{"id":92901,"date":"2026-07-30T08:52:43","date_gmt":"2026-07-30T00:52:43","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92901"},"modified":"2026-07-30T13:26:43","modified_gmt":"2026-07-30T05:26:43","slug":"technical-analysis-30-july-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-30-july-2026\/","title":{"rendered":"Technical Analysis: 30 July 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92901\" class=\"elementor elementor-92901\" 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: 30 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-top: 0px; padding-right: 15px; padding-bottom: 0px; 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;\">HKL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hongkong Land Holdings Limited.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA\u00a0with an increase in volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" 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\">RSI\u00a0is slightly\u00a0overbought\u00a0but\u00a0MACD\u00a0is still\u00a0constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a08.0, Target\u00a09.0, Stop\u00a07.5<\/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-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=\"1806\" height=\"1076\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM.png\" class=\"attachment-full size-full wp-image-92904\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM.png 1806w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM-1024x610.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM-768x458.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.54.29-AM-1536x915.png 1536w\" sizes=\"(max-width: 1806px) 100vw, 1806px\" \/>\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;\">SASSR SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Sasseur Real Estate Investment Trust<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA\u00a0with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a00.68, Target\u00a00.72, Stop\u00a00.66<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f6c763 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f6c763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a7904c elementor-widget elementor-widget-image\" data-id=\"2a7904c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1814\" height=\"1084\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM.png\" class=\"attachment-full size-full wp-image-92905\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM.png 1814w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM-1024x612.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM-768x459.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.55.10-AM-1536x918.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/>\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-dd4939c e-flex e-con-boxed e-con e-parent\" data-id=\"dd4939c\" 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-21f7cb3 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"21f7cb3\" 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-2b45698 elementor-widget elementor-widget-text-editor\" data-id=\"2b45698\" 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-top: 0px; padding-right: 15px; padding-bottom: 0px; 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;\">388 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hong Kong Exchanges and Clearing Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a91a36d elementor-widget elementor-widget-text-editor\" data-id=\"a91a36d\" 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=\"16\" 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 at a\u00a0one-month high above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"16\" 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=\"16\" 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\u00a0405,\u00a0Target\u00a0430,\u00a0Stop\u00a0393<\/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-38e94c1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"38e94c1\" 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-bfa23fb elementor-widget elementor-widget-image\" data-id=\"bfa23fb\" 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=\"1808\" height=\"1074\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM.png\" class=\"attachment-full size-full wp-image-92906\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM.png 1808w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM-1024x608.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM-768x456.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.04-AM-1536x912.png 1536w\" sizes=\"(max-width: 1808px) 100vw, 1808px\" \/>\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-7b8022e e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"7b8022e\" 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-d6b8373 elementor-widget elementor-widget-text-editor\" data-id=\"d6b8373\" 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;\">3690 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Meituan<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" 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=\"16\" 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 closed\u00a0at a five-months high above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"16\" 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\">RSI and MACD is 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=\"16\" 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\u00a091.4, Target\u00a098.7, Stop\u00a087.0<\/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-994114a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"994114a\" 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-cd858b1 elementor-widget elementor-widget-image\" data-id=\"cd858b1\" 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=\"1812\" height=\"1070\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM.png\" class=\"attachment-full size-full wp-image-92907\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM.png 1812w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM-1024x605.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM-768x454.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-8.56.36-AM-1536x907.png 1536w\" sizes=\"(max-width: 1812px) 100vw, 1812px\" \/>\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;\">XOM US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">ExxonMobil Holdings Corporation.<\/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=\"22\" 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=\"22\" 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=\"22\" 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\u00a0154,\u00a0Target\u00a0170,\u00a0Stop\u00a0146<\/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=\"908\" height=\"538\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.32-PM.png\" class=\"attachment-full size-full wp-image-92927\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.32-PM.png 908w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.32-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.32-PM-768x455.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/>\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;\">CVX US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Chevron Corporation<\/h3><\/div>\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-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=\"2\" 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 increasing volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"2\" 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\u00a0190,\u00a0Target\u00a0210,\u00a0Stop\u00a0180<\/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-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=\"908\" height=\"544\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.55-PM.png\" class=\"attachment-full size-full wp-image-92928\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.55-PM.png 908w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.55-PM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-30-at-1.25.55-PM-768x460.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/>\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\">SoFi Technologies, Inc. (SOFI)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$1.21B<\/span><span data-contrast=\"auto\">,\u00a0+41.0% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0<\/span><span data-contrast=\"auto\">$80M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">\u202f$0.12,\u00a0beat\u00a0estimates\u00a0by\u202f$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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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\">FY<\/span><\/b><b><span data-contrast=\"auto\">26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Raised FY26 revenue guidance to US$4.75B\u2013US$4.85B from the prior\u00a0outlook, but\u00a0maintained adjusted EPS guidance at US$0.60.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an excellent operating quarter. Adjusted revenue increased 40%, members grew 35% to 15.8M, products expanded 42% to 24.4M, and cross-selling continued to accelerate, with 51% of new products opened by existing members. Lending remained exceptionally strong while fee-based businesses continued to diversify the earnings base. The main issue was guidance quality rather than execution. Although management increased its full-year revenue outlook, it left adjusted EPS guidance unchanged. Investors also\u00a0remain\u00a0concerned about weaker performance in the Technology Platform segment following the loss of a major client and the continued reliance on balance-sheet growth to support earnings. Shares fell\u00a0roughly 9%\u201310% following the results despite record revenue and earnings, illustrating that expectations had shifted toward stronger profit upgrades. The principal variables to monitor are loan growth, net interest margin, Technology Platform recovery, fee-based revenue expansion, and continued cross-selling across the member base.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $12\u00a0to $18.\u00a0Negative\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">SoFi Technologies,\u00a0Inc.\uff08SOFI<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">12.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">41.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">8000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.12<\/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=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&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\">\u4e0a\u8c03\u5168\u5e74\u8425\u6536\u81f3<\/span><span data-contrast=\"auto\">47.5<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">48.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4f46\u7ef4\u6301\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u6307\u5f15\u5728<\/span><span data-contrast=\"auto\">0.60<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u4e0d\u53d8<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u6781\u4e3a\u51fa\u8272\uff0c\u5c55\u73b0\u5f3a\u52b2\u589e\u957f\u52a8\u80fd\u3002\u8c03\u6574\u540e\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">40%<\/span><span data-contrast=\"auto\">\uff0c\u4f1a\u5458\u6570\u8fbe<\/span><span data-contrast=\"auto\">1580<\/span><span data-contrast=\"auto\">\u4e07\uff08<\/span><span data-contrast=\"auto\">+35%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u4ea7\u54c1\u6301\u6709\u91cf\u589e\u81f3<\/span><span data-contrast=\"auto\">2440<\/span><span data-contrast=\"auto\">\u4e07\uff08<\/span><span data-contrast=\"auto\">+42%\uff09\uff0c51%<\/span><span data-contrast=\"auto\">\u7684\u65b0\u4ea7\u54c1\u7531\u73b0\u6709\u4f1a\u5458\u5f00\u901a\uff0c\u51f8\u663e\u4ea4\u53c9\u9500\u552e\u6548\u7387\u6301\u7eed\u63d0\u5347\u3002\u8d37\u6b3e\u4e1a\u52a1\u8868\u73b0\u5c24\u4e3a\u5f3a\u52b2\uff0c\u540c\u65f6\u624b\u7eed\u8d39\u6536\u5165\u591a\u5143\u5316\u8fdb\u5c55\u826f\u597d\uff0c\u964d\u4f4e\u5bf9\u5355\u4e00\u6536\u5165\u6765\u6e90\u7684\u4f9d\u8d56\u3002\u7136\u800c\uff0c\u5e02\u573a\u53cd\u5e94\u8d1f\u9762\u2014\u2014\u80a1\u4ef7\u5927\u8dcc<\/span><span data-contrast=\"auto\">9%\u201310%<\/span><span data-contrast=\"auto\">\uff0c\u4e3b\u56e0\u5728\u4e8e\u76c8\u5229\u6307\u5f15\u672a\u540c\u6b65\u4e0a\u8c03\u3002\u5c3d\u7ba1\u8425\u6536\u521b\u7eaa\u5f55\u3001\u7528\u6237\u6307\u6807\u4eae\u773c\uff0c\u4f46\u7ba1\u7406\u5c42\u9009\u62e9\u7ef4\u6301\u5168\u5e74<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u76ee\u6807\u4e0d\u53d8\uff0c\u5f15\u53d1\u6295\u8d44\u8005\u5bf9\u5229\u6da6\u8f6c\u5316\u80fd\u529b\u7684\u62c5\u5fe7\u3002\u6b64\u5916\uff0c<\/span><span data-contrast=\"auto\">Technology Platform<\/span><span data-contrast=\"auto\">\u677f\u5757\u6301\u7eed\u627f\u538b\uff08\u6b64\u524d\u5931\u53bb\u4e00\u5927\u578b\u5ba2\u6237\uff09\uff0c\u4e14\u516c\u53f8\u4ecd\u8f83\u4f9d\u8d56\u8d44\u4ea7\u8d1f\u503a\u8868\u6269\u5f20\uff08\u5982\u8d37\u6b3e\u89c4\u6a21\u589e\u957f\uff09\u9a71\u52a8\u76c8\u5229\uff0c\u5728\u5f53\u524d\u5229\u7387\u4e0e\u76d1\u7ba1\u73af\u5883\u4e0b\u5b58\u5728\u5c40\u9650\u6027\u3002\u6295\u8d44\u8005\u5df2\u5c06\u9884\u671f\u4ece\u201c\u589e\u957f\u9a8c\u8bc1\u201d\u8f6c\u5411\u201c\u76c8\u5229\u5347\u7ea7\u201d\uff0c\u800c<\/span><span data-contrast=\"auto\">SoFi<\/span><span data-contrast=\"auto\">\u672a\u80fd\u6ee1\u8db3\u8fd9\u4e00\u66f4\u9ad8\u95e8\u69db\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u8d37\u6b3e\u4f59\u989d\u589e\u957f\u7684\u53ef\u6301\u7eed\u6027\u53ca\u8d44\u4ea7\u8d28\u91cf\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u51c0\u5229\u606f<\/span><span data-contrast=\"auto\">\u00a0margin\u00a0<\/span><span data-contrast=\"auto\">\u8d70\u52bf\uff08\u53d7\u7f8e\u8054\u50a8\u653f\u7b56\u5f71\u54cd\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09Technology Platform<\/span><span data-contrast=\"auto\">\u80fd\u5426\u6b62\u8dcc\u6216\u627e\u5230\u65b0\u589e\u957f\u70b9\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u624b\u7eed\u8d39\u7c7b\u4e1a\u52a1\uff08\u5982\u4fdd\u9669\u3001\u8d22\u5bcc\u7ba1\u7406\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u4f1a\u5458<\/span><span data-contrast=\"auto\">ARPU<\/span><span data-contrast=\"auto\">\u4e0e\u4ea4\u53c9\u9500\u552e\u6df1\u5ea6\u662f\u5426\u7ee7\u7eed\u63d0\u5347\u3002<\/span><span data-contrast=\"auto\">SoFi<\/span><span data-contrast=\"auto\">\u751f\u6001\u534f\u540c\u6548\u5e94\u65e5\u76ca\u663e\u73b0\uff0c\u7528\u6237\u98de\u8f6e\u8fd0\u8f6c\u826f\u597d\uff0c\u4f46\u76c8\u5229\u8def\u5f84\u4ecd\u9700\u66f4\u6e05\u6670\u7684\u975e\u8d44\u4ea7\u8d1f\u503a\u8868\u9a71\u52a8\u6a21\u5f0f\u3002\u5728\u4f30\u503c\u5df2\u90e8\u5206\u53cd\u6620\u9ad8\u589e\u957f\u80cc\u666f\u4e0b\uff0c\u82e5<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u65e0\u6cd5\u52a0\u901f\uff0c\u80a1\u4ef7\u6216\u6301\u7eed\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\">12<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">18<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Ventas, Inc. (VTR)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$1.73B<\/span><span data-contrast=\"auto\">,\u00a0+21.8% YoY,\u00a0beat\u00a0estimates by $40M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0FFO<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.97,\u00a0miss\u00a0estimates\u00a0by $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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Raised FY26 Normalized FFO guidance to US$3.86\u2013US$3.92 per share (midpoint US$3.89) from prior guidance, reflecting stronger-than-expected senior housing fundamentals. Same-store SHOP NOI growth guidance was also increased as occupancy and pricing continued to improve.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Maintained\u00a0the quarterly dividend at US$0.48 per share.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was another strong beat-and-raise quarter. Senior housing\u00a0remained\u00a0the primary growth engine, supported by rising occupancy, higher rental rates and limited new industry supply. SHOP NOI growth continued to outperform expectations, while outpatient medical buildings delivered stable occupancy and rent collections. Demographic tailwinds from the ageing U.S. population remain firmly intact and continue to support multi-year earnings visibility. The principal concern is valuation rather than operations. Shares entered the results near record highs after a strong rally, leaving less room for further multiple expansion. In addition, higher interest rates and financing costs\u00a0remain\u00a0potential headwinds for acquisition activity and property valuations, although Ventas&#8217; balance sheet\u00a0remains\u00a0relatively well\u00a0positioned. Shares traded around all-time highs following the earnings release, with only a muted market reaction given elevated\u00a0expectation. The principal variables to monitor are continued SHOP occupancy gains, same-store NOI growth, acquisition opportunities, interest-rate\u00a0movements\u00a0and the pace of new senior-housing supply.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $90\u00a0to $110.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Ventas,\u00a0Inc.\uff08VTR<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">17.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f21.8%\uff0c\u8d85\u51fa\u9884\u671f4000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u8fd0\u8d44\u91d1\uff08FFO\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6bcf\u80a10.97\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u9884\u671f0.01\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">Normalized FFO\u6307\u5f15\u63d0\u5347\u81f3\u6bcf\u80a13.86\u20133.92\u7f8e\u5143\uff08\u4e2d\u503c3.89\u7f8e\u5143\uff09\uff0c\u4e3b\u56e0\u9ad8\u7aef\u517b\u8001\u4f4f\u5b85\uff08Senior\u00a0Housing\uff09\uff1b\u540c\u5e97SHOP\u00a0NOI\u589e\u957f\u6307\u5f15\u540c\u6b65\u4e0a\u8c03<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"8\" 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\u80a10.48\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5ef6\u7eed\u201c\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\u7684\u5f3a\u52bf\u8868\u73b0\uff0c\u57fa\u672c\u9762\u6301\u7eed\u6539\u5584\u3002\u517b\u8001\u4f4f\u5b85\u4e1a\u52a1\u4ecd\u662f\u6838\u5fc3\u9a71\u52a8\u529b\uff1a\u5165\u4f4f\u7387\u4e0e\u79df\u91d1\u53cc\u53cc\u63d0\u5347\uff0c\u53e0\u52a0\u884c\u4e1a\u65b0\u589e\u4f9b\u7ed9\u6709\u9650\uff0c\u63a8\u52a8SHOP NOI\u589e\u957f\u6301\u7eed\u8d85\u9884\u671f\u3002\u95e8\u8bca\u533b\u7597\u529e\u516c\u697c\uff08MOB\uff09\u677f\u5757\u4ea6\u8868\u73b0\u7a33\u5065\uff0c\u51fa\u79df\u7387\u4e0e\u79df\u91d1\u6536\u7f34\u7387\u4fdd\u6301\u9ad8\u4f4d\u3002\u7f8e\u56fd\u4eba\u53e3\u8001\u9f84\u5316\u957f\u671f\u8d8b\u52bf\u672a\u53d8\uff0c\u4e3a\u516c\u53f8\u63d0\u4f9b\u6e05\u6670\u7684\u591a\u5e74\u671f\u76c8\u5229\u80fd\u89c1\u5ea6\u3002\u7136\u800c\uff0c\u5e02\u573a\u53cd\u5e94\u5e73\u6de1\u2014\u2014\u80a1\u4ef7\u5728\u8d22\u62a5\u540e\u4ec5\u5fae\u5e45\u6ce2\u52a8\uff0c\u7ef4\u6301\u5728\u5386\u53f2\u9ad8\u4f4d\u9644\u8fd1\u3002\u4e3b\u56e0\u5728\u4e8e\uff1a\u4f30\u503c\u5df2\u5904\u4e8e\u9ad8\u4f4d\uff0c\u524d\u671f\u5f3a\u52b2\u4e0a\u6da8\u900f\u652f\u90e8\u5206\u5229\u597d\uff1bFFO\u5c0f\u5e45\u4e0d\u53ca\u9884\u671f\uff0c\u867d\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff0c\u4f46\u77ed\u671f\u5151\u73b0\u7565\u900a\uff1b\u5229\u7387\u9ad8\u4f01\u73af\u5883\u4ecd\u5236\u7ea6\u5e76\u8d2d\u6269\u5f20\u4e0e\u8d44\u4ea7\u91cd\u4f30\uff0c\u5c3d\u7ba1\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u76f8\u5bf9\u5065\u5eb7\uff08\u6295\u8d44\u7ea7\u8bc4\u7ea7\u3001\u56fa\u5b9a\u5229\u7387\u503a\u52a1\u5360\u6bd4\u9ad8\uff09\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u517b\u8001\u4f4f\u5b85\u5165\u4f4f\u7387\u80fd\u5426\u7ee7\u7eed\u5411\u75ab\u60c5\u524d\u9ad8\u70b9\uff08&gt;90%\uff09\u9760\u62e2\uff1b\uff082\uff09\u540c\u5e97NOI\u589e\u957f\u662f\u5426\u7ef4\u6301\u53cc\u4f4d\u6570\u52a8\u80fd\uff1b\uff083\uff09\u5229\u7387\u8d70\u52bf\u5bf9\u878d\u8d44\u6210\u672c\u4e0e\u8d44\u4ea7\u4f30\u503c\u7684\u5f71\u54cd\uff1b\uff084\uff09\u65b0\u517b\u8001\u793e\u533a\u4f9b\u5e94\u662f\u5426\u663e\u8457\u589e\u52a0\uff0c\u6539\u53d8\u4f9b\u9700\u5e73\u8861\uff1b\uff085\uff09\u6f5c\u5728\u6536\u8d2d\u673a\u4f1a\u7684\u51fa\u73b0\u4e0e\u6267\u884c\u6548\u7387\u3002Ventas\u4f5c\u4e3a\u533b\u7597\u5730\u4ea7REIT\u9f99\u5934\uff0c\u5728\u7ed3\u6784\u6027\u4eba\u53e3\u8d8b\u52bf\u4e0b\u5177\u5907\u957f\u671f\u4f18\u52bf\uff0c\u8fd0\u8425\u6307\u6807\u6301\u7eed\u9a8c\u8bc1\u590d\u82cf\u903b\u8f91\u3002\u4f46\u5f53\u524d\u4f30\u503c\u5df2\u53cd\u6620\u4e50\u89c2\u9884\u671f\uff0c\u8fdb\u4e00\u6b65\u4e0a\u884c\u9700\u66f4\u5f3a\u50ac\u5316\u5242\u6216\u5229\u7387\u73af\u5883\u6539\u5584\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u7f8e\u5143\u81f3110\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">The\u00a0Procter &amp; Gamble\u00a0Company (PG)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$21.2B<\/span><span data-contrast=\"auto\">, +1.5% YoY,\u00a0miss\u00a0estimates by $180M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$1.43, beat estimates by $0.02<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0FY27 net sales are expected to grow 1%\u20133%, below the prior year&#8217;s 3.3% growth. Core EPS is guided to US$6.89\u2013US$7.11, broadly in line with but slightly below market expectations. Management expects\u00a0approximately US$1B of profit headwinds from higher raw-material,\u00a0energy\u00a0and transportation costs.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:<\/span><\/b><span data-contrast=\"auto\">\u00a0P&amp;G\u00a0maintained\u00a0its long-standing dividend policy.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter. Core EPS exceeded expectations despite higher commodity and marketing costs, while Beauty\u00a0remained\u00a0the standout category with approximately 4% organic sales growth. However, overall organic volumes were flat, with weakness persisting in Grooming and Health Care, highlighting uneven consumer demand across the portfolio. The principal concern is margin pressure. Management expects elevated oil prices, geopolitical\u00a0uncertainty\u00a0and higher input costs to weigh on FY27 profitability while simultaneously increasing marketing and innovation spending. The restructuring programme, including approximately 7,000 non-manufacturing job reductions, has yet to produce a meaningful acceleration in market-share gains. Shares fell approximately 3% following the results as investors focused on the softer FY27 outlook rather than the earnings beat. The principal variables to monitor are commodity-cost inflation, North American volume recovery, the effectiveness of restructuring initiatives, and whether Beauty can continue offsetting weakness in other categories.\u00a0<\/span><b><span data-contrast=\"auto\">1Q27\u00a0recommended trading range: $140\u00a0to $160.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">The\u00a0Procter &amp; Gamble\u00a0Company\uff08PG<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">212<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">1.5%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">1.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.43<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u51c0\u9500\u552e\u989d\u9884\u8ba1\u589e\u957f<\/span><span data-contrast=\"auto\">1%\u20133%<\/span><span data-contrast=\"auto\">\uff08\u4f4e\u4e8e<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74<\/span><span data-contrast=\"auto\">3.3%<\/span><span data-contrast=\"auto\">\u7684\u589e\u901f\uff09\uff1b\u6838\u5fc3<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u6307\u5f15\u4e3a<\/span><span data-contrast=\"auto\">6.89\u20137.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\uff1b\u9884\u8ba1\u9762\u4e34\u7ea6<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u5229\u6da6\u9006\u98ce\uff0c\u6765\u81ea\u539f\u6750\u6599\u3001\u80fd\u6e90\u53ca\u8fd0\u8f93\u6210\u672c\u4e0a\u5347<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u957f\u671f\u7a33\u5b9a\u7684\u80a1\u606f\u653f\u7b56\uff08\u8fde\u7eed<\/span><span data-contrast=\"auto\">68<\/span><span data-contrast=\"auto\">\u5e74\u589e\u6d3e\u80a1\u606f\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u6df7\u5408\uff0c\u5448\u73b0\u201c\u76c8\u5229\u8d85\u9884\u671f\u3001\u589e\u957f\u4e4f\u529b\u201d\u7684\u5206\u5316\u683c\u5c40\u3002<\/span><span data-contrast=\"auto\">Beauty<\/span><span data-contrast=\"auto\">\u54c1\u7c7b\u8868\u73b0\u4eae\u773c\uff0c\u6709\u673a\u9500\u552e\u589e\u957f\u7ea6<\/span><span data-contrast=\"auto\">4%<\/span><span data-contrast=\"auto\">\uff0c\u6210\u4e3a\u6700\u5927\u4eae\u70b9\uff1b\u4f46\u6574\u4f53\u6709\u673a\u9500\u91cf\u6301\u5e73\uff0c<\/span><span data-contrast=\"auto\">Grooming<\/span><span data-contrast=\"auto\">\uff08\u4e2a\u62a4\uff09\u6301\u7eed\u75b2\u8f6f\uff0c\u53cd\u6620\u6d88\u8d39\u8005\u9700\u6c42\u5728\u4e0d\u540c\u54c1\u7c7b\u95f4\u663e\u8457\u5206\u5316\u3002\u5c3d\u7ba1\u9762\u4e34\u66f4\u9ad8\u7684\u5546\u54c1\u6210\u672c\u4e0e\u8425\u9500\u6295\u5165\uff0c\u516c\u53f8\u4ecd\u5b9e\u73b0<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u5c0f\u5e45\u8d85\u9884\u671f\uff0c\u663e\u793a\u4e00\u5b9a\u5b9a\u4ef7\u80fd\u529b\u4e0e\u6210\u672c\u7ba1\u63a7\u97e7\u6027\u3002\u7136\u800c\uff0c<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\u504f\u8c28\u614e\uff1a\u7ba1\u7406\u5c42\u660e\u786e\u6307\u51fa\uff0c\u9ad8\u6cb9\u4ef7\u3001\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u53ca\u6295\u5165\u6210\u672c\u538b\u529b\u5c06\u6301\u7eed\u538b\u5236\u5229\u6da6\u7387\uff0c\u540c\u65f6\u516c\u53f8\u8ba1\u5212\u589e\u52a0\u521b\u65b0\u4e0e\u8425\u9500\u652f\u51fa\uff0c\u8fdb\u4e00\u6b65\u6324\u538b\u76c8\u5229\u7a7a\u95f4\u3002\u6b64\u5916\uff0c\u5c3d\u7ba1\u5df2\u5ba3\u5e03\u88c1\u51cf\u7ea6<\/span><span data-contrast=\"auto\">7000<\/span><span data-contrast=\"auto\">\u4e2a\u975e\u5236\u9020\u5c97\u4f4d\u7684\u91cd\u7ec4\u8ba1\u5212\uff0c\u5e02\u573a\u4efd\u989d\u5c1a\u672a\u51fa\u73b0\u660e\u663e\u52a0\u901f\u63d0\u5347\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9\u8f6c\u578b\u6210\u6548\u7684\u7591\u8651\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">3%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u66f4\u5173\u6ce8\u589e\u957f\u653e\u7f13\u4e0e\u76c8\u5229\u524d\u666f\u627f\u538b\uff0c\u800c\u975e\u5355\u5b63\u5c0f\u5e45\u76c8\u5229\u60ca\u559c\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u8d70\u52bf\uff08\u5c24\u5176\u68d5\u6988\u6cb9\u3001\u6811\u8102\u3001\u5929\u7136\u6c14\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u5317\u7f8e\u7b49\u6838\u5fc3\u5e02\u573a\u9500\u91cf\u80fd\u5426\u590d\u82cf\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u91cd\u7ec4\u8ba1\u5212\u662f\u5426\u6709\u6548\u8f6c\u5316\u4e3a\u5e02\u5360\u7387\u4e0e\u6548\u7387\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">4\uff09Beauty<\/span><span data-contrast=\"auto\">\u54c1\u7c7b\u80fd\u5426\u6301\u7eed\u9886\u8dd1\u5e76\u5e26\u52a8\u6574\u4f53\u7ec4\u5408\u5347\u7ea7\u3002\u4f5c\u4e3a\u5168\u7403\u6d88\u8d39\u54c1\u9f99\u5934\uff0c<\/span><span data-contrast=\"auto\">P&amp;G<\/span><span data-contrast=\"auto\">\u5177\u5907\u5f3a\u5927\u54c1\u724c\u529b\u4e0e\u73b0\u91d1\u6d41\uff0c\u4f46\u5728\u9ad8\u901a\u80c0\u4e0e\u6d88\u8d39\u5206\u5316\u7684\u73af\u5883\u4e2d\uff0c\u77ed\u671f\u7f3a\u4e4f\u5f3a\u52b2\u589e\u957f\u50ac\u5316\u5242\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">140<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">160<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Microsoft Corporation (MSFT)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$90B<\/span><span data-contrast=\"auto\">, +17.8% YoY,\u00a0beat\u00a0estimates by $2.37B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$4.74, beat estimates by $0.50<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27<\/span><\/b><b><span data-contrast=\"auto\">\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management guided 1QFY27 revenue to approximately US$90.4B and expects Azure growth of about 45%, both above market expectations. Microsoft\u00a0maintained\u00a0its effective FY26 capital-investment outlook at\u00a0approximately US$175B after an accounting presentation change, with 1QFY27 capex of around US$50B.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Microsoft continues\u00a0its\u00a0regular\u00a0quarterly dividend.\u00a0In 3QFY26, the company returned US$10.2B to shareholders through dividends and share repurchases.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an exceptional quarter. Azure growth accelerated to 43%, Microsoft Cloud surpassed US$59B in quarterly revenue, and Microsoft 365 Copilot exceeded 30 million paid seats,\u00a0demonstrating\u00a0that AI demand is translating into both infrastructure consumption and software monetisation. Commercial backlog reached a record US$678B, providing outstanding revenue visibility. The most encouraging aspect was not merely the beat but the quality of the guidance. Azure is expected to accelerate further to\u00a0roughly 45%\u00a0growth next quarter despite already\u00a0operating\u00a0at enormous scale. Meanwhile, management held effective capital-spending plans broadly steady after an accounting adjustment, easing investor concerns that AI infrastructure spending was becoming uncontrollable. Free cash flow remained robust at US$19.6B despite quarterly capex of US$41B, suggesting Microsoft&#8217;s AI investments are already generating meaningful economic returns. Shares rose\u00a0approximately 8%\u20139% in after-hours trading following the release. The principal variables to monitor are Azure growth sustainability above 40%, Copilot monetisation across Microsoft 365 and GitHub, AI infrastructure returns, and competitive pressure from Google Cloud.\u00a0<\/span><b><span data-contrast=\"auto\">1Q27\u00a0recommended trading range: $380\u00a0to $480.\u00a0Positive\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Microsoft\u00a0Corporation\uff08MSFT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">900<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">17.8%<\/span><span data-contrast=\"auto\">\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">23.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">4.74<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.50<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u7ea6<\/span><span data-contrast=\"auto\">904<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\uff1b<\/span><span data-contrast=\"auto\">Azure<\/span><span data-contrast=\"auto\">\u4e91\u670d\u52a1\u589e\u957f\u9884\u8ba1\u7ea6<\/span><span data-contrast=\"auto\">45%<\/span><span data-contrast=\"auto\">\uff08\u52a0\u901f\u4e8e<\/span><span data-contrast=\"auto\">Q4<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">43%<\/span><span data-contrast=\"auto\">\uff09\uff1b\u8d44\u672c\u5f00\u652f\u7ef4\u6301\u5168\u5e74\u7ea6<\/span><span data-contrast=\"auto\">1750<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u7ecf\u4f1a\u8ba1\u8c03\u6574\u540e\uff09\uff0c<\/span><span data-contrast=\"auto\">Q1<\/span><span data-contrast=\"auto\">\u9884\u8ba1\u7ea6<\/span><span data-contrast=\"auto\">500<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6301\u7eed\u6d3e\u53d1\u5b63\u5ea6\u80a1\u606f\uff1b<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5411\u80a1\u4e1c\u8fd4\u8fd8<\/span><span data-contrast=\"auto\">102<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u542b\u5206\u7ea2\u4e0e\u56de\u8d2d\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"19\" 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\u51fa\u8272\uff0c\u6807\u5fd7\u7740<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6218\u7565\u5168\u9762\u5151\u73b0\u4e3a\u6536\u5165\u4e0e\u5229\u6da6\u3002<\/span><span data-contrast=\"auto\">Azure<\/span><span data-contrast=\"auto\">\u589e\u957f\u52a0\u901f\u81f3<\/span><span data-contrast=\"auto\">43%\uff0cMicrosoft Cloud<\/span><span data-contrast=\"auto\">\u5b63\u5ea6\u6536\u5165\u7a81\u7834<\/span><span data-contrast=\"auto\">590<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c<\/span><span data-contrast=\"auto\">Microsoft 365 Copilot<\/span><span data-contrast=\"auto\">\u4ed8\u8d39\u7528\u6237\u8d85<\/span><span data-contrast=\"auto\">3000<\/span><span data-contrast=\"auto\">\u4e07\uff0c\u6e05\u6670\u9a8c\u8bc1<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0d\u4ec5\u9a71\u52a8\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\uff0c\u66f4\u6210\u529f\u5b9e\u73b0\u4f01\u4e1a\u7ea7\u8f6f\u4ef6\u53d8\u73b0\u3002\u6700\u5927\u4eae\u70b9\u5728\u4e8e\u524d\u77bb\u6027\u6307\u5f15\u8d28\u91cf\u6781\u9ad8\uff1a\u5728\u5df2\u5904\u4e8e\u5de8\u5927\u89c4\u6a21\u57fa\u7840\u4e0a\uff0c<\/span><span data-contrast=\"auto\">Azure<\/span><span data-contrast=\"auto\">\u4ecd\u9884\u8ba1<\/span><span data-contrast=\"auto\">Q1<\/span><span data-contrast=\"auto\">\u589e\u957f\u63d0\u901f\u81f3<\/span><span data-contrast=\"auto\">45%<\/span><span data-contrast=\"auto\">\uff0c\u8fdc\u8d85\u884c\u4e1a\u5e73\u5747\u6c34\u5e73\u3002\u540c\u65f6\uff0c\u5c3d\u7ba1\u5355\u5b63\u8d44\u672c\u5f00\u652f\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">410<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4ecd\u8fbe<\/span><span data-contrast=\"auto\">196<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8868\u660e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u6b63\u4ea7\u751f\u5b9e\u8d28\u6027\u7ecf\u6d4e\u56de\u62a5\uff0c\u800c\u975e\u5355\u7eaf\u70e7\u94b1\u6269\u5f20\u3002\u6b64\u5916\uff0c\u5546\u4e1a\u79ef\u538b\u8ba2\u5355\uff08<\/span><span data-contrast=\"auto\">backlog<\/span><span data-contrast=\"auto\">\uff09\uff0c\u4e3a\u672a\u6765\u591a\u4e2a\u5b63\u5ea6\u63d0\u4f9b\u6781\u5f3a\u6536\u5165\u53ef\u89c1\u6027\u3002\u7ba1\u7406\u5c42\u901a\u8fc7\u4f1a\u8ba1\u8c03\u6574\u6f84\u6e05\u8d44\u672c\u5f00\u652f\u53e3\u5f84\uff0c\u7f13\u89e3\u4e86\u5e02\u573a\u5bf9\u201c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u652f\u51fa\u5931\u63a7\u201d\u7684\u62c5\u5fe7\u3002\u8d22\u62a5\u540e\u76d8\u540e\u80a1\u4ef7\u5927\u6da8<\/span><span data-contrast=\"auto\">8%\u20139%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u5fae\u8f6f\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u65f6\u4ee3\u201c\u57fa\u7840\u8bbe\u65bd<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u5e94\u7528\u5c42\u201d\u53cc\u91cd\u9886\u5bfc\u5730\u4f4d\u7684\u9ad8\u5ea6\u8ba4\u53ef\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09Azure<\/span><span data-contrast=\"auto\">\u80fd\u5426\u5728\u9ad8\u57fa\u6570\u4e0b\u7ef4\u6301<\/span><span data-contrast=\"auto\">40%+<\/span><span data-contrast=\"auto\">\u589e\u957f\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09Copilot<\/span><span data-contrast=\"auto\">\u5728<\/span><span data-contrast=\"auto\">Microsoft 365\u3001GitHub<\/span><span data-contrast=\"auto\">\u53ca<\/span><span data-contrast=\"auto\">Dynamics<\/span><span data-contrast=\"auto\">\u4e2d\u7684\u6e17\u900f\u7387\u4e0e<\/span><span data-contrast=\"auto\">ARPU<\/span><span data-contrast=\"auto\">\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09AI<\/span><span data-contrast=\"auto\">\u6570\u636e\u4e2d\u5fc3\u6295\u8d44\u7684\u8d44\u672c\u56de\u62a5\u7387\uff08<\/span><span data-contrast=\"auto\">ROIC\uff09\uff1b\uff084<\/span><span data-contrast=\"auto\">\uff09\u8c37\u6b4c\u4e91\u7b49\u7ade\u4e89\u5bf9\u624b\u5728\u5927\u6a21\u578b\u4e0e\u4ef7\u683c\u4e0a\u7684\u6311\u6218\u3002\u5fae\u8f6f\u51ed\u501f\u5176\u4e91\u89c4\u6a21\u3001\u4f01\u4e1a\u5ba2\u6237\u9ecf\u6027\u4e0e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u6df1\u5ea6\u6574\u5408\uff0c\u5df2\u6210\u4e3a\u672c\u8f6e\u6280\u672f\u6d6a\u6f6e\u4e2d\u6700\u786e\u5b9a\u7684\u53d7\u76ca\u8005\u4e4b\u4e00\u3002\u57fa\u672c\u9762\u5f3a\u52b2\u3001\u73b0\u91d1\u6d41\u5145\u88d5\u3001\u6218\u7565\u6267\u884c\u7cbe\u51c6\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\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\">480<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Meta Platforms, Inc. (META)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$60.8B<\/span><span data-contrast=\"auto\">, +27.9% YoY, beat estimates\u00a0by\u00a0$510M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$6.18,\u00a0miss\u00a0estimates by $1.04<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a03Q26\u00a0revenue is\u00a0expected to be US$61B\u2013US$64B,\u00a0slightly below market expectations.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:\u00a0<\/span><\/b><span data-contrast=\"auto\">Meta also raised its FY26 expense outlook to US$165B\u2013US$169B and increased FY26 capital expenditure guidance to US$130B\u2013US$145B to support AI infrastructure expansion.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter. Revenue growth remained exceptionally strong at 28%, advertising demand continued to improve across Facebook, Instagram and Threads, and user engagement reached new highs. AI-powered recommendation systems also continue to support advertising performance and monetisation across Meta&#8217;s platforms. The key issue is profitability and capital intensity. Despite the revenue beat, EPS declined because of legal charges, severance\u00a0costs\u00a0and sharply higher AI investment. Free cash flow fell 91% to US$784M, while management raised both operating expense and capex guidance, reinforcing concerns that AI spending is accelerating faster than monetisation. Shares fell\u00a0roughly 10%\u00a0after the release as investors focused on weaker earnings quality and the increasing cash requirements of Meta&#8217;s AI strategy. The principal variables to monitor are advertising ROI from AI products, monetisation of Meta AI and Threads,\u00a0operating-margin recovery after the legal and restructuring charges, and whether AI infrastructure investment begins generating higher returns over the next 12\u201324 months.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $500\u00a0to $700.\u00a0Positive\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Meta Platforms,\u00a0Inc.\uff08META<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"20\" 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\">608<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">27.9%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">5.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"21\" 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\">6.18<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">1.04<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&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\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536<\/span><span data-contrast=\"auto\">610<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">640<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u5e02\u573a\u9884\u671f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"23\" 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\">\u8fd0\u8425\u652f\u51fa\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">1650<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">1690<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8d44\u672c\u5f00\u652f\u5927\u5e45\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">1300<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">1450<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u52a0\u901f<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5448\u73b0\u201c\u6536\u5165\u5f3a\u52b2\u3001\u76c8\u5229\u627f\u538b\u201d\u7684\u9c9c\u660e\u5206\u5316\u3002\u5e7f\u544a\u9700\u6c42\u6301\u7eed\u56de\u6696\uff0c<\/span><span data-contrast=\"auto\">Facebook\u3001Instagram<\/span><span data-contrast=\"auto\">\u53ca<\/span><span data-contrast=\"auto\">Threads<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u7528\u6237\u53c2\u4e0e\u5ea6\u521b\u5386\u53f2\u65b0\u9ad8\uff0c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u63a8\u8350\u7cfb\u7edf\u6709\u6548\u63d0\u5347\u5e7f\u544a\u53d8\u73b0\u6548\u7387\uff0c\u652f\u6491\u8fd1<\/span><span data-contrast=\"auto\">28%<\/span><span data-contrast=\"auto\">\u7684\u8425\u6536\u589e\u957f\u3002\u7136\u800c\uff0c\u76c8\u5229\u8d28\u91cf\u663e\u8457\u4e0b\u6ed1\uff1a<\/span><span data-contrast=\"auto\">GAAP EPS<\/span><span data-contrast=\"auto\">\u4e0d\u53ca\u9884\u671f\uff0c\u4e3b\u56e0\u5305\u62ec\u4e00\u6b21\u6027\u6cd5\u5f8b\u548c\u89e3\u8d39\u7528\u3001\u88c1\u5458\u9063\u6563\u6210\u672c\uff0c\u4ee5\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u6025\u5267\u6500\u5347\u3002\u66f4\u4ee4\u4eba\u5173\u6ce8\u7684\u662f\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u540c\u6bd4\u66b4\u8dcc<\/span><span data-contrast=\"auto\">91%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">7.84<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u516c\u53f8\u6b63\u5c06\u5927\u91cf\u73b0\u91d1\u6295\u5165<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7b97\u529b\u3001\u6570\u636e\u4e2d\u5fc3\u548c\u5927\u6a21\u578b\u7814\u53d1\uff0c\u800c\u76f8\u5173\u6536\u5165\u5c1a\u672a\u89c4\u6a21\u5316\u5151\u73b0\u3002\u5c3d\u7ba1\u7ba1\u7406\u5c42\u5f3a\u8c03<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u662f\u957f\u671f\u6218\u7565\u6838\u5fc3\uff0c\u4f46\u652f\u51fa\u589e\u901f\u8fdc\u8d85\u53d8\u73b0\u8282\u594f\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9\u201c\u6295\u8d44\u56de\u62a5\u5468\u671f\u8fc7\u957f\u201d\u7684\u62c5\u5fe7\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u5927\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">10%<\/span><span data-contrast=\"auto\">\uff0c\u663e\u793a\u6295\u8d44\u8005\u5bf9\u9ad8\u8d44\u672c\u5f3a\u5ea6\u4e0e\u77ed\u671f\u76c8\u5229\u7a00\u91ca\u7684\u654f\u611f\u6027\u4e0a\u5347\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09AI<\/span><span data-contrast=\"auto\">\u63a8\u8350\u7cfb\u7edf\u80fd\u5426\u6301\u7eed\u63d0\u5347\u5e7f\u544a<\/span><span data-contrast=\"auto\">ROI\uff1b\uff082\uff09Meta AI<\/span><span data-contrast=\"auto\">\u52a9\u624b\u4e0e<\/span><span data-contrast=\"auto\">Threads<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u7684\u5546\u4e1a\u5316\u8fdb\u5c55\uff08\u5982\u8ba2\u9605\u3001\u7535\u5546\u3001\u9ad8\u7ea7\u529f\u80fd\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u8fd0\u8425\u5229\u6da6\u7387\u80fd\u5426\u5728\u4e00\u6b21\u6027\u8d39\u7528\u51fa\u6e05\u540e\u6062\u590d\u6269\u5f20\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u672a\u6765<\/span><span data-contrast=\"auto\">12\u201324<\/span><span data-contrast=\"auto\">\u4e2a\u6708\u5185<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u662f\u5426\u8f6c\u5316\u4e3a\u53ef\u91cf\u5316\u7684\u6536\u5165\u6216\u6548\u7387\u589e\u76ca\u3002<\/span><span data-contrast=\"auto\">Meta<\/span><span data-contrast=\"auto\">\u4ecd\u662f\u5168\u7403\u6570\u5b57\u5e7f\u544a\u9f99\u5934\uff0c\u7528\u6237\u57fa\u7840\u7a33\u56fa\uff0c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6574\u5408\u9886\u5148\u540c\u4e1a\u3002\u4f46\u5f53\u524d\u6b63\u5904\u4e8e\u201c\u6218\u7565\u6027\u70e7\u94b1\u671f\u201d\uff0c\u4f30\u503c\u903b\u8f91\u4ece\u201c\u5229\u6da6\u9a71\u52a8\u201d\u8f6c\u5411\u201c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u53d9\u4e8b\u9a71\u52a8\u201d\u3002\u82e5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u80fd\u5728<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u524d\u5b9e\u73b0\u663e\u8457\u53d8\u73b0\uff0c\u5f53\u524d\u6295\u5165\u5c06\u5960\u5b9a\u957f\u671f\u62a4\u57ce\u6cb3\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\">500<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">700<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Robinhood Markets, Inc. (HOOD)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$1.31B<\/span><span data-contrast=\"auto\">, +32.5% YoY,\u00a0beat\u00a0estimates\u00a0by $30M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.62, beat estimates by $0.19<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management highlighted continued growth in Robinhood Gold, wealth management, prediction-market products, AI-powered trading\u00a0tools\u00a0and international expansion. The company also tightened its FY26 operating-expense outlook following cost savings and integration initiatives.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an excellent operating quarter. Equities revenue increased 95% to US$129M, options revenue rose 29% to US$342M, and event-contract revenue exceeded US$150M,\u00a0demonstrating\u00a0that Robinhood is successfully diversifying away from crypto-driven trading activity. Robinhood Gold subscribers reached another record, while funded accounts and assets under custody continued to expand. The primary weakness\u00a0remains\u00a0cryptocurrency. Crypto transaction revenue declined 38% YoY to US$100M, reflecting lower digital-asset activity. At the same time, operating expenses increased\u00a0roughly 33%\u00a0as Robinhood invested heavily in AI, product\u00a0expansion\u00a0and customer acquisition. Despite\u00a0a clear earnings\u00a0beat, the shares fell about 4% after hours as investors focused on valuation after the stock&#8217;s strong run and questioned whether event-contract revenue can remain at current levels. The principal variables to monitor are sustained equity and options trading activity, continued Robinhood Gold subscriber growth, monetisation of AI products, international expansion, and whether crypto trading recovers.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $75\u00a0to $100. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Robinhood Markets,\u00a0Inc.\uff08HOOD<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"25\" 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\">13.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">32.5%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">3000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"26\" 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\">0.62<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.19<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"27\" 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\">\u7ba1\u7406\u5c42\u5f3a\u8c03<\/span><span data-contrast=\"auto\">Robinhood Gold<\/span><span data-contrast=\"auto\">\u3001\u8d22\u5bcc\u7ba1\u7406\u3001\u9884\u6d4b\u5e02\u573a\u4ea7\u54c1\u3001<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea4\u6613\u5de5\u5177\u53ca\u56fd\u9645\u6269\u5f20\u7684\u6301\u7eed\u589e\u957f\uff1b\u540c\u65f6\u6536\u7a84\u5168\u5e74\u8fd0\u8425\u652f\u51fa\u9884\u671f\uff0c\u53cd\u6620\u6210\u672c\u4f18\u5316\u4e0e\u6574\u5408\u6210\u6548<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u4f18\u5f02\uff0c\u6807\u5fd7\u516c\u53f8\u6210\u529f\u63a8\u8fdb\u6536\u5165\u591a\u5143\u5316\u6218\u7565\u3002\u80a1\u7968\u4ea4\u6613\u6536\u5165\u66b4\u589e<\/span><span data-contrast=\"auto\">95%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1.29<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u671f\u6743\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">29%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">3.42<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e8b\u4ef6\u5408\u7ea6\uff08<\/span><span data-contrast=\"auto\">event contracts<\/span><span data-contrast=\"auto\">\uff0c\u5982\u9884\u6d4b\u5e02\u573a\uff09\u9996\u6b21\u8d21\u732e\u8d85<\/span><span data-contrast=\"auto\">1.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u6536\u5165\uff0c\u663e\u793a\u5176\u6b63\u6709\u6548\u964d\u4f4e\u5bf9\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u7684\u4f9d\u8d56\u3002<\/span><span data-contrast=\"auto\">Robinhood Gold<\/span><span data-contrast=\"auto\">\u8ba2\u9605\u7528\u6237\u518d\u521b\u65b0\u9ad8\uff0c\u6258\u7ba1\u8d44\u4ea7\u4e0e\u6d3b\u8dc3\u8d26\u6237\u6570\u6301\u7eed\u6269\u5f20\uff0c\u5e73\u53f0\u7c98\u6027\u589e\u5f3a\u3002\u7136\u800c\uff0c\u52a0\u5bc6\u8d27\u5e01\u4e1a\u52a1\u6301\u7eed\u75b2\u8f6f\uff1a\u4ea4\u6613\u6536\u5165\u540c\u6bd4\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">38%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u6570\u5b57\u8d44\u4ea7\u5e02\u573a\u6d3b\u8dc3\u5ea6\u4f4e\u8ff7\u3002\u540c\u65f6\uff0c\u8fd0\u8425\u652f\u51fa\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">33%<\/span><span data-contrast=\"auto\">\uff0c\u4e3b\u56e0\u516c\u53f8\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u3001\u65b0\u529f\u80fd\u5f00\u53d1\u53ca\u7528\u6237\u83b7\u53d6\u4e0a\u52a0\u5927\u6295\u5165\uff0c\u77ed\u671f\u538b\u5236\u5229\u6da6\u7387\u6269\u5f20\u5c3d\u7ba1\u76c8\u5229\u5927\u5e45\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u76d8\u540e\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">4%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u5e02\u573a\u5728\u524d\u671f\u80a1\u4ef7\u5f3a\u52b2\u4e0a\u6da8\u540e\uff0c\u5bf9\u4ee5\u4e0b\u95ee\u9898\u4fdd\u6301\u8c28\u614e\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u4e8b\u4ef6\u5408\u7ea6\u7b49\u65b0\u5174\u6536\u5165\u662f\u5426\u53ef\u6301\u7eed\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u5f53\u524d\u4f30\u503c\u662f\u5426\u5df2\u5145\u5206\u53cd\u6620\u4e50\u89c2\u9884\u671f\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u52a0\u5bc6\u5e02\u573a\u82e5\u957f\u671f\u4f4e\u8ff7\uff0c\u662f\u5426\u9650\u5236\u6574\u4f53\u589e\u957f\u5929\u82b1\u677f\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u80a1\u7968\u4e0e\u671f\u6743\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u80fd\u5426\u7ef4\u6301\u9ad8\u4f4d\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09Robinhood Gold<\/span><span data-contrast=\"auto\">\u4ed8\u8d39\u8f6c\u5316\u7387\u4e0e<\/span><span data-contrast=\"auto\">ARPU<\/span><span data-contrast=\"auto\">\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u4ea4\u6613\u5de5\u5177\u80fd\u5426\u63d0\u5347\u7528\u6237\u7559\u5b58\u4e0e\u53d8\u73b0\u6548\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u56fd\u9645\u5e02\u573a\uff08\u5982\u82f1\u56fd\u3001\u6b27\u76df\uff09\u6269\u5f20\u8fdb\u5ea6\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u662f\u5426\u968f\u5e02\u573a\u56de\u6696\u800c\u53cd\u5f39\u3002<\/span><span data-contrast=\"auto\">Robinhood<\/span><span data-contrast=\"auto\">\u6b63\u4ece\u201c\u52a0\u5bc6\u5238\u5546\u201d\u8f6c\u578b\u4e3a\u201c\u5168\u65b9\u4f4d\u96f6\u552e\u91d1\u878d\u5e73\u53f0\u201d\uff0c\u4ea7\u54c1\u751f\u6001\u65e5\u8d8b\u6210\u719f\u3002\u4f46\u4f5c\u4e3a\u9ad8\u589e\u957f\u3001\u9ad8\u6ce2\u52a8\u7684\u91d1\u878d\u79d1\u6280\u80a1\uff0c\u5176\u4f30\u503c\u5bf9\u6536\u5165\u7ed3\u6784\u53d8\u5316\u548c\u5e02\u573a\u60c5\u7eea\u9ad8\u5ea6\u654f\u611f\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\">75<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">100<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Arm Holdings PLC\u00a0(ARM)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$1.29B<\/span><span data-contrast=\"auto\">, +22.9% YoY, beat 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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.45, beat estimates by $0.05<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27<\/span><\/b><b><span data-contrast=\"auto\">\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0\u00a0revenue\u00a0of $1.38B, above analysts&#8217; average estimate of $1.34B\u00a0and\u00a0profit of 47 cents per share, adjusted for \u200bstock compensation, among other things, compared with analysts&#8217; expectations of 43 cents per share.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Arm delivered a solid fiscal first quarter, with revenue rising to US$1.29bn and adjusted EPS of US$0.45, both ahead of expectations, supported by strong AI-related demand across data centres. Royalty revenue increased 22% YoY to US$715mn and licensing revenue grew 23% to US$574mn as\u00a0hyperscalers\u00a0and chipmakers expanded their use of Arm-based architectures for custom AI processors and data-centre CPUs. Management guided for Q2 revenue of US$1.38bn and adjusted EPS of US$0.47, both above\u00a0consensus, while noting that near-term smartphone royalties may weaken due to memory shortages. Looking ahead, Arm is well positioned to benefit from accelerating AI inference workloads, growing adoption of power-efficient Arm CPUs in data centres, and early demand for its new AGI CPU platform, although near-term growth could remain constrained by smartphone market weakness, supply limitations and the execution risks associated with moving from an intellectual-property model into selling its own chips.\u00a0<\/span><b><span data-contrast=\"auto\">2Q27\u00a0recommended trading range: $190\u00a0to $230. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Arm<\/span><\/b><b><span data-contrast=\"auto\">\u63a7\u80a1\u516c\u53f8\uff08<\/span><\/b><b><span data-contrast=\"auto\">ARM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">12.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">22.9%<\/span><span data-contrast=\"auto\">\uff0c\u4f18\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">2000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.45<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f18\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.05<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">13.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">13.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">0.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">0.43<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Arm<\/span><span data-contrast=\"auto\">\u516c\u5e03\u4e86\u7a33\u5065\u7684<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u8425\u6536\u589e\u81f3<\/span><span data-contrast=\"auto\">12.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">0.45<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cc\u53cc\u8d85\u51fa\u9884\u671f\uff0c\u8fd9\u5f97\u76ca\u4e8e\u6570\u636e\u4e2d\u5fc3\u5f3a\u52b2\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u9700\u6c42\u3002\u968f\u7740\u8d85\u5927\u89c4\u6a21\u4e91\u670d\u52a1\u5546\u548c\u82af\u7247\u5236\u9020\u5546\u6269\u5927\u57fa\u4e8e<\/span><span data-contrast=\"auto\">Arm<\/span><span data-contrast=\"auto\">\u67b6\u6784\u7684\u5b9a\u5236<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5904\u7406\u5668\u548c\u6570\u636e\u4e2d\u5fc3<\/span><span data-contrast=\"auto\">CPU<\/span><span data-contrast=\"auto\">\u7684\u4f7f\u7528\uff0c\u7279\u8bb8\u6743\u4f7f\u7528\u8d39\u6536\u5165\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">22%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">7.15<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u6388\u6743\u8bb8\u53ef\u6536\u5165\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">23%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">5.74<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">13.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">0.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5747\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u540c\u65f6\u6307\u51fa\u7531\u4e8e\u5b58\u50a8\u77ed\u7f3a\uff0c\u8fd1\u671f\u667a\u80fd\u624b\u673a\u7279\u8bb8\u6743\u4f7f\u7528\u8d39\u53ef\u80fd\u8d70\u5f31\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">Arm<\/span><span data-contrast=\"auto\">\u6709\u671b\u53d7\u76ca\u4e8e\u52a0\u901f\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u63a8\u7406\u5de5\u4f5c\u8d1f\u8f7d\u3001\u6570\u636e\u4e2d\u5fc3\u4e2d\u9ad8\u80fd\u6548<\/span><span data-contrast=\"auto\">Arm CPU<\/span><span data-contrast=\"auto\">\u65e5\u76ca\u666e\u53ca\uff0c\u4ee5\u53ca\u5176\u65b0<\/span><span data-contrast=\"auto\">AGI CPU<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u7684\u65e9\u671f\u9700\u6c42\uff0c\u5c3d\u7ba1\u8fd1\u671f\u589e\u957f\u53ef\u80fd\u4ecd\u53d7\u667a\u80fd\u624b\u673a\u5e02\u573a\u75b2\u8f6f\u3001\u4f9b\u5e94\u9650\u5236\u4ee5\u53ca\u4ece\u77e5\u8bc6\u4ea7\u6743\u6a21\u5f0f\u8f6c\u5411\u9500\u552e\u81ea\u6709\u82af\u7247\u6240\u5e26\u6765\u7684\u6267\u884c\u98ce\u9669\u5236\u7ea6\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">190<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">230<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Qualcomm Inc\u00a0(QCOM)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$9.95B<\/span><span data-contrast=\"auto\">,\u00a0-4.0% YoY, beat estimates by $280M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$2.21,\u00a0miss\u00a0estimates 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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q<\/span><\/b><b><span data-contrast=\"auto\">26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect earnings to be\u00a0$2.05 to $2.25 a share\u00a0and\u00a0renue\u00a0to\u00a0be $9.7B\u00a0to $10.5B, compared with an average projection of $9.95B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27 Guidance:\u00a0<\/span><\/b><span data-contrast=\"auto\">Expect\u00a0growth for non-phone revenue will accelerate to 60%, an expansion from 24%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Qualcomm reported fiscal third-quarter results that broadly met expectations, with adjusted EPS of US$2.21 on revenue of US$9.95bn, although management issued a weaker-than-expected outlook as persistent smartphone weakness, memory shortages and rising component costs continue to pressure its core handset business. The company expects Android smartphone revenue to decline around 20% in FY26\u00a0and also\u00a0warned that Apple\u2019s transition to in-house modem chips is progressing faster than\u00a0anticipated. Despite these headwinds, Qualcomm noted that Chinese smartphone demand has\u00a0likely bottomed\u00a0and expects sequential double-digit growth in handset revenue during the fourth fiscal quarter. Meanwhile, its diversification strategy continues to gain traction, with automotive and IoT revenues reaching US$1.59bn and US$1.83bn respectively, while management expects non-handset revenue growth to accelerate to 60% in FY27.\u00a0While Qualcomm is likely to face near-term pressure from a weaker smartphone market, Apple insourcing and ongoing supply constraints, its long-term outlook\u00a0remains\u00a0supported by expanding exposure to automotive, IoT and AI-driven data centre opportunities. Management expects improving demand from Chinese handset makers, gradual margin recovery through pricing actions and accelerating growth in non-handset businesses to reduce its reliance on smartphones over time. However, the pace of smartphone market recovery, execution in its diversification strategy and customer demand for AI infrastructure will remain key drivers of future earnings growth.\u00a0<\/span><b><span data-contrast=\"auto\">4Q26 recommended trading range: $130 to $170. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u9ad8\u901a\u516c\u53f8\uff08<\/span><\/b><b><span data-contrast=\"auto\">QCOM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">99.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d<\/span><span data-contrast=\"auto\">4.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.21<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.01<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">97<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">105<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u4e3a<\/span><span data-contrast=\"auto\">99.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">2.05<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">2.25<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u975e\u624b\u673a\u4e1a\u52a1\u6536\u5165\u589e\u901f\u5c06\u4ece<\/span><span data-contrast=\"auto\">24%<\/span><span data-contrast=\"auto\">\u52a0\u901f\u81f3<\/span><span data-contrast=\"auto\">60%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9ad8\u901a<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u57fa\u672c\u7b26\u5408\u9884\u671f\uff0c\u8425\u6536<\/span><span data-contrast=\"auto\">99.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca<\/span><span data-contrast=\"auto\">2.21<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u7136\u800c\uff0c\u7531\u4e8e\u667a\u80fd\u624b\u673a\u5e02\u573a\u6301\u7eed\u75b2\u8f6f\u3001\u5185\u5b58\u77ed\u7f3a\u4ee5\u53ca\u96f6\u90e8\u4ef6\u6210\u672c\u4e0a\u5347\u7ee7\u7eed\u5bf9\u5176\u6838\u5fc3\u624b\u673a\u4e1a\u52a1\u65bd\u538b\uff0c\u7ba1\u7406\u5c42\u7ed9\u51fa\u7684\u524d\u77bb\u6307\u5f15\u5f31\u4e8e\u9884\u671f\u3002\u516c\u53f8\u9884\u8ba1<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5b89\u5353\u667a\u80fd\u624b\u673a\u6536\u5165\u5c06\u4e0b\u964d\u7ea6<\/span><span data-contrast=\"auto\">20%<\/span><span data-contrast=\"auto\">\uff0c\u5e76\u8b66\u544a\u79f0\u82f9\u679c\u5411\u81ea\u7814\u57fa\u5e26\u82af\u7247\u7684\u8fc7\u6e21\u901f\u5ea6\u5feb\u4e8e\u9884\u671f\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u9006\u98ce\uff0c\u9ad8\u901a\u6307\u51fa\u4e2d\u56fd\u667a\u80fd\u624b\u673a\u9700\u6c42\u53ef\u80fd\u5df2\u89e6\u5e95\uff0c\u5e76\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u624b\u673a\u4e1a\u52a1\u6536\u5165\u5c06\u5b9e\u73b0\u73af\u6bd4\u4e24\u4f4d\u6570\u589e\u957f\u3002\u540c\u65f6\uff0c\u5176\u591a\u5143\u5316\u6218\u7565\u7ee7\u7eed\u53d6\u5f97\u8fdb\u5c55\uff0c\u6c7d\u8f66\u548c\u7269\u8054\u7f51\u6536\u5165\u5206\u522b\u8fbe\u5230<\/span><span data-contrast=\"auto\">15.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u548c<\/span><span data-contrast=\"auto\">18.3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u975e\u624b\u673a\u4e1a\u52a1\u6536\u5165\u589e\u901f\u5c06\u52a0\u901f\u81f3<\/span><span data-contrast=\"auto\">60%<\/span><span data-contrast=\"auto\">\u3002\u867d\u7136\u9ad8\u901a\u77ed\u671f\u5185\u53ef\u80fd\u9762\u4e34\u667a\u80fd\u624b\u673a\u5e02\u573a\u75b2\u8f6f\u3001\u82f9\u679c\u81ea\u7814\u82af\u7247\u4ee5\u53ca\u6301\u7eed\u4f9b\u5e94\u9650\u5236\u7684\u538b\u529b\uff0c\u4f46\u5176\u957f\u671f\u524d\u666f\u4ecd\u53d7\u5230\u6c7d\u8f66\u3001\u7269\u8054\u7f51\u548c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u6570\u636e\u4e2d\u5fc3\u673a\u9047\u4e0d\u65ad\u6269\u5927\u7684\u652f\u6491\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u968f\u7740\u4e2d\u56fd\u624b\u673a\u5236\u9020\u5546\u9700\u6c42\u6539\u5584\u3001\u901a\u8fc7\u5b9a\u4ef7\u884c\u52a8\u5b9e\u73b0\u5229\u6da6\u7387\u9010\u6b65\u6062\u590d\uff0c\u4ee5\u53ca\u975e\u624b\u673a\u4e1a\u52a1\u7684\u52a0\u901f\u589e\u957f\uff0c\u516c\u53f8\u5bf9\u667a\u80fd\u624b\u673a\u7684\u4f9d\u8d56\u5c06\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u964d\u4f4e\u3002\u7136\u800c\uff0c\u667a\u80fd\u624b\u673a\u5e02\u573a\u590d\u82cf\u7684\u6b65\u4f10\u3001\u591a\u5143\u5316\u6218\u7565\u7684\u6267\u884c\u60c5\u51b5\u4ee5\u53ca\u5ba2\u6237\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u7684\u9700\u6c42\uff0c\u4ecd\u5c06\u662f\u672a\u6765\u76c8\u5229\u589e\u957f\u7684\u5173\u952e\u9a71\u52a8\u56e0\u7d20\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">130<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">170<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Lam Research Corp. (LRCX)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$6.72B<\/span><span data-contrast=\"auto\">,\u00a0+15.1% YoY, beat estimates by $50M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"42\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$1.82,\u00a0beat\u00a0estimates\u00a0by $0.14<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"43\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0revenue of $8.1B, plus or minus $400M. The company projected gross margin of 52%, plus or minus 1 percentage point, and operating margin of 39.5%, plus or minus 1 point. EPS guidance was $2.15, plus or minus $0.15.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"44\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Lam Research delivered a record June quarter, with revenue increasing 30% YoY to US$6.72bn, alongside record operating margin, gross\u00a0margin\u00a0and EPS, driven by robust AI-related semiconductor demand and a sharp recovery in NAND spending. NAND revenue more than doubled sequentially as customers accelerated transitions to 256-layer and higher architectures, while DRAM investment remained strong, supported by DDR5, LPDDR5 and HBM technology upgrades. The Customer Support Business Group also achieved a third consecutive quarter of record revenue,\u00a0benefiting\u00a0from strong demand for equipment upgrades,\u00a0automation\u00a0and Equipment Intelligence solutions. Reflecting stronger industry conditions, Lam raised its outlook for 2026 wafer fab equipment (WFE) spending to the low-US$150bn range and guided for September-quarter revenue of approximately US$8.1bn, representing more than 20% sequential growth, while expecting to outperform overall WFE growth for a third consecutive year.\u00a0Lam Research is well-positioned to\u00a0benefit\u00a0from the continued AI-driven expansion of semiconductor manufacturing, with growing demand for advanced etch, deposition and packaging technologies across NAND,\u00a0DRAM\u00a0and leading-edge logic. Management expects WFE spending to accelerate into 2027, supported by sustained AI infrastructure investment, multi-year\u00a0fab\u00a0construction plans and increasingly complex semiconductor architectures that expand Lam\u2019s served available market. In addition, continued growth in its Customer Support Business and advanced packaging solutions should\u00a0provide\u00a0incremental earnings opportunities. However, customer capital expenditure timing, semiconductor industry cyclicality and geopolitical or supply chain disruptions\u00a0remain\u00a0key factors that could influence future growth.\u00a0<\/span><b><span data-contrast=\"auto\">1Q27\u00a0recommended trading range: $250 to $300. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u6cdb\u6797\u96c6\u56e2\uff08<\/span><\/b><b><span data-contrast=\"auto\">LRCX<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">67.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">15.1%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">5000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.82<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f18\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.14<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">81<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u4e0a\u4e0b\u6d6e\u52a8<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff1b\u6bdb\u5229\u7387\u9884\u8ba1\u4e3a<\/span><span data-contrast=\"auto\">52%<\/span><span data-contrast=\"auto\">\uff08\u4e0a\u4e0b\u6d6e\u52a8<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\u4e2a\u767e\u5206\u70b9\uff09\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u9884\u8ba1\u4e3a<\/span><span data-contrast=\"auto\">39.5%<\/span><span data-contrast=\"auto\">\uff08\u4e0a\u4e0b\u6d6e\u52a8<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\u4e2a\u767e\u5206\u70b9\uff09\uff1b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u4e3a<\/span><span data-contrast=\"auto\">2.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u4e0a\u4e0b\u6d6e\u52a8<\/span><span data-contrast=\"auto\">0.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6cdb\u6797\u96c6\u56e2\u5728<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\u6708\u5f53\u5b63\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\uff0c\u5728\u5f3a\u52b2\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u534a\u5bfc\u4f53\u9700\u6c42\u548c<\/span><span data-contrast=\"auto\">NAND<\/span><span data-contrast=\"auto\">\u652f\u51fa\u5927\u5e45\u590d\u82cf\u7684\u63a8\u52a8\u4e0b\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">67.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u8425\u4e1a\u5229\u6da6\u7387\u3001\u6bdb\u5229\u7387\u548c\u6bcf\u80a1\u6536\u76ca\u5747\u521b\u4e0b\u7eaa\u5f55\u3002\u968f\u7740\u5ba2\u6237\u52a0\u901f\u5411<\/span><span data-contrast=\"auto\">256<\/span><span data-contrast=\"auto\">\u5c42\u53ca\u66f4\u9ad8\u67b6\u6784\u8fc7\u6e21\uff0c<\/span><span data-contrast=\"auto\">NAND<\/span><span data-contrast=\"auto\">\u6536\u5165\u73af\u6bd4\u589e\u957f\u4e00\u500d\u4ee5\u4e0a\uff0c\u800c\u5728<\/span><span data-contrast=\"auto\">DDR5\u3001LPDDR5<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">HBM<\/span><span data-contrast=\"auto\">\u6280\u672f\u5347\u7ea7\u7684\u652f\u6491\u4e0b\uff0c<\/span><span data-contrast=\"auto\">DRAM<\/span><span data-contrast=\"auto\">\u6295\u8d44\u4f9d\u7136\u5f3a\u52b2\u3002\u5ba2\u6237\u652f\u6301\u4e1a\u52a1\u96c6\u56e2\u4e5f\u5b9e\u73b0\u4e86\u8fde\u7eed\u7b2c\u4e09\u4e2a\u5b63\u5ea6\u7684\u521b\u7eaa\u5f55\u6536\u5165\uff0c\u5f97\u76ca\u4e8e\u5bf9\u8bbe\u5907\u5347\u7ea7\u3001\u81ea\u52a8\u5316\u548c\u8bbe\u5907\u667a\u80fd\u89e3\u51b3\u65b9\u6848\u7684\u5f3a\u52b2\u9700\u6c42\u3002\u53cd\u6620\u51fa\u884c\u4e1a\u72b6\u51b5\u7684\u6539\u5584\uff0c\u6cdb\u6797\u5c06<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74\u6676\u5706\u5382\u8bbe\u5907\uff08<\/span><span data-contrast=\"auto\">WFE<\/span><span data-contrast=\"auto\">\uff09\u652f\u51fa\u9884\u671f\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">1500<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u4f4e\u7aef\u533a\u95f4\uff0c\u5e76\u9884\u8ba1<\/span><span data-contrast=\"auto\">9<\/span><span data-contrast=\"auto\">\u6708\u5f53\u5b63\uff08\u5373<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff09\u8425\u6536\u7ea6\u4e3a<\/span><span data-contrast=\"auto\">81<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f\u8d85\u8fc7<\/span><span data-contrast=\"auto\">20%<\/span><span data-contrast=\"auto\">\uff0c\u540c\u65f6\u9884\u8ba1\u5c06\u8fde\u7eed\u7b2c\u4e09\u5e74\u8dd1\u8d62\u6574\u4f53<\/span><span data-contrast=\"auto\">WFE<\/span><span data-contrast=\"auto\">\u7684\u589e\u957f\u3002\u6cdb\u6797\u96c6\u56e2\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u53d7\u76ca\u4e8e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u534a\u5bfc\u4f53\u5236\u9020\u6301\u7eed\u6269\u5f20\uff0c<\/span><span data-contrast=\"auto\">NAND\u3001DRAM<\/span><span data-contrast=\"auto\">\u548c\u5148\u8fdb\u903b\u8f91\u82af\u7247\u5bf9\u5148\u8fdb\u523b\u8680\u3001\u6c89\u79ef\u548c\u5c01\u88c5\u6280\u672f\u7684\u9700\u6c42\u4e0d\u65ad\u589e\u957f\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u5728\u6301\u7eed\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u3001\u591a\u5e74\u671f\u6676\u5706\u5382\u5efa\u8bbe\u8ba1\u5212\u4ee5\u53ca\u65e5\u76ca\u590d\u6742\u7684\u534a\u5bfc\u4f53\u67b6\u6784\uff08\u6269\u5927\u4e86\u6cdb\u6797\u7684\u53ef\u670d\u52a1\u53ef\u7528\u5e02\u573a\uff09\u7684\u652f\u6491\u4e0b\uff0c<\/span><span data-contrast=\"auto\">WFE<\/span><span data-contrast=\"auto\">\u652f\u51fa\u5c06\u5728<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u52a0\u901f\u589e\u957f\u3002\u6b64\u5916\uff0c\u5ba2\u6237\u652f\u6301\u4e1a\u52a1\u548c\u5148\u8fdb\u5c01\u88c5\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u589e\u957f\u5e94\u80fd\u63d0\u4f9b\u989d\u5916\u7684\u76c8\u5229\u673a\u4f1a\u3002\u7136\u800c\uff0c\u5ba2\u6237\u8d44\u672c\u652f\u51fa\u7684\u65f6\u673a\u3001\u534a\u5bfc\u4f53\u884c\u4e1a\u7684\u5468\u671f\u6027\u4ee5\u53ca\u5730\u7f18\u653f\u6cbb\u6216\u4f9b\u5e94\u94fe\u4e2d\u65ad\uff0c\u4ecd\u662f\u53ef\u80fd\u5f71\u54cd\u672a\u6765\u589e\u957f\u7684\u5173\u952e\u56e0\u7d20\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">250<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">300<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Fortinet Inc. (FTNT)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"45\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$2.05B<\/span><span data-contrast=\"auto\">, +25.8% YoY, beat estimates by $160M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"46\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.90, beat estimates by $0.15<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"47\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0revenue between $2.01B\u00a0and $2.10B, above the consensus estimate of $1.95B and\u00a0adjusted EPS of $0.83 to $0.87, compared to the analyst consensus of $0.77.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"48\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:\u00a0<\/span><\/b><span data-contrast=\"auto\">Raised\u00a0full-year 2026 revenue guidance to a range of $8.02B\u00a0to $8.18B,\u00a0above\u00a0the consensus estimate of $7.81B. Full-year adjusted EPS is expected between $3.41 and $3.47, above the $3.16 consensus.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"49\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Fortinet delivered\u00a0a\u00a0strong second\u00a0quarter, with revenue rising\u00a026% YoY to US$2.05bn\u00a0and adjusted EPS of US$0.90, comfortably\u00a0exceeding market expectations, driven by\u00a0robust demand for its AI-enabled cybersecurity platform. Product revenue surged 52% YoY to US$773mn, while recurring service revenue grew to US$1.27bn, reflecting continued adoption of Fortinet\u2019s integrated\u00a0firewall, SD-WAN\u00a0and\u00a0SASE solutions built on its single\u00a0FortiOS\u00a0operating system.\u00a0The company also\u00a0reported strong billings growth of 33% YoY to US$2.37bn, generated US$966mn in free cash flow and achieved an adjusted operating margin of 38%. Supported by strong execution, Fortinet raised both its FY2026 and Q3 guidance, with full-year revenue now expected to reach US$8.02bn-8.18bn and adjusted EPS of US$3.41-3.47, both above market expectations.\u00a0Fortinet\u00a0remains\u00a0well-positioned to\u00a0benefit\u00a0from growing enterprise demand for AI-driven cybersecurity, secure networking and unified SASE solutions as organisations continue to modernise their IT infrastructure. Strong billings momentum, expanding recurring service revenue and industry-leading profitability provide good visibility for continued growth, while management expects demand for its integrated security platform to remain robust throughout the\u00a0remainder\u00a0of FY2026. However, enterprise IT spending trends, competitive pressures and\u00a0the pace of\u00a0AI-related cybersecurity adoption\u00a0remain key factors to\u00a0monitor.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $160\u00a0to $190. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">\u98de\u5854\u516c\u53f8\uff08<\/span><\/b><b><span data-contrast=\"auto\">FTNT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"42\" 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\">20.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">25.8%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"43\" 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\">0.90<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u4f18\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.15<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"44\" 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\">\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">20.1<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">21.0<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">19.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">0.83<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">0.87<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">0.77<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"45\" 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<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">80.2<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">81.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">78.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1\u5168\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">3.41<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">3.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">3.16<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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;multilevel&quot;}\" data-aria-posinset=\"46\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u98de\u5854\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u8868\u73b0\u5f3a\u52b2\uff0c\u5728\u5bf9\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8d4b\u80fd\u7f51\u7edc\u5b89\u5168\u5e73\u53f0\u5f3a\u52b2\u9700\u6c42\u7684\u63a8\u52a8\u4e0b\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">26%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">20.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca<\/span><span data-contrast=\"auto\">0.90<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8f7b\u677e\u8d85\u51fa\u5e02\u573a\u9884\u671f\u3002\u4ea7\u54c1\u6536\u5165\u540c\u6bd4\u6fc0\u589e<\/span><span data-contrast=\"auto\">52%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">7.73<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u800c\u7ecf\u5e38\u6027\u670d\u52a1\u6536\u5165\u589e\u957f\u81f3<\/span><span data-contrast=\"auto\">12.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5bf9\u5176\u57fa\u4e8e\u5355\u4e00<\/span><span data-contrast=\"auto\">FortiOS<\/span><span data-contrast=\"auto\">\u64cd\u4f5c\u7cfb\u7edf\u6784\u5efa\u7684\u96c6\u6210\u9632\u706b\u5899\u3001<\/span><span data-contrast=\"auto\">SD-WAN<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">SASE<\/span><span data-contrast=\"auto\">\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u91c7\u7528\u3002\u516c\u53f8\u8fd8\u62a5\u544a\u4e86\u5f3a\u52b2\u7684\u8ba2\u5355\u989d\uff08<\/span><span data-contrast=\"auto\">billings<\/span><span data-contrast=\"auto\">\uff09\u589e\u957f\uff0c\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">33%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">23.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4ea7\u751f<\/span><span data-contrast=\"auto\">9.66<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u5e76\u5b9e\u73b0\u4e86<\/span><span data-contrast=\"auto\">38%<\/span><span data-contrast=\"auto\">\u7684\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u3002\u5728\u5f3a\u52b2\u6267\u884c\u7684\u652f\u6491\u4e0b\uff0c\u98de\u5854\u4e0a\u8c03\u4e86<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u548c\u7b2c\u4e09\u5b63\u5ea6\u7684\u6307\u5f15\uff0c\u9884\u8ba1\u5168\u5e74\u8425\u6536\u5c06\u8fbe\u5230<\/span><span data-contrast=\"auto\">80.2<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">81.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">3.41<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">3.47<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5747\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\u3002\u968f\u7740\u4f01\u4e1a\u7ee7\u7eed\u73b0\u4ee3\u5316\u5176<\/span><span data-contrast=\"auto\">IT<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\uff0c\u98de\u5854\u4ecd\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u53d7\u76ca\u4e8e\u4f01\u4e1a\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7f51\u7edc\u5b89\u5168\u3001\u5b89\u5168\u7f51\u7edc\u548c\u7edf\u4e00<\/span><span data-contrast=\"auto\">SASE<\/span><span data-contrast=\"auto\">\u89e3\u51b3\u65b9\u6848\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u3002\u5f3a\u52b2\u7684\u8ba2\u5355\u589e\u957f\u52bf\u5934\u3001\u4e0d\u65ad\u6269\u5927\u7684\u7ecf\u5e38\u6027\u670d\u52a1\u6536\u5165\u4ee5\u53ca\u884c\u4e1a\u9886\u5148\u7684\u76c8\u5229\u80fd\u529b\uff0c\u4e3a\u6301\u7eed\u589e\u957f\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u53ef\u89c1\u6027\uff0c\u540c\u65f6\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5269\u4f59\u65f6\u95f4\u5185\uff0c\u5bf9\u5176\u96c6\u6210\u5b89\u5168\u5e73\u53f0\u7684\u9700\u6c42\u5c06\u4fdd\u6301\u5f3a\u52b2\u3002\u7136\u800c\uff0c\u4f01\u4e1a<\/span><span data-contrast=\"auto\">IT<\/span><span data-contrast=\"auto\">\u652f\u51fa\u8d8b\u52bf\u3001\u7ade\u4e89\u538b\u529b\u4ee5\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u7f51\u7edc\u5b89\u5168\u91c7\u7528\u7684\u6b65\u4f10\uff0c\u4ecd\u662f\u9700\u8981\u5bc6\u5207\u5173\u6ce8\u7684\u5173\u952e\u56e0\u7d20\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\">160<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">190<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\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 HKL SP Hongkong Land Holdings Limited. Shares closed above the 5dEMA\u00a0with an increase in volume.\u00a0 RSI\u00a0is slightly\u00a0overbought\u00a0but\u00a0MACD\u00a0is still\u00a0constructive.\u00a0 Buy \u2013 Entry\u00a08.0, Target\u00a09.0, Stop\u00a07.5\u00a0 SASSR SP Sasseur Real Estate Investment Trust Shares closed above the 5dEMA\u00a0with rising volume.\u00a0 Both RSI and MACD are constructive.\u00a0 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-92901","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: 30 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HKL SP Hongkong Land Holdings Limited. Shares closed above the 5dEMA with an increase in volume. RSI is slightly overbought but MACD is still constructive. Buy \u2013 Entry 8.0, Target 9.0, Stop 7.5 SASSR SP Sasseur Real Estate Investment Trust 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-30-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: 30 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 30 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HKL SP Hongkong Land Holdings Limited. Shares closed above the 5dEMA with an increase in volume. RSI is slightly overbought but MACD is still constructive. Buy \u2013 Entry 8.0, Target 9.0, Stop 7.5 SASSR SP Sasseur Real Estate Investment Trust Shares closed above the 5dEMA with rising volume. 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Shares closed above the 5dEMA with an increase in volume. RSI is slightly overbought but MACD is still constructive. Buy \u2013 Entry 8.0, Target 9.0, Stop 7.5 SASSR SP Sasseur Real Estate Investment Trust Shares closed above the 5dEMA with rising volume. 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Shares closed above the 5dEMA with an increase in volume. RSI is slightly overbought but MACD is still constructive. Buy \\u2013 Entry 8.0, Target 9.0, Stop 7.5 SASSR SP Sasseur Real Estate Investment Trust Shares closed above the 5dEMA with rising volume. 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