{"id":96169,"date":"2026-10-22T08:00:33","date_gmt":"2026-10-22T00:00:33","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96169"},"modified":"2026-10-22T12:36:31","modified_gmt":"2026-10-22T04:36:31","slug":"technical-analysis-22-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-22-october-2026\/","title":{"rendered":"Technical Analysis: 22 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96169\" class=\"elementor elementor-96169\" 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: 22 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;\">HKLH SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hongkong Land Holdings Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 8.00, Target 9.00, Stop 7.50<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_HKLH.png\" class=\"attachment-full size-full wp-image-96170\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_HKLH.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_HKLH-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_HKLH-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_HKLH-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-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;\">YZJFH SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Yangzijiang Financial Holding Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 0.20, Target 0.22, Stop 0.19<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_YZJFH.png\" class=\"attachment-full size-full wp-image-96171\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_YZJFH.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_YZJFH-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_YZJFH-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_SG_YZJFH-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-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;\">467 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">United Energy Group Limited.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 near 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 0.44, Target 0.52, Stop 0.40<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_467.png\" class=\"attachment-full size-full wp-image-96172\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_467.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_467-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_467-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_467-768x460.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-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;\">China Qinfa Group Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 on 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 1.88, Target 2.40, Stop 1.58.<\/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=\"1532\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_6160.png\" class=\"attachment-full size-full wp-image-96173\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_6160.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_6160-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_6160-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct_HK_6160-768x460.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 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;\">TXN US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Texas Instruments Incorporated<\/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>Both RSI and MACD are constructive. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 280, Target 320, Stop 260 <\/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_22Oct2026_US_TXN.png\" class=\"attachment-full size-full wp-image-96201\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_TXN.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_TXN-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_TXN-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_TXN-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;\">ADI US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Analog Devices, Inc.<\/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>Both RSI and MACD are constructive. <\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 400, Target 440, Stop 380 <\/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_22Oct2026_US_ADI.png\" class=\"attachment-full size-full wp-image-96202\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_ADI.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_ADI-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_ADI-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_22Oct2026_US_ADI-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>Abbott Laboratories (ABT)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$13.013bn, +14.5% YoY reported and +7.0% comparable; approximately US$20m above consensus.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted diluted EPS US$1.42, +9.2% YoY from US$1.30; beat US$1.41 consensus by US$0.01. GAAP EPS US$0.53 versus US$0.94, down 43.6%.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>New Q4 adjusted EPS guidance US$1.62\u20131.67. The company did not provide numerical Q4 revenue guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>Adjusted EPS tightened to US$5.50\u20135.55 from US$5.45\u20135.60; midpoint unchanged at US$5.525. Comparable sales growth reduced to approximately 6.0% from 6.5\u20137.5%.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Quarterly dividend US$0.63\/share, payable 16 November to shareholders of record on 15 October. No new buyback programme announced in the reviewed earnings release.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Abbott delivered a modest earnings beat, but the lower sales-growth outlook keeps our near-term view neutral. The unchanged EPS midpoint indicates that margin management can cushion softer revenue without yet establishing a stronger profit trajectory. Reported growth substantially exceeded comparable growth, so the headline increase should not be extrapolated as underlying demand. Medical devices remain central to the investment case, while the segment mix matters: nutrition and diagnostics exceeded expectations, whereas devices and established pharmaceuticals fell slightly short. Libre Duo&#8217;s approval supports the product pipeline, but commercial adoption must translate into sustained comparable growth. The gap between adjusted and GAAP earnings also deserves attention, with legal settlements and intangible amortisation among the excluded costs. These items do not erase operating progress, but they affect the economic return available to shareholders. The planned nutrition separation adds a potential portfolio catalyst alongside execution uncertainty; the investment case should rest on the remaining businesses&#8217; earnings and cash generation rather than an assumed separation premium. At 2:54pm ET on 21 October, shares traded at US$98.99, down 3.38%; this was an intraday observation. Around 18 times the revised EPS midpoint, valuation is more reasonable, although an upgrade requires firmer device growth and confidence that the reduced sales target is achievable. <b>4Q26 recommended trading range: US$90\u2013110. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u96c5\u57f9 (ABT)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u8425\u6536130.13\u4ebf\u7f8e\u5143\uff0c\u62a5\u544a\u53e3\u5f84\u540c\u6bd4\u589e14.5%\uff0c\u53ef\u6bd4\u53e3\u5f84\u589e7.0%\uff1b\u8f83\u5e02\u573a\u9884\u671f\u9ad8\u7ea62,000\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\u52291.42\u7f8e\u5143\uff0c\u8f83\u53bb\u5e741.30\u7f8e\u5143\u589e\u957f9.2%\uff1b\u8f831.41\u7f8e\u5143\u9884\u671f\u9ad80.01\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.53\u7f8e\u5143\uff0c\u53bb\u5e740.94\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d43.6%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u589e\u7b2c\u56db\u5b63\u5ea6\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u6307\u5f151.62\u20131.67\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u91cf\u5316\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u75315.45\u20135.60\u7f8e\u5143\u6536\u7a84\u81f35.50\u20135.55\u7f8e\u5143\uff0c\u4e2d\u503c\u7ef4\u63015.525\u7f8e\u5143\u3002\u53ef\u6bd4\u6536\u5165\u589e\u901f\u75316.5\u20137.5%\u4e0b\u8c03\u81f3\u7ea66.0%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.63\u7f8e\u5143\uff0c11\u670816\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e5\u4e3a10\u670815\u65e5\u3002\u6240\u5ba1\u9605\u8d22\u62a5\u672a\u5ba3\u5e03\u65b0\u7684\u56de\u8d2d\u8ba1\u5212\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u96c5\u57f9\u76c8\u5229\u5c0f\u5e45\u8d85\u9884\u671f\uff0c\u4f46\u6536\u5165\u589e\u901f\u6307\u5f15\u4e0b\u8c03\uff0c\u56e0\u6b64\u6211\u4eec\u7ef4\u6301\u77ed\u671f\u4e2d\u6027\u5224\u65ad\u3002\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u4e0d\u53d8\uff0c\u8bf4\u660e\u5229\u6da6\u7387\u7ba1\u7406\u80fd\u591f\u7f13\u51b2\u6536\u5165\u653e\u7f13\uff0c\u4f46\u5c1a\u672a\u5f62\u6210\u66f4\u5f3a\u7684\u76c8\u5229\u589e\u957f\u8d8b\u52bf\u3002\u62a5\u544a\u53e3\u5f84\u589e\u901f\u660e\u663e\u9ad8\u4e8e\u53ef\u6bd4\u589e\u901f\uff0c\u4e0d\u5b9c\u5c06\u8868\u9762\u589e\u957f\u76f4\u63a5\u89c6\u4e3a\u57fa\u7840\u9700\u6c42\u3002\u533b\u7597\u5668\u68b0\u4ecd\u662f\u6295\u8d44\u903b\u8f91\u7684\u6838\u5fc3\uff0c\u4e1a\u52a1\u7ec4\u5408\u8868\u73b0\u5219\u503c\u5f97\u5173\u6ce8\uff1a\u8425\u517b\u54c1\u53ca\u8bca\u65ad\u4e1a\u52a1\u4f18\u4e8e\u9884\u671f\uff0c\u5668\u68b0\u53ca\u6210\u719f\u836f\u54c1\u4e1a\u52a1\u7565\u4f4e\u4e8e\u9884\u671f\u3002Libre Duo\u83b7\u6279\u652f\u6301\u4ea7\u54c1\u50a8\u5907\uff0c\u4f46\u5546\u4e1a\u63a8\u5e7f\u4ecd\u987b\u8f6c\u5316\u4e3a\u6301\u7eed\u53ef\u6bd4\u589e\u957f\u3002\u8c03\u6574\u540e\u4e0eGAAP\u76c8\u5229\u5dee\u8ddd\u4e5f\u5e94\u91cd\u89c6\uff0c\u5254\u9664\u9879\u76ee\u5305\u62ec\u6cd5\u5f8b\u548c\u89e3\u8d39\u7528\u53ca\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\u3002\u8fd9\u4e9b\u8d39\u7528\u4e0d\u5426\u5b9a\u7ecf\u8425\u6539\u5584\uff0c\u5374\u5f71\u54cd\u80a1\u4e1c\u5b9e\u9645\u7ecf\u6d4e\u56de\u62a5\u3002\u62df\u5206\u62c6\u8425\u517b\u4e1a\u52a1\u53ef\u80fd\u5e26\u6765\u7ec4\u5408\u8c03\u6574\u50ac\u5316\u5242\uff0c\u540c\u65f6\u589e\u52a0\u6267\u884c\u4e0d\u786e\u5b9a\u6027\uff1b\u6295\u8d44\u5224\u65ad\u5e94\u57fa\u4e8e\u5269\u4f59\u4e1a\u52a1\u76c8\u5229\u53ca\u73b0\u91d1\u521b\u9020\uff0c\u800c\u975e\u9884\u8bbe\u5206\u62c6\u6ea2\u4ef7\u300210\u670821\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53482\u65f654\u5206\uff0c\u80a1\u4ef798.99\u7f8e\u5143\uff0c\u8dcc3.38%\uff0c\u5c5e\u4e8e\u76d8\u4e2d\u89c2\u5bdf\u3002\u6309\u4fee\u8ba2\u540e\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u8ba1\u7b97\uff0c\u4f30\u503c\u7ea618\u500d\uff0c\u5df2\u8f83\u5408\u7406\uff0c\u4f46\u4e0a\u8c03\u5c55\u671b\u4ecd\u9700\u8981\u5668\u68b0\u589e\u957f\u6539\u5584\uff0c\u5e76\u786e\u8ba4\u964d\u4f4e\u540e\u7684\u6536\u5165\u76ee\u6807\u80fd\u591f\u5b9e\u73b0\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u2013110\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Philip Morris International Inc. (PM)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>Net revenue US$11.438bn, +5.5% YoY and +7.1% organically; beat US$11.28bn LSEG consensus by approximately US$158m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Adjusted diluted EPS US$2.36, +5.4% YoY and +5.8% excluding currency; beat Seeking Alpha consensus US$2.32 by US$0.04. Reported EPS US$2.12, down 4.9%.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>The company did not provide standalone numerical Q4 revenue or EPS guidance. Management expects international smoke-free growth to reaccelerate, alongside higher U.S. investment and energy-related costs.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>Adjusted EPS US$8.29\u20138.44 versus US$8.35\u20138.50 previously, a US$0.06 currency-only reduction. Ex-currency EPS US$8.11\u20138.26 unchanged. Organic revenue growth 5\u20137% and operating-income growth 7\u20139% retained; operating cash flow around US$13.5bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Quarterly dividend increased 8.8% to US$1.60\/share. FY26 forecast assumes no share repurchases; capex US$1.4\u20131.6bn and year-end net debt\/adjusted EBITDA targeted close to 2.0x.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Philip Morris remains a positive operating story despite the currency-related EPS reduction. Smoke-free products now contribute more than 40% of quarterly net revenue, while pricing and resilient combustible demand continue to finance the transition. Total shipments increased only modestly, so the ability to sustain pricing and improve product mix remains important to earnings growth. Organic revenue growth exceeded reported growth, and management retained its underlying EPS range; the lower dollar forecast therefore does not by itself indicate a weaker operating plan. However, investment in ZYN and higher energy and logistics costs constrain the near-term profit conversion. Management&#8217;s preference for the middle or upper half of its revenue range, but the middle or lower half of operating-income growth, makes this trade-off explicit. Our positive outlook rests on continued smoke-free adoption, cash generation and deleveraging rather than an immediate acceleration in EPS. The dividend increase adds support, although the absence of buybacks means operating delivery must carry the earnings case. Shares closed at US$197.51 on 21 October, down 1.20%. At approximately 23.6 times the adjusted EPS midpoint, the valuation already recognises the quality of the franchise. We would monitor international smoke-free reacceleration, U.S. investment returns and whether cost pressure persists beyond the fourth quarter before paying a higher multiple. <b>4Q26 recommended trading range: US$185\u2013215. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645 (PM)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u51c0\u6536\u5165114.38\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e5.5%\uff0c\u6709\u673a\u589e\u957f7.1%\uff1b\u8f83LSEG\u5e02\u573a\u9884\u671f112.8\u4ebf\u7f8e\u5143\u9ad8\u7ea61.58\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>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52292.36\u7f8e\u5143\uff0c\u540c\u6bd4\u589e5.4%\uff0c\u5254\u9664\u6c47\u7387\u589e5.8%\uff1b\u8f83Seeking Alpha\u9884\u671f2.32\u7f8e\u5143\u9ad80.04\u7f8e\u5143\u3002\u62a5\u544a\u6bcf\u80a1\u76c8\u52292.12\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d4.9%\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\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u56fd\u9645\u65e0\u70df\u4e1a\u52a1\u589e\u957f\u518d\u52a0\u5feb\uff0c\u540c\u65f6\u7f8e\u56fd\u6295\u5165\u53ca\u80fd\u6e90\u76f8\u5173\u6210\u672c\u4e0a\u5347\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u75318.35\u20138.50\u7f8e\u5143\u4e0b\u8c03\u81f38.29\u20138.44\u7f8e\u5143\uff0c\u4ec5\u53cd\u6620\u6c47\u7387\u5f71\u54cd0.06\u7f8e\u5143\u3002\u5254\u9664\u6c47\u7387\u533a\u95f48.11\u20138.26\u7f8e\u5143\u4e0d\u53d8\u3002\u6709\u673a\u6536\u5165\u589e\u957f5\u20137%\u3001\u7ecf\u8425\u5229\u6da6\u589e\u957f7\u20139%\u4e0d\u53d8\uff1b\u7ecf\u8425\u73b0\u91d1\u6d41\u7ea6135\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u606f\u63d0\u9ad88.8%\u81f3\u6bcf\u80a11.60\u7f8e\u5143\u3002\u5168\u5e74\u9884\u6d4b\u5047\u8bbe\u4e0d\u56de\u8d2d\u80a1\u4efd\uff1b\u8d44\u672c\u5f00\u652f14\u201316\u4ebf\u7f8e\u5143\uff0c\u76ee\u6807\u5e74\u5e95\u51c0\u503a\u52a1\u4e0e\u7ecf\u8c03\u6574EBITDA\u6bd4\u7387\u63a5\u8fd12.0\u500d\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u5c3d\u7ba1\u6c47\u7387\u5bfc\u81f4\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u4e0b\u8c03\uff0c\u83f2\u83ab\u7684\u7ecf\u8425\u903b\u8f91\u4ecd\u7136\u6b63\u9762\u3002\u65e0\u70df\u4ea7\u54c1\u5df2\u8d21\u732e\u5b63\u5ea6\u51c0\u6536\u5165\u903e40%\uff0c\u5b9a\u4ef7\u80fd\u529b\u53ca\u4f20\u7edf\u5377\u70df\u9700\u6c42\u97e7\u6027\u7ee7\u7eed\u4e3a\u8f6c\u578b\u63d0\u4f9b\u8d44\u91d1\u3002\u603b\u51fa\u8d27\u91cf\u4ec5\u6e29\u548c\u589e\u957f\uff0c\u56e0\u6b64\u6301\u7eed\u63d0\u4ef7\u53ca\u6539\u5584\u4ea7\u54c1\u7ec4\u5408\u4ecd\u662f\u76c8\u5229\u589e\u957f\u7684\u91cd\u8981\u6761\u4ef6\u3002\u6709\u673a\u6536\u5165\u589e\u901f\u9ad8\u4e8e\u62a5\u544a\u589e\u901f\uff0c\u7ba1\u7406\u5c42\u7ef4\u6301\u57fa\u7840\u76c8\u5229\u533a\u95f4\uff0c\u7f8e\u5143\u6307\u5f15\u4e0b\u8c03\u672c\u8eab\u5e76\u4e0d\u4ee3\u8868\u7ecf\u8425\u8ba1\u5212\u6076\u5316\u3002\u7136\u800c\uff0cZYN\u6295\u5165\u589e\u52a0\u4ee5\u53ca\u80fd\u6e90\u548c\u7269\u6d41\u6210\u672c\u4e0a\u5347\uff0c\u9650\u5236\u77ed\u671f\u5229\u6da6\u8f6c\u5316\u3002\u7ba1\u7406\u5c42\u503e\u5411\u6536\u5165\u589e\u901f\u843d\u5728\u6307\u5f15\u4e2d\u503c\u81f3\u4e0a\u534a\u533a\u95f4\uff0c\u800c\u7ecf\u8425\u5229\u6da6\u589e\u901f\u843d\u5728\u4e2d\u503c\u81f3\u4e0b\u534a\u533a\u95f4\uff0c\u5df2\u660e\u786e\u4f53\u73b0\u8fd9\u4e00\u6743\u8861\u3002\u6211\u4eec\u7684\u6b63\u9762\u5224\u65ad\u57fa\u4e8e\u65e0\u70df\u4ea7\u54c1\u91c7\u7528\u3001\u73b0\u91d1\u521b\u9020\u53ca\u53bb\u6760\u6746\uff0c\u5e76\u975e\u9884\u671f\u76c8\u5229\u7acb\u5373\u52a0\u901f\u3002\u80a1\u606f\u63d0\u9ad8\u63d0\u4f9b\u652f\u6301\uff0c\u4f46\u6ca1\u6709\u56de\u8d2d\u610f\u5473\u7740\u76c8\u5229\u903b\u8f91\u66f4\u4f9d\u8d56\u7ecf\u8425\u4ea4\u4ed8\u300210\u670821\u65e5\u80a1\u4ef7\u6536\u62a5197.51\u7f8e\u5143\uff0c\u4e0b\u8dcc1.20%\u3002\u6309\u7ecf\u8c03\u6574\u76c8\u5229\u6307\u5f15\u4e2d\u503c\u8ba1\u7b97\u7ea623.6\u500d\uff0c\u5df2\u53cd\u6620\u4e1a\u52a1\u8d28\u91cf\u3002\u8fdb\u4e00\u6b65\u63d0\u9ad8\u4f30\u503c\u524d\uff0c\u5e94\u89c2\u5bdf\u56fd\u9645\u65e0\u70df\u589e\u957f\u518d\u52a0\u5feb\u3001\u7f8e\u56fd\u6295\u5165\u56de\u62a5\uff0c\u4ee5\u53ca\u6210\u672c\u538b\u529b\u662f\u5426\u5ef6\u7eed\u81f3\u7b2c\u56db\u5b63\u5ea6\u4e4b\u540e\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a185\u2013215\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Tesla Inc. (TSLA)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$28.046bn, down 0.2% YoY from US$28.095bn; approximately US$294m below US$28.34bn consensus.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Non-GAAP diluted EPS US$0.48, down 4.0% YoY from US$0.50; beat US$0.45 consensus by US$0.03. GAAP EPS US$0.22 versus US$0.39, down 43.6%.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>The company did not provide numerical Q4 revenue or EPS guidance. Product ramps and autonomy deployment remain qualitative operating priorities.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>The company did not provide numerical FY26 revenue or EPS guidance. Management reduced FY26 capital-spending expectations to approximately US$20bn from US$25bn on the earnings call.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>No cash dividend or share-buyback programme announced in the reviewed results. Cash and short-term investments US$45.447bn; Q3 operating cash flow US$6.263bn, capex US$4.732bn and free cash flow US$1.531bn.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Tesla&#8217;s positive free cash flow offers relief, but the quarter does not yet establish a durable earnings recovery. Automotive gross margin excluding regulatory credits improved to approximately 18.1%, supported by the product and software mix. Yet revenue was broadly flat, and operating income fell to US$718m as research and development spending increased. Investors therefore need evidence that stronger unit economics can fund the expanding AI and robotics agenda without repeated pressure on cash. Lower capital spending contributed to the cash-flow surprise; this improves near-term funding flexibility but also raises questions about project timing. The balance sheet provides capacity to invest, although cash generation should be assessed alongside working-capital movements and future spending requirements. We regard autonomy and robotics as potential sources of value, with commercial returns still requiring validation. Possible SpaceX merger discussions add another source of volatility, without agreed transaction terms to incorporate into valuation. Shares were reported down approximately 3.2% in after-hours trading on 21 October following an initially mixed reaction. Our outlook is neutral: improved cash flow and automotive margins balance weaker operating profit and a demanding valuation. The proposed range uses revenue rather than depressed current earnings, but it still assumes a substantial premium for future businesses. Key checks are sustainable margins, recurring software revenue and the pace of cash investment. <b>4Q26 recommended trading range: US$350\u2013420. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u7279\u65af\u62c9 (TSLA)<\/b><\/p>\n<p>2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8d22\u62a5\u66f4\u65b0 | \u622a\u81f32026\u5e7410\u670822\u65e5<\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165280.46\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74280.95\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d0.2%\uff1b\u8f83283.4\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea62.94\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\u52290.48\u7f8e\u5143\uff0c\u53bb\u5e740.50\u7f8e\u5143\uff0c\u540c\u6bd4\u964d4.0%\uff1b\u8f830.45\u7f8e\u5143\u9884\u671f\u9ad80.03\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.22\u7f8e\u5143\uff0c\u53bb\u5e740.39\u7f8e\u5143\uff0c\u4e0b\u964d43.6%\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\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u4ea7\u54c1\u4ea7\u80fd\u722c\u5761\u53ca\u81ea\u52a8\u9a7e\u9a76\u90e8\u7f72\u4ecd\u5c5e\u4e8e\u5b9a\u6027\u7ecf\u8425\u91cd\u70b9\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u5728\u7535\u8bdd\u4f1a\u4e0a\u5c06\u5168\u5e74\u8d44\u672c\u5f00\u652f\u9884\u671f\u7531250\u4ebf\u7f8e\u5143\u4e0b\u8c03\u81f3\u7ea6200\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u6240\u5ba1\u9605\u4e1a\u7ee9\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u6216\u80a1\u4efd\u56de\u8d2d\u8ba1\u5212\u3002\u73b0\u91d1\u53ca\u77ed\u671f\u6295\u8d44454.47\u4ebf\u7f8e\u5143\uff1b\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d4162.63\u4ebf\u7f8e\u5143\u3001\u8d44\u672c\u5f00\u652f47.32\u4ebf\u7f8e\u5143\u3001\u81ea\u7531\u73b0\u91d1\u6d4115.31\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u81ea\u7531\u73b0\u91d1\u6d41\u8f6c\u6b63\u7f13\u89e3\u4e86\u7279\u65af\u62c9\u7684\u8d44\u91d1\u62c5\u5fe7\uff0c\u4f46\u672c\u5b63\u5ea6\u5c1a\u672a\u786e\u8ba4\u6301\u7eed\u76c8\u5229\u590d\u82cf\u3002\u5254\u9664\u76d1\u7ba1\u79ef\u5206\u7684\u6c7d\u8f66\u6bdb\u5229\u7387\u6539\u5584\u81f3\u7ea618.1%\uff0c\u5f97\u5230\u4ea7\u54c1\u53ca\u8f6f\u4ef6\u7ec4\u5408\u652f\u6301\u3002\u7136\u800c\uff0c\u6536\u5165\u5927\u81f4\u6301\u5e73\uff0c\u7814\u53d1\u5f00\u652f\u589e\u52a0\u4ee4\u7ecf\u8425\u5229\u6da6\u964d\u81f37.18\u4ebf\u7f8e\u5143\u3002\u6295\u8d44\u8005\u4ecd\u987b\u786e\u8ba4\u5355\u4f4d\u7ecf\u6d4e\u6027\u6539\u5584\u80fd\u5426\u652f\u6301\u4e0d\u65ad\u6269\u5927\u7684\u4eba\u5de5\u667a\u80fd\u53ca\u673a\u5668\u4eba\u8ba1\u5212\uff0c\u5e76\u907f\u514d\u73b0\u91d1\u6301\u7eed\u627f\u538b\u3002\u8d44\u672c\u5f00\u652f\u4f4e\u4e8e\u9884\u671f\u5e2e\u52a9\u73b0\u91d1\u6d41\u8d85\u9884\u671f\uff0c\u6539\u5584\u77ed\u671f\u878d\u8d44\u5f39\u6027\uff0c\u4f46\u4e5f\u5f15\u53d1\u9879\u76ee\u8fdb\u5ea6\u95ee\u9898\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u63d0\u4f9b\u6295\u8d44\u7a7a\u95f4\uff0c\u8bc4\u4f30\u73b0\u91d1\u521b\u9020\u65f6\u4ecd\u987b\u540c\u65f6\u8003\u8651\u8425\u8fd0\u8d44\u91d1\u53d8\u52a8\u53ca\u672a\u6765\u652f\u51fa\u3002\u6211\u4eec\u8ba4\u4e3a\u81ea\u52a8\u9a7e\u9a76\u53ca\u673a\u5668\u4eba\u5177\u6f5c\u5728\u4ef7\u503c\uff0c\u4f46\u5546\u4e1a\u56de\u62a5\u4ecd\u9700\u9a8c\u8bc1\u3002\u4e0eSpaceX\u53ef\u80fd\u5408\u5e76\u7684\u8ba8\u8bba\u589e\u6dfb\u6ce2\u52a8\uff0c\u76ee\u524d\u6ca1\u6709\u5df2\u8bae\u5b9a\u4ea4\u6613\u6761\u6b3e\u53ef\u7eb3\u5165\u4f30\u503c\u300210\u670821\u65e5\u76d8\u540e\u80a1\u4ef7\u636e\u62a5\u9053\u4e0b\u8dcc\u7ea63.2%\uff0c\u6b64\u524d\u521d\u6b65\u53cd\u5e94\u53cd\u590d\u3002\u6211\u4eec\u5c55\u671b\u4e2d\u6027\uff1a\u73b0\u91d1\u6d41\u53ca\u6c7d\u8f66\u6bdb\u5229\u7387\u6539\u5584\uff0c\u4e0e\u7ecf\u8425\u5229\u6da6\u8f6c\u5f31\u53ca\u8f83\u9ad8\u4f30\u503c\u76f8\u4e92\u5e73\u8861\u3002\u5efa\u8bae\u533a\u95f4\u91c7\u7528\u6536\u5165\u800c\u975e\u4f4e\u8ff7\u7684\u5f53\u671f\u76c8\u5229\u4f5c\u4e3a\u53c2\u8003\uff0c\u4f46\u4ecd\u5305\u542b\u5bf9\u672a\u6765\u4e1a\u52a1\u7684\u663e\u8457\u6ea2\u4ef7\u3002\u5e94\u5173\u6ce8\u5229\u6da6\u7387\u53ef\u6301\u7eed\u6027\u3001\u7ecf\u5e38\u6027\u8f6f\u4ef6\u6536\u5165\u53ca\u73b0\u91d1\u6295\u5165\u901f\u5ea6\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a350\u2013420\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Meta Platforms Inc. (META)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$64.601bn, +26.1% YoY; beat approximately US$63.34bn consensus by US$1.261bn.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$3.83 versus US$1.05, +264.8%. Excluding the Q3 litigation charge, EPS US$7.40; above the US$6.76 pre-release consensus by US$0.64 on that adjusted comparison. Prior-year GAAP EPS was depressed by a large tax charge.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>New Q4 revenue guidance US$73\u201376bn, midpoint US$74.5bn; approximately US$850m above US$73.65bn consensus. Tax rate 15\u201317%. The company did not provide Q4 EPS guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>FY26 expenses US$175\u2013179bn including the US$9.89bn legal charge. Capex narrowed to US$135\u2013145bn from US$130\u2013145bn. Reality Labs losses US$18\u201319bn. The company did not provide full-year revenue or EPS guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3 dividends and dividend equivalents US$1.361bn; no Class A share repurchases in Q3. Cash and marketable securities US$82.45bn. Announced nonvoting Class C common stock, effective January 2027.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Meta&#8217;s advertising franchise remains strong, but cash demands and legal exposure keep our outlook neutral. Higher ad impressions and pricing supported revenue growth, and fourth-quarter guidance points to continued commercial momentum. The adjusted earnings figure helps assess that operating strength, while the GAAP growth rate is distorted by different large charges in the two periods. Investors should therefore avoid reading the headline EPS increase as underlying profit acceleration. AI is already supporting engagement and advertising, but incremental revenue must eventually justify the associated capital base. Quarterly operating cash flow was US$32.79bn, yet free cash flow was negative US$2.12bn after capital expenditures and finance-lease principal payments. Raising the lower end of annual capex reinforces the commitment to infrastructure and limits near-term cash returns. Separately, the US$25bn New Mexico privacy penalty announced on 21 October is distinct from the US$9.89bn quarterly litigation charge; its ultimate accounting and cash impact requires further disclosure. The proposed nonvoting share class also makes funding and governance worth monitoring. At 4:59pm ET on 21 October, shares were US$734.80, up 5.19% after hours from US$698.54. We would require evidence of improving cash conversion, controlled legal exposure and profitable AI monetisation before assigning a higher valuation despite the healthy advertising outlook. <b>4Q26 recommended trading range: US$650\u2013800. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>Meta\u5e73\u53f0 (META)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u8425\u6536646.01\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e26.1%\uff1b\u8f83\u7ea6633.4\u4ebf\u7f8e\u5143\u9884\u671f\u9ad812.61\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\u76c8\u52293.83\u7f8e\u5143\uff0c\u53bb\u5e741.05\u7f8e\u5143\uff0c\u589e\u957f264.8%\u3002\u5254\u9664\u672c\u5b63\u8bc9\u8bbc\u8d39\u7528\u540e\u4e3a7.40\u7f8e\u5143\uff0c\u6309\u8be5\u8c03\u6574\u53e3\u5f84\u8f83\u4e1a\u7ee9\u524d6.76\u7f8e\u5143\u9884\u671f\u9ad80.64\u7f8e\u5143\u3002\u53bb\u5e74GAAP\u76c8\u5229\u53d7\u5927\u989d\u7a0e\u9879\u8d39\u7528\u538b\u4f4e\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u589e\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6307\u5f15730\u2013760\u4ebf\u7f8e\u5143\uff0c\u4e2d\u503c745\u4ebf\u7f8e\u5143\uff0c\u6bd4736.5\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea68.5\u4ebf\u7f8e\u5143\uff1b\u7a0e\u738715\u201317%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u5168\u5e74\u8d39\u75281,750\u20131,790\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec98.9\u4ebf\u7f8e\u5143\u6cd5\u5f8b\u8d39\u7528\u3002\u8d44\u672c\u5f00\u652f\u75311,300\u20131,450\u4ebf\u7f8e\u5143\u6536\u7a84\u81f31,350\u20131,450\u4ebf\u7f8e\u5143\u3002Reality Labs\u4e8f\u635f180\u2013190\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\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>\u5b63\u5ea6\u80a1\u606f\u53ca\u80a1\u606f\u7b49\u4ef7\u726913.61\u4ebf\u7f8e\u5143\uff1b\u5b63\u5ea6\u672a\u56de\u8d2dA\u7c7b\u80a1\u4efd\u3002\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u5238824.5\u4ebf\u7f8e\u5143\u3002\u5ba3\u5e03\u8bbe\u7acb\u65e0\u6295\u7968\u6743C\u7c7b\u666e\u901a\u80a1\uff0c2027\u5e741\u6708\u751f\u6548\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>Meta\u5e7f\u544a\u4e1a\u52a1\u4ecd\u7136\u5f3a\u52b2\uff0c\u4f46\u73b0\u91d1\u9700\u6c42\u53ca\u6cd5\u5f8b\u98ce\u9669\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u5c55\u671b\u3002\u5e7f\u544a\u5c55\u793a\u91cf\u53ca\u4ef7\u683c\u4e0a\u5347\u652f\u6301\u6536\u5165\u589e\u957f\uff0c\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\u4ea6\u663e\u793a\u5546\u4e1a\u52a8\u80fd\u5ef6\u7eed\u3002\u8c03\u6574\u540e\u76c8\u5229\u6709\u52a9\u8bc4\u4f30\u7ecf\u8425\u5b9e\u529b\uff0c\u4f46\u4e24\u671f\u4e0d\u540c\u7684\u5927\u989d\u8d39\u7528\u626d\u66f2GAAP\u540c\u6bd4\u589e\u957f\uff0c\u56e0\u6b64\u4e0d\u5e94\u5c06\u8868\u9762\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u7406\u89e3\u4e3a\u57fa\u7840\u5229\u6da6\u52a0\u901f\u3002\u4eba\u5de5\u667a\u80fd\u5df2\u652f\u6301\u7528\u6237\u53c2\u4e0e\u53ca\u5e7f\u544a\u8868\u73b0\uff0c\u4f46\u65b0\u589e\u6536\u5165\u6700\u7ec8\u987b\u4e3a\u76f8\u5e94\u8d44\u672c\u6295\u5165\u63d0\u4f9b\u5408\u7406\u56de\u62a5\u3002\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d41327.9\u4ebf\u7f8e\u5143\uff0c\u6263\u9664\u8d44\u672c\u5f00\u652f\u53ca\u878d\u8d44\u79df\u8d41\u672c\u91d1\u540e\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f21.2\u4ebf\u7f8e\u5143\u3002\u63d0\u9ad8\u5168\u5e74\u8d44\u672c\u5f00\u652f\u4e0b\u9650\u8fdb\u4e00\u6b65\u4f53\u73b0\u57fa\u7840\u8bbe\u65bd\u6295\u5165\u529b\u5ea6\uff0c\u5e76\u9650\u5236\u77ed\u671f\u73b0\u91d1\u56de\u62a5\u3002\u53e6\u5916\uff0c10\u670821\u65e5\u516c\u5e03\u7684\u65b0\u58a8\u897f\u54e5\u5dde250\u4ebf\u7f8e\u5143\u9690\u79c1\u7f5a\u6b3e\uff0c\u6709\u522b\u4e8e\u672c\u5b63\u5ea698.9\u4ebf\u7f8e\u5143\u8bc9\u8bbc\u8d39\u7528\uff1b\u6700\u7ec8\u4f1a\u8ba1\u53ca\u73b0\u91d1\u5f71\u54cd\u4ecd\u5f85\u66f4\u591a\u62ab\u9732\u3002\u62df\u8bbe\u65e0\u6295\u7968\u6743\u80a1\u4efd\u4e5f\u4f7f\u878d\u8d44\u65b9\u5f0f\u53ca\u6cbb\u7406\u503c\u5f97\u5173\u6ce8\u300210\u670821\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53484\u65f659\u5206\uff0c\u76d8\u540e\u80a1\u4ef7734.80\u7f8e\u5143\uff0c\u8f83\u6536\u76d8698.54\u7f8e\u5143\u4e0a\u6da85.19%\u3002\u5c3d\u7ba1\u5e7f\u544a\u524d\u666f\u5065\u5eb7\uff0c\u6211\u4eec\u4ecd\u9700\u8981\u73b0\u91d1\u8f6c\u5316\u6539\u5584\u3001\u6cd5\u5f8b\u98ce\u9669\u53d7\u63a7\u53ca\u4eba\u5de5\u667a\u80fd\u5b9e\u73b0\u76c8\u5229\u53d8\u73b0\u7684\u8bc1\u636e\uff0c\u624d\u4f1a\u8d4b\u4e88\u66f4\u9ad8\u4f30\u503c\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a650\u2013800\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>International Business Machines Corp. (IBM)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$17.103bn, +4.7% YoY and approximately +6% at constant currency; beat US$16.84bn consensus by US$263m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>Operating non-GAAP diluted EPS US$2.95 versus US$2.65, +11.3%; beat US$2.87 consensus by US$0.08. GAAP continuing-operations EPS US$2.31 versus US$1.84, +25.5%; total EPS US$2.30.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>The company did not provide standalone numerical Q4 revenue or EPS guidance in its earnings release.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>Constant-currency revenue growth of 4\u20135% reaffirmed. Free cash flow now expected to increase by more than US$1bn YoY, versus approximately US$1bn previously. Currency expected neutral to full-year revenue growth. No numerical full-year EPS guidance provided.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Quarterly dividend US$1.69\/share, payable 10 December to holders of record on 10 November. Q3 dividends US$1.6bn. No new buyback authorisation announced in the release.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>IBM&#8217;s stronger software growth and higher cash-flow outlook support a positive view, although the recovery remains uneven. Revenue acceleration indicates that the weak second quarter did not become a broader deterioration. Software led the improvement, with Red Hat and data products supporting demand, while distributed infrastructure offset the mainframe-cycle decline. Consulting remained flat on a reported basis, so the quarter does not establish a broad enterprise-services rebound. Profit quality is better assessed through operating earnings than the larger GAAP increase, which benefited from the absence of a prior-year tax charge. Even on the adjusted basis, gross margin declined slightly, making operating-cost discipline important to the earnings outcome. Stronger quarterly free cash flow and the upgraded annual target provide more tangible support than the AI narrative alone. However, acquisitions and the higher debt balance mean cash allocation should remain disciplined. Our positive outlook is conditional on software momentum continuing into the seasonally important fourth quarter and on cash conversion supporting the dividend without sacrificing investment. At 4:59pm ET on 21 October, shares were US$258.75, up 2.93% after hours from US$251.38. Around 22 times annualised quarterly operating EPS, the stock allows room for recovery but already requires reliable delivery. We would monitor software deal conversion, consulting demand and the margin contribution from the changing infrastructure mix. <b>4Q26 recommended trading range: US$240\u2013280. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u56fd\u9645\u5546\u4e1a\u673a\u5668\u516c\u53f8 (IBM)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u6536\u5165171.03\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e4.7%\uff0c\u56fa\u5b9a\u6c47\u7387\u589e\u7ea66%\uff1b\u8f83168.4\u4ebf\u7f8e\u5143\u9884\u671f\u9ad82.63\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>\u7ecf\u8425\u53e3\u5f84\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52292.95\u7f8e\u5143\uff0c\u53bb\u5e742.65\u7f8e\u5143\uff0c\u589e11.3%\uff1b\u8f832.87\u7f8e\u5143\u9884\u671f\u9ad80.08\u7f8e\u5143\u3002GAAP\u6301\u7eed\u7ecf\u8425\u6bcf\u80a1\u76c8\u52292.31\u7f8e\u5143\uff0c\u53bb\u5e741.84\u7f8e\u5143\uff0c\u589e25.5%\uff1b\u603b\u6bcf\u80a1\u76c8\u52292.30\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u5728\u8d22\u62a5\u4e2d\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\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>\u7ef4\u6301\u56fa\u5b9a\u6c47\u7387\u6536\u5165\u589e\u957f4\u20135%\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u7531\u6b64\u524d\u9884\u8ba1\u540c\u6bd4\u589e\u52a0\u7ea610\u4ebf\u7f8e\u5143\uff0c\u4e0a\u8c03\u4e3a\u589e\u52a0\u8d85\u8fc710\u4ebf\u7f8e\u5143\u3002\u6c47\u7387\u5bf9\u5168\u5e74\u6536\u5165\u589e\u957f\u9884\u8ba1\u4e2d\u6027\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a11.69\u7f8e\u5143\uff0c12\u670810\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670810\u65e5\u3002\u5b63\u5ea6\u6d3e\u606f16\u4ebf\u7f8e\u5143\u3002\u8d22\u62a5\u672a\u5ba3\u5e03\u65b0\u7684\u56de\u8d2d\u6388\u6743\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u8f6f\u4ef6\u589e\u957f\u6539\u5584\u53ca\u73b0\u91d1\u6d41\u6307\u5f15\u63d0\u9ad8\u652f\u6301\u6211\u4eec\u5bf9IBM\u7684\u6b63\u9762\u5224\u65ad\uff0c\u4f46\u590d\u82cf\u4ecd\u4e0d\u5747\u8861\u3002\u6536\u5165\u589e\u901f\u56de\u5347\uff0c\u8bf4\u660e\u7b2c\u4e8c\u5b63\u5ea6\u75b2\u5f31\u672a\u6f14\u53d8\u4e3a\u66f4\u5e7f\u6cdb\u6076\u5316\u3002\u8f6f\u4ef6\u4e1a\u52a1\u5f15\u9886\u6539\u5584\uff0cRed Hat\u53ca\u6570\u636e\u4ea7\u54c1\u652f\u6301\u9700\u6c42\uff0c\u5206\u5e03\u5f0f\u57fa\u7840\u8bbe\u65bd\u62b5\u6d88\u5927\u578b\u4e3b\u673a\u5468\u671f\u4e0b\u6ed1\u3002\u54a8\u8be2\u4e1a\u52a1\u62a5\u544a\u6536\u5165\u6301\u5e73\uff0c\u56e0\u6b64\u5c1a\u4e0d\u8db3\u4ee5\u786e\u8ba4\u4f01\u4e1a\u670d\u52a1\u5168\u9762\u590d\u82cf\u3002\u76c8\u5229\u8d28\u91cf\u5b9c\u53c2\u8003\u7ecf\u8425\u53e3\u5f84\uff0c\u800c\u975e\u66f4\u9ad8\u7684GAAP\u540c\u6bd4\u589e\u5e45\uff0c\u540e\u8005\u53d7\u53bb\u5e74\u7a0e\u9879\u8d39\u7528\u4e0d\u518d\u51fa\u73b0\u6240\u5e2e\u52a9\u3002\u5373\u4f7f\u91c7\u7528\u8c03\u6574\u53e3\u5f84\uff0c\u6bdb\u5229\u7387\u4e5f\u7565\u964d\uff0c\u4f7f\u7ecf\u8425\u6210\u672c\u63a7\u5236\u5bf9\u76c8\u5229\u7ed3\u679c\u66f4\u91cd\u8981\u3002\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u6539\u5584\u53ca\u5168\u5e74\u76ee\u6807\u4e0a\u8c03\uff0c\u4e3a\u6295\u8d44\u903b\u8f91\u63d0\u4f9b\u6bd4\u4eba\u5de5\u667a\u80fd\u53d9\u4e8b\u66f4\u5177\u4f53\u7684\u652f\u6301\u3002\u4f46\u6536\u8d2d\u6295\u5165\u53ca\u8f83\u9ad8\u503a\u52a1\u6c34\u5e73\u8981\u6c42\u73b0\u91d1\u914d\u7f6e\u4fdd\u6301\u7eaa\u5f8b\u3002\u6211\u4eec\u7684\u6b63\u9762\u5c55\u671b\u4ee5\u8f6f\u4ef6\u52a8\u80fd\u5ef6\u7eed\u81f3\u5b63\u8282\u6027\u91cd\u8981\u7684\u7b2c\u56db\u5b63\u5ea6\uff0c\u4ee5\u53ca\u73b0\u91d1\u8f6c\u5316\u5728\u7ef4\u6301\u6295\u8d44\u7684\u540c\u65f6\u652f\u6301\u80a1\u606f\u4e3a\u524d\u63d0\u300210\u670821\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53484\u65f659\u5206\uff0c\u76d8\u540e\u80a1\u4ef7258.75\u7f8e\u5143\uff0c\u8f83251.38\u7f8e\u5143\u6536\u76d8\u4ef7\u4e0a\u6da82.93%\u3002\u6309\u5b63\u5ea6\u7ecf\u8425\u76c8\u5229\u5e74\u5316\u8ba1\u7b97\u7ea622\u500d\uff0c\u4f30\u503c\u5bb9\u8bb8\u590d\u82cf\u7a7a\u95f4\uff0c\u4f46\u4ea6\u8981\u6c42\u7a33\u5b9a\u4ea4\u4ed8\u3002\u5e94\u89c2\u5bdf\u8f6f\u4ef6\u8ba2\u5355\u8f6c\u6536\u5165\u3001\u54a8\u8be2\u9700\u6c42\uff0c\u4ee5\u53ca\u57fa\u7840\u8bbe\u65bd\u7ec4\u5408\u53d8\u5316\u5bf9\u5229\u6da6\u7387\u7684\u5f71\u54cd\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a240\u2013280\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Lam Research Corp. (LRCX)<\/b><\/p>\n<ul>\n<li><b>1Q27 Revenue: <\/b>FY27 Q1 revenue US$8.219bn, +54.4% YoY and +22.3% QoQ; approximately US$119m above US$8.10bn consensus.<\/li>\n<\/ul>\n<ul>\n<li><b>1Q27 EPS: <\/b>Non-GAAP diluted EPS US$2.20, +74.6% YoY from US$1.26; beat US$2.18 consensus by US$0.02. GAAP EPS US$2.19 versus US$1.24, +76.6%.<\/li>\n<\/ul>\n<ul>\n<li><b>2Q27 Guidance: <\/b>December quarter \/ FY27 Q2 revenue US$8.6bn \u00b1 US$400m; non-GAAP EPS US$2.33 \u00b1 US$0.15. Non-GAAP gross margin 52.5% \u00b1 1 percentage point and operating margin 40.5% \u00b1 1 point. New quarterly outlook.<\/li>\n<\/ul>\n<ul>\n<li><b>Full-year Guidance: <\/b>The company did not provide full-year company revenue or EPS guidance. It forecasts calendar-2026 customer-support revenue growth above 30% and calendar-2027 growth above 15%; these are business-unit growth expectations, not group guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>September-quarter repurchases US$1.011bn and cash dividends US$325m. Cash, cash equivalents and restricted cash US$7.451bn; quarterly capex US$258m.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Lam delivered a strong operational quarter, but the small EPS surprise and muted market response favour a neutral near-term stance. AI-related demand and increasing device complexity support deposition and etch spending, and operating margin above 40% demonstrates substantial operating leverage. Systems revenue drove the sequential acceleration, while the customer-support business adds exposure to utilisation and the expanding installed base. That combination is attractive, although support revenue still depends on customer activity and should not be treated as immune to the semiconductor cycle. The December outlook points to further growth, but the pace is slower than the September step-up. Investors appear to have required a larger upward reset after the strong run in expectations. Management&#8217;s preliminary industry-spending view supports a multiyear opportunity, while cleanroom and component constraints can delay conversion into shipments. China represented 35% of quarterly revenue, leaving export restrictions and geographic mix material to the outlook. Cash generation and shareholder returns provide support, but they cannot remove customer-capex concentration. At 4:59pm ET on 21 October, shares traded at US$247.50, down 5.06% after hours from US$260.70. A more positive stance would require stronger order conversion and evidence that margins can hold as capacity expands, rather than relying solely on a higher industry-spending forecast. <b>4Q26 recommended trading range: US$225\u2013270. Neutral Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u6cdb\u6797\u96c6\u56e2 (LRCX)<\/b><\/p>\n<ul>\n<li><b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u516582.19\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e54.4%\uff0c\u73af\u6bd4\u589e22.3%\uff1b\u8f8381\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.19\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>27\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/b>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52292.20\u7f8e\u5143\uff0c\u53bb\u5e741.26\u7f8e\u5143\uff0c\u540c\u6bd4\u589e74.6%\uff1b\u8f832.18\u7f8e\u5143\u9884\u671f\u9ad80.02\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52292.19\u7f8e\u5143\uff0c\u53bb\u5e741.24\u7f8e\u5143\uff0c\u589e\u957f76.6%\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>27\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>12\u6708\u5b63\u5ea6\u537327\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u516586\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a84\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52292.33\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a80.15\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u738752.5%\uff0c\u7ecf\u8425\u5229\u6da6\u738740.5%\uff0c\u5747\u4e0a\u4e0b\u6d6e\u52a81\u4e2a\u767e\u5206\u70b9\u3002\u5c5e\u4e8e\u65b0\u589e\u5b63\u5ea6\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u96c6\u56e2\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u9884\u8ba12026\u65e5\u5386\u5e74\u5ba2\u6237\u652f\u6301\u4e1a\u52a1\u6536\u5165\u589e\u957f\u8d85\u8fc730%\uff0c2027\u5e74\u8d85\u8fc715%\uff1b\u8fd9\u662f\u4e1a\u52a1\u90e8\u95e8\u589e\u957f\u9884\u671f\uff0c\u5e76\u975e\u96c6\u56e2\u6307\u5f15\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>9\u6708\u5b63\u5ea6\u56de\u8d2d10.11\u4ebf\u7f8e\u5143\uff0c\u73b0\u91d1\u80a1\u606f3.25\u4ebf\u7f8e\u5143\u3002\u73b0\u91d1\u3001\u73b0\u91d1\u7b49\u4ef7\u7269\u53ca\u53d7\u9650\u73b0\u91d174.51\u4ebf\u7f8e\u5143\uff1b\u5b63\u5ea6\u8d44\u672c\u5f00\u652f2.58\u4ebf\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u6cdb\u6797\u5b63\u5ea6\u7ecf\u8425\u8868\u73b0\u5f3a\u52b2\uff0c\u4f46\u6bcf\u80a1\u76c8\u5229\u4ec5\u5c0f\u5e45\u8d85\u9884\u671f\uff0c\u5e02\u573a\u53cd\u5e94\u75b2\u5f31\uff0c\u56e0\u6b64\u77ed\u671f\u7ef4\u6301\u4e2d\u6027\u3002\u4eba\u5de5\u667a\u80fd\u9700\u6c42\u53ca\u5668\u4ef6\u590d\u6742\u7a0b\u5ea6\u63d0\u5347\u652f\u6301\u6c89\u79ef\u4e0e\u523b\u8680\u6295\u5165\uff0c\u7ecf\u8425\u5229\u6da6\u7387\u8d85\u8fc740%\u4f53\u73b0\u663e\u8457\u7ecf\u8425\u6760\u6746\u3002\u7cfb\u7edf\u4e1a\u52a1\u5e26\u52a8\u73af\u6bd4\u52a0\u901f\uff0c\u5ba2\u6237\u652f\u6301\u4e1a\u52a1\u5219\u53d7\u76ca\u4e8e\u4ea7\u80fd\u5229\u7528\u53ca\u88c5\u673a\u57fa\u7840\u6269\u5927\u3002\u8fd9\u4e00\u7ec4\u5408\u5177\u5438\u5f15\u529b\uff0c\u4f46\u652f\u6301\u6536\u5165\u4ecd\u4f9d\u8d56\u5ba2\u6237\u6d3b\u52a8\uff0c\u4e0d\u5b9c\u89c6\u4e3a\u5b8c\u5168\u4e0d\u53d7\u534a\u5bfc\u4f53\u5468\u671f\u5f71\u54cd\u300212\u6708\u5b63\u5ea6\u6307\u5f15\u663e\u793a\u7ee7\u7eed\u589e\u957f\uff0c\u4f46\u589e\u901f\u4f4e\u4e8e9\u6708\u5b63\u5ea6\u7684\u8dc3\u5347\u3002\u7ecf\u5386\u9884\u671f\u4e0a\u5347\u540e\uff0c\u6295\u8d44\u8005\u4f3c\u4e4e\u8981\u6c42\u66f4\u5927\u5e45\u5ea6\u7684\u6307\u5f15\u63d0\u9ad8\u3002\u7ba1\u7406\u5c42\u521d\u6b65\u884c\u4e1a\u5f00\u652f\u5224\u65ad\u652f\u6301\u591a\u5e74\u673a\u4f1a\uff0c\u4f46\u6d01\u51c0\u5ba4\u53ca\u96f6\u90e8\u4ef6\u9650\u5236\u53ef\u80fd\u62d6\u5ef6\u51fa\u8d27\u5151\u73b0\u3002\u4e2d\u56fd\u5360\u5b63\u5ea6\u6536\u516535%\uff0c\u4f7f\u51fa\u53e3\u9650\u5236\u53ca\u5730\u533a\u7ec4\u5408\u4ecd\u662f\u91cd\u8981\u53d8\u91cf\u3002\u73b0\u91d1\u521b\u9020\u53ca\u80a1\u4e1c\u56de\u62a5\u63d0\u4f9b\u652f\u6301\uff0c\u5374\u4e0d\u80fd\u6d88\u9664\u5ba2\u6237\u8d44\u672c\u5f00\u652f\u96c6\u4e2d\u98ce\u9669\u300210\u670821\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53484\u65f659\u5206\uff0c\u76d8\u540e\u80a1\u4ef7247.50\u7f8e\u5143\uff0c\u8f83260.70\u7f8e\u5143\u6536\u76d8\u4ef7\u4e0b\u8dcc5.06%\u3002\u4f30\u503c\u91c7\u752812\u6708\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u4e2d\u503c\u4f5c\u4e3a\u5e74\u5316\u53c2\u8003\u3002\u66f4\u6b63\u9762\u7684\u5224\u65ad\u9700\u8981\u8ba2\u5355\u8f6c\u5316\u52a0\u5f3a\uff0c\u4ee5\u53ca\u6269\u4ea7\u65f6\u5229\u6da6\u7387\u80fd\u591f\u7ef4\u6301\u7684\u8bc1\u636e\uff0c\u800c\u975e\u4ec5\u4f9d\u9760\u884c\u4e1a\u5f00\u652f\u9884\u6d4b\u63d0\u9ad8\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a225\u2013270\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/b>\u3002<\/li>\n<\/ul>\n<p><b>Texas Instruments Inc. (TXN)<\/b><\/p>\n<ul>\n<li><b>3Q26 Revenue: <\/b>US$6.055bn, +27.7% YoY and approximately +11% QoQ; beat US$5.92bn consensus by US$135m.<\/li>\n<\/ul>\n<ul>\n<li><b>3Q26 EPS: <\/b>GAAP diluted EPS US$2.62 versus US$1.48, +77.0%; beat US$2.42 consensus by US$0.20. Includes a US$0.01 reduction not in original guidance.<\/li>\n<\/ul>\n<ul>\n<li><b>4Q26 Guidance: <\/b>New Q4 revenue guidance US$5.80\u20136.30bn and EPS US$2.45\u20132.79; revenue midpoint US$6.05bn is approximately flat sequentially.<\/li>\n<\/ul>\n<ul>\n<li><b>FY26 Guidance: <\/b>The company did not provide numerical full-year revenue or EPS guidance. FY26 capital spending remains US$2\u20133bn, with management expecting the upper end.<\/li>\n<\/ul>\n<ul>\n<li><b>Dividend\/Share Buyback: <\/b>Q3 dividends US$1.298bn and repurchases US$48m; total US$1.346bn. Trailing-12-month returns US$5.810bn. Cash dividends declared in Q3 US$1.42\/share.<\/li>\n<\/ul>\n<ul>\n<li><b>Comment: <\/b>Texas Instruments&#8217; recovery is broadening, supporting a positive outlook despite an already demanding valuation. Industrial, automotive and data-centre demand all contributed, reducing dependence on a single end market. Higher semiconductor content adds a structural driver alongside the cyclical recovery, while stronger factory utilisation helps translate revenue into profit. The operating-profit increase was substantially faster than sales growth, consistent with that operating leverage. The key question is how much of the margin recovery can persist as production and customer inventories normalise. Fourth-quarter revenue guidance is approximately flat at the midpoint, which is constructive for a typically softer seasonal period, although it should not be described as another sequential acceleration. Cash conversion has improved materially, but the company&#8217;s free-cash-flow definition includes CHIPS Act incentive proceeds; investors should separate operating progress from government funding when assessing recurring cash generation. Lower capital intensity can increase the cash available to shareholders, while disciplined inventory management remains important as demand recovers. At 4:58pm ET on 21 October, shares were US$284.25, down 0.14% after hours from US$284.65, suggesting much of the recovery was already anticipated. Around 27 times annualised quarterly EPS, valuation requires the recovery to endure. We would monitor industrial orders, data-centre demand, utilisation and cash flow excluding incentives before extending the valuation range. <b>4Q26 recommended trading range: US$260\u2013305. Positive Outlook.<\/b><\/li>\n<\/ul>\n<p><b>\u5fb7\u5dde\u4eea\u5668 (TXN)<\/b><\/p>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/b>\u8425\u653660.55\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e27.7%\uff0c\u73af\u6bd4\u7ea6\u589e11%\uff1b\u8f8359.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad81.35\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\u76c8\u52292.62\u7f8e\u5143\uff0c\u53bb\u5e741.48\u7f8e\u5143\uff0c\u589e\u957f77.0%\uff1b\u8f832.42\u7f8e\u5143\u9884\u671f\u9ad80.20\u7f8e\u5143\u3002\u5305\u62ec\u539f\u6307\u5f15\u672a\u8ba1\u5165\u7684\u6bcf\u80a10.01\u7f8e\u5143\u8d1f\u9762\u5f71\u54cd\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/b>\u65b0\u589e\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6307\u5f1558\u201363\u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u76c8\u52292.45\u20132.79\u7f8e\u5143\uff1b\u6536\u5165\u4e2d\u503c60.5\u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u5927\u81f4\u6301\u5e73\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>26\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/b>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u91cf\u5316\u6307\u5f15\u3002\u5168\u5e74\u8d44\u672c\u5f00\u652f\u7ef4\u630120\u201330\u4ebf\u7f8e\u5143\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u63a5\u8fd1\u4e0a\u9650\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/b>\u5b63\u5ea6\u6d3e\u606f12.98\u4ebf\u7f8e\u5143\uff0c\u56de\u8d2d4,800\u4e07\u7f8e\u5143\uff0c\u5408\u8ba113.46\u4ebf\u7f8e\u5143\u3002\u8fc7\u53bb12\u4e2a\u6708\u80a1\u4e1c\u56de\u62a558.10\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u5ba3\u6d3e\u6bcf\u80a1\u80a1\u606f1.42\u7f8e\u5143\u3002<\/li>\n<\/ul>\n<ul>\n<li><b>\u77ed\u8bc4\uff1a<\/b>\u5fb7\u5dde\u4eea\u5668\u590d\u82cf\u8303\u56f4\u6269\u5927\uff0c\u652f\u6301\u6b63\u9762\u5c55\u671b\uff0c\u5c3d\u7ba1\u4f30\u503c\u5df2\u8f83\u9ad8\u3002\u5de5\u4e1a\u3001\u6c7d\u8f66\u53ca\u6570\u636e\u4e2d\u5fc3\u9700\u6c42\u5747\u6709\u8d21\u732e\uff0c\u964d\u4f4e\u5bf9\u5355\u4e00\u7ec8\u7aef\u5e02\u573a\u7684\u4f9d\u8d56\u3002\u534a\u5bfc\u4f53\u542b\u91cf\u63d0\u5347\u5728\u5468\u671f\u590d\u82cf\u4e4b\u5916\u589e\u6dfb\u7ed3\u6784\u6027\u52a8\u529b\uff0c\u5de5\u5382\u5229\u7528\u7387\u63d0\u9ad8\u5219\u5e2e\u52a9\u6536\u5165\u8f6c\u5316\u4e3a\u76c8\u5229\u3002\u7ecf\u8425\u5229\u6da6\u589e\u901f\u660e\u663e\u9ad8\u4e8e\u9500\u552e\uff0c\u4e0e\u7ecf\u8425\u6760\u6746\u6539\u5584\u4e00\u81f4\u3002\u5173\u952e\u662f\u751f\u4ea7\u53ca\u5ba2\u6237\u5e93\u5b58\u6062\u590d\u6b63\u5e38\u540e\uff0c\u5229\u6da6\u7387\u590d\u82cf\u6709\u591a\u5c11\u80fd\u591f\u7ef4\u6301\u3002\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6307\u5f15\u4e2d\u503c\u73af\u6bd4\u7ea6\u6301\u5e73\uff0c\u5728\u901a\u5e38\u8f83\u5f31\u7684\u5b63\u8282\u4ecd\u5c5e\u79ef\u6781\uff0c\u4f46\u4e0d\u5e94\u63cf\u8ff0\u4e3a\u73af\u6bd4\u518d\u6b21\u52a0\u901f\u3002\u73b0\u91d1\u8f6c\u5316\u5df2\u660e\u663e\u6539\u5584\uff0c\u4e0d\u8fc7\u516c\u53f8\u81ea\u7531\u73b0\u91d1\u6d41\u5b9a\u4e49\u5305\u542bCHIPS\u6cd5\u6848\u6fc0\u52b1\u6b3e\u9879\uff1b\u8bc4\u4f30\u7ecf\u5e38\u6027\u73b0\u91d1\u521b\u9020\u65f6\uff0c\u5e94\u5c06\u7ecf\u8425\u6539\u5584\u4e0e\u653f\u5e9c\u8d44\u91d1\u533a\u5206\u3002\u8d44\u672c\u5bc6\u96c6\u5ea6\u964d\u4f4e\u53ef\u589e\u52a0\u80a1\u4e1c\u53ef\u83b7\u73b0\u91d1\uff0c\u540c\u65f6\u9700\u6c42\u590d\u82cf\u8fc7\u7a0b\u4e2d\u4ecd\u987b\u8c28\u614e\u7ba1\u7406\u5e93\u5b58\u300210\u670821\u65e5\u7f8e\u4e1c\u65f6\u95f4\u4e0b\u53484\u65f658\u5206\uff0c\u76d8\u540e\u80a1\u4ef7284.25\u7f8e\u5143\uff0c\u8f83284.65\u7f8e\u5143\u6536\u76d8\u4ef7\u4e0b\u8dcc0.14%\uff0c\u8bf4\u660e\u5e02\u573a\u53ef\u80fd\u5df2\u9884\u671f\u76f8\u5f53\u90e8\u5206\u590d\u82cf\u3002\u6309\u5b63\u5ea6\u76c8\u5229\u5e74\u5316\u8ba1\u7b97\u7ea627\u500d\uff0c\u4f30\u503c\u8981\u6c42\u590d\u82cf\u6301\u7eed\u3002\u63d0\u9ad8\u4f30\u503c\u533a\u95f4\u524d\uff0c\u5e94\u5173\u6ce8\u5de5\u4e1a\u8ba2\u5355\u3001\u6570\u636e\u4e2d\u5fc3\u9700\u6c42\u3001\u4ea7\u80fd\u5229\u7528\u7387\uff0c\u4ee5\u53ca\u5254\u9664\u6fc0\u52b1\u6b3e\u9879\u540e\u7684\u73b0\u91d1\u6d41\u3002 <b>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a260\u2013305\u7f8e\u5143\u3002\u6b63\u9762\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 HKLH SP Hongkong Land Holdings Limited 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 8.00, Target 9.00, Stop 7.50&nbsp; YZJFH SP Yangzijiang Financial Holding Ltd. Shares [&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-96169","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: 22 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HKLH SP Hongkong Land Holdings Limited 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 8.00, Target 9.00, Stop 7.50 YZJFH SP\" \/>\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: 22 October 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 22 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HKLH SP Hongkong Land Holdings Limited Shares held support and closed above the 5dEMA, 10dEMA and 20dEMA with an increase in volume. 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