ecd\u662f\u74f6\u9888\uff1a\u7ef4\u4fee\u4ea7\u80fd\u5df2\u6ee1\u8d1f\u8377\uff0c\u4f46\u4f9b\u5e94\u5546\u5236\u7ea6\u4e0e\u5907\u4ef6\u4ea4\u4ed8\u5ef6\u8fdf\u6301\u7eed\u963b\u788d\u79ef\u538b\u8ba2\u5355\uff08<\/span><span data-contrast=\"auto\">backlog<\/span><span data-contrast=\"auto\">\uff09\u5411\u6536\u5165\u8f6c\u5316\u3002\u540c\u65f6\uff0c\u9ad8\u589e\u957f\u8bbe\u5907\u9500\u552e\u62c9\u4f4e\u4e86\u9ad8\u6bdb\u5229\u670d\u52a1\u4e1a\u52a1\u7684\u5360\u6bd4\uff0c\u53e0\u52a0\u901a\u80c0\u4e0e\u6218\u7565\u6295\u8d44\u652f\u51fa\uff0c\u5bfc\u81f4\u5206\u90e8\u5229\u6da6\u7387\u540c\u6bd4\u6536\u7f29\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\u552e\u540e\u670d\u52a1\u80fd\u5426\u7ef4\u6301\u9ad8\u53cc\u4f4d\u6570\u589e\u957f\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u4f9b\u5e94\u94fe\u74f6\u9888\u662f\u5426\u5b9e\u8d28\u6027\u7f13\u89e3\uff0c\u52a0\u901f<\/span><span data-contrast=\"auto\">&nbsp;backlog&nbsp;<\/span><span data-contrast=\"auto\">\u5151\u73b0\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09LEAP<\/span><span data-contrast=\"auto\">\u7b49\u4e3b\u529b\u4ea7\u54c1\u4ea4\u4ed8\u8282\u594f\u80fd\u5426\u6301\u7eed\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u56fd\u9632\u4e0e\u65b0\u5174\u6280\u672f\u4e1a\u52a1\u662f\u5426\u8d21\u732e\u589e\u91cf\u52a8\u80fd\u3002<\/span><span data-contrast=\"auto\">GE<\/span><span data-contrast=\"auto\">\u822a\u7a7a\u4e1a\u52a1\u6b63\u5904\u4e8e\u591a\u5e74\u666f\u6c14\u5468\u671f\uff0c\u57fa\u672c\u9762\u575a\u5b9e\uff0c\u4f46\u77ed\u671f\u4f30\u503c\u5df2\u900f\u652f\u90e8\u5206\u4e50\u89c2\u9884\u671f\u3002\u82e5\u4f9b\u5e94\u94fe\u6539\u5584\u4e0d\u53ca\u9884\u671f\u6216\u8ba2\u5355\u8fdb\u4e00\u6b65\u653e\u7f13\uff0c\u80a1\u4ef7\u6216\u627f\u538b\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\">300<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">400<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>&nbsp;<br><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Abbott Laboratories (ABT)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$12.59B<\/span><span data-contrast=\"auto\">,&nbsp;+13.0% YoY, beat estimates by $70M<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$1.31, beat estimates by $0.03<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">FY26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Raised FY26 adjusted EPS guidance to $5.45\u2013$5.60 from $5.38\u2013$5.58, while&nbsp;maintaining&nbsp;organic sales growth guidance of 6.5%\u20137.5%. The updated outlook incorporates the Exact Sciences acquisition and stronger diagnostics and medical-device performance.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Dividends\/Share Buybacks:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Maintained&nbsp;the quarterly dividend at $0.63 per share,&nbsp;representing&nbsp;Abbott\u2019s 54th consecutive year of dividend growth.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a strong and reassuring quarter. Diagnostics revenue increased 42% to $3.09B, supported by the addition of Exact Sciences and mid-teens Cologuard growth, while Medical Devices revenue rose 9% to $5.85B. The combination of&nbsp;earnings&nbsp;beat and raised full-year guidance&nbsp;indicates&nbsp;that the acquisition is contributing without disrupting Abbott\u2019s core&nbsp;medtech&nbsp;execution. The principal weakness was Diabetes Care, where&nbsp;FreeStyle&nbsp;Libre performance was softer than elevated expectations, particularly in the U.S. Nutrition revenue also declined 3.1%, although the result was better than feared. Abbott must now&nbsp;demonstrate&nbsp;that Libre growth can reaccelerate while integrating Exact Sciences and managing the associated earnings dilution and leverage. Shares rose&nbsp;approximately 11%&nbsp;to 12%, Abbott\u2019s strongest one-day gain in&nbsp;roughly 24&nbsp;years. The reaction reflects significant relief after prior&nbsp;medtech&nbsp;demand concerns.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $80&nbsp;to $115.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u96c5\u57f9\u516c\u53f8\uff08ABT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">125.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">13.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">7000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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<\/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\">1.31<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.03<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u66f4\u65b0\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">5.45\u20135.60<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">5.38\u20135.58<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff1b<\/span><span data-contrast=\"auto\">\u7ef4\u6301\u6709\u673a\u9500\u552e\u589e\u957f\u6307\u5f15<\/span><span data-contrast=\"auto\">6.5%\u20137.5%\uff1b<\/span><span data-contrast=\"auto\">\u4e0a\u8c03\u4e3b\u56e0<\/span><span data-contrast=\"auto\">Exact&nbsp;Sciences<\/span><span data-contrast=\"auto\">\u6536\u8d2d\u8d21\u732e\u53ca\u8bca\u65ad\u4e0e\u533b\u7597\u5668\u68b0\u4e1a\u52a1\u8d85\u9884\u671f\u8868\u73b0<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">0.63<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8fde\u7eed\u7b2c<\/span><span data-contrast=\"auto\">54<\/span><span data-contrast=\"auto\">\u5e74\u63d0\u9ad8\u80a1\u606f<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\u4e14\u5177\u5b89\u629a\u6027\uff0c\u663e\u8457\u7f13\u89e3\u5e02\u573a\u6b64\u524d\u5bf9\u533b\u7597\u79d1\u6280\u9700\u6c42\u75b2\u8f6f\u7684\u62c5\u5fe7\u3002\u8bca\u65ad\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">42%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">30.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e<\/span><span data-contrast=\"auto\">Exact Sciences<\/span><span data-contrast=\"auto\">\u5e76\u8868\u53ca<\/span><span data-contrast=\"auto\">Cologuard<\/span><span data-contrast=\"auto\">\u7ed3\u76f4\u80a0\u764c\u7b5b\u67e5\u4ea7\u54c1\u5b9e\u73b0\u4e2d\u53cc\u4f4d\u6570\u589e\u957f\uff1b\u533b\u7597\u5668\u68b0\u4e1a\u52a1\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">58.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u663e\u793a\u6838\u5fc3\u8fd0\u8425\u7a33\u5065\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c\u7cd6\u5c3f\u75c5\u62a4\u7406\u677f\u5757\u8868\u73b0\u900a\u4e8e\u9ad8\u9884\u671f\uff1a<\/span><span data-contrast=\"auto\">FreeStyle&nbsp;Libre<\/span><span data-contrast=\"auto\">\u5728\u7f8e\u56fd\u5e02\u573a\u589e\u901f\u653e\u7f13\uff0c\u6210\u4e3a\u4e3b\u8981\u62d6\u7d2f\uff1b\u8425\u517b\u54c1\u4e1a\u52a1\u867d\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">3.1%\uff0c<\/span><span data-contrast=\"auto\">\u4f46\u597d\u4e8e\u5e02\u573a\u6700\u60b2\u89c2\u9884\u671f<\/span><span data-contrast=\"auto\">\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1<\/span><span data-contrast=\"auto\">ExactSciences<\/span><span data-contrast=\"auto\">\u6536\u8d2d\u5e26\u6765\u77ed\u671f\u76c8\u5229\u7a00\u91ca\u4e0e\u6760\u6746\u4e0a\u5347\uff0c\u516c\u53f8\u4ecd\u5b9e\u73b0<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e0a\u8c03\uff0c\u8868\u660e\u6574\u5408\u8fdb\u5c55\u987a\u5229\uff0c\u672a\u5e72\u6270\u6838\u5fc3\u4e1a\u52a1\u6267\u884c\u529b\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u5927\u6da8<\/span><span data-contrast=\"auto\">11%\u201312%<\/span><span data-contrast=\"auto\">\uff0c\u521b\u8fd1<\/span><span data-contrast=\"auto\">24<\/span><span data-contrast=\"auto\">\u5e74\u6700\u5927\u5355\u65e5\u6da8\u5e45\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u201c\u9700\u6c42\u7a33\u5065<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u6574\u5408\u987a\u5229\u201d\u7ec4\u5408\u7684\u9ad8\u5ea6\u8ba4\u53ef\u3002<\/span><span data-contrast=\"auto\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09FreeStyle&nbsp;Libre<\/span><span data-contrast=\"auto\">\u80fd\u5426\u91cd\u62fe\u589e\u957f\u52a8\u80fd\uff0c\u5c24\u5176\u5728\u7f8e\u56fd\u5e02\u573a<\/span><span data-contrast=\"auto\">\uff1b\uff082\uff09Exact&nbsp;Sciences<\/span><span data-contrast=\"auto\">\u7684\u534f\u540c\u6548\u5e94\u91ca\u653e\u8282\u594f\u4e0e\u957f\u671f\u56de\u62a5<\/span><span data-contrast=\"auto\">\uff1b\uff083<\/span><span data-contrast=\"auto\">\uff09\u8bca\u65ad\u4e0e\u5668\u68b0\u4e1a\u52a1\u80fd\u5426\u7ef4\u6301\u9ad8\u4e2a\u4f4d\u6570\u4ee5\u4e0a\u589e\u957f\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u8425\u517b\u54c1\u4e1a\u52a1\u662f\u5426\u89e6\u5e95\u4f01\u7a33\u3002<\/span><span data-contrast=\"auto\">\u96c5\u57f9\u57fa\u672c\u9762\u7a33\u56fa\u3001\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u80a1\u606f\u53ef\u9760\uff0c\u5728\u533b\u7597\u5065\u5eb7\u9886\u57df\u5177\u5907\u957f\u671f\u7ed3\u6784\u6027\u4f18\u52bf\u3002\u5f53\u524d\u4f30\u503c\u5df2\u90e8\u5206\u53cd\u6620\u4e50\u89c2\u60c5\u7eea\uff0c\u9700\u89c2\u5bdf<\/span><span data-contrast=\"auto\">Libre<\/span><span data-contrast=\"auto\">\u590d\u82cf\u4e0e\u6574\u5408\u6210\u6548\u4ee5\u652f\u6491\u8fdb\u4e00\u6b65\u4e0a\u884c\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\">80<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">115<\/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=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Netflix, Inc. (NFLX)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$12.56B<\/span><span data-contrast=\"auto\">,&nbsp;+16.1% YoY,&nbsp;miss&nbsp;estimates by $20M<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">2Q26 GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$0.80, beat estimates by $0.01<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">3Q<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;3Q26 revenue is guided to $12.86B,&nbsp;representing&nbsp;approximately 12% YoY growth, below consensus of about $13.0B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Netflix narrowed FY26 revenue guidance to approximately $51.0B\u2013$51.4B and reiterated its expectation for advertising revenue to reach about $3B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">The quarter was operationally sound but insufficient against elevated expectations. Revenue grew 13%, earnings increased 9%, price increases were implemented without major disruption, and advertising&nbsp;remains&nbsp;on track to reach approximately $3B in FY26. Viewing hours also increased 2% in 1H26,&nbsp;indicating&nbsp;that engagement has not deteriorated sharply. The key concern is moderating growth and reduced disclosure. The 3Q revenue and EPS outlook missed consensus, while Netflix will reduce publication of its detailed viewing-hours report from twice yearly to annually beginning in 2027. This reinforced concerns that subscription maturity, YouTube and short-form competition, and higher content investment could make future growth less predictable. Shares initially fell approximately 8.6% after hours. The principal variables are advertising monetisation, membership growth after recent price increases, engagement trends, and returns from live programming and games.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $50&nbsp;to $90.&nbsp;Negative&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Netflix,&nbsp;Inc.\uff08NFLX<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">125.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">16.1%<\/span><span data-contrast=\"auto\">\uff0c\u7565\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">2000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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<\/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\">0.80<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.01<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536<\/span><span data-contrast=\"auto\">128.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u540c\u6bd4<\/span><span data-contrast=\"auto\">+12%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u7ea6<\/span><span data-contrast=\"auto\">130<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u7a84\u5168\u5e74\u8425\u6536\u81f3<\/span><span data-contrast=\"auto\">510<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">514<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u91cd\u7533\u5e7f\u544a\u6536\u5165\u76ee\u6807\u7ea6<\/span><span data-contrast=\"auto\">30<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u57fa\u672c\u9762\u7a33\u5065\uff0c\u4f46\u96be\u654c\u9ad8\u4f01\u7684\u5e02\u573a\u9884\u671f\u3002\u8ba2\u9605\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">13%<\/span><span data-contrast=\"auto\">\uff0c\u76c8\u5229\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\uff0c\u8fd1\u671f\u63d0\u4ef7\u672a\u5f15\u53d1\u5927\u89c4\u6a21\u7528\u6237\u6d41\u5931\uff0c\u5e7f\u544a\u4e1a\u52a1\u6309\u8ba1\u5212\u63a8\u8fdb\uff0c\u4e0a\u534a\u5e74\u89c2\u770b\u65f6\u957f\u4ea6\u5fae\u589e<\/span><span data-contrast=\"auto\">2%<\/span><span data-contrast=\"auto\">\uff0c\u663e\u793a\u7528\u6237\u53c2\u4e0e\u5ea6\u4ecd\u5177\u97e7\u6027\u3002<\/span><span data-contrast=\"auto\">\u7136\u800c\uff0c\u6838\u5fc3\u95ee\u9898\u5728\u4e8e\u589e\u957f\u653e\u7f13\u4e0e\u900f\u660e\u5ea6\u4e0b\u964d\uff1a<\/span><span data-contrast=\"auto\">Q3<\/span><span data-contrast=\"auto\">\u8425\u6536\u4e0e\u76c8\u5229\u6307\u5f15\u53cc\u53cc\u4e0d\u53ca\u9884\u671f\uff0c\u6697\u793a\u63d0\u4ef7\u6548\u5e94\u8fb9\u9645\u9012\u51cf\u6216\u65b0\u589e\u7528\u6237\u52a8\u80fd\u51cf\u5f31\uff1b<\/span><span data-contrast=\"auto\">\u516c\u53f8\u5ba3\u5e03\u81ea<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u8d77\u5c06\u89c2\u770b\u65f6\u957f\u62a5\u544a\u4ece\u534a\u5e74\u4e00\u6b21\u6539\u4e3a\u5e74\u5ea6\u53d1\u5e03\uff0c\u51cf\u5c11\u5173\u952e\u8fd0\u8425\u6570\u636e\u62ab\u9732\uff0c\u52a0\u5267\u6295\u8d44\u8005\u5bf9\u589e\u957f\u53ef\u89c1\u5ea6\u7684\u62c5\u5fe7\u3002<\/span><span data-contrast=\"auto\">\u5e02\u573a\u62c5\u5fe7\u6b63\u5728\u8f6c\u5411\u7ed3\u6784\u6027\u6311\u6218\uff1a\u8ba2\u9605\u6a21\u5f0f\u8d8b\u4e8e\u6210\u719f\u3001<\/span><span data-contrast=\"auto\">YouTube<\/span><span data-contrast=\"auto\">\u53ca\u77ed\u89c6\u9891\u5e73\u53f0\u7ade\u4e89\u52a0\u5267\u3001\u5185\u5bb9\u6210\u672c\u6301\u7eed\u6500\u5347\uff0c\u53ef\u80fd\u524a\u5f31\u672a\u6765\u76c8\u5229\u53ef\u9884\u6d4b\u6027\u3002\u76d8\u540e\u80a1\u4ef7\u4e00\u5ea6\u5927\u8dcc<\/span><span data-contrast=\"auto\">8.6%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u201c\u589e\u957f\u51cf\u901f<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u4fe1\u606f\u6a21\u7cca\u201d\u7684\u53cc\u91cd\u5fe7\u8651\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\u5e7f\u544a\u4e1a\u52a1\u53d8\u73b0\u6548\u7387\u80fd\u5426\u8d85\u9884\u671f\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u63d0\u4ef7\u540e\u4f1a\u5458\u51c0\u589e\u662f\u5426\u53ef\u6301\u7eed\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u7528\u6237\u89c2\u770b\u65f6\u957f\u4e0e\u7559\u5b58\u7387\u8d8b\u52bf\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u76f4\u64ad\u6d3b\u52a8\uff08\u5982\u4f53\u80b2\u3001\u9881\u5956\u793c\uff09\u4e0e\u6e38\u620f\u4e1a\u52a1\u80fd\u5426\u5f00\u8f9f\u65b0\u589e\u957f\u66f2\u7ebf\u3002<\/span><span data-contrast=\"auto\">\u5c3d\u7ba1\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u5168\u7403\u7528\u6237\u57fa\u7840\u5e9e\u5927\uff0c\u4f46<\/span><span data-contrast=\"auto\">Netflix<\/span><span data-contrast=\"auto\">\u6b63\u4ece\u201c\u9ad8\u589e\u957f\u6545\u4e8b\u201d\u5411\u201c\u6210\u719f\u5e73\u53f0\u201d\u8fc7\u6e21\uff0c\u4f30\u503c\u903b\u8f91\u9762\u4e34\u91cd\u5851\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\">50<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">90<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">\n<p><\/p>\n<p><\/p><\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Alcoa Corp. (AA)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$17.7B<\/span><span data-contrast=\"auto\">,&nbsp;+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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance<\/span><\/b><span data-contrast=\"auto\">:&nbsp;Expect&nbsp;<\/span><span data-contrast=\"auto\">alumina segment performance to be net&nbsp;favorable&nbsp;by about $10M, helped by&nbsp;Pinjarra\u2019s&nbsp;recovery and lower diesel and fuel oil prices, to&nbsp;be partly offset by maintenance at the&nbsp;Alumar&nbsp;refinery and&nbsp;Juruti&nbsp;mine.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Lowered full-year alumina production guidance to 9.5M&nbsp;to 9.6M&nbsp;metric tons and shipment guidance to 11.5M&nbsp;to 11.6M&nbsp;metric tons, citing the disruption at&nbsp;Pinjarra.&nbsp;Refinery has stabilized, but it does not expect to fully recover the lost second-quarter volumes.&nbsp;The company also raised full-year depreciation guidance to about $660M&nbsp;and other corporate expenses to about $180M.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Alcoa delivered a strong second quarter, with revenue rising 24% YoY to a record US$4.0bn and adjusted EBITDA increasing to US$901mn, driven by higher&nbsp;aluminum&nbsp;prices, increased shipments, and improved value-added product premiums. Primary&nbsp;aluminum&nbsp;production increased by 30,000 metric tons following several capacity restarts, while stable operations and disciplined cost management helped the&nbsp;aluminum&nbsp;segment achieve a record EBITDA margin of 32.3%. The company also advanced several strategic initiatives, including expanding its Norwegian&nbsp;casthouse, developing a gallium production facility in Australia, and announcing the transformative acquisition of South32&#8217;s upstream&nbsp;aluminum&nbsp;assets, which is expected to add substantial production capacity, generate approximately US$900mn in net present value synergies, and be immediately accretive to earnings and cash flow. Despite operational challenges at the&nbsp;Pinjarra&nbsp;refinery that led to lower full-year alumina production guidance, Alcoa&nbsp;maintained&nbsp;a strong balance sheet with US$1.4bn in cash and generated US$422mn of free cash flow during the quarter.&nbsp;Alcoa is well-positioned to&nbsp;benefit&nbsp;from&nbsp;favorable&nbsp;long-term&nbsp;aluminum&nbsp;and alumina fundamentals, supported by increasing demand from electrification, grid investment, transportation, packaging, and broader industrial growth. The acquisition of South32&#8217;s upstream assets significantly&nbsp;strengthens its leadership position across the&nbsp;aluminum&nbsp;value chain, enhances cash flow generation, and provides exposure to high-quality, low-cost assets that would be difficult to replicate organically. In the near term, Alcoa should&nbsp;benefit&nbsp;from tight&nbsp;aluminum&nbsp;markets, low global inventories, stronger regional premiums, and increasing customer preference for localized supply chains, although earnings may remain sensitive to commodity price volatility, operational disruptions, and geopolitical developments&nbsp;impacting&nbsp;global supply and demand dynamics.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $40&nbsp;to $50.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u7f8e\u56fd\u94dd\u4e1a\u516c\u53f8\uff08AA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">177<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">16.1%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">1.3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff08<\/span><\/b><b><span data-contrast=\"auto\">EPS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">1.99<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">0.14<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u6c27\u5316\u94dd\u4e1a\u52a1\u677f\u5757\u51c0\u8d21\u732e\u7ea6<\/span><span data-contrast=\"auto\">1,000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143\u7684\u6b63\u5411\u5f71\u54cd\uff0c\u5f97\u76ca\u4e8e<\/span><span data-contrast=\"auto\">Pinjarra<\/span><span data-contrast=\"auto\">\u5de5\u5382\u7684\u6062\u590d\u4ee5\u53ca\u67f4\u6cb9\u548c\u71c3\u6599\u6cb9\u4ef7\u683c\u4e0b\u964d\uff0c\u4f46\u90e8\u5206\u5c06\u88ab<\/span><span data-contrast=\"auto\">Alumar<\/span><span data-contrast=\"auto\">\u70bc\u6cb9\u5382\u548c<\/span><span data-contrast=\"auto\">Juruti<\/span><span data-contrast=\"auto\">\u77ff\u5c71\u7684\u7ef4\u62a4\u5de5\u4f5c\u6240\u62b5\u6d88\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7531\u4e8e<\/span><span data-contrast=\"auto\">Pinjarra<\/span><span data-contrast=\"auto\">\u5de5\u5382\u4e2d\u65ad\uff0c\u516c\u53f8\u5c06\u5168\u5e74\u6c27\u5316\u94dd\u4ea7\u91cf\u6307\u5f15\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">950<\/span><span data-contrast=\"auto\">\u4e07\u2013<\/span><span data-contrast=\"auto\">960<\/span><span data-contrast=\"auto\">\u4e07\u516c\u5428\uff0c\u51fa\u8d27\u91cf\u6307\u5f15\u4e0b\u8c03\u81f3<\/span><span data-contrast=\"auto\">1,150<\/span><span data-contrast=\"auto\">\u4e07\u2013<\/span><span data-contrast=\"auto\">1,160<\/span><span data-contrast=\"auto\">\u4e07\u516c\u5428\u3002\u867d\u7136\u70bc\u6cb9\u5382\u8fd0\u8425\u5df2\u7a33\u5b9a\uff0c\u4f46\u516c\u53f8\u9884\u8ba1\u65e0\u6cd5\u5b8c\u5168\u5f25\u8865\u7b2c\u4e8c\u5b63\u5ea6\u635f\u5931\u7684\u4ea7\u91cf\u3002\u6b64\u5916\uff0c\u516c\u53f8\u5c06\u5168\u5e74\u6298\u65e7\u6307\u5f15\u4e0a\u8c03\u81f3\u7ea6<\/span><span data-contrast=\"auto\">6.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5176\u4ed6\u4f01\u4e1a\u8d39\u7528\u4e0a\u8c03\u81f3\u7ea6<\/span><span data-contrast=\"auto\">1.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u8bc4\u8bba\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7f8e\u56fd\u94dd\u4e1a\u7b2c\u4e8c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">24%<\/span><span data-contrast=\"auto\">\u81f3\u521b\u7eaa\u5f55\u7684<\/span><span data-contrast=\"auto\">40<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u589e\u81f3<\/span><span data-contrast=\"auto\">9.01<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u94dd\u4ef7\u4e0a\u6da8\u3001\u51fa\u8d27\u91cf\u589e\u52a0\u4ee5\u53ca\u9ad8\u9644\u52a0\u503c\u4ea7\u54c1\u6ea2\u4ef7\u63d0\u5347\u3002\u5728\u591a\u6b21\u4ea7\u80fd\u91cd\u542f\u540e\uff0c\u539f\u94dd\u4ea7\u91cf\u589e\u52a0<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\u4e07\u5428\uff0c\u540c\u65f6\u7a33\u5b9a\u7684\u8fd0\u8425\u548c\u4e25\u683c\u7684\u6210\u672c\u7ba1\u7406\u5e2e\u52a9\u94dd\u4e1a\u52a1\u677f\u5757\u5b9e\u73b0<\/span><span data-contrast=\"auto\">32.3%<\/span><span data-contrast=\"auto\">\u7684\u521b\u7eaa\u5f55<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u5229\u6da6\u7387\u3002\u516c\u53f8\u8fd8\u63a8\u8fdb\u591a\u9879\u6218\u7565\u4e3e\u63aa\uff0c\u5305\u62ec\u6269\u5efa\u632a\u5a01\u94f8\u9020\u5382\u3001\u5728\u6fb3\u5927\u5229\u4e9a\u5f00\u53d1\u9553\u751f\u4ea7\u8bbe\u65bd\uff0c\u5e76\u5ba3\u5e03\u6536\u8d2d<\/span><span data-contrast=\"auto\">South32<\/span><span data-contrast=\"auto\">\u4e0a\u6e38\u94dd\u8d44\u4ea7\uff0c\u8be5\u4ea4\u6613\u9884\u8ba1\u5c06\u5927\u5e45\u589e\u52a0\u751f\u4ea7\u80fd\u529b\uff0c\u4ea7\u751f\u7ea6<\/span><span data-contrast=\"auto\">9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u51c0\u73b0\u503c\u534f\u540c\u6548\u5e94\uff0c\u5e76\u7acb\u5373\u63d0\u5347\u76c8\u5229\u548c\u73b0\u91d1\u6d41\u3002\u5c3d\u7ba1<\/span><span data-contrast=\"auto\">Pinjarra<\/span><span data-contrast=\"auto\">\u70bc\u6cb9\u5382\u7684\u8fd0\u8425\u6311\u6218\u5bfc\u81f4\u5168\u5e74\u6c27\u5316\u94dd\u4ea7\u91cf\u6307\u5f15\u4e0b\u8c03\uff0c\u4f46\u7f8e\u56fd\u94dd\u4e1a\u8d44\u4ea7\u8d1f\u503a\u8868\u4f9d\u7136\u5f3a\u52b2\uff0c\u6301\u6709\u73b0\u91d1<\/span><span data-contrast=\"auto\">14<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u672c\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u8fbe<\/span><span data-contrast=\"auto\">4.22<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u51ed\u501f\u7535\u6c14\u5316\u3001\u7535\u7f51\u6295\u8d44\u3001\u4ea4\u901a\u8fd0\u8f93\u3001\u5305\u88c5\u53ca\u66f4\u5e7f\u6cdb\u5de5\u4e1a\u589e\u957f\u5e26\u6765\u7684\u9700\u6c42\u4e0a\u5347\uff0c\u7f8e\u56fd\u94dd\u4e1a\u6709\u671b\u53d7\u76ca\u4e8e\u94dd\u548c\u6c27\u5316\u94dd\u957f\u671f\u7684\u6709\u5229\u57fa\u672c\u9762\u3002\u6536\u8d2d<\/span><span data-contrast=\"auto\">South32<\/span><span data-contrast=\"auto\">\u4e0a\u6e38\u8d44\u4ea7\u663e\u8457\u589e\u5f3a\u4e86\u5176\u5728\u94dd\u4ef7\u503c\u94fe\u4e2d\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u63d0\u5347\u4e86\u73b0\u91d1\u6d41\u751f\u6210\u80fd\u529b\uff0c\u5e76\u4f7f\u5176\u83b7\u5f97\u96be\u4ee5\u901a\u8fc7\u5185\u751f\u65b9\u5f0f\u590d\u5236\u7684\u9ad8\u8d28\u91cf\u3001\u4f4e\u6210\u672c\u8d44\u4ea7\u3002\u77ed\u671f\u5185\uff0c\u7f8e\u56fd\u94dd\u4e1a\u5c06\u4ece\u7d27\u5f20\u7684\u94dd\u5e02\u573a\u3001\u8f83\u4f4e\u7684\u5168\u7403\u5e93\u5b58\u3001\u66f4\u5f3a\u7684\u533a\u57df\u6ea2\u4ef7\u4ee5\u53ca\u5ba2\u6237\u5bf9\u672c\u5730\u5316\u4f9b\u5e94\u94fe\u7684\u504f\u597d\u4e2d\u53d7\u76ca\uff0c\u4f46\u76c8\u5229\u4ecd\u53ef\u80fd\u5bf9\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u6ce2\u52a8\u3001\u8fd0\u8425\u4e2d\u65ad\u4ee5\u53ca\u5f71\u54cd\u5168\u7403\u4f9b\u9700\u7684\u5730\u7f18\u653f\u6cbb\u53d1\u5c55\u4fdd\u6301\u654f\u611f\u3002<\/span><b><span data-contrast=\"auto\">2026<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">40<span data-contrast=\"auto\">\u81f3<\/span>50<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Intuitive Surgical Inc. (ISRG)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$2.89B<\/span><span data-contrast=\"auto\">,&nbsp;+18.4% YoY, beat estimates by $60M<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Non-GAAP&nbsp;EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.80, beat estimates by $0.30<\/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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect&nbsp;da Vinci procedure growth forecast&nbsp;to&nbsp;remain&nbsp;unchanged&nbsp;at 13.5% to 15.5% and&nbsp;expects growth to come in near the midpoint of that range. Management said the first half of the year ran closer to 15%, but it expects some moderation in the second half because of tougher comparisons and seasonal effects.&nbsp;The company raised its non-GAAP gross margin guidance for 2026 to 68% to 69%, from a prior range of 67.5% to 68.5%, reflecting&nbsp;the&nbsp;removal of tariff pressure, a refund related to previously paid tariffs, product cost reductions and leverage from newer products such as da Vinci 5 and Ion.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Intuitive Surgical delivered another strong quarter, with Q2 revenue rising 19% YoY to US$2.89bn and non-GAAP EPS increasing 28% to US$2.80, driven by continued adoption of its robotic surgery ecosystem. Total procedures grew 16%, including 15% growth in da Vinci procedures and 36% growth in Ion procedures, while the installed base of da Vinci and Ion systems expanded 12% and 21%, respectively, to&nbsp;nearly 13,000&nbsp;systems worldwide. System placements remained robust, with 468 da Vinci systems and 55 Ion systems installed during the quarter, reflecting strong demand for the new da Vinci 5 platform and growing adoption of SP and Ion technologies. Despite a moderation in U.S. procedure growth due to deferred elective procedures and changes in patient insurance dynamics, international markets remained resilient, with da Vinci procedures growing 20% outside the U.S. The company also continued to invest heavily in innovation, rolling out updates for da Vinci 5, expanding its single-port and lung biopsy platforms, and advancing new robotic applications in gastrointestinal, cardiac, and other disease areas.&nbsp;With a growing installed base, increasing procedure penetration across multiple specialties, and continued innovation across its da Vinci, SP, and Ion platforms, Intuitive Surgical&nbsp;remains&nbsp;well-positioned to sustain long-term growth in robotic-assisted surgery. The company should&nbsp;benefit&nbsp;from deferred U.S. procedures eventually returning, expanding reimbursement support in key international markets such as Japan and India, and broader adoption in cost-sensitive settings through initiatives such as&nbsp;XiR&nbsp;and the Extended Use Program. However, near-term growth could remain tempered by patient affordability concerns in the U.S., competitive and policy pressures in China, and ongoing macroeconomic uncertainties that may&nbsp;impact&nbsp;capital spending and elective procedure volumes.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $340&nbsp;to $380.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u76f4\u89c9\u5916\u79d1\u516c\u53f8\uff08ISRG<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">28.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">18.4%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">6,000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff08<\/span><\/b><b><span data-contrast=\"auto\">EPS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">2.80<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f<\/span><span data-contrast=\"auto\">0.30<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8fbe\u82ac\u5947\u624b\u672f\u91cf\u589e\u957f\u9884\u6d4b\u7ef4\u6301\u5728<\/span><span data-contrast=\"auto\">13.5%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">15.5%<\/span><span data-contrast=\"auto\">\u4e0d\u53d8\uff0c\u5e76\u9884\u671f\u5b9e\u9645\u589e\u957f\u5c06\u63a5\u8fd1\u8be5\u533a\u95f4\u7684\u4e2d\u503c\u3002\u7ba1\u7406\u5c42\u8868\u793a\uff0c\u4e0a\u534a\u5e74\u589e\u957f\u7387\u63a5\u8fd1<\/span><span data-contrast=\"auto\">15%<\/span><span data-contrast=\"auto\">\uff0c\u4f46\u7531\u4e8e\u57fa\u6570\u6548\u5e94\u548c\u5b63\u8282\u6027\u56e0\u7d20\u5f71\u54cd\uff0c\u9884\u8ba1\u4e0b\u534a\u5e74\u589e\u901f\u5c06\u6709\u6240\u653e\u7f13\u3002\u516c\u53f8\u5c06<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74\u975e<\/span><span data-contrast=\"auto\">GAAP<\/span><span data-contrast=\"auto\">\u6bdb\u5229\u7387\u6307\u5f15\u4ece\u4e4b\u524d\u7684<\/span><span data-contrast=\"auto\">67.5%-68.5%<\/span><span data-contrast=\"auto\">\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">68%-69%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u51fa\u5173\u7a0e\u538b\u529b\u7f13\u89e3\u3001\u6b64\u524d\u5df2\u652f\u4ed8\u5173\u7a0e\u7684\u9000\u6b3e\u3001\u4ea7\u54c1\u6210\u672c\u964d\u4f4e\u4ee5\u53ca\u8fbe\u82ac\u5947<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\u4ee3\uff08<\/span><span data-contrast=\"auto\">da Vinci 5<\/span><span data-contrast=\"auto\">\uff09\u548c<\/span><span data-contrast=\"auto\">Ion<\/span><span data-contrast=\"auto\">\u7b49\u65b0\u4ea7\u54c1\u5e26\u6765\u7684\u6760\u6746\u6548\u5e94\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u8bc4\u8bba\uff1a<\/span><\/b><span data-contrast=\"auto\">\u76f4\u89c9\u5916\u79d1\u518d\u6b21\u4ea4\u51fa\u5f3a\u52b2\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">19%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">28.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u975e<\/span><span data-contrast=\"auto\">GAAP<\/span><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\u589e\u957f<\/span><span data-contrast=\"auto\">28%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">2.80<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u673a\u5668\u4eba\u624b\u672f\u751f\u6001\u7cfb\u7edf\u7684\u6301\u7eed\u666e\u53ca\u3002\u603b\u624b\u672f\u91cf\u589e\u957f<\/span><span data-contrast=\"auto\">16%<\/span><span data-contrast=\"auto\">\uff0c\u5176\u4e2d\u8fbe\u82ac\u5947\u624b\u672f\u91cf\u589e\u957f<\/span><span data-contrast=\"auto\">15%\uff0cIon<\/span><span data-contrast=\"auto\">\u624b\u672f\u91cf\u589e\u957f<\/span><span data-contrast=\"auto\">36%<\/span><span data-contrast=\"auto\">\uff1b\u8fbe\u82ac\u5947\u548c<\/span><span data-contrast=\"auto\">Ion<\/span><span data-contrast=\"auto\">\u7cfb\u7edf\u7684\u88c5\u673a\u91cf\u5206\u522b\u589e\u957f<\/span><span data-contrast=\"auto\">12%<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">21%<\/span><span data-contrast=\"auto\">\uff0c\u5168\u7403\u7d2f\u8ba1\u88c5\u673a\u91cf\u63a5\u8fd1<\/span><span data-contrast=\"auto\">13,000<\/span><span data-contrast=\"auto\">\u53f0\u3002\u7cfb\u7edf\u6295\u653e\u4fdd\u6301\u5f3a\u52b2\uff0c\u672c\u5b63\u5ea6\u65b0\u589e\u5b89\u88c5<\/span><span data-contrast=\"auto\">468<\/span><span data-contrast=\"auto\">\u53f0\u8fbe\u82ac\u5947\u7cfb\u7edf\u548c<\/span><span data-contrast=\"auto\">55<\/span><span data-contrast=\"auto\">\u53f0<\/span><span data-contrast=\"auto\">Ion<\/span><span data-contrast=\"auto\">\u7cfb\u7edf\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5bf9\u65b0\u4e00\u4ee3\u8fbe\u82ac\u5947<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\u4ee3\u5e73\u53f0\u7684\u5f3a\u52b2\u9700\u6c42\uff0c\u4ee5\u53ca\u5355\u5b54\uff08<\/span><span data-contrast=\"auto\">SP<\/span><span data-contrast=\"auto\">\uff09\u548c<\/span><span data-contrast=\"auto\">Ion<\/span><span data-contrast=\"auto\">\u6280\u672f\u7684\u65e5\u76ca\u666e\u53ca\u3002\u5c3d\u7ba1\u56e0\u62e9\u671f\u624b\u672f\u63a8\u8fdf\u548c\u60a3\u8005\u4fdd\u9669\u7ed3\u6784\u53d8\u5316\u5bfc\u81f4\u7f8e\u56fd\u624b\u672f\u91cf\u589e\u901f\u653e\u7f13\uff0c\u4f46\u56fd\u9645\u5e02\u573a\u8868\u73b0\u4f9d\u7136\u7a33\u5065\uff0c\u7f8e\u56fd\u4ee5\u5916\u5730\u533a\u7684\u8fbe\u82ac\u5947\u624b\u672f\u91cf\u589e\u957f<\/span><span data-contrast=\"auto\">20%<\/span><span data-contrast=\"auto\">\u3002\u516c\u53f8\u7ee7\u7eed\u5927\u529b\u6295\u5165\u521b\u65b0\uff0c\u63a8\u51fa\u8fbe\u82ac\u5947<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\u4ee3\u7684\u66f4\u65b0\u7248\u672c\uff0c\u6269\u5c55\u5355\u5b54\u624b\u672f\u548c\u80ba\u6d3b\u68c0\u5e73\u53f0\uff0c\u5e76\u5728\u80c3\u80a0\u3001\u5fc3\u810f\u53ca\u5176\u4ed6\u75be\u75c5\u9886\u57df\u63a8\u8fdb\u65b0\u7684\u673a\u5668\u4eba\u5e94\u7528\u3002\u968f\u7740\u88c5\u673a\u57fa\u6570\u4e0d\u65ad\u6269\u5927\u3001\u591a\u4e13\u79d1\u624b\u672f\u6e17\u900f\u7387\u6301\u7eed\u63d0\u5347\uff0c\u4ee5\u53ca\u8fbe\u82ac\u5947\u3001<\/span><span data-contrast=\"auto\">SP<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">Ion<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u4e0a\u7684\u6301\u7eed\u521b\u65b0\uff0c\u76f4\u89c9\u5916\u79d1\u5728\u673a\u5668\u4eba\u8f85\u52a9\u624b\u672f\u9886\u57df\u7684\u957f\u671f\u589e\u957f\u524d\u666f\u4f9d\u7136\u7a33\u56fa\u3002\u516c\u53f8\u6709\u671b\u53d7\u76ca\u4e8e\u7f8e\u56fd\u88ab\u63a8\u8fdf\u7684\u624b\u672f\u6700\u7ec8\u6062\u590d\u3001\u65e5\u672c\u548c\u5370\u5ea6\u7b49\u5173\u952e\u56fd\u9645\u5e02\u573a\u7684\u62a5\u9500\u652f\u6301\u6269\u5927\uff0c\u4ee5\u53ca\u901a\u8fc7<\/span><span data-contrast=\"auto\">XiR<\/span><span data-contrast=\"auto\">\u548c\u5ef6\u957f\u4f7f\u7528\u8ba1\u5212\uff08<\/span><span data-contrast=\"auto\">Extended Use Program<\/span><span data-contrast=\"auto\">\uff09\u7b49\u4e3e\u63aa\u5728\u6210\u672c\u654f\u611f\u5e02\u573a\u4e2d\u7684\u66f4\u5e7f\u6cdb\u91c7\u7528\u3002\u7136\u800c\uff0c\u77ed\u671f\u589e\u957f\u53ef\u80fd\u4ecd\u53d7\u9650\u4e8e\u7f8e\u56fd\u60a3\u8005\u7684\u652f\u4ed8\u80fd\u529b\u62c5\u5fe7\u3001\u4e2d\u56fd\u7684\u7ade\u4e89\u4e0e\u653f\u7b56\u538b\u529b\uff0c\u4ee5\u53ca\u53ef\u80fd\u5f71\u54cd\u8d44\u672c\u652f\u51fa\u548c\u62e9\u671f\u624b\u672f\u91cf\u7684\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u3002<\/span><b><span data-contrast=\"auto\">2026<\/span><\/b><b><span data-contrast=\"auto\">\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">340<span data-contrast=\"auto\">\u81f3<\/span>380<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/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 SPWR SP Sunpower Group Ltd.\u00a0 Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 BAL SP Bumitama Agri Ltd.\u00a0 Shares closed above the 5dEMA with rising volume. Both RSI and MACD are constructive. Buy \u2013 [&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-92514","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: 20 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 BAL SP Bumitama Agri Ltd. Shares closed above the 5dEMA with rising volume. Both RSI and\" \/>\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-20-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: 20 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 20 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 BAL SP Bumitama Agri Ltd. Shares closed above the 5dEMA with rising volume. Both RSI and\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-20-july-2026\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-20T01:24:20+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-20T13:17:19+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"Technical Analysis: 20 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 20 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 BAL SP Bumitama Agri Ltd. Shares closed above the 5dEMA with rising volume. Both RSI and\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 20 July 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 20 July 2026\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Screenshot-2026-07-20-at-9.20.59-AM.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#articleImage\"},\"datePublished\":\"2026-07-20T09:24:20+08:00\",\"dateModified\":\"2026-07-20T21:17:19+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#webpage\"},\"articleSection\":\"Technical Analysis\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"name\":\"Technical Analysis\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"position\":2,\"name\":\"Technical Analysis\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#listItem\",\"name\":\"Technical Analysis: 20 July 2026\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#listItem\",\"position\":3,\"name\":\"Technical Analysis: 20 July 2026\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/technical-analysis\\\/#listItem\",\"name\":\"Technical Analysis\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\",\"name\":\"KGI Research Singapore\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/cropped-Square-logo-PNG.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#organizationLogo\",\"width\":512,\"height\":512},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/enya-tankgi-com\\\/\",\"name\":\"Enya Tan\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4f09a39c9a5aa4debb9941c1ec24d69ad141e38f63db32b2779cc8567ab1f843?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Enya Tan\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/#webpage\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-20-july-2026\\\/\",\"name\":\"Technical Analysis: 20 July 2026 \\u2022 KGI Singapore Research\",\"description\":\"TECHNICAL ANALYSIS Technical Analysis: 20 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA. Both RSI and MACD are constructive. Buy \\u2013 Entry 0.50, Target 0.64, Stop 0.43 BAL SP Bumitama Agri Ltd. Shares closed above the 5dEMA with rising volume. 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