{"id":93058,"date":"2026-08-05T08:00:23","date_gmt":"2026-08-05T00:00:23","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=93058"},"modified":"2026-08-05T13:06:01","modified_gmt":"2026-08-05T05:06:01","slug":"technical-analysis-5-august-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-5-august-2026\/","title":{"rendered":"Technical Analysis: 5 August 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"93058\" class=\"elementor elementor-93058\" 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: 5 August 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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">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-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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"22\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI 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=\"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\u00a00.86, Target\u00a00.98, Stop\u00a00.80<\/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=\"964\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.02.36-PM.png\" class=\"attachment-full size-full wp-image-93081\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.02.36-PM.png 964w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.02.36-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.02.36-PM-768x458.png 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/>\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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">ASTI SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">ASTI Holdings Limited.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-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\">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=\"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\u00a00.12,\u00a0Target\u00a00.16, Stop\u00a00.10<\/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=\"968\" height=\"577\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.03.35-PM.png\" class=\"attachment-full size-full wp-image-93082\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.03.35-PM.png 968w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.03.35-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.03.35-PM-768x458.png 768w\" sizes=\"(max-width: 968px) 100vw, 968px\" \/>\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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">3750 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Contemporary Amperex Technology Co., Limited<\/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 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\u00a0662,\u00a0Target\u00a0736,\u00a0Stop\u00a0625<\/span><\/b><\/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=\"964\" height=\"582\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.18-PM.png\" class=\"attachment-full size-full wp-image-93083\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.18-PM.png 964w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.18-PM-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.18-PM-768x464.png 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/>\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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">2338 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">WeiChai Power Co., Ltd<\/h3><p>\u00a0<\/p><\/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\u00a0above the\u00a0100dEMA.<\/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 is constructive and MACD is positive.<\/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\u00a033, Target\u00a041, Stop\u00a031<\/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=\"961\" height=\"585\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.44-PM.png\" class=\"attachment-full size-full wp-image-93084\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.44-PM.png 961w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.44-PM-300x183.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-04-at-6.04.44-PM-768x468.png 768w\" sizes=\"(max-width: 961px) 100vw, 961px\" \/>\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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">ARLO US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Arlo Technologies, Inc.\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=\"26\" 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 rising volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"26\" 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\u00a0at slightly overbought levels,\u00a0but\u00a0MACD\u00a0is\u00a0still constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"26\" 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\u00a015.0,\u00a0Target\u00a018.0,\u00a0Stop\u00a013.5<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-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=\"972\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.01.55-PM.png\" class=\"attachment-full size-full wp-image-93103\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.01.55-PM.png 972w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.01.55-PM-300x177.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.01.55-PM-768x454.png 768w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/>\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;,&quot;animation_mobile&quot;:&quot;fadeInUp&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;\">AVGO US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Broadcom Inc.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed\u00a0above\u00a0the\u00a05dEMA\u00a0with rising volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry\u00a0410,\u00a0Target\u00a0460,\u00a0Stop\u00a0385<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d3c72a2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2d3c72a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73aec530 elementor-widget elementor-widget-image\" data-id=\"73aec530\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"967\" height=\"577\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.02.34-PM.png\" class=\"attachment-full size-full wp-image-93104\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.02.34-PM.png 967w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.02.34-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-05-at-1.02.34-PM-768x458.png 768w\" sizes=\"(max-width: 967px) 100vw, 967px\" \/>\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\">Pfizer Inc. (PFE)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$15.03B<\/span><span data-contrast=\"auto\">,\u00a0+2.6% YoY,\u00a0beat\u00a0estimates\u00a0by\u00a0<\/span><span data-contrast=\"auto\">$640M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">\u202f$0.77,\u00a0beat\u00a0estimates\u00a0by\u202f$0.09<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:\u00a0<\/span><\/b><span data-contrast=\"auto\">Raised FY26 revenue guidance to US$60.5B\u2013US$62.5B (from US$59.5B\u2013US$62.5B) while reaffirming adjusted EPS guidance of US$2.80\u2013US$3.00. Management also announced an\u00a0additional\u00a0US$2.5B cost-reduction programme, bringing total targeted savings to US$9.7B by 2029.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Management reaffirmed its commitment to\u00a0maintaining\u00a0the dividend and indicated it intends to resume dividend growth after navigating the upcoming patent-expiration cycle.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a solid operational quarter. Revenue and adjusted EPS both exceeded expectations despite continued collapse in COVID product sales. Eliquis revenue increased 21%,\u00a0Padcev\u00a0grew 23%, and other key oncology and cardiovascular franchises continued gaining market share. The results suggest Pfizer&#8217;s non-COVID portfolio is increasingly capable of offsetting pandemic-related revenue declines. The main issue\u00a0remains\u00a0long-term growth visibility. Patent expirations over the next several years continue to pressure investor sentiment, while the recent failure of\u00a0sigvotatug\u00a0vedotin\u00a0represents\u00a0a setback for the\u00a0Seagen\u00a0acquisition. Management is responding by accelerating cost reductions and reinvesting savings into R&amp;D, with obesity (Metsera), oncology and internal pipeline assets expected to drive growth after 2028. Shares rose\u00a0roughly 2%\u00a0following the earnings release as investors focused on the earnings beat and stronger non-COVID performance. The principal variables to monitor are execution of the expanded cost-saving programme, progress of the obesity pipeline, late-stage oncology readouts (particularly\u00a0mevrometostat), and the company&#8217;s ability to replace revenue lost from patent expirations.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $20\u00a0to $30.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Pfizer Inc.\uff08PFE<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">150.3\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.6%\uff0c\u8d85\u51fa\u9884\u671f6.4\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.77\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f0.09\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u66f4\u65b0\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u8425\u6536\u81f3605\u4ebf\u2013625\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a595\u4ebf\u2013625\u4ebf\u7f8e\u5143\uff09\uff1b\u91cd\u7533\u8c03\u6574\u540eEPS\u6307\u5f15\u4e3a2.80\u20133.00\u7f8e\u5143\uff1b\u5ba3\u5e03\u65b0\u589e25\u4ebf\u7f8e\u5143\u6210\u672c\u524a\u51cf\u8ba1\u5212\uff0c\u4f7f2029\u5e74\u524d\u603b\u76ee\u6807\u8282\u7701\u8fbe97\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u91cd\u7533\u7ef4\u6301\u5f53\u524d\u80a1\u606f\uff0c\u5e76\u8ba1\u5212\u5728\u5ea6\u8fc7\u4e13\u5229\u60ac\u5d16\u5468\u671f\u540e\u6062\u590d\u80a1\u606f\u589e\u957f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u7a33\u5065\uff0c\u6807\u5fd7\u7740\u975e\u65b0\u51a0\u4e1a\u52a1\u6301\u7eed\u590d\u82cf\u5e76\u9010\u6b65\u586b\u8865\u75ab\u60c5\u4ea7\u54c1\u6536\u5165\u7f3a\u53e3\u3002\u5c3d\u7ba1\u65b0\u51a0\u76f8\u5173\u9500\u552e\u989d\u7ee7\u7eed\u5927\u5e45\u840e\u7f29\uff0c\u4f46Eliquis\uff08\u6297\u51dd\u836f\uff09\u7b49\u6838\u5fc3\u4ea7\u54c1\u5f3a\u52b2\u589e\u957f\uff0c\u663e\u793a\u516c\u53f8\u5728\u80bf\u7624\u3001\u5fc3\u8840\u7ba1\u7b49\u5173\u952e\u6cbb\u7597\u9886\u57df\u5e02\u573a\u4efd\u989d\u7a33\u6b65\u63d0\u5347\u3002\u7ba1\u7406\u5c42\u6b63\u79ef\u6781\u5e94\u5bf9\u672a\u6765\u51e0\u5e74\u7684\u4e13\u5229\u5230\u671f\u538b\u529b\uff08\u5982Eliquis\u7f8e\u56fd\u4e13\u5229\u4e8e2026\u5e74\u5e95\u5230\u671f\uff09\uff0c\u901a\u8fc7\u5927\u89c4\u6a21\u6210\u672c\u4f18\u5316\u91ca\u653e\u8d44\u6e90\uff0c\u91cd\u70b9\u6295\u5411\u80a5\u80d6\u75c7\uff08Metsera\uff09\u3001\u80bf\u7624\u5b66\u53ca\u5185\u90e8\u7814\u53d1\u7ba1\u7ebf\uff0c\u76ee\u6807\u57282028\u5e74\u540e\u5b9e\u73b0\u65b0\u589e\u957f\u62d0\u70b9\u3002\u7136\u800c\uff0c\u957f\u671f\u589e\u957f\u80fd\u89c1\u5ea6\u4ecd\u662f\u6838\u5fc3\u6311\u6218\uff1aSeagen\u6536\u8d2d\u540e\u7684\u5173\u952e\u5019\u9009\u836f\u7269sigvotatug vedotin\u8fd1\u671f\u4e34\u5e8a\u5931\u8d25\uff0c\u524a\u5f31\u4e86\u90e8\u5206\u5e76\u8d2d\u534f\u540c\u9884\u671f\u3002\u5e02\u573a\u867d\u8ba4\u53ef\u5f53\u524d\u6267\u884c\u529b\uff0c\u4f46\u4ecd\u62c5\u5fe7\u201c\u540eEliquis\u65f6\u4ee3\u201d\u7684\u6536\u5165\u65ad\u5d16\u98ce\u9669\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea62%\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u975e\u65b0\u51a0\u4e1a\u52a1\u97e7\u6027\u4e0e\u6210\u672c\u7eaa\u5f8b\u7684\u8ba4\u53ef\uff0c\u4f46\u4f30\u503c\u4ecd\u53d7\u5236\u4e8e\u4e2d\u671f\u589e\u957f\u4e0d\u786e\u5b9a\u6027\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff0997\u4ebf\u7f8e\u5143\u6210\u672c\u524a\u51cf\u8ba1\u5212\u7684\u6267\u884c\u6548\u7387\uff1b\uff082\uff09\u80a5\u80d6\u75c7\u7ba1\u7ebf\uff08Metsera\uff09\uff1b\uff083\uff09\u665a\u671f\u80bf\u7624\u9879\u76ee\uff08\u5982mevrometostat\uff09\uff1b\uff084\uff09\u80fd\u5426\u901a\u8fc7\u5185\u751f\u7814\u53d1\u6216\u5916\u90e8\u5408\u4f5c\u6709\u6548\u5bf9\u51b2\u4e13\u5229\u635f\u5931\u3002Pfizer\u73b0\u91d1\u6d41\u5f3a\u52b2\u3001\u80a1\u606f\u5b89\u5168\uff0c\u5728\u8f6c\u578b\u671f\u5177\u5907\u9632\u5fa1\u6027\u3002\u82e5\u7814\u53d1\u7ba1\u7ebf\u53d6\u5f97\u7a81\u7834\uff0c\u6709\u671b\u5f00\u542f\u65b0\u4e00\u8f6e\u4f30\u503c\u91cd\u4f30\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a20\u7f8e\u5143\u81f330\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Caterpillar Inc. (CAT)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$20.5B<\/span><span data-contrast=\"auto\">,\u00a0+23.5% YoY,\u00a0beat\u00a0estimates\u00a0by $1.3B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$8.17,\u00a0beat\u00a0estimates\u00a0by $1.97<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Raised FY26 sales and revenue growth guidance to mid- to\u00a0high-teens\u00a0from the prior outlook. Management also lowered expected FY26 tariff costs to approximately US$2.2B. Total backlog increased to a record US$72.1B, up roughly 92% YoY.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Returned US$2.2B to shareholders during the quarter, including US$1.5B of share repurchases and\u00a0approximately US$700M of dividends.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an exceptional quarter with broad-based strength across every major business. Construction Industries revenue increased 35%, Resource Industries grew 20%, and Power &amp; Energy rose 17%, supported by robust demand for AI data-center\u00a0infrastructure, mining\u00a0equipment\u00a0and North American construction. Stronger equipment volumes,\u00a0pricing\u00a0and operating leverage drove one of Caterpillar&#8217;s largest earnings beats in recent years. The key positive is demand visibility. Record backlog, accelerating order growth and raised full-year guidance suggest that AI infrastructure, utility investment and non-residential construction remain powerful secular drivers. The primary risks are whether\u00a0hyperscaler\u00a0data-center\u00a0spending eventually moderates, regulatory constraints on power availability delay projects, and whether mining demand softens if commodity prices weaken. Shares surged approximately 10% following the earnings release, reflecting the\u00a0magnitude\u00a0of the beat and guidance increase. The principal variables to monitor are AI-related power demand, construction activity, mining capital expenditure, tariff\u00a0impacts\u00a0and backlog conversion.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $800\u00a0to $1000.\u00a0Positive\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Caterpillar Inc.\uff08CAT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">205\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f23.5%\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f13\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">8.17\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f1.97\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u9500\u552e\u4e0e\u6536\u5165\u589e\u901f\u6307\u5f15\u63d0\u5347\u81f3\u201c\u4e2d\u9ad8\u53cc\u4f4d\u6570\u201d\uff08\u7ea615%\u201319%\uff09\uff1b\u9884\u8ba126\u8d22\u5e74\u5173\u7a0e\u6210\u672c\u4e0b\u8c03\u81f3\u7ea622\u4ebf\u7f8e\u5143\uff1b\u79ef\u538b\u8ba2\u5355\uff08backlog\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5411\u80a1\u4e1c\u8fd4\u8fd822\u4ebf\u7f8e\u5143\uff08\u542b15\u4ebf\u56de\u8d2d + 7\u4ebf\u80a1\u606f\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u6781\u4e3a\u5f3a\u52b2\uff0c\u4e3a\u8fd1\u5e74\u6765\u6700\u7a81\u51fa\u7684\u76c8\u5229\u8d85\u9884\u671f\u4e4b\u4e00\u3002\u4e09\u5927\u4e1a\u52a1\u677f\u5757\u5168\u9762\u589e\u957f\uff1a\u5efa\u7b51\u5de5\u4e1a\uff08Construction Industries\uff09\uff1b\u8d44\u6e90\u5de5\u4e1a\uff08Resource Industries\uff09\uff1b\u80fd\u6e90\u4e0e\u52a8\u529b\u7cfb\u7edf\uff08Power &amp; Energy\uff09\u589e\u957f\u7531\u591a\u91cd\u7ed3\u6784\u6027\u8d8b\u52bf\u9a71\u52a8\uff1aAI\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u6fc0\u589e\u3001\u5317\u7f8e\u975e\u4f4f\u5b85\u5efa\u7b51\u6d3b\u8dc3\u3001\u77ff\u4e1a\u8d44\u672c\u5f00\u652f\u7a33\u5065\uff0c\u5171\u540c\u63a8\u5347\u8bbe\u5907\u9500\u91cf\u3001\u5b9a\u4ef7\u80fd\u529b\u4e0e\u8fd0\u8425\u6760\u6746\u3002\u6700\u5927\u4eae\u70b9\u5728\u4e8e\u9700\u6c42\u80fd\u89c1\u5ea6\u6781\u9ad8\uff1a\u521b\u7eaa\u5f55\u7684721\u4ebf\u7f8e\u5143 backlog\uff08\u540c\u6bd4+92%\uff09\u548c\u52a0\u901f\u7684\u8ba2\u5355\u6d41\u5165\uff0c\u8868\u660e\u5f53\u524d\u5e76\u975e\u5468\u671f\u6027\u53cd\u5f39\uff0c\u800c\u662f\u7531AI\u7b97\u529b\u57fa\u5efa\u3001\u7535\u7f51\u73b0\u4ee3\u5316\u548c\u8d44\u6e90\u5b89\u5168\u7b49\u957f\u671f\u8d8b\u52bf\u652f\u6491\u7684\u6301\u7eed\u6027\u6269\u5f20\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u5927\u6da8\u7ea610%\uff0c\u53cd\u6620\u5e02\u573a\u5bf9Caterpillar\u4ece\u201c\u5468\u671f\u80a1\u201d\u5411\u201c\u7ed3\u6784\u6027\u6210\u957f\u80a1\u201d\u91cd\u4f30\u7684\u8ba4\u53ef\u3002\u7136\u800c\uff0c\u98ce\u9669\u4ecd\u9700\u5173\u6ce8\uff1a\uff081\uff09\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\uff08hyperscalers\uff09\uff1b\uff082\uff09\u7535\u529b\u5ba1\u6279\u4e0e\u8f93\u7535\u74f6\u9888\u662f\u5426\u5ef6\u7f13\u6570\u636e\u4e2d\u5fc3\u9879\u76ee\u843d\u5730\uff1b\uff083\uff09\u82e5\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u56de\u843d\uff0c\u77ff\u4e1a\u6295\u8d44\u53ef\u80fd\u653e\u7f13\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09AI\u76f8\u5173\u7535\u529b\u4e0e\u51b7\u5374\u8bbe\u5907\u9700\u6c42\u6301\u7eed\u6027\uff1b\uff082\uff09\u7f8e\u56fd\u57fa\u5efa\u6cd5\u6848\u4e0e\u5236\u9020\u4e1a\u56de\u6d41\u5bf9\u5efa\u7b51\u6d3b\u52a8\u7684\u62c9\u52a8\uff1b\uff083\uff09\u5168\u7403\u77ff\u4e1aCAPEX\u8282\u594f\uff1b\uff084\uff09\u5173\u7a0e\u4e0e\u4f9b\u5e94\u94fe\u6210\u672c\u662f\u5426\u8fdb\u4e00\u6b65\u6539\u5584\uff1b\uff085\uff09backlog\u5411\u6536\u5165\u7684\u9ad8\u6548\u8f6c\u5316\u80fd\u529b\u3002Caterpillar\u6b63\u7ad9\u5728\u5168\u7403\u518d\u5de5\u4e1a\u5316\u4e0eAI\u57fa\u7840\u8bbe\u65bd\u6d6a\u6f6e\u7684\u4ea4\u6c47\u70b9\uff0c\u6280\u672f\u9886\u5148\u3001\u5b9a\u4ef7\u6743\u5f3a\u3001\u73b0\u91d1\u6d41\u5145\u6c9b\u3002\u82e5\u6267\u884c\u6301\u7eed\u5151\u73b0\uff0c\u6709\u671b\u7ef4\u6301\u9ad8\u4f30\u503c\u4e2d\u67a2\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a800\u7f8e\u5143\u81f31000\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">McDonald&#8217;s Corporation (MCD)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$7.09B<\/span><span data-contrast=\"auto\">,\u00a0+3.7% YoY,\u00a0miss\u00a0estimates\u00a0by\u00a0<\/span><span data-contrast=\"auto\">$40M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$3.38,\u00a0beat\u00a0estimates by $0.06<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26<\/span><\/b><b><span data-contrast=\"auto\">\u00a0Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management\u00a0remains\u00a0focused on improving U.S. execution through enhanced digital offers, value promotions, personalized\u00a0marketing\u00a0and operational improvements. The company also lowered its estimated foreign-exchange tailwind for FY26.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">McDonald&#8217;s continues its regular quarterly dividend and ongoing share repurchase program.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a mixed but slightly better-than-feared quarter. Adjusted EPS beat expectations, while international markets remained resilient with positive comparable sales across all operating segments. Global systemwide sales increased about 4% in constant currency,\u00a0demonstrating\u00a0continued brand strength despite a challenging consumer backdrop. The primary weakness\u00a0remains\u00a0the U.S. business. Domestic comparable sales slowed to 0.8%, with management attributing\u00a0roughly two-thirds\u00a0of the shortfall to inconsistent restaurant execution and weaker-than-expected marketing rather than deteriorating demand. Reduced digital promotions also lowered customer engagement, prompting McDonald&#8217;s to accelerate personalized offers and strengthen its value platform. The appointment of Skye Anderson as President of McDonald&#8217;s USA underscores management&#8217;s focus on execution. Shares rose modestly, about 1%\u20132%, following the earnings release. The principal variables to monitor are U.S. comparable-sales recovery, digital engagement, value-menu effectiveness, margin resilience amid commodity inflation, and international growth.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26\u00a0recommended trading range: $210\u00a0to $300.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">McDonald&#8217;s Corporation\uff08MCD<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"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\">70.9<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">3.7%<\/span><span data-contrast=\"auto\">\uff0c\u7565\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">4000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" 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\">3.38<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.06<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"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\u805a\u7126\u6539\u5584\u7f8e\u56fd\u5e02\u573a\u8fd0\u8425\uff0c\u901a\u8fc7\u5f3a\u5316\u6570\u5b57\u4f18\u60e0\u3001\u4ef7\u503c\u4fc3\u9500\u3001\u4e2a\u6027\u5316\u8425\u9500\u53ca\u95e8\u5e97\u6267\u884c\uff1b\u540c\u65f6\u4e0b\u8c03\u5168\u5e74\u5916\u6c47\u5229\u597d\u9884\u671f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f\u53ca\u6301\u7eed\u80a1\u7968\u56de\u8d2d\u8ba1\u5212<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" 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\u4f46\u7565\u597d\u4e8e\u5e02\u573a\u62c5\u5fe7\u3002\u5c3d\u7ba1\u8425\u6536\u5c0f\u5e45\u4e0d\u53ca\u9884\u671f\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u8d85\u9884\u671f\uff0c\u4e14\u6240\u6709\u56fd\u9645\u4e1a\u52a1\u677f\u5757\u5747\u5b9e\u73b0\u540c\u5e97\u9500\u552e\u6b63\u589e\u957f\uff0c\u5168\u7403\u7cfb\u7edf\u9500\u552e\u989d\uff08<\/span><span data-contrast=\"auto\">constant currency<\/span><span data-contrast=\"auto\">\uff09\uff0c\u5f70\u663e\u54c1\u724c\u5728\u5168\u7403\u8303\u56f4\u5185\u7684\u97e7\u6027\u3002\u7136\u800c\uff0c\u7f8e\u56fd\u5e02\u573a\u4ecd\u662f\u4e3b\u8981\u62d6\u7d2f\uff1a\u540c\u5e97\u9500\u552e\u989d\u4ec5\u589e\u957f<\/span><span data-contrast=\"auto\">0.8%<\/span><span data-contrast=\"auto\">\uff0c\u8fdc\u4f4e\u4e8e\u5386\u53f2\u6c34\u5e73\u3002\u7ba1\u7406\u5c42\u6307\u51fa\uff0c\u7ea6\u4e09\u5206\u4e4b\u4e8c\u7684\u75b2\u8f6f\u6e90\u4e8e\u5185\u90e8\u6267\u884c\u95ee\u9898\u2014\u2014\u5305\u62ec\u8425\u9500\u6548\u679c\u4e0d\u4f73\u3001\u95e8\u5e97\u8fd0\u8425\u4e0d\u4e00\u81f4\u53ca\u6570\u5b57\u4fc3\u9500\u51cf\u5c11\u5bfc\u81f4\u987e\u5ba2\u4e92\u52a8\u4e0b\u964d\uff0c\u800c\u975e\u5b8f\u89c2\u9700\u6c42\u6076\u5316\u3002\u4e3a\u5e94\u5bf9\uff0c\u516c\u53f8\u6b63\u52a0\u901f\u63a8\u51fa\u4e2a\u6027\u5316\u4f18\u60e0\u3001\u5f3a\u5316\u201c\u4ef7\u503c\u83dc\u5355\u201d\uff08\u5982<\/span><span data-contrast=\"auto\">$5 Meal Deal<\/span><span data-contrast=\"auto\">\uff09\uff0c\u5e76\u4efb\u547d<\/span><span data-contrast=\"auto\">Skye Anderson<\/span><span data-contrast=\"auto\">\u4e3a\u7f8e\u56fd\u4e1a\u52a1\u603b\u88c1\uff0c\u51f8\u663e\u5bf9\u672c\u571f\u5e02\u573a\u91cd\u632f\u7684\u51b3\u5fc3\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u6e29\u548c\u4e0a\u6da8<\/span><span data-contrast=\"auto\">1%\u20132%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u6295\u8d44\u8005\u8ba4\u53ef\u56fd\u9645\u4e1a\u52a1\u7a33\u5065\u53ca\u7f8e\u56fd\u95ee\u9898\u201c\u53ef\u4fee\u590d\u201d\u7684\u5224\u65ad\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u7f8e\u56fd\u540c\u5e97\u9500\u552e\u80fd\u5426\u5728<\/span><span data-contrast=\"auto\">Q3\u2013Q4<\/span><span data-contrast=\"auto\">\u663e\u8457\u56de\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u6570\u5b57\u5e73\u53f0\u6d3b\u8dc3\u5ea6\u4e0e\u4f1a\u5458\u8f6c\u5316\u7387\u662f\u5426\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u4ef7\u503c\u5957\u9910\u5728\u9ad8\u901a\u80c0\u73af\u5883\u4e0b\u5bf9\u5ba2\u6d41\u7684\u62c9\u52a8\u6548\u679c\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u725b\u8089\u3001\u9e21\u8089\u7b49\u5927\u5b97\u5546\u54c1\u6210\u672c\u8d70\u52bf\u5bf9\u7279\u8bb8\u7ecf\u8425\u5546\u5229\u6da6\u7684\u5f71\u54cd\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u6b27\u6d32\u3001\u4e9a\u592a\u7b49\u56fd\u9645\u5e02\u573a\u589e\u957f\u6301\u7eed\u6027\u3002\u9ea6\u5f53\u52b3\u51ed\u501f\u5f3a\u5927\u54c1\u724c\u3001\u8f7b\u8d44\u4ea7\u6a21\u5f0f\u548c\u5168\u7403\u5e03\u5c40\uff0c\u5728\u6d88\u8d39\u627f\u538b\u73af\u5883\u4e2d\u4ecd\u5177\u9632\u5fa1\u6027\u3002\u82e5\u7f8e\u56fd\u8fd0\u8425\u6539\u5584\u89c1\u6548\uff0c\u6709\u671b\u9a71\u52a8\u65b0\u4e00\u8f6e\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\">210<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">300<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Energy Transfer LP Common Units (ET)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$34.3B<\/span><span data-contrast=\"auto\">,\u00a0beat\u00a0estimates\u00a0by $5.44B<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.59,\u00a0beat\u00a0estimates by $0.22<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Raised FY26 adjusted EBITDA guidance to US$16.5B\u2013US$16.9B (from the prior outlook) and increased growth capital expenditure guidance to reflect continued investment in natural gas infrastructure, including Permian and LNG-related projects.<\/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=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:<\/span><\/b><span data-contrast=\"auto\">\u00a0Announced its 19th consecutive quarterly distribution increase, continuing its steady distribution growth strategy.<\/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=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an excellent quarter. Revenue, adjusted EPS and EBITDA all exceeded expectations, supported by record transportation volumes across natural gas, NGLs and crude oil. The company also raised full-year guidance, reinforcing that North American natural gas infrastructure\u00a0remains\u00a0one of the strongest beneficiaries of LNG export growth and rising electricity demand. The key positive is growth visibility. Energy Transfer continues to expand its pipeline network and processing assets while\u00a0benefiting\u00a0from long-term, fee-based contracts that provide\u00a0relatively stable\u00a0cash flows. AI-driven data-center\u00a0power demand, new LNG export capacity and continued Permian production growth should support high\u00a0utilization\u00a0across its system over the next several years. The primary risks\u00a0remain\u00a0higher capital spending, execution on new projects and interest-rate sensitivity given the partnership&#8217;s leverage. The principal variables to monitor are LNG export growth, Permian production volumes, project execution, leverage, and distributable cash flow coverage.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $18\u00a0to $22.\u00a0Neutral\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Energy Transfer LP\uff08ET<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" 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\">343<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">54.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"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\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.59<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.22<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u6307\u5f15\u63d0\u5347\u81f3<\/span><span data-contrast=\"auto\">165<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">169<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u589e\u957f\u578b\u8d44\u672c\u5f00\u652f\u589e\u52a0\uff0c\u7528\u4e8e\u6301\u7eed\u6295\u8d44\u5929\u7136\u6c14\u57fa\u7840\u8bbe\u65bd\uff0c\u5305\u62ec\u4e8c\u53e0\u7eaa\u76c6\u5730\u548c<\/span><span data-contrast=\"auto\">LNG<\/span><span data-contrast=\"auto\">\u76f8\u5173\u9879\u76ee<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\uff08\u5206\u914d\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba3\u5e03\u8fde\u7eed\u7b2c<\/span><span data-contrast=\"auto\">19<\/span><span data-contrast=\"auto\">\u4e2a\u5b63\u5ea6\u63d0\u9ad8\u5355\u4f4d\u5206\u914d\uff0c\u5ef6\u7eed\u7a33\u5065\u7684\u5206\u914d\u589e\u957f\u7b56\u7565<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8868\u73b0\u6781\u4e3a\u51fa\u8272\uff0c\u5168\u9762\u8d85\u9884\u671f\u3002\u5929\u7136\u6c14\u3001<\/span><span data-contrast=\"auto\">NGL<\/span><span data-contrast=\"auto\">\uff08\u5929\u7136\u6c14\u6db2\uff09\u548c\u539f\u6cb9\u7684\u8fd0\u8f93\u91cf\u5747\u521b\u7eaa\u5f55\uff0c\u63a8\u52a8\u8425\u6536\u3001<\/span><span data-contrast=\"auto\">EBITDA<\/span><span data-contrast=\"auto\">\u548c\u76c8\u5229\u5f3a\u52b2\u589e\u957f\u3002\u516c\u53f8\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\uff0c\u8fdb\u4e00\u6b65\u9a8c\u8bc1\u5176\u4f5c\u4e3a\u5317\u7f8e<\/span><span data-contrast=\"auto\">LNG<\/span><span data-contrast=\"auto\">\u51fa\u53e3\u6269\u5f20\u4e0e\u7535\u529b\u9700\u6c42\u589e\u957f\u6838\u5fc3\u53d7\u76ca\u8005\u7684\u5730\u4f4d\u3002\u6838\u5fc3\u4f18\u52bf\u5728\u4e8e\u9ad8\u80fd\u89c1\u5ea6\u7684\u589e\u957f\u8def\u5f84\uff1a<\/span><span data-contrast=\"auto\">Energy Transfer<\/span><span data-contrast=\"auto\">\u6b63\u901a\u8fc7\u6269\u5efa\u7ba1\u9053\u4e0e\u5904\u7406\u8bbe\u65bd\uff0c\u6df1\u5ea6\u7ed1\u5b9a\u4e09\u5927\u7ed3\u6784\u6027\u8d8b\u52bf\u2014\u2014\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u7f8e\u56fd<\/span><span data-contrast=\"auto\">LNG<\/span><span data-contrast=\"auto\">\u51fa\u53e3\u80fd\u529b\u6301\u7eed\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09AI<\/span><span data-contrast=\"auto\">\u6570\u636e\u4e2d\u5fc3\u6fc0\u589e\u63a8\u9ad8\u5929\u7136\u6c14\u53d1\u7535\u9700\u6c42\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u4e8c\u53e0\u7eaa\u76c6\u5730\u6cb9\u6c14\u4ea7\u91cf\u7ef4\u6301\u9ad8\u4f4d\u3002\u5176\u6536\u5165\u4e3b\u8981\u6765\u81ea\u957f\u671f\u3001\u57fa\u4e8e\u8d39\u7528\u7684\u5408\u540c\uff0c\u63d0\u4f9b\u76f8\u5bf9\u7a33\u5b9a\u4e14\u53ef\u9884\u6d4b\u7684\u73b0\u91d1\u6d41\u3002\u7136\u800c\uff0c\u98ce\u9669\u4ecd\u9700\u5173\u6ce8\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u8d44\u672c\u5f00\u652f\u4e0a\u5347\u53ef\u80fd\u5ef6\u7f13\u53bb\u6760\u6746\u8fdb\u7a0b\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u65b0\u9879\u76ee\u6267\u884c\u8fdb\u5ea6\u4e0e\u6210\u672c\u63a7\u5236\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u5229\u7387\u9ad8\u4f01\u73af\u5883\u4e0b\uff0c\u5176\u8f83\u9ad8\u6760\u6746\u6c34\u5e73\u5bf9\u878d\u8d44\u6210\u672c\u654f\u611f\u3002\u8d22\u62a5\u540e\u5e02\u573a\u53cd\u5e94\u79ef\u6781\uff0c\u53cd\u6620\u6295\u8d44\u8005\u5bf9\u5176\u201c\u57fa\u7840\u8bbe\u65bd<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u80fd\u6e90\u8f6c\u578b\u201d\u53cc\u91cd\u903b\u8f91\u7684\u8ba4\u53ef\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u7f8e\u56fd<\/span><span data-contrast=\"auto\">LNG<\/span><span data-contrast=\"auto\">\u51fa\u53e3\u7ec8\u7aef\u6295\u4ea7\u4e0e\u5229\u7528\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u4e8c\u53e0\u7eaa\u4ea7\u91cf\u662f\u5426\u7ef4\u6301\u5728<\/span><span data-contrast=\"auto\">180<\/span><span data-contrast=\"auto\">\u4e07\u6876\u6cb9\u5f53\u91cf<\/span><span data-contrast=\"auto\">\/<\/span><span data-contrast=\"auto\">\u65e5\u4ee5\u4e0a\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u65b0\u7ba1\u9053\u4e0e\u5904\u7406\u5382\u9879\u76ee\u7684\u6309\u65f6\u6295\u8fd0\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u53ef\u5206\u914d\u73b0\u91d1\u6d41\u5bf9\u5206\u914d\u7684\u8986\u76d6\u7387\uff08\u5f53\u524d\u7a33\u5065\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u8d44\u4ea7\u8d1f\u503a\u8868\u53bb\u6760\u6746\u8282\u594f\u3002<\/span><span data-contrast=\"auto\">Energy Transfer<\/span><span data-contrast=\"auto\">\u51ed\u501f\u5e9e\u5927\u8d44\u4ea7\u7f51\u7edc\u3001\u957f\u671f\u5408\u7ea6\u548c\u6218\u7565\u4f4d\u7f6e\uff0c\u5728\u80fd\u6e90\u518d\u5e73\u8861\u5468\u671f\u4e2d\u5360\u636e\u6709\u5229\u5730\u4f4d\u3002\u9ad8\u5206\u914d\u6536\u76ca\u7387\uff08\u5f53\u524d\u7ea6<\/span><span data-contrast=\"auto\">7%+<\/span><span data-contrast=\"auto\">\uff09\u53e0\u52a0\u589e\u957f\u524d\u666f\uff0c\u5177\u5907\u5438\u5f15\u529b\uff0c\u4f46\u9700\u8b66\u60d5\u5229\u7387\u4e0e\u9879\u76ee\u6267\u884c\u98ce\u9669\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\">18<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">22<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Merck &amp; Co., Inc. (MRK)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$16.61B<\/span><span data-contrast=\"auto\">, +5.1% YoY,\u00a0beat\u00a0estimates\u00a0by $240M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0&#8211;<\/span><span data-contrast=\"auto\">$0.13,\u00a0beat\u00a0estimates 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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Raised FY26 revenue guidance to US$66.3B\u2013US$67.3B from US$65.8B\u2013US$67.0B. However, FY26 adjusted EPS guidance was reduced to US$2.66\u2013US$2.76 due entirely to acquisition-related charges and financing costs rather than weaker operations.<\/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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:\u00a0<\/span><\/b><span data-contrast=\"auto\">Maintained its quarterly dividend.<\/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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a fundamentally strong quarter despite the headline loss. Keytruda sales increased 5% to US$8.37B, with the new subcutaneous formulation Keytruda QLEX contributing US$463M in its early launch. Winrevair continued its rapid ramp, with revenue increasing 75% YoY to US$588M, while Animal Health revenue rose 8%. These businesses more than offset continued weakness in legacy products such as Januvia. The main concern is earnings optics rather than operating performance. The acquisition of Terns Pharmaceuticals materially reduced reported earnings and forced a sharp cut to FY26 EPS guidance, even though revenue guidance was increased. Investors largely looked through the accounting impact, focusing instead on the strength of the oncology franchise and Merck&#8217;s growing post-Keytruda pipeline. Shares rose modestly following the release. The principal variables to monitor are continued uptake of Keytruda QLEX, Winrevair commercialization, Gardasil demand recovery, execution of recently acquired pipeline assets, and progress in building replacement growth ahead of Keytruda&#8217;s patent expiry later this decade.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $110 to $150. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Merck &amp; Co., Inc.\uff08MRK<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">166.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.1%\uff0c\u8d85\u51fa\u9884\u671f2.4\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">-0.13\u7f8e\u5143\uff0c\u4f18\u4e8e\u9884\u671f0.13\u7f8e\u5143\uff08\u4e8f\u635f\u6536\u7a84\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\u8c03\u6574\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u8425\u6536\u81f3663\u4ebf\u2013673\u4ebf\u7f8e\u5143\uff08\u539f\u4e3a658\u4ebf\u2013670\u4ebf\u7f8e\u5143\uff09\uff1b\u4f46\u4e0b\u8c03\u8c03\u6574\u540eEPS\u81f32.66\u20132.76\u7f8e\u5143\uff0c\u4e3b\u56e0\u6536\u8d2dTerns Pharmaceuticals\u4ea7\u751f\u7684\u878d\u8d44\u6210\u672c\u4e0e\u4e00\u6b21\u6027\u8d39\u7528\uff0c\u800c\u975e\u6838\u5fc3\u4e1a\u52a1\u75b2\u8f6f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f\u4e0d\u53d8<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u57fa\u672c\u9762\u5f3a\u52b2\uff0c\u5c3d\u7ba1\u8d26\u9762\u5f55\u5f97\u4e8f\u635f\uff0c\u5b9e\u5219\u8fd0\u8425\u8868\u73b0\u4f18\u5f02\u3002Keytruda\u9500\u552e\u989d\u589e\u957f5%\u81f383.7\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u65b0\u63a8\u51fa\u7684\u76ae\u4e0b\u6ce8\u5c04\u5242\u578bKeytruda QLEX\u5df2\u8d21\u732e4.63\u4ebf\u7f8e\u5143\uff0c\u9a8c\u8bc1\u7ed9\u836f\u4fbf\u5229\u6027\u5e26\u6765\u7684\u5e02\u573a\u63a5\u53d7\u5ea6\u3002Winrevair\uff08\u80ba\u52a8\u8109\u9ad8\u538b\u65b0\u836f\uff09\uff0c\u52a8\u7269\u4fdd\u5065\u4e1a\u52a1\u589e\u957f8%\uff0c\u5171\u540c\u62b5\u6d88\u4e86Januvia\u7b49\u8001\u4ea7\u54c1\u6301\u7eed\u4e0b\u6ed1\u7684\u5f71\u54cd\u3002\u7136\u800c\uff0c\u76c8\u5229\u6307\u5f15\u5927\u5e45\u4e0b\u8c03\u5f15\u53d1\u77ed\u671f\u56f0\u60d1\u2014\u2014\u8fd9\u5b8c\u5168\u6e90\u4e8e\u6536\u8d2dTerns\u7684\u4f1a\u8ba1\u5904\u7406\uff08\u5305\u62ec\u503a\u52a1\u878d\u8d44\u5229\u606f\u53ca\u6574\u5408\u6210\u672c\uff09\uff0c\u5e76\u975e\u7ecf\u8425\u6076\u5316\u3002\u7ba1\u7406\u5c42\u660e\u786e\u5f3a\u8c03\uff0c\u6838\u5fc3\u80bf\u7624\u3001\u5fc3\u8840\u7ba1\u548c\u52a8\u7269\u5065\u5eb7\u4e1a\u52a1\u52bf\u5934\u826f\u597d\u3002\u6295\u8d44\u8005\u7406\u6027\u770b\u5f85\u8fd9\u4e00\u201c\u4f1a\u8ba1\u566a\u97f3\u201d\uff0c\u66f4\u5173\u6ce8Keytruda\u4e13\u5229\u5230\u671f\uff08\u9884\u8ba12028\u20132029\u5e74\uff09\u524d\u7684\u63a5\u7eed\u7ba1\u7ebf\u8fdb\u5c55\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u6e29\u548c\u4e0a\u6da8\uff0c\u53cd\u6620\u5e02\u573a\u805a\u7126\u957f\u671f\u4ef7\u503c\u800c\u975e\u77ed\u671f\u76c8\u5229\u6ce2\u52a8\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09Keytruda QLEX\u7684\u6e17\u900f\u901f\u5ea6\u4e0e\u5b9a\u4ef7\u4f18\u52bf\uff1b\uff082\uff09Winrevair\u80fd\u5426\u7ef4\u6301\u9ad8\u589e\u957f\u5e76\u62d3\u5c55\u9002\u5e94\u75c7\uff1b\uff083\uff09Gardasil\u75ab\u82d7\u9700\u6c42\u662f\u5426\u4ece\u5e93\u5b58\u8c03\u6574\u4e2d\u6062\u590d\uff1b\uff084\uff09Terns\u53ca\u5176\u4ed6\u6536\u8d2d\u8d44\u4ea7\u7684\u4e34\u5e8a\u4e0e\u5546\u4e1a\u5316\u6574\u5408\u6210\u6548\uff1b\uff085\uff09\u5185\u90e8\u7814\u53d1\u7ba1\u7ebf\uff08\u5982V116\u80ba\u708e\u75ab\u82d7\u3001MK-1962\u7b49\uff09\u3002Merck\u6b63\u5904\u5728\u4e00\u4e2a\u5173\u952e\u8f6c\u578b\u671f\uff1a\u5728\u4eab\u53d7Keytruda\u6700\u540e\u51e0\u5e74\u5cf0\u503c\u6536\u5165\u7684\u540c\u65f6\uff0c\u52a0\u901f\u6784\u5efa\u201c\u540eKeytruda\u65f6\u4ee3\u201d\u7684\u589e\u957f\u5f15\u64ce\u3002\u5f53\u524d\u4f30\u503c\u5df2\u90e8\u5206\u53cd\u6620\u8fc7\u6e21\u671f\u538b\u529b\uff0c\u82e5\u65b0\u836f\u653e\u91cf\u987a\u5229\uff0c\u6709\u671b\u91cd\u83b7\u589e\u957f\u6ea2\u4ef7\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u7f8e\u5143\u81f3150\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b>\u00a0<br \/><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><b><span data-contrast=\"auto\">Advanced Micro Devices, Inc. (AMD)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$11.54B<\/span><span data-contrast=\"auto\">, +50.1% YoY,\u00a0beat\u00a0estimates\u00a0by $230M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$1.66,\u00a0beat\u00a0estimates by $0.05<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a03Q26 revenue is expected to be approximately US$13.0B (\u00b1US$300M), above consensus of about US$12.5B, with adjusted gross margin of approximately 56%. Management expects Helios AI rack systems to begin ramping during 2H26 and into 2027.<\/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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was an excellent operating quarter. Revenue, EPS and guidance all exceeded expectations, while Data Center revenue surged 107% YoY as Instinct AI accelerators and EPYC server CPUs continued gaining share. AMD also expanded its AI ecosystem through Helios rack-scale systems and secured major hyperscale customers including Anthropic, Meta, Microsoft, Oracle and OpenAI. The main issue was expectations rather than execution. Investors had anticipated an even more aggressive AI outlook after AMD&#8217;s sharp share-price rally. Gross margin of 54% missed expectations because of near-term costs associated with the Helios ramp, while management&#8217;s revenue guidance, although above consensus, was not viewed as a &#8220;blowout.&#8221; As a result, the stock fell roughly 8\u20139% after hours despite delivering a clean beat-and-raise quarter. The principal variables to monitor are Helios deployment, MI500 GPU adoption, Data Center gross-margin expansion, ROCm software adoption versus NVIDIA CUDA, and the pace of hyperscaler AI infrastructure spending through 2027.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $430 to $550. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Advanced Micro Devices, Inc.\uff08AMD<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"26\" 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\">115.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">50.1%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"27\" 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\">1.66<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5c0f\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.05<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u7ea6<\/span><span data-contrast=\"auto\">130<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff08\u00b1<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u7684<\/span><span data-contrast=\"auto\">125<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bdb\u5229\u7387\u7ea6<\/span><span data-contrast=\"auto\">56%\uff1bHelios AI<\/span><span data-contrast=\"auto\">\u6574\u673a\u67dc\u7cfb\u7edf\u5c06\u4e8e<\/span><span data-contrast=\"auto\">2H26<\/span><span data-contrast=\"auto\">\u8d77\u9010\u6b65\u91cf\u4ea7\uff0c\u5e76\u5ef6\u7eed\u81f3<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u8fd0\u8425\u8868\u73b0\u5353\u8d8a\uff0c\u5168\u9762\u8d85\u9884\u671f\u3002\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u66b4\u589e<\/span><span data-contrast=\"auto\">107%<\/span><span data-contrast=\"auto\">\uff0c\u7531<\/span><span data-contrast=\"auto\">Instinct MI300<\/span><span data-contrast=\"auto\">\u7cfb\u5217<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u52a0\u901f\u5668\u548c<\/span><span data-contrast=\"auto\">EPYC<\/span><span data-contrast=\"auto\">\u670d\u52a1\u5668<\/span><span data-contrast=\"auto\">CPU<\/span><span data-contrast=\"auto\">\u5f3a\u52b2\u653e\u91cf\u9a71\u52a8\uff0c\u6301\u7eed\u62a2\u5360\u5e02\u573a\u4efd\u989d\u3002\u516c\u53f8\u8fdb\u4e00\u6b65\u6df1\u5316<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u751f\u6001\u5e03\u5c40\uff0c\u63a8\u51fa<\/span><span data-contrast=\"auto\">Helios<\/span><span data-contrast=\"auto\">\u6574\u673a\u67dc\u7ea7<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7cfb\u7edf\uff0c\u5e76\u8d62\u5f97<\/span><span data-contrast=\"auto\">Anthropic\u3001Meta\u3001Microsoft\u3001Oracle<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">OpenAI<\/span><span data-contrast=\"auto\">\u7b49\u9876\u7ea7\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\uff0c\u9a8c\u8bc1\u5176\u4ece\u82af\u7247\u5411\u5b8c\u6574<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u89e3\u51b3\u65b9\u6848\u7684\u6218\u7565\u8f6c\u578b\u3002\u7136\u800c\uff0c\u5e02\u573a\u53cd\u5e94\u8d1f\u9762\u2014\u2014\u76d8\u540e\u80a1\u4ef7\u5927\u8dcc<\/span><span data-contrast=\"auto\">8%\u20139%<\/span><span data-contrast=\"auto\">\uff0c\u4e3b\u56e0\u5728\u4e8e\u9884\u671f\u8fc7\u9ad8\uff1a\u6295\u8d44\u8005\u5728\u524d\u671f\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\u540e\uff0c\u671f\u5f85\u66f4\u6fc0\u8fdb\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u589e\u957f\u6307\u5f15\uff1b\u5b9e\u9645\u6bdb\u5229\u7387<\/span><span data-contrast=\"auto\">54%<\/span><span data-contrast=\"auto\">\u7565\u4f4e\u4e8e\u9884\u671f\uff0c\u56e0<\/span><span data-contrast=\"auto\">Helios<\/span><span data-contrast=\"auto\">\u521d\u671f\u90e8\u7f72\u5e26\u6765\u77ed\u671f\u6210\u672c\u538b\u529b\uff1b\u5c3d\u7ba1<\/span><span data-contrast=\"auto\">Q3<\/span><span data-contrast=\"auto\">\u6307\u5f15\u9ad8\u4e8e\u5171\u8bc6\uff0c\u4f46\u672a\u8fbe\u201c\u7206\u70b8\u6027\u201d\u6c34\u5e73\uff0c\u88ab\u89c6\u4f5c\u201c\u6e29\u548c\u8d85\u9884\u671f\u201d\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09Helios<\/span><span data-contrast=\"auto\">\u7cfb\u7edf\u5728<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u4e0b\u534a\u5e74\u53ca<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u7684\u90e8\u7f72\u8282\u594f\u4e0e\u5ba2\u6237\u91c7\u7eb3\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09MI500<\/span><span data-contrast=\"auto\">\u7cfb\u5217<\/span><span data-contrast=\"auto\">GPU<\/span><span data-contrast=\"auto\">\u7684\u4e0b\u4e00\u4ee3\u4ea7\u54c1\u7ade\u4e89\u529b\u4e0e\u5e02\u5360\u7387\u63d0\u5347\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u6570\u636e\u4e2d\u5fc3\u6bdb\u5229\u7387\u80fd\u5426\u968f\u89c4\u6a21\u6548\u5e94\u548c\u4ea7\u54c1\u7ec4\u5408\u4f18\u5316\u56de\u5347\u81f3<\/span><span data-contrast=\"auto\">56%+\uff1b\uff084\uff09ROCm<\/span><span data-contrast=\"auto\">\u8f6f\u4ef6\u751f\u6001\u5bf9<\/span><span data-contrast=\"auto\">NVIDIA CUDA<\/span><span data-contrast=\"auto\">\u7684\u66ff\u4ee3\u8fdb\u5c55\uff08\u5f00\u53d1\u8005\u8fc1\u79fb\u662f\u957f\u671f\u80dc\u8d1f\u624b\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u8d85\u5927\u89c4\u6a21\u5ba2\u6237<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8d44\u672c\u5f00\u652f\u662f\u5426\u5728<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u524d\u7ef4\u6301\u9ad8\u4f4d\u3002<\/span><span data-contrast=\"auto\">AMD<\/span><span data-contrast=\"auto\">\u5df2\u786e\u7acb\u4e3a<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8ba1\u7b97\u6838\u5fc3\u73a9\u5bb6\u4e4b\u4e00\uff0c\u6280\u672f\u8def\u7ebf\u6e05\u6670\u3001\u5ba2\u6237\u57fa\u7840\u575a\u5b9e\u3002\u4f46\u4f5c\u4e3a\u9ad8\u4f30\u503c\u6210\u957f\u80a1\uff0c\u5176\u80a1\u4ef7\u5bf9\u201c\u9884\u671f\u5dee\u201d\u6781\u5ea6\u654f\u611f\u3002\u82e5<\/span><span data-contrast=\"auto\">Helios<\/span><span data-contrast=\"auto\">\u548c<\/span><span data-contrast=\"auto\">MI500<\/span><span data-contrast=\"auto\">\u987a\u5229\u653e\u91cf\uff0c\u6709\u671b\u91cd\u83b7\u4e0a\u884c\u52a8\u80fd\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\">430<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">550<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Space Exploration Technologies Corp.\u00a0(SPCX)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$7.8B<\/span><span data-contrast=\"auto\">, +90.2% YoY,\u00a0beat\u00a0estimates\u00a0by $980M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0&#8211;<\/span><span data-contrast=\"auto\">$0.09,\u00a0beat\u00a0estimates by $0.20<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Management reiterated its long-term target of scaling AI compute capacity to 10 GW by 2027, expanding Starship launch cadence and continuing rapid Starlink subscriber growth. Capital expenditure remained extremely elevated at approximately US$15.8B during the quarter.<\/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=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">This was a fundamentally strong first earnings report as a public company. Revenue grew 92% YoY, AI revenue surged more than 240%, Starlink revenue reached approximately US$4.3B, and the quarterly loss was much smaller than expected. The results reinforce that SpaceX is evolving beyond a launch company into an AI infrastructure and satellite connectivity platform. The principal concern is capital intensity. AI infrastructure spending reached US$15.8B in the quarter, driving negative free cash flow despite rapid revenue growth. In addition, the imminent IPO lock-up expiry has created technical selling pressure. Investors reacted negatively despite the earnings beat, with shares falling roughly 6%\u20137% after hours as the market focused on cash burn rather than revenue growth. The key variables to monitor are AI infrastructure returns, Starlink subscriber growth, Starship commercialization, launch cadence, and whether operating leverage begins to offset exceptionally high capex.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $90 to $140.\u00a0Negative\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Space Exploration Technologies Corp.\uff08SPCX<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"30\" 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\">78<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">90.2%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">9.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"31\" 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\u4e8f\u635f\uff1a<\/span><\/b><span data-contrast=\"auto\">0.09<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u4f18\u4e8e\u9884\u671f\uff08\u4e8f\u635f\u6536\u7a84<\/span><span data-contrast=\"auto\">0.20<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u6307\u5f15\u4e0e\u6218\u7565\u91cd\u70b9\uff1a<\/span><\/b><span data-contrast=\"auto\">\u91cd\u7533\u957f\u671f\u76ee\u6807\u2014\u2014\u5230<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\u5c06<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7b97\u529b\u5bb9\u91cf\u6269\u5c55\u81f3<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u5409\u74e6\uff08<\/span><span data-contrast=\"auto\">GW<\/span><span data-contrast=\"auto\">\uff09\u3001\u63d0\u5347<\/span><span data-contrast=\"auto\">Starship<\/span><span data-contrast=\"auto\">\u53d1\u5c04\u9891\u7387\u3001\u52a0\u901f<\/span><span data-contrast=\"auto\">Starlink<\/span><span data-contrast=\"auto\">\u7528\u6237\u589e\u957f\uff1b\u672c\u5b63\u5ea6\u8d44\u672c\u5f00\u652f\u9ad8\u8fbe<\/span><span data-contrast=\"auto\">158<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7ef4\u6301\u6781\u9ad8\u6295\u5165\u6c34\u5e73<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4f5c\u4e3a<\/span><span data-contrast=\"auto\">SpaceX<\/span><span data-contrast=\"auto\">\u4e0a\u5e02\u540e\u7684\u9996\u4efd\u8d22\u62a5\uff0c\u672c\u5b63\u5ea6\u5c55\u73b0\u5f3a\u52b2\u57fa\u672c\u9762\u3002\u8425\u6536\u540c\u6bd4\u6fc0\u589e<\/span><span data-contrast=\"auto\">92%<\/span><span data-contrast=\"auto\">\uff0c\u5176\u4e2d<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u6536\u5165\u98d9\u5347\u8d85<\/span><span data-contrast=\"auto\">240%\uff0cStarlink<\/span><span data-contrast=\"auto\">\u8d21\u732e\u7ea6<\/span><span data-contrast=\"auto\">43<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u6536\u5165\uff0c\u9a8c\u8bc1\u516c\u53f8\u6b63\u4ece\u201c\u706b\u7bad\u53d1\u5c04\u5546\u201d\u6210\u529f\u8f6c\u578b\u4e3a\u201c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u5168\u7403\u536b\u661f\u4e92\u8054\u7f51\u5e73\u53f0\u201d\u3002\u4e8f\u635f\u5927\u5e45\u6536\u7a84\uff0c\u8fdc\u597d\u4e8e\u5e02\u573a\u62c5\u5fe7\u3002\u7136\u800c\uff0c\u5e02\u573a\u7126\u70b9\u8fc5\u901f\u8f6c\u5411\u8d44\u672c\u5f3a\u5ea6\u98ce\u9669\uff1a\u5355\u5b63<\/span><span data-contrast=\"auto\">158<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u8d44\u672c\u5f00\u652f\u5bfc\u81f4\u81ea\u7531\u73b0\u91d1\u6d41\u6df1\u5ea6\u4e3a\u8d1f\uff0c\u5373\u4fbf\u5728\u9ad8\u589e\u957f\u80cc\u666f\u4e0b\uff0c\u6295\u8d44\u8005\u4ecd\u62c5\u5fe7\u5176\u201c\u70e7\u94b1\u6362\u89c4\u6a21\u201d\u6a21\u5f0f\u7684\u53ef\u6301\u7eed\u6027\u3002\u53e0\u52a0<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u9501\u5b9a\u671f\u5373\u5c06\u7ed3\u675f\uff0c\u5f15\u53d1\u6f5c\u5728\u629b\u538b\uff0c\u52a0\u5267\u77ed\u671f\u6ce2\u52a8\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u76d8\u540e\u4e0b\u8dcc<\/span><span data-contrast=\"auto\">6%\u20137%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u5e02\u573a\u5728\u5f53\u524d\u9ad8\u5229\u7387\u73af\u5883\u4e0b\uff0c\u5bf9\u9ad8\u8d44\u672c\u652f\u51fa\u3001\u8d1f\u73b0\u91d1\u6d41\u6210\u957f\u80a1\u7684\u5bb9\u5fcd\u5ea6\u4e0b\u964d\u2014\u2014\u5373\u4f7f\u6545\u4e8b\u5b8f\u5927\uff0c\u4e5f\u8981\u6c42\u66f4\u6e05\u6670\u7684\u76c8\u5229\u8def\u5f84\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1\uff09AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u80fd\u5426\u5728\u672a\u6765<\/span><span data-contrast=\"auto\">12\u201318<\/span><span data-contrast=\"auto\">\u4e2a\u6708\u5185\u4ea7\u751f\u53ef\u91cf\u5316\u7684\u56de\u62a5\uff08\u5982\u4e91\u8ba1\u7b97\u6216\u6a21\u578b\u8bad\u7ec3\u670d\u52a1\u6536\u5165\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">2\uff09Starlink<\/span><span data-contrast=\"auto\">\u7528\u6237\u589e\u957f\u4e0e<\/span><span data-contrast=\"auto\">ARPU<\/span><span data-contrast=\"auto\">\u63d0\u5347\u8282\u594f\uff08\u5f53\u524d\u8d85<\/span><span data-contrast=\"auto\">400<\/span><span data-contrast=\"auto\">\u4e07\u7528\u6237\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">3\uff09Starship<\/span><span data-contrast=\"auto\">\u662f\u5426\u5b9e\u73b0\u9ad8\u9891\u3001\u4f4e\u6210\u672c\u5546\u4e1a\u5316\u53d1\u5c04\uff08\u964d\u4f4e\u5355\u4f4d\u53d1\u5c04\u6210\u672c\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u8fd0\u8425\u6760\u6746\u80fd\u5426\u968f\u89c4\u6a21\u6269\u5927\u800c\u663e\u73b0\uff0c\u9010\u6b65\u62b5\u6d88\u5de8\u989d<\/span><span data-contrast=\"auto\">capex\u3002SpaceX<\/span><span data-contrast=\"auto\">\u62e5\u6709\u98a0\u8986\u6027\u6280\u672f\u7ec4\u5408\u4e0e\u5784\u65ad\u6027\u8f68\u9053\u8d44\u4ea7\uff0c\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0e\u592a\u7a7a\u7ecf\u6d4e\u4ea4\u6c47\u70b9\u5360\u636e\u72ec\u7279\u751f\u6001\u4f4d\u3002\u4f46\u77ed\u671f\u4f30\u503c\u9ad8\u5ea6\u4f9d\u8d56\u53d9\u4e8b\u800c\u975e\u76c8\u5229\uff0c\u4e14\u73b0\u91d1\u6d41\u538b\u529b\u663e\u8457\u3002\u82e5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6216<\/span><span data-contrast=\"auto\">Starlink<\/span><span data-contrast=\"auto\">\u53d8\u73b0\u4e0d\u53ca\u9884\u671f\uff0c\u80a1\u4ef7\u6216\u6301\u7eed\u627f\u538b\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">90<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">140<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Arista Networks Inc. (ANET)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$3.04B<\/span><span data-contrast=\"auto\">, +38.2% YoY,\u00a0beat\u00a0estimates\u00a0by $210M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$1.02,\u00a0beat\u00a0estimates 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}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0revenue of $3.3B, above analysts&#8217; average estimate of $2.94B\u00a0and\u00a0adjusted earnings per share in the range of $1.06 to $1.08, also above estimate of 91 cents.<\/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=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Arista Networks delivered another strong quarter as robust AI infrastructure investment continued to drive demand for its high-speed networking solutions. Second-quarter revenue rose 38% YoY to US$3.04bn\u00a0while adjusted EPS of US$1.02 comfortably beat expectations, supported by strong demand from hyperscale cloud customers such as Microsoft and Amazon, as well as improving supply chain execution and expanding operating margins. Management also guided third-quarter revenue of approximately US$3.3bn\u00a0and adjusted EPS of US$1.06-1.08, both well above consensus, reflecting sustained momentum in AI data center deployments. Beyond hyperscalers, Arista continues to diversify its revenue base by expanding into enterprise campus and branch networking, positioning its networking platform as the core infrastructure connecting AI data centers, cloud and enterprise environments.\u00a0Arista Networks remains well positioned to benefit from the accelerating buildout of AI infrastructure as hyperscalers continue investing in next-generation data centers requiring increasingly high-performance networking equipment. Improving component availability, expanded manufacturing capacity and stronger supply agreements should support continued growth and margin resilience, while its growing enterprise networking business provides an additional avenue for diversification beyond cloud customers. As AI clusters become larger and more bandwidth intensive, Arista&#8217;s leadership in high-speed Ethernet networking is expected to support sustained revenue growth and continued market share gains over the coming years.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $200\u00a0to $230.\u00a0Positive\u00a0Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Arista Networks\uff08ANET<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"34\" 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\">30.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">38.2%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">2.1<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"35\" 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\">1.02<\/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=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">33<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">29.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u5728<\/span><span data-contrast=\"auto\">1.06<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1.08<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u4e4b\u95f4\uff0c\u9ad8\u4e8e\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">0.91<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Arista Networks<\/span><span data-contrast=\"auto\">\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u5f3a\u52b2\uff0c\u7a33\u5065\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u6301\u7eed\u63a8\u52a8\u5176\u9ad8\u901f\u7f51\u7edc\u89e3\u51b3\u65b9\u6848\u7684\u9700\u6c42\u3002\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">38%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">30.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca<\/span><span data-contrast=\"auto\">1.02<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u8f7b\u677e\u8d85\u51fa\u9884\u671f\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5fae\u8f6f\u548c\u4e9a\u9a6c\u900a\u7b49\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237\u7684\u5f3a\u52b2\u9700\u6c42\uff0c\u4ee5\u53ca\u4f9b\u5e94\u94fe\u6267\u884c\u529b\u7684\u6539\u5584\u548c\u8425\u4e1a\u5229\u6da6\u7387\u7684\u6269\u5927\u3002\u7ba1\u7406\u5c42\u7ed9\u51fa\u7684\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\u6307\u5f15\u7ea6\u4e3a<\/span><span data-contrast=\"auto\">33<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">1.06<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1.08<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5747\u8fdc\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\uff0c\u53cd\u6620\u51fa<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6570\u636e\u4e2d\u5fc3\u90e8\u7f72\u7684\u6301\u7eed\u52a8\u80fd\u3002\u9664\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u5916\uff0c<\/span><span data-contrast=\"auto\">Arista<\/span><span data-contrast=\"auto\">\u6b63\u901a\u8fc7\u5411\u4f01\u4e1a\u56ed\u533a\u548c\u5206\u652f\u673a\u6784\u7f51\u7edc\u6269\u5c55\u6765\u7ee7\u7eed\u5b9e\u73b0\u6536\u5165\u57fa\u7840\u7684\u591a\u5143\u5316\uff0c\u5c06\u5176\u7f51\u7edc\u5e73\u53f0\u5b9a\u4f4d\u4e3a\u8fde\u63a5<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6570\u636e\u4e2d\u5fc3\u3001\u4e91\u548c\u4f01\u4e1a\u73af\u5883\u7684\u6838\u5fc3\u57fa\u7840\u8bbe\u65bd\u3002\u968f\u7740\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237\u7ee7\u7eed\u6295\u8d44\u4e8e\u9700\u8981\u65e5\u76ca\u9ad8\u6027\u80fd\u7f51\u7edc\u8bbe\u5907\u7684\u65b0\u4e00\u4ee3\u6570\u636e\u4e2d\u5fc3\uff0c<\/span><span data-contrast=\"auto\">Arista Networks<\/span><span data-contrast=\"auto\">\u4ecd\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u53d7\u76ca\u4e8e\u52a0\u901f\u53d1\u5c55\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u3002\u96f6\u90e8\u4ef6\u4f9b\u5e94\u7684\u6539\u5584\u3001\u4ea7\u80fd\u7684\u6269\u5927\u4ee5\u53ca\u66f4\u5f3a\u5927\u7684\u4f9b\u5e94\u534f\u8bae\u5e94\u80fd\u652f\u6301\u5176\u6301\u7eed\u589e\u957f\u548c\u5229\u6da6\u7387\u7684\u97e7\u6027\uff0c\u800c\u5176\u4e0d\u65ad\u589e\u957f\u7684\u4f01\u4e1a\u7f51\u7edc\u4e1a\u52a1\u4e3a\u4e91\u5ba2\u6237\u4e4b\u5916\u7684\u591a\u5143\u5316\u63d0\u4f9b\u4e86\u989d\u5916\u9014\u5f84\u3002\u968f\u7740<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u96c6\u7fa4\u89c4\u6a21\u6269\u5927\u4e14\u5bf9\u5e26\u5bbd\u8981\u6c42\u66f4\u9ad8\uff0c<\/span><span data-contrast=\"auto\">Arista<\/span><span data-contrast=\"auto\">\u5728\u9ad8\u901f\u4ee5\u592a\u7f51\u7f51\u7edc\u9886\u57df\u7684\u9886\u5bfc\u5730\u4f4d\u9884\u8ba1\u5c06\u652f\u6301\u5176\u5728\u672a\u6765\u51e0\u5e74\u5b9e\u73b0\u6301\u7eed\u7684\u8425\u6536\u589e\u957f\u548c\u5e02\u573a\u4efd\u989d\u63d0\u5347\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">200<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">230<\/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=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Astera Labs Inc. (ALAB)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$392.4M<\/span><span data-contrast=\"auto\">, +104.5% YoY,\u00a0beat\u00a0estimates\u00a0by $31.59M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"42\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$0.80,\u00a0beat\u00a0estimates by $0.11<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"43\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0revenue of $540-560M,\u00a0non-GAAP gross margin of about 72%, operating expenses of $156M\u00a0to $160M\u00a0and operating margin of about 43%.<\/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=\"44\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Astera Labs delivered another record quarter, with revenue rising 27% sequentially and 104% YoY to US$392.4mn, driven by broad-based demand across its AI connectivity portfolio and accelerating hyperscaler AI infrastructure deployments. PCIe 6.0 products now account for more than half of total revenue, led by strong adoption of Scorpio AI fabric switches and Aries retimers, while Scorpio X-Series has entered volume production and is expected to become the company&#8217;s largest product family one quarter ahead of schedule. Growth was further supported by record Aries revenue, increasing Taurus shipments for AI networking, and renewed momentum in CXL memory controllers, alongside continued design wins with hyperscalers across AI training, inference and general-purpose compute. Management also guided for strong third-quarter revenue of US$540-560mn, implying roughly 40% sequential growth, underpinned by the continued production ramp of Scorpio X-Series, expanding PCIe 6.0 deployments and improving operating leverage.\u00a0Astera Labs is well positioned to benefit from the accelerating buildout of AI infrastructure as hyperscalers scale larger AI clusters that require increasingly sophisticated connectivity solutions. Management expects Scorpio AI fabric switches, PCIe 6.0 signal conditioning products, Taurus smart cable modules and Leo CXL memory controllers to drive sustained growth through 2027, while expansion into optical interconnects, UALink-enabled fabrics and custom silicon solutions significantly broadens its long-term addressable market. With growing design wins, deeper customer engagements and increasing silicon content per AI system, Astera Labs appears well placed to outgrow the broader AI infrastructure market as next-generation AI architectures become more complex and bandwidth intensive.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $320 to $380. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Astera Labs\uff08ALAB<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">3.924<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">104.5%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">3159<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.80<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">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\">5.4<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">5.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bdb\u5229\u7387\u7ea6\u4e3a<\/span><span data-contrast=\"auto\">72%<\/span><span data-contrast=\"auto\">\uff0c\u8fd0\u8425\u8d39\u7528\u5728<\/span><span data-contrast=\"auto\">1.56<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">1.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8425\u4e1a\u5229\u6da6\u7387\u7ea6\u4e3a<\/span><span data-contrast=\"auto\">43%\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Astera Labs<\/span><span data-contrast=\"auto\">\u518d\u521b\u5b63\u5ea6\u65b0\u9ad8\uff0c\u8425\u6536\u73af\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">27%<\/span><span data-contrast=\"auto\">\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">104%<\/span><span data-contrast=\"auto\">\uff0c\u8fbe\u5230<\/span><span data-contrast=\"auto\">3.924<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8fde\u63a5\u4ea7\u54c1\u7ec4\u5408\u7684\u5e7f\u6cdb\u9700\u6c42\u4ee5\u53ca\u8d85\u5927\u89c4\u6a21\u5ba2\u6237<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u90e8\u7f72\u7684\u52a0\u901f\u3002<\/span><span data-contrast=\"auto\">PCIe 6.0<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\u76ee\u524d\u5360\u603b\u8425\u6536\u7684\u4e00\u534a\u4ee5\u4e0a\uff0c\u5176\u4e2d<\/span><span data-contrast=\"auto\">Scorpio AI<\/span><span data-contrast=\"auto\">\u67b6\u6784\u4ea4\u6362\u673a\u548c<\/span><span data-contrast=\"auto\">Aries<\/span><span data-contrast=\"auto\">\u91cd\u5b9a\u65f6\u5668\u7684\u5f3a\u52b2\u91c7\u7528\u8d77\u5230\u4e86\u4e3b\u5bfc\u4f5c\u7528\uff0c\u800c<\/span><span data-contrast=\"auto\">Scorpio X<\/span><span data-contrast=\"auto\">\u7cfb\u5217\u5df2\u8fdb\u5165\u91cf\u4ea7\u9636\u6bb5\uff0c\u9884\u8ba1\u5c06\u6bd4\u8ba1\u5212\u63d0\u524d\u4e00\u4e2a\u5b63\u5ea6\u6210\u4e3a\u516c\u53f8\u6700\u5927\u7684\u4ea7\u54c1\u7cfb\u5217\u3002<\/span><span data-contrast=\"auto\">Aries<\/span><span data-contrast=\"auto\">\u8425\u6536\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3001\u7528\u4e8e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7f51\u7edc\u7684<\/span><span data-contrast=\"auto\">Taurus<\/span><span data-contrast=\"auto\">\u51fa\u8d27\u91cf\u589e\u52a0\u3001<\/span><span data-contrast=\"auto\">CXL<\/span><span data-contrast=\"auto\">\u5185\u5b58\u63a7\u5236\u5668\u91cd\u65b0\u7115\u53d1\u589e\u957f\u52a8\u80fd\uff0c\u4ee5\u53ca\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u8bad\u7ec3\u3001\u63a8\u7406\u548c\u901a\u7528\u8ba1\u7b97\u9886\u57df\u6301\u7eed\u8d62\u5f97\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u7684\u8bbe\u8ba1\u8ba2\u5355\uff0c\u8fdb\u4e00\u6b65\u63a8\u52a8\u4e86\u4e1a\u7ee9\u589e\u957f\u3002\u7ba1\u7406\u5c42\u7ed9\u51fa\u7684\u7b2c\u4e09\u5b63\u5ea6\u5f3a\u52b2\u8425\u6536\u6307\u5f15\u4e3a<\/span><span data-contrast=\"auto\">5.4<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">5.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u610f\u5473\u7740\u73af\u6bd4\u589e\u957f\u7ea6<\/span><span data-contrast=\"auto\">40%<\/span><span data-contrast=\"auto\">\uff0c\u8fd9\u5f97\u76ca\u4e8e<\/span><span data-contrast=\"auto\">Scorpio X<\/span><span data-contrast=\"auto\">\u7cfb\u5217\u7684\u6301\u7eed\u91cf\u4ea7\u722c\u5761\u3001<\/span><span data-contrast=\"auto\">PCIe 6.0<\/span><span data-contrast=\"auto\">\u90e8\u7f72\u7684\u6269\u5927\u4ee5\u53ca\u8fd0\u8425\u6760\u6746\u7684\u6539\u5584\u3002\u968f\u7740\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u6269\u5c55\u9700\u8981\u65e5\u76ca\u590d\u6742\u7684\u8fde\u63a5\u89e3\u51b3\u65b9\u6848\u7684\u66f4\u5927\u89c4\u6a21<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u96c6\u7fa4\uff0c<\/span><span data-contrast=\"auto\">Astera Labs<\/span><span data-contrast=\"auto\">\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u53d7\u76ca\u4e8e\u52a0\u901f\u53d1\u5c55\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u5efa\u8bbe\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c<\/span><span data-contrast=\"auto\">Scorpio AI<\/span><span data-contrast=\"auto\">\u67b6\u6784\u4ea4\u6362\u673a\u3001<\/span><span data-contrast=\"auto\">PCIe 6.0<\/span><span data-contrast=\"auto\">\u4fe1\u53f7\u8c03\u8282\u4ea7\u54c1\u3001<\/span><span data-contrast=\"auto\">Taurus<\/span><span data-contrast=\"auto\">\u667a\u80fd\u7535\u7f06\u6a21\u5757\u548c<\/span><span data-contrast=\"auto\">Leo CXL<\/span><span data-contrast=\"auto\">\u5185\u5b58\u63a7\u5236\u5668\u5c06\u63a8\u52a8\u6301\u7eed\u589e\u957f\u76f4\u81f3<\/span><span data-contrast=\"auto\">2027<\/span><span data-contrast=\"auto\">\u5e74\uff0c\u540c\u65f6\u5411\u5149\u4e92\u8fde\u3001\u652f\u6301<\/span><span data-contrast=\"auto\">UALink<\/span><span data-contrast=\"auto\">\u7684\u67b6\u6784\u548c\u5b9a\u5236\u7845\u89e3\u51b3\u65b9\u6848\u7684\u6269\u5c55\u663e\u8457\u62d3\u5bbd\u4e86\u5176\u957f\u671f\u6f5c\u5728\u5e02\u573a\u3002\u968f\u7740\u8bbe\u8ba1\u8ba2\u5355\u7684\u589e\u52a0\u3001\u5ba2\u6237\u4e92\u52a8\u7684\u6df1\u5316\u4ee5\u53ca\u6bcf\u4e2a<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7cfb\u7edf\u7845\u542b\u91cf\u7684\u63d0\u9ad8\uff0c\u968f\u7740\u4e0b\u4e00\u4ee3<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u67b6\u6784\u53d8\u5f97\u66f4\u52a0\u590d\u6742\u4e14\u5bf9\u5e26\u5bbd\u8981\u6c42\u66f4\u9ad8\uff0c<\/span><span data-contrast=\"auto\">Astera Labs<\/span><span data-contrast=\"auto\">\u4f3c\u4e4e\u5df2\u505a\u597d\u5145\u5206\u51c6\u5907\uff0c\u5176\u589e\u957f\u901f\u5ea6\u5c06\u8d85\u8d8a\u66f4\u5e7f\u6cdb\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u5e02\u573a\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\">320<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">380<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Booking Holdings Inc. (BKNG)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"45\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue:\u00a0<\/span><\/b><span data-contrast=\"auto\">$7.35B<\/span><span data-contrast=\"auto\">, +8.1% YoY,\u00a0beat\u00a0estimates\u00a0by $160M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"46\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26\u00a0Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">:\u00a0<\/span><span data-contrast=\"auto\">$2.54,\u00a0beat\u00a0estimates by $0.11<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"47\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\">\u00a0Expect\u00a0full-year gross bookings growth to be in high single-digits, \u200bdown from its prior forecast of high single-digits to low double-digits.<\/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=\"48\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment:\u00a0<\/span><\/b><span data-contrast=\"auto\">Booking Holdings delivered a strong second quarter, with adjusted EPS of US$2.54 beating expectations, supported by resilient U.S. domestic and regional travel demand despite ongoing geopolitical disruptions. However, the company lowered its full-year gross bookings growth outlook to the high single digits from its previous expectation of high single digits to low double digits, reflecting weaker long-haul international travel as elevated airfares, reduced airline capacity and the prolonged Middle East conflict weighed on global travel demand. Management expects inbound travel to the Middle East and broader flight network disruptions to persist through the third quarter. Encouragingly, the company&#8217;s investments in AI are already generating tangible benefits, with customer service costs per booking declining at a double-digit rate while maintaining high customer satisfaction, highlighting improving operating efficiency.\u00a0Booking Holdings remains well-positioned to benefit from resilient leisure travel demand, particularly in domestic and regional markets, while continued investment in AI should enhance customer experience, improve operating efficiency and support long-term profitability. Although geopolitical tensions and airline capacity constraints are expected to continue weighing on international travel in the near term, management believes its technology investments and diversified global platform position the company to capture demand as travel conditions normalise. Looking ahead, the pace of recovery in long-haul travel, adoption of AI-powered booking capabilities and competitive dynamics from emerging AI travel agents will be key factors influencing future growth.\u00a0<\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $180 to $220. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Booking Holdings\uff08BKNG<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"42\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">73.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">8.1%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"43\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.54<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.11<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"44\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u5168\u5e74\u603b\u9884\u8ba2\u91cf\u589e\u957f\u7387\u4e3a\u9ad8\u4e2a\u4f4d\u6570\uff0c\u4f4e\u4e8e\u6b64\u524d\u9884\u6d4b\u7684\u9ad8\u4e2a\u4f4d\u6570\u81f3\u4f4e\u53cc\u4f4d\u6570\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"45\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Booking Holdings<\/span><span data-contrast=\"auto\">\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u5f3a\u52b2\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca<\/span><span data-contrast=\"auto\">2.54<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u8d85\u51fa\u9884\u671f\uff0c\u5c3d\u7ba1\u5730\u7f18\u653f\u6cbb\u5c40\u52bf\u6301\u7eed\u52a8\u8361\uff0c\u4f46\u7f8e\u56fd\u56fd\u5185\u548c\u533a\u57df\u65c5\u6e38\u9700\u6c42\u4f9d\u7136\u4fdd\u6301\u97e7\u6027\u3002\u7136\u800c\uff0c\u516c\u53f8\u5c06\u5168\u5e74\u603b\u9884\u8ba2\u91cf\u589e\u957f\u9884\u671f\u4ece\u6b64\u524d\u7684\u9ad8\u4e2a\u4f4d\u6570\u81f3\u4f4e\u53cc\u4f4d\u6570\u4e0b\u8c03\u81f3\u9ad8\u4e2a\u4f4d\u6570\uff0c\u53cd\u6620\u51fa\u7531\u4e8e\u673a\u7968\u4ef7\u683c\u5c45\u9ad8\u4e0d\u4e0b\u3001\u822a\u7a7a\u516c\u53f8\u8fd0\u529b\u51cf\u5c11\u4ee5\u53ca\u4e2d\u4e1c\u51b2\u7a81\u65f7\u65e5\u6301\u4e45\u5bf9\u5168\u7403\u65c5\u6e38\u9700\u6c42\u9020\u6210\u538b\u529b\uff0c\u5bfc\u81f4\u957f\u9014\u56fd\u9645\u65c5\u884c\u75b2\u8f6f\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u524d\u5f80\u4e2d\u4e1c\u7684\u5165\u5883\u65c5\u884c\u548c\u66f4\u5e7f\u6cdb\u7684\u822a\u73ed\u7f51\u7edc\u4e2d\u65ad\u60c5\u51b5\u5c06\u6301\u7eed\u5230\u7b2c\u4e09\u5b63\u5ea6\u3002\u4ee4\u4eba\u9f13\u821e\u7684\u662f\uff0c\u516c\u53f8\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9886\u57df\u7684\u6295\u8d44\u5df2\u5f00\u59cb\u4ea7\u751f\u5207\u5b9e\u6548\u76ca\uff0c\u6bcf\u6b21\u9884\u8ba2\u7684\u5ba2\u6237\u670d\u52a1\u6210\u672c\u4ee5\u53cc\u4f4d\u6570\u7684\u6bd4\u7387\u4e0b\u964d\uff0c\u540c\u65f6\u4fdd\u6301\u4e86\u8f83\u9ad8\u7684\u5ba2\u6237\u6ee1\u610f\u5ea6\uff0c\u51f8\u663e\u4e86\u8fd0\u8425\u6548\u7387\u7684\u63d0\u5347\u3002<\/span><span data-contrast=\"auto\">Booking Holdings<\/span><span data-contrast=\"auto\">\u4ecd\u5904\u4e8e\u6709\u5229\u5730\u4f4d\uff0c\u6709\u671b\u53d7\u76ca\u4e8e\u5177\u6709\u97e7\u6027\u7684\u4f11\u95f2\u65c5\u6e38\u9700\u6c42\uff0c\u5c24\u5176\u662f\u5728\u56fd\u5185\u548c\u533a\u57df\u5e02\u573a\uff0c\u800c\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u7684\u6301\u7eed\u6295\u8d44\u5e94\u80fd\u63d0\u5347\u5ba2\u6237\u4f53\u9a8c\u3001\u63d0\u9ad8\u8fd0\u8425\u6548\u7387\u5e76\u652f\u6301\u957f\u671f\u76c8\u5229\u80fd\u529b\u3002\u5c3d\u7ba1\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u822a\u7a7a\u8fd0\u529b\u9650\u5236\u9884\u8ba1\u5c06\u5728\u77ed\u671f\u5185\u7ee7\u7eed\u5bf9\u56fd\u9645\u65c5\u884c\u9020\u6210\u538b\u529b\uff0c\u4f46\u7ba1\u7406\u5c42\u8ba4\u4e3a\uff0c\u5176\u6280\u672f\u6295\u8d44\u548c\u591a\u5143\u5316\u7684\u5168\u7403\u5e73\u53f0\u4f7f\u516c\u53f8\u80fd\u591f\u5728\u65c5\u884c\u6761\u4ef6\u6b63\u5e38\u5316\u65f6\u628a\u63e1\u9700\u6c42\u3002\u5c55\u671b\u672a\u6765\uff0c\u957f\u9014\u65c5\u884c\u7684\u590d\u82cf\u6b65\u4f10\u3001<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u9884\u8ba2\u529f\u80fd\u7684\u91c7\u7528\u4ee5\u53ca\u65b0\u5174<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u65c5\u884c\u4ee3\u7406\u5e26\u6765\u7684\u7ade\u4e89\u6001\u52bf\uff0c\u5c06\u662f\u5f71\u54cd\u672a\u6765\u589e\u957f\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\">180<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">220<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore RSTON SP Riverstone Holdings Limited. Shares closed above the 5dEMA.\u00a0 RSI is constructive and MACD is about to turn positive.\u00a0 Buy \u2013 Entry\u00a00.86, Target\u00a00.98, Stop\u00a00.80\u00a0 ASTI SP ASTI Holdings Limited.\u00a0 Shares closed above the 5dEMA\u00a0with rising volume.\u00a0 RSI is constructive and MACD is about to [&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-93058","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 5 August 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore RSTON SP Riverstone Holdings Limited. Shares closed above the 5dEMA. RSI is constructive and MACD is about to turn positive. Buy \u2013 Entry 0.86, Target 0.98, Stop 0.80 ASTI SP ASTI Holdings Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive\" \/>\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-5-august-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.0.1\" \/>\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: 5 August 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 5 August 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore RSTON SP Riverstone Holdings Limited. Shares closed above the 5dEMA. RSI is constructive and MACD is about to turn positive. Buy \u2013 Entry 0.86, Target 0.98, Stop 0.80 ASTI SP ASTI Holdings Limited. Shares closed above the 5dEMA with rising volume. 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Shares closed above the 5dEMA. RSI is constructive and MACD is about to turn positive. Buy \u2013 Entry 0.86, Target 0.98, Stop 0.80 ASTI SP ASTI Holdings Limited. Shares closed above the 5dEMA with rising volume. 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Shares closed above the 5dEMA. RSI is constructive and MACD is about to turn positive. Buy \u2013 Entry 0.86, Target 0.98, Stop 0.80 ASTI SP ASTI Holdings Limited. Shares closed above the 5dEMA with rising volume. RSI is constructive","og:url":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-5-august-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":"2026-08-05T00:00:23+00:00","article:modified_time":"2026-08-05T05:06:01+00:00","twitter:card":"summary","twitter:title":"Technical Analysis: 5 August 2026 \u2022 KGI Singapore Research","twitter:description":"TECHNICAL ANALYSIS Technical Analysis: 5 August 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore RSTON SP Riverstone Holdings Limited. Shares closed above the 5dEMA. RSI is constructive and MACD is about to turn positive. Buy \u2013 Entry 0.86, Target 0.98, Stop 0.80 ASTI SP ASTI Holdings Limited. Shares closed above the 5dEMA with rising volume. 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