{"id":93603,"date":"2026-08-21T08:32:42","date_gmt":"2026-08-21T00:32:42","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=93603"},"modified":"2026-08-21T14:33:48","modified_gmt":"2026-08-21T06:33:48","slug":"technical-analysis-21-august-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-21-august-2026\/","title":{"rendered":"Technical Analysis: 21 August 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"93603\" class=\"elementor elementor-93603\" 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: 21 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;\">GGR SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Golden Agri-Resources Ltd<\/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=\"4\" 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 on the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" 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 slightly overbought but MACD is still constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" 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 0.29, Target 0.33, Stop 0.27<\/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=\"1688\" height=\"1012\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM.png\" class=\"attachment-full size-full wp-image-93606\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM.png 1688w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM-1024x614.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM-768x460.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.33.38-AM-1536x921.png 1536w\" sizes=\"(max-width: 1688px) 100vw, 1688px\" \/>\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;\">TAKA SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Taka Jewellery Holdings Ltd.<\/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=\"4\" 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.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" 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 but MACD is still negative.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" 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 0.196, Target 0.230, Stop 0.179<\/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=\"2164\" height=\"1290\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM.png\" class=\"attachment-full size-full wp-image-93607\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM.png 2164w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM-1024x610.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM-768x458.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM-1536x916.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.34.19-AM-2048x1221.png 2048w\" sizes=\"(max-width: 2164px) 100vw, 2164px\" \/>\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-3d487d4 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3d487d4\" 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-0750803 elementor-widget elementor-widget-text-editor\" data-id=\"0750803\" 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;\">817 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Jinmao Holdings Group Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" 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=\"3\" 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 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"3\" 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=\"3\" 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 <\/span><\/b><span data-contrast=\"auto\">\u2013 <\/span><b><span data-contrast=\"auto\">Entry 1.5, Target 1.7, Stop 1.4<\/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-f056d27 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f056d27\" 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-f49f4ce elementor-widget elementor-widget-image\" data-id=\"f49f4ce\" 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=\"2176\" height=\"1298\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM.png\" class=\"attachment-full size-full wp-image-93608\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM.png 2176w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM-1024x611.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM-768x458.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM-1536x916.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.10-AM-2048x1222.png 2048w\" sizes=\"(max-width: 2176px) 100vw, 2176px\" \/>\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;\">2142 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">HBM Holdings Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"3\" 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 above the 5dEMA with rising volume.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"3\" 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 16, Target 18, Stop 15<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-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=\"2170\" height=\"1304\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM.png\" class=\"attachment-full size-full wp-image-93609\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM.png 2170w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM-1024x615.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM-768x462.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM-1536x923.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-8.35.45-AM-2048x1231.png 2048w\" sizes=\"(max-width: 2170px) 100vw, 2170px\" \/>\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: 0px 0px 6px; text-align: left;\">MSTR US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Strategy Inc.<\/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=\"4\" 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 5dEMA with two days volume spike.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"4\" 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=\"4\" 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 115, Target 135, Stop 105<\/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-49d6d3a elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"49d6d3a\" 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=\"904\" height=\"543\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.31.52-PM.png\" class=\"attachment-full size-full wp-image-93636\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.31.52-PM.png 904w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.31.52-PM-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.31.52-PM-768x461.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/>\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;\">IBIT US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">iShares Bitcoin Trust<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 5dEMA with rising volume.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is slightly overbought but MACD is still constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Long \u2013 Entry 40, Target 46, Stop 37<\/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=\"904\" height=\"538\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.32.28-PM.png\" class=\"attachment-full size-full wp-image-93637\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.32.28-PM.png 904w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.32.28-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-21-at-2.32.28-PM-768x457.png 768w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/>\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\">Walmart Inc. (WMT)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$187.94B<\/span><span data-contrast=\"auto\">, +5.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$1.12B<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$0.81, beat estimates by $0.07<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised FY27 net sales growth guidance to 4\u20135% and adjusted EPS to US$2.80\u2013US$2.87. However, 3Q27 guidance was weak, with adjusted EPS expected at only US$0.62\u2013US$0.64, below consensus of approximately US$0.68, and sales growth of 3.0\u20133.75%.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share buybacks: <\/span><\/b><span data-contrast=\"auto\">Walmart continues to return capital through its quarterly dividend and existing share-repurchase programme.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter despite the headline revenue and EPS beat. The strongest part of the story remains Walmart&#8217;s digital ecosystem: global eCommerce grew 23%, advertising increased 38%, membership fee revenue rose 17%, and eCommerce now represents approximately 23% of Walmart U.S. sales. These higher-margin businesses continue to improve Walmart&#8217;s long-term earnings mix and support operating income growing faster than sales. The key concern is deterioration in the core U.S. consumer. U.S. comparable sales growth slowed sharply to 2.6%, the weakest in roughly six years, versus 4.1% in 1Q27. Walmart also received approximately US$2.9B of tariff refunds, which management is largely reinvesting into price reductions across more than 11,000 items. This should support market-share gains but makes the Q2 operating-income acceleration less repeatable. Elevated fuel costs and increasingly cautious lower-income consumers add further pressure. Shares fell approximately 9% following the earnings release. The principal variables to monitor are U.S. comparable sales, consumer traffic and basket size, eCommerce profitability, advertising growth, membership revenue, price investments and the normalization of tariff-refund benefits. Walmart&#8217;s structural digital and market-share story remains attractive, but weaker core comps, soft Q3 guidance and a still-demanding valuation prevent a higher-conviction stance immediately after earnings. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $95 to $120. 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\">Walmart Inc.\uff08WMT<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">1879.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.9%\uff0c\u8d85\u51fa\u9884\u671f11.2\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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.81\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27\u8d22\u5e74\u5168\u5e74\u53caQ3\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u51c0\u9500\u552e\u589e\u957f\u6307\u5f15\u4e0a\u8c03\u81f34%\u20135%\uff0c\u8c03\u6574\u540eEPS\u4e0a\u8c03\u81f32.80\u20132.87\u7f8e\u5143\uff1b\u4f46Q3\u6307\u5f15\u660e\u663e\u75b2\u8f6f\uff1a\u8c03\u6574\u540eEPS\u4ec5\u9884\u8ba10.62\u20130.64\u7f8e\u5143\uff08\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u7684\u7ea60.68\u7f8e\u5143\uff09\uff0c\u9500\u552e\u589e\u901f\u653e\u7f13\u81f33.0%\u20133.75%\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ef4\u6301\u5b63\u5ea6\u80a1\u606f\u53ca\u73b0\u6709\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u6301\u7eed\u5411\u80a1\u4e1c\u8fd4\u8fd8\u8d44\u672c\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u5448\u73b0&#8221;\u8868\u89c2\u8d85\u9884\u671f\uff0c\u5185\u6838\u9690\u5fe7\u6d6e\u73b0&#8221;\u7684\u6df7\u5408\u6001\u52bf\u3002\u5c3d\u7ba1\u8425\u6536\u4e0e\u76c8\u5229\u53cc\u53ccbeat\uff0c\u4f46\u5e02\u573a\u66f4\u5173\u6ce8\u524d\u77bb\u6307\u5f15\u7684\u8d70\u5f31\u4e0e\u6838\u5fc3\u6d88\u8d39\u7684\u75b2\u8f6f\uff0c\u8d22\u62a5\u540e\u80a1\u4ef7\u5927\u8dcc\u7ea69%\u3002\u6700\u5f3a\u52b2\u7684\u4eae\u70b9\u5728\u4e8e\u6570\u5b57\u5316\u751f\u6001\u7684\u52a0\u901f\u53d8\u73b0\uff1a\u5168\u7403\u7535\u5546\u4e1a\u52a1\u589e\u957f23%\uff0c\u5e7f\u544a\u6536\u5165\u66b4\u589e38%\uff0c\u4f1a\u5458\u8d39\u6536\u5165\u589e\u957f17%\uff0c\u7535\u5546\u5df2\u5360\u6c83\u5c14\u739b\u7f8e\u56fd\u9500\u552e\u989d\u7684\u7ea623%\u3002\u8fd9\u4e9b\u9ad8\u6bdb\u5229\u4e1a\u52a1\u6b63\u6301\u7eed\u4f18\u5316\u516c\u53f8\u7684\u957f\u671f\u76c8\u5229\u7ed3\u6784\uff0c\u652f\u6491\u8fd0\u8425\u5229\u6da6\u589e\u901f\u5feb\u4e8e\u8425\u6536\u589e\u901f\uff0c\u662f\u6c83\u5c14\u739b\u4ece&#8221;\u4f20\u7edf\u96f6\u552e\u5546&#8221;\u5411&#8221;\u5168\u6e20\u9053\u96f6\u552e+\u5e7f\u544a+\u4f1a\u5458\u5e73\u53f0&#8221;\u8f6c\u578b\u7684\u6838\u5fc3\u5f15\u64ce\u3002\u7136\u800c\uff0c\u6838\u5fc3\u7f8e\u56fd\u6d88\u8d39\u8005\u57fa\u672c\u9762\u51fa\u73b0\u660e\u663e\u6076\u5316\u4fe1\u53f7\uff1a\u7f8e\u56fd\u540c\u5e97\u9500\u552e\u589e\u901f\u9aa4\u964d\u81f32.6%\uff0c\u4e3a\u7ea6\u516d\u5e74\u6765\u6700\u5f31\uff08Q1\u4e3a4.1%\uff09\uff0c\u663e\u793a\u5e95\u5c42\u6d88\u8d39\u9700\u6c42\u6b63\u5728\u653e\u7f13\u3002\u6b64\u5916\uff0c\u672c\u5b63\u5ea6\u516c\u53f8\u83b7\u5f97\u4e86\u7ea629\u4ebf\u7f8e\u5143\u7684\u5173\u7a0e\u9000\u6b3e\uff0c\u7ba1\u7406\u5c42\u9009\u62e9\u5c06\u5927\u90e8\u5206\u8d44\u91d1\u91cd\u65b0\u6295\u5165\u81f3\u8d8511,000\u79cd\u5546\u54c1\u7684\u964d\u4ef7\u4fc3\u9500\u4e2d\u3002\u8fd9\u4e00\u7b56\u7565\u867d\u6709\u5229\u4e8e\u62a2\u5360\u5e02\u573a\u4efd\u989d\uff0c\u4f46\u4f7f\u5f97Q2\u8fd0\u8425\u5229\u6da6\u7684\u52a0\u901f\u589e\u957f\u4e0d\u5177\u5907\u53ef\u91cd\u590d\u6027\uff0c\u8fdb\u4e00\u6b65\u538b\u5236\u4e86Q3\u7684\u76c8\u5229\u9884\u671f\u3002\u53e0\u52a0\u9ad8\u4f01\u7684\u71c3\u6cb9\u6210\u672c\u4e0e\u4f4e\u6536\u5165\u6d88\u8d39\u8005\u65e5\u76ca\u8c28\u614e\u7684\u652f\u51fa\u884c\u4e3a\uff0c\u6838\u5fc3\u96f6\u552e\u4e1a\u52a1\u9762\u4e34\u591a\u91cd\u538b\u529b\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u7f8e\u56fd\u540c\u5e97\u9500\u552e\u80fd\u5426\u4f01\u7a33\u56de\u5347\uff1b\uff082\uff09\u5ba2\u6d41\u91cf\u4e0e\u5ba2\u5355\u4ef7\u7684\u7ed3\u6784\u6027\u53d8\u5316\uff1b\uff083\uff09\u7535\u5546\u4e1a\u52a1\u7684\u76c8\u5229\u80fd\u529b\u4e0e\u6e17\u900f\u7387\u63d0\u5347\uff1b\uff084\uff09\u5e7f\u544a\u4e0e\u4f1a\u5458\u7b49\u9ad8\u6bdb\u5229\u4e1a\u52a1\u7684\u6301\u7eed\u9ad8\u589e\u957f\uff1b\uff085\uff09\u4ef7\u683c\u6295\u8d44\u5bf9\u6bdb\u5229\u7387\u7684\u77ed\u671f\u538b\u5236\u4e0e\u957f\u671f\u4efd\u989d\u56de\u62a5\uff1b\uff086\uff09\u5173\u7a0e\u9000\u6b3e\u4e00\u6b21\u6027\u5229\u597d\u6d88\u9000\u540e\uff0c\u76c8\u5229\u589e\u901f\u7684\u5e38\u6001\u5316\u56de\u5f52\u8def\u5f84\u3002\u6c83\u5c14\u739b\u5728\u6570\u5b57\u5316\u8f6c\u578b\u4e0e\u9ad8\u6bdb\u5229\u4e1a\u52a1\u62d3\u5c55\u4e0a\u7684\u957f\u671f\u7ed3\u6784\u6027\u6545\u4e8b\u4f9d\u7136\u6781\u5177\u5438\u5f15\u529b\uff0c\u5176\u89c4\u6a21\u58c1\u5792\u4e0e\u5168\u6e20\u9053\u80fd\u529b\u5728\u884c\u4e1a\u4e0b\u884c\u671f\u53cd\u800c\u6709\u5229\u4e8e\u4efd\u989d\u6269\u5f20\u3002\u4f46\u77ed\u671f\u5185\uff0c\u6838\u5fc3comps\u653e\u7f13\u3001\u75b2\u8f6f\u7684Q3\u6307\u5f15\u4ee5\u53ca\u5f53\u524d\u4ecd\u5177\u6311\u6218\u6027\u7684\u4f30\u503c\u6c34\u4f4d\uff0c\u9650\u5236\u4e86\u5728\u8d22\u62a5\u540e\u7acb\u5373\u7ed9\u51fa\u66f4\u9ad8\u786e\u4fe1\u5ea6\u8bc4\u7ea7\u7684\u7a7a\u95f4\u3002<\/span><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a95\u7f8e\u5143\u81f3120\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\">Alibaba Group Holding Limited (BABA)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$39.64B<\/span><span data-contrast=\"auto\">, +9% YoY, miss estimates by <\/span><span data-contrast=\"auto\">$150M<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Non-GAAP EPADS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$1.26, miss estimates by $0.34<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"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\">Management remains committed to its RMB380B+ three-year AI and cloud investment programme and indicated that spending could ultimately exceed the original plan. Management expects AI infrastructure investment to reach economic breakeven within approximately three years, while cloud growth should continue accelerating as AI demand expands.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/ Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Repurchased approximately US$162M of shares during the quarter, equivalent to roughly 1.7M ADSs. Alibaba also declared its FY26 annual dividend of US$1.05 per ADS earlier this year.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a strategically strong but financially weak quarter. The key positive was the 45% growth in AI Cloud and compute services, demonstrating that Alibaba&#8217;s heavy infrastructure investment is translating into unusually strong cloud demand. Qwen is also increasingly integrated across Alibaba&#8217;s ecosystem, with approximately 250M users having experienced AI-driven shopping features. The combination of cloud infrastructure, proprietary AI models, in-house chips and Alibaba&#8217;s enormous commerce distribution base gives the company one of the strongest vertically integrated AI positions in China. The key issue is the cost of pursuing that opportunity. Quarterly capex surged 75% YoY to RMB67.68B, or almost US$10B, while adjusted net income fell 38%. Alibaba has already deployed roughly half of its planned RMB380B AI investment, meaning free-cash-flow and earnings pressure could remain substantial over the next several quarters. Near-term profitability is therefore increasingly being sacrificed for AI infrastructure, cloud capacity and competitive positioning. Shares fell approximately 4.6% following the earnings release. The principal variables to monitor are Cloud growth, AI-related revenue, capex intensity, free cash flow, monetisation of Qwen, China e-commerce growth and losses from newer consumer initiatives. The AI thesis strengthened materially this quarter, but the earnings miss and aggressive investment cycle make near-term upside dependent on investors accepting weaker profits in exchange for faster cloud growth. <\/span><b><span data-contrast=\"auto\">2Q27 recommended trading range: $120 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\">\u963f\u91cc\u5df4\u5df4\u96c6\u56e2\uff08BABA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">396.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">9%<\/span><span data-contrast=\"auto\">\uff0c\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">1.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf<\/span><\/b><b><span data-contrast=\"auto\">ADS<\/span><\/b><b><span data-contrast=\"auto\">\u6536\u76ca\uff08<\/span><\/b><b><span data-contrast=\"auto\">EPADS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">1.26<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5927\u5e45\u4f4e\u4e8e\u9884\u671f<\/span><span data-contrast=\"auto\">0.34<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u6218\u7565\u4e0e\u6295\u8d44\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u91cd\u7533\u4e09\u5e74\u5185\u8d85<\/span><span data-contrast=\"auto\">3800<\/span><span data-contrast=\"auto\">\u4ebf\u5143\u4eba\u6c11\u5e01\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0e\u4e91\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u8ba1\u5212\uff0c\u5e76\u6697\u793a\u6700\u7ec8\u652f\u51fa\u53ef\u80fd\u8d85\u51fa\u539f\u8ba1\u5212\u3002\u9884\u8ba1<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u5c06\u5728\u7ea6\u4e09\u5e74\u5185\u5b9e\u73b0\u7ecf\u6d4e\u76c8\u4e8f\u5e73\u8861\uff1b\u968f\u7740<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9700\u6c42\u6269\u5f20\uff0c\u4e91\u4e1a\u52a1\u589e\u957f\u6709\u671b\u7ee7\u7eed\u52a0\u901f\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u56de\u8d2d\u7ea6<\/span><span data-contrast=\"auto\">1.62<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u80a1\u4efd\uff08\u7ea6\u5408<\/span><span data-contrast=\"auto\">170<\/span><span data-contrast=\"auto\">\u4e07\u4efd<\/span><span data-contrast=\"auto\">ADS<\/span><span data-contrast=\"auto\">\uff09\uff1b\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u5df2\u5ba3\u5e03<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5e74\u5ea6\u80a1\u606f\u4e3a\u6bcf<\/span><span data-contrast=\"auto\">ADS 1.05<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u5448\u73b0\u51fa\u201c\u6218\u7565\u903b\u8f91\u5f3a\u5316\uff0c\u4f46\u8d22\u52a1\u8868\u73b0\u627f\u538b\u201d\u7684\u663e\u8457\u5206\u5316\u7279\u5f81\u3002\u6838\u5fc3\u4eae\u70b9\u5728\u4e8e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e0e\u4e91\u4e1a\u52a1\u7684\u7206\u53d1\uff1a<\/span><span data-contrast=\"auto\">AI Cloud<\/span><span data-contrast=\"auto\">\u4e0e\u7b97\u529b\u670d\u52a1\u6536\u5165\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">45%<\/span><span data-contrast=\"auto\">\uff0c\u8bc1\u660e\u516c\u53f8\u524d\u671f\u91cd\u91d1\u6295\u5165\u7684\u57fa\u7840\u8bbe\u65bd\u6b63\u8f6c\u5316\u4e3a\u6781\u4e3a\u5f3a\u52b2\u7684\u5e02\u573a\u9700\u6c42\u3002\u540c\u65f6\uff0c\u81ea\u7814\u5927\u6a21\u578b\u901a\u4e49\u5343\u95ee\uff08<\/span><span data-contrast=\"auto\">Qwen<\/span><span data-contrast=\"auto\">\uff09\uff0c\u5df2\u6709\u7ea6<\/span><span data-contrast=\"auto\">2.5<\/span><span data-contrast=\"auto\">\u4ebf\u7528\u6237\u4f53\u9a8c\u4e86<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u8d2d\u7269\u529f\u80fd\u3002\u51ed\u501f\u4e91\u57fa\u7840\u8bbe\u65bd\u3001\u81ea\u7814\u5927\u6a21\u578b\u3001\u81ea\u7814\u82af\u7247\uff08\u5982\u5e73\u5934\u54e5\uff09\u4ee5\u53ca\u5e9e\u5927\u7684\u7535\u5546\u6d41\u91cf\u5206\u53d1\u57fa\u672c\u76d8\uff0c\u963f\u91cc\u5df2\u6784\u5efa\u8d77\u4e2d\u56fd\u6700\u5177\u7ade\u4e89\u529b\u7684\u5782\u76f4\u6574\u5408<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u751f\u6001\u3002\u7136\u800c\uff0c\u6838\u5fc3\u75db\u70b9\u5728\u4e8e\u201c\u4e3a\u672a\u6765\u4e70\u5355\u201d\u7684\u6c89\u91cd\u8d22\u52a1\u4ee3\u4ef7\uff1a\u672c\u5b63\u5ea6\u8d44\u672c\u5f00\u652f\u540c\u6bd4\u6fc0\u589e<\/span><span data-contrast=\"auto\">75%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">676.8<\/span><span data-contrast=\"auto\">\u4ebf\u5143\u4eba\u6c11\u5e01\uff08\u8fd1<\/span><span data-contrast=\"auto\">100<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff09\uff0c\u76f4\u63a5\u5bfc\u81f4\u8c03\u6574\u540e\u51c0\u5229\u6da6\u540c\u6bd4\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">38%<\/span><span data-contrast=\"auto\">\u3002\u76ee\u524d<\/span><span data-contrast=\"auto\">3800<\/span><span data-contrast=\"auto\">\u4ebf\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u8ba1\u5212\u5df2\u6d88\u8017\u7ea6\u4e00\u534a\uff0c\u8fd9\u610f\u5473\u7740\u5728\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u5185\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e0e\u8d26\u9762\u76c8\u5229\u4ecd\u5c06\u627f\u53d7\u5de8\u5927\u538b\u529b\u3002\u516c\u53f8\u6b63\u660e\u786e\u9009\u62e9\u727a\u7272\u77ed\u671f\u76c8\u5229\u80fd\u529b\uff0c\u4ee5\u6362\u53d6<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u57fa\u7840\u8bbe\u65bd\u3001\u4e91\u7b97\u529b\u89c4\u6a21\u53ca\u957f\u671f\u7ade\u4e89\u58c1\u5792\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea6<\/span><span data-contrast=\"auto\">4.6%<\/span><span data-contrast=\"auto\">\uff0c\u53cd\u6620\u51fa\u5728\u5f53\u524d\u5b8f\u89c2\u73af\u5883\u4e0b\uff0c\u8d44\u91d1\u5bf9\u201c\u5229\u6da6\u4e0b\u6ed1<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u9ad8\u989d\u8d44\u672c\u5f00\u652f\u201d\u7684\u7ec4\u5408\u4f9d\u7136\u654f\u611f\uff0c\u5c1a\u672a\u5b8c\u5168\u4e3a\u963f\u91cc\u7684\u201c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u957f\u671f\u53d9\u4e8b\u201d\u7ed9\u4e88\u4f30\u503c\u6ea2\u4ef7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u4e91\u4e1a\u52a1\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u76f8\u5173\u6536\u5165\u7684\u52a0\u901f\u589e\u957f\u659c\u7387\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u8d44\u672c\u5f00\u652f\u5f3a\u5ea6\u53ca\u5176\u5bf9\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u957f\u671f\u5f71\u54cd\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u901a\u4e49\u5343\u95ee\u5728<\/span><span data-contrast=\"auto\">B<\/span><span data-contrast=\"auto\">\u7aef\u4e0e<\/span><span data-contrast=\"auto\">C<\/span><span data-contrast=\"auto\">\u7aef\u7684\u5546\u4e1a\u5316\u53d8\u73b0\u8fdb\u5ea6\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u4e2d\u56fd\u6838\u5fc3\u7535\u5546\u4e1a\u52a1\uff08\u6dd8\u5929\u96c6\u56e2\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u65b0\u6d88\u8d39\u53ca\u6d77\u5916\u4e1a\u52a1\u7684\u51cf\u4e8f\u8fdb\u5c55\u3002\u963f\u91cc\u5df4\u5df4\u7684\u201c<\/span><span data-contrast=\"auto\">AI+<\/span><span data-contrast=\"auto\">\u4e91\u201d\u8f6c\u578b\u903b\u8f91\u5728\u672c\u5b63\u5ea6\u5f97\u5230\u4e86\u5b9e\u8d28\u6027\u9a8c\u8bc1\uff0c\u957f\u671f\u62a4\u57ce\u6cb3\u6b63\u5728\u52a0\u6df1\u3002\u4f46\u77ed\u671f\u7684\u76c8\u5229<\/span><span data-contrast=\"auto\">miss<\/span><span data-contrast=\"auto\">\u4e0e\u6fc0\u8fdb\u7684\u6295\u8d44\u5468\u671f\uff0c\u4f7f\u5f97\u80a1\u4ef7\u7684\u77ed\u671f\u4e0a\u884c\u9ad8\u5ea6\u4f9d\u8d56\u4e8e\u6295\u8d44\u8005\u662f\u5426\u613f\u610f\u201c\u5bb9\u5fcd\u77ed\u671f\u5229\u6da6\u4e0b\u6ed1\uff0c\u4ee5\u6362\u53d6\u4e91\u4e0e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4e1a\u52a1\u7684\u957f\u671f\u9ad8\u589e\u957f\u201d\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">120<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">150<\/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\">Deere &amp; Company (DE)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$12.61B<\/span><span data-contrast=\"auto\">, +4.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$1.87B.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$5.10, beat estimates by $0.40.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" 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\">Raised FY26 net income guidance to approximately US$5.5B\u2013US$5.75B, from US$5.25B\u2013US$5.75B previously. Management continues to expect the agricultural equipment cycle to remain subdued, but improving order activity, disciplined dealer inventories and easier comparisons suggest the downturn is approaching a bottom.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/ Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Deere continues to return capital through its quarterly dividend and share repurchases.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a better-than-feared quarter rather than a clear demand inflection. Deere exceeded revenue and EPS expectations despite continued pressure in large agriculture, suggesting aggressive production cuts and dealer inventory normalization are working. The more important forward indicator is improving order activity, with management increasingly positioned for a potential agricultural-equipment recovery into FY27 as farmer replacement cycles eventually normalize. The key issue remains farm economics. Lower crop prices, elevated interest rates and weaker farmer income continue to constrain purchases of high-horsepower tractors and combines, while tariffs and input costs create additional margin uncertainty. Deere&#8217;s structural precision-agriculture, autonomous machinery and recurring technology opportunity remains attractive, but these businesses cannot fully insulate near-term earnings from the agricultural cycle. Shares rose approximately 5% following the earnings release. The principal variables to monitor are North American large-ag equipment orders, dealer inventories, used-equipment values, corn and soybean prices, farmer income, production schedules and FY27 margin expectations. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $550 to $660. 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\">Deere &amp; Company\uff08DE<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">126.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.9%\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f18.7\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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">5.10\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.40\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u51c0\u5229\u6da6\u6307\u5f15\u81f3\u7ea655\u4ebf\u201357.5\u4ebf\u7f8e\u5143\uff08\u6b64\u524d\u4e3a52.5\u4ebf\u201357.5\u4ebf\u7f8e\u5143\uff09\uff1b\u7ba1\u7406\u5c42\u9884\u8ba1\u519c\u4e1a\u8bbe\u5907\u5468\u671f\u4ecd\u5c06\u4f4e\u8ff7\uff0c\u4f46\u8ba2\u5355\u6d3b\u52a8\u6539\u5584\u3001\u7ecf\u9500\u5546\u5e93\u5b58\u7eaa\u5f8b\u4e25\u660e\u4ee5\u53ca\u57fa\u6570\u6548\u5e94\u7f13\u89e3\uff0c\u8868\u660e\u884c\u4e1a\u4e0b\u884c\u5468\u671f\u6b63\u63a5\u8fd1\u89e6\u5e95\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\">\u7ee7\u7eed\u901a\u8fc7\u5b63\u5ea6\u80a1\u606f\u548c\u80a1\u7968\u56de\u8d2d\u5411\u80a1\u4e1c\u8fd4\u8fd8\u8d44\u672c\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u201c\u597d\u4e8e\u5e02\u573a\u60b2\u89c2\u9884\u671f\u201d\uff0c\u4f46\u5e76\u975e\u660e\u786e\u7684\u9700\u6c42\u62d0\u70b9\u3002\u5c3d\u7ba1\u5927\u578b\u519c\u4e1a\u8bbe\u5907\u4e1a\u52a1\u4ecd\u9762\u4e34\u6301\u7eed\u538b\u529b\uff0cDeere\u7684\u8425\u6536\u4e0e\u76c8\u5229\u4f9d\u7136\u53cc\u53cc\u8d85\u9884\u671f\uff0c\u8868\u660e\u516c\u53f8\u6fc0\u8fdb\u7684\u751f\u4ea7\u524a\u51cf\u63aa\u65bd\u4e0e\u7ecf\u9500\u5546\u5e93\u5b58\u6b63\u5e38\u5316\u7b56\u7565\u6b63\u5728\u594f\u6548\u3002\u66f4\u5177\u524d\u77bb\u610f\u4e49\u7684\u6307\u6807\u662f\u8ba2\u5355\u6d3b\u52a8\u7684\u6539\u5584\u3002\u968f\u7740\u519c\u6c11\u8bbe\u5907\u66f4\u65b0\u5468\u671f\u6700\u7ec8\u56de\u5f52\u5e38\u6001\uff0c\u7ba1\u7406\u5c42\u6b63\u79ef\u6781\u4e3a27\u8d22\u5e74\u6f5c\u5728\u7684\u519c\u4e1a\u8bbe\u5907\u9700\u6c42\u590d\u82cf\u8fdb\u884c\u5e03\u5c40\u3002\u7136\u800c\uff0c\u6838\u5fc3\u75db\u70b9\u4f9d\u7136\u5728\u4e8e\u201c\u519c\u4e1a\u7ecf\u6d4e\u6548\u76ca\u201d\uff1a\u8f83\u4f4e\u7684\u519c\u4f5c\u7269\u4ef7\u683c\u3001\u9ad8\u4f01\u7684\u5229\u7387\u4ee5\u53ca\u75b2\u8f6f\u7684\u519c\u6c11\u6536\u5165\uff0c\u7ee7\u7eed\u5236\u7ea6\u7740\u5927\u9a6c\u529b\u62d6\u62c9\u673a\u548c\u8054\u5408\u6536\u5272\u673a\u7684\u91c7\u8d2d\u9700\u6c42\uff1b\u540c\u65f6\uff0c\u5173\u7a0e\u4e0e\u6295\u5165\u6210\u672c\u4e5f\u4e3a\u5229\u6da6\u7387\u5e26\u6765\u4e86\u989d\u5916\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u5c3d\u7ba1Deere\u5728\u7cbe\u51c6\u519c\u4e1a\u3001\u81ea\u52a8\u9a7e\u9a76\u673a\u68b0\u53ca\u7ecf\u5e38\u6027\u6280\u672f\u6536\u5165\uff08SaaS\/\u8f6f\u4ef6\u8ba2\u9605\uff09\u65b9\u9762\u7684\u7ed3\u6784\u6027\u589e\u957f\u673a\u4f1a\u4f9d\u7136\u6781\u5177\u5438\u5f15\u529b\uff0c\u4f46\u8fd9\u4e9b\u4e1a\u52a1\u5c1a\u65e0\u6cd5\u5b8c\u5168\u9694\u79bb\u77ed\u671f\u76c8\u5229\u53d7\u519c\u4e1a\u5468\u671f\u6ce2\u52a8\u7684\u51b2\u51fb\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea65%\uff0c\u5e02\u573a\u5bf9\u5176\u5728\u884c\u4e1a\u9006\u98ce\u4e2d\u5c55\u73b0\u51fa\u7684\u76c8\u5229\u97e7\u6027\u4e0e\u5e93\u5b58\u7ba1\u7406\u80fd\u529b\u7ed9\u4e88\u4e86\u80af\u5b9a\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5317\u7f8e\u5927\u578b\u519c\u4e1a\u8bbe\u5907\u8ba2\u5355\u7684\u6062\u590d\u8282\u594f\uff1b\uff082\uff09\u7ecf\u9500\u5546\u5e93\u5b58\u6c34\u5e73\u7684\u5065\u5eb7\u5ea6\uff1b\uff083\uff09\u4e8c\u624b\u8bbe\u5907\u5e02\u573a\u7684\u4fdd\u503c\u7387\u4e0e\u6d41\u8f6c\u60c5\u51b5\uff1b\uff084\uff09\u7389\u7c73\u548c\u5927\u8c46\u7b49\u6838\u5fc3\u519c\u4ea7\u54c1\u4ef7\u683c\u8d70\u52bf\uff1b\uff085\uff09\u519c\u6c11\u5b9e\u9645\u6536\u5165\u4e0e\u8d44\u672c\u5f00\u652f\u610f\u613f\uff1b\uff086\uff09\u751f\u4ea7\u6392\u671f\u8c03\u6574\u53ca27\u8d22\u5e74\u7684\u5229\u6da6\u7387\u9884\u671f\u3002Deere\u51ed\u501f\u5f3a\u5927\u7684\u54c1\u724c\u58c1\u5792\u3001\u5b9a\u4ef7\u6743\u53ca\u5411\u79d1\u6280\u9a71\u52a8\u578b\u516c\u53f8\u7684\u8f6c\u578b\uff0c\u5728\u519c\u4e1a\u5468\u671f\u5e95\u90e8\u5c55\u73b0\u4e86\u6781\u5f3a\u7684\u6297\u98ce\u9669\u80fd\u529b\u3002\u4f46\u5b9e\u8d28\u6027\u53cd\u8f6c\u4ecd\u9700\u7b49\u5f85\u5b8f\u89c2\u519c\u4e1a\u7ecf\u6d4e\u57fa\u672c\u9762\u7684\u5b9e\u8d28\u6027\u56de\u6696\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a550\u7f8e\u5143\u81f3660\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">NetEase, Inc. (NTES)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$4.4B<\/span><span data-contrast=\"auto\">, +7.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$30M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Non-GAAP EPADS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$1.78, miss estimates by $0.53<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" 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\">Management remains constructive on its game pipeline, with Sea of Remnants launched in China in July while Ananta and Blood Message remain under development. Existing franchises including Where Winds Meet and Marvel Rivals are also being expanded internationally.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/ Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">RMB3.14B of dividends paid and RMB1.80B spent on NetEase ADS\/subsidiary share purchases during 2Q26.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter with stronger operating performance than the headline EPS miss suggests. Gaming revenue grew nearly 10%, while gross profit increased 17.5% as lower revenue-sharing costs improved economics. More importantly, NetEase retains a strong content pipeline alongside evergreen franchises, with Where Winds Meet demonstrating international traction and Ananta representing a potentially significant future catalyst. The key issue was below-the-line earnings quality rather than deterioration in the core gaming franchise. Net income was hurt by declines in the fair value of equity investments, impairment provisions and an effective tax rate that increased sharply to 25.5% from 14.7% a year ago. Operating expenses also increased sequentially to RMB9.1B as NetEase stepped up marketing, staff and R&amp;D spending. These factors explain much of the disconnect between 17.5% gross-profit growth and the substantial EPS miss. Shares fell approximately 5\u20136% following the earnings release. The principal variables to monitor are the performance of Where Winds Meet and Marvel Rivals, monetisation of Sea of Remnants, launch timing and reception for Ananta and Blood Message, overseas gaming growth, R&amp;D and marketing intensity, and normalization of the effective tax rate. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $110 to $135. 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\">\u7f51\u6613\uff08NTES<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">44\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7.9%\uff0c\u8d85\u51fa\u9884\u671f3000\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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcfADS\u6536\u76ca\uff08EPADS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">1.78\u7f8e\u5143\uff0c\u5927\u5e45\u4f4e\u4e8e\u9884\u671f0.53\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u6e38\u620f\u7ba1\u7ebf\u4e0e\u5c55\u671b\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u5bf9\u6e38\u620f\u4ea7\u54c1\u7ba1\u7ebf\u4fdd\u6301\u79ef\u6781\u6001\u5ea6\u3002\u300aSea of Remnants\u300b\u5df2\u4e8e7\u6708\u5728\u4e2d\u56fd\u4e0a\u7ebf\uff1b\u300a\u65e0\u9650\u5927\u300b\uff08Ananta\uff09\u4e0e\u300aBlood Message\u300b\u4ecd\u5728\u7814\u53d1\u4e2d\u3002\u540c\u65f6\uff0c\u300a\u71d5\u4e91\u5341\u516d\u58f0\u300b\uff08Where Winds Meet\uff09\u4e0e\u300a\u6f2b\u5a01\u4e89\u950b\u300b\uff08Marvel Rivals\uff09\u7b49\u91cd\u78c5IP\u6b63\u6301\u7eed\u62d3\u5c55\u56fd\u9645\u5e02\u573a\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e8c\u5b63\u5ea6\u6d3e\u53d1\u80a1\u606f31.4\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u5e76\u65a5\u8d4418\u4ebf\u5143\u4eba\u6c11\u5e01\u7528\u4e8e\u56de\u8d2d\u7f51\u6613ADS\u53ca\u5b50\u516c\u53f8\u80a1\u4efd\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u5448\u73b0\u6df7\u5408\u6001\u52bf\uff0c\u5b9e\u9645\u8fd0\u8425\u8868\u73b0\u8fdc\u597d\u4e8e\u8d26\u9762EPS\u5927\u5e45miss\u6240\u5448\u73b0\u7684\u8868\u8c61\u3002\u6838\u5fc3\u4eae\u70b9\u5728\u4e8e\u6e38\u620f\u4e3b\u4e1a\u7684\u5f3a\u52b2\u4e0e\u6bdb\u5229\u6539\u5584\uff1a\u6e38\u620f\u4e1a\u52a1\u6536\u5165\u589e\u957f\u8fd110%\uff0c\u5f97\u76ca\u4e8e\u6536\u5165\u5206\u6210\u6210\u672c\u7684\u964d\u4f4e\uff0c\u6bdb\u5229\u6da6\u540c\u6bd4\u5927\u589e17.5%\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u7f51\u6613\u5728\u4fdd\u6301\u957f\u9752\u6e38\u620f\u57fa\u672c\u76d8\u7684\u540c\u65f6\uff0c\u50a8\u5907\u4e86\u6781\u5177\u7206\u53d1\u529b\u7684\u5185\u5bb9\u7ba1\u7ebf\uff1a\u300a\u71d5\u4e91\u5341\u516d\u58f0\u300b\u5728\u6d77\u5916\u5e02\u573a\u5c55\u73b0\u51fa\u5f3a\u52b2\u7684\u5438\u5f15\u529b\uff0c\u800c\u300a\u65e0\u9650\u5927\u300b\uff08Ananta\uff09\u5219\u6709\u671b\u6210\u4e3a\u672a\u6765\u7684\u91cd\u5927\u50ac\u5316\u5242\u3002\u6838\u5fc3\u75db\u70b9\u5728\u4e8e\u201c\u975e\u7ecf\u8425\u6027\u56e0\u7d20\u201d\u4e0e\u8d39\u7528\u6500\u5347\u62d6\u7d2f\u8d26\u9762\u5229\u6da6\uff1a\u51c0\u5229\u6da6\u53d7\u5230\u80a1\u6743\u6295\u8d44\u516c\u5141\u4ef7\u503c\u4e0b\u964d\u3001\u8d44\u4ea7\u51cf\u503c\u51c6\u5907\u4ee5\u53ca\u6709\u6548\u7a0e\u7387\u5927\u5e45\u6500\u5347\uff08\u4ece\u53bb\u5e74\u540c\u671f\u768414.7%\u98d9\u5347\u81f325.5%\uff09\u7684\u4e25\u91cd\u51b2\u51fb\u3002\u6b64\u5916\uff0c\u968f\u7740\u516c\u53f8\u52a0\u5927\u8425\u9500\u3001\u4eba\u5458\u53ca\u7814\u53d1\u6295\u5165\uff0c\u8fd0\u8425\u8d39\u7528\u73af\u6bd4\u589e\u81f391\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u8fd9\u4e9b\u201c\u7ebf\u4e0b\u56e0\u7d20\u201d\u5b8c\u7f8e\u89e3\u91ca\u4e86\u4e3a\u4f55\u6bdb\u5229\u6da6\u5927\u589e\u800cEPS\u5374\u5927\u5e45\u4e0d\u53ca\u9884\u671f\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea65%\u20136%\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5bf9\u77ed\u671f\u5229\u6da6\u8868\u53d7\u975e\u7ecf\u5e38\u6027\u635f\u76ca\u53ca\u9ad8\u7a0e\u7387\u51b2\u51fb\u7684\u907f\u9669\u60c5\u7eea\uff0c\u4f46\u6838\u5fc3\u6e38\u620f\u4e1a\u52a1\u7684\u5e95\u5c42\u97e7\u6027\u4f9d\u7136\u7a33\u56fa\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u300a\u71d5\u4e91\u5341\u516d\u58f0\u300b\u4e0e\u300a\u6f2b\u5a01\u4e89\u950b\u300b\u7684\u6d41\u6c34\u8868\u73b0\u4e0e\u957f\u7ebf\u8fd0\u8425\uff1b\uff082\uff09\u300aSea of Remnants\u300b\u7684\u5546\u4e1a\u5316\u53d8\u73b0\u80fd\u529b\uff1b\uff083\uff09\u300a\u65e0\u9650\u5927\u300b\u4e0e\u300aBlood Message\u300b\u7684\u7814\u53d1\u8fdb\u5ea6\u3001\u4e0a\u7ebf\u65f6\u673a\u53ca\u5e02\u573a\u53cd\u9988\uff1b\uff084\uff09\u6d77\u5916\u6e38\u620f\u4e1a\u52a1\u7684\u6269\u5f20\u4e0e\u6536\u5165\u5360\u6bd4\uff1b\uff085\uff09\u7814\u53d1\u4e0e\u8425\u9500\u8d39\u7528\u7684\u6295\u5165\u5f3a\u5ea6\uff1b\uff086\uff09\u6709\u6548\u7a0e\u7387\u7684\u5e38\u6001\u5316\u56de\u5f52\u3002\u7f51\u6613\u51ed\u501f\u9876\u7ea7\u7684\u81ea\u7814\u80fd\u529b\u4e0e\u4e30\u5bcc\u7684\u4ea7\u54c1\u77e9\u9635\uff0c\u5728\u5168\u7403\u6e38\u620f\u5e02\u573a\u5360\u636e\u6838\u5fc3\u751f\u6001\u4f4d\u3002\u77ed\u671f\u7684\u8d22\u52a1\u6270\u52a8\uff08\u6295\u8d44\u51cf\u503c\u4e0e\u7a0e\u7387\u6ce2\u52a8\uff09\u4e0d\u6539\u5176\u6838\u5fc3\u4e3b\u4e1a\u7684\u5f3a\u52b2\u73b0\u91d1\u6d41\u4e0e\u957f\u671f\u589e\u957f\u903b\u8f91\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u7f8e\u5143\u81f3135\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Futu Holdings Limited (FUTU)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$918.2M<\/span><span data-contrast=\"auto\">, +35.7% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$150M<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPADS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$3.33, beat estimates by $0.51<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY<\/span><\/b><b><span data-contrast=\"auto\">27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Management remains constructive on international expansion and product breadth, supported by a new Thailand securities license, virtual-asset financing approval in Hong Kong and prediction markets in the U.S. Funded accounts increased 33.6% YoY to 3.84M, with Malaysia, Hong Kong and Singapore driving new-client additions.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Futu had repurchased approximately 3.8M ADSs for US$418M under its existing share-repurchase programme as of June 30, 2026<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a very strong quarter. Trading volume increased 79%, client assets rose 43.6% to HK$1.40T, and margin financing and securities lending balances surged 85.1% to HK$95.1B. U.S. stock trading volume was particularly strong at HK$5.02T, benefiting from heightened retail participation in semiconductor and AI-related equities. Importantly, revenue grew 36% while adjusted net income increased 40%, demonstrating continued operating leverage despite elevated customer-acquisition spending. The key issue is sustainability and regulatory risk. Current earnings are benefiting from exceptionally strong equity-market activity, IPO issuance and margin-financing demand, making FUTU inherently sensitive to market turnover and investor sentiment. Selling and marketing expenses also increased 53.1% YoY, while gross margin declined to 86.3% from 87.4%. Regulatory uncertainty remains an overhang despite improving international diversification. Shares initially rose approximately 7% following the earnings release. The principal variables to monitor are U.S. and Hong Kong trading volumes, funded-account additions, client net inflows, margin-financing balances, international monetisation and regulatory developments. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $90 to $150. Positive 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\">\u5bcc\u9014\u63a7\u80a1\uff08FUTU<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">9.182<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">35.7%<\/span><span data-contrast=\"auto\">\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf<\/span><\/b><b><span data-contrast=\"auto\">ADS<\/span><\/b><b><span data-contrast=\"auto\">\u6536\u76ca\uff08<\/span><\/b><b><span data-contrast=\"auto\">EPADS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">3.33<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u663e\u8457\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.51<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u4e1a\u52a1\u5c55\u671b\u4e0e\u56fd\u9645\u5316\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u5bf9\u56fd\u9645\u6269\u5f20\u4e0e\u4ea7\u54c1\u77e9\u9635\u62d3\u5c55\u4fdd\u6301\u79ef\u6781\u6001\u5ea6\u3002\u8fd1\u671f\u76f8\u7ee7\u83b7\u5f97\u6cf0\u56fd\u8bc1\u5238\u724c\u7167\u3001\u9999\u6e2f\u865a\u62df\u8d44\u4ea7\u878d\u8d44\u4e1a\u52a1\u6279\u51c6\u4ee5\u53ca\u7f8e\u56fd\u9884\u6d4b\u5e02\u573a\uff08<\/span><span data-contrast=\"auto\">prediction markets<\/span><span data-contrast=\"auto\">\uff09\u76f8\u5173\u4e1a\u52a1\u8d44\u8d28\u3002\u6709\u8d44\u91d1\u8d26\u6237\u6570\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">33.6%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">384<\/span><span data-contrast=\"auto\">\u4e07\uff0c\u9a6c\u6765\u897f\u4e9a\u3001\u4e2d\u56fd\u9999\u6e2f\u548c\u65b0\u52a0\u5761\u662f\u65b0\u589e\u5ba2\u6237\u7684\u6838\u5fc3\u9a71\u52a8\u529b\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u622a\u81f3<\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">\u5e74<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\u6708\u5e95\uff0c\u5df2\u5728\u73b0\u6709\u56de\u8d2d\u8ba1\u5212\u4e0b\u56de\u8d2d\u7ea6<\/span><span data-contrast=\"auto\">380<\/span><span data-contrast=\"auto\">\u4e07\u4efd<\/span><span data-contrast=\"auto\">ADS<\/span><span data-contrast=\"auto\">\uff0c\u7d2f\u8ba1\u8017\u8d44<\/span><span data-contrast=\"auto\">4.18<\/span><span data-contrast=\"auto\">\u4ebf\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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u8868\u73b0\u6781\u4e3a\u5f3a\u52b2\uff0c\u5c55\u73b0\u51fa\u5353\u8d8a\u7684\u8fd0\u8425\u6760\u6746\u4e0e\u5168\u7403\u5316\u7ea2\u5229\u3002\u4ea4\u6613\u91cf\u540c\u6bd4\u6fc0\u589e<\/span><span data-contrast=\"auto\">79%<\/span><span data-contrast=\"auto\">\uff0c\u5ba2\u6237\u8d44\u4ea7\u89c4\u6a21\u5927\u589e<\/span><span data-contrast=\"auto\">43.6%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">1.40<\/span><span data-contrast=\"auto\">\u4e07\u4ebf\u6e2f\u5143\uff0c\u878d\u8d44\u878d\u5238\u4f59\u989d\u66f4\u662f\u98d9\u5347<\/span><span data-contrast=\"auto\">85.1%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">951<\/span><span data-contrast=\"auto\">\u4ebf\u6e2f\u5143\u3002\u5176\u4e2d\uff0c\u7f8e\u80a1\u4ea4\u6613\u8868\u73b0\u5c24\u4e3a\u4eae\u773c\uff08\u4ea4\u6613\u989d\u8fbe<\/span><span data-contrast=\"auto\">5.02<\/span><span data-contrast=\"auto\">\u4e07\u4ebf\u6e2f\u5143\uff09\uff0c\u6df1\u5ea6\u53d7\u76ca\u4e8e\u6563\u6237\u5bf9\u534a\u5bfc\u4f53\u53ca<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6982\u5ff5\u80a1\u7684\u72c2\u70ed\u53c2\u4e0e\u3002\u5728\u8425\u6536\u589e\u957f<\/span><span data-contrast=\"auto\">36%<\/span><span data-contrast=\"auto\">\u7684\u540c\u65f6\uff0c\u8c03\u6574\u540e\u51c0\u5229\u6da6\u5927\u589e<\/span><span data-contrast=\"auto\">40%<\/span><span data-contrast=\"auto\">\uff0c\u8bc1\u660e\u5373\u4fbf\u5728\u52a0\u5927\u83b7\u5ba2\u6295\u5165\u7684\u80cc\u666f\u4e0b\uff0c\u516c\u53f8\u4f9d\u7136\u5177\u5907\u5f3a\u5927\u7684\u89c4\u6a21\u6548\u5e94\u4e0e\u76c8\u5229\u5f39\u6027\u3002\u7136\u800c\uff0c\u6838\u5fc3\u535a\u5f08\u70b9\u5728\u4e8e\u4e1a\u7ee9\u7684\u5468\u671f\u6027\u4e0e\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u3002\u5f53\u524d\u7684\u8d85\u9ad8\u76c8\u5229\u9ad8\u5ea6\u4f9d\u8d56\u4e8e\u6781\u5ea6\u6d3b\u8dc3\u7684\u5e02\u573a\u60c5\u7eea\u3001\u65fa\u76db\u7684<\/span><span data-contrast=\"auto\">IPO<\/span><span data-contrast=\"auto\">\u53d1\u884c\u53ca\u9ad8\u6760\u6746\u7684\u878d\u8d44\u9700\u6c42\uff0c\u4f7f\u5176\u5bf9\u5e02\u573a\u6362\u624b\u7387\u6781\u4e3a\u654f\u611f\u3002\u6b64\u5916\uff0c\u9500\u552e\u4e0e\u8425\u9500\u8d39\u7528\u540c\u6bd4\u5927\u589e<\/span><span data-contrast=\"auto\">53.1%<\/span><span data-contrast=\"auto\">\uff0c\u5bfc\u81f4\u6bdb\u5229\u7387\u5fae\u964d\u81f3<\/span><span data-contrast=\"auto\">86.3%<\/span><span data-contrast=\"auto\">\uff08\u53bb\u5e74\u540c\u671f<\/span><span data-contrast=\"auto\">87.4%<\/span><span data-contrast=\"auto\">\uff09\uff0c\u53cd\u6620\u51fa\u5168\u7403\u5316\u6269\u5f20\u671f\u7684\u83b7\u5ba2\u6210\u672c\u538b\u529b\u3002\u5c3d\u7ba1\u56fd\u9645\u4e1a\u52a1\u591a\u5143\u5316\u6709\u6548\u5206\u6563\u4e86\u5355\u4e00\u5e02\u573a\u98ce\u9669\uff0c\u4f46\u8de8\u5883\u76d1\u7ba1\u653f\u7b56\u4ecd\u662f\u957f\u671f\u7684\u6f5c\u5728\u6270\u52a8\u56e0\u7d20\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u521d\u6b65\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">7%<\/span><span data-contrast=\"auto\">\uff0c\u5e02\u573a\u5bf9\u5176\u5f3a\u52b2\u7684\u5168\u7403\u5316\u83b7\u5ba2\u4e0e\u9ad8\u5f39\u6027\u76c8\u5229\u7ed9\u4e88\u4e86\u79ef\u6781\u5b9a\u4ef7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u7f8e\u80a1\u4e0e\u6e2f\u80a1\u5e02\u573a\u4ea4\u6613\u91cf\u53ca\u6362\u624b\u7387\u7684\u6301\u7eed\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u6d77\u5916\u5e02\u573a\uff08\u5982\u4e1c\u5357\u4e9a\u3001\u65b0\u52a0\u5761\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u5ba2\u6237\u8d44\u4ea7\u7684\u51c0\u6d41\u5165\uff08<\/span><span data-contrast=\"auto\">Net inflows\uff09\uff1b\uff084<\/span><span data-contrast=\"auto\">\uff09\u878d\u8d44\u878d\u5238\u7b49\u6760\u6746\u4e1a\u52a1\u7684\u4f59\u989d\u4e0e\u98ce\u9669\u63a7\u5236\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u65b0\u724c\u7167\uff08\u5982\u6cf0\u56fd\u3001\u865a\u62df\u8d44\u4ea7\uff09\uff1b\uff08<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\uff09\u5168\u7403\u8de8\u5883\u8bc1\u5238\u76d1\u7ba1\u653f\u7b56\u7684\u52a8\u6001\u3002\u5bcc\u9014\u51ed\u501f\u6781\u81f4\u7684\u7528\u6237\u4f53\u9a8c\u4e0e\u5f3a\u5927\u7684\u5168\u7403\u724c\u7167\u5e03\u5c40\uff0c\u5df2\u6210\u529f\u4ece\u201c\u5355\u4e00\u5e02\u573a\u5238\u5546\u201d\u8715\u53d8\u4e3a\u201c\u5168\u7403\u5316\u8d22\u5bcc\u7ba1\u7406\u5e73\u53f0\u201d\u3002\u5728\u79d1\u6280\u80a1\u725b\u5e02\u5468\u671f\u4e2d\uff0c\u5176\u4e1a\u7ee9\u5f39\u6027\u5f97\u5230\u4e86\u5b8c\u7f8e\u91ca\u653e\u3002\u5c3d\u7ba1\u9762\u4e34\u83b7\u5ba2\u6210\u672c\u4e0a\u5347\u4e0e\u76d1\u7ba1\u6270\u52a8\uff0c\u4f46\u5176\u957f\u671f\u6210\u957f\u903b\u8f91\u4f9d\u7136\u575a\u56fa\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\">150<\/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=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p><p><b><span data-contrast=\"auto\">Ross Stores, Inc. (ROST)<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$6.3B<\/span><span data-contrast=\"auto\">, +13.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$140M<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.66, beat estimates by $0.71<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"31\" 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\">Raised FY26 comparable-store sales growth guidance to approximately 3\u20134%, from 2\u20133% previously, while EPS is now expected at approximately US$6.55\u2013US$6.70.<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/ Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">The company remains on track to repurchase approximately US$1.05B of shares during FY26 under its existing authorization, alongside its regular quarterly dividend<\/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=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a solid beat-and-raise quarter. Comparable sales increased 4%, ahead of expectations, while Ross continues to benefit from consumers trading down toward off-price retail. The buying environment also remains favorable, as excess inventory across traditional retail provides Ross with access to attractive branded merchandise. Continued store expansion provides an additional structural growth driver beyond comparable-store sales. The key issue is margin sensitivity. Tariffs, wages and freight remain headwinds, while Ross has less merchandise-margin flexibility than TJX given its greater exposure to lower-income consumers and lower average selling prices. Management therefore needs continued traffic and comparable-sales growth to offset cost inflation without materially compromising its value proposition. Shares rose approximately 4% following the earnings release. The principal variables to monitor are comparable-store sales, customer traffic, merchandise margin, tariff mitigation, inventory availability, wage inflation and new-store productivity. Fundamentals remain healthy and the raised outlook supports earnings visibility, although TJX continues to offer the stronger combination of operating momentum and business diversification within off-price retail. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $220 to $300. Positive 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\">Ross Stores, Inc.\uff08ROST<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\">63<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">13.9%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1.4<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.66<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.71<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;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\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u540c\u5e97\u9500\u552e\u589e\u957f\u6307\u5f15\u81f3\u7ea6<\/span><span data-contrast=\"auto\">3%\u20134%<\/span><span data-contrast=\"auto\">\uff08\u6b64\u524d\u4e3a<\/span><span data-contrast=\"auto\">2%\u20133%<\/span><span data-contrast=\"auto\">\uff09\uff1b\u9884\u8ba1\u5168\u5e74<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u7ea6\u4e3a<\/span><span data-contrast=\"auto\">6.55\u20136.70<\/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=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8ba1\u5212\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7ee7\u7eed\u6267\u884c\u7ea6<\/span><span data-contrast=\"auto\">10.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\uff0c\u5e76\u7ef4\u6301\u5e38\u89c4\u5b63\u5ea6\u80a1\u606f\u6d3e\u53d1\u3002<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5448\u73b0\u7a33\u5065\u7684\u201c\u8d85\u9884\u671f<\/span><span data-contrast=\"auto\">+<\/span><span data-contrast=\"auto\">\u4e0a\u8c03\u6307\u5f15\u201d\u6001\u52bf\u3002\u540c\u5e97\u9500\u552e\u589e\u957f<\/span><span data-contrast=\"auto\">4%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u5e02\u573a\u9884\u671f\u3002<\/span><span data-contrast=\"auto\">Ross<\/span><span data-contrast=\"auto\">\u6301\u7eed\u6df1\u5ea6\u53d7\u76ca\u4e8e\u6d88\u8d39\u8005\u201c\u6d88\u8d39\u964d\u7ea7\u201d\uff08<\/span><span data-contrast=\"auto\">trading down<\/span><span data-contrast=\"auto\">\uff09\u5411\u6298\u6263\u96f6\u552e\uff08<\/span><span data-contrast=\"auto\">off-price retail<\/span><span data-contrast=\"auto\">\uff09\u8f6c\u79fb\u7684\u5b8f\u89c2\u8d8b\u52bf\u3002\u540c\u65f6\uff0c\u5f53\u524d\u7684\u91c7\u8d2d\u73af\u5883\u4f9d\u7136\u6781\u4e3a\u6709\u5229\uff1a\u4f20\u7edf\u96f6\u552e\u5546\u8fc7\u5269\u7684\u5e93\u5b58\u4e3a<\/span><span data-contrast=\"auto\">Ross<\/span><span data-contrast=\"auto\">\u63d0\u4f9b\u4e86\u5927\u91cf\u83b7\u53d6\u9ad8\u6027\u4ef7\u6bd4\u54c1\u724c\u5546\u54c1\u7684\u673a\u4f1a\u3002\u6b64\u5916\uff0c\u6301\u7eed\u7684\u95e8\u5e97\u6269\u5f20\u4e5f\u4e3a\u516c\u53f8\u63d0\u4f9b\u4e86\u8d85\u8d8a\u540c\u5e97\u9500\u552e\u7684\u7ed3\u6784\u6027\u589e\u957f\u52a8\u529b\u3002\u7136\u800c\uff0c\u6838\u5fc3\u9690\u5fe7\u5728\u4e8e\u201c\u5229\u6da6\u7387\u654f\u611f\u6027\u201d\u3002\u5173\u7a0e\u3001\u4eba\u5de5\u5de5\u8d44\u548c\u8fd0\u8d39\u4ecd\u662f\u6301\u7eed\u7684\u6210\u672c\u9006\u98ce\u3002\u76f8\u8f83\u4e8e\u540c\u4e1a<\/span><span data-contrast=\"auto\">TJX<\/span><span data-contrast=\"auto\">\uff0c\u7531\u4e8e<\/span><span data-contrast=\"auto\">Ross<\/span><span data-contrast=\"auto\">\u7684\u5ba2\u7fa4\u66f4\u504f\u5411\u4f4e\u6536\u5165\u6d88\u8d39\u8005\u4e14\u5e73\u5747\u5ba2\u5355\u4ef7\uff08<\/span><span data-contrast=\"auto\">ASP<\/span><span data-contrast=\"auto\">\uff09\u8f83\u4f4e\uff0c\u5176\u5546\u54c1\u5229\u6da6\u7387\u7684\u7f13\u51b2\u7a7a\u95f4\u4e0e\u7075\u6d3b\u6027\u76f8\u5bf9\u8f83\u5f31\u3002\u56e0\u6b64\uff0c\u7ba1\u7406\u5c42\u5fc5\u987b\u4f9d\u9760\u6301\u7eed\u7684\u5ba2\u6d41\u548c\u540c\u5e97\u9500\u552e\u589e\u957f\u6765\u6d88\u5316\u6210\u672c\u901a\u80c0\uff0c\u540c\u65f6\u4e0d\u80fd\u5b9e\u8d28\u6027\u635f\u5bb3\u5176\u6838\u5fc3\u7684\u201c\u6781\u81f4\u6027\u4ef7\u6bd4\u201d\u4ef7\u503c\u4e3b\u5f20\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea6<\/span><span data-contrast=\"auto\">4%<\/span><span data-contrast=\"auto\">\uff0c\u5e02\u573a\u5bf9\u5176\u5728\u6d88\u8d39\u75b2\u8f6f\u73af\u5883\u4e0b\u7684\u9632\u5fa1\u6027\u4e0e\u76c8\u5229\u97e7\u6027\u7ed9\u4e88\u4e86\u80af\u5b9a\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff08<\/span><span data-contrast=\"auto\">1<\/span><span data-contrast=\"auto\">\uff09\u540c\u5e97\u9500\u552e\u4e0e\u5ba2\u6d41\u91cf\u7684\u6301\u7eed\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">2<\/span><span data-contrast=\"auto\">\uff09\u5546\u54c1\u5229\u6da6\u7387\u7684\u7a33\u5b9a\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">3<\/span><span data-contrast=\"auto\">\uff09\u5173\u7a0e\u4e0e\u4f9b\u5e94\u94fe\u6210\u672c\u7684\u7f13\u89e3\u63aa\u65bd\uff1b\uff08<\/span><span data-contrast=\"auto\">4<\/span><span data-contrast=\"auto\">\uff09\u5e02\u573a\u4e0a\u54c1\u724c\u8fc7\u5269\u5e93\u5b58\u7684\u53ef\u83b7\u5f97\u6027\uff1b\uff08<\/span><span data-contrast=\"auto\">5<\/span><span data-contrast=\"auto\">\uff09\u5de5\u8d44\u901a\u80c0\u538b\u529b\uff1b\uff08<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\uff09\u65b0\u5f00\u95e8\u5e97\u7684\u576a\u6548\u4e0e\u722c\u5761\u60c5\u51b5\u3002<\/span><span data-contrast=\"auto\">Ross Stores <\/span><span data-contrast=\"auto\">\u57fa\u672c\u9762\u4f9d\u7136\u5065\u5eb7\uff0c\u4e0a\u8c03\u7684\u5168\u5e74\u6307\u5f15\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86\u76c8\u5229\u7684\u80fd\u89c1\u5ea6\uff0c\u662f\u6d88\u8d39\u964d\u7ea7\u5468\u671f\u4e2d\u6781\u5177\u9632\u5fa1\u6027\u7684\u4f18\u8d28\u8d44\u4ea7\u3002\u4e0d\u8fc7\uff0c\u82e5\u5c06\u6574\u4e2a\u6298\u6263\u96f6\u552e\u8d5b\u9053\u8fdb\u884c\u6a2a\u5411\u5bf9\u6bd4\uff0c<\/span><span data-contrast=\"auto\">TJX<\/span><span data-contrast=\"auto\">\u5728\u8fd0\u8425\u52a8\u80fd\u4e0e\u4e1a\u52a1\u591a\u5143\u5316\uff08\u5982\u5bb6\u5c45\u54c1\u7c7b\uff09\u65b9\u9762\u4ecd\u63d0\u4f9b\u66f4\u4f18\u7684\u98ce\u9669\u6536\u76ca\u7ec4\u5408\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">220<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">300<\/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>\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 GGR SP Golden Agri-Resources Ltd Shares closed on the 5dEMA with rising volume.\u00a0 RSI is slightly overbought but MACD is still constructive.\u00a0 Buy \u2013 Entry 0.29, Target 0.33, Stop 0.27\u00a0 TAKA SP Taka Jewellery Holdings Ltd. Shares closed above the 5dEMA.\u00a0 RSI is constructive but [&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-93603","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: 21 August 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore GGR SP Golden Agri-Resources Ltd Shares closed on the 5dEMA with rising volume. RSI is slightly overbought but MACD is still constructive. Buy \u2013 Entry 0.29, Target 0.33, Stop 0.27 TAKA SP Taka Jewellery Holdings Ltd. 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