{"id":96139,"date":"2026-10-21T08:00:36","date_gmt":"2026-10-21T00:00:36","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96139"},"modified":"2026-10-21T12:15:01","modified_gmt":"2026-10-21T04:15:01","slug":"technical-analysis-21-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-21-october-2026\/","title":{"rendered":"Technical Analysis: 21 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96139\" class=\"elementor elementor-96139\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7de8b58c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7de8b58c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-327eb9a6\" data-id=\"327eb9a6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3580cd48 elementor-widget elementor-widget-heading\" data-id=\"3580cd48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">TECHNICAL ANALYSIS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76fb0d42 elementor-widget elementor-widget-heading\" data-id=\"76fb0d42\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Technical Analysis: 21 October 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;\">U96 SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Sembcorp Industries 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=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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 held support and closed above the 5dEMA, 10dEMA and 20dEMA with an increase in volume.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">RSI is turning up, and MACD remains positive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">Long \u2013 Entry 5.95, Target 6.22, Stop 5.82<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96.png\" class=\"attachment-full size-full wp-image-96140\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_U96-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\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;\">BVA SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Top Glove Corporation Bhd.<\/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=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">Long \u2013 Entry 0.28, Target 0.30, Stop 0.27<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA.png\" class=\"attachment-full size-full wp-image-96141\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_SG_BVA-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\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;\">6618 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">JD Health International Inc.<\/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=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">RSI is at the overbought level, but MACD is constructive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">Long \u2013 Entry 37.8, Target 42.0, Stop 35.0<\/span><span data-ccp-props=\"{}\">&nbsp;<\/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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618.png\" class=\"attachment-full size-full wp-image-96142\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6618-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\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: 0px 0px 6px; text-align: left;\">6160 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">BeOne Medicines AG<\/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=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 5dEMA, 10dEMA and 20dEMA.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">Both RSI and MACD are constructive.<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;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\">Long \u2013 Entry 225, Target 235, Stop 220<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0f3ea9c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0f3ea9c\" 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=\"1642\" height=\"989\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160.png\" class=\"attachment-full size-full wp-image-96143\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160.png 1642w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160-300x181.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160-1024x617.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160-768x463.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_HK_6160-1536x925.png 1536w\" sizes=\"(max-width: 1642px) 100vw, 1642px\" \/>\t\t\t\t\t\t\t\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>\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-134e20a e-flex e-con-boxed e-con e-parent\" data-id=\"134e20a\" 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-01b9b82 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"01b9b82\" 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-9a06bb0 elementor-widget elementor-widget-text-editor\" data-id=\"9a06bb0\" 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;\">POWW US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Outdoor Holding Company<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa0b9c7 elementor-widget elementor-widget-text-editor\" data-id=\"aa0b9c7\" 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><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><span>RSI is constructive, and MACD is trending upward. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 2.20, Target 2.60, Stop 2.00 <\/span><\/b><span>&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e5bd12 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e5bd12\" 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-aeea6c2 elementor-widget elementor-widget-image\" data-id=\"aeea6c2\" 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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_POWW.png\" class=\"attachment-full size-full wp-image-96163\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_POWW.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_POWW-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_POWW-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_POWW-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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-4237d1e e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"4237d1e\" 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-fc55e63 elementor-widget elementor-widget-text-editor\" data-id=\"fc55e63\" 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;\">TDY US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Teledyne Technologies Incorporated<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3c04ea elementor-widget elementor-widget-text-editor\" data-id=\"c3c04ea\" 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><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><span>RSI is constructive, and MACD is trending upward. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 630, Target 690, Stop 600 <\/span><\/b><span>&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e7e8b9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e7e8b9\" 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-42d7ae4 elementor-widget elementor-widget-image\" data-id=\"42d7ae4\" 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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_TDY.png\" class=\"attachment-full size-full wp-image-96164\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_TDY.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_TDY-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_TDY-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_21Oct_US_TDY-768x460.png 768w\" sizes=\"(max-width: 1532px) 100vw, 1532px\" \/>\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-default-div 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 e-default-p\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\">^ 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>GE Aerospace (GE)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Q3 adjusted revenue US$13.285bn, +18% YoY, versus US$12.85bn consensus: beat US$435m (3.4%). GAAP revenue US$14.118bn, +16% YoY.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted diluted EPS US$2.25, +36% YoY, versus US$2.00 consensus: beat US$0.25 (12.5%). GAAP continuing EPS US$2.32, +14% YoY.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>No standalone numerical Q4 revenue or EPS guidance provided; full-year outlook updated.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY2026 adjusted revenue growth around 19-20%, from high teens; operating profit US$10.9-11.0bn, from US$10.55-10.75bn; adjusted EPS US$8.00-8.10, from US$7.65-7.85; FCF US$9.1-9.4bn, from US$8.9-9.2bn. Initial 2027 commercial-services revenue growth outlook: low double digits.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Previously declared quarterly dividend US$0.47, payable 26 October 2026. Existing US$20bn repurchase authorisation approved in December 2025; no new authorisation identified in Q3 release. Q3 FCF US$2.042bn, down 14% YoY.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>We maintain a Positive outlook, but favour buying on weakness rather than paying for uninterrupted acceleration. Commercial maintenance remains the core attraction: engine fleets generate recurring shop visits and spare-parts demand long after their initial sale. The strong orders and expanding services backlog support visibility beyond the current aircraft production cycle, while improving supplier output allows more demand to become revenue. The quarter nevertheless requires a careful earnings bridge. Operating profit drove more than 90% of EPS improvement, which is encouraging. However, lower corporate costs partly reflected accrual timing, and the full-year upgrade also benefits from a lower tax assumption and reduced expected GE9X impact as certification shifts recognition. These are different from a permanent increase in underlying service profitability. Commercial segment margins also eased slightly despite strong growth, reflecting mix and inflation. Cash conversion is the next test. Quarterly free cash flow declined even though earnings improved, so the higher annual cash outlook still needs delivery in the final quarter. We would look for inventory discipline and consistent collection rather than extrapolating the earnings beat alone. Shares closed at US$299.87 on 20 October, down 3.67%. That equals about 37.3 times the new adjusted EPS midpoint, leaving limited room for operational disappointment. Services durability supports our positive stance, while certification timing, inflation and the premium valuation argue for gradual accumulation. <b>4Q26 recommended trading range: US$282\u2013322. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u901a\u7528\u7535\u6c14\u822a\u7a7a\u822a\u5929 (GE)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8c03\u6574\u540e\u8425\u6536132.85\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f18%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f128.5\u4ebf\u7f8e\u5143\u8fbe4.35\u4ebf\u7f8e\u5143\uff083.4%\uff09\u3002GAAP\u8425\u6536141.18\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u76c8\u52292.25\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f36%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f2.00\u7f8e\u5143\u8fbe0.25\u7f8e\u5143\uff0812.5%\uff09\u3002GAAP\u6301\u7eed\u7ecf\u8425\u6bcf\u80a1\u76c8\u52292.32\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f14%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u6307\u5f15\uff0c\u6539\u4e3a\u66f4\u65b0\u5168\u5e74\u5c55\u671b\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>2026\u5e74\u8c03\u6574\u540e\u8425\u6536\u589e\u957f\u7531\u767e\u5206\u4e4b\u5341\u51e0\u7684\u9ad8\u6bb5\u4e0a\u8c03\u81f3\u7ea619%\u81f320%\uff1b\u8425\u4e1a\u5229\u6da6\u7531105.5\u4ebf\u81f3107.5\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3109\u4ebf\u81f3110\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u75317.65\u81f37.85\u7f8e\u5143\u4e0a\u8c03\u81f38.00\u81f38.10\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u753189\u4ebf\u81f392\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f391\u4ebf\u81f394\u4ebf\u7f8e\u5143\u3002\u521d\u6b65\u9884\u8ba12027\u5e74\u5546\u7528\u670d\u52a1\u8425\u6536\u5b9e\u73b0\u4f4e\u53cc\u4f4d\u6570\u589e\u957f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6b64\u524d\u5ba3\u5e03\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.47\u7f8e\u5143\uff0c\u4e8e2026\u5e7410\u670826\u65e5\u652f\u4ed8\u3002\u73b0\u6709200\u4ebf\u7f8e\u5143\u56de\u8d2d\u989d\u5ea6\u4e8e2025\u5e7412\u6708\u6279\u51c6\uff0c\u672c\u5b63\u4e1a\u7ee9\u672a\u516c\u5e03\u65b0\u989d\u5ea6\u3002\u7b2c\u4e09\u5b63\u81ea\u7531\u73b0\u91d1\u6d4120.42\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d14%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u4f46\u503e\u5411\u8d81\u56de\u843d\u5438\u7eb3\uff0c\u907f\u514d\u4e3a\u589e\u957f\u6301\u7eed\u52a0\u901f\u652f\u4ed8\u8fc7\u9ad8\u4ef7\u683c\u3002\u5546\u7528\u53d1\u52a8\u673a\u7ef4\u4fee\u4ecd\u662f\u6838\u5fc3\u5438\u5f15\u529b\uff1a\u53d1\u52a8\u673a\u4ea4\u4ed8\u540e\uff0c\u673a\u961f\u957f\u671f\u4ea7\u751f\u7ef4\u4fee\u8fdb\u5382\u53ca\u5907\u4ef6\u9700\u6c42\u3002\u5f3a\u52b2\u8ba2\u5355\u548c\u4e0d\u65ad\u6269\u5927\u7684\u670d\u52a1\u79ef\u538b\u8ba2\u5355\uff0c\u63d0\u9ad8\u5f53\u524d\u98de\u673a\u751f\u4ea7\u5468\u671f\u4ee5\u5916\u7684\u6536\u5165\u53ef\u89c1\u5ea6\uff1b\u4f9b\u5e94\u5546\u4ea7\u51fa\u6539\u5584\uff0c\u5219\u6709\u52a9\u5c06\u66f4\u591a\u9700\u6c42\u8f6c\u5316\u4e3a\u8425\u6536\u3002 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\u73b0\u91d1\u8f6c\u6362\u662f\u4e0b\u4e00\u9879\u68c0\u9a8c\u3002\u76c8\u5229\u6539\u5584\u4e4b\u9645\uff0c\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u5374\u4e0b\u964d\uff0c\u56e0\u6b64\u5168\u5e74\u73b0\u91d1\u6d41\u76ee\u6807\u4e0a\u8c03\u4ecd\u9700\u7b2c\u56db\u5b63\u5151\u73b0\u3002\u6211\u4eec\u66f4\u5173\u6ce8\u5e93\u5b58\u7eaa\u5f8b\u548c\u7a33\u5b9a\u56de\u6b3e\uff0c\u800c\u975e\u5355\u7eaf\u5916\u63a8\u76c8\u5229\u8d85\u9884\u671f\u3002 \u80a1\u4ef7\u4e8e10\u670820\u65e5\u6536\u62a5299.87\u7f8e\u5143\uff0c\u4e0b\u8dcc3.67%\uff0c\u76f8\u5f53\u4e8e\u6700\u65b0\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u7ea637.3\u500d\uff0c\u5bb9\u9519\u7a7a\u95f4\u6709\u9650\u3002\u670d\u52a1\u4e1a\u52a1\u7684\u6301\u7eed\u6027\u652f\u6301\u6b63\u9762\u89c2\u70b9\uff0c\u4f46\u8ba4\u8bc1\u65f6\u70b9\u3001\u901a\u80c0\u53ca\u8f83\u9ad8\u4f30\u503c\u4ee4\u9010\u6b65\u5efa\u4ed3\u66f4\u5408\u9002\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a282\u2013322\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>General Motors (GM)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Q3 revenue US$50.015bn, +2.9% YoY, beating Seeking Alpha consensus by US$1.25bn (2.6%).<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted diluted EPS US$3.70, +32.2% YoY, beats US$3.63 consensus by US$0.07 (1.9%). GAAP diluted EPS US$3.73 versus US$1.35 a year earlier.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>No standalone numerical Q4 revenue or EPS guidance provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY2026 adjusted EBIT narrowed to US$14.5-15.5bn from US$14-16bn, unchanged US$15bn midpoint. Adjusted EPS US$12.75-13.75 versus US$12-14. Adjusted automotive FCF raised to US$11.5-12.5bn from US$9.5-11.5bn. GAAP EPS US$9.72-10.72 versus US$8.98-10.98. No annual revenue guide provided.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>New US$20bn multi-year buyback authorisation with no expiry; January US$6bn programme completed. Quarterly dividend US$0.18 payable 17 December to holders on 4 December. Shares outstanding 849m versus 904m at year-end 2025.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>We maintain a Neutral outlook despite the attractive headline earnings multiple. GM generated solid North American profit and cash flow, but the updated outlook does not establish a higher operating-profit trajectory. The adjusted EBIT midpoint remains unchanged, while the higher EPS midpoint partly reflects the benefit of a shrinking share count. Investors should distinguish capital allocation from underlying profit growth. North America provides the strongest support. Its adjusted margin improved to 8.7%, and quarterly adjusted automotive free cash flow rose 40%. These results give management financial capacity to fund investment and repurchases. However, weaker international earnings and lower GM Financial profit show that the recovery is uneven. Sustained pricing and profitable vehicle mix will matter more than another small consensus beat. The new US$20bn repurchase authorisation is substantial, but it is permission to buy shares over time rather than cash already returned. The programme has no expiry and can be suspended, so we would assess actual execution alongside operating cash flow. The higher annual cash-flow outlook is more meaningful near-term evidence than the authorisation alone. Shares closed at US$77.09 on 20 October, down 6.84%, despite the earnings beat. At about 5.8 times the new adjusted EPS midpoint, valuation provides support, but the discount also reflects cyclicality and uncertainty over sustainable margins. We would become more constructive on clearer operating-profit upgrades, rather than relying predominantly on buybacks to lift EPS. <b>4Q26 recommended trading range: US$73\u201386. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u901a\u7528\u6c7d\u8f66 (GM)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8425\u6536500.15\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f2.9%\uff0c\u8f83Seeking Alpha\u5e02\u573a\u9884\u671f\u9ad812.5\u4ebf\u7f8e\u5143\uff082.6%\uff09\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u76c8\u52293.70\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f32.2%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f3.63\u7f8e\u5143\u8fbe0.07\u7f8e\u5143\uff081.9%\uff09\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.73\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1.35\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>2026\u5e74\u8c03\u6574\u540e\u606f\u7a0e\u524d\u5229\u6da6\u7531140\u4ebf\u81f3160\u4ebf\u7f8e\u5143\u6536\u7a84\u81f3145\u4ebf\u81f3155\u4ebf\u7f8e\u5143\uff0c\u4e2d\u503c\u4ecd\u4e3a150\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u753112\u81f314\u7f8e\u5143\u8c03\u6574\u81f312.75\u81f313.75\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6c7d\u8f66\u81ea\u7531\u73b0\u91d1\u6d41\u753195\u4ebf\u81f3115\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3115\u4ebf\u81f3125\u4ebf\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u76c8\u5229\u75318.98\u81f310.98\u7f8e\u5143\u8c03\u6574\u81f39.72\u81f310.72\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u8425\u6536\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u65b0\u6279\u51c6200\u4ebf\u7f8e\u5143\u591a\u5e74\u56de\u8d2d\u989d\u5ea6\uff0c\u65e0\u5230\u671f\u65e5\uff1b1\u6708\u6279\u51c6\u768460\u4ebf\u7f8e\u5143\u8ba1\u5212\u5df2\u5b8c\u6210\u3002\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.18\u7f8e\u5143\uff0c12\u67084\u65e5\u767b\u8bb0\u300112\u670817\u65e5\u652f\u4ed8\u3002\u6d41\u901a\u80a18.49\u4ebf\u80a1\uff0c\u4f4e\u4e8e2025\u5e74\u5e959.04\u4ebf\u80a1\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u5c3d\u7ba1\u8868\u9762\u76c8\u5229\u4f30\u503c\u5438\u5f15\uff0c\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u5c55\u671b\u3002\u901a\u7528\u6c7d\u8f66\u5317\u7f8e\u76c8\u5229\u53ca\u73b0\u91d1\u6d41\u7a33\u5065\uff0c\u4f46\u66f4\u65b0\u540e\u7684\u6307\u5f15\u672a\u786e\u7acb\u66f4\u9ad8\u7684\u7ecf\u8425\u5229\u6da6\u589e\u957f\u8f68\u8ff9\u3002\u8c03\u6574\u540e\u606f\u7a0e\u524d\u5229\u6da6\u4e2d\u503c\u4e0d\u53d8\uff0c\u6bcf\u80a1\u76c8\u5229\u4e2d\u503c\u63d0\u9ad8\u5219\u90e8\u5206\u53cd\u6620\u80a1\u6570\u51cf\u5c11\u7684\u8d21\u732e\u3002\u6295\u8d44\u8005\u9700\u8981\u533a\u5206\u8d44\u672c\u914d\u7f6e\u4e0e\u6838\u5fc3\u5229\u6da6\u589e\u957f\u3002 \u5317\u7f8e\u4e1a\u52a1\u6784\u6210\u6700\u5f3a\u652f\u6301\uff0c\u8c03\u6574\u540e\u5229\u6da6\u7387\u5347\u81f38.7%\uff0c\u5b63\u5ea6\u8c03\u6574\u540e\u6c7d\u8f66\u81ea\u7531\u73b0\u91d1\u6d41\u589e\u957f40%\uff0c\u4e3a\u6295\u8d44\u548c\u56de\u8d2d\u63d0\u4f9b\u8d22\u529b\u3002\u4f46\u56fd\u9645\u4e1a\u52a1\u76c8\u5229\u8f6c\u5f31\uff0cGM Financial\u76c8\u5229\u4ea6\u4e0b\u964d\uff0c\u53cd\u6620\u590d\u82cf\u5e76\u4e0d\u5747\u8861\u3002\u7ef4\u6301\u552e\u4ef7\u548c\u6709\u5229\u8f66\u578b\u7ec4\u5408\uff0c\u6bd4\u518d\u6b21\u5c0f\u5e45\u8d85\u9884\u671f\u66f4\u91cd\u8981\u3002 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\u5c3d\u7ba1\u76c8\u5229\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u4e8e10\u670820\u65e5\u6536\u62a577.09\u7f8e\u5143\uff0c\u4e0b\u8dcc6.84%\uff0c\u76f8\u5f53\u4e8e\u6700\u65b0\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u7ea65.8\u500d\u3002\u4f4e\u4f30\u503c\u63d0\u4f9b\u652f\u6491\uff0c\u4f46\u6298\u4ef7\u4e5f\u53cd\u6620\u5468\u671f\u6027\u53ca\u5229\u6da6\u7387\u53ef\u6301\u7eed\u6027\u7684\u4e0d\u786e\u5b9a\u3002\u82e5\u7ecf\u8425\u5229\u6da6\u9884\u671f\u660e\u786e\u4e0a\u8c03\uff0c\u800c\u975e\u4e3b\u8981\u4f9d\u8d56\u56de\u8d2d\u63a8\u9ad8\u6bcf\u80a1\u76c8\u5229\uff0c\u6211\u4eec\u5c06\u66f4\u8d8b\u79ef\u6781\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a73\u201386\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>RTX Corporation (RTX)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Q3 sales US$24.965bn, +11.1% YoY (+12% organic), beats Seeking Alpha consensus by US$859.6m (3.6%).<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted EPS US$2.26, +33% YoY, beats US$1.78 consensus by US$0.48 (27.0%). Includes US$0.25 IEEPA recovery; excluding it mechanically gives US$2.01. GAAP EPS US$1.89 versus US$1.41.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>No standalone numerical Q4 sales or EPS guidance provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY2026 adjusted sales US$97-97.5bn versus US$95-96bn; organic growth 10-11% versus 8-9%; adjusted EPS US$7.65-7.75 versus US$7.10-7.25; FCF US$9.0-9.2bn versus US$8.50-8.75bn. No forward GAAP EPS reconciliation provided.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3 dividends paid US$984m; no common-stock repurchases in Q3 or first nine months. Current quarterly dividend US$0.73. Q3 FCF US$2.1bn; operating cash flow US$2.9bn includes around US$0.3bn IEEPA recovery.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>We maintain a Positive outlook, supported by growth across commercial aftermarket and defense. The backlog provides substantial revenue visibility, while rising engine maintenance demand offers a route to better utilisation and operating leverage. The combination gives RTX more than one growth driver, although delivery capacity remains essential to converting orders into cash. The size of the earnings beat needs adjustment. Reported adjusted EPS includes US$0.25 of IEEPA cost recovery; removing it mechanically leaves US$2.01, still above the US$1.78 consensus. This confirms genuine operating strength but avoids treating the whole 33% EPS increase as recurring growth. The recovery also supported operating cash flow, so both profit and cash comparisons benefit from it. Pratt &amp; Whitney&#8217;s aftermarket growth was strong, but a customer-bankruptcy charge reduced reported operating profit and was excluded from adjusted results. That distinction matters because customer financial stress can still create real economic losses. We would monitor collection, repair turnaround and the durability of margins rather than relying solely on adjusted earnings. The higher sales, earnings and cash-flow outlook reinforces the operating direction. Shares closed at US$193.34 on 20 October, up 0.64%, implying approximately 25.1 times the new full-year adjusted EPS midpoint. That valuation recognises the recovery and demands continued execution. Risks include engine remediation, supplier bottlenecks and a slower conversion of defense orders into deliveries. <b>4Q26 recommended trading range: US$177\u2013208. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u96f7\u795e\u6280\u672f (RTX)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8425\u6536249.65\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.1%\uff0c\u6709\u673a\u589e\u957f12%\uff0c\u9ad8\u4e8eSeeking Alpha\u5e02\u573a\u9884\u671f8.596\u4ebf\u7f8e\u5143\uff083.6%\uff09\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u52292.26\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f33%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f1.78\u7f8e\u5143\u8fbe0.48\u7f8e\u5143\uff0827.0%\uff09\u3002\u5176\u4e2d\u5305\u542b0.25\u7f8e\u5143IEEPA\u6210\u672c\u56de\u6536\uff0c\u673a\u68b0\u6263\u9664\u540e\u4e3a2.01\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.89\u7f8e\u5143\uff0c\u4e0a\u5e741.41\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>2026\u5e74\u8c03\u6574\u540e\u8425\u6536\u7531950\u4ebf\u81f3960\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3970\u4ebf\u81f3975\u4ebf\u7f8e\u5143\uff1b\u6709\u673a\u589e\u957f\u75318%\u81f39%\u4e0a\u8c03\u81f310%\u81f311%\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u75317.10\u81f37.25\u7f8e\u5143\u4e0a\u8c03\u81f37.65\u81f37.75\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u753185\u4ebf\u81f387.5\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f390\u4ebf\u81f392\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u524d\u77bbGAAP\u6bcf\u80a1\u76c8\u5229\u5bf9\u8d26\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u7b2c\u4e09\u5b63\u652f\u4ed8\u80a1\u606f9.84\u4ebf\u7f8e\u5143\uff0c\u7b2c\u4e09\u5b63\u53ca\u9996\u4e5d\u4e2a\u6708\u5747\u672a\u56de\u8d2d\u666e\u901a\u80a1\u3002\u73b0\u884c\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.73\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u81ea\u7531\u73b0\u91d1\u6d4121\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8425\u73b0\u91d1\u6d4129\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u7ea63\u4ebf\u7f8e\u5143\u6765\u81eaIEEPA\u6210\u672c\u56de\u6536\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u5546\u7528\u552e\u540e\u670d\u52a1\u53ca\u56fd\u9632\u4e1a\u52a1\u5747\u652f\u6301\u589e\u957f\u3002\u79ef\u538b\u8ba2\u5355\u63d0\u9ad8\u8425\u6536\u53ef\u89c1\u5ea6\uff0c\u53d1\u52a8\u673a\u7ef4\u4fee\u9700\u6c42\u4e0a\u5347\u5219\u6709\u52a9\u4ea7\u80fd\u5229\u7528\u53ca\u7ecf\u8425\u6760\u6746\u6539\u5584\u3002\u4e24\u8005\u4e3aRTX\u63d0\u4f9b\u591a\u4e2a\u589e\u957f\u6765\u6e90\uff0c\u4f46\u80fd\u5426\u4ea4\u4ed8\u4ecd\u51b3\u5b9a\u8ba2\u5355\u8f6c\u5316\u4e3a\u73b0\u91d1\u7684\u901f\u5ea6\u3002 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\u8425\u6536\u3001\u76c8\u5229\u53ca\u73b0\u91d1\u6d41\u6307\u5f15\u4e0a\u8c03\uff0c\u5f3a\u5316\u4e1a\u52a1\u5411\u597d\u8d8b\u52bf\u3002\u80a1\u4ef7\u4e8e10\u670820\u65e5\u6536\u62a5193.34\u7f8e\u5143\uff0c\u4e0a\u6da80.64%\uff0c\u76f8\u5f53\u4e8e\u6700\u65b0\u5168\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u4e2d\u503c\u7ea625.1\u500d\u3002\u4f30\u503c\u5df2\u53cd\u6620\u590d\u82cf\uff0c\u9700\u8981\u6301\u7eed\u6267\u884c\u652f\u6301\u3002\u98ce\u9669\u5305\u62ec\u53d1\u52a8\u673a\u8865\u6551\u6210\u672c\u3001\u4f9b\u5e94\u5546\u74f6\u9888\uff0c\u4ee5\u53ca\u56fd\u9632\u8ba2\u5355\u4ea4\u4ed8\u8f6c\u5316\u8f83\u6162\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a177\u2013208\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Northrop Grumman (NOC)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Q3 sales US$11.122bn, +6.7% YoY, misses Seeking Alpha consensus by US$4.99m (less than 0.1%).<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Diluted EPS US$7.89, +2.9% YoY from US$7.67, beats US$7.18 consensus by US$0.71 (9.9%). Effective tax rate 13.4% versus 16.9%; lower tax supported the beat.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>No standalone numerical Q4 revenue or EPS guidance provided; management expects higher Q4 sales across the portfolio, reflecting throughput, materials and normal seasonality.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY2026 sales unchanged US$43.75-44.25bn; segment operating income US$4.94-5.04bn versus US$4.85-5.00bn; MTM-adjusted EPS US$29.35-29.75 versus US$28.60-29.10; adjusted FCF unchanged US$3.1-3.5bn. Initial 2027 sales growth 5-7%, segment margin expansion 10-20bp, adjusted FCF US$3.3-3.7bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Nine-month common-stock repurchases US$68m and dividends US$1.035bn. Latest quarterly dividend US$2.47, paid 16 September 2026. No new repurchase authorisation announced in the earnings release. Adjusted FCF includes US$371m proceeds from equipment sold to a customer during the nine months.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>We maintain a Positive outlook, with the strongest evidence coming from order intake and the initial 2027 growth framework. A 1.5-times quarterly book-to-bill ratio expands future work faster than current revenue recognition. The resulting backlog offers visibility across aircraft, strategic deterrence and space, making execution the key issue rather than a shortage of customer demand. The earnings beat is less powerful than its headline suggests. EPS increased only modestly year on year, and a lower tax rate supported net earnings. Segment profit grew, but its margin declined against a favourable prior-year programme adjustment. We would therefore avoid extrapolating the consensus surprise into an equivalent acceleration in recurring profitability. The raised segment-profit outlook is constructive because it points to operating progress, while the 2027 sales and margin targets provide a clearer next step. Nevertheless, complex long-duration programmes remain exposed to cost estimates and contract mix. Cash quality also matters: adjusted free cash flow benefits from equipment-sale proceeds, which should be distinguished from routine operating collections. Shares closed at US$534.00 on 20 October, up 4.57%, as investors responded positively to the updated outlook. At approximately 18.1 times the full-year MTM-adjusted EPS midpoint, the valuation appears reasonable if backlog conversion and margin improvement follow. The main risks are programme overruns, funding delays and cash conversion that falls short of reported profit growth. <b>4Q26 recommended trading range: US$502\u2013591. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u8bfa\u65af\u7f57\u666e\u683c\u9c81\u66fc (NOC)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8425\u6536111.22\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.7%\uff0c\u8f83Seeking Alpha\u5e02\u573a\u9884\u671f\u4f4e499\u4e07\u7f8e\u5143\uff0c\u5dee\u8ddd\u4e0d\u8db30.1%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u644a\u8584\u6bcf\u80a1\u76c8\u52297.89\u7f8e\u5143\uff0c\u8f83\u4e0a\u5e747.67\u7f8e\u5143\u589e\u957f2.9%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f7.18\u7f8e\u5143\u8fbe0.71\u7f8e\u5143\uff089.9%\uff09\u3002\u6709\u6548\u7a0e\u7387\u753116.9%\u964d\u81f313.4%\uff0c\u8f83\u4f4e\u7a0e\u7387\u652f\u6301\u76c8\u5229\u8d85\u9884\u671f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u6307\u5f15\uff1b\u7ba1\u7406\u5c42\u9884\u8ba1\u4ea7\u51fa\u3001\u6750\u6599\u6295\u5165\u53ca\u6b63\u5e38\u5b63\u8282\u6027\u63a8\u52a8\u5404\u4e1a\u52a1\u7b2c\u56db\u5b63\u8425\u6536\u4e0a\u5347\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>2026\u5e74\u8425\u6536\u7ef4\u6301437.5\u4ebf\u81f3442.5\u4ebf\u7f8e\u5143\uff1b\u5206\u90e8\u8425\u4e1a\u5229\u6da6\u753148.5\u4ebf\u81f350\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f349.4\u4ebf\u81f350.4\u4ebf\u7f8e\u5143\uff1b\u6309\u5e02\u503c\u8ba1\u4ef7\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u753128.60\u81f329.10\u7f8e\u5143\u4e0a\u8c03\u81f329.35\u81f329.75\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u7ef4\u630131\u4ebf\u81f335\u4ebf\u7f8e\u5143\u3002\u521d\u6b65\u9884\u8ba12027\u5e74\u8425\u6536\u589e\u957f5%\u81f37%\uff0c\u5206\u90e8\u5229\u6da6\u7387\u63d0\u9ad810\u81f320\u4e2a\u57fa\u70b9\uff0c\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d4133\u4ebf\u81f337\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u9996\u4e5d\u4e2a\u6708\u56de\u8d2d\u666e\u901a\u80a16,800\u4e07\u7f8e\u5143\uff0c\u652f\u4ed8\u80a1\u606f10.35\u4ebf\u7f8e\u5143\u3002\u6700\u8fd1\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a12.47\u7f8e\u5143\uff0c\u4e8e2026\u5e749\u670816\u65e5\u652f\u4ed8\u3002\u672c\u6b21\u4e1a\u7ee9\u672a\u516c\u5e03\u65b0\u56de\u8d2d\u989d\u5ea6\u3002\u9996\u4e5d\u4e2a\u6708\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u5305\u542b\u5411\u5ba2\u6237\u51fa\u552e\u8bbe\u5907\u6240\u5f973.71\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u6700\u6709\u529b\u4f9d\u636e\u6765\u81ea\u8ba2\u5355\u53ca\u521d\u6b652027\u5e74\u589e\u957f\u6846\u67b6\u3002\u5b63\u5ea6\u8ba2\u5355\u6536\u5165\u6bd4\u8fbe1.5\u500d\uff0c\u672a\u6765\u5de5\u4f5c\u91cf\u589e\u957f\u5feb\u4e8e\u5f53\u524d\u8425\u6536\u786e\u8ba4\u3002\u65b0\u589e\u79ef\u538b\u8ba2\u5355\u63d0\u9ad8\u98de\u673a\u3001\u6218\u7565\u5a01\u6151\u53ca\u822a\u5929\u4e1a\u52a1\u53ef\u89c1\u5ea6\uff0c\u56e0\u6b64\u5173\u952e\u5728\u6267\u884c\uff0c\u800c\u975e\u5ba2\u6237\u9700\u6c42\u4e0d\u8db3\u3002 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\u6295\u8d44\u8005\u5bf9\u66f4\u65b0\u540e\u7684\u5c55\u671b\u4f5c\u51fa\u79ef\u6781\u53cd\u5e94\uff0c\u80a1\u4ef7\u4e8e10\u670820\u65e5\u6536\u62a5534.00\u7f8e\u5143\uff0c\u4e0a\u6da84.57%\u3002\u76f8\u5f53\u4e8e\u5168\u5e74\u6309\u5e02\u503c\u8ba1\u4ef7\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u4e2d\u503c\u7ea618.1\u500d\uff1b\u82e5\u8ba2\u5355\u5151\u73b0\u53ca\u5229\u6da6\u7387\u6539\u5584\uff0c\u4f30\u503c\u770b\u8d77\u6765\u5408\u7406\u3002\u4e3b\u8981\u98ce\u9669\u4e3a\u9879\u76ee\u8d85\u652f\u3001\u62e8\u6b3e\u5ef6\u8bef\uff0c\u4ee5\u53ca\u73b0\u91d1\u8f6c\u6362\u843d\u540e\u4e8e\u5df2\u62a5\u544a\u5229\u6da6\u589e\u957f\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a502\u2013591\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>3M Company (MMM)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>3Q26 GAAP sales approximately US$6.6bn, +1.0% YoY; adjusted sales approximately US$6.6bn, +4.2%, with adjusted organic growth 3.3%. Revenue missed consensus by approximately US$10m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted EPS US$2.50, +12% YoY, beat US$2.38 consensus by US$0.12. GAAP EPS US$2.63, +70%. Adjusted EPS uses the updated amortisation treatment for both comparison periods.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>4Q26 adjusted organic growth expected just above 4%. Numerical quarterly revenue\/EPS guidance not provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY26 adjusted EPS raised to US$9.10\u20139.15 from US$8.95\u20139.10 on the same new basis. Adjusted sales growth &gt;4.5% and organic growth &gt;3.5% maintained; operating cash flow approximately US$5.9bn and free cash flow approximately US$4.8bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Quarterly shareholder returns US$0.6bn: dividends US$0.4bn and repurchases US$0.2bn. Quarterly dividend US$0.78\/share; YTD dividends US$1.2bn and repurchases US$3.2bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>3M\u2019s results support a positive outlook, with the earnings upgrade reflecting operational improvement. Adjusted organic growth and margin expansion suggest that productivity and pricing are producing tangible results, rather than relying solely on a stronger industrial cycle. Safety and Industrial remains an important source of growth, while order momentum and backlog support management\u2019s expectation for fourth-quarter organic growth above 4%. The earnings comparison nevertheless requires discipline. The revised adjusted reporting excludes intangible amortisation for both periods, so the new full-year EPS range should be compared with the rebased prior range. On that basis, the midpoint increase is US$0.10, a measured upgrade. GAAP EPS growth is much stronger than adjusted growth and should not be treated as sustainable earnings. Legacy cash obligations also make actual cash conversion an important check on adjusted earnings. Data-centre optical connectivity offers a growth avenue. The Amazon relationship creates a route to commercial adoption, but the cumulative sales milestones span seven years and are not near-term guaranteed revenue. Execution, manufacturing scale and customer adoption will determine the contribution. Meanwhile, inflation, consumer-electronics weakness and legacy litigation remain constraints. Our stance is positive: improving execution and a higher earnings base support accumulation on weakness. We would monitor organic growth and cash conversion before assigning substantial value to the data-centre opportunity. Shares were up 2.4% in premarket trading on 20 October. <b>4Q26 recommended trading range: US$155\u2013183. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>3M\u516c\u53f8 (MMM)<\/b><\/p>\n<p>2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8d22\u62a5\u66f4\u65b0 | \u622a\u81f32026\u5e7410\u670821\u65e5<\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63GAAP\u9500\u552e\u989d\u7ea666\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f1.0%\uff1b\u8c03\u6574\u540e\u9500\u552e\u989d\u7ea666\u4ebf\u7f8e\u5143\uff0c\u589e\u957f4.2%\uff0c\u8c03\u6574\u540e\u6709\u673a\u589e\u957f3.3%\u3002\u8425\u6536\u8f83\u9884\u671f\u4f4e\u7ea61,000\u4e07\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca2.50\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12%\uff0c\u9ad8\u4e8e\u9884\u671f2.38\u7f8e\u5143\uff0c\u8d85\u51fa0.12\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u6536\u76ca2.63\u7f8e\u5143\uff0c\u589e\u957f70%\uff1b\u8c03\u6574\u540e\u540c\u6bd4\u6570\u636e\u5747\u91c7\u7528\u66f4\u65b0\u540e\u7684\u644a\u9500\u5904\u7406\u53e3\u5f84\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u9884\u8ba1\u7b2c\u56db\u5b63\u8c03\u6574\u540e\u6709\u673a\u589e\u957f\u7565\u9ad8\u4e8e4%\uff1b\u672a\u63d0\u4f9b\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6570\u503c\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u5168\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u7531\u76f8\u540c\u65b0\u53e3\u5f84\u76848.95\u20139.10\u7f8e\u5143\u4e0a\u8c03\u81f39.10\u20139.15\u7f8e\u5143\u3002\u7ef4\u6301\u8c03\u6574\u540e\u9500\u552e\u589e\u957f\u903e4.5%\u3001\u6709\u673a\u589e\u957f\u903e3.5%\uff1b\u9884\u8ba1\u7ecf\u8425\u73b0\u91d1\u6d41\u7ea659\u4ebf\u7f8e\u5143\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u7ea648\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u4e1c\u56de\u62a56\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u80a1\u606f4\u4ebf\u7f8e\u5143\u53ca\u56de\u8d2d2\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.78\u7f8e\u5143\uff1b\u5e74\u5185\u7d2f\u8ba1\u80a1\u606f12\u4ebf\u7f8e\u5143\u3001\u56de\u8d2d32\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>3M\u4e1a\u7ee9\u652f\u6301\u6b63\u9762\u5c55\u671b\uff0c\u76c8\u5229\u6307\u5f15\u4e0a\u8c03\u53cd\u6620\u7ecf\u8425\u6301\u7eed\u6539\u5584\u3002\u8c03\u6574\u540e\u6709\u673a\u589e\u957f\u53ca\u5229\u6da6\u7387\u6269\u5927\u8868\u660e\uff0c\u751f\u4ea7\u529b\u548c\u5b9a\u4ef7\u63aa\u65bd\u6b63\u4ea7\u751f\u5b9e\u9645\u6210\u6548\uff0c\u5e76\u975e\u4ec5\u4f9d\u8d56\u5de5\u4e1a\u5468\u671f\u590d\u82cf\u3002\u5b89\u5168\u4e0e\u5de5\u4e1a\u4e1a\u52a1\u4ecd\u662f\u91cd\u8981\u589e\u957f\u6765\u6e90\uff0c\u8ba2\u5355\u53ca\u79ef\u538b\u8ba2\u5355\u652f\u6301\u7ba1\u7406\u5c42\u5bf9\u7b2c\u56db\u5b63\u6709\u673a\u589e\u957f\u8d85\u8fc74%\u7684\u9884\u671f\u3002 \u4e0d\u8fc7\uff0c\u76c8\u5229\u6bd4\u8f83\u9700\u4fdd\u6301\u4e25\u8c28\u3002\u65b0\u8c03\u6574\u540e\u53e3\u5f84\u5bf9\u4e24\u4e2a\u671f\u95f4\u5747\u5254\u9664\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\uff0c\u56e0\u6b64\u5e94\u5c06\u65b0\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u4e0e\u91cd\u5217\u540e\u7684\u65e7\u533a\u95f4\u6bd4\u8f83\u3002\u540c\u53e3\u5f84\u4e2d\u70b9\u4e0a\u8c030.10\u7f8e\u5143\uff0c\u5c5e\u4e8e\u6709\u610f\u4e49\u4f46\u5e45\u5ea6\u9002\u4e2d\u7684\u63d0\u5347\u3002GAAP\u6bcf\u80a1\u6536\u76ca\u589e\u901f\u660e\u663e\u9ad8\u4e8e\u8c03\u6574\u540e\u589e\u901f\uff0c\u4e0d\u80fd\u76f4\u63a5\u89c6\u4e3a\u53ef\u6301\u7eed\u76c8\u5229\u8f68\u8ff9\u3002\u5386\u53f2\u73b0\u91d1\u4e49\u52a1\u4ea6\u610f\u5473\u7740\uff0c\u5e94\u4ee5\u5b9e\u9645\u73b0\u91d1\u8f6c\u5316\u68c0\u9a8c\u8c03\u6574\u540e\u76c8\u5229\u8868\u73b0\u3002 \u6570\u636e\u4e2d\u5fc3\u5149\u8fde\u63a5\u63d0\u4f9b\u989d\u5916\u589e\u957f\u7a7a\u95f4\u3002\u4e9a\u9a6c\u900a\u5408\u4f5c\u4e3a\u5546\u4e1a\u5e94\u7528\u521b\u9020\u6e20\u9053\uff0c\u4f46\u7d2f\u8ba1\u9500\u552e\u91cc\u7a0b\u7891\u8de8\u8d8a\u4e03\u5e74\uff0c\u5e76\u975e\u77ed\u671f\u4fdd\u8bc1\u6536\u5165\u3002\u6267\u884c\u3001\u5236\u9020\u89c4\u6a21\u548c\u5ba2\u6237\u91c7\u7528\u5c06\u51b3\u5b9a\u5b9e\u9645\u8d21\u732e\uff1b\u901a\u80c0\u3001\u6d88\u8d39\u7535\u5b50\u75b2\u5f31\u53ca\u5386\u53f2\u8bc9\u8bbc\u4ecd\u6784\u6210\u7ea6\u675f\u3002 \u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5224\u65ad\uff0c\u503e\u5411\u9022\u4f4e\u5438\u7eb3\u3002\u7ed9\u4e88\u6570\u636e\u4e2d\u5fc3\u673a\u4f1a\u8f83\u9ad8\u4f30\u503c\u524d\uff0c\u5e94\u89c2\u5bdf\u6709\u673a\u589e\u957f\u548c\u73b0\u91d1\u8f6c\u5316\u300210\u670820\u65e5\u76d8\u524d\u80a1\u4ef7\u4e0a\u6da82.4%\uff0c\u5c5e\u4e8e\u65e9\u671f\u53cd\u5e94\uff0c\u5e76\u975e\u6536\u76d8\u53d8\u52a8\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a155\u2013183\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Vicor Corporation (VICR)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>3Q26 product and royalty revenue US$197.114m, +78.51% YoY; beat consensus by US$10.09m (approximately US$187.02m expected).<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$1.33 versus US$0.63, +111.1% YoY; beat Seeking Alpha consensus by US$0.09 (US$1.24 expected).<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>4Q26 product revenue expected +10% QoQ, with royalty revenue at least US$43m assuming no new licences. This implies approximately US$186.6m total revenue at the baseline; EPS guidance not provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>Full-year revenue and EPS guidance not provided. Fab-2 equipment deployment targeted for 2Q27; capacity expansion remains a multi-period programme.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>No dividend or new repurchase announced in reviewed Q3 materials. Cash US$513.1m; quarterly operating cash flow US$69.7m and capex US$16.1m.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Vicor\u2019s results support a positive operating outlook, with strong product growth demonstrating that the quarter was not solely a royalty event. Product revenue increased to US$130.5m, while royalty revenue reached US$66.6m. The combination of higher volume, better product mix and licensing income lifted gross margin to 68.3%, creating substantial operating leverage despite rising legal and development expenses. The distinction between recurring and initial royalties is central to earnings quality. Management acknowledged a non-recurring component from a new licensee, so annualising the entire third-quarter royalty stream would overstate the baseline. Its fourth-quarter expectation of at least US$43m provides a more conservative starting point. Product revenue growth of approximately 10% sequentially should partly offset that normalisation, although the resulting baseline total revenue would be below the unusually strong third quarter. Backlog and early-quarter bookings support demand visibility, but capacity remains the practical constraint. New manufacturing sites create room for expansion rather than immediate output, and Fab-2 equipment deployment is targeted for the second quarter of 2027. Execution and customer conversion therefore matter as much as the headline AI opportunity. Legal costs also rise with royalty collections, limiting the margin benefit from licensing. Our stance is positive, favouring selective accumulation rather than extrapolating the peak margin. The cash balance and operating cash generation provide resources to expand internally. Shares closed at US$204.14 on 20 October, up 7.06%, indicating that the market rewarded the stronger growth profile. <b>4Q26 recommended trading range: US$186\u2013239. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>Vicor\u516c\u53f8 (VICR)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u4ea7\u54c1\u53ca\u7279\u8bb8\u6743\u6536\u51651.97114\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f78.51%\uff1b\u8f83\u9884\u671f\u9ad81,009\u4e07\u7f8e\u5143\uff08\u9884\u671f\u7ea61.8702\u4ebf\u7f8e\u5143\uff09\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca1.33\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f0.63\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f111.1%\uff1b\u8f83Seeking Alpha\u5e02\u573a\u9884\u671f1.24\u7f8e\u5143\u9ad80.09\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u9884\u8ba1\u7b2c\u56db\u5b63\u4ea7\u54c1\u6536\u5165\u73af\u6bd4\u589e\u957f10%\uff1b\u5047\u8bbe\u6ca1\u6709\u65b0\u8bb8\u53ef\u534f\u8bae\uff0c\u7279\u8bb8\u6743\u6536\u5165\u81f3\u5c114,300\u4e07\u7f8e\u5143\u3002\u636e\u6b64\u63a8\u7b97\u57fa\u7ebf\u603b\u6536\u5165\u7ea61.866\u4ebf\u7f8e\u5143\uff1b\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u672a\u63d0\u4f9b\u5168\u5e74\u8425\u6536\u53ca\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002Fab-2\u8bbe\u5907\u90e8\u7f72\u76ee\u6807\u4e3a2027\u5e74\u7b2c\u4e8c\u5b63\uff1b\u4ea7\u80fd\u6269\u5f20\u9700\u8de8\u591a\u4e2a\u671f\u95f4\u63a8\u8fdb\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6240\u5ba1\u9605\u7b2c\u4e09\u5b63\u6750\u6599\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u3002\u73b0\u91d15.131\u4ebf\u7f8e\u5143\uff1b\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d416,970\u4e07\u7f8e\u5143\u3001\u8d44\u672c\u652f\u51fa1,610\u4e07\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>Vicor\u4e1a\u7ee9\u652f\u6301\u6b63\u9762\u7ecf\u8425\u5c55\u671b\uff0c\u5f3a\u52b2\u4ea7\u54c1\u589e\u957f\u8868\u660e\u672c\u5b63\u5e76\u975e\u4ec5\u7531\u7279\u8bb8\u6743\u6536\u5165\u63a8\u52a8\u3002\u4ea7\u54c1\u6536\u5165\u589e\u81f31.305\u4ebf\u7f8e\u5143\uff0c\u7279\u8bb8\u6743\u6536\u5165\u8fbe\u52306,660\u4e07\u7f8e\u5143\u3002\u9500\u91cf\u3001\u4ea7\u54c1\u7ec4\u5408\u53ca\u8bb8\u53ef\u6536\u5165\u5171\u540c\u63a8\u52a8\u6bdb\u5229\u7387\u5347\u81f368.3%\uff0c\u5373\u4f7f\u6cd5\u5f8b\u548c\u7814\u53d1\u8d39\u7528\u589e\u52a0\uff0c\u4ecd\u5f62\u6210\u663e\u8457\u7ecf\u8425\u6760\u6746\u3002 \u6301\u7eed\u6027\u4e0e\u9996\u6b21\u7279\u8bb8\u6743\u6536\u5165\u7684\u533a\u5206\uff0c\u662f\u76c8\u5229\u8d28\u91cf\u7684\u5173\u952e\u3002\u7ba1\u7406\u5c42\u627f\u8ba4\u65b0\u88ab\u8bb8\u53ef\u65b9\u5e26\u6765\u90e8\u5206\u975e\u7ecf\u5e38\u6536\u5165\uff0c\u56e0\u6b64\u5c06\u7b2c\u4e09\u5b63\u5168\u90e8\u7279\u8bb8\u6743\u6536\u5165\u5e74\u5316\uff0c\u4f1a\u9ad8\u4f30\u57fa\u7840\u6c34\u5e73\u3002\u7b2c\u56db\u5b63\u81f3\u5c114,300\u4e07\u7f8e\u5143\u7684\u9884\u671f\u63d0\u4f9b\u66f4\u5ba1\u614e\u8d77\u70b9\u3002\u4ea7\u54c1\u6536\u5165\u73af\u6bd4\u7ea610%\u7684\u589e\u957f\u5e94\u90e8\u5206\u62b5\u6d88\u6b63\u5e38\u5316\u5f71\u54cd\uff0c\u4f46\u63a8\u7b97\u57fa\u7ebf\u603b\u6536\u5165\u5c06\u4f4e\u4e8e\u5f02\u5e38\u5f3a\u52b2\u7684\u7b2c\u4e09\u5b63\u3002 \u79ef\u538b\u8ba2\u5355\u53ca\u5b63\u521d\u8ba2\u5355\u652f\u6301\u9700\u6c42\u53ef\u89c1\u5ea6\uff0c\u4f46\u4ea7\u80fd\u4ecd\u662f\u5b9e\u9645\u7ea6\u675f\u3002\u65b0\u5382\u5740\u63d0\u4f9b\u6269\u5f20\u7a7a\u95f4\uff0c\u800c\u975e\u5373\u65f6\u4ea7\u51fa\uff1bFab-2\u8bbe\u5907\u90e8\u7f72\u76ee\u6807\u4e3a2027\u5e74\u7b2c\u4e8c\u5b63\u3002\u56e0\u6b64\uff0c\u6267\u884c\u53ca\u5ba2\u6237\u8f6c\u5316\u4e0eAI\u673a\u4f1a\u540c\u6837\u91cd\u8981\u3002\u6cd5\u5f8b\u8d39\u7528\u4ea6\u968f\u7279\u8bb8\u6743\u6536\u5165\u589e\u52a0\uff0c\u9650\u5236\u8bb8\u53ef\u4e1a\u52a1\u7684\u5229\u6da6\u7387\u63d0\u5347\u3002 \u6211\u4eec\u7ef4\u6301\u6b63\u9762\u5224\u65ad\uff0c\u503e\u5411\u9009\u62e9\u6027\u5438\u7eb3\uff0c\u907f\u514d\u5916\u63a8\u5cf0\u503c\u5229\u6da6\u7387\u3002\u73b0\u91d1\u53ca\u7ecf\u8425\u73b0\u91d1\u6d41\u4e3a\u5185\u90e8\u6269\u5f20\u63d0\u4f9b\u8d44\u6e90\u300210\u670820\u65e5\u80a1\u4ef7\u6536\u62a5204.14\u7f8e\u5143\uff0c\u4e0a\u6da87.06%\uff0c\u8868\u660e\u5e02\u573a\u80af\u5b9a\u66f4\u5f3a\u7684\u589e\u957f\u7ed3\u6784\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a186\u2013239\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Netflix, Inc. (NFLX)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>3Q26 revenue US$12.874bn, +11.8% YoY, broadly in line with US$12.87bn consensus; F\/X-neutral growth approximately 11%.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$0.87 versus US$0.59, +49% YoY as reported by Netflix; beat US$0.82 consensus by US$0.05. All per-share figures are split-adjusted.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>4Q26 revenue US$13.442bn, EPS US$0.67 and operating margin 26.0%, including approximately 120bp headcount-reduction impact. Newly issued outlook; revenue\/EPS below approximately US$13.51bn\/US$0.73 consensus.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY26 revenue US$51.1bn versus prior US$51.0\u201351.4bn; operating margin 31.5% unchanged. Ad revenue reduced to approximately US$2.7bn from US$3bn; free cash flow approximately US$12bn versus US$12.5bn, partly reflecting a planned property transaction.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3 share repurchases approximately US$4.8bn; approximately US$22.3bn authorisation remaining. No dividend declared in reviewed results.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Netflix\u2019s earnings beat is overshadowed by a weaker fourth-quarter outlook, leaving our near-term stance negative. Subscription growth and pricing continue to support revenue, but the reduced advertising target shows that a key incremental monetisation engine is developing more slowly than expected. The issue is the timing of advertising product capabilities, rather than evidence that subscriptions have stalled, yet the delay reduces confidence in near-term acceleration. The third-quarter margin also needs context. Operating income and margin exceeded Netflix\u2019s own forecast partly because of expense timing. That benefit should not be extrapolated into the fourth quarter, when restructuring costs weigh on profitability. The 26% margin forecast includes a headcount-reduction charge, but even allowing for that item, the softer revenue and EPS outlook limits the immediate upgrade case. Cash generation and repurchases remain important supports. However, the lower annual free-cash-flow target means investors should separate operating progress from the planned property transaction and avoid treating all cash-flow movements as changes in subscription economics. Buybacks can improve per-share growth, but cannot replace a stronger revenue trajectory. All per-share comparisons here use the split-adjusted share basis. Our call is to wait for clearer advertising execution and revenue stabilisation before adding exposure. Netflix retains scale and monetisation opportunities, but the quarter offers insufficient evidence of renewed growth acceleration. Shares fell approximately 4.1% to US$65.90 in early after-hours trading on 20 October. <b>4Q26 recommended trading range: US$63\u201377. Negative Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u5948\u98de (NFLX)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8425\u6536128.74\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.8%\uff0c\u4e0e\u5e02\u573a\u9884\u671f\u7ea6128.7\u4ebf\u7f8e\u5143\u57fa\u672c\u4e00\u81f4\uff1b\u6c47\u7387\u4e2d\u6027\u589e\u901f\u7ea611%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.87\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f0.59\u7f8e\u5143\uff0c\u516c\u53f8\u62a5\u544a\u540c\u6bd4\u589e\u957f49%\uff1b\u9ad8\u4e8e\u9884\u671f0.82\u7f8e\u5143\uff0c\u8d85\u51fa0.05\u7f8e\u5143\u3002\u6240\u6709\u6bcf\u80a1\u6570\u636e\u5df2\u8c03\u6574\u62c6\u80a1\u5f71\u54cd\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u53d1\u5e03\u7b2c\u56db\u5b63\u8425\u6536134.42\u4ebf\u7f8e\u5143\u3001\u6bcf\u80a1\u6536\u76ca0.67\u7f8e\u5143\u3001\u7ecf\u8425\u5229\u6da6\u738726.0%\uff0c\u5305\u542b\u88c1\u5458\u7ea6120\u4e2a\u57fa\u70b9\u5f71\u54cd\uff1b\u8425\u6536\u53ca\u6bcf\u80a1\u6536\u76ca\u4f4e\u4e8e\u9884\u671f\u7ea6135.1\u4ebf\u7f8e\u5143\u53ca0.73\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u5168\u5e74\u8425\u6536511\u4ebf\u7f8e\u5143\uff0c\u539f\u4e3a510\u2013514\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8425\u5229\u6da6\u738731.5%\u4e0d\u53d8\u3002\u5e7f\u544a\u6536\u5165\u7531\u7ea630\u4ebf\u7f8e\u5143\u964d\u81f327\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u7531125\u4ebf\u7f8e\u5143\u964d\u81f3\u7ea6120\u4ebf\u7f8e\u5143\uff0c\u90e8\u5206\u53cd\u6620\u8ba1\u5212\u623f\u5730\u4ea7\u4ea4\u6613\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u7b2c\u4e09\u5b63\u56de\u8d2d\u7ea648\u4ebf\u7f8e\u5143\uff0c\u5269\u4f59\u6388\u6743\u7ea6223\u4ebf\u7f8e\u5143\u3002\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u6d3e\u80a1\u606f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u5948\u98de\u6bcf\u80a1\u6536\u76ca\u8d85\u9884\u671f\uff0c\u4f46\u8f83\u5f31\u7b2c\u56db\u5b63\u5c55\u671b\u66f4\u4e3a\u5173\u952e\uff0c\u56e0\u6b64\u6211\u4eec\u7ef4\u6301\u77ed\u671f\u8d1f\u9762\u5224\u65ad\u3002\u8ba2\u9605\u589e\u957f\u53ca\u5b9a\u4ef7\u7ee7\u7eed\u652f\u6301\u6536\u5165\uff0c\u4e0d\u8fc7\u5e7f\u544a\u76ee\u6807\u4e0b\u8c03\u8868\u660e\uff0c\u91cd\u8981\u7684\u589e\u91cf\u53d8\u73b0\u5f15\u64ce\u63a8\u8fdb\u6162\u4e8e\u9884\u671f\u3002\u95ee\u9898\u6765\u81ea\u5e7f\u544a\u4ea7\u54c1\u529f\u80fd\u63a8\u51fa\u65f6\u70b9\uff0c\u800c\u975e\u8ba2\u9605\u505c\u6ede\u7684\u8bc1\u636e\uff0c\u4f46\u5ef6\u8fdf\u4ecd\u524a\u5f31\u77ed\u671f\u52a0\u901f\u4fe1\u5fc3\u3002 \u7b2c\u4e09\u5b63\u5229\u6da6\u7387\u4ea6\u9700\u7ed3\u5408\u80cc\u666f\u3002\u7ecf\u8425\u5229\u6da6\u53ca\u5229\u6da6\u7387\u8d85\u8fc7\u516c\u53f8\u81ea\u8eab\u9884\u6d4b\uff0c\u90e8\u5206\u6765\u81ea\u8d39\u7528\u65f6\u70b9\uff0c\u4e0d\u80fd\u76f4\u63a5\u5916\u63a8\u81f3\u7b2c\u56db\u5b63\uff0c\u5c4a\u65f6\u91cd\u7ec4\u6210\u672c\u5c06\u5f71\u54cd\u76c8\u5229\u300226%\u7684\u5229\u6da6\u7387\u9884\u6d4b\u5305\u542b\u88c1\u5458\u8d39\u7528\uff0c\u4f46\u5373\u4f7f\u8003\u8651\u8be5\u9879\u76ee\uff0c\u8f83\u5f31\u8425\u6536\u548c\u6bcf\u80a1\u6536\u76ca\u5c55\u671b\u4ecd\u9650\u5236\u5373\u65f6\u4e0a\u8c03\u7a7a\u95f4\u3002 \u73b0\u91d1\u521b\u9020\u53ca\u56de\u8d2d\u4ecd\u662f\u91cd\u8981\u652f\u6491\u3002\u4e0d\u8fc7\uff0c\u5168\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u76ee\u6807\u964d\u4f4e\uff0c\u610f\u5473\u7740\u5e94\u533a\u5206\u7ecf\u8425\u8fdb\u5c55\u4e0e\u8ba1\u5212\u623f\u5730\u4ea7\u4ea4\u6613\uff0c\u907f\u514d\u5c06\u6240\u6709\u73b0\u91d1\u6d41\u53d8\u5316\u90fd\u89c6\u4e3a\u8ba2\u9605\u7ecf\u6d4e\u6027\u6539\u53d8\u3002\u56de\u8d2d\u80fd\u63d0\u5347\u6bcf\u80a1\u589e\u957f\uff0c\u4f46\u4e0d\u80fd\u66ff\u4ee3\u66f4\u5f3a\u8425\u6536\u8d8b\u52bf\u3002\u8fd9\u91cc\u6240\u6709\u6bcf\u80a1\u6bd4\u8f83\u5747\u91c7\u7528\u62c6\u80a1\u540e\u53e3\u5f84\u3002 \u6211\u4eec\u503e\u5411\u7b49\u5f85\u5e7f\u544a\u6267\u884c\u53ca\u8425\u6536\u7a33\u5b9a\u7684\u66f4\u660e\u786e\u4fe1\u53f7\u540e\u518d\u589e\u6301\u3002\u5948\u98de\u4ecd\u5177\u89c4\u6a21\u548c\u53d8\u73b0\u673a\u4f1a\uff0c\u4f46\u672c\u5b63\u4e0d\u8db3\u4ee5\u8bc1\u660e\u589e\u957f\u91cd\u65b0\u52a0\u901f\u300210\u670820\u65e5\u65e9\u6bb5\u76d8\u540e\u80a1\u4ef7\u4e0b\u8dcc\u7ea64.1%\u81f365.90\u7f8e\u5143\uff0c\u5e76\u975e\u6b63\u5e38\u4ea4\u6613\u65f6\u6bb5\u6536\u76d8\u53d8\u52a8\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a63\u201377\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Space Exploration Technologies Corp. (SpaceX) (SPCX)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>3Q26 revenue US$14.575bn, +161.4% YoY; exceeded approximately US$13.0bn consensus by US$1.6bn.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$0.35 versus a US$0.36 loss a year earlier; beat Seeking Alpha consensus US$0.16 by US$0.19. Percentage growth is not meaningful from a loss.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>4Q26 capital expenditure US$35\u201340bn and year-end nameplate compute 2.5\u20133GW. Gross margin expected closer to 2Q26 after Q3 one-time benefits; numerical Q4 revenue\/EPS guidance not provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>No numerical FY26 revenue\/EPS guidance provided. December annualised revenue goal US$100bn reaffirmed; new 1Q27 revenue guidance US$33\u201337bn. December run-rate goal is not annual recognised revenue.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>No dividend or buyback announced in reviewed results. Q3 capex US$19.593bn; cash and marketable securities US$89.855bn at September-end. YTD operating cash flow US$13.097bn versus capex US$48.069bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>SpaceX\u2019s results demonstrate a sharp operating inflection, but our investment stance remains neutral because the capital requirements and earnings composition demand caution. Super Intelligence generated more than half of revenue, while Connectivity continued to expand rapidly. Starlink\u2019s growing subscriber base and cloud-compute contracts diversify the business beyond launches, creating a much larger potential revenue pool. The headline net profit overstates the contribution from current operations. Operating income was US$2.8bn, compared with US$4.4bn net income, with other income, net interest and a tax benefit contributing below the operating line. Connectivity also benefited from tariff refunds, and management expects fourth-quarter gross margins to resemble the second quarter more closely. These items matter when assessing whether the reported EPS can recur. Capital intensity remains the decisive issue. Third-quarter expenditure exceeded revenue, and the fourth-quarter plan rises further as compute infrastructure is deployed. The substantial liquidity balance provides runway, but shareholders still need evidence that utilisation, contracted revenue and cash returns justify the investment. Adjusted EBITDA is useful for tracking activity, yet excludes major economic costs and should not be equated with free cash flow. Our call is neutral despite the impressive growth. The new first-quarter revenue outlook provides a measurable milestone, whereas long-range aspirations require continued verification. Shares rose 1.5% in extended trading on 20 October. <b>4Q26 recommended trading range: US$135\u2013180. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>SpaceX\uff08\u592a\u7a7a\u63a2\u7d22\u6280\u672f\u516c\u53f8\uff09 (SPCX)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7b2c\u4e09\u5b63\u8425\u6536145.75\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f161.4%\uff1b\u8f83\u7ea6130\u4ebf\u7f8e\u5143\u5e02\u573a\u9884\u671f\u9ad8\u7ea616\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.35\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f\u4e8f\u635f0.36\u7f8e\u5143\uff1b\u9ad8\u4e8eSeeking Alpha\u9884\u671f0.16\u7f8e\u5143\uff0c\u8d85\u51fa0.19\u7f8e\u5143\u3002\u7531\u4e8f\u8f6c\u76c8\u4e0d\u5b9c\u8ba1\u7b97\u767e\u5206\u6bd4\u589e\u901f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u7b2c\u56db\u5b63\u8d44\u672c\u652f\u51fa350\u2013400\u4ebf\u7f8e\u5143\uff0c\u5e74\u672b\u540d\u4e49\u7b97\u529b2.5\u20133GW\u3002\u7b2c\u4e09\u5b63\u4e00\u6b21\u6027\u5229\u597d\u6d88\u9000\u540e\uff0c\u6bdb\u5229\u7387\u9884\u8ba1\u66f4\u63a5\u8fd1\u7b2c\u4e8c\u5b63\uff1b\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6570\u503c\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u672a\u63d0\u4f9b\u5168\u5e74\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6570\u503c\u6307\u5f15\u3002\u91cd\u753312\u6708\u5e74\u5316\u8425\u6536\u76ee\u68071,000\u4ebf\u7f8e\u5143\uff0c\u5e76\u65b0\u589e2027\u5e74\u7b2c\u4e00\u5b63\u8425\u6536330\u2013370\u4ebf\u7f8e\u5143\u6307\u5f15\uff1b12\u6708\u8fd0\u884c\u7387\u4e0d\u7b49\u4e8e\u5168\u5e74\u786e\u8ba4\u6536\u5165\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u56de\u8d2d\u3002\u7b2c\u4e09\u5b63\u8d44\u672c\u652f\u51fa195.93\u4ebf\u7f8e\u5143\uff1b9\u6708\u5e95\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u5238898.55\u4ebf\u7f8e\u5143\u3002\u5e74\u5185\u7ecf\u8425\u73b0\u91d1\u6d41130.97\u4ebf\u7f8e\u5143\uff0c\u8d44\u672c\u652f\u51fa480.69\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>SpaceX\u4e1a\u7ee9\u663e\u793a\u7ecf\u8425\u660e\u663e\u8f6c\u6298\uff0c\u4f46\u8d44\u672c\u9700\u6c42\u53ca\u76c8\u5229\u6784\u6210\u4ecd\u9700\u5ba1\u614e\uff0c\u56e0\u6b64\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u6295\u8d44\u5224\u65ad\u3002\u8d85\u7ea7\u667a\u80fd\u4e1a\u52a1\u8d21\u732e\u8d85\u8fc7\u4e00\u534a\u8425\u6536\uff0c\u8fde\u63a5\u4e1a\u52a1\u7ee7\u7eed\u5feb\u901f\u6269\u5f20\u3002Starlink\u7528\u6237\u589e\u957f\u53ca\u4e91\u8ba1\u7b97\u5408\u540c\u4f7f\u4e1a\u52a1\u4e0d\u518d\u4ec5\u4f9d\u8d56\u53d1\u5c04\uff0c\u6269\u5927\u6f5c\u5728\u6536\u5165\u7a7a\u95f4\u3002 \u51c0\u5229\u6da6\u6807\u9898\u6570\u5b57\u9ad8\u4e8e\u5f53\u671f\u7ecf\u8425\u8d21\u732e\u3002\u7ecf\u8425\u5229\u6da628\u4ebf\u7f8e\u5143\uff0c\u51c0\u5229\u6da644\u4ebf\u7f8e\u5143\uff0c\u5176\u4ed6\u6536\u5165\u3001\u51c0\u5229\u606f\u53ca\u7a0e\u9879\u6536\u76ca\u5728\u7ecf\u8425\u7ebf\u4ee5\u4e0b\u8d21\u732e\u76c8\u5229\u3002\u8fde\u63a5\u4e1a\u52a1\u4ea6\u53d7\u76ca\u4e8e\u5173\u7a0e\u9000\u6b3e\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u7b2c\u56db\u5b63\u6bdb\u5229\u7387\u5c06\u66f4\u63a5\u8fd1\u7b2c\u4e8c\u5b63\u3002\u8fd9\u4e9b\u9879\u76ee\u76f4\u63a5\u5f71\u54cd\u62a5\u544a\u6bcf\u80a1\u6536\u76ca\u80fd\u5426\u91cd\u590d\u3002 \u8d44\u672c\u5bc6\u96c6\u5ea6\u4ecd\u662f\u51b3\u5b9a\u6027\u95ee\u9898\u3002\u7b2c\u4e09\u5b63\u652f\u51fa\u9ad8\u4e8e\u8425\u6536\uff0c\u800c\u7b2c\u56db\u5b63\u8ba1\u5212\u968f\u8ba1\u7b97\u57fa\u7840\u8bbe\u65bd\u90e8\u7f72\u8fdb\u4e00\u6b65\u63d0\u9ad8\u3002\u5145\u88d5\u6d41\u52a8\u6027\u63d0\u4f9b\u65f6\u95f4\uff0c\u4f46\u80a1\u4e1c\u4ecd\u9700\u770b\u5230\u5229\u7528\u7387\u3001\u5408\u540c\u6536\u5165\u53ca\u73b0\u91d1\u56de\u62a5\u80fd\u591f\u8bc1\u660e\u6295\u8d44\u5408\u7406\u3002\u8c03\u6574\u540eEBITDA\u6709\u52a9\u8ffd\u8e2a\u4e1a\u52a1\uff0c\u5374\u5254\u9664\u4e86\u91cd\u5927\u7ecf\u6d4e\u6210\u672c\uff0c\u4e0d\u80fd\u7b49\u540c\u81ea\u7531\u73b0\u91d1\u6d41\u3002 \u5c3d\u7ba1\u589e\u957f\u4eae\u773c\uff0c\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u65b0\u589e\u7b2c\u4e00\u5b63\u8425\u6536\u5c55\u671b\u63d0\u4f9b\u53ef\u8861\u91cf\u91cc\u7a0b\u7891\uff0c\u957f\u671f\u613f\u666f\u5219\u9700\u6301\u7eed\u9a8c\u8bc1\u3002Seeking Alpha\u6700\u521d\u62a5\u9053\u663e\u793a\uff0c10\u670820\u65e5\u76d8\u540e\u80a1\u4ef7\u4e0a\u6da81.5%\uff1b\u5c5e\u4e8e\u65e9\u6bb5\u76d8\u540e\u5feb\u7167\uff0c\u5e76\u975e\u6536\u76d8\u56de\u62a5\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a135\u2013180\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Intuitive Surgical, Inc. (ISRG)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$3.05bn, +22% YoY; above approximately US$2.91bn consensus by US$140m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Non-GAAP diluted EPS US$3.00, +25% YoY, beat US$2.65 consensus by US$0.35. GAAP EPS US$1.49, down 23.6%, includes US$0.99\/share antitrust settlement charge.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>No numerical Q4 revenue or EPS guidance provided.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY2026 da Vinci procedure growth narrowed to 14\u201315% from 13.5\u201315.5%, near midpoint. Non-GAAP gross margin raised to 68.7\u201369.3% from 68\u201369%; operating expense growth unchanged at 11\u201313%. No FY revenue\/EPS guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Repurchased 7.8m shares for US$2.94bn in Q3; cash, equivalents and investments US$6.80bn. No dividend announced.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Intuitive delivered a clear operating beat, with the distinction between recurring growth and exceptional charges central to interpreting the quarter. Revenue rose 22% to US$3.05bn and adjusted EPS increased 25% to US$3.00. GAAP EPS fell to US$1.49 because of the antitrust settlement. Adjusted EPS also included a US$0.06 tariff-refund benefit, so the full reported increase should not be treated as recurring earnings momentum. The franchise remains healthy. Worldwide procedures grew 15%, including 14% for da Vinci and 31% for Ion. Instruments and accessories revenue increased 18%, linking the revenue base to ongoing usage rather than equipment placements alone. Da Vinci placements reached 546, including 315 da Vinci 5 systems, while the installed base expanded 12%. Leasing extends access to customers and creates continuing revenue opportunities, although it also changes the timing of cash recovery. Management narrowed annual procedure growth around the same midpoint and lifted the gross-margin outlook while keeping operating-expense growth unchanged. This supports profitability without requiring an acceleration in procedures. However, the settlement remains subject to court approval, and the large buyback reduced the cash reserve. Shares traded at US$408 after hours at 7:59pm ET on 20 October, down 6.85% from the US$438 pre-release close. Our outlook is positive on recurring adoption, while sustained upside requires procedure growth and margin delivery rather than exceptional benefits. <b>4Q26 recommended trading range: US$385\u2013445. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u76f4\u89c9\u5916\u79d1 (ISRG)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u516530.5\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e22%\uff0c\u8f83\u7ea629.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.4\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.00\u7f8e\u5143\uff0c\u540c\u6bd4\u589e25%\uff0c\u8f832.65\u7f8e\u5143\u9884\u671f\u9ad80.35\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.49\u7f8e\u5143\uff0c\u540c\u6bd4\u964d23.6%\uff0c\u5305\u542b\u6bcf\u80a10.99\u7f8e\u5143\u53cd\u5784\u65ad\u548c\u89e3\u8d39\u7528\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>2026\u5e74\u8fbe\u82ac\u5947\u624b\u672f\u589e\u957f\u6307\u5f15\u753113.5\u201315.5%\u6536\u7a84\u81f314\u201315%\uff0c\u9884\u8ba1\u63a5\u8fd1\u4e2d\u70b9\uff1b\u975eGAAP\u6bdb\u5229\u7387\u753168\u201369%\u63d0\u9ad8\u81f368.7\u201369.3%\uff1b\u7ecf\u8425\u8d39\u7528\u589e\u957f11\u201313%\u4e0d\u53d8\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u7b2c\u4e09\u5b63\u5ea6\u4ee529.4\u4ebf\u7f8e\u5143\u56de\u8d2d780\u4e07\u80a1\uff1b\u73b0\u91d1\u3001\u73b0\u91d1\u7b49\u4ef7\u7269\u53ca\u6295\u8d4468\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u80a1\u606f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u76f4\u89c9\u5916\u79d1\u6838\u5fc3\u7ecf\u8425\u8868\u73b0\u660e\u663e\u8d85\u9884\u671f\uff0c\u4f46\u89e3\u8bfb\u4e1a\u7ee9\u65f6\u9700\u533a\u5206\u6301\u7eed\u589e\u957f\u4e0e\u7279\u6b8a\u9879\u76ee\u3002\u6536\u5165\u589e\u957f22%\u81f330.5\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u589e\u957f25%\u81f33.00\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u5229\u53d7\u53cd\u5784\u65ad\u548c\u89e3\u8d39\u7528\u5f71\u54cd\u964d\u81f31.49\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u4ea6\u5305\u542b\u6bcf\u80a10.06\u7f8e\u5143\u5173\u7a0e\u9000\u6b3e\uff0c\u56e0\u6b64\u4e0d\u80fd\u5c06\u5168\u90e8\u589e\u5e45\u89c6\u4e3a\u53ef\u6301\u7eed\u76c8\u5229\u52a8\u80fd\u3002 \u4e1a\u52a1\u57fa\u7840\u4ecd\u7136\u5065\u5eb7\u3002\u5168\u7403\u624b\u672f\u91cf\u589e\u957f15%\uff0c\u5176\u4e2d\u8fbe\u82ac\u5947\u589e\u957f14%\uff0cIon\u589e\u957f31%\u3002\u5668\u68b0\u53ca\u914d\u4ef6\u6536\u5165\u589e\u957f18%\uff0c\u4f7f\u6536\u5165\u4e0e\u6301\u7eed\u4f7f\u7528\u91cf\u6302\u94a9\uff0c\u800c\u975e\u4ec5\u4f9d\u8d56\u8bbe\u5907\u6295\u653e\u3002\u8fbe\u82ac\u5947\u6295\u653e\u91cf\u8fbe546\u53f0\uff0c\u5176\u4e2d315\u53f0\u4e3a\u8fbe\u82ac\u59475\uff0c\u5b89\u88c5\u57fa\u6570\u589e\u957f12%\u3002\u79df\u8d41\u6a21\u5f0f\u6269\u5927\u5ba2\u6237\u53ef\u53ca\u6027\u5e76\u521b\u9020\u6301\u7eed\u6536\u5165\u673a\u4f1a\uff0c\u4f46\u4ea6\u6539\u53d8\u73b0\u91d1\u56de\u6536\u65f6\u70b9\u3002 \u7ba1\u7406\u5c42\u56f4\u7ed5\u539f\u4e2d\u70b9\u6536\u7a84\u5168\u5e74\u624b\u672f\u589e\u957f\u6307\u5f15\uff0c\u5e76\u63d0\u9ad8\u6bdb\u5229\u7387\u9884\u671f\uff0c\u7ecf\u8425\u8d39\u7528\u589e\u957f\u6307\u5f15\u4e0d\u53d8\uff0c\u610f\u5473\u7740\u76c8\u5229\u6539\u5584\u65e0\u9700\u4f9d\u8d56\u624b\u672f\u589e\u901f\u8fdb\u4e00\u6b65\u52a0\u5feb\u3002\u4e0d\u8fc7\uff0c\u548c\u89e3\u4ecd\u987b\u6cd5\u9662\u6279\u51c6\uff0c\u5927\u989d\u56de\u8d2d\u4ea6\u964d\u4f4e\u73b0\u91d1\u50a8\u5907\u300210\u670820\u65e5\u7f8e\u4e1c\u65f6\u95f4\u665a\u4e0a7\u65f659\u5206\uff0c\u76d8\u540e\u80a1\u4ef7408\u7f8e\u5143\uff0c\u8f83\u4e1a\u7ee9\u53d1\u5e03\u524d438\u7f8e\u5143\u6536\u76d8\u4ef7\u4e0b\u8dcc6.85%\u3002\u6211\u4eec\u770b\u597d\u6301\u7eed\u91c7\u7528\u8d8b\u52bf\uff0c\u7ef4\u6301\u6b63\u9762\u5c55\u671b\uff0c\u6301\u7eed\u4e0a\u884c\u9700\u7531\u624b\u672f\u589e\u957f\u53ca\u5229\u6da6\u7387\u5151\u73b0\u652f\u6301\uff0c\u800c\u975e\u7279\u6b8a\u6536\u76ca\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a385\u2013445\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>United Airlines Holdings, Inc. (UAL)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$17.88bn, +17.4% YoY; missed consensus by US$30m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted diluted EPS US$2.54, down 8.6% YoY from US$2.78; missed US$2.57 consensus by US$0.03. GAAP EPS US$3.14, up 8.3% from US$2.90.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>New Q4 adjusted EPS US$0.50\u20131.50, assuming fuel about US$4.80\/gallon. Revenue growth above 20% YoY; unit-revenue growth accelerates and non-fuel unit-cost growth moderates versus Q3. No prior numerical Q4 EPS range identified.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>The October update does not reaffirm July\u2019s FY26 adjusted EPS range of US$9\u201311. FY26 adjusted capex is approximately US$7.5B; no new full-year EPS target was provided.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3-end liquidity US$17.7bn; debt, finance leases and other financial liabilities US$26.4bn; net leverage 2.4x. Nine-month buybacks US$27m, unchanged from first half, implying no Q3 buybacks. No dividend announced.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>United&#8217;s revenue momentum is strong, but rising fuel costs prevent that strength from translating into better earnings. Third-quarter revenue increased 17.4% to US$17.88bn, while adjusted EPS declined 8.6% to US$2.54 and narrowly missed expectations. The distinction matters: GAAP EPS increased to US$3.14, supported by special items including aircraft sale-leaseback gains. Adjusted results provide a clearer picture of underlying airline profitability. Demand is not the main weakness. Capacity increased only 1.3%, while unit revenue rose 15.9%, showing that pricing and mix carried most of the revenue improvement. Premium and loyalty revenue each increased 17%, and contracted business revenue rose 26%. However, fuel expense increased 62%, or US$1.8bn, and non-fuel unit costs rose 7.8%. The adjusted pretax margin was only 6.2%, despite record revenue. The new fourth-quarter EPS range of US$0.50\u20131.50 reflects the difficulty of recovering volatile fuel costs immediately. Management expects revenue growth above 20%, but assumes fuel at US$4.80 per gallon. The company says the gap versus consensus fuel assumptions represents roughly US$1 of quarterly EPS, making fuel the decisive near-term variable. Liquidity remains meaningful, though fleet spending and leverage constrain flexibility. Shares were US$96.80 at 7:59pm ET on 20 October, down 0.99% after hours; the US$97.77 close preceded earnings. Our outlook is negative near term, until fuel stabilises or fare recovery improves. <b>4Q26 recommended trading range: US$85\u2013102. Negative Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u8054\u5408\u822a\u7a7a (UAL)<\/b><\/p>\n<ul><li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165178.8\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e17.4%\uff0c\u8f83\u9884\u671f\u4f4e3,000\u4e07\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52292.54\u7f8e\u5143\uff0c\u8f83\u53bb\u5e742.78\u7f8e\u5143\u4e0b\u964d8.6%\uff0c\u8f832.57\u7f8e\u5143\u9884\u671f\u4f4e0.03\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52293.14\u7f8e\u5143\uff0c\u8f83\u53bb\u5e742.90\u7f8e\u5143\u589e\u957f8.3%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u7b2c\u56db\u5b63\u5ea6\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u6307\u5f150.50\u20131.50\u7f8e\u5143\uff0c\u5047\u8bbe\u71c3\u6cb9\u7ea6\u6bcf\u52a0\u4ed14.80\u7f8e\u5143\u3002\u6536\u5165\u540c\u6bd4\u589e\u903e20%\uff1b\u5355\u4f4d\u6536\u5165\u589e\u901f\u52a0\u5feb\uff0c\u975e\u71c3\u6cb9\u5355\u4f4d\u6210\u672c\u589e\u901f\u8f83\u7b2c\u4e09\u5b63\u5ea6\u653e\u7f13\u3002\u672a\u53d1\u73b0\u6b64\u524d\u7b2c\u56db\u5b63\u5ea6\u91cf\u5316\u76c8\u5229\u533a\u95f4\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>10\u6708\u66f4\u65b0\u672a\u91cd\u75337\u6708\u5168\u5e74\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca9\u201311\u7f8e\u5143\u533a\u95f4\uff0c\u4ea6\u672a\u63d0\u4f9b\u65b0\u7684\u5168\u5e74\u76c8\u5229\u76ee\u6807\u3002\u5168\u5e74\u8c03\u6574\u540e\u8d44\u672c\u5f00\u652f\u7ea675\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u672b\u6d41\u52a8\u6027177\u4ebf\u7f8e\u5143\uff1b\u503a\u52a1\u3001\u878d\u8d44\u79df\u8d41\u53ca\u5176\u4ed6\u91d1\u878d\u8d1f\u503a264\u4ebf\u7f8e\u5143\uff1b\u51c0\u6760\u67462.4\u500d\u3002\u524d\u4e5d\u4e2a\u6708\u56de\u8d2d2,700\u4e07\u7f8e\u5143\uff0c\u4e0e\u4e0a\u534a\u5e74\u76f8\u540c\uff0c\u610f\u5473\u7740\u7b2c\u4e09\u5b63\u5ea6\u65e0\u56de\u8d2d\u3002\u672a\u5ba3\u5e03\u80a1\u606f\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u8054\u5408\u822a\u7a7a\u6536\u5165\u52a8\u80fd\u5f3a\u52b2\uff0c\u4f46\u71c3\u6cb9\u6210\u672c\u4e0a\u5347\u963b\u788d\u6536\u5165\u589e\u957f\u8f6c\u5316\u4e3a\u66f4\u9ad8\u76c8\u5229\u3002\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u589e\u957f17.4%\u81f3178.8\u4ebf\u7f8e\u5143\uff0c\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5374\u4e0b\u964d8.6%\u81f32.54\u7f8e\u5143\uff0c\u7565\u4f4e\u4e8e\u9884\u671f\u3002GAAP\u6bcf\u80a1\u76c8\u5229\u4e0a\u5347\u81f33.14\u7f8e\u5143\uff0c\u53d7\u5230\u98de\u673a\u552e\u540e\u56de\u79df\u6536\u76ca\u7b49\u7279\u6b8a\u9879\u76ee\u652f\u6301\uff0c\u56e0\u6b64\u7ecf\u8c03\u6574\u8868\u73b0\u66f4\u80fd\u53cd\u6620\u822a\u7a7a\u4e1a\u52a1\u57fa\u7840\u76c8\u5229\u80fd\u529b\u3002 \u9700\u6c42\u5e76\u975e\u4e3b\u8981\u5f31\u70b9\u3002\u8fd0\u529b\u4ec5\u589e\u52a01.3%\uff0c\u5355\u4f4d\u6536\u5165\u5374\u589e\u957f15.9%\uff0c\u663e\u793a\u5b9a\u4ef7\u53ca\u6536\u5165\u7ec4\u5408\u8d21\u732e\u5927\u90e8\u5206\u589e\u957f\u3002\u9ad8\u7aef\u5ba2\u8231\u548c\u5fe0\u8bda\u8ba1\u5212\u6536\u5165\u5404\u589e17%\uff0c\u5408\u7ea6\u5546\u52a1\u6536\u5165\u589e\u957f26%\u3002\u4e0d\u8fc7\uff0c\u71c3\u6cb9\u8d39\u7528\u589e\u957f62%\uff0c\u589e\u52a018\u4ebf\u7f8e\u5143\uff1b\u975e\u71c3\u6cb9\u5355\u4f4d\u6210\u672c\u4e0a\u53477.8%\u3002\u5373\u4f7f\u6536\u5165\u521b\u65b0\u9ad8\uff0c\u7ecf\u8c03\u6574\u7a0e\u524d\u5229\u6da6\u7387\u4ecd\u4ec5\u4e3a6.2%\u3002 \u65b0\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u533a\u95f40.50\u20131.50\u7f8e\u5143\uff0c\u53cd\u6620\u77ed\u671f\u56de\u6536\u6ce2\u52a8\u71c3\u6cb9\u6210\u672c\u7684\u56f0\u96be\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u6536\u5165\u589e\u957f\u903e20%\uff0c\u4f46\u71c3\u6cb9\u5047\u8bbe\u4e3a\u6bcf\u52a0\u4ed14.80\u7f8e\u5143\u3002\u516c\u53f8\u6307\u51fa\uff0c\u5176\u71c3\u6cb9\u5047\u8bbe\u4e0e\u5e02\u573a\u9884\u671f\u7684\u5dee\u8ddd\u76f8\u5f53\u4e8e\u7ea6\u6bcf\u80a11\u7f8e\u5143\u5b63\u5ea6\u76c8\u5229\uff0c\u4f7f\u71c3\u6cb9\u6210\u4e3a\u77ed\u671f\u5173\u952e\u53d8\u91cf\u3002\u6d41\u52a8\u6027\u4ecd\u5177\u89c4\u6a21\uff0c\u4f46\u673a\u961f\u652f\u51fa\u53ca\u6760\u6746\u9650\u5236\u8d22\u52a1\u7075\u6d3b\u6027\u300210\u670820\u65e5\u7f8e\u4e1c\u65f6\u95f4\u665a\u4e0a7\u65f659\u5206\uff0c\u76d8\u540e\u80a1\u4ef796.80\u7f8e\u5143\uff0c\u4e0b\u8dcc0.99%\uff1b\u6b64\u524d97.77\u7f8e\u5143\u6536\u76d8\u4ef7\u5f62\u6210\u4e8e\u4e1a\u7ee9\u53d1\u5e03\u524d\u3002\u6211\u4eec\u77ed\u671f\u5c55\u671b\u8d1f\u9762\uff0c\u76f4\u81f3\u71c3\u6cb9\u7a33\u5b9a\u6216\u7968\u4ef7\u56de\u6536\u6539\u5584\u3002 <b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a85\u2013102\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Chubb Limited (CB)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Adjusted revenue US$16.81bn, +4.2% YoY, versus US$16.72bn consensus (about US$90m beat). Consolidated net premiums written US$15.143bn, +1.9% YoY.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Core operating EPS US$7.66, +0.8% YoY versus restated US$7.60; above US$6.79 consensus by US$0.87. GAAP EPS US$7.30, +4.4%. Core results now exclude selected purchased-intangible amortisation; prior period restated.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>The company did not provide numerical Q4 revenue or EPS guidance in the earnings release.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>No numerical FY2026 revenue or EPS guidance provided or revised in the release.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3 returned US$1.57bn: US$1.18bn buybacks at average US$344.32\/share and US$393m dividends. Book value US$191.43\/share; tangible book US$126.96\/share.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Chubb&#8217;s earnings beat confirms a profitable franchise, but the underlying growth rate is more restrained than the headline surprise suggests. Core operating EPS reached US$7.66, above consensus, while increasing only 0.8% against the restated prior year. Total core operating income declined 2.2%, meaning a lower share count helped preserve per-share growth. The newly revised core definition excludes selected intangible amortisation; the restated comparison is therefore essential to judging performance consistently. Underwriting remains strong despite a less favourable catastrophe comparison. The P&amp;C combined ratio was 84.1%, compared with 81.8% a year earlier, while the current-accident-year ratio excluding catastrophes was broadly stable at 82.6%. This suggests the business remains well underwritten, but the unusually benign prior catastrophe quarter creates a difficult comparison. Consolidated premiums written grew only 1.9%, so further earnings expansion cannot rely on rapid volume growth alone. Record investment income provides a useful second earnings engine. Capital returns remain substantial, with US$1.18bn of quarterly repurchases and US$393m in dividends. However, investment-portfolio valuation losses weighed on book value, illustrating the difference between stronger investment income and near-term balance-sheet marks. No numerical earnings guidance accompanied the release. Shares were US$356 at 7:59pm ET on 20 October, down 0.49% after hours, following a US$357.75 pre-release close. Our outlook is neutral: operating quality supports the valuation, but modest premiums and buyback-supported EPS leave limited evidence of acceleration. <b>4Q26 recommended trading range: US$325\u2013375. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u5b89\u8fbe\u4fdd\u9669 (CB)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u7ecf\u8c03\u6574\u6536\u5165168.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e4.2%\uff0c\u8f83167.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea69,000\u4e07\u7f8e\u5143\u3002\u7efc\u5408\u51c0\u7b7e\u5355\u4fdd\u8d39151.43\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e1.9%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u6838\u5fc3\u7ecf\u8425\u6bcf\u80a1\u76c8\u52297.66\u7f8e\u5143\uff0c\u8f83\u91cd\u5217\u540e\u7684\u53bb\u5e747.60\u7f8e\u5143\u589e\u957f0.8%\uff0c\u8f836.79\u7f8e\u5143\u9884\u671f\u9ad80.87\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52297.30\u7f8e\u5143\uff0c\u589e4.4%\u3002\u6838\u5fc3\u53e3\u5f84\u73b0\u5254\u9664\u90e8\u5206\u8d2d\u5165\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\uff0c\u53bb\u5e74\u6570\u636e\u5df2\u91cd\u5217\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u5728\u8d22\u62a5\u4e2d\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u91cf\u5316\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u544a\u672a\u63d0\u4f9b\u6216\u4fee\u8ba22026\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u7b2c\u4e09\u5b63\u5ea6\u8fd4\u8fd8\u80a1\u4e1c15.7\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u4ee5\u5747\u4ef7344.32\u7f8e\u5143\u56de\u8d2d11.8\u4ebf\u7f8e\u5143\u80a1\u4efd\u53ca3.93\u4ebf\u7f8e\u5143\u80a1\u606f\u3002\u6bcf\u80a1\u8d26\u9762\u4ef7\u503c191.43\u7f8e\u5143\uff0c\u6709\u5f62\u8d26\u9762\u4ef7\u503c126.96\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u5b89\u8fbe\u76c8\u5229\u8d85\u9884\u671f\u4f53\u73b0\u4e1a\u52a1\u76c8\u5229\u80fd\u529b\uff0c\u4f46\u57fa\u7840\u589e\u901f\u8f83\u8868\u9762\u60ca\u559c\u6e29\u548c\u3002\u6838\u5fc3\u7ecf\u8425\u6bcf\u80a1\u76c8\u52297.66\u7f8e\u5143\u9ad8\u4e8e\u9884\u671f\uff0c\u5374\u4ec5\u8f83\u91cd\u5217\u540e\u7684\u53bb\u5e74\u589e\u957f0.8%\u3002\u6838\u5fc3\u7ecf\u8425\u5229\u6da6\u603b\u989d\u4e0b\u964d2.2%\uff0c\u8bf4\u660e\u80a1\u6570\u51cf\u5c11\u652f\u6301\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u3002\u65b0\u6838\u5fc3\u53e3\u5f84\u5254\u9664\u90e8\u5206\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\uff0c\u56e0\u6b64\u987b\u91c7\u7528\u91cd\u5217\u540c\u6bd4\u6570\u636e\uff0c\u624d\u80fd\u4e00\u81f4\u8bc4\u4f30\u8868\u73b0\u3002 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<b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a325\u2013375\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/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-default-div 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 e-default-p\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\">^ 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 U96 SP Sembcorp Industries Ltd Shares held support and closed above the 5dEMA, 10dEMA and 20dEMA with an increase in volume.&nbsp; RSI is turning up, and MACD remains positive.&nbsp; Long \u2013 Entry 5.95, Target 6.22, Stop 5.82&nbsp; BVA SP Top Glove Corporation Bhd. Shares closed [&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-96139","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 21 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore U96 SP Sembcorp Industries Ltd Shares held support and closed above the 5dEMA, 10dEMA and 20dEMA with an increase in volume. RSI is turning up, and MACD remains positive. Long \u2013 Entry 5.95, Target 6.22, Stop 5.82 BVA SP Top\" \/>\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-25-september-2026\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.4\" \/>\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: 21 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 21 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore U96 SP Sembcorp Industries Ltd Shares held support and closed above the 5dEMA, 10dEMA and 20dEMA with an increase in volume. 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RSI is turning up, and MACD remains positive. 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