{"id":96443,"date":"2026-10-29T08:00:44","date_gmt":"2026-10-29T00:00:44","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96443"},"modified":"2026-10-29T11:00:18","modified_gmt":"2026-10-29T03:00:18","slug":"technical-analysis-29-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-29-october-2026\/","title":{"rendered":"Technical Analysis: 29 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96443\" class=\"elementor elementor-96443\" 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: 29 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;\">UIBU SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">UI Boustead REIT<\/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 closed above the 5dEMA and 10dEMA .<\/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 constructive and MACD is about to turn 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 0.77, Target 0.85, Stop 0.73<\/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_29Oct_UIBU_SP.png\" class=\"attachment-full size-full wp-image-96444\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_UIBU_SP.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_UIBU_SP-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_UIBU_SP-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_UIBU_SP-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;\">WKS SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Winking Studios Limited<\/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 close above the 5dEMA, 10dEMA and 20dEMA with elevated 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=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">RSI is constructive while MACD is just crossed above its signal line.<\/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 0.21, Target 0.25, 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_29Oct_WKS_SP.png\" class=\"attachment-full size-full wp-image-96445\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_WKS_SP.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_WKS_SP-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_WKS_SP-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_WKS_SP-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;\">1972 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Swire Properties 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 constructive and MACD is positive.<\/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 25.0, Target 27.0, Stop 24.0<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK.png\" class=\"attachment-full size-full wp-image-96446\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1972_HK-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\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;\">1113 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CK Asset Holdings Limited<\/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\">RSI is constructive while MACD is just above its signal line.<\/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 46.0, Target 50.0, Stop 44.0<\/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-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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK.png\" class=\"attachment-full size-full wp-image-96447\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_1113_HK-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\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;\">LMT US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Lockheed Martin Corporation.<\/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 rising volume.<\/span><\/li><\/ul><ul><li><span>RSI is at slightly overbought levels, but MACD is still positive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 620, Target 680, Stop 590<\/span><\/b><\/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_29Oct_LMT_US.png\" class=\"attachment-full size-full wp-image-96469\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_LMT_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_LMT_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_LMT_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_LMT_US-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;\">DRS US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Leonardo DRS, 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 just above the 5dEMA, 10dEMA and 20dEMA with rising volume.<\/span><\/li><\/ul><ul><li><span>RSI is constructive and MACD is about to turn positive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 35, Target 39, Stop 33<\/span><\/b><\/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_29Oct_DRS_US.png\" class=\"attachment-full size-full wp-image-96470\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_DRS_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_DRS_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_DRS_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_29Oct_DRS_US-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><span>Vertiv Holdings Co (VRT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Net sales US$4.313bn, +61.2% YoY; approximately US$563m above US$3.75bn consensus. Organic growth 55%; acquisitions contributed approximately 6%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$2.21 versus US$1.24, +78%; beat US$1.82 consensus by US$0.39. GAAP diluted EPS US$1.95 versus US$1.02, +91%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Net sales US$4.313\u20134.513bn; organic growth 49\u201351%; adjusted diluted EPS US$2.22\u20132.28; adjusted operating margin 25.3\u201326.3%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Net sales raised to US$14.45\u201314.85bn from US$13.8\u201314.2bn; adjusted EPS US$7.10\u20137.20 from US$6.65\u20136.75. Adjusted operating margin 23.5\u201324.5% from 23.3\u201324.3%; adjusted free cash flow US$2.6\u20132.8bn from US$2.4\u20132.6bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Latest declared quarterly cash dividend US$0.0625\/share, paid 24 September to holders of record on 14 September. No new buyback authorisation announced in the Q3 release. Liquidity US$6.2bn; net cash position maintained.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Vertiv&#8217;s acceleration in orders and profit supports a positive outlook, with stronger execution than the prior revenue timing shortfall. Organic orders more than doubled, while power, thermal management and services position the company close to the practical constraints on larger AI deployments. Margin expansion alongside rapid growth shows that productivity and operating leverage are contributing. Adjusted earnings exclude amortisation and other charges, but the substantial GAAP earnings increase supports the underlying direction. Management said backlog comprises purchase orders rather than capacity agreements, with coverage broadly around 12\u201318 months. That strengthens the demand signal, although customers can still delay projects. Higher Q4 guidance requires sustained delivery at an elevated run rate, making capacity expansion, supplier readiness and complex project execution important variables. Working capital and capital expenditure also absorb cash as the business scales, despite healthy cash generation and a net cash position. Shares closed at US$242.94 on 28 October, up 16.48%. The sharp rerating restores part of the AI infrastructure premium, making further upside more dependent on profitable backlog conversion. Competition, customer concentration and changes in hyperscaler spending remain risks. Watch organic orders, liquid-cooling adoption, factory utilisation, incremental margins and cash conversion. Weakening order quality would challenge the thesis.<\/span><b><span> 4Q26 recommended trading range: US$210\u2013290. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u7ef4\u8c1b\u6280\u672f (VRT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u51c0\u9500\u552e\u989d43.13\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f61.2%\uff1b\u8f8337.5\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea65.63\u4ebf\u7f8e\u5143\u3002\u6709\u673a\u589e\u957f55%\uff1b\u6536\u8d2d\u8d21\u732e\u7ea66%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52292.21\u7f8e\u5143\uff0c\u53bb\u5e741.24\u7f8e\u5143\uff0c\u589e\u957f78%\uff1b\u8f831.82\u7f8e\u5143\u9884\u671f\u9ad80.39\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.95\u7f8e\u5143\uff0c\u53bb\u5e741.02\u7f8e\u5143\uff0c\u589e\u957f91%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u51c0\u9500\u552e\u989d43.13\u4ebf\u81f345.13\u4ebf\u7f8e\u5143\uff1b\u6709\u673a\u589e\u957f49\u201351%\uff1b\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52292.22\u20132.28\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u738725.3\u201326.3%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u51c0\u9500\u552e\u989d\u7531138\u4ebf\u81f3142\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3144.5\u4ebf\u81f3148.5\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u75316.65\u20136.75\u7f8e\u5143\u4e0a\u8c03\u81f37.10\u20137.20\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u753123.3\u201324.3%\u4e0a\u8c03\u81f323.5\u201324.5%\uff1b\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u753124\u4ebf\u81f326\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f326\u4ebf\u81f328\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u6700\u8fd1\u5ba3\u5e03\u5b63\u5ea6\u73b0\u91d1\u80a1\u606f\u6bcf\u80a10.0625\u7f8e\u5143\uff0c\u5df2\u4e8e9\u670824\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e59\u670814\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u7684\u56de\u8d2d\u6388\u6743\u3002\u6d41\u52a8\u602762\u4ebf\u7f8e\u5143\uff1b\u7ef4\u6301\u51c0\u73b0\u91d1\u72b6\u6001\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u7ef4\u8c1b\u8ba2\u5355\u53ca\u5229\u6da6\u52a0\u901f\uff0c\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u6267\u884c\u4ea6\u8f83\u6b64\u524d\u6536\u5165\u65f6\u70b9\u843d\u5dee\u6539\u5584\u3002\u6709\u673a\u8ba2\u5355\u589e\u957f\u8d85\u8fc7\u4e00\u500d\uff0c\u7535\u529b\u3001\u6e29\u63a7\u53ca\u670d\u52a1\u7ec4\u5408\u4f7f\u516c\u53f8\u76f4\u63a5\u53c2\u4e0e\u89e3\u51b3\u5927\u578bAI\u90e8\u7f72\u7684\u5b9e\u9645\u74f6\u9888\u3002\u5728\u5feb\u901f\u589e\u957f\u4e0b\u5229\u6da6\u7387\u4ecd\u6269\u5927\uff0c\u663e\u793a\u751f\u4ea7\u6548\u7387\u53ca\u7ecf\u8425\u6760\u6746\u5e26\u6765\u8d21\u732e\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u5254\u9664\u644a\u9500\u7b49\u8d39\u7528\uff0c\u4f46GAAP\u76c8\u5229\u663e\u8457\u4e0a\u5347\u652f\u6301\u57fa\u7840\u6539\u5584\u65b9\u5411\u3002\u7ba1\u7406\u5c42\u8868\u793a\uff0c\u5728\u624b\u8ba2\u5355\u4ec5\u5305\u542b\u91c7\u8d2d\u8ba2\u5355\uff0c\u800c\u975e\u4ea7\u80fd\u534f\u8bae\uff0c\u8986\u76d6\u671f\u5927\u81f4\u4e3a12\u201318\u4e2a\u6708\uff0c\u5f3a\u5316\u9700\u6c42\u4fe1\u53f7\uff0c\u4e0d\u8fc7\u5ba2\u6237\u4ecd\u53ef\u80fd\u63a8\u8fdf\u9879\u76ee\u3002\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\u4e0a\u8c03\u8981\u6c42\u516c\u53f8\u6301\u7eed\u7ef4\u6301\u8f83\u9ad8\u4ea4\u4ed8\u6c34\u5e73\uff0c\u56e0\u6b64\u6269\u4ea7\u3001\u4f9b\u5e94\u5546\u51c6\u5907\u53ca\u590d\u6742\u9879\u76ee\u6267\u884c\u5747\u5c5e\u91cd\u8981\u53d8\u91cf\u3002\u5c3d\u7ba1\u73b0\u91d1\u521b\u9020\u5065\u5eb7\u5e76\u7ef4\u6301\u51c0\u73b0\u91d1\u72b6\u6001\uff0c\u4e1a\u52a1\u6269\u5927\u4ecd\u9700\u8425\u8fd0\u8d44\u91d1\u53ca\u8d44\u672c\u5f00\u652f\u6295\u5165\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u6536\u62a5242.94\u7f8e\u5143\uff0c\u4e0a\u6da816.48%\u3002\u5927\u5e45\u91cd\u4f30\u6062\u590d\u90e8\u5206AI\u57fa\u7840\u8bbe\u65bd\u6ea2\u4ef7\uff0c\u540e\u7eed\u4e0a\u884c\u66f4\u4f9d\u8d56\u8ba2\u5355\u8f6c\u5316\u4e3a\u6709\u5229\u6da6\u7684\u4ea4\u4ed8\u3002\u7ade\u4e89\u3001\u5ba2\u6237\u96c6\u4e2d\u53ca\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237\u5f00\u652f\u53d8\u5316\u4ecd\u662f\u98ce\u9669\u3002\u5e94\u5173\u6ce8\u6709\u673a\u8ba2\u5355\u3001\u6db2\u51b7\u91c7\u7528\u3001\u5de5\u5382\u5229\u7528\u7387\u3001\u589e\u91cf\u5229\u6da6\u7387\u53ca\u73b0\u91d1\u8f6c\u5316\u3002\u8ba2\u5355\u8d28\u91cf\u8f6c\u5f31\u5c06\u6311\u6218\u6295\u8d44\u903b\u8f91\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a210\u2013290\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>GE Vernova Inc. (GEV)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$12.642bn versus US$9.969bn, +27% YoY; US$642m above US$12.0bn consensus. Organic revenue growth 18%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$4.81 versus US$1.64, +193%; beat US$4.00 consensus by US$0.81. Adjusted EBITDA US$1.943bn, with 15.4% margin versus 8.1%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No numerical Q4 revenue or EPS range provided. Management expects revenue and adjusted EBITDA growth, margin expansion and positive free cash flow. Gas Power equipment backlog plus slot reservations targeted at at least 130 GW by year-end, versus 122 GW at Q3.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$46.5\u201347.5bn from US$45.5\u201346.5bn; adjusted EBITDA margin 13.5\u201314.5% from 12\u201314%; free cash flow US$16\u201317bn from US$11.5\u201312.5bn. Wind EBITDA loss now US$400\u2013500m versus approximately US$400m previously. No full-year EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Buyback authorisation doubled to US$20bn from US$10bn. Q3 repurchases US$1.6bn; another US$1.3bn from 1\u201323 October. Quarterly dividend US$0.50\/share, payable 24 November to holders of record on 27 October.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>GE Vernova&#8217;s improving shipment economics and expanding backlog support a positive outlook. Power and Electrification are converting demand into higher revenue and margins, with better equipment pricing supporting future deliveries. Orders rose 96% organically and backlog reached US$197bn, although conversion remains subject to customer schedules. Non-operating benefit income also supports GAAP profit, making adjusted EBITDA a cleaner operating signal. Quarterly free cash flow of US$5.4bn includes a US$5.3bn working-capital benefit, primarily customer down payments and slot reservations. These receipts improve funding but carry future delivery obligations and should not become a permanent cash-flow baseline. Wind delivered positive quarterly EBITDA, yet its higher expected full-year loss shows an uneven recovery. The US$9bn Trench acquisition expands high-voltage capabilities, but its expected late-2027 closing separates those benefits from current earnings. Proposed cash and debt funding also requires discipline alongside enlarged buybacks. Shares closed at US$878.03 on 28 October, down 1.90%, despite the beat and higher guidance. Investors still require proof that demand can persist and the acquisition can earn adequate returns. Valuation remains sensitive to pricing durability and profitable delivery against advances. Watch turbine orders and shipments, Electrification margins, advance balances, Wind execution and Trench integration planning.<\/span><b><span> 4Q26 recommended trading range: US$800\u20131,050. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u901a\u7528\u7535\u6c14\u80fd\u6e90 (GEV)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165126.42\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7499.69\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f27%\uff1b\u8f83120\u4ebf\u7f8e\u5143\u9884\u671f\u9ad86.42\u4ebf\u7f8e\u5143\u3002\u6709\u673a\u6536\u5165\u589e\u957f18%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52294.81\u7f8e\u5143\uff0c\u53bb\u5e741.64\u7f8e\u5143\uff0c\u589e\u957f193%\uff1b\u8f834.00\u7f8e\u5143\u9884\u671f\u9ad80.81\u7f8e\u5143\u3002\u7ecf\u8c03\u6574EBITDA\u4e3a19.43\u4ebf\u7f8e\u5143\uff0c\u5229\u6da6\u738715.4%\uff0c\u53bb\u5e748.1%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u6536\u5165\u53ca\u7ecf\u8c03\u6574EBITDA\u589e\u957f\u3001\u5229\u6da6\u7387\u6269\u5927\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u6b63\u3002\u71c3\u6c14\u53d1\u7535\u8bbe\u5907\u5728\u624b\u8ba2\u5355\u52a0\u4ea7\u80fd\u9884\u7559\u534f\u8bae\u76ee\u6807\u5e74\u5e95\u81f3\u5c11130\u5409\u74e6\uff0c\u7b2c\u4e09\u5b63\u5ea6\u4e3a122\u5409\u74e6\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u7531455\u4ebf\u81f3465\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3465\u4ebf\u81f3475\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574EBITDA\u5229\u6da6\u7387\u753112\u201314%\u4e0a\u8c03\u81f313.5\u201314.5%\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u7531115\u4ebf\u81f3125\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3160\u4ebf\u81f3170\u4ebf\u7f8e\u5143\u3002\u98ce\u7535EBITDA\u4e8f\u635f\u9884\u8ba14\u4ebf\u81f35\u4ebf\u7f8e\u5143\uff0c\u6b64\u524d\u7ea64\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u56de\u8d2d\u6388\u6743\u7531100\u4ebf\u7f8e\u5143\u589e\u81f3200\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d16\u4ebf\u7f8e\u5143\uff0c10\u67081\u65e5\u81f323\u65e5\u518d\u56de\u8d2d13\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.50\u7f8e\u5143\uff0c11\u670824\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e510\u670827\u65e5\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u901a\u7528\u7535\u6c14\u80fd\u6e90\u51fa\u8d27\u76c8\u5229\u80fd\u529b\u6539\u5584\u53ca\u8ba2\u5355\u6269\u5927\uff0c\u652f\u6301\u6b63\u9762\u524d\u666f\u3002\u53d1\u7535\u53ca\u7535\u6c14\u5316\u4e1a\u52a1\u5c06\u9700\u6c42\u8f6c\u5316\u4e3a\u66f4\u9ad8\u6536\u5165\u4e0e\u5229\u6da6\u7387\uff0c\u8bbe\u5907\u5b9a\u4ef7\u6539\u5584\u4ea6\u652f\u6301\u540e\u7eed\u4ea4\u4ed8\u3002\u6709\u673a\u8ba2\u5355\u589e\u957f96%\uff0c\u5728\u624b\u8ba2\u5355\u8fbe1,970\u4ebf\u7f8e\u5143\uff0c\u4e0d\u8fc7\u8f6c\u5316\u4ecd\u53d7\u5ba2\u6237\u65f6\u95f4\u5b89\u6392\u5f71\u54cd\u3002\u975e\u7ecf\u8425\u6027\u798f\u5229\u6536\u76ca\u4ea6\u652f\u6301GAAP\u5229\u6da6\uff0c\u56e0\u6b64\u7ecf\u8c03\u6574EBITDA\u66f4\u80fd\u53cd\u6620\u7ecf\u8425\u8868\u73b0\u3002\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d4154\u4ebf\u7f8e\u5143\u5305\u542b53\u4ebf\u7f8e\u5143\u8425\u8fd0\u8d44\u91d1\u5229\u597d\uff0c\u4e3b\u8981\u6765\u81ea\u5ba2\u6237\u9884\u4ed8\u6b3e\u53ca\u4ea7\u80fd\u9884\u7559\u3002\u8fd9\u4e9b\u6536\u6b3e\u6539\u5584\u878d\u8d44\uff0c\u4f46\u4f34\u968f\u672a\u6765\u4ea4\u4ed8\u8d23\u4efb\uff0c\u4e0d\u5b9c\u6210\u4e3a\u6c38\u4e45\u73b0\u91d1\u6d41\u57fa\u51c6\u3002\u98ce\u7535\u5b63\u5ea6EBITDA\u8f6c\u6b63\uff0c\u4f46\u5168\u5e74\u9884\u671f\u4e8f\u635f\u6269\u5927\u663e\u793a\u590d\u82cf\u4e0d\u5747\u8861\u300290\u4ebf\u7f8e\u5143Trench\u6536\u8d2d\u5c06\u62d3\u5c55\u9ad8\u538b\u8bbe\u5907\u80fd\u529b\uff0c\u4e0d\u8fc7\u9884\u8ba12027\u5e74\u672b\u5b8c\u6210\uff0c\u76f8\u5173\u6536\u76ca\u5e94\u4e0e\u5f53\u524d\u76c8\u5229\u5206\u5f00\u8bc4\u4f30\u3002\u62df\u7528\u73b0\u91d1\u53ca\u503a\u52a1\u878d\u8d44\uff0c\u52a0\u4e0a\u6269\u5927\u7684\u56de\u8d2d\uff0c\u8981\u6c42\u8d44\u672c\u914d\u7f6e\u4fdd\u6301\u7eaa\u5f8b\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\u5e76\u4e0a\u8c03\u6307\u5f15\uff0c\u80a1\u4ef7\u4e8e10\u670828\u65e5\u6536\u62a5878.03\u7f8e\u5143\uff0c\u4e0b\u8dcc1.90%\u3002\u6295\u8d44\u8005\u4ecd\u8981\u6c42\u8bc1\u660e\u9700\u6c42\u53ef\u6301\u7eed\u53ca\u6536\u8d2d\u80fd\u8d5a\u53d6\u8db3\u591f\u56de\u62a5\u3002\u4f30\u503c\u5bf9\u5b9a\u4ef7\u6301\u7eed\u6027\u53ca\u9884\u6536\u6b3e\u8f6c\u5316\u4e3a\u6709\u5229\u6da6\u7684\u4ea4\u4ed8\u4ecd\u654f\u611f\u3002\u5e94\u5173\u6ce8\u71c3\u6c14\u8f6e\u673a\u8ba2\u5355\u4e0e\u51fa\u8d27\u3001\u7535\u6c14\u5316\u5229\u6da6\u7387\u3001\u9884\u4ed8\u6b3e\u4f59\u989d\u3001\u98ce\u7535\u6267\u884c\u53caTrench\u6574\u5408\u89c4\u5212\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a800\u20131,050\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>UBS Group AG (UBS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$13.350bn versus US$12.760bn, +4.6% YoY; US$300m above US$13.05bn consensus. Underlying revenue US$13.387bn, +10%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Reported diluted EPS US$0.85 versus US$0.76, +11.8%; missed US$0.92 consensus by US$0.07. Net profit US$2.690bn, +8.4%; reported pretax profit US$3.587bn, +27%, versus underlying pretax profit US$4.077bn, +14%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No absolute Q4 group revenue or EPS range. Wealth-management NII expected to grow low-single digits sequentially; Swiss banking NII slightly higher in francs. Transaction activity expected to moderate seasonally.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No full-year revenue or EPS range provided. Gross integration cost-saving ambition raised to approximately US$13.7bn from US$13.5bn. Expects to outperform the approximately 15% underlying RoCET1 exit-rate target and achieve cost\/income ratio below 70%; year-end CET1 ratio around 14%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 buybacks US$1.8bn; plans to complete the US$3bn programme by Q4 results. Accruing for mid-teens dividend growth. Repurchases remain conditional on performance, approximately 14% CET1 and Swiss capital rules.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>UBS&#8217;s client inflows and integration progress support improving earnings capacity, but the EPS miss and Swiss capital uncertainty keep our outlook neutral. Wealth Management attracted US$55.1bn of net new assets, with recurring fees and net interest income increasing. This provides a more durable earnings base than trading alone, which faces seasonal moderation in Q4. Headline pretax growth also benefits from lower integration expenses. Underlying pretax profit rose more slowly, so reported growth should not be read entirely as recurring acceleration. A higher effective tax rate restrained net profit, while legacy debt repurchases and mark-to-market effects affected Group Items. Technology decommissioning and the higher savings ambition reduce execution uncertainty, although completing integration will not eliminate operating risks. Capital exceeds the targeted level and supports current buybacks, yet potential Swiss requirements for foreign subsidiaries could constrain future distributions. Shares closed at US$46.69 on 28 October, down 0.21%. The limited reaction reflects solid franchise evidence without resolution of the capital debate. Wealth management supports valuation, but shareholder returns depend on sustainable capital release. Watch net new assets, recurring fees, net interest income, final integration costs and Swiss legislation. February 2027 capital-return ambitions should clarify the next stage of distributions.<\/span><b><span> 4Q26 recommended trading range: US$42\u201354. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u745e\u94f6\u96c6\u56e2 (UBS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165133.50\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74127.60\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff1b\u8f83130.5\u4ebf\u7f8e\u5143\u9884\u671f\u9ad83\u4ebf\u7f8e\u5143\u3002\u57fa\u7840\u6536\u5165133.87\u4ebf\u7f8e\u5143\uff0c\u589e\u957f10%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u62a5\u544a\u644a\u8584\u6bcf\u80a1\u76c8\u52290.85\u7f8e\u5143\uff0c\u53bb\u5e740.76\u7f8e\u5143\uff0c\u589e\u957f11.8%\uff1b\u8f830.92\u7f8e\u5143\u9884\u671f\u4f4e0.07\u7f8e\u5143\u3002\u51c0\u5229\u6da626.90\u4ebf\u7f8e\u5143\uff0c\u589e\u957f8.4%\uff1b\u62a5\u544a\u7a0e\u524d\u5229\u6da635.87\u4ebf\u7f8e\u5143\uff0c\u589e\u957f27%\uff0c\u57fa\u7840\u7a0e\u524d\u5229\u6da640.77\u4ebf\u7f8e\u5143\uff0c\u589e\u957f14%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u96c6\u56e2\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u7edd\u5bf9\u503c\u533a\u95f4\u3002\u8d22\u5bcc\u7ba1\u7406\u51c0\u5229\u606f\u6536\u5165\u9884\u8ba1\u73af\u6bd4\u4f4e\u4e2a\u4f4d\u6570\u589e\u957f\uff1b\u745e\u58eb\u94f6\u884c\u4e1a\u52a1\u51c0\u5229\u606f\u6536\u5165\u6309\u745e\u90ce\u8ba1\u7b97\u7565\u589e\u3002\u4ea4\u6613\u6d3b\u52a8\u9884\u8ba1\u5b63\u8282\u6027\u653e\u7f13\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u6574\u5408\u603b\u6210\u672c\u8282\u7701\u76ee\u6807\u7531\u7ea6135\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3137\u4ebf\u7f8e\u5143\u3002\u9884\u8ba1\u8d85\u8d8a\u5e74\u5e95\u7ea615%\u7684\u57fa\u7840\u666e\u901a\u80a1\u4e00\u7ea7\u8d44\u672c\u56de\u62a5\u7387\u76ee\u6807\uff0c\u5e76\u5b9e\u73b0\u4f4e\u4e8e70%\u7684\u6210\u672c\u6536\u5165\u6bd4\uff1b\u5e74\u5e95CET1\u8d44\u672c\u6bd4\u7387\u7ea614%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d18\u4ebf\u7f8e\u5143\uff1b\u8ba1\u5212\u5728\u516c\u5e03\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u524d\u5b8c\u621030\u4ebf\u7f8e\u5143\u8ba1\u5212\u3002\u4e3a\u80a1\u606f\u589e\u957f\u767e\u5206\u4e4b\u5341\u51e0\u8ba1\u63d0\u3002\u56de\u8d2d\u4ecd\u53d6\u51b3\u4e8e\u4e1a\u7ee9\u3001\u7ea614%\u7684CET1\u76ee\u6807\u53ca\u745e\u58eb\u8d44\u672c\u89c4\u5219\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u745e\u94f6\u5ba2\u6237\u8d44\u91d1\u6d41\u5165\u53ca\u6574\u5408\u8fdb\u5ea6\u652f\u6301\u76c8\u5229\u80fd\u529b\u6539\u5584\uff0c\u4f46\u6bcf\u80a1\u76c8\u5229\u4f4e\u4e8e\u9884\u671f\u53ca\u745e\u58eb\u8d44\u672c\u8981\u6c42\u4e0d\u786e\u5b9a\uff0c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u8d22\u5bcc\u7ba1\u7406\u5f55\u5f97551\u4ebf\u7f8e\u5143\u51c0\u65b0\u589e\u8d44\u4ea7\uff0c\u7ecf\u5e38\u6027\u8d39\u7528\u53ca\u51c0\u5229\u606f\u6536\u5165\u4ea6\u589e\u957f\uff0c\u63d0\u4f9b\u8f83\u5355\u9760\u4ea4\u6613\u66f4\u6301\u4e45\u7684\u76c8\u5229\u57fa\u7840\uff1b\u4ea4\u6613\u4e1a\u52a1\u7b2c\u56db\u5b63\u5ea6\u9762\u4e34\u5b63\u8282\u6027\u653e\u7f13\u3002\u7a0e\u524d\u5229\u6da6\u8868\u9762\u589e\u901f\u4ea6\u53d7\u60e0\u4e8e\u6574\u5408\u8d39\u7528\u51cf\u5c11\u3002\u57fa\u7840\u7a0e\u524d\u5229\u6da6\u589e\u957f\u8f83\u6162\uff0c\u6545\u4e0d\u5b9c\u5c06\u62a5\u544a\u589e\u5e45\u5168\u90e8\u89c6\u4e3a\u7ecf\u5e38\u6027\u4e1a\u52a1\u52a0\u901f\u3002\u8f83\u9ad8\u5b9e\u9645\u7a0e\u7387\u9650\u5236\u51c0\u5229\u6da6\uff0c\u5386\u53f2\u503a\u52a1\u56de\u8d2d\u53ca\u6309\u5e02\u503c\u8ba1\u4ef7\u4ea6\u5f71\u54cd\u96c6\u56e2\u9879\u76ee\u3002\u6280\u672f\u7cfb\u7edf\u505c\u7528\u53ca\u8282\u7701\u76ee\u6807\u4e0a\u8c03\u964d\u4f4e\u6267\u884c\u4e0d\u786e\u5b9a\uff0c\u4e0d\u8fc7\u5b8c\u6210\u6574\u5408\u5e76\u4e0d\u4f1a\u6d88\u9664\u7ecf\u8425\u98ce\u9669\u3002\u8d44\u672c\u9ad8\u4e8e\u76ee\u6807\u5e76\u652f\u6301\u73b0\u6709\u56de\u8d2d\uff0c\u4f46\u745e\u58eb\u5bf9\u6d77\u5916\u5b50\u516c\u53f8\u7684\u6f5c\u5728\u8981\u6c42\u53ef\u80fd\u9650\u5236\u672a\u6765\u5206\u914d\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u6536\u62a546.69\u7f8e\u5143\uff0c\u4e0b\u8dcc0.21%\u3002\u53cd\u5e94\u6709\u9650\uff0c\u53cd\u6620\u4e1a\u52a1\u57fa\u7840\u7a33\u5065\uff0c\u4f46\u8d44\u672c\u4e89\u8bae\u4ecd\u672a\u89e3\u51b3\u3002\u8d22\u5bcc\u7ba1\u7406\u652f\u6301\u4f30\u503c\uff0c\u4e0d\u8fc7\u80a1\u4e1c\u56de\u62a5\u53d6\u51b3\u4e8e\u53ef\u6301\u7eed\u91ca\u653e\u7684\u8d44\u672c\u3002\u5e94\u5173\u6ce8\u51c0\u65b0\u589e\u8d44\u4ea7\u3001\u7ecf\u5e38\u6027\u8d39\u7528\u3001\u51c0\u5229\u606f\u6536\u5165\u3001\u6700\u7ec8\u6574\u5408\u6210\u672c\u53ca\u745e\u58eb\u7acb\u6cd5\u30022027\u5e742\u6708\u516c\u5e03\u8d44\u672c\u56de\u62a5\u76ee\u6807\uff0c\u5e94\u6709\u52a9\u660e\u786e\u4e0b\u4e00\u9636\u6bb5\u5206\u914d\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a42\u201354\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Microsoft Corporation (MSFT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$92.279bn, +19% YoY; approximately US$1.669bn above US$90.61bn consensus. Microsoft Cloud revenue US$63.9bn, +30%; Azure revenue +48%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$4.89 versus US$4.13, +18% YoY; beat US$4.72 consensus by US$0.17. GAAP EPS US$4.92, +32%; OpenAI investment gains added US$0.03 this quarter versus a US$0.41 loss a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>Revenue US$96.0\u201397.1bn, +18\u201319% YoY; Azure revenue growth 49\u201350% in constant currency. Microsoft Cloud gross margin approximately 65%; capex above US$50bn. No explicit EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>The company did not provide a full-year revenue or EPS range. FY27 expected to remain free-cash-flow positive. Separately, calendar-2026 capex reduced to approximately US$170bn from US$175bn due to third-party capacity delays, with spending accelerating in fiscal H2.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q1 dividends and share repurchases totalled US$10.2bn. Quarterly dividend increased 8% to US$0.98\/share, payable 10 December 2026 to holders of record on 19 November.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Microsoft&#8217;s accelerating cloud growth and resilient cash generation support a positive outlook, although capacity delivery remains the key constraint. The quarter shows AI demand producing operating earnings alongside infrastructure spending. OpenAI accounting amplified GAAP EPS growth; the adjusted comparison better reflects underlying progress. Azure&#8217;s December outlook raises the execution bar. Engineering efficiencies can release capacity quickly, but their timing makes quarterly growth less predictable. We would judge progress through sustained revenue conversion and cash returns. Commercial commitments improve visibility without eliminating customer concentration or delivery risk. The lower calendar-year spending forecast reflects delayed third-party capacity, shifting expenditure into later periods rather than demonstrating a permanent reduction in investment needs. Operating cash flow of US$58bn and free cash flow of US$18.6bn provide support, while weaker Windows demand increases reliance on cloud. Shares traded at US$546.39 post-market on 28 October, up 2.90% from the close. The premium valuation is better supported by this print, but sustained upside requires profitable deployment of new capacity. Watch Azure delivery, cloud gross margin, paid Copilot monetisation and retention, cash conversion and the second-half spending ramp. Deteriorating cash conversion despite strong reported bookings would weaken our stance.<\/span><b><span> 4Q26 recommended trading range: US$500\u2013610. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5fae\u8f6f (MSFT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165922.79\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f19%\uff1b\u8f83906.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea616.69\u4ebf\u7f8e\u5143\u3002\u5fae\u8f6f\u4e91\u6536\u5165639\u4ebf\u7f8e\u5143\uff0c\u589e\u957f30%\uff1bAzure\u6536\u5165\u589e\u957f48%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52294.89\u7f8e\u5143\uff0c\u53bb\u5e744.13\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f18%\uff1b\u8f834.72\u7f8e\u5143\u9884\u671f\u9ad80.17\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52294.92\u7f8e\u5143\uff0c\u589e\u957f32%\uff1b\u672c\u5b63OpenAI\u6295\u8d44\u6536\u76ca\u8d21\u732e\u6bcf\u80a10.03\u7f8e\u5143\uff0c\u53bb\u5e74\u5219\u5f55\u5f97\u6bcf\u80a10.41\u7f8e\u5143\u635f\u5931\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165960\u2013971\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f18\u201319%\uff1bAzure\u56fa\u5b9a\u6c47\u7387\u6536\u5165\u589e\u957f49\u201350%\u3002\u5fae\u8f6f\u4e91\u6bdb\u5229\u7387\u7ea665%\uff1b\u8d44\u672c\u5f00\u652f\u8d85\u8fc7500\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u660e\u786e\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u9884\u8ba12027\u8d22\u5e74\u7ef4\u6301\u6b63\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u53e6\u5916\uff0c\u56e0\u7b2c\u4e09\u65b9\u4ea7\u80fd\u5ef6\u8fdf\uff0c2026\u81ea\u7136\u5e74\u8d44\u672c\u5f00\u652f\u7531\u7ea61,750\u4ebf\u7f8e\u5143\u4e0b\u8c03\u81f31,700\u4ebf\u7f8e\u5143\uff0c\u652f\u51fa\u5c06\u5728\u8d22\u5e74\u4e0b\u534a\u5e74\u52a0\u5feb\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u9996\u5b63\u80a1\u606f\u53ca\u80a1\u4efd\u56de\u8d2d\u5408\u8ba1102\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u80a1\u606f\u63d0\u9ad88%\u81f3\u6bcf\u80a10.98\u7f8e\u5143\uff0c\u4e8e2026\u5e7412\u670810\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670819\u65e5\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5fae\u8f6f\u4e91\u589e\u957f\u52a0\u5feb\u53ca\u73b0\u91d1\u521b\u9020\u4fdd\u6301\u97e7\u6027\uff0c\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u4f46\u4ea7\u80fd\u4ea4\u4ed8\u4ecd\u662f\u5173\u952e\u9650\u5236\u3002\u672c\u5b63\u663e\u793aAI\u9700\u6c42\u5728\u589e\u52a0\u57fa\u7840\u8bbe\u65bd\u5f00\u652f\u7684\u540c\u65f6\uff0c\u4ea6\u80fd\u4ea7\u751f\u7ecf\u8425\u76c8\u5229\u3002OpenAI\u4f1a\u8ba1\u635f\u76ca\u6269\u5927GAAP\u6bcf\u80a1\u76c8\u5229\u589e\u5e45\uff0c\u7ecf\u8c03\u6574\u6bd4\u8f83\u66f4\u80fd\u53cd\u6620\u57fa\u7840\u8fdb\u5c55\u3002Azure\u5341\u4e8c\u6708\u5b63\u5ea6\u6307\u5f15\u63d0\u9ad8\u6267\u884c\u8981\u6c42\u3002\u5de5\u7a0b\u6548\u7387\u53ef\u8fc5\u901f\u91ca\u653e\u4ea7\u80fd\uff0c\u5176\u5b9e\u73b0\u65f6\u70b9\u5374\u4ee4\u5355\u5b63\u589e\u957f\u66f4\u96be\u9884\u6d4b\u3002\u6211\u4eec\u66f4\u91cd\u89c6\u6301\u7eed\u6536\u5165\u8f6c\u5316\u53ca\u73b0\u91d1\u56de\u62a5\u3002\u5546\u4e1a\u5408\u7ea6\u627f\u8bfa\u63d0\u5347\u53ef\u89c1\u5ea6\uff0c\u4f46\u4e0d\u80fd\u6d88\u9664\u5ba2\u6237\u96c6\u4e2d\u53ca\u4ea4\u4ed8\u98ce\u9669\u3002\u81ea\u7136\u5e74\u5f00\u652f\u9884\u6d4b\u4e0b\u964d\u53cd\u6620\u7b2c\u4e09\u65b9\u4ea7\u80fd\u5ef6\u8fdf\uff0c\u5c06\u652f\u51fa\u540e\u79fb\uff0c\u5e76\u4e0d\u8bc1\u660e\u957f\u671f\u6295\u8d44\u9700\u6c42\u6c38\u4e45\u51cf\u5c11\u3002\u7ecf\u8425\u73b0\u91d1\u6d41580\u4ebf\u7f8e\u5143\u53ca\u81ea\u7531\u73b0\u91d1\u6d41186\u4ebf\u7f8e\u5143\u63d0\u4f9b\u652f\u6301\uff0c\u800cWindows\u9700\u6c42\u8f6c\u5f31\u589e\u52a0\u5bf9\u4e91\u4e1a\u52a1\u7684\u4f9d\u8d56\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5546.39\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da82.90%\u3002\u672c\u5b63\u4e1a\u7ee9\u4e3a\u4f30\u503c\u6ea2\u4ef7\u63d0\u4f9b\u66f4\u597d\u652f\u6301\uff0c\u4f46\u6301\u7eed\u4e0a\u884c\u4ecd\u987b\u65b0\u4ea7\u80fd\u4ea7\u751f\u5229\u6da6\u3002\u5e94\u5173\u6ce8Azure\u4ea4\u4ed8\u3001\u4e91\u6bdb\u5229\u7387\u3001\u4ed8\u8d39Copilot\u53d8\u73b0\u53ca\u7559\u5b58\u3001\u73b0\u91d1\u8f6c\u5316\u53ca\u4e0b\u534a\u5e74\u5f00\u652f\u52a0\u5feb\u60c5\u51b5\u3002\u82e5\u62a5\u544a\u8ba2\u5355\u5f3a\u52b2\u4f46\u73b0\u91d1\u8f6c\u5316\u6076\u5316\uff0c\u5c06\u524a\u5f31\u6211\u4eec\u7684\u6b63\u9762\u770b\u6cd5\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a500\u2013610\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Alphabet Inc. (GOOGL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$127.577bn, +25% YoY; approximately US$393m below US$127.97bn consensus. Google Cloud revenue US$30.709bn, +103%; Search and other advertising revenue +12%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$2.12 versus US$2.87, down 26.1% YoY; missed US$3.01 consensus by US$0.89. Equity-security losses reduced EPS by US$0.55. Operating income grew 30% to US$40.576bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>The company did not provide numerical Q4 revenue or EPS guidance. Management expects greater FX headwinds, difficult Search comparisons and near-term Cloud margin pressure from third-party compute; TPU system sales should continue scaling.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No full-year revenue or EPS range provided. Calendar-2026 capex guidance maintained at US$195\u2013205bn; management expects capex to increase significantly in 2027, with details to follow at Q4 results.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Common dividend US$0.22\/share, payable 14 December to holders of record on 7 December. No Q3 share repurchases; the company instead raised US$12.371bn net through common-share issuance under its at-the-market programme.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Alphabet&#8217;s cloud expansion strengthens its AI franchise, but cash consumption and Search monetisation uncertainty keep our outlook neutral. Equity-investment losses overstate the deterioration in operations, making operating profit a better business indicator. Nevertheless, revenue missed consensus, and strong query growth must translate into advertising income. Cloud provides another earnings engine, but hardware sales and rented compute change its margin and working-capital profile. Investors should assess revenue quality alongside growth. Free cash flow was negative US$9.065bn as capital expenditure exceeded operating cash generation. Inventory investment and the European Commission fine also affected cash, so the outflow is not entirely recurring operating weakness. Persistent infrastructure commitments nevertheless increase the importance of utilisation and pricing discipline. Common-share issuance without repurchases changes the shareholder-return picture and makes per-share progress more important than aggregate growth. Shares traded at US$292.50 post-market on 28 October, down 9.97% from the close. The lower price improves valuation support without resolving funding and monetisation questions. Watch Search advertising yield, AI usage converted into paid demand, Cloud margins as third-party capacity ramps, inventory collections and the 2027 capital budget. Restoring cash generation without greater financing dependence would make us more constructive.<\/span><b><span> 4Q26 recommended trading range: US$260\u2013335. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u8c37\u6b4c\u6bcd\u516c\u53f8Alphabet (GOOGL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51651,275.77\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f25%\uff1b\u8f831,279.7\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea63.93\u4ebf\u7f8e\u5143\u3002\u8c37\u6b4c\u4e91\u6536\u5165307.09\u4ebf\u7f8e\u5143\uff0c\u589e\u957f103%\uff1b\u641c\u7d22\u53ca\u5176\u4ed6\u5e7f\u544a\u6536\u5165\u589e\u957f12%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52292.12\u7f8e\u5143\uff0c\u53bb\u5e742.87\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d26.1%\uff1b\u8f833.01\u7f8e\u5143\u9884\u671f\u4f4e0.89\u7f8e\u5143\u3002\u6743\u76ca\u8bc1\u5238\u635f\u5931\u4ee4\u6bcf\u80a1\u76c8\u5229\u51cf\u5c110.55\u7f8e\u5143\u3002\u7ecf\u8425\u5229\u6da6\u589e\u957f30%\u81f3405.76\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u91cf\u5316\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u6c47\u7387\u62d6\u7d2f\u52a0\u5927\u3001\u641c\u7d22\u9762\u4e34\u9ad8\u57fa\u6570\uff0c\u4f7f\u7528\u7b2c\u4e09\u65b9\u8ba1\u7b97\u8d44\u6e90\u5c06\u77ed\u671f\u538b\u4f4e\u4e91\u5229\u6da6\u7387\uff1bTPU\u7cfb\u7edf\u9500\u552e\u9884\u8ba1\u7ee7\u7eed\u6269\u5927\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u30022026\u81ea\u7136\u5e74\u8d44\u672c\u5f00\u652f\u6307\u5f15\u7ef4\u63011,950\u20132,050\u4ebf\u7f8e\u5143\uff1b\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u8d44\u672c\u5f00\u652f\u663e\u8457\u589e\u52a0\uff0c\u5c06\u5728\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u65f6\u63d0\u4f9b\u8be6\u60c5\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u666e\u901a\u80a1\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.22\u7f8e\u5143\uff0c12\u670814\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u67087\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u672a\u56de\u8d2d\u80a1\u4efd\uff1b\u516c\u53f8\u901a\u8fc7\u5e02\u4ef7\u53d1\u884c\u8ba1\u5212\u53d1\u884c\u666e\u901a\u80a1\uff0c\u51c0\u7b79\u8d44123.71\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Alphabet\u4e91\u4e1a\u52a1\u6269\u5f20\u5f3a\u5316AI\u4e1a\u52a1\u57fa\u7840\uff0c\u4f46\u73b0\u91d1\u6d88\u8017\u53ca\u641c\u7d22\u53d8\u73b0\u7684\u4e0d\u786e\u5b9a\u6027\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u6743\u76ca\u6295\u8d44\u635f\u5931\u5938\u5927\u7ecf\u8425\u6076\u5316\u7a0b\u5ea6\uff0c\u56e0\u6b64\u7ecf\u8425\u5229\u6da6\u66f4\u80fd\u53cd\u6620\u4e1a\u52a1\u8d8b\u52bf\u3002\u4e0d\u8fc7\uff0c\u6536\u5165\u4ecd\u4f4e\u4e8e\u9884\u671f\uff0c\u5f3a\u52b2\u67e5\u8be2\u589e\u957f\u987b\u8f6c\u5316\u4e3a\u5e7f\u544a\u6536\u5165\u3002\u4e91\u4e1a\u52a1\u63d0\u4f9b\u53e6\u4e00\u76c8\u5229\u6765\u6e90\uff0c\u4f46\u786c\u4ef6\u9500\u552e\u53ca\u79df\u7528\u8ba1\u7b97\u8d44\u6e90\u6539\u53d8\u5176\u5229\u6da6\u7387\u53ca\u8425\u8fd0\u8d44\u91d1\u7ed3\u6784\u3002\u6295\u8d44\u8005\u5e94\u517c\u987e\u6536\u5165\u8d28\u91cf\u4e0e\u589e\u901f\u3002\u8d44\u672c\u5f00\u652f\u8d85\u8fc7\u7ecf\u8425\u73b0\u91d1\u521b\u9020\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f90.65\u4ebf\u7f8e\u5143\u3002\u5e93\u5b58\u6295\u8d44\u53ca\u6b27\u76df\u59d4\u5458\u4f1a\u7f5a\u6b3e\u4ea6\u5f71\u54cd\u73b0\u91d1\uff0c\u56e0\u6b64\u6d41\u51fa\u5e76\u975e\u5168\u90e8\u6765\u81ea\u7ecf\u5e38\u6027\u7ecf\u8425\u5f31\u70b9\u3002\u7136\u800c\uff0c\u6301\u7eed\u57fa\u7840\u8bbe\u65bd\u627f\u8bfa\u4ee4\u5229\u7528\u7387\u53ca\u5b9a\u4ef7\u7eaa\u5f8b\u66f4\u52a0\u91cd\u8981\u3002\u6ca1\u6709\u56de\u8d2d\u5374\u53d1\u884c\u666e\u901a\u80a1\uff0c\u6539\u53d8\u80a1\u4e1c\u56de\u62a5\u7ed3\u6784\uff0c\u4ee4\u6bcf\u80a1\u589e\u957f\u8f83\u603b\u989d\u589e\u957f\u66f4\u91cd\u8981\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5292.50\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc9.97%\u3002\u8f83\u4f4e\u4ef7\u683c\u6539\u5584\u4f30\u503c\u652f\u6301\uff0c\u4f46\u672a\u89e3\u51b3\u878d\u8d44\u53ca\u53d8\u73b0\u95ee\u9898\u3002\u5e94\u5173\u6ce8\u641c\u7d22\u5e7f\u544a\u6536\u76ca\u7387\u3001AI\u4f7f\u7528\u8f6c\u5316\u4e3a\u4ed8\u8d39\u9700\u6c42\u3001\u7b2c\u4e09\u65b9\u4ea7\u80fd\u589e\u52a0\u540e\u7684\u4e91\u5229\u6da6\u7387\u3001\u5e93\u5b58\u56de\u6b3e\u53ca2027\u5e74\u8d44\u672c\u9884\u7b97\u3002\u82e5\u80fd\u6062\u590d\u73b0\u91d1\u521b\u9020\u800c\u65e0\u9700\u8fdb\u4e00\u6b65\u4f9d\u8d56\u878d\u8d44\uff0c\u6211\u4eec\u5c06\u66f4\u8d8b\u79ef\u6781\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a260\u2013335\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>ServiceNow Inc. (NOW)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Total revenue US$4.106bn, +20.5% YoY; US$16m above US$4.09bn consensus. Subscription revenue US$3.988bn, +21% reported and +20.5% in constant currency.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.00 versus restated US$0.95, +5.3% YoY; missed US$1.02 consensus by US$0.02. GAAP EPS US$0.27 versus US$0.48, down 43.8%. Figures reflect the five-for-one stock split.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Subscription revenue US$4.245\u20134.255bn, +21.5% in constant currency; cRPO growth 18.5% in constant currency and non-GAAP operating margin 32%. No numerical Q4 EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Subscription revenue raised to US$15.780\u201315.790bn, midpoint US$15.785bn versus prior US$15.770bn. Free-cash-flow margin raised to 36% from 35%; non-GAAP operating margin maintained at 31.5%. No full-year EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No cash dividend announced. No shares repurchased in Q3. Non-GAAP free cash flow US$822m includes a US$74m add-back for acquisition-related cash costs; operating cash flow US$839m and property\/equipment purchases US$91m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>ServiceNow&#8217;s growing AI contracts support its franchise, but the gap between commercial momentum and per-share earnings keeps our outlook neutral. A modest revenue beat and higher annual subscription forecast show resilient demand, while slower adjusted EPS growth and the earnings miss weaken the result. Acquisition amortisation, compensation and restructuring explain much of the GAAP adjustment gap but remain relevant to shareholder returns. The cash-flow measure also adds back acquisition-related cash outlays; investors should compare it with unadjusted operating cash generation. The increased AI contract-value target to US$1.7bn supports monetisation, although annual contract value is not recognised revenue. Customers must deploy products and expand spending without disproportionately expensive implementation support. Management attributes the softer December cRPO outlook partly to contract mix and excluded backlog, making transparent revenue conversion especially important. Shares traded at US$122.91 post-market on 28 October, down 18.13% from the close. That reset reduces valuation pressure, but the broader platform must still deliver durable per-share growth. Watch organic subscriptions, AI deployment, renewals, acquisition integration, share-based compensation and cash conversion. Improving earnings quality alongside sustained bookings and better retention would support a positive stance; a stronger narrative alone is insufficient.<\/span><b><span> 4Q26 recommended trading range: US$105\u2013145. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>ServiceNow (NOW)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u603b\u6536\u516541.06\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f20.5%\uff1b\u8f8340.9\u4ebf\u7f8e\u5143\u9884\u671f\u9ad81,600\u4e07\u7f8e\u5143\u3002\u8ba2\u9605\u6536\u516539.88\u4ebf\u7f8e\u5143\uff0c\u62a5\u544a\u589e\u957f21%\uff0c\u56fa\u5b9a\u6c47\u7387\u589e\u957f20.5%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.00\u7f8e\u5143\uff0c\u53bb\u5e74\u91cd\u5217\u540e0.95\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.3%\uff1b\u8f831.02\u7f8e\u5143\u9884\u671f\u4f4e0.02\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.27\u7f8e\u5143\uff0c\u53bb\u5e740.48\u7f8e\u5143\uff0c\u4e0b\u964d43.8%\u3002\u6570\u636e\u5df2\u53cd\u6620\u4e00\u62c6\u4e94\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u8ba2\u9605\u6536\u516542.45\u201342.55\u4ebf\u7f8e\u5143\uff0c\u56fa\u5b9a\u6c47\u7387\u589e\u957f21.5%\uff1b\u5f53\u671f\u5269\u4f59\u5c65\u7ea6\u4e49\u52a1\uff08cRPO\uff09\u56fa\u5b9a\u6c47\u7387\u589e\u957f18.5%\uff0c\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738732%\u3002\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u91cf\u5316\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u8ba2\u9605\u6536\u5165\u4e0a\u8c03\u81f3157.80\u2013157.90\u4ebf\u7f8e\u5143\uff0c\u4e2d\u4f4d\u6570157.85\u4ebf\u7f8e\u5143\uff0c\u6b64\u524d\u4e2d\u4f4d\u6570157.70\u4ebf\u7f8e\u5143\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u5229\u6da6\u7387\u753135%\u4e0a\u8c03\u81f336%\uff1b\u975eGAAP\u7ecf\u8425\u5229\u6da6\u7387\u7ef4\u630131.5%\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u7b2c\u4e09\u5b63\u5ea6\u672a\u56de\u8d2d\u80a1\u4efd\u3002\u975eGAAP\u81ea\u7531\u73b0\u91d1\u6d418.22\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u52a0\u56de7,400\u4e07\u7f8e\u5143\u6536\u8d2d\u76f8\u5173\u73b0\u91d1\u8d39\u7528\uff1b\u7ecf\u8425\u73b0\u91d1\u6d418.39\u4ebf\u7f8e\u5143\uff0c\u7269\u4e1a\u53ca\u8bbe\u5907\u91c7\u8d2d9,100\u4e07\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>ServiceNow\u7684AI\u5408\u7ea6\u589e\u957f\u652f\u6301\u4e1a\u52a1\u57fa\u7840\uff0c\u4f46\u5546\u4e1a\u8fdb\u5c55\u4e0e\u6bcf\u80a1\u76c8\u5229\u4e4b\u95f4\u7684\u5dee\u8ddd\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u6536\u5165\u7565\u9ad8\u9884\u671f\u53ca\u5168\u5e74\u8ba2\u9605\u9884\u6d4b\u4e0a\u8c03\uff0c\u663e\u793a\u9700\u6c42\u4ecd\u5177\u97e7\u6027\uff0c\u4f46\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u8f83\u6162\u4e14\u900a\u4e8e\u9884\u671f\uff0c\u524a\u5f31\u4e1a\u7ee9\u8868\u73b0\u3002\u6536\u8d2d\u644a\u9500\u3001\u85aa\u916c\u53ca\u91cd\u7ec4\u89e3\u91ca\u4e86\u5927\u90e8\u5206GAAP\u8c03\u6574\u5dee\u8ddd\uff0c\u4f46\u4ecd\u5f71\u54cd\u80a1\u4e1c\u56de\u62a5\u3002\u73b0\u91d1\u6d41\u6307\u6807\u4ea6\u52a0\u56de\u6536\u8d2d\u76f8\u5173\u73b0\u91d1\u652f\u51fa\uff0c\u6295\u8d44\u8005\u5e94\u540c\u65f6\u6bd4\u8f83\u672a\u7ecf\u8c03\u6574\u7684\u7ecf\u8425\u73b0\u91d1\u521b\u9020\u3002AI\u5408\u7ea6\u4ef7\u503c\u76ee\u6807\u4e0a\u8c03\u81f317\u4ebf\u7f8e\u5143\uff0c\u4e3a\u53d8\u73b0\u63d0\u4f9b\u652f\u6301\uff0c\u4f46\u5e74\u5ea6\u5408\u7ea6\u4ef7\u503c\u5e76\u975e\u5df2\u786e\u8ba4\u6536\u5165\u3002\u5ba2\u6237\u987b\u80fd\u90e8\u7f72\u4ea7\u54c1\u53ca\u6269\u5927\u652f\u51fa\uff0c\u540c\u65f6\u4e0d\u9700\u6210\u672c\u8fc7\u9ad8\u7684\u5b9e\u65bd\u652f\u6301\u3002\u7ba1\u7406\u5c42\u5c06\u5341\u4e8c\u6708\u5b63\u5ea6cRPO\u6307\u5f15\u8f6c\u5f31\u90e8\u5206\u5f52\u56e0\u4e8e\u5408\u7ea6\u7ed3\u6784\u53ca\u672a\u7eb3\u5165\u6307\u6807\u7684\u8ba2\u5355\uff0c\u56e0\u6b64\u6e05\u6670\u7684\u6536\u5165\u8f6c\u5316\u5c24\u5176\u91cd\u8981\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5122.91\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc18.13%\u3002\u4ef7\u683c\u8c03\u6574\u51cf\u8f7b\u4f30\u503c\u538b\u529b\uff0c\u4f46\u6269\u5927\u7684\u5e73\u53f0\u4ecd\u987b\u4ea7\u751f\u6301\u7eed\u6bcf\u80a1\u589e\u957f\u3002\u5e94\u5173\u6ce8\u6709\u673a\u8ba2\u9605\u3001AI\u90e8\u7f72\u3001\u7eed\u7ea6\u3001\u6536\u8d2d\u6574\u5408\u3001\u80a1\u6743\u85aa\u916c\u53ca\u73b0\u91d1\u8f6c\u5316\u3002\u76c8\u5229\u8d28\u91cf\u6539\u5584\u5e76\u4f34\u968f\u8ba2\u5355\u6301\u7eed\u589e\u957f\u53ca\u7559\u5b58\u6539\u5584\uff0c\u5c06\u652f\u6301\u8f6c\u5411\u6b63\u9762\u770b\u6cd5\uff1b\u4ec5\u51ed\u66f4\u5f3a\u4e1a\u52a1\u53d9\u4e8b\u5e76\u4e0d\u8db3\u591f\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a105\u2013145\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>KLA Corporation (KLAC)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$4.136bn versus US$3.210bn, +28.9% YoY; approximately US$16m above US$4.12bn consensus. Product revenue US$3.285bn; service revenue US$851m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.22 versus US$0.88, +38.6%; beat US$1.20 consensus by US$0.02. GAAP diluted EPS US$1.18 versus US$0.85, +38.8%. All per-share figures reflect the June 2026 ten-for-one split.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>Revenue US$4.7bn \u00b1 US$200m; non-GAAP diluted EPS US$1.44 \u00b1 US$0.11; GAAP diluted EPS US$1.41 \u00b1 US$0.11. Non-GAAP gross margin 62.5% \u00b1 1 percentage point.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>The company did not provide full-year FY27 revenue or EPS guidance. Management expects the calendar-2027 wafer-equipment market to exceed US$200bn; this is an industry outlook, not company revenue guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q1 dividends US$305m and repurchases US$936m, totaling US$1.241bn. Trailing-12-month capital returns US$3.789bn; Q1 free cash flow US$1.336bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>KLA&#8217;s stronger December outlook and rising process-control demand support a positive view. The reported beat was small; the more important change is the higher revenue base and confidence in sequential growth. Leading-edge logic, high-bandwidth memory and advanced packaging require more inspection as devices become more complex and valuable, expanding KLA&#8217;s opportunity within customer budgets. Services provide a recurring contribution from the installed base. Earnings quality is supported by the modest GAAP\/non-GAAP EPS gap and cash generation covering dividends and repurchases. However, inventories increased, and meeting demand requires supply-capacity investment. Persistent memory-component costs can limit gross-margin expansion despite higher revenue. Long lead times mean backlog must convert into timely shipments and customer acceptance. Management&#8217;s expectation for a wafer-equipment market above US$200bn in 2027 remains an industry forecast, not a guaranteed company outcome. Export restrictions, customer concentration and changes in AI spending remain material risks. Shares traded at US$164.57 post-market on 28 October, up 3.65% from the close. Valuation still requires sustained earnings delivery, although the December outlook improves support. Watch customer capacity plans, advanced packaging, service growth, inventory conversion, input costs and export controls. We favour the operating trajectory while allowing for semiconductor-equipment cyclicality.<\/span><b><span> 4Q26 recommended trading range: US$145\u2013195. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u79d1\u78ca (KLAC)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516541.36\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7432.10\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f28.9%\uff1b\u8f8341.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61,600\u4e07\u7f8e\u5143\u3002\u4ea7\u54c1\u6536\u516532.85\u4ebf\u7f8e\u5143\uff1b\u670d\u52a1\u6536\u51658.51\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.22\u7f8e\u5143\uff0c\u53bb\u5e740.88\u7f8e\u5143\uff0c\u589e\u957f38.6%\uff1b\u8f831.20\u7f8e\u5143\u9884\u671f\u9ad80.02\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.18\u7f8e\u5143\uff0c\u53bb\u5e740.85\u7f8e\u5143\uff0c\u589e\u957f38.8%\u3002\u6240\u6709\u6bcf\u80a1\u6570\u636e\u5747\u53cd\u66202026\u5e746\u6708\u4e00\u62c6\u5341\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u516547\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a82\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.44\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a80.11\u7f8e\u5143\uff1bGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.41\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a80.11\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u738762.5%\uff0c\u4e0a\u4e0b\u6d6e\u52a81\u4e2a\u767e\u5206\u70b9\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b2027\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u81ea\u7136\u5e74\u6676\u5706\u8bbe\u5907\u5e02\u573a\u8d85\u8fc72,000\u4ebf\u7f8e\u5143\uff1b\u6b64\u4e3a\u884c\u4e1a\u5c55\u671b\uff0c\u5e76\u975e\u516c\u53f8\u6536\u5165\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u9996\u5b63\u80a1\u606f3.05\u4ebf\u7f8e\u5143\uff0c\u56de\u8d2d9.36\u4ebf\u7f8e\u5143\uff0c\u5408\u8ba112.41\u4ebf\u7f8e\u5143\u3002\u8fc7\u53bb12\u4e2a\u6708\u80a1\u4e1c\u56de\u62a537.89\u4ebf\u7f8e\u5143\uff1b\u9996\u5b63\u81ea\u7531\u73b0\u91d1\u6d4113.36\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u79d1\u78ca12\u6708\u5b63\u5ea6\u5c55\u671b\u589e\u5f3a\u53ca\u5236\u7a0b\u63a7\u5236\u9700\u6c42\u4e0a\u5347\uff0c\u652f\u6301\u6b63\u9762\u89c2\u70b9\u3002\u672c\u5b63\u5ea6\u8d85\u9884\u671f\u5e45\u5ea6\u4e0d\u5927\uff1b\u66f4\u91cd\u8981\u7684\u53d8\u5316\u662f\u6536\u5165\u89c4\u6a21\u63d0\u9ad8\uff0c\u4ee5\u53ca\u5bf9\u73af\u6bd4\u589e\u957f\u7684\u4fe1\u5fc3\u3002\u5148\u8fdb\u903b\u8f91\u3001\u9ad8\u5e26\u5bbd\u5b58\u50a8\u53ca\u5148\u8fdb\u5c01\u88c5\u4f7f\u82af\u7247\u66f4\u590d\u6742\u3001\u4ef7\u503c\u66f4\u9ad8\uff0c\u68c0\u6d4b\u9700\u6c42\u968f\u4e4b\u589e\u52a0\uff0c\u6269\u5927\u79d1\u78ca\u5728\u5ba2\u6237\u9884\u7b97\u4e2d\u7684\u673a\u4f1a\u3002\u670d\u52a1\u4e1a\u52a1\u5219\u63d0\u4f9b\u57fa\u4e8e\u88c5\u673a\u89c4\u6a21\u7684\u7ecf\u5e38\u6027\u8d21\u732e\u3002GAAP\u4e0e\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u5dee\u8ddd\u8f83\u5c0f\uff0c\u73b0\u91d1\u521b\u9020\u8986\u76d6\u80a1\u606f\u53ca\u56de\u8d2d\uff0c\u652f\u6301\u76c8\u5229\u8d28\u91cf\u3002\u4e0d\u8fc7\uff0c\u5b58\u8d27\u589e\u52a0\uff0c\u6ee1\u8db3\u9700\u6c42\u9700\u8981\u4f9b\u5e94\u4ea7\u80fd\u6295\u5165\u3002\u5373\u4f7f\u6536\u5165\u63d0\u9ad8\uff0c\u6301\u7eed\u504f\u9ad8\u7684\u5b58\u50a8\u5143\u4ef6\u6210\u672c\u4ea6\u53ef\u80fd\u9650\u5236\u6bdb\u5229\u7387\u6269\u5f20\u3002\u4ea4\u8d27\u5468\u671f\u8f83\u957f\uff0c\u610f\u5473\u7740\u79ef\u538b\u8ba2\u5355\u987b\u8f6c\u5316\u4e3a\u53ca\u65f6\u51fa\u8d27\u53ca\u5ba2\u6237\u9a8c\u6536\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u6676\u5706\u8bbe\u5907\u5e02\u573a\u8d85\u8fc72,000\u4ebf\u7f8e\u5143\uff0c\u4ecd\u5c5e\u884c\u4e1a\u9884\u6d4b\uff0c\u5e76\u975e\u516c\u53f8\u4e1a\u7ee9\u4fdd\u8bc1\u3002\u51fa\u53e3\u9650\u5236\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u53caAI\u5f00\u652f\u53d8\u5316\u4ecd\u662f\u91cd\u8981\u98ce\u9669\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5164.57\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da83.65%\u3002\u4f30\u503c\u4ecd\u8981\u6c42\u6301\u7eed\u4ea4\u4ed8\u76c8\u5229\uff0c\u4f4612\u6708\u5b63\u5ea6\u5c55\u671b\u6539\u5584\u652f\u6301\u3002\u5e94\u5173\u6ce8\u5ba2\u6237\u4ea7\u80fd\u8ba1\u5212\u3001\u5148\u8fdb\u5c01\u88c5\u3001\u670d\u52a1\u589e\u957f\u3001\u5b58\u8d27\u8f6c\u5316\u3001\u6295\u5165\u6210\u672c\u53ca\u51fa\u53e3\u7ba1\u5236\u3002\u6211\u4eec\u770b\u597d\u7ecf\u8425\u8f68\u8ff9\uff0c\u540c\u65f6\u4fdd\u7559\u534a\u5bfc\u4f53\u8bbe\u5907\u5468\u671f\u6ce2\u52a8\u7a7a\u95f4\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a145\u2013195\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>FedEx Corporation (FDX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Calendar Q3 continuing-operations revenue US$22.855bn versus US$20.432bn, +11.9% YoY; approximately US$125m above US$22.73bn consensus.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$3.74 versus US$2.93, +27.6% YoY; beat US$3.34 consensus by US$0.40. GAAP diluted EPS US$1.21, down 55.7%; materially affected by the retained FedEx Freight investment and other adjustments.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Management expects approximately 10% revenue growth in calendar Q4, with U.S. domestic revenue up high single digits and international revenue up high teens. The company did not provide a standalone Q4 EPS range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>CY26 Guidance: <\/span><\/b><span>CY26 revenue growth raised to approximately 12% from 11%; adjusted diluted EPS raised and narrowed to US$18.00\u201318.60 from US$16.90\u201318.10. Adjusted free cash flow outlook introduced at approximately US$4bn; capex approximately US$3.9bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>US$2bn of shares repurchased in June\u2013September; US$4.3bn authorisation remaining. Latest declared quarterly dividend US$1.22\/share, paid 1 October to holders of record on 14 September.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>FedEx\u2019s higher earnings outlook supports the operating recovery, but growth quality and the muted share reaction keep our outlook neutral. Continuing-operations comparisons matter following the fiscal-year transition and Freight separation. Better base pricing, premium service mix and structural cost reductions improved operating profit, with international performance stronger than domestic performance. Domestic purchased transportation costs and wages remain constraints. Fuel surcharges contributed about four percentage points to revenue growth but did not materially drive adjusted operating profit growth. Base yields and margins therefore deserve close attention. The GAAP-to-adjusted EPS gap includes a US$5.18\/share investment loss, partly offset by a US$1.97\/share debt-extinguishment gain and a net US$0.68\/share benefit within restructuring and related adjustments. Adjusted operating-income growth provides clearer evidence of operational progress. Cash of US$8bn includes US$2.7bn of tariff refunds held for customers, limiting funds available for capital allocation. Buybacks support per-share earnings, while peak-season execution and cash conversion will determine whether the stronger outlook is delivered. Shares traded at US$297.00 post-market on 28 October, down 2.49% from the close. The valuation offers recovery potential but remains exposed to trade and cost uncertainty. Watch premium volumes, international mix, transportation costs, Network 2.0 service performance and the higher cash-flow target.<\/span><b><span> 4Q26 recommended trading range: US$270\u2013350. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u8054\u90a6\u5feb\u9012 (FDX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u81ea\u7136\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u81ea\u7136\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6301\u7eed\u7ecf\u8425\u4e1a\u52a1\u6536\u5165228.55\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74\u4e3a204.32\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.9%\uff1b\u8f83227.30\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.25\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u81ea\u7136\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52293.74\u7f8e\u5143\uff0c\u53bb\u5e74\u4e3a2.93\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f27.6%\uff1b\u8f833.34\u7f8e\u5143\u9884\u671f\u9ad80.40\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.21\u7f8e\u5143\uff0c\u4e0b\u964d55.7%\uff0c\u53d7\u5230\u4fdd\u7559\u7684FedEx Freight\u6295\u8d44\u53ca\u5176\u4ed6\u8c03\u6574\u9879\u76ee\u663e\u8457\u5f71\u54cd\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u81ea\u7136\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u7ba1\u7406\u5c42\u9884\u8ba1\u81ea\u7136\u5e74\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u589e\u957f\u7ea610%\uff0c\u5176\u4e2d\u7f8e\u56fd\u56fd\u5185\u6536\u5165\u589e\u957f\u9ad8\u5355\u4f4d\u6570\uff0c\u56fd\u9645\u6536\u5165\u589e\u957f\u767e\u5206\u4e4b\u5341\u51e0\u7684\u8f83\u9ad8\u6c34\u5e73\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7684\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u81ea\u7136\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>2026\u81ea\u7136\u5e74\u6536\u5165\u589e\u957f\u6307\u5f15\u7531\u7ea611%\u63d0\u9ad8\u81f312%\uff1b\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u753116.90\u201318.10\u7f8e\u5143\u4e0a\u8c03\u5e76\u6536\u7a84\u81f318.00\u201318.60\u7f8e\u5143\u3002\u9996\u6b21\u63d0\u51fa\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u7ea640\u4ebf\u7f8e\u5143\u7684\u524d\u666f\uff1b\u8d44\u672c\u652f\u51fa\u7ea639\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>6\u6708\u81f39\u6708\u56de\u8d2d20\u4ebf\u7f8e\u5143\u80a1\u4efd\uff0c\u5269\u4f59\u56de\u8d2d\u6388\u674343\u4ebf\u7f8e\u5143\u3002\u6700\u8fd1\u5ba3\u5e03\u7684\u5b63\u5ea6\u80a1\u606f\u4e3a\u6bcf\u80a11.22\u7f8e\u5143\uff0c\u5df2\u4e8e10\u67081\u65e5\u54119\u670814\u65e5\u767b\u8bb0\u80a1\u4e1c\u652f\u4ed8\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u8054\u90a6\u5feb\u9012\u4e0a\u8c03\u76c8\u5229\u524d\u666f\uff0c\u652f\u6301\u7ecf\u8425\u590d\u82cf\uff0c\u4f46\u589e\u957f\u8d28\u91cf\u53ca\u80a1\u4ef7\u53cd\u5e94\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u8d22\u5e74\u8fc7\u6e21\u53ca\u8d27\u8fd0\u4e1a\u52a1\u5206\u62c6\u540e\uff0c\u5e94\u91c7\u7528\u6301\u7eed\u7ecf\u8425\u4e1a\u52a1\u6bd4\u8f83\u3002\u57fa\u7840\u5b9a\u4ef7\u3001\u4f18\u8d28\u670d\u52a1\u7ec4\u5408\u53ca\u7ed3\u6784\u6027\u964d\u672c\u63a8\u52a8\u7ecf\u8425\u5229\u6da6\u6539\u5584\uff0c\u56fd\u9645\u4e1a\u52a1\u8868\u73b0\u5f3a\u4e8e\u7f8e\u56fd\u56fd\u5185\u4e1a\u52a1\uff0c\u800c\u56fd\u5185\u5916\u5305\u8fd0\u8f93\u6210\u672c\u53ca\u5de5\u8d44\u4ecd\u6784\u6210\u9650\u5236\u3002\u71c3\u6cb9\u9644\u52a0\u8d39\u5bf9\u6536\u5165\u589e\u957f\u8d21\u732e\u7ea64\u4e2a\u767e\u5206\u70b9\uff0c\u5374\u5e76\u975e\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u589e\u957f\u7684\u91cd\u8981\u6765\u6e90\uff0c\u56e0\u6b64\u57fa\u7840\u6536\u76ca\u7387\u53ca\u5229\u6da6\u7387\u503c\u5f97\u5173\u6ce8\u3002GAAP\u4e0e\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5dee\u8ddd\u5305\u62ec\u6bcf\u80a15.18\u7f8e\u5143\u6295\u8d44\u635f\u5931\uff0c\u90e8\u5206\u88ab\u6bcf\u80a11.97\u7f8e\u5143\u503a\u52a1\u6e05\u507f\u6536\u76ca\u53ca\u91cd\u7ec4\u7b49\u8c03\u6574\u9879\u76ee\u4e2d\u6bcf\u80a10.68\u7f8e\u5143\u51c0\u6536\u76ca\u62b5\u9500\u3002\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u589e\u957f\u66f4\u80fd\u53cd\u6620\u7ecf\u8425\u8fdb\u5c55\u300280\u4ebf\u7f8e\u5143\u73b0\u91d1\u4e2d\u542b\u6709\u4ee3\u5ba2\u6237\u6301\u6709\u768427\u4ebf\u7f8e\u5143\u5173\u7a0e\u9000\u6b3e\uff0c\u9650\u5236\u53ef\u7528\u4e8e\u8d44\u672c\u914d\u7f6e\u7684\u8d44\u91d1\u3002\u56de\u8d2d\u652f\u6301\u6bcf\u80a1\u76c8\u5229\uff0c\u800c\u65fa\u5b63\u6267\u884c\u53ca\u73b0\u91d1\u8f6c\u5316\u5c06\u51b3\u5b9a\u66f4\u5f3a\u524d\u666f\u80fd\u5426\u5151\u73b0\u300210\u670828\u65e5\u76d8\u540e\u80a1\u4ef7\u62a5297.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc2.49%\u3002\u4f30\u503c\u63d0\u4f9b\u590d\u82cf\u6f5c\u529b\uff0c\u4f46\u4ecd\u53d7\u8d38\u6613\u53ca\u6210\u672c\u4e0d\u786e\u5b9a\u6027\u5f71\u54cd\u3002\u5e94\u5173\u6ce8\u4f18\u8d28\u670d\u52a1\u8d27\u91cf\u3001\u56fd\u9645\u4e1a\u52a1\u7ec4\u5408\u3001\u8fd0\u8f93\u6210\u672c\u3001Network 2.0\u670d\u52a1\u8868\u73b0\u53ca\u66f4\u9ad8\u73b0\u91d1\u6d41\u76ee\u6807\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a270\u2013350\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Fortinet Inc. (FTNT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$2.0784bn versus US$1.7249bn, +20.5% YoY; US$18.4m above US$2.06bn consensus. Product revenue +36.8%; service revenue +12.7%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.91 versus US$0.74, +23.0%; beat US$0.86 consensus by US$0.05. GAAP diluted EPS US$0.86 versus US$0.62, +38.7%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$2.155\u20132.245bn; billings US$2.775\u20132.925bn; non-GAAP EPS US$0.93\u20130.95. Non-GAAP operating margin 35.5\u201337.5%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$8.125\u20138.215bn from US$8.020\u20138.180bn; non-GAAP EPS US$3.54\u20133.58 from US$3.41\u20133.47. Billings raised to US$9.568\u20139.718bn from US$9.350\u20139.550bn. Service revenue lowered to US$5.150\u20135.170bn from US$5.180\u20135.220bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Buyback authorization increased by US$1.2bn, leaving US$2.0bn available. No shares repurchased in Q3 and no cash dividend announced. Q3 free cash flow US$864.8m, excluding US$17.0m escrow-settlement proceeds.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Fortinet&#8217;s earnings beat and higher annual targets are offset by weaker service-revenue conversion, leaving our outlook neutral after the sharp price reset. Product sales benefited from higher-performance appliances, while billings outpaced recognized revenue. Customer commitments therefore remain stronger than services currently reaching the income statement. Management attributed the shortfall partly to enterprise agreements with staged activation, but the reduced service forecast makes subsequent conversion a test of that explanation. Growth also slowed from Q2, and earlier pricing and inventory benefits should not be extrapolated. Earnings quality is comparatively sound: non-GAAP profit excludes the escrow-settlement gain and cash generation remained strong. However, share-based compensation remains an economic cost, and component costs can constrain margins. Management expects faster service growth in 2027, supported by deferred revenue, but has not issued detailed annual guidance. Shares traded at US$129.33 post-market on 28 October, down 25.71% from the close. The lower price improves valuation balance without resolving execution risk. Watch service activations, short-term deferred revenue, SASE adoption, pricing and component costs. Actual repurchases and sustained cash conversion matter more than authorization alone. We would seek evidence that stronger billings are translating into recurring revenue before becoming more positive.<\/span><b><span> 4Q26 recommended trading range: US$110\u2013155. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u98de\u5854\u7f51\u7edc (FTNT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516520.784\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7417.249\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f20.5%\uff1b\u8f8320.6\u4ebf\u7f8e\u5143\u9884\u671f\u9ad81,840\u4e07\u7f8e\u5143\u3002\u4ea7\u54c1\u6536\u5165\u589e\u957f36.8%\uff1b\u670d\u52a1\u6536\u5165\u589e\u957f12.7%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.91\u7f8e\u5143\uff0c\u53bb\u5e740.74\u7f8e\u5143\uff0c\u589e\u957f23.0%\uff1b\u8f830.86\u7f8e\u5143\u9884\u671f\u9ad80.05\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.86\u7f8e\u5143\uff0c\u53bb\u5e740.62\u7f8e\u5143\uff0c\u589e\u957f38.7%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u516521.55\u4ebf\u201322.45\u4ebf\u7f8e\u5143\uff1b\u8d26\u5355\u91d1\u989d27.75\u4ebf\u201329.25\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52290.93\u20130.95\u7f8e\u5143\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738735.5%\u201337.5%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u753180.20\u4ebf\u201381.80\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f381.25\u4ebf\u201382.15\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u75313.41\u20133.47\u7f8e\u5143\u4e0a\u8c03\u81f33.54\u20133.58\u7f8e\u5143\u3002\u8d26\u5355\u91d1\u989d\u753193.50\u4ebf\u201395.50\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f395.68\u4ebf\u201397.18\u4ebf\u7f8e\u5143\u3002\u670d\u52a1\u6536\u5165\u753151.80\u4ebf\u201352.20\u4ebf\u7f8e\u5143\u4e0b\u8c03\u81f351.50\u4ebf\u201351.70\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u56de\u8d2d\u6388\u6743\u589e\u52a012\u4ebf\u7f8e\u5143\uff0c\u5269\u4f59\u53ef\u7528\u91d1\u989d20\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u672a\u56de\u8d2d\u80a1\u4efd\uff0c\u4ea6\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u7b2c\u4e09\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d418.648\u4ebf\u7f8e\u5143\uff0c\u5254\u96641,700\u4e07\u7f8e\u5143\u6258\u7ba1\u7ed3\u7b97\u6240\u5f97\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u98de\u5854\u76c8\u5229\u8d85\u9884\u671f\u53ca\u5168\u5e74\u76ee\u6807\u4e0a\u8c03\uff0c\u88ab\u670d\u52a1\u6536\u5165\u8f6c\u5316\u51cf\u5f31\u62b5\u6d88\uff1b\u80a1\u4ef7\u5927\u5e45\u8c03\u6574\u540e\uff0c\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u4ea7\u54c1\u9500\u552e\u53d7\u76ca\u4e8e\u66f4\u9ad8\u6027\u80fd\u8bbe\u5907\uff0c\u8d26\u5355\u91d1\u989d\u589e\u901f\u4ea6\u8d85\u8fc7\u5df2\u786e\u8ba4\u6536\u5165\u3002\u56e0\u6b64\uff0c\u5ba2\u6237\u627f\u8bfa\u4ecd\u5f3a\u4e8e\u76ee\u524d\u8ba1\u5165\u635f\u76ca\u7684\u670d\u52a1\u6536\u5165\u3002\u7ba1\u7406\u5c42\u5c06\u4e0d\u8db3\u90e8\u5206\u5f52\u56e0\u4e8e\u4f01\u4e1a\u534f\u8bae\u5206\u9636\u6bb5\u542f\u7528\u670d\u52a1\uff0c\u4f46\u670d\u52a1\u9884\u6d4b\u4e0b\u8c03\uff0c\u4f7f\u5176\u540e\u8f6c\u5316\u6210\u4e3a\u9a8c\u8bc1\u8be5\u89e3\u91ca\u7684\u6307\u6807\u3002\u589e\u901f\u4ea6\u8f83\u7b2c\u4e8c\u5b63\u5ea6\u653e\u7f13\uff0c\u5148\u524d\u63d0\u4ef7\u53ca\u5b58\u8d27\u5229\u76ca\u4e0d\u5b9c\u5916\u63a8\u3002\u76c8\u5229\u8d28\u91cf\u76f8\u5bf9\u7a33\u5065\uff1a\u975eGAAP\u5229\u6da6\u5254\u9664\u6258\u7ba1\u7ed3\u7b97\u6536\u76ca\uff0c\u73b0\u91d1\u521b\u9020\u4ecd\u5f3a\u3002\u4e0d\u8fc7\uff0c\u80a1\u6743\u85aa\u916c\u4ecd\u662f\u7ecf\u6d4e\u6210\u672c\uff0c\u5143\u4ef6\u6210\u672c\u4ea6\u53ef\u80fd\u9650\u5236\u5229\u6da6\u7387\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u9012\u5ef6\u6536\u5165\u652f\u63012027\u5e74\u670d\u52a1\u589e\u957f\u52a0\u5feb\uff0c\u4f46\u672a\u63d0\u4f9b\u8be6\u7ec6\u5168\u5e74\u6307\u5f15\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5129.33\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc25.71%\u3002\u8f83\u4f4e\u80a1\u4ef7\u6539\u5584\u4f30\u503c\u5e73\u8861\uff0c\u5374\u672a\u89e3\u51b3\u6267\u884c\u98ce\u9669\u3002\u5e94\u5173\u6ce8\u670d\u52a1\u542f\u7528\u3001\u77ed\u671f\u9012\u5ef6\u6536\u5165\u3001SASE\u91c7\u7528\u3001\u5b9a\u4ef7\u53ca\u5143\u4ef6\u6210\u672c\u3002\u5b9e\u9645\u56de\u8d2d\u53ca\u6301\u7eed\u73b0\u91d1\u8f6c\u5316\u6bd4\u6388\u6743\u66f4\u91cd\u8981\u3002\u8f6c\u5411\u66f4\u79ef\u6781\u89c2\u70b9\u524d\uff0c\u6211\u4eec\u5e0c\u671b\u770b\u5230\u8d26\u5355\u91d1\u989d\u589e\u5f3a\u6b63\u8f6c\u5316\u4e3a\u7ecf\u5e38\u6027\u6536\u5165\u7684\u8bc1\u636e\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a110\u2013155\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>T-Mobile US Inc. (TMUS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$23.584bn, +7.4% YoY; US$274m above US$23.31bn consensus. Service revenue US$19.375bn, +6.2%; postpaid service revenue +9.3%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$3.22 versus US$2.41, +33.6%; beat US$2.86 consensus by US$0.36. Net income US$3.455bn, +27.3% YoY.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Management expects approximately 7% organic postpaid service-revenue growth in Q4. The company did not provide a standalone Q4 total-revenue or EPS range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Core adjusted EBITDA narrowed and raised at midpoint to US$37.35\u201337.45bn from US$37.1\u201337.5bn; adjusted FCF US$18.7\u201318.8bn from US$18.4\u201318.8bn. Service revenue approximately US$76.8bn; postpaid ARPA growth approximately 3.5%, up from 2.5\u20133%. No full-year EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 repurchases US$2.4bn and dividends US$1.1bn. Quarterly dividend raised 15% to US$1.17\/share, payable 10 December to holders of record on 25 November. Up to US$5.4bn remained under the 2026 return program at September-end.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>T-Mobile&#8217;s account growth, higher revenue per account and stronger cash-flow guidance support a positive outlook. Postpaid remains the engine: 274,000 net account additions accompanied 4% ARPA growth, showing deeper customer relationships as the base expands. Network differentiation, premium plans and broadband cross-selling support service growth. Prepaid weakness and faster run-off of the Boost wholesale relationship partly offset that strength. The quarter supports a focused postpaid thesis rather than uniform portfolio growth. EPS increased faster than net income, reflecting lower share count alongside operating improvement. The reduced annual tax-rate outlook also helps earnings, so EPS growth is not purely a demand measure. Cash conversion warrants monitoring: operating cash flow declined slightly, while lower capital expenditure helped adjusted free cash flow increase. Future network and spectrum investment still competes with shareholder distributions. Shares traded at US$149.12 post-market on 28 October, up 0.70% from the close. The modest reaction leaves valuation support attractive relative to operating momentum, although promotions, churn and affordability remain constraints. Satellite connectivity is an evolving competitive variable. Watch account growth, ARPA, service mix, promotional spending, cash conversion and integration. Dividends and buybacks should complement continued network investment, funded by durable operating cash generation.<\/span><b><span> 4Q26 recommended trading range: US$140\u2013180. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u7f8e\u56fdT-Mobile (TMUS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165235.84\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7.4%\uff1b\u8f83233.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad82.74\u4ebf\u7f8e\u5143\u3002\u670d\u52a1\u6536\u5165193.75\u4ebf\u7f8e\u5143\uff0c\u589e\u957f6.2%\uff1b\u540e\u4ed8\u8d39\u670d\u52a1\u6536\u5165\u589e\u957f9.3%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.22\u7f8e\u5143\uff0c\u53bb\u5e742.41\u7f8e\u5143\uff0c\u589e\u957f33.6%\uff1b\u8f832.86\u7f8e\u5143\u9884\u671f\u9ad80.36\u7f8e\u5143\u3002\u51c0\u5229\u6da634.55\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f27.3%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u7ba1\u7406\u5c42\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u540e\u4ed8\u8d39\u670d\u52a1\u6536\u5165\u6709\u673a\u589e\u957f\u7ea67%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u603b\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6838\u5fc3\u7ecf\u8c03\u6574EBITDA\u533a\u95f4\u6536\u7a84\u4e14\u4e2d\u70b9\u4e0a\u8c03\uff0c\u7531371\u4ebf\u2013375\u4ebf\u7f8e\u5143\u8c03\u6574\u81f3373.5\u4ebf\u2013374.5\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u7531184\u4ebf\u2013188\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3187\u4ebf\u2013188\u4ebf\u7f8e\u5143\u3002\u670d\u52a1\u6536\u5165\u7ea6768\u4ebf\u7f8e\u5143\uff1b\u540e\u4ed8\u8d39\u6bcf\u8d26\u6237\u5e73\u5747\u6536\u5165\u589e\u957f\u7ea63.5%\uff0c\u6b64\u524d\u4e3a2.5%\u20133%\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d24\u4ebf\u7f8e\u5143\uff0c\u80a1\u606f11\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u6bcf\u80a1\u80a1\u606f\u63d0\u9ad815%\u81f31.17\u7f8e\u5143\uff0c12\u670810\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670825\u65e5\u3002\u622a\u81f39\u6708\u5e95\uff0c2026\u5e74\u80a1\u4e1c\u56de\u62a5\u8ba1\u5212\u5269\u4f59\u989d\u5ea6\u6700\u9ad854\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>T-Mobile\u8d26\u6237\u589e\u957f\u3001\u6bcf\u8d26\u6237\u6536\u5165\u63d0\u9ad8\u53ca\u73b0\u91d1\u6d41\u6307\u5f15\u589e\u5f3a\uff0c\u652f\u6301\u6b63\u9762\u524d\u666f\u3002\u540e\u4ed8\u8d39\u4ecd\u662f\u5f15\u64ce\uff1a\u51c0\u589e\u52a027.4\u4e07\u4e2a\u8d26\u6237\uff0c\u540c\u65f6\u6bcf\u8d26\u6237\u5e73\u5747\u6536\u5165\u589e\u957f4%\uff0c\u663e\u793a\u5ba2\u6237\u57fa\u7840\u6269\u5927\u65f6\u5173\u7cfb\u4ea6\u5728\u6df1\u5316\u3002\u7f51\u7edc\u5dee\u5f02\u5316\u3001\u9ad8\u7aef\u5957\u9910\u53ca\u5bbd\u5e26\u4ea4\u53c9\u9500\u552e\u652f\u6301\u670d\u52a1\u589e\u957f\u3002\u9884\u4ed8\u8d39\u75b2\u5f31\u53caBoost\u6279\u53d1\u5408\u4f5c\u66f4\u5feb\u9000\u51fa\uff0c\u62b5\u6d88\u90e8\u5206\u4f18\u52bf\u3002\u672c\u5b63\u5ea6\u652f\u6301\u4ee5\u540e\u4ed8\u8d39\u4e3a\u6838\u5fc3\u7684\u903b\u8f91\uff0c\u5e76\u975e\u6240\u6709\u4e1a\u52a1\u5747\u8861\u589e\u957f\u3002\u6bcf\u80a1\u76c8\u5229\u589e\u901f\u5feb\u4e8e\u51c0\u5229\u6da6\uff0c\u53cd\u6620\u80a1\u6570\u51cf\u5c11\u4e0e\u7ecf\u8425\u6539\u5584\u5171\u540c\u8d21\u732e\u3002\u5168\u5e74\u7a0e\u7387\u5c55\u671b\u4e0b\u8c03\u4ea6\u6709\u5229\u76c8\u5229\uff0c\u56e0\u6b64\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u5e76\u975e\u7eaf\u7cb9\u9700\u6c42\u6307\u6807\u3002\u73b0\u91d1\u8f6c\u5316\u503c\u5f97\u5173\u6ce8\uff1a\u7ecf\u8425\u73b0\u91d1\u6d41\u7565\u964d\uff0c\u8f83\u4f4e\u8d44\u672c\u5f00\u652f\u5219\u5e2e\u52a9\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u589e\u52a0\u3002\u672a\u6765\u7f51\u7edc\u53ca\u9891\u8c31\u6295\u8d44\u4ecd\u987b\u4e0e\u80a1\u4e1c\u5206\u914d\u7ade\u4e89\u8d44\u91d1\u3002\u80a1\u4ef7\u4e8e10\u670828\u65e5\u76d8\u540e\u62a5149.12\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da80.70%\u3002\u53cd\u5e94\u6e29\u548c\u4f7f\u4f30\u503c\u652f\u6301\u76f8\u5bf9\u7ecf\u8425\u52a8\u80fd\u66f4\u5177\u5438\u5f15\u529b\uff0c\u4e0d\u8fc7\u4fc3\u9500\u3001\u6d41\u5931\u7387\u53ca\u8d1f\u62c5\u80fd\u529b\u4ecd\u662f\u7ea6\u675f\u3002\u536b\u661f\u8fde\u63a5\u662f\u6301\u7eed\u53d1\u5c55\u7684\u7ade\u4e89\u53d8\u91cf\u3002\u5e94\u5173\u6ce8\u8d26\u6237\u589e\u957f\u3001\u6bcf\u8d26\u6237\u6536\u5165\u3001\u670d\u52a1\u7ed3\u6784\u3001\u4fc3\u9500\u5f00\u652f\u3001\u73b0\u91d1\u8f6c\u5316\u53ca\u6574\u5408\u3002\u80a1\u606f\u53ca\u56de\u8d2d\u5e94\u7531\u6301\u4e45\u7ecf\u8425\u73b0\u91d1\u521b\u9020\u652f\u6301\uff0c\u5e76\u914d\u5408\u6301\u7eed\u7f51\u7edc\u6295\u8d44\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a140\u2013180\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-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 UIBU SP UI Boustead REIT Shares closed above the 5dEMA and 10dEMA .&nbsp; RSI is constructive and MACD is about to turn positive.&nbsp; Long \u2013 Entry 0.77, Target 0.85, Stop 0.73&nbsp; WKS SP Winking Studios Limited Shares close above the 5dEMA, 10dEMA and 20dEMA with [&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-96443","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: 29 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore UIBU SP UI Boustead REIT Shares closed above the 5dEMA and 10dEMA . RSI is constructive and MACD is about to turn positive. 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RSI is constructive and MACD is about to turn positive. 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