{"id":92932,"date":"2026-07-31T08:28:35","date_gmt":"2026-07-31T00:28:35","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=92932"},"modified":"2026-07-31T14:07:58","modified_gmt":"2026-07-31T06:07:58","slug":"technical-analysis-31-july-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-31-july-2026\/","title":{"rendered":"Technical Analysis: 31 July 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"92932\" class=\"elementor elementor-92932\" 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: 31 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;\">SPWR SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Sunpower Group Ltd.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li 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\">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=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry\u00a00.50, Target\u00a00.64, Stop\u00a00.43<\/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=\"2290\" height=\"1356\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM.png\" class=\"attachment-full size-full wp-image-92933\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM.png 2290w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM-1024x606.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM-768x455.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM-1536x910.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.01-AM-2048x1213.png 2048w\" sizes=\"(max-width: 2290px) 100vw, 2290px\" \/>\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;\">RSTON SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Riverstone Holdings Limited<\/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\u00a00.84\u00a0Target\u00a00.98, Stop\u00a00.77<\/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=\"2294\" height=\"1366\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM.png\" class=\"attachment-full size-full wp-image-92934\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM.png 2294w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM-1024x610.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM-768x457.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM-1536x915.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.30.58-AM-2048x1220.png 2048w\" sizes=\"(max-width: 2294px) 100vw, 2294px\" \/>\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;\">1299 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">AIA Group 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\u00a0at a one-month high above the 100dEMA 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\u00a079,\u00a0Target\u00a085,\u00a0Stop\u00a076<\/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=\"1924\" height=\"1138\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM.png\" class=\"attachment-full size-full wp-image-92935\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM.png 1924w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM-1024x606.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM-768x454.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.31.53-AM-1536x909.png 1536w\" sizes=\"(max-width: 1924px) 100vw, 1924px\" \/>\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;\">2378 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Prudential PLC<\/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 at a two-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.<\/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\u00a0114, Target\u00a0124, Stop\u00a0110<\/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=\"1932\" height=\"1132\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM.png\" class=\"attachment-full size-full wp-image-92936\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM.png 1932w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM-300x176.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM-1024x600.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM-768x450.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-8.32.41-AM-1536x900.png 1536w\" sizes=\"(max-width: 1932px) 100vw, 1932px\" \/>\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;\">BA US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Boeing Company (The)\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a4d3e66 elementor-widget elementor-widget-text-editor\" data-id=\"6a4d3e66\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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\">RSI\u00a0is constructive\u00a0and MACD\u00a0is about to turn positive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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\u00a0218,\u00a0Target\u00a0240,\u00a0Stop\u00a0207<\/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=\"906\" height=\"545\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.03.58-PM.png\" class=\"attachment-full size-full wp-image-92969\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.03.58-PM.png 906w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.03.58-PM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.03.58-PM-768x462.png 768w\" sizes=\"(max-width: 906px) 100vw, 906px\" \/>\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;\">UMAC US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Unusual Machines, Inc.\u00a0<\/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.\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\">RSI is constructive and MACD is about to turn positive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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\u00a020,\u00a0Target\u00a030,\u00a0Stop\u00a015<\/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=\"1027\" height=\"613\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.04.52-PM.png\" class=\"attachment-full size-full wp-image-92970\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.04.52-PM.png 1027w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.04.52-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.04.52-PM-1024x611.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-31-at-2.04.52-PM-768x458.png 768w\" sizes=\"(max-width: 1027px) 100vw, 1027px\" \/>\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\">Mastercard Incorporated (MA)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$9.3B<\/span><span data-contrast=\"auto\">,&nbsp;+14.8% YoY,&nbsp;beat&nbsp;estimates&nbsp;by&nbsp;<\/span><span data-contrast=\"auto\">$220M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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&nbsp;Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">\u202f$5.04,&nbsp;beat&nbsp;estimates&nbsp;by\u202f$0.26<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Management modestly increased its FY26 revenue outlook to low-teens growth, reflecting continued strength in payment network activity and value-added services.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was another high-quality quarter. Payment network revenue increased 10%, value-added services revenue grew 20%, and switched transactions increased 9% to 47.4B. Consumer spending remained resilient across income groups despite macro uncertainty, while travel and cross-border spending continued to support growth. The key positive is that growth is becoming increasingly diversified. Cybersecurity, fraud prevention,&nbsp;analytics&nbsp;and other value-added services are expanding faster than the core payments network, reducing reliance on transaction fees alone. Management also highlighted continued investment in digital assets and cross-border payment infrastructure. Shares rose&nbsp;approximately 2%\u20133% following the results. The principal variables to monitor are consumer spending resilience, cross-border travel volumes, continued growth in value-added services, and&nbsp;operating-margin sustainability as Mastercard increases investment in technology and AI.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $530&nbsp;to $630.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Mastercard&nbsp;Incorporated\uff08MA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">93<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">14.8%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">5.04<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.26<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u5c0f\u5e45\u4e0a\u8c03\u5168\u5e74\u8425\u6536\u589e\u901f\u81f3\u201c\u4f4e\u53cc\u4f4d\u6570\u201d\uff08\u7ea6<\/span><span data-contrast=\"auto\">10%\u201313%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u53cd\u6620\u652f\u4ed8\u7f51\u7edc\u6d3b\u52a8\u4e0e\u589e\u503c\u670d\u52a1\u6301\u7eed\u5f3a\u52b2<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u518d\u6b21\u5c55\u73b0\u9ad8\u8d28\u91cf\u589e\u957f\u3002\u652f\u4ed8\u7f51\u7edc\u6536\u5165\u589e\u957f<\/span><span data-contrast=\"auto\">10%<\/span><span data-contrast=\"auto\">\uff0c\u589e\u503c\u670d\u52a1\uff08\u5982\u7f51\u7edc\u5b89\u5168\u3001\u53cd\u6b3a\u8bc8\u3001\u6570\u636e\u5206\u6790\uff09\uff1b\u4ea4\u6613\u5904\u7406\u91cf\uff08<\/span><span data-contrast=\"auto\">switched transactions<\/span><span data-contrast=\"auto\">\uff09\u3002\u6d88\u8d39\u8005\u652f\u51fa\u5728\u5404\u6536\u5165\u9636\u5c42\u5747\u4fdd\u6301\u97e7\u6027\uff0c\u8de8\u5883\u53ca\u65c5\u884c\u6d88\u8d39\u7ee7\u7eed\u6210\u4e3a\u5173\u952e\u9a71\u52a8\u529b\u3002\u5c24\u4e3a\u79ef\u6781\u7684\u662f\uff0c\u589e\u957f\u7ed3\u6784\u65e5\u76ca\u591a\u5143\u5316\uff1a\u9ad8\u6bdb\u5229\u7684\u589e\u503c\u670d\u52a1\u589e\u901f\u5feb\u4e8e\u4f20\u7edf\u4ea4\u6613\u5904\u7406\u4e1a\u52a1\uff0c\u964d\u4f4e\u5bf9\u5355\u4e00\u624b\u7eed\u8d39\u6a21\u5f0f\u7684\u4f9d\u8d56\uff0c\u5e76\u63d0\u5347\u6574\u4f53\u76c8\u5229\u8d28\u91cf\u3002\u516c\u53f8\u540c\u65f6\u52a0\u5927\u5728\u6570\u5b57\u8d44\u4ea7\u3001<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u53ca\u8de8\u5883\u652f\u4ed8\u57fa\u7840\u8bbe\u65bd\u4e0a\u7684\u6295\u5165\uff0c\u4e3a\u957f\u671f\u7ade\u4e89\u529b\u5e03\u5c40\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8<\/span><span data-contrast=\"auto\">2%\u20133%<\/span><span data-contrast=\"auto\">\uff0c\u7b26\u5408\u5e02\u573a\u5bf9\u7a33\u5065\u578b\u91d1\u878d\u79d1\u6280\u9f99\u5934\u7684\u9884\u671f\u2014\u2014\u867d\u65e0\u60ca\u559c\uff0c\u4f46\u786e\u5b9a\u6027\u5f3a\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u5168\u7403\u6d88\u8d39\u8005\u652f\u51fa\u662f\u5426\u5728\u9ad8\u5229\u7387\u73af\u5883\u4e0b\u7ef4\u6301\u97e7\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u8de8\u5883\u65c5\u884c\u4e0e\u5546\u52a1\u6d3b\u52a8\u6062\u590d\u8282\u594f\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u589e\u503c\u670d\u52a1\u80fd\u5426\u6301\u7eed\u4ee5<\/span><span data-contrast=\"auto\">20%+<\/span><span data-contrast=\"auto\">\u901f\u5ea6\u6269\u5f20\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u6280\u672f\u4e0e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u662f\u5426\u4f1a\u77ed\u671f\u538b\u5236\u8fd0\u8425\u5229\u6da6\u7387\uff08\u5f53\u524d\u7ea6<\/span><span data-contrast=\"auto\">50%+\uff09\u3002Mastercard<\/span><span data-contrast=\"auto\">\u51ed\u501f\u5176\u8f7b\u8d44\u4ea7\u3001\u9ad8\u58c1\u5792\u7684\u7f51\u7edc\u6548\u5e94\uff0c\u5728\u5168\u7403\u6570\u5b57\u5316\u652f\u4ed8\u6d6a\u6f6e\u4e2d\u5360\u636e\u6838\u5fc3\u5730\u4f4d\u3002\u57fa\u672c\u9762\u7a33\u56fa\u3001\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u80a1\u606f\u589e\u957f\u53ef\u671f\u3002\u5c3d\u7ba1\u4f30\u503c\u5df2\u53cd\u6620\u90e8\u5206\u4e50\u89c2\u9884\u671f\uff0c\u4f46\u5728\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u4e2d\u4ecd\u5177\u9632\u5fa1\u6027\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\">530<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">630<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Altria Group, Inc. (MO)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$5.36B<\/span><span data-contrast=\"auto\">,&nbsp;+0.2% YoY,&nbsp;in-line with&nbsp;estimates<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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&nbsp;Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$1.48,&nbsp;miss&nbsp;estimates&nbsp;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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">&nbsp;Narrowed FY26 adjusted EPS guidance to US$5.61\u2013US$5.72, versus the prior range of US$5.56\u2013US$5.72, reflecting stronger first-half execution and expected import\/export benefits in the second half.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Repurchased 5.3M shares for&nbsp;approximately US$335M during the quarter. Altria returned&nbsp;nearly US$3.9B to shareholders through dividends and buybacks in 1H26. The company continues to target an approximately 80% payout ratio.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter. Revenue held up despite continued volume declines, and adjusted EPS increased modestly. Pricing continued to support the core cigarette franchise, while the decline in Marlboro shipment volumes improved to 7.4% from 11.4% a year ago. The smokeable-products segment remained highly profitable despite ongoing industry contraction. The main issue is weakening consumer demand and intensifying competition in reduced-risk products. Premium cigarette pricing was less effective than expected as consumers traded down to value brands, while on! nicotine pouch shipment volumes fell 4.2% amid stronger competition. In addition, the NJOY ACE vaping product&nbsp;remains&nbsp;absent from the U.S. market because of an import ban. Shares fell approximately 7% following the results as investors focused on the EPS miss and deteriorating pricing power. The principal variables to monitor are cigarette pricing power, premium-to-discount consumer trade-down, recovery of on! market share, resolution of the NJOY import ban, and continued shareholder returns.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $60&nbsp;to $80.&nbsp;Positive&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Altria Group,&nbsp;Inc.\uff08MO<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">53.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">0.2%<\/span><span data-contrast=\"auto\">\uff0c\u7b26\u5408\u9884\u671f<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.48<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u8c03\u6574\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6536\u7a84\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u6307\u5f15\u81f3<\/span><span data-contrast=\"auto\">5.61\u20135.72<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u539f\u4e3a<\/span><span data-contrast=\"auto\">5.56\u20135.72<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff0c\u53cd\u6620\u4e0a\u534a\u5e74\u6267\u884c\u5f3a\u4e8e\u9884\u671f\u53ca\u4e0b\u534a\u5e74\u8fdb\u51fa\u53e3\u5957\u5229\u673a\u4f1a<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u56de\u8d2d<\/span><span data-contrast=\"auto\">530<\/span><span data-contrast=\"auto\">\u4e07\u80a1\uff08\u7ea6<\/span><span data-contrast=\"auto\">3.35<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff1b<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u4e0a\u534a\u5e74\u5411\u80a1\u4e1c\u8fd4\u8fd8\u8fd1<\/span><span data-contrast=\"auto\">39<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u542b\u80a1\u606f\u4e0e\u56de\u8d2d\uff09\uff0c\u7ef4\u6301\u7ea6<\/span><span data-contrast=\"auto\">80%<\/span><span data-contrast=\"auto\">\u7684\u6d3e\u606f\u7387\u76ee\u6807<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u6df7\u5408\uff0c\u5728\u4f20\u7edf\u70df\u8349\u7ed3\u6784\u6027\u4e0b\u6ed1\u80cc\u666f\u4e0b\u5c55\u73b0\u4e00\u5b9a\u97e7\u6027\u3002\u8425\u6536\u6301\u5e73\u3001\u76c8\u5229\u5fae\u589e\uff0c\u4e3b\u8981\u4f9d\u9760\u63d0\u4ef7\u62b5\u6d88\u9500\u91cf\u840e\u7f29\u3002\u4e07\u5b9d\u8def\uff08<\/span><span data-contrast=\"auto\">Marlboro<\/span><span data-contrast=\"auto\">\uff09\uff0c\u663e\u793a\u9ad8\u7aef\u5377\u70df\u9700\u6c42\u538b\u529b\u6709\u6240\u7f13\u89e3\u3002\u7136\u800c\uff0c\u6838\u5fc3\u6311\u6218\u6b63\u5728\u52a0\u5267\uff1a\u6d88\u8d39\u8005\u6301\u7eed\u5411\u4f4e\u4ef7\u54c1\u724c\u8f6c\u79fb\uff0c\u524a\u5f31\u9ad8\u7aef\u4ea7\u54c1\u63d0\u4ef7\u6548\u529b\uff1b<\/span><span data-contrast=\"auto\">on!<\/span><span data-contrast=\"auto\">\u5c3c\u53e4\u4e01\u888b\u51fa\u8d27\u91cf\u540c\u6bd4\u4e0b\u964d<\/span><span data-contrast=\"auto\">4.2%<\/span><span data-contrast=\"auto\">\uff0c\u9762\u4e34<\/span><span data-contrast=\"auto\">ZYN<\/span><span data-contrast=\"auto\">\u7b49\u7ade\u54c1\u6fc0\u70c8\u6324\u538b\uff1b<\/span><span data-contrast=\"auto\">NJOY ACE<\/span><span data-contrast=\"auto\">\u7535\u5b50\u70df\u56e0\u8fdb\u53e3\u7981\u4ee4\u4ecd\u65e0\u6cd5\u5728\u7f8e\u56fd\u5e02\u573a\u9500\u552e\uff0c\u9519\u5931\u51cf\u5bb3\u4ea7\u54c1\u589e\u957f\u7a97\u53e3\u3002\u5c3d\u7ba1\u53ef\u71c3\u70df\u8349\u677f\u5757\u4ecd\u8d21\u732e\u9ad8\u5229\u6da6\uff0c\u4f46\u51cf\u5bb3\u4ea7\u54c1\u8f6c\u578b\u8fdb\u5c55\u6ede\u540e\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9\u957f\u671f\u589e\u957f\u8def\u5f84\u7684\u62c5\u5fe7\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">7%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u5b9a\u4ef7\u6743\u5f31\u5316\u4e0e\u65b0\u54c1\u7c7b\u7ade\u4e89\u5931\u5229\u7684\u8d1f\u9762\u89e3\u8bfb\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u9ad8\u7aef\u5377\u70df\u80fd\u5426\u7ef4\u6301\u63d0\u4ef7\u80fd\u529b\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u6d88\u8d39\u964d\u7ea7\u8d8b\u52bf\u662f\u5426\u8fdb\u4e00\u6b65\u4fb5\u8680\u5229\u6da6\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09on!<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u5e02\u573a\u4efd\u989d\u80fd\u5426\u6b62\u8dcc\u56de\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">4\uff09NJOY<\/span><span data-contrast=\"auto\">\u8fdb\u53e3\u7981\u4ee4\u662f\u5426\u6709\u671b\u89e3\u9664\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u9ad8\u6bd4\u4f8b\u80a1\u4e1c\u56de\u62a5\u80fd\u5426\u6301\u7eed\u652f\u6491\u4f30\u503c\u3002<\/span><span data-contrast=\"auto\">Altria<\/span><span data-contrast=\"auto\">\u73b0\u91d1\u6d41\u7a33\u5065\u3001\u80a1\u606f\u6536\u76ca\u7387\u5177\u5438\u5f15\u529b\uff08\u5f53\u524d\u7ea6<\/span><span data-contrast=\"auto\">8%+<\/span><span data-contrast=\"auto\">\uff09\uff0c\u5728\u9632\u5fa1\u6027\u8d44\u4ea7\u4e2d\u4ecd\u6709\u914d\u7f6e\u4ef7\u503c\u3002\u82e5\u51cf\u5bb3\u4e1a\u52a1\u51fa\u73b0\u7a81\u7834\u6216\u76d1\u7ba1\u73af\u5883\u6539\u5584\uff0c\u6216\u5e26\u6765\u4f30\u503c\u4fee\u590d\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\">60<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">80<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Blue Owl Capital Inc. (OWL)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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\">2Q26&nbsp;Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$753.1M<\/span><span data-contrast=\"auto\">, +7.1% YoY, beat&nbsp;estimates&nbsp;by&nbsp;<\/span><span data-contrast=\"auto\">$65.37M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">FY26<\/span><\/b><b><span data-contrast=\"auto\">&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Management expects to exceed current 2026 consensus for both fee-related earnings and distributable earnings.&nbsp;Approximately US$31B of AUM has yet to begin paying management fees, providing a meaningful pipeline for future fee growth.&nbsp;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Declared a&nbsp;quarterly dividend&nbsp;of&nbsp;US$0.23 per&nbsp;share.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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:&nbsp;<\/span><\/b><span data-contrast=\"auto\">This was a better-than-feared quarter. Fee-related earnings and distributable earnings both grew 9%, management-fee revenue continued to expand, and AUM reached another record despite a difficult fundraising environment. The company&#8217;s diversification into infrastructure, GP strategic capital and AI-related real assets continues to reduce its dependence on traditional direct lending. Data-centre infrastructure&nbsp;remains&nbsp;one of the fastest-growing businesses. The primary weakness&nbsp;remains&nbsp;private credit fundraising. Total capital raised fell to US$7.6B from US$12.1B a year ago as wealthy investors continued withdrawing capital from non-traded credit vehicles. Management believes inflows have&nbsp;likely bottomed&nbsp;and noted redemption requests are easing, but recovery is expected to be gradual rather than V-shaped. Shares nevertheless rose about 6% after earnings as investors focused on improving fee growth and management&#8217;s confidence in exceeding 2026 earnings expectations. The principal variables to monitor are stabilization of retail credit flows, deployment of the US$31B of fee-eligible capital, continued expansion in AI infrastructure and data-centre&nbsp;investments, and&nbsp;fundraising across institutional channels.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $9&nbsp;to $11.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Blue Owl Capital&nbsp;Inc.\uff08OWL<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">7.531<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">7.1%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">6537<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">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\">0.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u672a\u63d0\u4f9b\u660e\u786e\u9884\u671f\u5bf9\u6bd4\uff0c\u4f46\u6574\u4f53\u76c8\u5229\u6307\u6807\u8d85\u9884\u671f\uff09<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u9884\u8ba1<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74\u8d39\u7528\u76f8\u5173\u6536\u76ca\uff08<\/span><span data-contrast=\"auto\">FRE<\/span><span data-contrast=\"auto\">\uff09\uff1b\u76ee\u524d\u7ea6<\/span><span data-contrast=\"auto\">310<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u5c1a\u672a\u5f00\u59cb\u6536\u53d6\u7ba1\u7406\u8d39\uff0c\u6784\u6210\u663e\u8457\u7684\u672a\u6765\u8d39\u7528\u589e\u957f\u7ba1\u9053<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a1<\/span><span data-contrast=\"auto\">0.23<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u4f18\u4e8e\u5e02\u573a\u60b2\u89c2\u9884\u671f\uff0c\u5728\u52df\u8d44\u73af\u5883\u4e25\u5cfb\u7684\u80cc\u666f\u4e0b\u5c55\u73b0\u97e7\u6027\u3002\u8d39\u7528\u76f8\u5173\u6536\u76ca\uff08<\/span><span data-contrast=\"auto\">FRE<\/span><span data-contrast=\"auto\">\uff09\uff0c\u53ef\u5206\u914d\u6536\u76ca\uff08<\/span><span data-contrast=\"auto\">DE<\/span><span data-contrast=\"auto\">\uff09\u5747\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\uff0c\u7ba1\u7406\u8d39\u6536\u5165\u6301\u7eed\u6269\u5f20\uff0c<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u518d\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u516c\u53f8\u6b63\u6210\u529f\u63a8\u8fdb\u4e1a\u52a1\u591a\u5143\u5316\u2014\u2014\u4ece\u4f20\u7edf\u76f4\u63a5\u8d37\u6b3e\uff0c\u62d3\u5c55\u81f3\u57fa\u7840\u8bbe\u65bd\u3001<\/span><span data-contrast=\"auto\">GP<\/span><span data-contrast=\"auto\">\u6218\u7565\u8d44\u672c\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u5b9e\u7269\u8d44\u4ea7\uff08\u5982\u6570\u636e\u4e2d\u5fc3\uff09\uff0c\u964d\u4f4e\u5bf9\u5355\u4e00\u4fe1\u8d37\u7b56\u7565\u7684\u4f9d\u8d56\u3002\u5176\u4e2d\uff0c\u6570\u636e\u4e2d\u5fc3\u57fa\u7840\u8bbe\u65bd\u5df2\u6210\u4e3a\u589e\u957f\u6700\u5feb\u7684\u677f\u5757\u4e4b\u4e00\u3002\u7136\u800c\uff0c\u79c1\u4eba\u4fe1\u8d37\u52df\u8d44\u4ecd\u662f\u4e3b\u8981\u62d6\u7d2f\uff1a<\/span><span data-contrast=\"auto\">Q2<\/span><span data-contrast=\"auto\">\u603b\u52df\u8d44\u989d\u964d\u81f3<\/span><span data-contrast=\"auto\">76<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u53bb\u5e74\u540c\u671f<\/span><span data-contrast=\"auto\">121<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u4e3b\u56e0\u9ad8\u51c0\u503c\u6295\u8d44\u8005\u6301\u7eed\u4ece\u975e\u4ea4\u6613\u578b\u4fe1\u8d37\u4ea7\u54c1\u4e2d\u64a4\u8d44\u3002\u5c3d\u7ba1\u7ba1\u7406\u5c42\u8ba4\u4e3a\u8d4e\u56de\u538b\u529b\u5df2\u89c1\u9876\u3001\u8d44\u91d1\u6d41\u51fa\u8d8b\u7f13\uff0c\u4f46\u590d\u82cf\u9884\u8ba1\u662f\u6e10\u8fdb\u5f0f\u800c\u975e<\/span><span data-contrast=\"auto\">V<\/span><span data-contrast=\"auto\">\u578b\u53cd\u5f39\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">6%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u66f4\u5173\u6ce8\u8d39\u7528\u589e\u957f\u53ef\u89c1\u6027\u63d0\u5347\u4e0e<\/span><span data-contrast=\"auto\">310<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u5f85\u6536\u8d39<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u7684\u6f5c\u5728\u91ca\u653e\uff0c\u800c\u975e\u77ed\u671f\u52df\u8d44\u75b2\u8f6f\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u96f6\u552e\u4fe1\u8d37\u8d44\u91d1\u6d41\u662f\u5426\u4f01\u7a33\u5e76\u6062\u590d\u51c0\u6d41\u5165\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09310<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u5f85\u6536\u8d39\u8d44\u4ea7\u80fd\u5426\u987a\u5229\u8fdb\u5165\u6536\u8d39\u671f\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09AI<\/span><span data-contrast=\"auto\">\u4e0e\u6570\u636e\u4e2d\u5fc3\u6295\u8d44\u7ec4\u5408\u7684\u89c4\u6a21\u6269\u5f20\u4e0e\u56de\u62a5\u8868\u73b0\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u673a\u6784\u6e20\u9053\u52df\u8d44\u80fd\u5426\u5f25\u8865\u96f6\u552e\u7aef\u7f3a\u53e3\u3002<\/span><span data-contrast=\"auto\">Blue Owl<\/span><span data-contrast=\"auto\">\u4f5c\u4e3a\u53e6\u7c7b\u8d44\u4ea7\u7ba1\u7406\u5e73\u53f0\uff0c\u6b63\u901a\u8fc7\u6218\u7565\u8f6c\u578b\u589e\u5f3a\u6297\u5468\u671f\u80fd\u529b\u3002\u82e5\u5f85\u6536\u8d39<\/span><span data-contrast=\"auto\">AUM<\/span><span data-contrast=\"auto\">\u5982\u671f\u8f6c\u5316\uff0c\u5c06\u663e\u8457\u63d0\u5347\u76c8\u5229\u80fd\u89c1\u5ea6\u4e0e\u7a33\u5b9a\u6027\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\">9<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">11<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Apple Inc. (AAPL)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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\">3Q26 Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$109.42B<\/span><span data-contrast=\"auto\">, +16.4% YoY, beat estimates&nbsp;by&nbsp;$460M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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\">3Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$2.02,&nbsp;beat&nbsp;estimates by $0.13<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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\">4Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect revenue&nbsp;to&nbsp;rise 9%&nbsp;to 11%, vs consensus&nbsp;of more than 12%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Apple delivered a strong fiscal third quarter, with revenue rising 16% YoY to US$109.4bn and EPS increasing to US$2.02, both exceeding expectations, driven by robust iPhone and Mac demand. iPhone revenue grew 22% YoY to US$54.3bn, while Mac revenue surged 29% to US$10.4bn following the launch of new Mac models. However, services revenue of US$30.7bn and China revenue of US$18.8bn both missed expectations, while iPad sales also came in below consensus. Management issued softer-than-expected fiscal fourth-quarter guidance, forecasting revenue growth of 9\u201311%, citing ongoing processor shortages, higher memory costs, foreign exchange&nbsp;headwinds&nbsp;and slower services growth. The company also highlighted regulatory changes affecting App Store monetisation and softer gaming revenue, although it introduced a new device leasing programme to support customer demand amid higher product prices. Apple&nbsp;remains&nbsp;supported by a resilient hardware ecosystem, with upcoming product launches including new Macs, iPads, wearable devices, smart glasses and its first foldable iPhone expected to&nbsp;provide&nbsp;longer-term growth opportunities. However, near-term performance is likely to remain constrained by&nbsp;component&nbsp;shortages, elevated memory costs, regulatory pressure on App Store commissions and a slower-growing services business. Under incoming CEO John Ternus, Apple&#8217;s ability to strengthen its AI capabilities, execute its expanding product roadmap and sustain demand across its premium hardware ecosystem will be key drivers of future growth, while supply chain normalisation and improvements in China demand remain important factors to monitor.&nbsp;<\/span><b><span data-contrast=\"auto\">4Q26 recommended trading range: $290&nbsp;to $350.&nbsp;Neutral&nbsp;Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Apple&nbsp;Inc.\uff08AAPL<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">1094.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">16.4%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">4.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.13<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">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\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">11%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">12%<\/span><span data-contrast=\"auto\">\u4ee5\u4e0a<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u82f9\u679c\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u53d7<\/span><span data-contrast=\"auto\">iPhone<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">Mac<\/span><span data-contrast=\"auto\">\u9700\u6c42\u65fa\u76db\u7684\u63a8\u52a8\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">16%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1094<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u589e\u81f3<\/span><span data-contrast=\"auto\">2.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cc\u53cc\u8d85\u51fa\u9884\u671f\u3002<\/span><span data-contrast=\"auto\">iPhone<\/span><span data-contrast=\"auto\">\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">22%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">543<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u800c\u5728\u65b0<\/span><span data-contrast=\"auto\">Mac<\/span><span data-contrast=\"auto\">\u673a\u578b\u53d1\u5e03\u7684\u63a8\u52a8\u4e0b\uff0c<\/span><span data-contrast=\"auto\">Mac<\/span><span data-contrast=\"auto\">\u8425\u6536\u6fc0\u589e<\/span><span data-contrast=\"auto\">29%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">104<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u7136\u800c\uff0c<\/span><span data-contrast=\"auto\">307<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u670d\u52a1\u8425\u6536\u548c<\/span><span data-contrast=\"auto\">188<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u5927\u4e2d\u534e\u533a\u8425\u6536\u5747\u4e0d\u53ca\u9884\u671f\uff0c<\/span><span data-contrast=\"auto\">iPad<\/span><span data-contrast=\"auto\">\u9500\u91cf\u4e5f\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u3002\u7ba1\u7406\u5c42\u7ed9\u51fa\u7684<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\u5f31\u4e8e\u9884\u671f\uff0c\u9884\u8ba1\u8425\u6536\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">11%<\/span><span data-contrast=\"auto\">\uff0c\u7406\u7531\u662f\u6301\u7eed\u7684\u5904\u7406\u5668\u77ed\u7f3a\u3001\u5185\u5b58\u6210\u672c\u4e0a\u5347\u3001\u5916\u6c47\u9006\u98ce\u4ee5\u53ca\u670d\u52a1\u4e1a\u52a1\u589e\u957f\u653e\u7f13\u3002\u516c\u53f8\u8fd8\u5f3a\u8c03\u4e86\u5f71\u54cd<\/span><span data-contrast=\"auto\">App Store<\/span><span data-contrast=\"auto\">\u53d8\u73b0\u7684\u76d1\u7ba1\u53d8\u5316\u4ee5\u53ca\u6e38\u620f\u6536\u5165\u7684\u75b2\u8f6f\uff0c\u5c3d\u7ba1\u5176\u63a8\u51fa\u4e86\u65b0\u7684\u8bbe\u5907\u79df\u8d41\u8ba1\u5212\uff0c\u4ee5\u5728\u4ea7\u54c1\u4ef7\u683c\u8d70\u9ad8\u7684\u80cc\u666f\u4e0b\u652f\u6301\u5ba2\u6237\u9700\u6c42\u3002\u82f9\u679c\u4f9d\u7136\u53d7\u5230\u5176\u97e7\u6027\u5341\u8db3\u7684\u786c\u4ef6\u751f\u6001\u7cfb\u7edf\u7684\u652f\u6301\uff0c\u5373\u5c06\u63a8\u51fa\u7684\u65b0\u4ea7\u54c1\uff08\u5305\u62ec\u65b0<\/span><span data-contrast=\"auto\">Mac\u3001iPad<\/span><span data-contrast=\"auto\">\u3001\u53ef\u7a7f\u6234\u8bbe\u5907\u3001\u667a\u80fd\u773c\u955c\u4ee5\u53ca\u9996\u6b3e\u6298\u53e0\u5c4f<\/span><span data-contrast=\"auto\">iPhone<\/span><span data-contrast=\"auto\">\uff09\u9884\u8ba1\u5c06\u63d0\u4f9b\u957f\u671f\u7684\u589e\u957f\u673a\u4f1a\u3002\u7136\u800c\uff0c\u77ed\u671f\u4e1a\u7ee9\u53ef\u80fd\u4ecd\u4f1a\u53d7\u5230\u96f6\u90e8\u4ef6\u77ed\u7f3a\u3001\u5185\u5b58\u6210\u672c\u9ad8\u4f01\u3001<\/span><span data-contrast=\"auto\">App Store<\/span><span data-contrast=\"auto\">\u4f63\u91d1\u76d1\u7ba1\u538b\u529b\u4ee5\u53ca\u670d\u52a1\u4e1a\u52a1\u589e\u957f\u653e\u7f13\u7684\u5236\u7ea6\u3002\u5728\u5373\u5c06\u4e0a\u4efb\u7684<\/span><span data-contrast=\"auto\">CEO<\/span><span data-contrast=\"auto\">\u7ea6\u7ff0\u00b7\u7279\u52aa\u65af\uff08<\/span><span data-contrast=\"auto\">John Ternus<\/span><span data-contrast=\"auto\">\uff09\u7684\u9886\u5bfc\u4e0b\uff0c\u82f9\u679c\u52a0\u5f3a<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u80fd\u529b\u3001\u6267\u884c\u4e0d\u65ad\u6269\u5927\u7684\u4ea7\u54c1\u8def\u7ebf\u56fe\u4ee5\u53ca\u5728\u9ad8\u7aef\u786c\u4ef6\u751f\u6001\u7cfb\u7edf\u4e2d\u7ef4\u6301\u9700\u6c42\u7684\u80fd\u529b\uff0c\u5c06\u6210\u4e3a\u672a\u6765\u589e\u957f\u7684\u5173\u952e\u9a71\u52a8\u529b\uff1b\u540c\u65f6\uff0c\u4f9b\u5e94\u94fe\u6b63\u5e38\u5316\u548c\u4e2d\u56fd\u9700\u6c42\u7684\u6539\u5584\u4ecd\u662f\u9700\u8981\u5bc6\u5207\u5173\u6ce8\u7684\u91cd\u8981\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\">290<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">350<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>&nbsp;<br><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Amazon.com Inc.&nbsp;(AMZN)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$200.61B<\/span><span data-contrast=\"auto\">, +19.6% YoY,&nbsp;beat&nbsp;estimates&nbsp;by $4.16B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$5.75, beat estimates by $3.92<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"24\" 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\">&nbsp;Expects&nbsp;capital expenditures to reach $220B, a 10%&nbsp;increase from an earlier forecast.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Amazon delivered a strong second quarter, with AWS revenue surging 37% YoY to US$42.2bn, comfortably exceeding expectations and marking its fastest growth in 18 quarters, driven by robust demand for AI infrastructure and cloud services. The company also reported continued strength in its advertising business, where revenue increased 26% YoY to US$19.8bn, while its e-commerce segment&nbsp;benefited&nbsp;from faster delivery expansion, rural market&nbsp;penetration&nbsp;and a successful Prime Day event. Reflecting sustained AI demand, management raised its 2026 capital expenditure outlook to US$220bn from US$200bn previously, although heavy infrastructure investment caused free cash flow to turn negative. Amazon also&nbsp;disclosed&nbsp;that it received&nbsp;approximately US$600mn in U.S. tariff refunds, with part of the proceeds expected to be returned to affected customers and the&nbsp;remainder&nbsp;reinvested to support lower prices. Amazon&nbsp;remains&nbsp;well-positioned to&nbsp;benefit&nbsp;from accelerating enterprise AI adoption, with AWS continuing to see strong demand that management expects to exceed available capacity through both 2026 and 2027. Ongoing investments in AI infrastructure, custom chips, cloud&nbsp;services&nbsp;and data centres should support long-term revenue growth, while expansion in advertising and improvements across its retail network provide&nbsp;additional&nbsp;earnings drivers. Although elevated capital expenditure will&nbsp;likely continue&nbsp;to weigh on near-term free cash flow, management believes these investments will generate attractive long-term returns as new capacity comes online. Key factors to&nbsp;monitor&nbsp;include the pace of AI infrastructure demand, execution of large-scale data centre expansion, cloud&nbsp;competition&nbsp;and the profitability of its growing AI ecosystem.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $240&nbsp;to $270. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Amazon.com&nbsp;Inc.\uff08AMZN<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<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\">2006.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">19.6%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">41.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">5.75<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">3.92<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8d44\u672c\u652f\u51fa\u5c06\u8fbe\u5230<\/span><span data-contrast=\"auto\">2200<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8f83\u65e9\u671f\u9884\u6d4b\u4e0a\u8c03<\/span><span data-contrast=\"auto\">10%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e9a\u9a6c\u900a\u5728\u7b2c\u4e8c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u53d7<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u548c\u4e91\u670d\u52a1\u9700\u6c42\u65fa\u76db\u7684\u63a8\u52a8\uff0c<\/span><span data-contrast=\"auto\">AWS<\/span><span data-contrast=\"auto\">\u8425\u6536\u540c\u6bd4\u6fc0\u589e<\/span><span data-contrast=\"auto\">37%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">422<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8f7b\u677e\u8d85\u51fa\u9884\u671f\uff0c\u521b\u4e0b<\/span><span data-contrast=\"auto\">18<\/span><span data-contrast=\"auto\">\u4e2a\u5b63\u5ea6\u4ee5\u6765\u7684\u6700\u5feb\u589e\u901f\u3002\u516c\u53f8\u5e7f\u544a\u4e1a\u52a1\u4e5f\u6301\u7eed\u8868\u73b0\u5f3a\u52b2\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">26%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">198<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u540c\u65f6\uff0c\u5176\u7535\u5546\u4e1a\u52a1\u5f97\u76ca\u4e8e\u914d\u9001\u7f51\u7edc\u7684\u5feb\u901f\u6269\u5f20\u3001\u4e0b\u6c89\u5e02\u573a\u7684\u6e17\u900f\u4ee5\u53ca\u6210\u529f\u7684\u201c<\/span><span data-contrast=\"auto\">Prime Day\u201d<\/span><span data-contrast=\"auto\">\u6d3b\u52a8\u3002\u53cd\u6620\u51fa\u6301\u7eed\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9700\u6c42\uff0c\u7ba1\u7406\u5c42\u5c06<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74\u8d44\u672c\u652f\u51fa\u9884\u671f\u4ece\u4e4b\u524d\u7684<\/span><span data-contrast=\"auto\">2000<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">2200<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5c3d\u7ba1\u91cd\u8d44\u4ea7\u7684\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u5bfc\u81f4\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u4e3a\u8d1f\u503c\u3002\u4e9a\u9a6c\u900a\u8fd8\u62ab\u9732\uff0c\u5176\u83b7\u5f97\u4e86\u7ea6<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u5173\u7a0e\u9000\u6b3e\uff0c\u90e8\u5206\u6b3e\u9879\u9884\u8ba1\u5c06\u9000\u8fd8\u7ed9\u53d7\u5f71\u54cd\u7684\u5ba2\u6237\uff0c\u5176\u4f59\u90e8\u5206\u5c06\u91cd\u65b0\u6295\u8d44\u4ee5\u652f\u6301\u66f4\u4f4e\u7684\u4ef7\u683c\u3002\u4e9a\u9a6c\u900a\u4ecd\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u4ece\u4f01\u4e1a\u52a0\u901f\u91c7\u7528<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e2d\u83b7\u76ca\uff0c<\/span><span data-contrast=\"auto\">AWS<\/span><span data-contrast=\"auto\">\u6301\u7eed\u9762\u4e34\u5f3a\u52b2\u9700\u6c42\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74\u548c<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u9700\u6c42\u5c06\u8d85\u8fc7\u53ef\u7528\u4ea7\u80fd\u3002\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u3001\u5b9a\u5236\u82af\u7247\u3001\u4e91\u670d\u52a1\u548c\u6570\u636e\u4e2d\u5fc3\u65b9\u9762\u7684\u6301\u7eed\u6295\u8d44\u5e94\u80fd\u652f\u6491\u957f\u671f\u8425\u6536\u589e\u957f\uff0c\u800c\u5e7f\u544a\u4e1a\u52a1\u7684\u6269\u5f20\u53ca\u5176\u96f6\u552e\u7f51\u7edc\u7684\u6539\u5584\u5c06\u63d0\u4f9b\u989d\u5916\u7684\u76c8\u5229\u9a71\u52a8\u529b\u3002\u5c3d\u7ba1\u8d44\u672c\u652f\u51fa\u7684\u589e\u52a0\u53ef\u80fd\u4f1a\u7ee7\u7eed\u5bf9\u77ed\u671f\u81ea\u7531\u73b0\u91d1\u6d41\u9020\u6210\u538b\u529b\uff0c\u4f46\u7ba1\u7406\u5c42\u76f8\u4fe1\uff0c\u968f\u7740\u65b0\u4ea7\u80fd\u7684\u4e0a\u7ebf\uff0c\u8fd9\u4e9b\u6295\u8d44\u5c06\u4ea7\u751f\u53ef\u89c2\u7684\u957f\u671f\u56de\u62a5\u3002\u9700\u8981\u5173\u6ce8\u7684\u5173\u952e\u56e0\u7d20\u5305\u62ec\uff1a<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\u7684\u589e\u957f\u6b65\u4f10\u3001\u5927\u89c4\u6a21\u6570\u636e\u4e2d\u5fc3\u6269\u5f20\u7684\u6267\u884c\u60c5\u51b5\u3001\u4e91\u8ba1\u7b97\u7ade\u4e89\u6001\u52bf\u4ee5\u53ca\u5176\u4e0d\u65ad\u58ee\u5927\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u751f\u6001\u7cfb\u7edf\u7684\u76c8\u5229\u80fd\u529b\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">240<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">270<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span>&nbsp;<br><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Roblox Corp&nbsp;(RBLX)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;Bookings:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$1.56B<\/span><span data-contrast=\"auto\">,&nbsp;miss&nbsp;estimates 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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26&nbsp;GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;&#8211;<\/span><span data-contrast=\"auto\">$0.26, beat estimates by $0.07<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26<\/span><\/b><b><span data-contrast=\"auto\">&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect&nbsp;bookings between $1.58B&nbsp;and $1.65B, compared with estimates of $1.77B.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Roblox reported mixed second-quarter results, with bookings rising 8% YoY to US$1.56bn, broadly in line with expectations, while daily active users increased 10% YoY to 123 million despite a 7% sequential decline. However, the company issued weaker-than-expected third-quarter bookings guidance of US$1.58bn-1.65bn, well below consensus, as changes to its recommendation algorithm shifted engagement toward newer and evergreen games that generate lower revenue per hour, while stricter age-verification and child-safety measures created additional friction for user onboarding and engagement. Management noted that monetisation weakness is likely to persist in the near term, although investments in AI, platform safety and content diversification continue to support the long-term health of the ecosystem. Roblox also continued to expand its higher-value user base, with users aged over 18 accounting for 27% of age-verified DAUs, a demographic that monetises significantly better than younger users.&nbsp;Roblox&nbsp;remains&nbsp;focused on driving long-term sustainable growth through AI-powered platform enhancements, improved safety standards, content diversification and expansion into older demographics and international markets. While these initiatives are expected to strengthen user retention and monetisation over time, management expects near-term bookings to remain under pressure as recommendation algorithm changes and safety measures weigh on spending. The pace of monetisation recovery, growth in higher-spending adult users, success in attracting&nbsp;new content&nbsp;creators and competitive dynamics within the gaming industry will be key factors influencing future performance.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26&nbsp;recommended trading range: $38&nbsp;to $48. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Roblox&nbsp;Corp\uff08RBLX<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u9884\u8ba2\u91cf\uff08<\/span><\/b><b><span data-contrast=\"auto\">Bookings\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">15.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">4000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">-0.26<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.07<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u9884\u8ba2\u91cf\u5728<\/span><span data-contrast=\"auto\">15.8<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">16.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">17.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Roblox<\/span><span data-contrast=\"auto\">\u516c\u5e03\u4e86\u559c\u5fe7\u53c2\u534a\u7684\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u9884\u8ba2\u91cf\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">8%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">15.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u57fa\u672c\u7b26\u5408\u9884\u671f\uff1b\u5c3d\u7ba1\u73af\u6bd4\u4e0b\u964d<\/span><span data-contrast=\"auto\">7%<\/span><span data-contrast=\"auto\">\uff0c\u4f46\u65e5\u6d3b\u8dc3\u7528\u6237\uff08<\/span><span data-contrast=\"auto\">DAU<\/span><span data-contrast=\"auto\">\uff09\u4ecd\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">10%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1.23<\/span><span data-contrast=\"auto\">\u4ebf\u3002\u7136\u800c\uff0c\u516c\u53f8\u7ed9\u51fa\u7684\u7b2c\u4e09\u5b63\u5ea6\u9884\u8ba2\u91cf\u6307\u5f15\uff08<\/span><span data-contrast=\"auto\">15.8<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">16.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\u5f31\u4e8e\u9884\u671f\uff0c\u8fdc\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u539f\u56e0\u662f\u5176\u63a8\u8350\u7b97\u6cd5\u7684\u8c03\u6574\u4f7f\u7528\u6237\u53c2\u4e0e\u5ea6\u8f6c\u5411\u6bcf\u5c0f\u65f6\u521b\u6536\u8f83\u4f4e\u7684\u65b0\u6e38\u620f\u548c\u957f\u9752\u6e38\u620f\uff0c\u540c\u65f6\u66f4\u4e25\u683c\u7684\u5e74\u9f84\u9a8c\u8bc1\u548c\u513f\u7ae5\u5b89\u5168\u63aa\u65bd\u4e3a\u7528\u6237\u6ce8\u518c\u548c\u53c2\u4e0e\u589e\u52a0\u4e86\u989d\u5916\u963b\u529b\u3002\u7ba1\u7406\u5c42\u6307\u51fa\uff0c\u53d8\u73b0\u75b2\u8f6f\u53ef\u80fd\u5728\u77ed\u671f\u5185\u6301\u7eed\uff0c\u5c3d\u7ba1\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u3001\u5e73\u53f0\u5b89\u5168\u548c\u5185\u5bb9\u591a\u5143\u5316\u65b9\u9762\u7684\u6295\u8d44\u7ee7\u7eed\u652f\u6491\u7740\u751f\u6001\u7cfb\u7edf\u7684\u957f\u671f\u5065\u5eb7\u3002<\/span><span data-contrast=\"auto\">Roblox<\/span><span data-contrast=\"auto\">\u8fd8\u5728\u7ee7\u7eed\u6269\u5927\u5176\u9ad8\u4ef7\u503c\u7528\u6237\u7fa4\uff0c<\/span><span data-contrast=\"auto\">18<\/span><span data-contrast=\"auto\">\u5c81\u4ee5\u4e0a\u7528\u6237\u5360\u7ecf\u8fc7\u5e74\u9f84\u9a8c\u8bc1\u7684<\/span><span data-contrast=\"auto\">DAU<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">27%<\/span><span data-contrast=\"auto\">\uff0c\u8be5\u7fa4\u4f53\u7684\u53d8\u73b0\u80fd\u529b\u663e\u8457\u4f18\u4e8e\u5e74\u8f7b\u7528\u6237\u3002<\/span><span data-contrast=\"auto\">Roblox<\/span><span data-contrast=\"auto\">\u4ecd\u81f4\u529b\u4e8e\u901a\u8fc7<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u5e73\u53f0\u589e\u5f3a\u3001\u63d0\u9ad8\u5b89\u5168\u6807\u51c6\u3001\u5185\u5bb9\u591a\u5143\u5316\u4ee5\u53ca\u5411\u5e74\u957f\u7fa4\u4f53\u548c\u56fd\u9645\u5e02\u573a\u6269\u5f20\uff0c\u6765\u63a8\u52a8\u957f\u671f\u53ef\u6301\u7eed\u589e\u957f\u3002\u5c3d\u7ba1\u8fd9\u4e9b\u4e3e\u63aa\u9884\u8ba1\u5c06\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u52a0\u5f3a\u7528\u6237\u7559\u5b58\u548c\u53d8\u73b0\uff0c\u4f46\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u7531\u4e8e\u63a8\u8350\u7b97\u6cd5\u7684\u53d8\u5316\u548c\u5b89\u5168\u63aa\u65bd\u5bf9\u652f\u51fa\u7684\u6291\u5236\uff0c\u77ed\u671f\u9884\u8ba2\u91cf\u4ecd\u5c06\u627f\u538b\u3002\u53d8\u73b0\u590d\u82cf\u7684\u6b65\u4f10\u3001\u9ad8\u6d88\u8d39\u6210\u5e74\u7528\u6237\u7684\u589e\u957f\u3001\u5438\u5f15\u65b0\u5185\u5bb9\u521b\u4f5c\u8005\u7684\u6210\u529f\u4e0e\u5426\uff0c\u4ee5\u53ca\u6e38\u620f\u884c\u4e1a\u5185\u7684\u7ade\u4e89\u52a8\u6001\uff0c\u5c06\u662f\u5f71\u54cd\u672a\u6765\u4e1a\u7ee9\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\">38<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">48<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><b><span data-contrast=\"auto\">\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Reddit Inc&nbsp;(RDDT)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:&nbsp;<\/span><\/b><span data-contrast=\"auto\">$805M<\/span><span data-contrast=\"auto\">,&nbsp;+61.0% YoY, beat estimates by $73.93M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:&nbsp;<\/span><span data-contrast=\"auto\">$1.25,&nbsp;beat&nbsp;estimates by $0.29<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q<\/span><\/b><b><span data-contrast=\"auto\">26&nbsp;Guidance:<\/span><\/b><span data-contrast=\"auto\">&nbsp;Expect&nbsp;revenue in the range of $860M to $870M vs consensus of $829.1M and&nbsp;adjusted EBITDA in the range of $385M&nbsp;to $395M, above estimates of $369M.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:&nbsp;<\/span><\/b><span data-contrast=\"auto\">Reddit delivered another strong quarter, with revenue rising 61% YoY to US$805mn, comfortably beating expectations, driven by robust advertiser growth and increasing adoption of its AI-powered advertising platform. The company added advertisers at a 70% YoY pace, particularly among mid-market, small and medium-sized&nbsp;businesses&nbsp;and international customers, while its AI tools for ad creation, targeting and campaign optimisation continued to strengthen monetisation. However, user growth in the U.S. moderated, with daily active unique visitors increasing 6% as changes to search engine algorithms and weaker search referrals weighed on traffic, while international DAUs grew a stronger 28%. Despite these headwinds, Reddit guided for third-quarter revenue of US$860mn-870mn and adjusted EBITDA of US$385mn-395mn, both ahead of market expectations.&nbsp;Reddit&nbsp;remains&nbsp;well-positioned to&nbsp;benefit&nbsp;from continued growth in digital advertising, expanding adoption of its AI-powered advertising tools and improving monetisation of its large global community. Management expects product enhancements to convert more search-driven visitors into loyal app users while continuing to attract new advertisers, particularly internationally and among small and medium-sized businesses. However, changes to search engine algorithms, the pace of U.S. user growth, increasing competition from social media platforms and the evolving impact of AI-powered search remain key factors to&nbsp;monitor.&nbsp;<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $140&nbsp;to $180. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Reddit&nbsp;Inc\uff08RDDT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">8.05<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">61.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">7393<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">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\">1.25<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.29<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">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\u5728<\/span><span data-contrast=\"auto\">8.6<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">8.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff08\u5e02\u573a\u9884\u671f\u4e3a<\/span><span data-contrast=\"auto\">8.291<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u5728<\/span><span data-contrast=\"auto\">3.85<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">3.95<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u9ad8\u4e8e\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">3.69<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Reddit<\/span><span data-contrast=\"auto\">\u4ea4\u51fa\u4e86\u53c8\u4e00\u4e2a\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c\u53d7\u5e7f\u544a\u4e3b\u6570\u91cf\u5f3a\u52b2\u589e\u957f\u53ca\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u5e7f\u544a\u5e73\u53f0\u91c7\u7528\u7387\u4e0d\u65ad\u63d0\u5347\u7684\u63a8\u52a8\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">61%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">8.05<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8f7b\u677e\u8d85\u51fa\u9884\u671f\u3002\u516c\u53f8\u5e7f\u544a\u4e3b\u6570\u91cf\u4ee5<\/span><span data-contrast=\"auto\">70%<\/span><span data-contrast=\"auto\">\u7684\u540c\u6bd4\u589e\u901f\u589e\u52a0\uff0c\u5c24\u5176\u662f\u4e2d\u578b\u5e02\u573a\u3001\u4e2d\u5c0f\u4f01\u4e1a\u548c\u56fd\u9645\u5ba2\u6237\uff1b\u540c\u65f6\uff0c\u5176\u7528\u4e8e\u5e7f\u544a\u521b\u5efa\u3001\u5b9a\u5411\u548c\u8425\u9500\u4f18\u5316\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5de5\u5177\u7ee7\u7eed\u589e\u5f3a\u4e86\u53d8\u73b0\u80fd\u529b\u3002\u7136\u800c\uff0c\u7f8e\u56fd\u5730\u533a\u7684\u7528\u6237\u589e\u957f\u6709\u6240\u653e\u7f13\uff0c\u53d7\u641c\u7d22\u5f15\u64ce\u7b97\u6cd5\u53d8\u5316\u548c\u641c\u7d22\u63a8\u8350\u6d41\u91cf\u51cf\u5f31\u7684\u62d6\u7d2f\uff0c\u65e5\u6d3b\u72ec\u7acb\u8bbf\u5ba2\u4ec5\u589e\u957f<\/span><span data-contrast=\"auto\">6%<\/span><span data-contrast=\"auto\">\uff0c\u800c\u56fd\u9645<\/span><span data-contrast=\"auto\">DAU<\/span><span data-contrast=\"auto\">\u5219\u5b9e\u73b0\u4e86\u66f4\u5f3a\u52b2\u7684<\/span><span data-contrast=\"auto\">28%<\/span><span data-contrast=\"auto\">\u589e\u957f\u3002\u5c3d\u7ba1\u9762\u4e34\u8fd9\u4e9b\u9006\u98ce\uff0c<\/span><span data-contrast=\"auto\">Reddit<\/span><span data-contrast=\"auto\">\u5bf9\u7b2c\u4e09\u5b63\u5ea6\u7684\u6307\u5f15\u4e3a\u8425\u6536<\/span><span data-contrast=\"auto\">8.6<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">8.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">3.85<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">3.95<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5747\u9ad8\u4e8e\u5e02\u573a\u9884\u671f\u3002<\/span><span data-contrast=\"auto\">Reddit<\/span><span data-contrast=\"auto\">\u4ecd\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u4ece\u6570\u5b57\u5e7f\u544a\u7684\u6301\u7eed\u589e\u957f\u3001\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u5e7f\u544a\u5de5\u5177\u7684\u4e0d\u65ad\u666e\u53ca\u4ee5\u53ca\u5176\u5e9e\u5927\u5168\u7403\u793e\u533a\u53d8\u73b0\u80fd\u529b\u7684\u6539\u5584\u4e2d\u83b7\u76ca\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u4ea7\u54c1\u589e\u5f3a\u529f\u80fd\u5c06\u628a\u66f4\u591a\u7531\u641c\u7d22\u9a71\u52a8\u7684\u8bbf\u5ba2\u8f6c\u5316\u4e3a\u5fe0\u5b9e\u7684<\/span><span data-contrast=\"auto\">App<\/span><span data-contrast=\"auto\">\u7528\u6237\uff0c\u540c\u65f6\u7ee7\u7eed\u5438\u5f15\u65b0\u5e7f\u544a\u4e3b\uff0c\u5c24\u5176\u662f\u5728\u56fd\u9645\u5e02\u573a\u548c\u4e2d\u5c0f\u4f01\u4e1a\u4e2d\u3002\u7136\u800c\uff0c\u641c\u7d22\u5f15\u64ce\u7b97\u6cd5\u7684\u53d8\u5316\u3001\u7f8e\u56fd\u7528\u6237\u589e\u957f\u7684\u6b65\u4f10\u3001\u6765\u81ea\u793e\u4ea4\u5a92\u4f53\u5e73\u53f0\u65e5\u76ca\u6fc0\u70c8\u7684\u7ade\u4e89\uff0c\u4ee5\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u641c\u7d22\u4e0d\u65ad\u6f14\u53d8\u7684\u5f71\u54cd\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\">140<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">180<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore SPWR SP Sunpower Group Ltd.\u00a0 Shares closed above the 5dEMA\u00a0with an increase in volume.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy \u2013 Entry\u00a00.50, Target\u00a00.64, Stop\u00a00.43\u00a0 RSTON SP Riverstone Holdings Limited 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-92932","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: 31 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA with an increase in volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 RSTON SP Riverstone Holdings Limited 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-31-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: 31 July 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 31 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. 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Shares closed above the 5dEMA with an increase in volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 RSTON SP Riverstone Holdings Limited Shares closed above the 5dEMA with rising volume. 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Shares closed above the 5dEMA with an increase in volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 RSTON SP Riverstone Holdings Limited Shares closed above the 5dEMA with rising volume. Both RSI and","og:url":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-31-july-2026\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2026-07-31T00:28:35+00:00","article:modified_time":"2026-07-31T06:07:58+00:00","twitter:card":"summary","twitter:title":"Technical Analysis: 31 July 2026 \u2022 KGI Singapore Research","twitter:description":"TECHNICAL ANALYSIS Technical Analysis: 31 July 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SPWR SP Sunpower Group Ltd. Shares closed above the 5dEMA with an increase in volume. Both RSI and MACD are constructive. Buy \u2013 Entry 0.50, Target 0.64, Stop 0.43 RSTON SP Riverstone Holdings Limited Shares closed above the 5dEMA with rising volume. 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