{"id":93910,"date":"2026-08-31T16:54:27","date_gmt":"2026-08-31T08:54:27","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=93910"},"modified":"2026-09-01T13:00:14","modified_gmt":"2026-09-01T05:00:14","slug":"technical-analysis-1-september-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-1-september-2026\/","title":{"rendered":"Technical Analysis: 1 September 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"93910\" class=\"elementor elementor-93910\" 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: 1 September 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;\">GERL SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Geo Energy 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 above the 5dEMA with elevated 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\">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=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy Entry 0.54, Target 0.66, Stop 0.48<\/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=\"2170\" height=\"1290\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM.png\" class=\"attachment-full size-full wp-image-93955\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM.png 2170w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM-1024x609.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM-768x457.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM-1536x913.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.44.21-AM-2048x1217.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<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;\">ADDV SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Addvalue Technologies Ltd.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li 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 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=\"8\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is at overbought levels 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=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Buy \u2013 Entry 0.18, Target 0.20, Stop 0.17<\/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=\"2166\" height=\"1288\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM.png\" class=\"attachment-full size-full wp-image-93956\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM.png 2166w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM-1024x609.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM-768x457.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM-1536x913.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.45.08-AM-2048x1218.png 2048w\" sizes=\"(max-width: 2166px) 100vw, 2166px\" \/>\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;\">2328 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">PICC Property and Casualty Co Ltd\u00a0<\/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 at a seven-months high above the 5dEMA with a surge in 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.<\/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 16.8, Target 17.6, Stop 16.4<\/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=\"2166\" height=\"1210\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM.png\" class=\"attachment-full size-full wp-image-93957\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM.png 2166w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM-1024x572.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM-768x429.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM-1536x858.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.11-AM-2048x1144.png 2048w\" sizes=\"(max-width: 2166px) 100vw, 2166px\" \/>\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;\">2628 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Life Insurance Co 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=\"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\"><span data-contrast=\"auto\">Shares closed at a two-months high above the 5dEMA. The 20dEMA crossed the 100dEMA.<\/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=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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\">Long \u2013 Entry 29.7, Target 31.7, Stop 28.7<\/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=\"2168\" height=\"1212\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM.png\" class=\"attachment-full size-full wp-image-93958\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM.png 2168w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM-1024x572.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM-768x429.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM-1536x859.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-8.46.50-AM-2048x1145.png 2048w\" sizes=\"(max-width: 2168px) 100vw, 2168px\" \/>\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;\">SNDK US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\"><span class=\"NormalTextRun SpellingErrorV2Themed SCXW180626892 BCX0\" data-ccp-parastyle=\"heading 3\">Sandisk<\/span><span class=\"NormalTextRun SCXW180626892 BCX0\" data-ccp-parastyle=\"heading 3\"> Corporation<\/span><span class=\"NormalTextRun SCXW180626892 BCX0\" data-ccp-parastyle=\"heading 3\">.<\/span><\/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 rising volume.\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 1500, Target 1800, Stop 1350<\/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=\"1023\" height=\"609\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.12-PM.png\" class=\"attachment-full size-full wp-image-93962\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.12-PM.png 1023w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.12-PM-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.12-PM-768x457.png 768w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" \/>\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;\">DUKR US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">DUKE Robotics Corp, Inc.\u00a0<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31bab0f1 elementor-widget elementor-widget-text-editor\" data-id=\"31bab0f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed 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\">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=\"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 5.5, Target 7.5, Stop 4.5<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-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=\"1026\" height=\"610\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.48-PM.png\" class=\"attachment-full size-full wp-image-93963\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.48-PM.png 1026w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.48-PM-300x178.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.48-PM-1024x609.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/08\/Screenshot-2026-09-01-at-12.59.48-PM-768x457.png 768w\" sizes=\"(max-width: 1026px) 100vw, 1026px\" \/>\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\">Best Buy Co., Inc. (BBY)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$9.78B<\/span><span data-contrast=\"auto\">, +3.6% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$190M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$1.47, beat estimates by $0.09<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised FY27 revenue guidance to US$42.3\u201342.8B from US$41.2\u201342.1B, comparable-sales guidance to +1.9\u20133.0% from -1.0% to +1.0%, and adjusted EPS guidance to US$6.70\u20136.90 from US$6.30\u20136.60.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q27 Guidance:<\/span><\/b><span data-contrast=\"auto\"> Management expects comparable sales growth of 1\u20133% and adjusted operating margin of 4.1\u20134.2%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Returned US$239M to shareholders during the quarter, comprising US$203M of dividends and US$36M of share repurchases. Best Buy maintained its US$0.96\/share quarterly dividend and expects approximately US$300M of FY27 buybacks.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a strong beat-and-raise quarter. The 4.1% comparable-sales increase was substantially above expectations and broad-based across major categories, suggesting the consumer-electronics replacement cycle is finally improving. Computing remains strong, while emerging categories such as AI glasses, health rings and other AI-enabled devices provide incremental growth opportunities. Best Buy Ads and Marketplace are also becoming strategically important because they can raise margins without requiring equivalent growth in low-margin hardware sales. The key issue is sustainability. The US$34M tariff refund provided a temporary margin benefit, computing faces tougher comparisons in 2H after the Windows 10 replacement cycle, and higher memory prices are increasing hardware ASPs while pressuring product margins. The stock had also rallied roughly 30% before earnings, leaving expectations significantly higher than earlier this year. Nevertheless, raising the full-year comp outlook from -1%\/+1% to +1.9\u20133.0% represents a meaningful improvement in management&#8217;s assessment of underlying demand. Shares fell approximately 4.5% following the earnings release despite the beat-and-raise quarter, largely reflecting profit-taking and concerns around earnings quality and 2H comparisons. The principal variables to monitor are computing demand, AI-device adoption, domestic comparable sales, Marketplace and advertising growth, product margins, memory-component inflation and the upcoming CEO transition to Jason Bonfig. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $75 to $95. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u767e\u601d\u4e70\uff08BBY<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">97.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f3.6%\uff0c\u8d85\u51fa\u9884\u671f1.9\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">1.47\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.09\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u53ca\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u8425\u6536\u6307\u5f15\u4e0a\u8c03\u81f3423\u4ebf\u2013428\u4ebf\u7f8e\u5143\uff08\u6b64\u524d\u4e3a412\u4ebf\u2013421\u4ebf\u7f8e\u5143\uff09\uff1b\u540c\u5e97\u9500\u552e\uff08comparable-sales\uff09\uff0c\u663e\u8457\u6539\u5584\uff08\u6b64\u524d\u4e3a-1.0%\u81f3+1.0%\uff09\uff1b\u8c03\u6574\u540eEPS\u6307\u5f15\u4e0a\u8c03\u81f36.70\u20136.90\u7f8e\u5143\uff08\u6b64\u524d\u4e3a6.30\u20136.60\u7f8e\u5143<\/span><span data-contrast=\"auto\">\uff09\uff1b<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">Q3\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u540c\u5e97\u9500\u552e\u589e\u957f1%\u20133%\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u4e3a4.1%\u20134.2%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5411\u80a1\u4e1c\u8fd4\u8fd82.39\u4ebf\u7f8e\u5143\uff08\u5305\u62ec2.03\u4ebf\u7f8e\u5143\u80a1\u606f\u548c3600\u4e07\u7f8e\u5143\u80a1\u7968\u56de\u8d2d\uff09\u3002\u7ef4\u6301\u6bcf\u80a10.96\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff0c\u9884\u8ba127\u8d22\u5e74\u5168\u5e74\u56de\u8d2d\u89c4\u6a21\u7ea63\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5448\u73b0\u5f3a\u52b2\u7684\u201c\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\u6001\u52bf\u3002\u540c\u5e97\u9500\u552e\u5927\u589e4.1%\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f\u4e14\u5404\u5927\u6838\u5fc3\u54c1\u7c7b\u5168\u9762\u5f00\u82b1\uff0c\u8868\u660e\u6d88\u8d39\u7535\u5b50\u7684\u6362\u673a\u5468\u671f\u7ec8\u4e8e\u8fce\u6765\u5b9e\u8d28\u6027\u6539\u5584\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u8ba1\u7b97\uff08Computing\uff09\uff0c\u800cAI\u773c\u955c\u3001\u667a\u80fd\u5065\u5eb7\u6212\u6307\u7b49AI\u8d4b\u80fd\u7684\u65b0\u5174\u8bbe\u5907\u63d0\u4f9b\u4e86\u6781\u5177\u6f5c\u529b\u7684\u589e\u91cf\u7a7a\u95f4\u3002\u6b64\u5916\uff0cBest Buy Ads\uff08\u96f6\u552e\u5a92\u4f53\u5e7f\u544a\uff09\u6b63\u53d8\u5f97\u6781\u5177\u6218\u7565\u91cd\u8981\u6027\uff0c\u5b83\u4eec\u80fd\u591f\u5728\u4e0d\u4f9d\u8d56\u4f4e\u6bdb\u5229\u786c\u4ef6\u9500\u552e\u653e\u91cf\u7684\u60c5\u51b5\u4e0b\uff0c\u6709\u6548\u62c9\u5347\u516c\u53f8\u7684\u6574\u4f53\u5229\u6da6\u7387\u3002\u6838\u5fc3\u9690\u5fe7\uff08\u53ef\u6301\u7eed\u6027\uff09\uff1a\u672c\u5b63\u5ea63400\u4e07\u7f8e\u5143\u7684\u5173\u7a0e\u9000\u6b3e\u63d0\u4f9b\u4e86\u4e34\u65f6\u6027\u7684\u5229\u6da6\u7387\u7c89\u9970\uff1b\u5728Windows 10\u6362\u673a\u6f6e\u8fc7\u540e\uff0c\u4e0b\u534a\u5e74\u8ba1\u7b97\u54c1\u7c7b\u5c06\u9762\u4e34\u66f4\u4e25\u5cfb\u7684\u9ad8\u57fa\u6570\u538b\u529b\uff08tougher comparisons\uff09\uff1b\u6b64\u5916\uff0c\u66f4\u9ad8\u7684\u5185\u5b58\u7b49\u5143\u5668\u4ef6\u4ef7\u683c\u867d\u7136\u63a8\u9ad8\u4e86\u786c\u4ef6\u5e73\u5747\u552e\u4ef7\uff08ASP\uff09\uff0c\u4f46\u4e5f\u5b9e\u8d28\u6027\u5730\u538b\u5236\u4e86\u4ea7\u54c1\u6bdb\u5229\u7387\u3002\u5e02\u573a\u53cd\u5e94\uff1a\u8d22\u62a5\u524d\u80a1\u4ef7\u5df2\u7d2f\u8ba1\u5927\u6da8\u7ea630%\uff0c\u5e02\u573a\u9884\u671f\u88ab\u663e\u8457\u63a8\u9ad8\u3002\u5c3d\u7ba1\u7ba1\u7406\u5c42\u5c06\u5168\u5e74\u540c\u5e97\u9500\u552e\u6307\u5f15\u4ece\u201c\u8d1f\u589e\u957f\/\u5fae\u589e\u201d\u5927\u5e45\u4e0a\u4fee\u81f3\u201c+1.9%\u20133.0%\u201d\uff0c\u5c55\u73b0\u4e86\u5bf9\u5e95\u5c42\u9700\u6c42\u6539\u5584\u7684\u5f3a\u70c8\u4fe1\u5fc3\uff0c\u4f46\u8d22\u62a5\u540e\u80a1\u4ef7\u4ecd\u4e0b\u8dcc\u7ea64.5%\u3002\u8fd9\u4e3b\u8981\u53cd\u6620\u4e86\u8d44\u91d1\u5728\u9ad8\u4f4d\u83b7\u5229\u4e86\u7ed3\uff0c\u4ee5\u53ca\u5bf9\u77ed\u671f\u76c8\u5229\u8d28\u91cf\u548c\u4e0b\u534a\u5e74\u9ad8\u57fa\u6570\u538b\u529b\u7684\u62c5\u5fe7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u8ba1\u7b97\u54c1\u7c7b\u53ca\u6838\u5fc3\u5bb6\u7535\u9700\u6c42\u7684\u6301\u7eed\u6027\uff1b\uff082\uff09AI\u65b0\u5174\u8bbe\u5907\u7684\u5e02\u573a\u91c7\u7528\u7387\u4e0e\u6e17\u900f\u901f\u5ea6\uff1b\uff083\uff09\u56fd\u5185\u540c\u5e97\u9500\u552e\u7684\u73af\u6bd4\u8868\u73b0\uff1b\uff084\uff09Marketplace\u4e0e\u5e7f\u544a\u7b49\u9ad8\u6bdb\u5229\u4e1a\u52a1\u7684\u589e\u957f\u659c\u7387\uff1b\uff085\uff09\u4ea7\u54c1\u6bdb\u5229\u7387\u5728\u5143\u5668\u4ef6\u901a\u80c0\u4e0b\u7684\u7a33\u5b9a\u6027\uff1b\uff086\uff09\u5373\u5c06\u4ea4\u63a5\u7ed9Jason Bonfig\u7684CEO\u6362\u5e05\u8fdb\u5c55\u53ca\u6218\u7565\u5ef6\u7eed\u6027\u3002\u767e\u601d\u4e70\u5728\u6d88\u8d39\u7535\u5b50\u590d\u82cf\u5468\u671f\u4e2d\u5c55\u73b0\u4e86\u5f3a\u5927\u7684\u5168\u6e20\u9053\u8fd0\u8425\u4e0e\u4f9b\u5e94\u94fe\u80fd\u529b\uff0c\u9ad8\u6bdb\u5229\u4e1a\u52a1\uff08\u5e7f\u544a+\u7b2c\u4e09\u65b9\u5e73\u53f0\uff09\u7684\u62d3\u5c55\u4e3a\u5176\u957f\u671f\u76c8\u5229\u8d28\u91cf\u63d0\u4f9b\u4e86\u575a\u5b9e\u652f\u6491\u3002\u4f46\u77ed\u671f\u5185\uff0c\u80a1\u4ef7\u9700\u6d88\u5316\u524d\u671f\u7684\u5de8\u5927\u6da8\u5e45\u4ee5\u53ca\u4e0b\u534a\u5e74\u6f5c\u5728\u7684\u57fa\u6570\u538b\u529b\u3002<\/span><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a75\u7f8e\u5143\u81f395\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Bilibili Inc. (BILI)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$1.17B<\/span><span data-contrast=\"auto\">, +8.0% YoY, miss estimates by <\/span><span data-contrast=\"auto\">$10M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$0.23, in-line with estimates&nbsp;<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">No explicit guidance from company.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a strong quarter, with the most important development being continued earnings growth materially outpacing revenue growth. Advertising increased 20%, daily active users continued expanding and user engagement remained healthy, while higher-margin advertising and gaming revenue improved the overall mix. Bilibili&#8217;s increasingly mature user base is also becoming more commercially valuable, strengthening monetisation without requiring aggressive user-acquisition spending. The key issue is gaming concentration and whether advertising can sustain &gt;20% growth. The gaming business remains dependent on a relatively small number of successful titles, creating greater quarterly volatility, while China&#8217;s digital advertising market remains competitive. Nevertheless, Bilibili has moved decisively beyond its historical cash-burning growth model, with higher gross margins and operating leverage creating a structurally better earnings profile. Shares rose approximately 5% following the earnings release. The principal variables to monitor are advertising growth, gaming pipeline and longevity of existing titles, DAU and engagement, gross-margin expansion, AI-driven advertising monetisation and free cash flow. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $15 to $18. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u54d4\u54e9\u54d4\u54e9\uff08BILI<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">11.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.0%\uff0c\u7565\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff08Non-GAAP EPS\uff09\uff1a<\/span><\/b><span data-contrast=\"auto\">0.23\u7f8e\u5143\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u516c\u53f8\u672a\u63d0\u4f9b\u660e\u786e\u7684\u8d22\u52a1\u6307\u5f15<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c<\/span><\/b><span data-contrast=\"auto\">\u6700\u6838\u5fc3\u7684\u4eae\u70b9\u5728\u4e8e\u76c8\u5229\u589e\u901f\u6301\u7eed\u5927\u5e45\u9886\u5148\u4e8e\u8425\u6536\u589e\u901f\uff0c\u76c8\u5229\u8d28\u91cf\u5b9e\u73b0\u663e\u8457\u6539\u5584\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u5e7f\u544a\u4e1a\u52a1\u6536\u5165\u540c\u6bd4\u5927\u589e20%\uff0c\u65e5\u6d3b\u8dc3\u7528\u6237\uff08DAU\uff09\u6301\u7eed\u6269\u5f20\u4e14\u7528\u6237\u9ecf\u6027\uff08\u53c2\u4e0e\u5ea6\uff09\u4fdd\u6301\u5065\u5eb7\u3002\u9ad8\u6bdb\u5229\u7684\u5e7f\u544a\u4e0e\u6e38\u620f\u6536\u5165\u5360\u6bd4\u63d0\u5347\uff0c\u6709\u6548\u4f18\u5316\u4e86\u6574\u4f53\u8425\u6536\u7ed3\u6784\u3002\u968f\u7740B\u7ad9\u7528\u6237\u7fa4\u4f53\u65e5\u76ca\u6210\u719f\uff0c\u5176\u5546\u4e1a\u53d8\u73b0\u4ef7\u503c\u4e0d\u65ad\u63d0\u5347\uff0c\u516c\u53f8\u65e0\u9700\u518d\u4f9d\u8d56\u6fc0\u8fdb\u7684\u83b7\u5ba2\u652f\u51fa\u5373\u53ef\u5b9e\u73b0\u7a33\u5065\u7684\u6536\u5165\u589e\u957f\u3002\u6838\u5fc3\u9690\u5fe7\uff1a\u4e3b\u8981\u5728\u4e8e\u6e38\u620f\u4e1a\u52a1\u7684\u96c6\u4e2d\u5ea6\u4e0e\u5e7f\u544a\u9ad8\u589e\u957f\u7684\u53ef\u6301\u7eed\u6027\u3002\u6e38\u620f\u4e1a\u52a1\u4f9d\u7136\u9ad8\u5ea6\u4f9d\u8d56\u5c11\u6570\u51e0\u6b3e\u5934\u90e8\u4ea7\u54c1\uff0c\u5bfc\u81f4\u5b63\u5ea6\u4e1a\u7ee9\u6ce2\u52a8\u8f83\u5927\uff1b\u540c\u65f6\uff0c\u56fd\u5185\u6570\u5b57\u5e7f\u544a\u5e02\u573a\u7ade\u4e89\u4f9d\u7136\u6fc0\u70c8\uff0c\u5e7f\u544a\u4e1a\u52a1\u80fd\u5426\u957f\u671f\u7ef4\u630120%\u4ee5\u4e0a\u7684\u589e\u901f\u4ecd\u9762\u4e34\u5b8f\u89c2\u4e0e\u884c\u4e1a\u7684\u6311\u6218\u3002\u6218\u7565\u8715\u53d8\uff1a\u603b\u4f53\u800c\u8a00\uff0cB\u7ad9\u5df2\u5f7b\u5e95\u544a\u522b\u4e86\u8fc7\u53bb\u201c\u70e7\u94b1\u6362\u589e\u957f\u201d\u7684\u5386\u53f2\u6a21\u5f0f\u3002\u6bdb\u5229\u7387\u7684\u6301\u7eed\u6500\u5347\u4e0e\u8fd0\u8425\u6760\u6746\u7684\u91ca\u653e\uff0c\u4e3a\u5176\u6784\u7b51\u4e86\u7ed3\u6784\u4e0a\u66f4\u4f18\u3001\u66f4\u5177\u97e7\u6027\u7684\u76c8\u5229\u6a21\u578b\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0a\u6da8\u7ea65%\uff0c\u5e02\u573a\u5bf9\u5176\u575a\u5b9a\u7684\u76c8\u5229\u62d0\u70b9\u4e0e\u5229\u6da6\u91ca\u653e\u80fd\u529b\u7ed9\u4e88\u4e86\u79ef\u6781\u7684\u5b9a\u4ef7\u53cd\u9988\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5e7f\u544a\u6536\u5165\u589e\u901f\u53ca\u5546\u4e1a\u5316\u6548\u7387\uff1b\uff082\uff09\u65b0\u6e38\u620f\u7ba1\u7ebf\u50a8\u5907\u53ca\u73b0\u6709\u5934\u90e8\u6e38\u620f\u7684\u751f\u547d\u5468\u671f\uff1b\uff083\uff09DAU\u89c4\u6a21\u4e0e\u6838\u5fc3\u7528\u6237\u6d3b\u8dc3\u5ea6\uff1b\uff084\uff09\u6bdb\u5229\u7387\u7684\u6301\u7eed\u6269\u5f20\u8f68\u8ff9\uff1b\uff085\uff09AI\u8d4b\u80fd\u5e7f\u544a\u7cbe\u51c6\u6295\u653e\u4e0e\u53d8\u73b0\u7684\u6548\u7387\uff1b\uff086\uff09\u81ea\u7531\u73b0\u91d1\u6d41\u7684\u7a33\u5b9a\u6027\u4e0e\u89c4\u6a21\u3002\u54d4\u54e9\u54d4\u54e9\u5df2\u6210\u529f\u8de8\u8d8a\u76c8\u5229\u62d0\u70b9\uff0c\u5546\u4e1a\u5316\u6548\u7387\u63d0\u5347\u4e0e\u4e25\u683c\u7684\u6210\u672c\u7ba1\u63a7\u6210\u6548\u663e\u8457\uff0c\u4ece\u201c\u89c4\u6a21\u6269\u5f20\u201d\u5411<\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">\u9ad8\u8d28\u91cf\u76c8\u5229\u201d\u7684\u8f6c\u578b\u903b\u8f91\u5f97\u5230\u5b9e\u8d28\u6027\u9a8c\u8bc1<\/span><span data-contrast=\"auto\">\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a15\u7f8e\u5143\u81f318\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Dollar General Corporation (DG)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$11.3B<\/span><span data-contrast=\"auto\">, +5.6% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$110M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.48, beat estimates by $0.47<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised FY26 net sales growth guidance to 4.0\u20134.3% and same-store sales growth to 2.5\u20132.9%. EPS is now expected at US$7.80\u2013US$8.00, with the midpoint above prior expectations.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Declared a quarterly dividend of US$0.59\/share and announced that share repurchases will resume during 2H26, signaling increased confidence in cash generation and the turnaround.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a strong beat-and-raise quarter. Same-store sales increased 3.5%, Dollar General recorded its fifth consecutive quarter of traffic growth, and management raised its full-year sales and earnings outlook. The company is benefiting from increasing consumer value-seeking as food, fuel and other living costs remain elevated. Its dense rural footprint is also becoming more valuable as higher gasoline prices encourage consumers to make shorter shopping trips. The expansion of its US$1 assortment is particularly encouraging, with sales of these products growing 16% during Q2. The key issue is margin sustainability. Tariff refunds provided some earnings support, while management is deliberately reinvesting part of these proceeds into price reductions rather than retaining the entire benefit. Consumables also carry lower margins than discretionary merchandise, and elevated fuel and transportation costs could pressure 2H profitability. Nevertheless, stronger traffic, improving execution and the resumption of buybacks suggest the turnaround is becoming increasingly durable rather than being driven solely by temporary tariff benefits. Shares rose approximately 5% following the earnings release, after trading materially higher pre-market. The principal variables to monitor are same-store traffic, consumables versus discretionary mix, gross margin, US$1 assortment growth, fuel costs, inventory shrink and the pace of share repurchases. The raised guidance and sustained traffic gains are constructive, but margin sensitivity and the stock&#8217;s recovery from its lows prevent a sufficiently high-conviction bullish stance. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $115 to $140. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u8fbe\u4e50\u516c\u53f8\uff08DG<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">113\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.6%\uff0c\u8d85\u51fa\u9884\u671f1.1\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u4e8c\u5b63\u5ea6\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.48\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.47\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u9500\u552e\u589e\u957f\u6307\u5f15\u81f34.0%\u20134.3%\uff0c\u540c\u5e97\u9500\u552e\u589e\u957f\u6307\u5f15\u4e0a\u8c03\u81f32.5%\u20132.9%\uff1b\u9884\u8ba1\u5168\u5e74EPS\u4e3a7.80\u20138.00\u7f8e\u5143\uff0c\u4e2d\u503c\u9ad8\u4e8e\u6b64\u524d\u5e02\u573a\u9884\u671f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">\u5ba3\u5e03\u6bcf\u80a10.59\u7f8e\u5143\u7684\u5b63\u5ea6\u80a1\u606f\uff0c\u5e76\u5ba3\u5e03\u5c06\u572826\u5e74\u4e0b\u534a\u5e74\u6062\u590d\u80a1\u7968\u56de\u8d2d\uff0c\u8868\u660e\u7ba1\u7406\u5c42\u5bf9\u73b0\u91d1\u6d41\u521b\u9020\u80fd\u529b\u548c\u8f6c\u578b\u524d\u666f\u7684\u4fe1\u5fc3\u663e\u8457\u589e\u5f3a\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u5448\u73b0\u5f3a\u52b2\u7684\u201c\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\u6001\u52bf\u3002\u540c\u5e97\u9500\u552e\u589e\u957f3.5%\uff0c\u8fbe\u4e50\u8fde\u7eed\u7b2c\u4e94\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u5ba2\u6d41\u589e\u957f\uff0c\u7ba1\u7406\u5c42\u987a\u52bf\u4e0a\u8c03\u4e86\u5168\u5e74\u9500\u552e\u4e0e\u76c8\u5229\u9884\u671f\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u968f\u7740\u98df\u54c1\u3001\u71c3\u6599\u53ca\u5176\u4ed6\u751f\u6d3b\u6210\u672c\u5c45\u9ad8\u4e0d\u4e0b\uff0c\u6d88\u8d39\u8005\u65e5\u76ca\u8ffd\u6c42\u6027\u4ef7\u6bd4\uff0c\u516c\u53f8\u4ece\u4e2d\u663e\u8457\u53d7\u76ca\u3002\u5176\u5bc6\u96c6\u7684\u4e61\u6751\u95e8\u5e97\u7f51\u7edc\u4e5f\u53d8\u5f97\u66f4\u5177\u6218\u7565\u4ef7\u503c\uff0c\u56e0\u4e3a\u9ad8\u6602\u7684\u6c7d\u6cb9\u4ef7\u683c\u4fc3\u4f7f\u6d88\u8d39\u8005\u503e\u5411\u4e8e\u66f4\u77ed\u9014\u3001\u66f4\u4fbf\u6377\u7684\u8d2d\u7269\u51fa\u884c\u3002\u6b64\u5916\uff0c1\u7f8e\u5143\u5546\u54c1\u7ec4\u5408\u7684\u6269\u5f20\u5c24\u4e3a\u4ee4\u4eba\u9f13\u821e\uff0c\u4e8c\u5b63\u5ea6\u6b64\u7c7b\u6781\u5177\u5f15\u6d41\u6548\u5e94\u7684\u4ea7\u54c1\u9500\u552e\u989d\u5927\u589e16%\u3002\u6838\u5fc3\u9690\u5fe7\u5728\u4e8e\u201c\u5229\u6da6\u7387\u7684\u53ef\u6301\u7eed\u6027\u201d\uff1a\u5173\u7a0e\u9000\u6b3e\u4e3a\u76c8\u5229\u63d0\u4f9b\u4e86\u4e00\u5b9a\u652f\u6491\uff0c\u4f46\u7ba1\u7406\u5c42\u9009\u62e9\u5c06\u90e8\u5206\u7ea2\u5229\u523b\u610f\u518d\u6295\u8d44\u4e8e\u964d\u4ef7\u4fc3\u9500\u4ee5\u56de\u9988\u6d88\u8d39\u8005\uff0c\u800c\u975e\u5168\u90e8\u4fdd\u7559\u4e3a\u8d26\u9762\u5229\u6da6\u3002\u6b64\u5916\uff0c\u65e5\u5e38\u6d88\u8017\u54c1\uff08consumables\uff09\uff0c\u4e14\u9ad8\u4f01\u7684\u71c3\u6599\u4e0e\u8fd0\u8f93\u6210\u672c\u53ef\u80fd\u538b\u5236\u4e0b\u534a\u5e74\u7684\u76c8\u5229\u80fd\u529b\u3002\u8f6c\u578b\u903b\u8f91\u9a8c\u8bc1\uff1a\u5c3d\u7ba1\u5982\u6b64\uff0c\u66f4\u5f3a\u52b2\u7684\u5ba2\u6d41\u3001\u6539\u5584\u7684\u95e8\u5e97\u6267\u884c\u529b\u4ee5\u53ca\u80a1\u7968\u56de\u8d2d\u7684\u6062\u590d\uff0c\u8868\u660e\u516c\u53f8\u7684\u57fa\u672c\u9762\u8f6c\u578b\u6b63\u53d8\u5f97\u65e5\u76ca\u6301\u4e45\u4e14\u624e\u5b9e\uff0c\u800c\u975e\u4ec5\u4ec5\u7531\u4e34\u65f6\u6027\u7684\u5173\u7a0e\u7ea2\u5229\u6240\u9a71\u52a8\u3002\u8d22\u62a5\u53d1\u5e03\u524d\u80a1\u4ef7\u5df2\u5927\u5e45\u8d70\u9ad8\uff0c\u8d22\u62a5\u540e\u80a1\u4ef7\u7ee7\u7eed\u4e0a\u6da8\u7ea65%\uff0c\u5e02\u573a\u5bf9\u5176\u5ba2\u6d41\u97e7\u6027\u4e0e\u80a1\u4e1c\u56de\u62a5\u610f\u613f\u7ed9\u4e88\u4e86\u79ef\u6781\u53cd\u9988\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u540c\u5e97\u5ba2\u6d41\u91cf\u7684\u6301\u7eed\u6027\uff1b\uff082\uff09\u65e5\u5e38\u6d88\u8017\u54c1\u4e0e\u975e\u5fc5\u9700\u54c1\u7684\u9500\u552e\u7ed3\u6784\u53d8\u5316\uff08\u5f71\u54cd\u6574\u4f53\u6bdb\u5229\uff09\uff1b\uff083\uff09\u6bdb\u5229\u7387\u7684\u7a33\u5b9a\u6027\uff1b\uff084\uff091\u7f8e\u5143\u5546\u54c1\u7ec4\u5408\u7684\u589e\u957f\u4e0e\u5f15\u6d41\u6548\u679c\uff1b\uff085\uff09\u71c3\u6599\u4e0e\u7269\u6d41\u6210\u672c\uff1b\uff086\uff09\u5e93\u5b58\u635f\u8017\uff08inventory shrink\uff09\uff1b\uff087\uff09\u80a1\u7968\u56de\u8d2d\u7684\u5b9e\u9645\u6267\u884c\u8282\u594f\u3002\u8fbe\u4e50\u516c\u53f8\u4e0a\u8c03\u7684\u6307\u5f15\u4e0e\u6301\u7eed\u7684\u5ba2\u6d41\u589e\u957f\u5177\u6709\u79ef\u6781\u7684\u5efa\u8bbe\u6027\uff0c\u8bc1\u660e\u4e86\u5176\u5728\u6d88\u8d39\u964d\u7ea7\u5468\u671f\u4e2d\u7684\u9632\u5fa1\u4ef7\u503c\u3002\u4f46\u8003\u8651\u5230\u5176\u5bf9\u5229\u6da6\u7387\u6ce2\u52a8\u7684\u9ad8\u5ea6\u654f\u611f\u6027\uff0c\u4ee5\u53ca\u80a1\u4ef7\u5df2\u4ece\u524d\u671f\u4f4e\u70b9\u5b9e\u73b0\u4e86\u53ef\u89c2\u7684\u53cd\u5f39\u4fee\u590d\uff0c\u77ed\u671f\u5185\u9650\u5236\u4e86\u7ed9\u51fa\u66f4\u9ad8\u786e\u4fe1\u5ea6\u770b\u591a\u8bc4\u7ea7\u7684\u7a7a\u95f4\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a115\u7f8e\u5143\u81f3140\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Dollar Tree, Inc. (DLTR)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$4.89B<\/span><span data-contrast=\"auto\">, +7.0% 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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" 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=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$1.39, beat estimates by $0.25<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Management expects revenue of US$5.0\u20135.1B, 3\u20134% comps and EPS of only US$0.80\u20130.95, materially below consensus of approximately US$1.40 as tariff refunds are reinvested into pricing, marketing and stores.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance:<\/span><\/b><span data-contrast=\"auto\"> Raised FY26 adjusted EPS guidance to US$7.70\u2013US$8.05 from US$6.70\u2013US$7.10, including approximately US$0.60 of net tariff-refund benefit. Revenue guidance was maintained at US$20.5\u201320.7B, based on 3\u20134% comparable-store sales growth.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks: <\/span><\/b><span data-contrast=\"auto\">Repurchased approximately US$605M of shares during 2Q26 and US$1.2B YTD, representing 11.1M shares. Dollar Tree does not currently pay a regular dividend.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a mixed quarter despite the headline EPS beat. Comparable sales of 3.7% were healthy, traffic returned to positive territory and the multi-price strategy continues to expand, with approximately 6,600 stores now operating under the multi-price format. Higher price points are broadening assortment and increasing basket size, while value-seeking behavior across income groups remains supportive. The key issue is earnings quality and the weak Q3 outlook. The US$383M tariff refund materially inflated Q2 profitability, while management intends to reinvest much of the benefit into price, marketing and store initiatives. This explains the sharp sequential decline implied by Q3 EPS guidance. Unlike Dollar General, where traffic increased 2.0%, Dollar Tree&#8217;s Q2 comp growth was predominantly ticket-driven, with traffic increasing only 0.4%. This makes Dollar General&#8217;s current demand momentum arguably stronger despite Dollar Tree&#8217;s improving execution. Shares fell approximately 4.5% following the earnings release. The principal variables to monitor are customer traffic, multi-price penetration, gross margin excluding tariff refunds, Q3 reinvestment returns, shrink, discretionary merchandise demand and the pace of share repurchases<\/span><b><span data-contrast=\"auto\">. 3Q26 recommended trading range: $115 to $140. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Dollar Tree, Inc.\uff08DLTR<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">48.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7.0%\uff0c\u8d85\u51fa\u9884\u671f3000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">1.39\u7f8e\u5143\uff0c\u5927\u5e45\u8d85\u51fa\u9884\u671f0.25\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u53ca\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">Q3\u8425\u6536\u9884\u8ba1\u4e3a50\u4ebf\u201351\u4ebf\u7f8e\u5143\uff0c\u540c\u5e97\u9500\u552e\u589e\u957f3%\u20134%\uff1b\u4f46Q3 EPS\u6307\u5f15\u4ec5\u4e3a0.80\u20130.95\u7f8e\u5143\uff0c\u5927\u5e45\u4f4e\u4e8e\u5e02\u573a\u5171\u8bc6\u7684\u7ea61.40\u7f8e\u5143\uff08\u56e0\u5173\u7a0e\u9000\u6b3e\u88ab\u518d\u6295\u8d44\u4e8e\u5b9a\u4ef7\u3001\u8425\u9500\u548c\u95e8\u5e97\uff09\uff1b\u4e0a\u8c03\u5168\u5e74\u8c03\u6574\u540eEPS\u6307\u5f15\u81f37.70\u20138.05\u7f8e\u5143\uff08\u6b64\u524d\u4e3a6.70\u20137.10\u7f8e\u5143\uff09\uff0c\u5176\u4e2d\u5305\u542b\u7ea60.60\u7f8e\u5143\u7684\u51c0\u5173\u7a0e\u9000\u6b3e\u6536\u76ca\uff1b\u7ef4\u6301\u5168\u5e74\u8425\u6536\u6307\u5f15\u5728205\u4ebf\u2013207\u4ebf\u7f8e\u5143\uff08\u57fa\u4e8e3%\u20134%\u7684\u540c\u5e97\u9500\u552e\u589e\u957f\u9884\u671f\uff09\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">\u672c\u5b63\u5ea6\u56de\u8d2d\u7ea66.05\u4ebf\u7f8e\u5143\u80a1\u7968\uff0c\u5e74\u521d\u81f3\u4eca\u7d2f\u8ba1\u56de\u8d2d12\u4ebf\u7f8e\u5143\uff08\u54081110\u4e07\u80a1\uff09\u3002\u516c\u53f8\u76ee\u524d\u4e0d\u6d3e\u53d1\u5e38\u89c4\u80a1\u606f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u5448\u73b0\u201c\u8868\u89c2\u76c8\u5229\u8d85\u9884\u671f\uff0c\u4f46\u5185\u6838\u9690\u5fe7\u6d6e\u73b0\u201d\u7684\u6df7\u5408\u6001\u52bf\u3002\u6838\u5fc3\u4eae\u70b9\u5728\u4e8e\u201c\u591a\u4ef7\u683c\u7b56\u7565\u201d\u7684\u6301\u7eed\u63a8\u8fdb\uff1a\u540c\u5e97\u9500\u552e\u5065\u5eb7\u589e\u957f3.7%\uff0c\u5ba2\u6d41\u91cd\u56de\u6b63\u589e\u957f\u533a\u95f4\u3002\u76ee\u524d\u7ea6\u67096600\u5bb6\u95e8\u5e97\u5df2\u8f6c\u578b\u4e3a\u591a\u4ef7\u683c\u6a21\u5f0f\uff08\u6253\u7834\u5355\u4e00\u6781\u4f4e\u4ef7\u683c\u9650\u5236\uff09\u3002\u66f4\u9ad8\u7684\u4ef7\u683c\u70b9\u6709\u6548\u62d3\u5bbd\u4e86\u5546\u54c1\u79cd\u7c7b\uff08assortment\uff09\u5e76\u63d0\u5347\u4e86\u5ba2\u5355\u4ef7\uff08basket size\uff09\uff0c\u5404\u6536\u5165\u9636\u5c42\u8ffd\u6c42\u6027\u4ef7\u6bd4\u7684\u6d88\u8d39\u884c\u4e3a\u4e3a\u5176\u63d0\u4f9b\u4e86\u5f3a\u52b2\u652f\u6491\u3002\u6838\u5fc3\u75db\u70b9\u5728\u4e8e\u201c\u76c8\u5229\u8d28\u91cf\u201d\u4e0e\u75b2\u8f6f\u7684Q3\u524d\u77bb\uff1a\u672c\u5b63\u5ea6\u9ad8\u8fbe3.83\u4ebf\u7f8e\u5143\u7684\u5173\u7a0e\u9000\u6b3e\u5927\u5e45\u7c89\u9970\u4e86Q2\u7684\u8d26\u9762\u5229\u6da6\u3002\u7ba1\u7406\u5c42\u660e\u786e\u8868\u793a\uff0c\u5c06\u628a\u5927\u90e8\u5206\u9000\u6b3e\u7ea2\u5229\u518d\u6295\u8d44\u4e8e\u964d\u4ef7\u3001\u8425\u9500\u548c\u95e8\u5e97\u5347\u7ea7\uff0c\u8fd9\u76f4\u63a5\u5bfc\u81f4\u4e86Q3 EPS\u6307\u5f15\u7684\u73af\u6bd4\u201c\u65ad\u5d16\u5f0f\u201d\u4e0b\u8dcc\uff0c\u4ee4\u5e02\u573a\u63aa\u624b\u4e0d\u53ca\u3002\u52a8\u80fd\u5bf9\u6bd4\u7684\u9690\u5fe7\uff1a\u4e0e\u540c\u4e1aDollar General\uff08\u5ba2\u6d41\u5927\u589e2.0%\uff09\u76f8\u6bd4\uff0cDollar Tree\u672c\u5b63\u5ea6\u7684\u540c\u5e97\u589e\u957f\u4e3b\u8981\u7531\u5ba2\u5355\u4ef7\uff08ticket-driven\uff09\u9a71\u52a8\uff0c\u5ba2\u6d41\u4ec5\u5fae\u589e0.4%\u3002\u8fd9\u8868\u660e\u5c3d\u7ba1Dollar Tree\u7684\u5185\u90e8\u6267\u884c\u529b\u5728\u6539\u5584\uff0c\u4f46Dollar General\u5728\u5e95\u5c42\u5ba2\u6d41\u9700\u6c42\u52a8\u80fd\u4e0a\u76ee\u524d\u66f4\u5177\u4f18\u52bf\u3002\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea64.5%\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u5bf9Q3\u76c8\u5229\u5927\u5e45\u73af\u6bd4\u4e0b\u6ed1\u53ca\u5ba2\u6d41\u589e\u957f\u75b2\u8f6f\u7684\u62c5\u5fe7\uff0c\u62b5\u6d88\u4e86Q2\u4e1a\u7ee9\u8d85\u9884\u671f\u7684\u5229\u597d\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5e95\u5c42\u5ba2\u6d41\u91cf\u7684\u5b9e\u8d28\u6027\u6539\u5584\u60c5\u51b5\uff1b\uff082\uff09\u591a\u4ef7\u683c\u95e8\u5e97\u7684\u6e17\u900f\u7387\u4e0e\u5355\u5e97\u4ea7\u51fa\u63d0\u5347\uff1b\uff083\uff09\u5254\u9664\u5173\u7a0e\u9000\u6b3e\u4e00\u6b21\u6027\u5f71\u54cd\u540e\u7684\u5e38\u6001\u5316\u6bdb\u5229\u7387\uff1b\uff084\uff09Q3\u5229\u6da6\u518d\u6295\u8d44\u5bf9\u4e0b\u534a\u5e74\u5ba2\u6d41\u4e0e\u4efd\u989d\u7684\u5b9e\u9645\u62c9\u52a8\u6548\u679c\uff1b\uff085\uff09\u5e93\u5b58\u635f\u8017\uff08shrink\uff09\uff1b\uff086\uff09\u975e\u5fc5\u9700\u54c1\u9700\u6c42\u7684\u5b8f\u89c2\u97e7\u6027\uff1b\uff087\uff09\u80a1\u7968\u56de\u8d2d\u7684\u6267\u884c\u8282\u594f\u3002Dollar Tree \u6b63\u5904\u4e8e\u6253\u7834\u5355\u4e00\u4f4e\u4ef7\u675f\u7f1a\u3001\u5411\u591a\u4ef7\u683c\u5e26\u8f6c\u578b\u7684\u5173\u952e\u671f\uff0c\u5ba2\u5355\u4ef7\u7684\u63d0\u5347\u8bc1\u660e\u4e86\u5176\u5546\u54c1\u529b\u7684\u6539\u5584\u3002\u4f46\u77ed\u671f\u5185\uff0c\u5173\u7a0e\u9000\u6b3e\u7ea2\u5229\u7684\u6d88\u9000\u3001\u6fc0\u8fdb\u7684\u518d\u6295\u8d44\u8ba1\u5212\u4ee5\u53ca\u76f8\u5bf9\u75b2\u8f6f\u7684\u5ba2\u6d41\u589e\u957f\uff0c\u4f7f\u5176\u57fa\u672c\u9762\u80fd\u89c1\u5ea6\u53d7\u5230\u538b\u5236\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a115\u7f8e\u5143\u81f3140\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{&quot;335559685&quot;:720}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Burlington Stores, Inc. (BURL)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$2.99B<\/span><span data-contrast=\"auto\">, +10.7% YoY, miss estimates by <\/span><span data-contrast=\"auto\">$40M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" 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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.37, beat estimates by $0.18.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised FY26 adjusted EPS guidance to approximately US$9.70\u2013US$10.10, while maintaining comparable-store sales growth expectations of approximately 2\u20133%.&nbsp;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Management expects comparable sales growth of 2\u20133%, with adjusted EPS of approximately US$1.65\u2013US$1.75.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a solid quarter, but less impressive than the recent results from TJX and Ross Stores. Comparable sales reached the upper end of guidance and earnings exceeded expectations, while Burlington continues to benefit from consumers trading down toward off-price retail. The merchandise buying environment remains favorable, and Burlington&#8217;s smaller-store prototype provides a long runway for unit expansion with relatively attractive returns on invested capital. The key issue is execution and margin sensitivity. Burlington remains smaller and less diversified than TJX, while its lower-income customer base is more exposed to inflation, fuel costs and broader consumer weakness. Tariffs and freight also remain potential gross-margin headwinds. Unlike TJX&#8217;s 5% and Ross&#8217;s 4% recent comparable-sales growth, Burlington&#8217;s approximately 3% comp suggests healthy but less differentiated momentum. Shares fell approximately 5% following the earnings release despite the EPS beat, reflecting relatively high expectations and a more conservative forward outlook. The principal variables to monitor are comparable-store traffic, merchandise margin, inventory availability, tariff mitigation, new-store productivity and operating-margin expansion. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $260 to $340. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Burlington Stores, Inc.\uff08BURL<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">29.9\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f10.7%\uff0c\u7565\u4f4e\u4e8e\u9884\u671f4000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u975e\u516c\u8ba4\u4f1a\u8ba1\u51c6\u5219\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.37\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.18\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u53ca\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u8c03\u6574\u540eEPS\u6307\u5f15\u81f3\u7ea69.70\u201310.10\u7f8e\u5143\uff0c\u7ef4\u6301\u540c\u5e97\u9500\u552e\u589e\u957f\u9884\u671f\u7ea62%\u20133<\/span><span data-contrast=\"auto\">%\uff1b<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">Q3\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u540c\u5e97\u9500\u552e\u589e\u957f2%\u20133%\uff0c\u8c03\u6574\u540eEPS\u7ea6\u4e3a1.65\u20131.75\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u7a33\u5065\uff0c\u4f46\u76f8\u8f83\u4e8e\u540c\u4e1aTJX\u548cRoss Stores\u7684\u8fd1\u671f\u4e1a\u7ee9\uff0c\u7206\u53d1\u529b\u7565\u663e\u4e0d\u8db3\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u540c\u5e97\u9500\u552e\u8fbe\u5230\u6307\u5f15\u533a\u95f4\u7684\u4e0a\u9650\uff0c\u76c8\u5229\u8d85\u51fa\u9884\u671f\u3002\u516c\u53f8\u6301\u7eed\u53d7\u76ca\u4e8e\u6d88\u8d39\u8005\u201c\u6d88\u8d39\u964d\u7ea7\u201d\u5411\u6298\u6263\u96f6\u552e\uff08off-price retail\uff09\u8f6c\u79fb\u7684\u5b8f\u89c2\u8d8b\u52bf\u3002\u5f53\u524d\u7684\u91c7\u8d2d\u73af\u5883\u4f9d\u7136\u6709\u5229\uff08\u54c1\u724c\u8fc7\u5269\u5e93\u5b58\u5145\u8db3\uff09\uff0c\u4e14Burlington\u4e3b\u63a8\u7684\u5c0f\u578b\u95e8\u5e97\u539f\u578b\uff08smaller-store prototype\uff09\u4e3a\u5176\u63d0\u4f9b\u4e86\u957f\u671f\u7684\u95e8\u5e97\u6269\u5f20\u7a7a\u95f4\uff0c\u5e76\u5177\u5907\u6781\u5177\u5438\u5f15\u529b\u7684\u6295\u8d44\u8d44\u672c\u56de\u62a5\u7387\uff08ROIC\uff09\u3002\u6838\u5fc3\u9690\u5fe7\u5728\u4e8e\u201c\u6267\u884c\u529b\u4e0e\u5229\u6da6\u7387\u654f\u611f\u6027\u201d\uff1a\u76f8\u8f83\u4e8eTJX\uff0cBurlington\u7684\u4e1a\u52a1\u89c4\u6a21\u66f4\u5c0f\u4e14\u54c1\u7c7b\u591a\u5143\u5316\u7a0b\u5ea6\u8f83\u4f4e\uff1b\u5176\u6838\u5fc3\u5ba2\u7fa4\u66f4\u504f\u5411\u4f4e\u6536\u5165\u9636\u5c42\uff0c\u56e0\u6b64\u5bf9\u901a\u80c0\u3001\u9ad8\u6cb9\u4ef7\u53ca\u66f4\u5e7f\u6cdb\u7684\u5b8f\u89c2\u6d88\u8d39\u75b2\u8f6f\u66f4\u4e3a\u654f\u611f\u3002\u6b64\u5916\uff0c\u5173\u7a0e\u4e0e\u8fd0\u8d39\u4ecd\u662f\u6f5c\u5728\u7684\u6bdb\u5229\u7387\u9006\u98ce\u3002\u4ece\u540c\u5e97\u9500\u552e\u589e\u901f\u6765\u770b\uff0cTJX\uff085%\uff09\u548cRoss\uff084%\uff09\u8868\u73b0\u66f4\u4f18\uff0cBurlington\u7ea63%\u7684\u589e\u901f\u867d\u7136\u5065\u5eb7\uff0c\u4f46\u7f3a\u4e4f\u5dee\u5f02\u5316\u7684\u5f3a\u52b2\u52a8\u80fd\u3002\u5e02\u573a\u53cd\u5e94\uff1a\u5c3d\u7ba1EPS\u8d85\u9884\u671f\uff0c\u4f46\u7531\u4e8e\u524d\u671f\u80a1\u4ef7\u5df2\u8ba1\u5165\u8f83\u9ad8\u9884\u671f\uff0c\u4e14\u524d\u77bb\u6307\u5f15\u504f\u5411\u4fdd\u5b88\uff0c\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea65%\uff0c\u5448\u73b0\u5178\u578b\u7684\u201c\u5229\u597d\u51fa\u5c3d\u201d\u53cd\u5e94\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u540c\u5e97\u5ba2\u6d41\u91cf\u7684\u6301\u7eed\u6027\uff1b\uff082\uff09\u5546\u54c1\u5229\u6da6\u7387\u7684\u7a33\u5b9a\u6027\uff1b\uff083\uff09\u5e02\u573a\u4e0a\u54c1\u724c\u8fc7\u5269\u5e93\u5b58\u7684\u53ef\u83b7\u5f97\u6027\uff1b\uff084\uff09\u5173\u7a0e\u4e0e\u4f9b\u5e94\u94fe\u6210\u672c\u7684\u7f13\u89e3\u63aa\u65bd\uff1b\uff085\uff09\u65b0\u5f00\u95e8\u5e97\u7684\u576a\u6548\u4e0e\u722c\u5761\u60c5\u51b5\uff1b\uff086\uff09\u8425\u4e1a\u5229\u6da6\u7387\u7684\u6269\u5f20\u8f68\u8ff9\u3002Burlington \u51ed\u501f\u5c0f\u578b\u95e8\u5e97\u7b56\u7565\u5728\u6298\u6263\u96f6\u552e\u8d5b\u9053\u4e2d\u4fdd\u6301\u4e86\u7a33\u5065\u7684\u6269\u5f20\u8282\u594f\u4e0e\u826f\u597d\u7684\u8d44\u672c\u56de\u62a5\u3002\u4f46\u53d7\u5236\u4e8e\u5ba2\u7fa4\u8d2d\u4e70\u529b\u654f\u611f\u6027\u53ca\u76f8\u5bf9\u540c\u4e1a\u66f4\u4e3a\u6e29\u548c\u7684\u589e\u901f\uff0c\u77ed\u671f\u4f30\u503c\u7a81\u7834\u9700\u8981\u66f4\u5f3a\u7684\u540c\u5e97\u9500\u552e\u52a0\u901f\u4e0e\u5229\u6da6\u7387\u6539\u5584\u6765\u9a8c\u8bc1\u3002<\/span><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a260\u7f8e\u5143\u81f3340\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Marvell Technology, Inc. (MRVL)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$2.74B<\/span><span data-contrast=\"auto\">, +37.0% 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}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" 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=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$0.94, beat estimates by $0.01<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue is expected at approximately US$2.30B \u00b15%, above consensus expectations of roughly US$2.24B, with adjusted EPS expected at approximately US$0.79 \u00b1US$0.05. Management remains constructive on AI-related demand, with custom silicon and electro-optics expected to remain the principal growth engines into FY28.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share Buybacks:<\/span><\/b><span data-contrast=\"auto\"> Marvell continues to pay its quarterly dividend of US$0.06\/share.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was a solid beat-and-raise quarter and reinforces the view that Marvell remains one of the clearest second-order beneficiaries of hyperscaler AI capex. Data Center accounted for approximately three-quarters of revenue, while demand for PAM DSPs, 800G\/1.6T optical connectivity and custom AI accelerators remains strong. The key upside opportunity is custom silicon, where multiple hyperscaler programmes should transition from development into meaningful production revenue over the next several quarters. The key issue is customer concentration and gross-margin mix. Custom silicon carries lower gross margins than Marvell&#8217;s traditional merchant silicon and optical DSP products, meaning rapid AI revenue growth does not translate one-for-one into margin expansion. Marvell is also increasingly dependent on a relatively small number of hyperscale customers, making programme timing and product ramps important sources of quarterly volatility. Nevertheless, the combination of custom silicon and 1.6T optical connectivity provides a credible pathway for AI revenue to continue materially outgrowing the broader semiconductor market. Shares fell approximately 8% following the earnings release. The principal variables to monitor are custom AI silicon ramps, 800G\/1.6T optical demand, PAM DSP market share, Data Center revenue growth, non-GAAP gross margin and hyperscaler capex. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $220 to $285. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Marvell Technology, Inc.\uff08MRVL<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">27.4\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f37.0%\uff0c\u8d85\u51fa\u9884\u671f3000\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">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\">0.94\u7f8e\u5143\uff0c\u5fae\u5e45\u8d85\u51fa\u9884\u671f0.01\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u9884\u8ba1\u7ea623.0\u4ebf\u7f8e\u5143\uff08\u00b15%\uff09\uff0c\u9ad8\u4e8e\u5e02\u573a\u5171\u8bc6\u7684\u7ea622.4\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540eEPS\u9884\u8ba1\u7ea60.79\u7f8e\u5143\uff08\u00b10.05\u7f8e\u5143\uff09\uff1b\u7ba1\u7406\u5c42\u5bf9AI\u76f8\u5173\u9700\u6c42\u4fdd\u6301\u79ef\u6781\uff0c\u9884\u8ba1\u5b9a\u5236\u82af\u7247\uff08custom silicon\uff09\u5c06\u662f\u8fdb\u516528\u8d22\u5e74\u7684\u4e3b\u8981\u589e\u957f\u5f15\u64ce\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\">\u7ef4\u6301\u6bcf\u5b63\u5ea6\u6bcf\u80a10.06\u7f8e\u5143\u7684\u5e38\u89c4\u80a1\u606f\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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\u8868\u73b0\u7a33\u5065\uff0c\u5448\u73b0\u201c\u8d85\u9884\u671f+\u4e0a\u8c03\u6307\u5f15\u201d\u6001\u52bf\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u4e86Marvell\u4f5c\u4e3a\u8d85\u5927\u89c4\u6a21\u5ba2\u6237AI\u8d44\u672c\u5f00\u652f\u6700\u6e05\u6670\u7684\u201c\u4e8c\u9636\u53d7\u76ca\u8005\u201d\uff08second-order beneficiaries\uff09\u7684\u5e02\u573a\u5730\u4f4d\u3002\u6838\u5fc3\u4eae\u70b9\uff1a\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u8d21\u732e\u4e86\u7ea6\u56db\u5206\u4e4b\u4e09\u7684\u8425\u6536\u3002PAM DSP\u3001800G\/1.6T\u5149\u4e92\u8fde\u4ee5\u53ca\u5b9a\u5236AI\u52a0\u901f\u5668\u7684\u9700\u6c42\u4f9d\u7136\u5f3a\u52b2\u3002\u6700\u5927\u7684\u4e0a\u884c\u7a7a\u95f4\u5728\u4e8e\u5b9a\u5236\u82af\u7247\u4e1a\u52a1\uff0c\u591a\u4e2a\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u7684\u6838\u5fc3\u9879\u76ee\u5c06\u5728\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u4ece\u7814\u53d1\u8bbe\u8ba1\u9636\u6bb5\uff0c\u5b9e\u8d28\u6027\u8fc7\u6e21\u5230\u89c4\u6a21\u5316\u91cf\u4ea7\u4e0e\u6536\u5165\u5151\u73b0\u9636\u6bb5\u3002\u6838\u5fc3\u9690\u5fe7\u5728\u4e8e\u201c\u5ba2\u6237\u96c6\u4e2d\u5ea6\u201d\u4e0e\u201c\u6bdb\u5229\u7387\u7ed3\u6784\u201d\uff1a\u5b9a\u5236\u82af\u7247\u7684\u6bdb\u5229\u7387\u901a\u5e38\u4f4e\u4e8eMarvell\u4f20\u7edf\u7684\u5546\u7528\u901a\u7528\u82af\u7247\uff08merchant silicon\uff09\u548c\u5149DSP\u4ea7\u54c1\u3002\u8fd9\u610f\u5473\u7740\uff0cAI\u8425\u6536\u7684\u5feb\u901f\u589e\u957f\u5e76\u4e0d\u80fd1:1\u5730\u8f6c\u5316\u4e3a\u6574\u4f53\u5229\u6da6\u7387\u7684\u6269\u5f20\uff08\u5b58\u5728\u6bdb\u5229\u7387\u7a00\u91ca\u6548\u5e94\uff09\u3002\u6b64\u5916\uff0c\u516c\u53f8\u65e5\u76ca\u4f9d\u8d56\u5c11\u6570\u51e0\u5bb6\u8d85\u5927\u89c4\u6a21\u4e91\u5382\u5546\uff0c\u5bfc\u81f4\u5927\u5ba2\u6237\u7684\u9879\u76ee\u65f6\u95f4\u8282\u70b9\u548c\u4ea7\u54c1\u722c\u5761\u8282\u594f\u6210\u4e3a\u5f15\u53d1\u5b63\u5ea6\u4e1a\u7ee9\u6ce2\u52a8\u7684\u91cd\u8981\u6765\u6e90\u3002\u5e02\u573a\u53cd\u5e94\uff1a\u5c3d\u7ba1\u57fa\u672c\u9762\u5f3a\u52b2\u4e14\u6307\u5f15\u8d85\u9884\u671f\uff0c\u4f46\u8d22\u62a5\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea68%\u3002\u8fd9\u53cd\u6620\u51fa\u5728\u524d\u671f\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\u540e\uff0c\u5e02\u573a\u5bf9\u6bdb\u5229\u7387\u7a00\u91ca\u6548\u5e94\u3001\u9ad8\u9884\u671f\u4e0b\u7684\u4f30\u503c\u6d88\u5316\u4ee5\u53ca\u5355\u4e00\u5ba2\u6237\u4f9d\u8d56\u98ce\u9669\u8fdb\u884c\u4e86\u91cd\u65b0\u5b9a\u4ef7\u4e0e\u83b7\u5229\u4e86\u7ed3\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u5b9a\u5236AI\u82af\u7247\u7684\u91cf\u4ea7\u722c\u5761\u4e0e\u6536\u5165\u8f6c\u5316\u8282\u594f\uff1b\uff082\uff09800G\/1.6T\u5149\u6a21\u5757\u53ca\u4e92\u8fde\u9700\u6c42\u7684\u7206\u53d1\u6df1\u5ea6\uff1b\uff083\uff09PAM DSP\u5728\u6570\u636e\u4e2d\u5fc3\u7f51\u7edc\u4e2d\u7684\u5e02\u573a\u4efd\u989d\u4e89\u593a\uff1b\uff084\uff09\u6570\u636e\u4e2d\u5fc3\u8425\u6536\u7684\u6301\u7eed\u589e\u957f\u659c\u7387\uff1b\uff085\uff09\u975eGAAP\u6bdb\u5229\u7387\u5728\u5b9a\u5236\u82af\u7247\u5360\u6bd4\u63d0\u5347\u4e0b\u7684\u6f14\u8fdb\u4e0e\u4f01\u7a33\u8def\u5f84\uff1b\uff086\uff09\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u7684AI\u8d44\u672c\u5f00\u652f\u8d8b\u52bf\u3002Marvell \u51ed\u501f\u5728\u5b9a\u5236\u7845\u7247\u4e0e\u9ad8\u901f\u5149\u7535\u4e92\u8fde\u9886\u57df\u7684\u6df1\u539a\u5361\u4f4d\uff0c\u6210\u529f\u5207\u5165\u4e86AI\u7b97\u529b\u57fa\u7840\u8bbe\u65bd\u7684\u6838\u5fc3\u4f9b\u5e94\u94fe\uff0c\u957f\u671f\u6210\u957f\u903b\u8f91\u6781\u4e3a\u6e05\u6670\u3002\u4f46\u5b9a\u5236\u4e1a\u52a1\u5e26\u6765\u7684\u6bdb\u5229\u7387\u7ed3\u6784\u6027\u538b\u5236\u4e0e\u6781\u9ad8\u7684\u5ba2\u6237\u96c6\u4e2d\u5ea6\uff0c\u4f7f\u5176\u5728\u77ed\u671f\u4f30\u503c\u6269\u5f20\u4e0a\u53d7\u5230\u4e00\u5b9a\u5236\u7ea6\uff0c\u9700\u8981\u6301\u7eed\u7684\u8ba2\u5355\u5151\u73b0\u6765\u6d88\u5316\u4f30\u503c\u3002<\/span><b><span data-contrast=\"auto\">27\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a220\u7f8e\u5143\u81f3285\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">IREN Limited (IREN)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$707M<\/span><span data-contrast=\"auto\">, +41.1% YoY, miss estimates by <\/span><span data-contrast=\"auto\">$11.39M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 adjusted EPS<\/span><\/b><span data-contrast=\"auto\">: &#8211;<\/span><span data-contrast=\"auto\">$0.41, beat estimates by $0.09<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">IREN now has approximately US$4B of contracted ARR for 2026 AI capacity, of which approximately US$1B is already operating, and management said 2026 capacity is largely sold out. Horizon 1 has been delivered to Microsoft, with Horizons 2\u20134 targeted for the December quarter. IREN also continues discussions for substantial 2027\u201328 capacity and indicated recent three-year AI contracts are pricing above US$20M\/MW, with current discussions around US$25M\/MW.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">This was strategically much stronger than the headline revenue decline suggests. The critical development is the conversion of IREN from a speculative AI-capacity story into a contracted AI-infrastructure business. US$4B of contracted ARR versus a current market capitalization of roughly US$13.5B is a significant step-change, while the customer roster now includes Microsoft, Cohere, Perplexity and multiple frontier AI developers. New contracts are also being signed at increasingly attractive pricing, suggesting scarcity value around powered, liquid-cooled AI infrastructure remains substantial. The key issue is execution and capital intensity. Only approximately US$1B of the US$4B contracted ARR is operating today, meaning valuation depends heavily on IREN successfully deploying the remaining GPUs and data-center capacity on schedule. The company is simultaneously targeting roughly 1.2\u20131.25GW of capacity by 2027, creating significant construction, financing and customer-concentration risks. This explains why the stock fell approximately 8.4% after hours, despite the strong AI contracting update. The principal variables to monitor are contracted ARR conversion into recognized revenue, Horizon 2\u20134 commissioning, Microsoft execution, new 2027\/28 AI contracts, revenue per MW, GPU financing, capex requirements and customer concentration. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $35 to $50. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">IREN Limited\uff08IREN<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"31\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">7.07\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f41.1%\uff0c\u7565\u4f4e\u4e8e\u9884\u671f1139\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"32\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8c03\u6574\u540e\u6bcf\u80a1\u4e8f\u635f\uff1a<\/span><\/b><span data-contrast=\"auto\">0.41\u7f8e\u5143\uff0c\u4f18\u4e8e\u9884\u671f0.09\u7f8e\u5143\uff08\u4e8f\u635f\u663e\u8457\u6536\u7a84\uff09<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"33\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u4e1a\u52a1\u6307\u5f15\u4e0e\u6218\u7565\u8fdb\u5c55\uff1a<\/span><\/b><span data-contrast=\"auto\">2026\u5e74AI\u7b97\u529b\u4ea7\u80fd\u7684\u7b7e\u7ea6\u5e74\u5ea6\u7ecf\u5e38\u6027\u6536\u5165\uff08ARR\uff09\uff0c\u5176\u4e2d\u7ea610\u4ebf\u7f8e\u5143\u5df2\u6295\u5165\u8fd0\u8425\uff0c2026\u5e74\u4ea7\u80fd\u5df2\u57fa\u672c\u552e\u7f44\uff1bHorizon 1\u9879\u76ee\u5df2\u6210\u529f\u4ea4\u4ed8\u7ed9\u5fae\u8f6f\uff08Microsoft\uff09\uff0cHorizon 2\u81f34\u9879\u76ee\u9884\u8ba1\u572812\u6708\u6240\u5728\u5b63\u5ea6\u5b8c\u6210\u4ea4\u4ed8\uff1b\u516c\u53f8\u6b63\u5c312027\u20132028\u5e74\u7684\u5927\u91cf\u4ea7\u80fd\u8fdb\u884c\u6df1\u5165\u6d3d\u8c08\u3002\u8fd1\u671f\u7b7e\u7f72\u7684\u4e09\u5e74\u671fAI\u5408\u540c\u5b9a\u4ef7\u5df2\u8d85\u8fc72000\u4e07\u7f8e\u5143\/MW\uff0c\u76ee\u524d\u7684\u8c08\u5224\u4ef7\u683c\u66f4\u662f\u6500\u5347\u81f3\u7ea62500\u4e07\u7f8e\u5143\/MW\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"34\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672c\u5b63\u5ea6\u5728\u6218\u7565\u5c42\u9762\u7684\u7a81\u7834\uff0c\u8fdc\u6bd4\u8868\u89c2\u8425\u6536\u7684\u5fae\u5e45miss\u66f4\u5177\u9707\u64bc\u529b\u3002IREN\u6b63\u6210\u529f\u4ece\u201c\u6295\u673a\u6027\u7684AI\u7b97\u529b\u6982\u5ff5\u80a1\u201d\u8715\u53d8\u4e3a\u201c\u62e5\u6709\u575a\u5b9e\u5408\u540c\u58c1\u5792\u7684AI\u57fa\u7840\u8bbe\u65bd\u670d\u52a1\u5546\u201d\u3002\u9ad8\u8fbe40\u4ebf\u7f8e\u5143\u7684\u7b7e\u7ea6ARR\u5bf9\u6bd4\u5176\u7ea6135\u4ebf\u7f8e\u5143\u7684\u603b\u5e02\u503c\uff0c\u5b9e\u73b0\u4e86\u57fa\u672c\u9762\u7684\u8de8\u8d8a\u5f0f\u91cd\u4f30\u3002\u5176\u5ba2\u6237\u77e9\u9635\u5df2\u56ca\u62ec\u5fae\u8f6f\u3001Cohere\u3001Perplexity\u53ca\u591a\u5bb6\u524d\u6cbfAI\u5f00\u53d1\u5546\u3002\u65b0\u5408\u540c\u5b9a\u4ef7\u7684\u6301\u7eed\u98d9\u5347\uff0c\u6709\u529b\u5370\u8bc1\u4e86\u5177\u5907\u5145\u6c9b\u7535\u529b\u4fdd\u969c\u4e0e\u6db2\u51b7\u80fd\u529b\u7684AI\u57fa\u7840\u8bbe\u65bd\u4f9d\u7136\u5177\u6709\u6781\u9ad8\u7684\u7a00\u7f3a\u4ef7\u503c\u3002\u7136\u800c\uff0c\u6838\u5fc3\u9690\u5fe7\u5728\u4e8e\u6781\u91cd\u7684\u8d44\u672c\u5f00\u652f\u4e0e\u4e25\u82db\u7684\u4ea4\u4ed8\u6267\u884c\u529b\u300240\u4ebf\u7f8e\u5143\u7684\u7b7e\u7ea6ARR\u4e2d\uff0c\u76ee\u524d\u4ec5\u6709\u7ea610\u4ebf\u7f8e\u5143\u6295\u5165\u8fd0\u8425\uff0c\u8fd9\u610f\u5473\u7740\u516c\u53f8\u7684\u4f30\u503c\u9ad8\u5ea6\u4f9d\u8d56\u4e8e\u80fd\u5426\u6309\u65f6\u3001\u4fdd\u8d28\u5730\u5b8c\u6210\u5269\u4f59GPU\u4e0e\u6570\u636e\u4e2d\u5fc3\u4ea7\u80fd\u7684\u90e8\u7f72\u3002\u516c\u53f8\u540c\u65f6\u8bbe\u5b9a\u4e86\u52302027\u5e74\u5b9e\u73b0\u7ea61.2\u20131.25GW\u4ea7\u80fd\u7684\u5b8f\u5927\u76ee\u6807\uff0c\u8fd9\u5c06\u5e26\u6765\u5de8\u5927\u7684\u5de5\u7a0b\u5efa\u8bbe\u3001\u878d\u8d44\u538b\u529b\u4ee5\u53ca\u5ba2\u6237\u96c6\u4e2d\u5ea6\u98ce\u9669\u3002\u8fd9\u4e5f\u89e3\u91ca\u4e86\u4e3a\u4f55\u5728\u5f3a\u52b2\u7684AI\u7b7e\u7ea6\u6570\u636e\u4e0b\uff0c\u80a1\u4ef7\u76d8\u540e\u4ecd\u4e0b\u8dcc\u7ea68.4%\uff0c\u53cd\u6620\u51fa\u8d44\u91d1\u5bf9\u91cd\u8d44\u4ea7\u6269\u5f20\u671f\u6267\u884c\u98ce\u9669\u4e0e\u8d44\u672c\u6d88\u8017\u7684\u62c5\u5fe7\u3002\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a\uff081\uff09\u7b7e\u7ea6ARR\u5411\u5b9e\u9645\u786e\u8ba4\u6536\u5165\u7684\u8f6c\u5316\u8282\u594f\uff1b\uff082\uff09Horizon 2-4\u9879\u76ee\u7684\u4ea4\u4ed8\u4e0e\u5e76\u7f51\u8fdb\u5ea6\uff1b\uff083\uff09\u5fae\u8f6f\u7b49\u6838\u5fc3\u5927\u5ba2\u6237\u7684\u5b9e\u9645\u8fd0\u8425\u4e0e\u5c65\u7ea6\u60c5\u51b5\uff1b\uff084\uff092027\/2028\u5e74\u65b0AI\u5408\u540c\u7684\u7b7e\u8ba2\u91cf\u4e0e\u5b9a\u4ef7\uff1b\uff085\uff09\u6bcfMW\u8425\u6536\uff08Revenue per MW\uff09\uff1b\uff086\uff09GPU\u91c7\u8d2d\u4e0e\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u7684\u878d\u8d44\u6210\u672c\u53ca\u8d44\u672c\u5f00\u652f\u9700\u6c42\uff1b\uff087\uff09\u5ba2\u6237\u96c6\u4e2d\u5ea6\u98ce\u9669IREN \u6b63\u51ed\u501f\u5176\u5728\u5317\u7f8e\u4f18\u8d28\u7684\u7535\u529b\u50a8\u5907\u4e0e\u6db2\u51b7\u6570\u636e\u4e2d\u5fc3\u5efa\u8bbe\u80fd\u529b\uff0c\u8fc5\u901f\u8dfb\u8eab\u5168\u7403\u9876\u5c16AI\u7b97\u529b\u201c\u5356\u6c34\u4eba\u201d\u884c\u5217\u3002\u5de8\u989d\u7684\u957f\u534f\u8ba2\u5355\u4e3a\u5176\u957f\u671f\u73b0\u91d1\u6d41\u63d0\u4f9b\u4e86\u6781\u5f3a\u7684\u786e\u5b9a\u6027\uff0c\u4f46\u77ed\u671f\u5185\u5fc5\u987b\u8de8\u8d8a\u91cd\u8d44\u4ea7\u6269\u5f20\u671f\u7684\u4ea4\u4ed8\u4e0e\u878d\u8d44\u5927\u8003\u3002<\/span><b><span data-contrast=\"auto\">\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a35\u7f8e\u5143\u81f350\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Affirm Holdings Inc. (AFRM)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"42\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$1.2B<\/span><span data-contrast=\"auto\">, +36.9% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$90M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"43\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$4.62, beat estimates by $4.27<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"44\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Expect GMV of more than $64B, revenue similar to FY&#8217;26 as a % of GMV (~8.49%), RLTC similar to FY&#8217;26 as a % of GMV (~4.16%), adjusted operating margin of more than 30.5% and GAAP operating margin of more than 14.5%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<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=\"45\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Expect GMV of $13.7 to $14.0B, revenue $1,190 to $1,220M, transaction costs $615 to $630M, operating margin 11.5 to 13.5% and adjusted operating margin 28.0 to 30.0%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"46\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Affirm delivered a strong fiscal 4Q26, with revenue rising 33% YoY to US$1.17bn and adjusted EPS of US$4.62, comfortably exceeding market expectations, supported by 36% GMV growth to US$14.1bn, its 11th consecutive quarter of at least 30% GMV growth. Revenue less transaction costs (RLTC) increased 39% to US$589mn, while adjusted operating margin expanded to 30%. Growth remained broad-based, with active merchants increasing more than 50% to 571,000, active consumers rising 21% to 27.8 million, and Affirm Card GMV surging 124% YoY as cardholders more than doubled to 5.2mn. The company also strengthened its leadership team through internal promotions and announced plans to expand Shop Pay Installments into Australia with Shopify, further extending its global ecosystem. Looking ahead, Affirm expects its strong growth trajectory to continue, targeting more than US$64bn in GMV for fiscal 2027 while maintaining revenue and RLTC margins broadly in line with fiscal 2026 and delivering an adjusted operating margin above 30.5%. Management expects first-quarter fiscal 2027 GMV of US$13.7-14.0bn and revenue of US$1.19-1.22bn, supported by continued expansion of its merchant network, growing adoption of the Affirm Card, and new international opportunities such as the rollout of Shop Pay Installments in Australia. With sustained user growth, improving profitability and disciplined execution, Affirm appears well positioned to capitalize on the increasing adoption of buy-now-pay-later solutions while continuing to scale its consumer finance platform. <\/span><b><span data-contrast=\"auto\">1Q27 recommended trading range: $75 to $90. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Affirm Holdings Inc. (AFRM<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"35\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">12.0<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">36.9%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">9000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"36\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">4.62<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">4.27<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"37\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u5546\u54c1\u4ea4\u6613\u603b\u989d\uff08<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\uff09\u5c06\u8d85\u8fc7<\/span><span data-contrast=\"auto\">640<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8425\u6536\u5360<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u7684\u6bd4\u4f8b\u4e0e<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u76f8\u8fd1\uff08\u7ea6<\/span><span data-contrast=\"auto\">8.49%<\/span><span data-contrast=\"auto\">\uff09\uff1b\u6263\u9664\u4ea4\u6613\u6210\u672c\u540e\u7684\u6536\u5165\uff08<\/span><span data-contrast=\"auto\">RLTC<\/span><span data-contrast=\"auto\">\uff09\u5360<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u7684\u6bd4\u4f8b\u4e0e<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u76f8\u8fd1\uff08\u7ea6<\/span><span data-contrast=\"auto\">4.16%<\/span><span data-contrast=\"auto\">\uff09\uff1b\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u9884\u8ba1\u8d85\u8fc7<\/span><span data-contrast=\"auto\">30.5%\uff0cGAAP<\/span><span data-contrast=\"auto\">\u8425\u4e1a\u5229\u6da6\u7387\u9884\u8ba1\u8d85\u8fc7<\/span><span data-contrast=\"auto\">14.5%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"38\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">137<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">140<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">11.90<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">12.20<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u4ea4\u6613\u6210\u672c\u4e3a<\/span><span data-contrast=\"auto\">6.15<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">6.30<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff1b\u8425\u4e1a\u5229\u6da6\u7387\u4e3a<\/span><span data-contrast=\"auto\">11.5%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">13.5%<\/span><span data-contrast=\"auto\">\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u4e3a<\/span><span data-contrast=\"auto\">28.0%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">30.0%<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"39\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Affirm <\/span><span data-contrast=\"auto\">\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">33%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">11.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u8fbe<\/span><span data-contrast=\"auto\">4.62<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8f7b\u677e\u8d85\u8d8a\u5e02\u573a\u9884\u671f\u3002\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">36%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">141<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e14\u5df2\u8fde\u7eed<\/span><span data-contrast=\"auto\">11<\/span><span data-contrast=\"auto\">\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u81f3\u5c11<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u589e\u957f\u3002\u6263\u9664\u4ea4\u6613\u6210\u672c\u540e\u7684\u6536\u5165\uff08<\/span><span data-contrast=\"auto\">RLTC<\/span><span data-contrast=\"auto\">\uff09\u589e\u957f<\/span><span data-contrast=\"auto\">39%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">5.89<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u6269\u5927\u81f3<\/span><span data-contrast=\"auto\">30%<\/span><span data-contrast=\"auto\">\u3002\u4e1a\u52a1\u5448\u73b0\u5168\u9762\u589e\u957f\u6001\u52bf\uff1a\u6d3b\u8dc3\u5546\u5bb6\u6570\u91cf\u589e\u957f\u8d85\u8fc7<\/span><span data-contrast=\"auto\">50%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">57.1<\/span><span data-contrast=\"auto\">\u4e07\u5bb6\uff0c\u6d3b\u8dc3\u6d88\u8d39\u8005\u589e\u957f<\/span><span data-contrast=\"auto\">21%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">2780<\/span><span data-contrast=\"auto\">\u4e07\u4eba\uff0c\u968f\u7740\u6301\u5361\u4eba\u6570\u91cf\u7ffb\u500d\u4ee5\u4e0a\u8fbe\u5230<\/span><span data-contrast=\"auto\">520<\/span><span data-contrast=\"auto\">\u4e07\u4eba\uff0c<\/span><span data-contrast=\"auto\">Affirm Card<\/span><span data-contrast=\"auto\">\u7684<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u540c\u6bd4\u5927\u5e45\u6fc0\u589e<\/span><span data-contrast=\"auto\">124%<\/span><span data-contrast=\"auto\">\u3002\u516c\u53f8\u8fd8\u901a\u8fc7\u5185\u90e8\u664b\u5347\u5f3a\u5316\u4e86\u9886\u5bfc\u56e2\u961f\uff0c\u5e76\u5ba3\u5e03\u8ba1\u5212\u4e0e<\/span><span data-contrast=\"auto\">Shopify<\/span><span data-contrast=\"auto\">\u5408\u4f5c\u5c06<\/span><span data-contrast=\"auto\">Shop Pay Installments<\/span><span data-contrast=\"auto\">\u62d3\u5c55\u81f3\u6fb3\u5927\u5229\u4e9a\uff0c\u8fdb\u4e00\u6b65\u5ef6\u4f38\u5176\u5168\u7403\u751f\u6001\u7cfb\u7edf\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">Affirm <\/span><span data-contrast=\"auto\">\u9884\u8ba1\u5f3a\u52b2\u7684\u589e\u957f\u52bf\u5934\u4ecd\u5c06\u5ef6\u7eed\uff0c\u76ee\u6807\u662f<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u8d85\u8fc7<\/span><span data-contrast=\"auto\">640<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u4fdd\u6301\u8425\u6536\u548c<\/span><span data-contrast=\"auto\">RLTC<\/span><span data-contrast=\"auto\">\u5229\u6da6\u7387\u4e0e<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5927\u81f4\u6301\u5e73\uff0c\u5e76\u4ea4\u4ed8<\/span><span data-contrast=\"auto\">30.5%<\/span><span data-contrast=\"auto\">\u4ee5\u4e0a\u7684\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u3002\u7ba1\u7406\u5c42\u9884\u8ba1<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6<\/span><span data-contrast=\"auto\">GMV<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">137<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">140<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">11.90<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">12.20<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e3b\u8981\u53d7\u5230\u5546\u5bb6\u7f51\u7edc\u6301\u7eed\u6269\u5f20\u3001<\/span><span data-contrast=\"auto\">Affirm Card<\/span><span data-contrast=\"auto\">\u91c7\u7eb3\u7387\u63d0\u5347\u4ee5\u53ca\u8bf8\u5982\u5728\u6fb3\u5927\u5229\u4e9a\u63a8\u51fa<\/span><span data-contrast=\"auto\">Shop Pay Installments<\/span><span data-contrast=\"auto\">\u7b49\u65b0\u56fd\u9645\u673a\u9047\u7684\u652f\u6491\u3002\u51ed\u501f\u6301\u7eed\u7684\u7528\u6237\u589e\u957f\u3001\u4e0d\u65ad\u6539\u5584\u7684\u76c8\u5229\u80fd\u529b\u4ee5\u53ca\u7eaa\u5f8b\u4e25\u660e\u7684\u6267\u884c\u529b\uff0c<\/span><span data-contrast=\"auto\">Affirm <\/span><span data-contrast=\"auto\">\u62e5\u6709\u826f\u597d\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u6709\u671b\u8fdb\u4e00\u6b65\u628a\u63e1\u201c\u5148\u4e70\u540e\u4ed8\u201d\uff08<\/span><span data-contrast=\"auto\">BNPL<\/span><span data-contrast=\"auto\">\uff09\u89e3\u51b3\u65b9\u6848\u65e5\u76ca\u666e\u53ca\u7684\u7ea2\u5229\uff0c\u5e76\u6301\u7eed\u6269\u5927\u5176\u6d88\u8d39\u91d1\u878d\u5e73\u53f0\u7684\u89c4\u6a21\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\">75<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">90<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u79ef\u6781\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Ulta Beauty Inc. (ULTA)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"47\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">$3.03B<\/span><span data-contrast=\"auto\">, +8.2% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$50M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" 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=\"48\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q26 GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$6.55, beat estimates by $0.35<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"49\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised full year guidance, earnings per share of $28.70 to $29.00, up from its prior range of $28.36 to $28.80. The midpoint of $28.85 is slightly above the analyst consensus of $28.78. Net sales growth is now projected at 6.7% to 7.2%, compared to the previous outlook of 6% to 7%, while comparable sales growth is expected to be 3.2% to 3.7%, up from 2.5% to 3.5%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"50\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividends\/Share buyback:<\/span><\/b><span data-contrast=\"auto\"> The company repurchased 1.4M shares at a cost of $791.1M during the first six months of fiscal 2026. The company increased its stock repurchase plan for fiscal 2026 to $1.8B from $1.5B and expects to utilize the remaining $1.0B available under its current authorization by year-end.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"51\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Ulta Beauty delivered a strong fiscal 2Q26, with revenue rising 8.9% YoY to US$3.04bn and adjusted EPS of US$6.55, both exceeding market expectations, driven by comparable sales growth of 3.8% and continued disciplined execution of its Ulta Beauty Unleashed strategy. Operating income increased 10.1% YoY, while gross margin remained largely stable at 39.1%, despite a modest mix impact from the Space NK business. The company also continued to return capital to shareholders, repurchasing 1.4mn shares for US$791mn during the first half and increasing its planned fiscal 2026 buyback authorization to US$1.8bn. Reflecting continued momentum across the business, management raised its full-year guidance for earnings, net sales growth, and comparable sales. Looking ahead, Ulta Beauty expects continued growth to be supported by its Ulta Beauty Unleashed strategy, ongoing customer engagement, and a resilient beauty spending environment. Management raised its fiscal 2026 outlook, forecasting net sales growth of 6.7%-7.2%, comparable sales growth of 3.2%-3.7%, and EPS of US$28.70-29.00, while also accelerating shareholder returns through an expanded share repurchase programme. Although comparable sales growth is moderating from exceptionally strong prior-year levels and the company continues to face an evolving competitive landscape, Ulta remains well positioned to deliver sustainable earnings growth through disciplined execution, product innovation, and capital allocation. <\/span><b><span data-contrast=\"auto\">3Q26 recommended trading range: $500 to $540. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Ulta Beauty Inc. (ULTA<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"40\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">30.3<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">8.2%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">5000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"41\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6<\/span><\/b><b><span data-contrast=\"auto\">GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">6.55<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.35<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"42\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\uff0c\u6bcf\u80a1\u6536\u76ca\u9884\u8ba1\u4e3a<\/span><span data-contrast=\"auto\">28.70<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">29.00<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u9ad8\u4e8e\u6b64\u524d\u9884\u6d4b\u7684<\/span><span data-contrast=\"auto\">28.36<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">28.80<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff08\u5176\u4e2d\u4f4d\u6570<\/span><span data-contrast=\"auto\">28.85<\/span><span data-contrast=\"auto\">\u7f8e\u5143\u7565\u9ad8\u4e8e\u5206\u6790\u5e08\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">28.78<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff09\uff1b\u51c0\u9500\u552e\u989d\u589e\u957f\u7387\u76ee\u524d\u9884\u8ba1\u4e3a<\/span><span data-contrast=\"auto\">6.7%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">7.2%<\/span><span data-contrast=\"auto\">\uff08\u6b64\u524d\u9884\u671f\u4e3a<\/span><span data-contrast=\"auto\">6%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">7%<\/span><span data-contrast=\"auto\">\uff09\uff1b\u540c\u5e97\u9500\u552e\u989d\u589e\u957f\u7387\u9884\u8ba1\u4e3a<\/span><span data-contrast=\"auto\">3.2%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">3.7%<\/span><span data-contrast=\"auto\">\uff08\u6b64\u524d\u9884\u671f\u4e3a<\/span><span data-contrast=\"auto\">2.5%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">3.5%\uff09<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"43\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f<\/span><\/b><b><span data-contrast=\"auto\">\/<\/span><\/b><b><span data-contrast=\"auto\">\u80a1\u7968\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u516c\u53f8\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u524d\u516d\u4e2a\u6708\u65a5\u8d44<\/span><span data-contrast=\"auto\">7.911<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u56de\u8d2d\u4e86<\/span><span data-contrast=\"auto\">140<\/span><span data-contrast=\"auto\">\u4e07\u80a1\u80a1\u7968\u3002\u516c\u53f8\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u989d\u5ea6\u4ece<\/span><span data-contrast=\"auto\">15<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u63d0\u9ad8\u81f3<\/span><span data-contrast=\"auto\">18<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u5e76\u9884\u8ba1\u5728\u5e74\u672b\u524d\u4f7f\u7528\u5b8c\u73b0\u6709\u6388\u6743\u4e0b\u5269\u4f59\u7684<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u989d\u5ea6<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"44\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Ulta Beauty <\/span><span data-contrast=\"auto\">\u5728<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4ea4\u4ed8\u4e86\u5f3a\u52b2\u7684\u4e1a\u7ee9\uff0c\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">8.9%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">30.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">6.55<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u53cc\u53cc\u8d85\u51fa\u5e02\u573a\u9884\u671f\uff0c\u8fd9\u4e3b\u8981\u5f97\u76ca\u4e8e<\/span><span data-contrast=\"auto\">3.8%<\/span><span data-contrast=\"auto\">\u7684\u540c\u5e97\u9500\u552e\u989d\u589e\u957f\u4ee5\u53ca\u5bf9\u5176\u201c<\/span><span data-contrast=\"auto\">Ulta Beauty Unleashed\u201d<\/span><span data-contrast=\"auto\">\u6218\u7565\u6301\u7eed\u4e25\u660e\u7684\u6267\u884c\u3002\u8425\u4e1a\u5229\u6da6\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">10.1%<\/span><span data-contrast=\"auto\">\uff0c\u5c3d\u7ba1\u53d7\u5230<\/span><span data-contrast=\"auto\">Space NK<\/span><span data-contrast=\"auto\">\u4e1a\u52a1\u8f7b\u5fae\u7684\u4ea7\u54c1\u7ec4\u5408\u5f71\u54cd\uff0c\u6bdb\u5229\u7387\u4ecd\u57fa\u672c\u7a33\u5b9a\u5728<\/span><span data-contrast=\"auto\">39.1%<\/span><span data-contrast=\"auto\">\u3002\u516c\u53f8\u7ee7\u7eed\u5411\u80a1\u4e1c\u56de\u8d2d\u8d44\u672c\uff0c\u5728\u4e0a\u534a\u5e74\u65a5\u8d44<\/span><span data-contrast=\"auto\">7.91<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u56de\u8d2d\u4e86<\/span><span data-contrast=\"auto\">140<\/span><span data-contrast=\"auto\">\u4e07\u80a1\u80a1\u7968\uff0c\u5e76\u5c06<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u8ba1\u5212\u7684\u56de\u8d2d\u6388\u6743\u589e\u81f3<\/span><span data-contrast=\"auto\">18<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u9274\u4e8e\u4e1a\u52a1\u6301\u7eed\u4fdd\u6301\u826f\u597d\u52bf\u5934\uff0c\u7ba1\u7406\u5c42\u4e0a\u8c03\u4e86\u5bf9\u5168\u5e74\u76c8\u5229\u3001\u51c0\u9500\u552e\u989d\u589e\u957f\u548c\u540c\u5e97\u9500\u552e\u989d\u7684\u6307\u5f15\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">Ulta Beauty <\/span><span data-contrast=\"auto\">\u9884\u8ba1\u5728\u201c<\/span><span data-contrast=\"auto\">Ulta Beauty Unleashed\u201d<\/span><span data-contrast=\"auto\">\u6218\u7565\u3001\u6301\u7eed\u7684\u5ba2\u6237\u4e92\u52a8\u4ee5\u53ca\u5177\u5907\u97e7\u6027\u7684\u7f8e\u5bb9\u6d88\u8d39\u73af\u5883\u652f\u6491\u4e0b\uff0c\u516c\u53f8\u5c06\u4fdd\u6301\u6301\u7eed\u589e\u957f\u3002\u7ba1\u7406\u5c42\u4e0a\u8c03\u4e86<\/span><span data-contrast=\"auto\">26<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5c55\u671b\uff0c\u9884\u6d4b\u51c0\u9500\u552e\u989d\u589e\u957f<\/span><span data-contrast=\"auto\">6.7%\u20137.2%<\/span><span data-contrast=\"auto\">\uff0c\u540c\u5e97\u9500\u552e\u989d\u589e\u957f<\/span><span data-contrast=\"auto\">3.2%\u20133.7%\uff0cEPS<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">28.70\u201329.00<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u540c\u65f6\u901a\u8fc7\u6269\u5927\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u52a0\u901f\u80a1\u4e1c\u56de\u62a5\u3002\u5c3d\u7ba1\u540c\u5e97\u9500\u552e\u989d\u589e\u901f\u76f8\u6bd4\u53bb\u5e74\u7684\u6781\u9ad8\u57fa\u6570\u6709\u6240\u653e\u7f13\uff0c\u4e14\u516c\u53f8\u4ecd\u9762\u4e34\u4e0d\u65ad\u53d8\u5316\u7684\u7ade\u4e89\u683c\u5c40\uff0c\u4f46<\/span><span data-contrast=\"auto\">Ulta<\/span><span data-contrast=\"auto\">\u51ed\u501f\u4e25\u660e\u7684\u6267\u884c\u529b\u3001\u4ea7\u54c1\u521b\u65b0\u548c\u8d44\u672c\u914d\u7f6e\uff0c\u4f9d\u7136\u5177\u5907\u5b9e\u73b0\u53ef\u6301\u7eed\u76c8\u5229\u589e\u957f\u7684\u826f\u597d\u7ade\u4e89\u4f18\u52bf\u3002<\/span><b><span data-contrast=\"auto\">26<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">500<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">540<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Workday Inc. (WDAY)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"52\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$2.65B<\/span><span data-contrast=\"auto\">, +12.88% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$10M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"53\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$2.75, beat estimates by $0.14<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"54\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Expect<\/span> <span data-contrast=\"auto\">subscription revenue of $2.52B<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"55\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Workday reported solid fiscal 2Q27 results, with total revenue rising 13% YoY to US$2.65bn, slightly ahead of expectations, while subscription revenue increased 13.9% to US$2.47bn. The company highlighted strong adoption of its AI solutions, with more than half of its net new customers in the quarter purchasing at least one AI product, reinforcing AI as a key driver of platform modernization rather than a competitive threat. Management noted that AI capabilities are increasingly helping win new enterprise deployments and encouraging customers to migrate to the Workday platform. While third-quarter subscription revenue guidance was broadly in line with expectations, management reiterated confidence in sustaining subscription revenue growth of nearly 11% into fiscal 2028, underscoring continued demand for its cloud-based HR and finance solutions. Looking ahead, Workday expects AI to remain a key catalyst for customer acquisition and platform expansion, as enterprises increasingly adopt intelligent automation across human resources and finance workflows. Management remains confident in maintaining subscription revenue growth of around 11% into fiscal 2028, supported by continued AI adoption, new core platform deployments, and deeper penetration within existing customers. Although competition from large technology companies and ongoing AI investment requirements remain key risks, Workday&#8217;s integrated AI strategy and expanding enterprise customer base position the company well to deliver durable long-term growth. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $180 to $210. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Workday Inc. (WDAY<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"45\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">26.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">12.88%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">1000<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"46\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6<\/span><\/b><b><span data-contrast=\"auto\">Non-GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">2.75<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.14<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"47\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u9884\u8ba1\u8ba2\u9605\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">25.2<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"48\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Workday <\/span><span data-contrast=\"auto\">\u516c\u5e03\u4e86\u7a33\u5065\u7684<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u62a5\uff0c\u603b\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">13%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">26.5<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u7565\u8d85\u9884\u671f\uff1b\u5176\u4e2d\u8ba2\u9605\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">13.9%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">24.7<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u5f3a\u8c03\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u89e3\u51b3\u65b9\u6848\u83b7\u5f97\u4e86\u5f3a\u52b2\u7684\u91c7\u7eb3\u7387\uff0c\u672c\u5b63\u5ea6\u8d85\u8fc7\u534a\u6570\u7684\u65b0\u589e\u51c0\u5ba2\u6237\u8d2d\u4e70\u4e86\u81f3\u5c11\u4e00\u6b3e<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4ea7\u54c1\uff0c\u8fd9\u5f3a\u5316\u4e86<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u4f5c\u4e3a\u5e73\u53f0\u73b0\u4ee3\u5316\u6838\u5fc3\u9a71\u52a8\u529b\u800c\u975e\u7ade\u4e89\u5a01\u80c1\u7684\u5b9a\u4f4d\u3002\u7ba1\u7406\u5c42\u6307\u51fa\uff0c<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u529f\u80fd\u6b63\u65e5\u76ca\u5e2e\u52a9\u516c\u53f8\u8d62\u5f97\u65b0\u7684\u4f01\u4e1a\u7ea7\u90e8\u7f72\uff0c\u5e76\u9f13\u52b1\u5ba2\u6237\u8fc1\u79fb\u81f3<\/span><span data-contrast=\"auto\">Workday<\/span><span data-contrast=\"auto\">\u5e73\u53f0\u3002\u867d\u7136\u7b2c\u4e09\u5b63\u5ea6\u8ba2\u9605\u8425\u6536\u6307\u5f15\u5927\u4f53\u7b26\u5408\u9884\u671f\uff0c\u4f46\u7ba1\u7406\u5c42\u91cd\u7533\u6709\u4fe1\u5fc3\u5c06\u8fd1<\/span><span data-contrast=\"auto\">11%<\/span><span data-contrast=\"auto\">\u7684\u8ba2\u9605\u8425\u6536\u589e\u901f\u7ef4\u6301\u81f3<\/span><span data-contrast=\"auto\">2028<\/span><span data-contrast=\"auto\">\u8d22\u5e74\uff0c\u51f8\u663e\u4e86\u5e02\u573a\u5bf9\u5176\u57fa\u4e8e\u4e91\u7684\u4eba\u529b\u8d44\u6e90\u53ca\u8d22\u52a1\u89e3\u51b3\u65b9\u6848\u7684\u6301\u7eed\u9700\u6c42\u3002\u5c55\u671b\u672a\u6765\uff0c\u968f\u7740\u4f01\u4e1a\u5728\u4eba\u529b\u8d44\u6e90\u548c\u8d22\u52a1\u5de5\u4f5c\u6d41\u4e2d\u65e5\u76ca\u91c7\u7eb3\u667a\u80fd\u81ea\u52a8\u5316\uff0c<\/span><span data-contrast=\"auto\">Workday <\/span><span data-contrast=\"auto\">\u9884\u8ba1<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5c06\u7ee7\u7eed\u6210\u4e3a\u5ba2\u6237\u83b7\u53d6\u548c\u5e73\u53f0\u6269\u5f20\u7684\u5173\u952e\u50ac\u5316\u5242\u3002\u5728<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u91c7\u7eb3\u7387\u63d0\u5347\u3001\u65b0\u6838\u5fc3\u5e73\u53f0\u90e8\u7f72\u4ee5\u53ca\u73b0\u6709\u5ba2\u6237\u6e17\u900f\u7387\u52a0\u6df1\u7684\u652f\u6491\u4e0b\uff0c\u7ba1\u7406\u5c42\u5bf9\u7ef4\u6301\u7ea6<\/span><span data-contrast=\"auto\">11%<\/span><span data-contrast=\"auto\">\u7684\u8ba2\u9605\u8425\u6536\u589e\u901f\u76f4\u81f3<\/span><span data-contrast=\"auto\">2028<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u5145\u6ee1\u4fe1\u5fc3\u3002\u5c3d\u7ba1\u6765\u81ea\u5927\u578b\u79d1\u6280\u516c\u53f8\u7684\u7ade\u4e89\u4ee5\u53ca\u6301\u7eed\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6295\u8d44\u9700\u6c42\u4ecd\u662f\u4e3b\u8981\u98ce\u9669\uff0c\u4f46<\/span><span data-contrast=\"auto\">Workday <\/span><span data-contrast=\"auto\">\u6574\u5408\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u6218\u7565\u548c\u4e0d\u65ad\u6269\u5927\u7684\u4f01\u4e1a\u5ba2\u6237\u7fa4\uff0c\u4e3a\u5176\u4ea4\u4ed8\u6301\u4e45\u7684\u957f\u671f\u589e\u957f\u5960\u5b9a\u4e86\u826f\u597d\u57fa\u7840\u3002<\/span><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a<\/span><\/b><b><span data-contrast=\"auto\">180<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u81f3<\/span><\/b><b><span data-contrast=\"auto\">210<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Rubrik Inc. (RBRK)<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"56\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">$427.6M<\/span><span data-contrast=\"auto\">, +38.0% YoY, beat estimates by <\/span><span data-contrast=\"auto\">$31.3M<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"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=\"57\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Non-GAAP EPS<\/span><\/b><span data-contrast=\"auto\">: <\/span><span data-contrast=\"auto\">$0.20, beat estimates by $0.16<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\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=\"58\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27<\/span><\/b><b><span data-contrast=\"auto\"> Guidance: <\/span><\/b><span data-contrast=\"auto\">Raised full-year revenue range to $1.685B to $1.693B from the $1.638B to $1.648B it gave in June, ahead of the $1.64B analysts consensus. Full-year adjusted earnings guidance jumped to 47 to 53 cents per share from 25 to 35 cents.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"59\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Management expects revenue of $429M to $431M and adjusted earnings of seven to nine cents per share<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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=\"60\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Rubrik delivered another strong quarter, with fiscal 2Q27 revenue rising 38% YoY to US$427.3mn, comfortably ahead of expectations, while adjusted EPS of US$0.20 reversed a loss a year earlier. Growth was underpinned by robust subscription momentum, with subscription ARR increasing 33% YoY to US$1.66bn and cloud ARR growing 39% to US$1.48bn, alongside a 23% increase in customers generating over US$100,000 in subscription ARR. The company also continued to improve profitability, narrowing its net loss, expanding subscription ARR contribution margins to 14%, and generating positive free cash flow. During the quarter, Rubrik strengthened its AI and cybersecurity platform through the launch of Rubrik AI, expansion of its Agent Cloud ecosystem, the acquisition of identity security specialist Strata.io, and increased investments in Europe. Looking ahead, Rubrik remains well positioned to benefit from growing enterprise demand for AI-driven cyber resilience, cloud security and autonomous recovery solutions. Management expects continued growth in subscription ARR, supported by expanding adoption of Rubrik AI, deeper strategic partnerships with global systems integrators, and the integration of identity security capabilities following the Strata.io acquisition. With an upgraded full-year outlook, improving operating leverage and a strong cash position, the company is well placed to continue investing in innovation and international expansion. While near-term share price volatility may persist following strong gains, Rubrik&#8217;s expanding AI security platform and recurring revenue model should support sustained long-term growth. <\/span><b><span data-contrast=\"auto\">3Q27 recommended trading range: $90 to $120. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Rubrik Inc. (RBRK<\/span><\/b><b><span data-contrast=\"auto\">)<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, &quot;Noto Sans&quot;, sans-serif, &quot;Apple Color Emoji&quot;, &quot;Segoe UI Emoji&quot;, &quot;Segoe UI Symbol&quot;, &quot;Noto Color Emoji&quot;; font-size: 1rem;\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"49\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">4.276<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">38.0%<\/span><span data-contrast=\"auto\">\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">3130<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"50\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6<\/span><\/b><b><span data-contrast=\"auto\">Non-GAAP<\/span><\/b><b><span data-contrast=\"auto\">\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">0.20<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f<\/span><span data-contrast=\"auto\">0.16<\/span><span data-contrast=\"auto\">\u7f8e\u5143<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"51\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5c06\u5168\u5e74\u8425\u6536\u533a\u95f4\u4ece<\/span><span data-contrast=\"auto\">6<\/span><span data-contrast=\"auto\">\u6708\u7ed9\u51fa\u7684<\/span><span data-contrast=\"auto\">16.38<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">16.48<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3<\/span><span data-contrast=\"auto\">16.85<\/span><span data-contrast=\"auto\">\u4ebf\u2013<\/span><span data-contrast=\"auto\">16.93<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5206\u6790\u5e08\u5171\u8bc6\u9884\u671f\u7684<\/span><span data-contrast=\"auto\">16.4<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\u3002\u5168\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u4ece<\/span><span data-contrast=\"auto\">25\u201335<\/span><span data-contrast=\"auto\">\u7f8e\u5206\u5927\u5e45\u8c03\u5347\u81f3<\/span><span data-contrast=\"auto\">47\u201353<\/span><span data-contrast=\"auto\">\u7f8e\u5206<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"52\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">27<\/span><\/b><b><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u7ba1\u7406\u5c42\u9884\u8ba1\u8425\u6536\u4e3a<\/span><span data-contrast=\"auto\">4.29<\/span><span data-contrast=\"auto\">\u4ebf\u81f3<\/span><span data-contrast=\"auto\">4.31<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a<\/span><span data-contrast=\"auto\">7<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">9<\/span><span data-contrast=\"auto\">\u7f8e\u5206<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" 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=\"53\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Rubrik <\/span><span data-contrast=\"auto\">\u518d\u6b21\u4ea4\u4ed8\u4e86\u5f3a\u52b2\u7684\u5b63\u5ea6\u4e1a\u7ee9\uff0c<\/span><span data-contrast=\"auto\">27<\/span><span data-contrast=\"auto\">\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">38%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">4.273<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u8f7b\u677e\u8d85\u8d8a\u9884\u671f\uff0c\u540c\u65f6\u8c03\u6574\u540e<\/span><span data-contrast=\"auto\">EPS<\/span><span data-contrast=\"auto\">\u4e3a<\/span><span data-contrast=\"auto\">0.20<\/span><span data-contrast=\"auto\">\u7f8e\u5143\uff0c\u5b9e\u73b0\u4e86\u540c\u6bd4\u626d\u4e8f\u4e3a\u76c8\u3002\u5f3a\u52b2\u7684\u8ba2\u9605\u52bf\u5934\u4e3a\u4e1a\u52a1\u589e\u957f\u63d0\u4f9b\u4e86\u652f\u6491\uff1a\u8ba2\u9605<\/span><span data-contrast=\"auto\">ARR<\/span><span data-contrast=\"auto\">\u540c\u6bd4\u589e\u957f<\/span><span data-contrast=\"auto\">33%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">16.6<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u4e91<\/span><span data-contrast=\"auto\">ARR<\/span><span data-contrast=\"auto\">\u589e\u957f<\/span><span data-contrast=\"auto\">39%<\/span><span data-contrast=\"auto\">\u81f3<\/span><span data-contrast=\"auto\">14.8<\/span><span data-contrast=\"auto\">\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u4ea7\u751f\u8d85\u8fc7<\/span><span data-contrast=\"auto\">10<\/span><span data-contrast=\"auto\">\u4e07\u7f8e\u5143\u8ba2\u9605<\/span><span data-contrast=\"auto\">ARR<\/span><span data-contrast=\"auto\">\u7684\u5ba2\u6237\u6570\u91cf\u589e\u957f\u4e86<\/span><span data-contrast=\"auto\">23%<\/span><span data-contrast=\"auto\">\u3002\u516c\u53f8\u76c8\u5229\u80fd\u529b\u4e5f\u5728\u6301\u7eed\u6539\u5584\uff0c\u51c0\u4e8f\u635f\u8fdb\u4e00\u6b65\u6536\u7a84\uff0c\u8ba2\u9605<\/span><span data-contrast=\"auto\">ARR<\/span><span data-contrast=\"auto\">\u8d21\u732e\u5229\u6da6\u7387\u6269\u5927\u81f3<\/span><span data-contrast=\"auto\">14%<\/span><span data-contrast=\"auto\">\uff0c\u5e76\u5b9e\u73b0\u4e86\u6b63\u5411\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u5728\u672c\u5b63\u5ea6\uff0c<\/span><span data-contrast=\"auto\">Rubrik <\/span><span data-contrast=\"auto\">\u901a\u8fc7\u63a8\u51fa<\/span><span data-contrast=\"auto\"> Rubrik AI<\/span><span data-contrast=\"auto\">\u3001\u6269\u5c55\u5176<\/span><span data-contrast=\"auto\"> Agent Cloud <\/span><span data-contrast=\"auto\">\u751f\u6001\u7cfb\u7edf\u3001\u6536\u8d2d\u8eab\u4efd\u5b89\u5168\u4e13\u5bb6<\/span><span data-contrast=\"auto\"> Strata.io <\/span><span data-contrast=\"auto\">\u4ee5\u53ca\u52a0\u5927\u5728\u6b27\u6d32\u7684\u6295\u8d44\uff0c\u5f3a\u5316\u4e86\u5176<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u53ca\u7f51\u7edc\u5b89\u5168\u5e73\u53f0\u3002\u5c55\u671b\u672a\u6765\uff0c<\/span><span data-contrast=\"auto\">Rubrik <\/span><span data-contrast=\"auto\">\u62e5\u6709\u826f\u597d\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u6709\u671b\u4ece\u4f01\u4e1a\u5bf9<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u9a71\u52a8\u7684\u7f51\u7edc\u97e7\u6027\u3001\u4e91\u5b89\u5168\u53ca\u81ea\u4e3b\u6062\u590d\u89e3\u51b3\u65b9\u6848\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u4e2d\u6301\u7eed\u53d7\u76ca\u3002\u5728<\/span><span data-contrast=\"auto\"> Rubrik AI <\/span><span data-contrast=\"auto\">\u91c7\u7eb3\u7387\u6269\u5927\u3001\u4e0e\u5168\u7403\u7cfb\u7edf\u96c6\u6210\u5546\u6df1\u5316\u6218\u7565\u5408\u4f5c\u4ee5\u53ca\u5b8c\u6210<\/span><span data-contrast=\"auto\"> Strata.io <\/span><span data-contrast=\"auto\">\u6536\u8d2d\u540e\u5bf9\u8eab\u4efd\u5b89\u5168\u529f\u80fd\u6574\u5408\u7684\u652f\u6491\u4e0b\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u8ba2\u9605<\/span><span data-contrast=\"auto\">ARR<\/span><span data-contrast=\"auto\">\u5c06\u4fdd\u6301\u6301\u7eed\u589e\u957f\u3002\u51ed\u501f\u8c03\u5347\u7684\u5168\u5e74\u5c55\u671b\u3001\u4e0d\u65ad\u6539\u5584\u7684\u8fd0\u8425\u6760\u6746\u4ee5\u53ca\u5f3a\u52b2\u7684\u73b0\u91d1\u50a8\u5907\uff0c\u516c\u53f8\u5df2\u51c6\u5907\u597d\u7ee7\u7eed\u6295\u8d44\u4e8e\u6280\u672f\u521b\u65b0\u4e0e\u56fd\u9645\u5316\u6269\u5f20\u3002\u5c3d\u7ba1\u5728\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\u540e\u77ed\u671f\u5185\u53ef\u80fd\u5b58\u5728\u6ce2\u52a8\uff0c\u4f46<\/span><span data-contrast=\"auto\"> Rubrik <\/span><span data-contrast=\"auto\">\u4e0d\u65ad\u6269\u5f20\u7684<\/span><span data-contrast=\"auto\">AI<\/span><span data-contrast=\"auto\">\u5b89\u5168\u5e73\u53f0\u548c\u7ecf\u5e38\u6027\u8425\u6536\u6a21\u5f0f\u5c06\u4e3a\u5176\u53ef\u6301\u7eed\u7684\u957f\u671f\u589e\u957f\u63d0\u4f9b\u652f\u6491\u3002<\/span><b><span data-contrast=\"auto\">27<\/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\">120<\/span><\/b><b><span data-contrast=\"auto\">\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span data-contrast=\"auto\">\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\" id=\"e-mq4jsug1-z6kdzol\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore GERL SP Geo Energy Resources Ltd. Shares closed above the 5dEMA with elevated volume.\u00a0 Both RSI and MACD are constructive.\u00a0 Buy Entry 0.54, Target 0.66, Stop 0.48\u00a0 ADDV SP Addvalue Technologies Ltd.\u00a0 Shares closed above the 5dEMA with rising volume.\u00a0 RSI is at overbought levels [&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-93910","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 1 September 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore GERL SP Geo Energy Resources Ltd. Shares closed above the 5dEMA with elevated volume. Both RSI and MACD are constructive. Buy Entry 0.54, Target 0.66, Stop 0.48 ADDV SP Addvalue Technologies Ltd. Shares closed above the 5dEMA with rising volume. \" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-1-september-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.1.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 1 September 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 1 September 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore GERL SP Geo Energy Resources Ltd. 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Shares closed above the 5dEMA with elevated volume. Both RSI and MACD are constructive. Buy Entry 0.54, Target 0.66, Stop 0.48 ADDV SP Addvalue Technologies Ltd. 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