{"id":96488,"date":"2026-10-30T08:00:01","date_gmt":"2026-10-30T00:00:01","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96488"},"modified":"2026-10-30T14:43:53","modified_gmt":"2026-10-30T06:43:53","slug":"technical-analysis-30-october-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-30-october-2026\/","title":{"rendered":"Technical Analysis: 30 October 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96488\" class=\"elementor elementor-96488\" 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: 30 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;\">8YZ SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Yangzijiang Maritime Development Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA and 10dEMA.<\/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><\/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\"><strong>Long \u2013 Entry 0.58, Target 0.64, Stop 0.55<\/strong><\/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_30Oct_8YZ_SP.png\" class=\"attachment-full size-full wp-image-96489\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_8YZ_SP.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_8YZ_SP-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_8YZ_SP-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_8YZ_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;\">CDG SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Comfort Delgro 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.<\/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 just crossed above its signal line.<\/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\"><strong>Long \u2013 Entry 1.25, Target 1.39, Stop 1.18<\/strong><\/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_30Oct_CDG_SP.png\" class=\"attachment-full size-full wp-image-96490\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_CDG_SP.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_CDG_SP-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_CDG_SP-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_CDG_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;\">902 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Huaneng Power International Inc<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 100dEMA. The 5dEMA crossed the 10dEMA.<\/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, while MACD is about to turn positive.<\/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\"><strong>Long \u2013 Entry 5.9, Target 6.3, Stop 5.7<\/strong><\/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_30Oct_902_HK.png\" class=\"attachment-full size-full wp-image-96491\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_902_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_902_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_902_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_902_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_902_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;\">1816 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CGN Power Co Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 at a 5-months high above the 5dEMA with a surge in volume.<\/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 about to turn positive.<\/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\"><strong>Long \u2013 Entry 3.38, Target 3.64, Stop 3.25<\/strong><\/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_30Oct_1816_HK.png\" class=\"attachment-full size-full wp-image-96492\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_1816_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_1816_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_1816_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_1816_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_1816_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;\">TXG US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">10x Genomics, Inc.<\/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.<\/span><\/li><\/ul><ul><li><span>Both RSI and MACD are constructive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 80, Target 100, Stop 70<\/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_30Oct_TXG_US.png\" class=\"attachment-full size-full wp-image-96546\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_TXG_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_TXG_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_TXG_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_TXG_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;\">MRK US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Merck &amp; Company, 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 144, Target 156, Stop 138<\/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_30Oct_MRK_US.png\" class=\"attachment-full size-full wp-image-96547\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_MRK_US.png 1532w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_MRK_US-300x180.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_MRK_US-1024x613.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/10\/TA_30Oct_MRK_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>Caterpillar Inc. (CAT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Sales and revenues US$20.682bn versus US$17.638bn, +17.3% YoY; approximately US$78m below US$20.76bn consensus. Higher volume contributed US$2.207bn and pricing US$663m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted EPS US$7.20 versus US$4.95, +45.5%; beat US$7.06 consensus by US$0.14. GAAP EPS US$7.13 versus US$4.88. Both measures include approximately US$0.21\/share of IEEPA tariff recoveries.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Moderate revenue growth and higher adjusted operating margin YoY; no numerical revenue or EPS range provided. Construction Industries dealer inventory reduction expected at US$1.6bn versus US$0.6bn a year earlier, a US$1bn YoY volume headwind. Tariff costs approximately US$600m excluding recoveries.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Maintained mid-to-high teens revenue growth and MP&amp;E free cash flow in the top half of its US$6\u201315bn annual target range. Adjusted operating margin near the bottom of its target range excluding tariff recoveries. Capex reduced to approximately US$3.3bn from US$3.5bn. No numerical EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend maintained at US$1.63\/share, payable 19 November to holders of record on 26 October. Q3 share repurchases approximately US$1.2bn and dividends approximately US$0.7bn; enterprise operating cash flow US$4.4bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Caterpillar&#8217;s strong demand and backlog support earnings visibility, but the modest revenue miss and slower Q4 growth keep our outlook neutral. Power generation benefits from data-centre investment, while construction and mining broaden the demand base. Backlog reached US$78.1bn, although capacity constraints and delivery timing limit how quickly orders become sales. The EPS beat also requires qualification: tariff recoveries contributed approximately US$0.21 per share, exceeding the US$0.14 headline beat. Volume and pricing still supported underlying profit growth, but the surprise should not be treated as recurring. The anticipated dealer inventory drawdown explains part of Q4&#8217;s moderation, rather than necessarily signalling weaker end-user demand. Nevertheless, freight, tariffs and expansion spending continue to pressure incremental margins. Management&#8217;s unchanged annual outlook leaves less evidence of an additional earnings acceleration than investors had sought. Shares closed at US$647.39 on 29 October, down 9.25%. The decline reduces the valuation premium but does not remove exposure to the industrial cycle or AI infrastructure expectations. Cash generation supports dividends and repurchases. Watch retail demand, dealer inventories, Power &amp; Energy capacity, backlog conversion, tariff recoveries and cash flow. Sustained profitable delivery would be more persuasive than order growth alone.<\/span><b><span> 4Q26 recommended trading range: US$600\u2013750. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5361\u7279\u5f7c\u52d2 (CAT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u9500\u552e\u53ca\u6536\u5165206.82\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74176.38\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f17.3%\uff1b\u8f83207.6\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea67,800\u4e07\u7f8e\u5143\u3002\u9500\u91cf\u589e\u52a0\u8d21\u732e22.07\u4ebf\u7f8e\u5143\uff0c\u5b9a\u4ef7\u8d21\u732e6.63\u4ebf\u7f8e\u5143\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\u6bcf\u80a1\u76c8\u52297.20\u7f8e\u5143\uff0c\u53bb\u5e744.95\u7f8e\u5143\uff0c\u589e\u957f45.5%\uff1b\u8f837.06\u7f8e\u5143\u9884\u671f\u9ad80.14\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52297.13\u7f8e\u5143\uff0c\u53bb\u5e744.88\u7f8e\u5143\u3002\u4e24\u9879\u5747\u5305\u542bIEEPA\u5173\u7a0e\u56de\u6536\u7ea6\u6bcf\u80a10.21\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>\u9884\u8ba1\u6536\u5165\u540c\u6bd4\u6e29\u548c\u589e\u957f\uff0c\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u4e0a\u5347\uff1b\u672a\u63d0\u4f9b\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u533a\u95f4\u3002\u5efa\u7b51\u5de5\u4e1a\u7ecf\u9500\u5546\u5e93\u5b58\u9884\u8ba1\u51cf\u5c1116\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f\u51cf\u5c116\u4ebf\u7f8e\u5143\uff0c\u5f62\u6210\u540c\u6bd410\u4ebf\u7f8e\u5143\u9500\u91cf\u62d6\u7d2f\u3002\u5254\u9664\u56de\u6536\u6b3e\u7684\u5173\u7a0e\u6210\u672c\u7ea66\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u7ef4\u6301\u6536\u5165\u589e\u957f\u767e\u5206\u4e4b\u5341\u51e0\u7684\u4e2d\u9ad8\u6c34\u5e73\uff0c\u4ee5\u53ca\u673a\u68b0\u3001\u52a8\u529b\u4e0e\u80fd\u6e90\u4e1a\u52a1\u81ea\u7531\u73b0\u91d1\u6d41\u4f4d\u4e8e\u5e74\u5ea660\u4ebf\u81f3150\u4ebf\u7f8e\u5143\u76ee\u6807\u533a\u95f4\u7684\u4e0a\u534a\u90e8\u3002\u5254\u9664\u5173\u7a0e\u56de\u6536\u6b3e\u540e\uff0c\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u63a5\u8fd1\u76ee\u6807\u533a\u95f4\u4e0b\u9650\u3002\u8d44\u672c\u5f00\u652f\u7531\u7ea635\u4ebf\u7f8e\u5143\u964d\u81f333\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u6bcf\u80a1\u76c8\u5229\u6570\u503c\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u5b63\u5ea6\u80a1\u606f\u7ef4\u6301\u6bcf\u80a11.63\u7f8e\u5143\uff0c11\u670819\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e510\u670826\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d\u7ea612\u4ebf\u7f8e\u5143\uff0c\u80a1\u606f\u7ea67\u4ebf\u7f8e\u5143\uff1b\u96c6\u56e2\u7ecf\u8425\u73b0\u91d1\u6d4144\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5361\u7279\u5f7c\u52d2\u9700\u6c42\u53ca\u8ba2\u5355\u5f3a\u52b2\uff0c\u652f\u6301\u76c8\u5229\u80fd\u89c1\u5ea6\uff0c\u4f46\u6536\u5165\u7565\u900a\u9884\u671f\u53ca\u7b2c\u56db\u5b63\u5ea6\u589e\u957f\u653e\u7f13\uff0c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u6570\u636e\u4e2d\u5fc3\u6295\u8d44\u5e26\u52a8\u53d1\u7535\u4e1a\u52a1\uff0c\u5efa\u7b51\u53ca\u91c7\u77ff\u4ea6\u62d3\u5bbd\u9700\u6c42\u57fa\u7840\u3002\u5728\u624b\u8ba2\u5355\u8fbe781\u4ebf\u7f8e\u5143\uff0c\u4e0d\u8fc7\u4ea7\u80fd\u9650\u5236\u53ca\u4ea4\u4ed8\u65f6\u70b9\u5f71\u54cd\u8ba2\u5355\u8f6c\u5316\u901f\u5ea6\u3002\u6bcf\u80a1\u76c8\u5229\u8d85\u9884\u671f\u4ea6\u9700\u5ba1\u614e\u5224\u65ad\uff1a\u5173\u7a0e\u56de\u6536\u8d21\u732e\u7ea6\u6bcf\u80a10.21\u7f8e\u5143\uff0c\u9ad8\u4e8e\u8868\u9762\u8d85\u9884\u671f\u76840.14\u7f8e\u5143\u3002\u9500\u91cf\u53ca\u5b9a\u4ef7\u4ecd\u652f\u6301\u57fa\u7840\u5229\u6da6\u660e\u663e\u589e\u957f\uff0c\u4f46\u4e0d\u5b9c\u5c06\u8d85\u9884\u671f\u5168\u90e8\u89c6\u4e3a\u7ecf\u5e38\u6027\u6539\u5584\u3002\u9884\u671f\u7ecf\u9500\u5546\u53bb\u5e93\u5b58\u89e3\u91ca\u90e8\u5206\u7b2c\u56db\u5b63\u5ea6\u653e\u7f13\uff0c\u5e76\u4e0d\u5fc5\u7136\u4ee3\u8868\u7ec8\u7aef\u9700\u6c42\u8f6c\u5f31\u3002\u4e0d\u8fc7\uff0c\u8fd0\u8d39\u3001\u5173\u7a0e\u53ca\u6269\u4ea7\u5f00\u652f\u6301\u7eed\u5f71\u54cd\u589e\u91cf\u5229\u6da6\u7387\u3002\u5168\u5e74\u524d\u666f\u7ef4\u6301\u4e0d\u53d8\uff0c\u672a\u5145\u5206\u8bc1\u660e\u6295\u8d44\u8005\u671f\u5f85\u7684\u8fdb\u4e00\u6b65\u76c8\u5229\u52a0\u901f\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u6536\u62a5647.39\u7f8e\u5143\uff0c\u4e0b\u8dcc9.25%\u3002\u4e0b\u8dcc\u51cf\u5c11\u4f30\u503c\u6ea2\u4ef7\uff0c\u4f46\u5de5\u4e1a\u5468\u671f\u53caAI\u57fa\u7840\u8bbe\u65bd\u9884\u671f\u98ce\u9669\u4ecd\u5728\u3002\u73b0\u91d1\u521b\u9020\u652f\u6301\u80a1\u606f\u4e0e\u56de\u8d2d\u3002\u5e94\u5173\u6ce8\u96f6\u552e\u9700\u6c42\u3001\u7ecf\u9500\u5546\u5e93\u5b58\u3001\u52a8\u529b\u4e0e\u80fd\u6e90\u4ea7\u80fd\u3001\u8ba2\u5355\u8f6c\u5316\u3001\u5173\u7a0e\u56de\u6536\u53ca\u73b0\u91d1\u6d41\u3002\u6301\u7eed\u6709\u5229\u6da6\u7684\u4ea4\u4ed8\uff0c\u8f83\u8ba2\u5355\u7ee7\u7eed\u589e\u957f\u66f4\u5177\u8bf4\u670d\u529b\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a600\u2013750\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Eli Lilly and Company (LLY)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$24.397bn versus US$17.601bn, +38.6% YoY; approximately US$2.287bn above US$22.11bn consensus. Volume +53%, realised prices \u221215%; revenue included approximately US$900m of milestone and rebate\/discount-estimate benefits.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$7.48 versus US$7.02, +6.6%; beat US$7.11 consensus by US$0.37. GAAP EPS US$7.22 versus US$6.21. Both current-quarter measures include acquired IPR&amp;D charges of US$4.57\/share versus US$0.71 previously.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>The company did not provide standalone Q4 revenue or EPS guidance. Management expects U.S. regulatory action on Foundayo for type 2 diabetes in Q4; the outcome is not assured. Full FY27 financial guidance planned for the Q4 earnings call.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$91\u201392bn from US$85\u201387bn; non-GAAP performance margin 52\u201352.5% from 49\u201350.5%. Non-GAAP EPS revised to US$35\u201336 from US$35.50\u201336.50: US$4.07 underlying midpoint improvement was more than offset by US$4.57 of Q3 acquired IPR&amp;D. Guidance excludes subsequent acquired IPR&amp;D.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$1.73\/share, payable 10 December to holders of record on 13 November. Q3 share repurchases US$374m; nine-month repurchases US$4.3bn. Approximately US$6.6bn remained under the existing programme at quarter-end.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Lilly&#8217;s volume growth and higher revenue outlook support a positive view, despite the lower stated EPS range. That revision reflects acquisition-related IPR&amp;D charges rather than weaker underlying operations. Mounjaro and Zepbound remain the principal drivers, while Foundayo provides another route to expanding the incretin market. However, revenue quality deserves attention: approximately US$900m came from milestones and favourable rebate or discount estimates, and no further Jardiance milestones remain. These benefits should not be extrapolated as recurring demand. Volume growth more than offsets falling realised prices, but reimbursement terms and geographic mix will determine how much sales growth reaches profit. Acquired IPR&amp;D remains included in non-GAAP EPS, making the headline comparison less representative of operating momentum. Shares closed at US$1,373.70 on 29 October, up 6.63%. The valuation therefore already anticipates sustained execution and commercial success. Manufacturing investment supports supply but adds spending and execution requirements. Watch incretin volumes, net prices, Foundayo uptake, reimbursement access, regulatory decisions and the conversion of growth into cash. Competition and policy-driven pricing remain the main threats to durability.<\/span><b><span> 4Q26 recommended trading range: US$1,250\u20131,550. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u793c\u6765 (LLY)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165243.97\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74176.01\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f38.6%\uff1b\u8f83221.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea622.87\u4ebf\u7f8e\u5143\u3002\u9500\u91cf\u589e\u957f53%\uff0c\u5b9e\u73b0\u4ef7\u683c\u4e0b\u964d15%\uff1b\u6536\u5165\u5305\u62ec\u7ea69\u4ebf\u7f8e\u5143\u91cc\u7a0b\u7891\u53ca\u8fd4\u5229\u3001\u6298\u6263\u4f30\u8ba1\u8c03\u6574\u5229\u597d\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\u52297.48\u7f8e\u5143\uff0c\u53bb\u5e747.02\u7f8e\u5143\uff0c\u589e\u957f6.6%\uff1b\u8f837.11\u7f8e\u5143\u9884\u671f\u9ad80.37\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52297.22\u7f8e\u5143\uff0c\u53bb\u5e746.21\u7f8e\u5143\u3002\u672c\u5b63\u4e24\u9879\u5747\u5305\u542b\u6536\u8d2d\u5728\u7814\u9879\u76ee\u8d39\u7528\u6bcf\u80a14.57\u7f8e\u5143\uff0c\u53bb\u5e74\u4e3a0.71\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\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7f8e\u56fd\u5c06\u5728\u7b2c\u56db\u5b63\u5ea6\u5bf9Foundayo\u7528\u4e8e2\u578b\u7cd6\u5c3f\u75c5\u4f5c\u76d1\u7ba1\u51b3\u5b9a\uff0c\u7ed3\u679c\u5e76\u65e0\u4fdd\u8bc1\u3002\u5b8c\u65742027\u5e74\u8d22\u52a1\u6307\u5f15\u8ba1\u5212\u5728\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u7535\u8bdd\u4f1a\u516c\u5e03\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u7531850\u4ebf\u81f3870\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3910\u4ebf\u81f3920\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u4e1a\u7ee9\u5229\u6da6\u7387\u753149\u201350.5%\u5347\u81f352\u201352.5%\u3002\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u753135.50\u201336.50\u7f8e\u5143\u8c03\u6574\u81f335\u201336\u7f8e\u5143\uff1a\u57fa\u7840\u4e2d\u70b9\u6539\u55844.07\u7f8e\u5143\uff0c\u4f46\u88ab\u7b2c\u4e09\u5b63\u5ea6\u6536\u8d2d\u5728\u7814\u9879\u76ee\u8d39\u75284.57\u7f8e\u5143\u62b5\u6d88\u3002\u6307\u5f15\u4e0d\u542b\u5176\u540e\u53d1\u751f\u7684\u6536\u8d2d\u5728\u7814\u9879\u76ee\u8d39\u7528\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a11.73\u7f8e\u5143\uff0c12\u670810\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670813\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d3.74\u4ebf\u7f8e\u5143\uff0c\u9996\u4e5d\u4e2a\u6708\u56de\u8d2d43\u4ebf\u7f8e\u5143\uff1b\u5b63\u672b\u73b0\u6709\u8ba1\u5212\u5c1a\u4f59\u7ea666\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u793c\u6765\u9500\u91cf\u589e\u957f\u53ca\u6536\u5165\u524d\u666f\u660e\u663e\u4e0a\u8c03\uff0c\u652f\u6301\u6b63\u9762\u89c2\u70b9\uff0c\u5c3d\u7ba1\u516c\u5e03\u7684\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u4e0b\u964d\u3002\u8c03\u6574\u6e90\u4e8e\u6536\u8d2d\u5728\u7814\u9879\u76ee\u8d39\u7528\uff0c\u800c\u975e\u57fa\u7840\u7ecf\u8425\u8f6c\u5f31\u3002Mounjaro\u53caZepbound\u4ecd\u662f\u4e3b\u8981\u52a8\u529b\uff0cFoundayo\u5219\u63d0\u4f9b\u6269\u5927\u80a0\u4fc3\u80f0\u7d20\u5e02\u573a\u7684\u53e6\u4e00\u9014\u5f84\u3002\u4e0d\u8fc7\uff0c\u6536\u5165\u8d28\u91cf\u503c\u5f97\u5173\u6ce8\uff1a\u7ea69\u4ebf\u7f8e\u5143\u6765\u81ea\u91cc\u7a0b\u7891\u53ca\u6709\u5229\u7684\u8fd4\u5229\u3001\u6298\u6263\u4f30\u8ba1\u8c03\u6574\uff0c\u4e14Jardiance\u5df2\u65e0\u540e\u7eed\u91cc\u7a0b\u7891\u6b3e\u9879\uff0c\u4e0d\u5b9c\u5c06\u5176\u89c6\u4e3a\u7ecf\u5e38\u6027\u9700\u6c42\u3002\u9500\u91cf\u589e\u957f\u8db3\u4ee5\u62b5\u6d88\u4ef7\u683c\u4e0b\u964d\uff0c\u4f46\u62a5\u9500\u6761\u6b3e\u53ca\u5730\u533a\u7ed3\u6784\u5c06\u51b3\u5b9a\u6536\u5165\u589e\u957f\u8f6c\u5316\u4e3a\u5229\u6da6\u7684\u7a0b\u5ea6\u3002\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u4ecd\u5305\u542b\u6536\u8d2d\u5728\u7814\u9879\u76ee\u8d39\u7528\uff0c\u4ee4\u8868\u9762\u6bd4\u8f83\u8f83\u96be\u53cd\u6620\u7ecf\u8425\u52a8\u80fd\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u6536\u62a51,373.70\u7f8e\u5143\uff0c\u4e0a\u6da86.63%\uff0c\u4f30\u503c\u5df2\u53cd\u6620\u6301\u7eed\u6267\u884c\u53ca\u5546\u4e1a\u6210\u529f\u9884\u671f\u3002\u5236\u9020\u6295\u8d44\u652f\u6301\u4f9b\u5e94\uff0c\u540c\u65f6\u589e\u52a0\u5f00\u652f\u53ca\u6267\u884c\u8981\u6c42\u3002\u5e94\u5173\u6ce8\u80a0\u4fc3\u80f0\u7d20\u9500\u91cf\u3001\u51c0\u552e\u4ef7\u3001Foundayo\u91c7\u7528\u3001\u62a5\u9500\u8986\u76d6\u3001\u76d1\u7ba1\u51b3\u5b9a\u53ca\u589e\u957f\u8f6c\u5316\u4e3a\u73b0\u91d1\u7684\u80fd\u529b\u3002\u7ade\u4e89\u53ca\u653f\u7b56\u63a8\u52a8\u7684\u964d\u4ef7\u4ecd\u662f\u6301\u7eed\u589e\u957f\u7684\u4e3b\u8981\u98ce\u9669\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a1,250\u20131,550\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>L3Harris Technologies Inc. (LHX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$6.060bn versus US$5.659bn, +7.1% YoY; approximately US$140m above US$5.92bn consensus. Organic growth 9%; orders US$19.3bn and backlog US$53.2bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$3.28 versus US$2.46, +33.3%; beat US$2.95 consensus by US$0.33. Operating margin 13.0% versus 11.0%; segment operating margin unchanged at 15.9%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone Q4 revenue or EPS range provided. Management expects approximately US$1bn of free cash flow and US$800m of debt repayments; Communications &amp; Spectrum Dominance revenue growth expected to strengthen as component constraints ease.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue range narrowed upward to US$23.5\u201323.7bn from US$23.2\u201323.7bn; GAAP EPS raised to US$12.25\u201312.35 from US$11.80\u201312.00. Free cash flow maintained at US$3bn; organic growth 9\u201310% and segment operating margin in the low 16% range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$1.25\/share, payable 18 December to holders of record on 4 December. Q3 dividends US$234m and buybacks US$73m; nine-month buybacks US$598m. Q3 free cash flow US$1.260bn under the revised definition excluding asset-disposal proceeds.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>L3Harris&#8217;s record backlog and higher annual guidance improve earnings visibility, but a lower medium-term cash framework keeps our outlook neutral. Missile awards underpin demand, while space programmes and resilient communications broaden the opportunity. However, much of the backlog remains unfunded, so awards still require budget support and disciplined execution before becoming revenue. GAAP EPS growth benefits from lower corporate costs, interest expense and taxes, while segment margin was flat. The earnings improvement therefore exceeds the pace of operating-margin progress. Strong quarterly cash generation is encouraging, and the revised free-cash-flow definition excludes asset-disposal proceeds. Nevertheless, management reduced its 2028 free-cash-flow framework to US$3bn from US$3.5bn and segment margin to approximately 16% from 16.3%. Cash-funded retirement contributions, lower margins and accelerated missile investment explain the reset. Capacity expansion can support later growth but requires spending before returns emerge. Shares closed at US$278.43 on 29 October, up 6.84%. The rebound recognises the near-term beat, while valuation still depends on turning awards into profitable deliveries. Supply shortages, contract mix and government funding remain risks. Watch funded backlog, missile capacity, communications recovery, segment margins, debt reduction and cash conversion against the revised framework.<\/span><b><span> 4Q26 recommended trading range: US$255\u2013315. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>L3\u54c8\u91cc\u65af\u79d1\u6280 (LHX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516560.60\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7456.59\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f7.1%\uff1b\u8f8359.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61.4\u4ebf\u7f8e\u5143\u3002\u6709\u673a\u589e\u957f9%\uff1b\u8ba2\u5355193\u4ebf\u7f8e\u5143\uff0c\u5728\u624b\u8ba2\u5355532\u4ebf\u7f8e\u5143\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\u52293.28\u7f8e\u5143\uff0c\u53bb\u5e742.46\u7f8e\u5143\uff0c\u589e\u957f33.3%\uff1b\u8f832.95\u7f8e\u5143\u9884\u671f\u9ad80.33\u7f8e\u5143\u3002\u7ecf\u8425\u5229\u6da6\u7387\u753111.0%\u5347\u81f313.0%\uff1b\u5206\u90e8\u7ecf\u8425\u5229\u6da6\u7387\u7ef4\u630115.9%\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\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u81ea\u7531\u73b0\u91d1\u6d41\u7ea610\u4ebf\u7f8e\u5143\uff0c\u507f\u8fd8\u503a\u52a18\u4ebf\u7f8e\u5143\uff1b\u968f\u7740\u96f6\u90e8\u4ef6\u9650\u5236\u7f13\u89e3\uff0c\u901a\u4fe1\u4e0e\u9891\u8c31\u4f18\u52bf\u4e1a\u52a1\u6536\u5165\u589e\u957f\u9884\u8ba1\u6539\u5584\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u533a\u95f4\u7531232\u4ebf\u81f3237\u4ebf\u7f8e\u5143\u6536\u7a84\u5e76\u4e0a\u8c03\u81f3235\u4ebf\u81f3237\u4ebf\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u76c8\u5229\u753111.80\u201312.00\u7f8e\u5143\u4e0a\u8c03\u81f312.25\u201312.35\u7f8e\u5143\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u7ef4\u630130\u4ebf\u7f8e\u5143\uff1b\u6709\u673a\u589e\u957f9\u201310%\uff0c\u5206\u90e8\u7ecf\u8425\u5229\u6da6\u7387\u7ea616%\u7684\u8f83\u4f4e\u6c34\u5e73\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a11.25\u7f8e\u5143\uff0c12\u670818\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u67084\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u80a1\u606f2.34\u4ebf\u7f8e\u5143\uff0c\u56de\u8d2d7,300\u4e07\u7f8e\u5143\uff1b\u9996\u4e5d\u4e2a\u6708\u56de\u8d2d5.98\u4ebf\u7f8e\u5143\u3002\u6309\u5254\u9664\u8d44\u4ea7\u51fa\u552e\u6240\u5f97\u7684\u65b0\u5b9a\u4e49\uff0c\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d4112.60\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>L3\u54c8\u91cc\u65af\u521b\u7eaa\u5f55\u8ba2\u5355\u53ca\u5e74\u5ea6\u6307\u5f15\u4e0a\u8c03\uff0c\u6539\u5584\u76c8\u5229\u80fd\u89c1\u5ea6\uff0c\u4f46\u4e2d\u671f\u73b0\u91d1\u6846\u67b6\u4e0b\u8c03\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5bfc\u5f39\u5408\u540c\u652f\u6301\u9700\u6c42\uff0c\u592a\u7a7a\u9879\u76ee\u53ca\u97e7\u6027\u901a\u4fe1\u62d3\u5bbd\u673a\u4f1a\u3002\u4e0d\u8fc7\uff0c\u8f83\u5927\u90e8\u5206\u8ba2\u5355\u5c1a\u672a\u843d\u5b9e\u62e8\u6b3e\uff0c\u4ecd\u9700\u9884\u7b97\u652f\u6301\u53ca\u4e25\u683c\u6267\u884c\u624d\u80fd\u8f6c\u5316\u4e3a\u6536\u5165\u3002GAAP\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u53d7\u60e0\u4e8e\u4f01\u4e1a\u8d39\u7528\u3001\u5229\u606f\u53ca\u7a0e\u9879\u4e0b\u964d\uff0c\u800c\u5206\u90e8\u5229\u6da6\u7387\u6301\u5e73\uff0c\u6545\u76c8\u5229\u6539\u5584\u5feb\u4e8e\u7ecf\u8425\u5229\u6da6\u7387\u8fdb\u5c55\u3002\u5b63\u5ea6\u73b0\u91d1\u521b\u9020\u5f3a\u52b2\u503c\u5f97\u80af\u5b9a\uff0c\u65b0\u81ea\u7531\u73b0\u91d1\u6d41\u5b9a\u4e49\u4ea6\u5254\u9664\u8d44\u4ea7\u51fa\u552e\u6240\u5f97\u3002\u4e0d\u8fc7\uff0c\u7ba1\u7406\u5c42\u5c062028\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u6846\u67b6\u753135\u4ebf\u7f8e\u5143\u964d\u81f330\u4ebf\u7f8e\u5143\uff0c\u5206\u90e8\u5229\u6da6\u7387\u753116.3%\u964d\u81f3\u7ea616%\u3002\u6539\u7528\u73b0\u91d1\u652f\u4ed8\u9000\u4f11\u8ba1\u5212\u4f9b\u6b3e\u3001\u5229\u6da6\u7387\u964d\u4f4e\u53ca\u5bfc\u5f39\u6295\u8d44\u63d0\u524d\uff0c\u89e3\u91ca\u6b64\u6b21\u8c03\u6574\u3002\u6269\u4ea7\u652f\u6301\u672a\u6765\u589e\u957f\uff0c\u4f46\u56de\u62a5\u51fa\u73b0\u524d\u9700\u8981\u6295\u5165\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u6536\u62a5278.43\u7f8e\u5143\uff0c\u4e0a\u6da86.84%\u3002\u53cd\u5f39\u53cd\u6620\u8fd1\u671f\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u4f46\u4f30\u503c\u4ecd\u4f9d\u8d56\u5408\u540c\u8f6c\u5316\u4e3a\u6709\u5229\u6da6\u7684\u4ea4\u4ed8\u3002\u4f9b\u5e94\u77ed\u7f3a\u3001\u5408\u540c\u7ed3\u6784\u53ca\u653f\u5e9c\u62e8\u6b3e\u4ecd\u662f\u98ce\u9669\u3002\u5e94\u5173\u6ce8\u5df2\u62e8\u6b3e\u8ba2\u5355\u3001\u5bfc\u5f39\u4ea7\u80fd\u3001\u901a\u4fe1\u4e1a\u52a1\u590d\u82cf\u3001\u5206\u90e8\u5229\u6da6\u7387\u3001\u51cf\u503a\u53ca\u65b0\u6846\u67b6\u4e0b\u73b0\u91d1\u8f6c\u5316\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a255\u2013315\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Intel Corporation (INTC)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$16.513bn, +21% YoY; US$27m below US$16.54bn consensus. Data Center and AI revenue US$7.3bn, +78%; Client Computing and Physical AI revenue US$8.1bn, down 5%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.52 versus US$0.23, +126% YoY; beat US$0.41 consensus by US$0.11. GAAP EPS US$0.60 versus US$0.90, down 33%; escrowed-share and investment valuation effects complicate the comparison.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$15.0\u201316.0bn; non-GAAP EPS US$0.25 and gross margin 38%; GAAP EPS US$0.10. Initial Fab 28 incident impact: approximately US$300m revenue and 2 percentage points of gross margin. Client revenue expected to decline more than 20% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide full-year revenue or EPS guidance. Gross capex maintained at approximately US$20bn; non-GAAP operating expenses approximately US$16.3bn. Management expects substantially higher capex in 2027 and does not expect positive free cash flow that year.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No cash dividend or new share-buyback authorisation announced in the Q3 release. Completed a US$23bn equity offering. Q3 operating cash flow US$5.082bn; adjusted free cash flow US$1.639bn includes government incentives and partner contributions.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Intel&#8217;s server recovery is real, but the weaker December outlook and heavier investment burden leave our outlook negative. Stronger data-center demand and better manufacturing costs lifted operating earnings. However, the PC contraction is now large enough to outweigh near-term server growth. The Fab 28 disruption adds delivery risk, while lower client wafer starts reduce fixed-cost absorption. Adjusted EPS better reflects operations because GAAP earnings include investment and escrowed-share valuation effects, alongside an unusually strong prior-year divestiture gain. Cash generation improved, but adjusted free cash flow benefits from incentives and partner funding. The equity raise strengthens liquidity while increasing dilution; it does not eliminate the need to earn adequate returns on new capacity. Management&#8217;s expectation of negative 2027 free cash flow makes that distinction important. Shares traded at US$70.86 post-market on 29 October, down 23.04% from the close. The valuation reset recognises weaker earnings visibility, although future foundry success still requires demonstrated customer commitments and execution. Watch PC inventories, server supply, Fab 28 recovery, process yields, external foundry wins and capital intensity. Sustained margin recovery without further financing dependence would be needed to improve our stance.<\/span><b><span> 4Q26 recommended trading range: US$60\u201385. Negative Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u82f1\u7279\u5c14 (INTC)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165165.13\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f21%\uff1b\u8f83165.4\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e2,700\u4e07\u7f8e\u5143\u3002\u6570\u636e\u4e2d\u5fc3\u53caAI\u6536\u516573\u4ebf\u7f8e\u5143\uff0c\u589e\u957f78%\uff1b\u5ba2\u6237\u7aef\u8ba1\u7b97\u53ca\u7269\u7406AI\u6536\u516581\u4ebf\u7f8e\u5143\uff0c\u4e0b\u964d5%\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\u52290.52\u7f8e\u5143\uff0c\u53bb\u5e740.23\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f126%\uff1b\u8f830.41\u7f8e\u5143\u9884\u671f\u9ad80.11\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.60\u7f8e\u5143\uff0c\u53bb\u5e740.90\u7f8e\u5143\uff0c\u4e0b\u964d33%\uff1b\u6258\u7ba1\u80a1\u4efd\u53ca\u6295\u8d44\u4f30\u503c\u5f71\u54cd\u4ee4\u6bd4\u8f83\u66f4\u590d\u6742\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\u5165150\u2013160\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52290.25\u7f8e\u5143\u3001\u6bdb\u5229\u738738%\uff1bGAAP\u6bcf\u80a1\u76c8\u52290.10\u7f8e\u5143\u3002Fab 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28\u4e8b\u6545\u589e\u52a0\u4ea4\u4ed8\u98ce\u9669\uff0c\u5ba2\u6237\u7aef\u6676\u5706\u6295\u4ea7\u51cf\u5c11\u4ea6\u964d\u4f4e\u56fa\u5b9a\u6210\u672c\u5438\u6536\u3002GAAP\u76c8\u5229\u5305\u542b\u6295\u8d44\u53ca\u6258\u7ba1\u80a1\u4efd\u4f30\u503c\u5f71\u54cd\uff0c\u800c\u53bb\u5e74\u53c8\u6709\u8f83\u5927\u51fa\u552e\u4e1a\u52a1\u6536\u76ca\uff0c\u56e0\u6b64\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u66f4\u80fd\u53cd\u6620\u7ecf\u8425\u8868\u73b0\u3002\u73b0\u91d1\u521b\u9020\u6539\u5584\uff0c\u4f46\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d41\u53d7\u60e0\u4e8e\u8865\u52a9\u53ca\u5408\u4f5c\u4f19\u4f34\u8d44\u91d1\u3002\u80a1\u6743\u878d\u8d44\u52a0\u5f3a\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u589e\u52a0\u644a\u8584\uff0c\u5e76\u672a\u6d88\u9664\u65b0\u4ea7\u80fd\u987b\u8d5a\u53d6\u8db3\u591f\u56de\u62a5\u7684\u8981\u6c42\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f\uff0c\u4f7f\u6b64\u5dee\u522b\u91cd\u8981\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a570.86\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc23.04%\u3002\u4f30\u503c\u8c03\u6574\u53cd\u6620\u76c8\u5229\u53ef\u89c1\u5ea6\u8f6c\u5f31\uff0c\u4f46\u672a\u6765\u4ee3\u5de5\u6210\u529f\u4ecd\u987b\u5ba2\u6237\u5b9e\u9645\u627f\u8bfa\u53ca\u6267\u884c\u6765\u8bc1\u660e\u3002\u5e94\u5173\u6ce8PC\u5e93\u5b58\u3001\u670d\u52a1\u5668\u4f9b\u5e94\u3001Fab 28\u6062\u590d\u3001\u5236\u7a0b\u826f\u7387\u3001\u5916\u90e8\u4ee3\u5de5\u8ba2\u5355\u53ca\u8d44\u672c\u5bc6\u96c6\u5ea6\u3002\u82e5\u80fd\u6301\u7eed\u6062\u590d\u5229\u6da6\u7387\uff0c\u540c\u65f6\u4e0d\u518d\u8fdb\u4e00\u6b65\u4f9d\u8d56\u878d\u8d44\uff0c\u624d\u6709\u52a9\u6539\u5584\u6211\u4eec\u7684\u89c2\u70b9\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a60\u201385\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Amazon.com Inc. (AMZN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Net sales US$201.944bn, +12.1% YoY; US$276m below US$202.22bn consensus. AWS revenue US$45.984bn, +39.3%; Prime Day timing reduced group growth by approximately 4 percentage points.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$1.89 versus US$1.95, down 3.1% YoY; missed US$1.97 consensus by US$0.08. Prior-year earnings included US$9.5bn of pretax Anthropic gains. Operating income rose 61% to US$28.076bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Net sales US$240\u2013247bn, +12\u201316% YoY; operating income US$28.5\u201333.5bn versus US$25.0bn a year earlier. Advertising growth expected in the high teens. The company did not provide a Q4 EPS range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No full-year group revenue or EPS range provided. Cash capex maintained at approximately US$220bn for 2026, with meaningfully higher spending expected in 2027. Management projects AWS revenue growth above 40% in both 2027 and 2028; this is separate from group guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No cash dividend or new buyback authorisation announced in the results release. Trailing-12-month operating cash flow US$168.3bn, +29%; free cash flow negative US$42.4bn versus positive US$14.8bn a year earlier, reflecting elevated AI investment.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Amazon&#8217;s faster cloud growth and operating margin strengthen the business, but cash consumption and a cautious holiday outlook keep our view neutral. AWS demand is translating into profit, while retail efficiency provides another improvement. The EPS decline overstates operating weakness because last year&#8217;s Anthropic investment gains inflated the comparison. Prime Day&#8217;s shift also depresses reported sales growth, making the underlying retail trend stronger than the headline suggests. Nevertheless, the revenue miss and holiday guidance leave limited room for execution errors. Infrastructure spending remains the central valuation debate: rising operating cash flow is being absorbed by an even larger investment programme. Management&#8217;s ambitious cloud-growth projections improve long-term visibility, but must translate into cash returns rather than backlog alone. Capacity utilisation, depreciation and financing costs therefore deserve attention alongside revenue. Shares traded at US$226.00 post-market on 29 October, down 7.30% from the close. The lower price improves valuation support, although cash-flow uncertainty prevents a more positive stance. Watch AWS growth and margins, retail fulfilment efficiency, advertising recovery, holiday demand and the 2027 capital budget. Restoring free cash flow without sacrificing growth would strengthen the investment case.<\/span><b><span> 4Q26 recommended trading range: US$205\u2013265. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u4e9a\u9a6c\u900a (AMZN)<\/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\u989d2,019.44\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12.1%\uff1b\u8f832,022.2\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e2.76\u4ebf\u7f8e\u5143\u3002AWS\u6536\u5165459.84\u4ebf\u7f8e\u5143\uff0c\u589e\u957f39.3%\uff1bPrime Day\u65f6\u70b9\u53d8\u5316\u4ee4\u96c6\u56e2\u6536\u5165\u589e\u901f\u51cf\u5c11\u7ea64\u4e2a\u767e\u5206\u70b9\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\u52291.89\u7f8e\u5143\uff0c\u53bb\u5e741.95\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d3.1%\uff1b\u8f831.97\u7f8e\u5143\u9884\u671f\u4f4e0.08\u7f8e\u5143\u3002\u53bb\u5e74\u76c8\u5229\u5305\u542b95\u4ebf\u7f8e\u5143Anthropic\u7a0e\u524d\u6295\u8d44\u6536\u76ca\u3002\u7ecf\u8425\u5229\u6da6\u589e\u957f61%\u81f3280.76\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>\u51c0\u9500\u552e\u989d2,400\u20132,470\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12\u201316%\uff1b\u7ecf\u8425\u5229\u6da6285\u2013335\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74250\u4ebf\u7f8e\u5143\u3002\u5e7f\u544a\u6536\u5165\u9884\u8ba1\u589e\u957f\u767e\u5206\u4e4b\u5341\u51e0\u7684\u8f83\u9ad8\u6c34\u5e73\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\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>\u672a\u63d0\u4f9b\u5168\u5e74\u96c6\u56e2\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u30022026\u5e74\u73b0\u91d1\u8d44\u672c\u5f00\u652f\u7ef4\u6301\u7ea62,200\u4ebf\u7f8e\u5143\uff0c\u9884\u8ba12027\u5e74\u652f\u51fa\u8fdb\u4e00\u6b65\u663e\u8457\u589e\u52a0\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u53ca2028\u5e74AWS\u6536\u5165\u5747\u589e\u957f\u8d85\u8fc740%\uff0c\u6b64\u4e0e\u96c6\u56e2\u6307\u5f15\u6709\u6240\u533a\u522b\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u4e1a\u7ee9\u516c\u544a\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u6388\u6743\u3002\u8fc7\u53bb12\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d411,683\u4ebf\u7f8e\u5143\uff0c\u589e\u957f29%\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f424\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74\u4e3a\u6b63148\u4ebf\u7f8e\u5143\uff0c\u53cd\u6620\u8f83\u9ad8AI\u6295\u8d44\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u4e9a\u9a6c\u900a\u4e91\u589e\u957f\u52a0\u5feb\u53ca\u7ecf\u8425\u5229\u6da6\u7387\u6539\u5584\uff0c\u5f3a\u5316\u4e1a\u52a1\u57fa\u7840\uff0c\u4f46\u73b0\u91d1\u6d88\u8017\u53ca\u8c28\u614e\u7684\u5047\u65e5\u5b63\u5ea6\u524d\u666f\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002AWS\u9700\u6c42\u6b63\u8f6c\u5316\u4e3a\u5229\u6da6\uff0c\u96f6\u552e\u6548\u7387\u4ea6\u63d0\u4f9b\u53e6\u4e00\u6539\u5584\u6765\u6e90\u3002\u53bb\u5e74Anthropic\u6295\u8d44\u6536\u76ca\u62ac\u9ad8\u6bd4\u8f83\u57fa\u6570\uff0c\u4ee4\u6bcf\u80a1\u76c8\u5229\u4e0b\u964d\u5938\u5927\u7ecf\u8425\u5f31\u52bf\u3002Prime 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2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a205\u2013265\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Sandisk Corporation (SNDK)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$11.031bn, +378% YoY and +23% QoQ; approximately US$331m above US$10.70bn consensus. Data-center revenue US$4.802bn, +61% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$49.51 versus US$1.22, approximately +3,958% YoY; beat US$46.41 consensus by US$3.10. GAAP EPS US$52.60 includes a US$513m equity-security gain. EPS and the observed share price use the pre-split basis; both range denominations are shown.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>Revenue US$12.2\u201312.6bn; non-GAAP diluted EPS US$55\u201357 on a pre-split basis and gross margin 84.5\u201385.5%. Split-adjusted EPS equivalent approximately US$6.88\u20137.13. No GAAP EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>The company did not provide full-year revenue or EPS guidance. Gross capex expected at a mid-single-digit percentage of FY27 revenue. Approximately 50% of FY27 bits and two-thirds of FY28 bits are committed under long-term customer arrangements.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q1 buybacks US$5.0bn, approximately 3.2m shares; no cash dividend announced. Eight-for-one split: record date 9 November, shares distributed 19 November and split-adjusted trading expected 20 November. Quarter-end cash US$5.1bn with no debt.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Sandisk&#8217;s data-center expansion and strong cash generation support a positive outlook, although memory margins should not be treated as permanent. Revenue growth combined higher volumes with pricing, providing broader support than a price-only upswing. Long-term customer arrangements improve visibility, but still require disciplined execution and do not eliminate cyclical or customer-concentration risks. Adjusted earnings exclude the investment gain that lifted GAAP profit. Adjusted free cash flow of US$5.696bn also excludes customer prepayments and deposits, making cash generation more persuasive than the unadjusted figure alone. Receivables increased as sales expanded, so collections remain an important check on earnings quality. The next-quarter outlook signals further growth with broadly stable gross margins, while higher planned capital spending must preserve supply discipline. Shares traded at US$1,279.50 post-market on 29 October, down 3.80% from the close, on a pre-split basis. The reaction shows that strong results still face demanding expectations. The valuation appears supported by current earnings, but a NAND pricing reversal would change that support quickly. Watch data-center mix, bit shipments, contract pricing, customer collections, technology transitions and cash returns. The announced split changes share denomination, not business value.<\/span><b><span> 4Q26 recommended trading range: US$1,100\u20131,550. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u95ea\u8fea (SNDK)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165110.31\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f378%\u3001\u73af\u6bd4\u589e\u957f23%\uff1b\u8f83107.0\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea63.31\u4ebf\u7f8e\u5143\u3002\u6570\u636e\u4e2d\u5fc3\u6536\u516548.02\u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f61%\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\u522949.51\u7f8e\u5143\uff0c\u53bb\u5e741.22\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u7ea63,958%\uff1b\u8f8346.41\u7f8e\u5143\u9884\u671f\u9ad83.10\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u522952.60\u7f8e\u5143\uff0c\u5305\u542b5.13\u4ebf\u7f8e\u5143\u6743\u76ca\u8bc1\u5238\u6536\u76ca\u3002\u6bcf\u80a1\u76c8\u5229\u53ca\u6240\u5217\u80a1\u4ef7\u6309\u62c6\u80a1\u524d\u53e3\u5f84\uff1b\u53e6\u5217\u62c6\u80a1\u524d\u540e\u4ea4\u6613\u533a\u95f4\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\u5165122\u2013126\u4ebf\u7f8e\u5143\uff1b\u62c6\u80a1\u524d\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u522955\u201357\u7f8e\u5143\u3001\u6bdb\u5229\u738784.5\u201385.5%\u3002\u62c6\u80a1\u540e\u6bcf\u80a1\u76c8\u5229\u7b49\u503c\u7ea66.88\u20137.13\u7f8e\u5143\u3002\u672a\u63d0\u4f9bGAAP\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\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\u6307\u5f15\u3002\u603b\u8d44\u672c\u5f00\u652f\u9884\u8ba1\u53602027\u8d22\u5e74\u6536\u5165\u7684\u4e2d\u4e2a\u4f4d\u6570\u767e\u5206\u6bd4\u30022027\u8d22\u5e74\u7ea650%\u53ca2028\u8d22\u5e74\u7ea6\u4e09\u5206\u4e4b\u4e8c\u7684\u4f4d\u5143\u51fa\u8d27\u5df2\u901a\u8fc7\u957f\u671f\u5ba2\u6237\u5b89\u6392\u627f\u8bfa\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u9996\u5b63\u56de\u8d2d50\u4ebf\u7f8e\u5143\u3001\u7ea6320\u4e07\u80a1\uff0c\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u4e00\u62c6\u516b\uff1a\u767b\u8bb0\u65e511\u67089\u65e5\uff0c11\u670819\u65e5\u6d3e\u53d1\u65b0\u589e\u80a1\u4efd\uff0c\u9884\u8ba111\u670820\u65e5\u5f00\u59cb\u6309\u62c6\u80a1\u540e\u4ef7\u683c\u4ea4\u6613\u3002\u5b63\u672b\u73b0\u91d151\u4ebf\u7f8e\u5143\uff0c\u65e0\u503a\u52a1\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u95ea\u8fea\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u6269\u5f20\u53ca\u5f3a\u52b2\u73b0\u91d1\u521b\u9020\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u4f46\u5b58\u50a8\u5229\u6da6\u7387\u4e0d\u5b9c\u89c6\u4e3a\u6c38\u4e45\u6c34\u5e73\u3002\u6536\u5165\u589e\u957f\u7ed3\u5408\u9500\u91cf\u53ca\u5b9a\u4ef7\u6539\u5584\uff0c\u8f83\u5355\u9760\u63d0\u4ef7\u66f4\u5177\u57fa\u7840\u3002\u957f\u671f\u5ba2\u6237\u5b89\u6392\u63d0\u5347\u53ef\u89c1\u5ea6\uff0c\u4f46\u4ecd\u987b\u7eaa\u5f8b\u6267\u884c\uff0c\u4ea6\u4e0d\u80fd\u6d88\u9664\u5468\u671f\u53ca\u5ba2\u6237\u96c6\u4e2d\u98ce\u9669\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u5254\u9664\u4e86\u63a8\u9ad8GAAP\u5229\u6da6\u7684\u6295\u8d44\u6536\u76ca\u3002\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d4156.96\u4ebf\u7f8e\u5143\u4ea6\u5254\u9664\u5ba2\u6237\u9884\u4ed8\u6b3e\u53ca\u4fdd\u8bc1\u91d1\uff0c\u4ee4\u73b0\u91d1\u521b\u9020\u8f83\u5355\u770b\u672a\u7ecf\u8c03\u6574\u6570\u5b57\u66f4\u6709\u8bf4\u670d\u529b\u3002\u9500\u552e\u6269\u5927\u540c\u65f6\uff0c\u5e94\u6536\u8d26\u6b3e\u589e\u52a0\uff0c\u56e0\u6b64\u56de\u6b3e\u4ecd\u662f\u68c0\u9a8c\u76c8\u5229\u8d28\u91cf\u7684\u91cd\u8981\u6307\u6807\u3002\u4e0b\u5b63\u6307\u5f15\u663e\u793a\u589e\u957f\u5ef6\u7eed\uff0c\u6bdb\u5229\u7387\u5927\u81f4\u7a33\u5b9a\uff0c\u800c\u8ba1\u5212\u8d44\u672c\u5f00\u652f\u589e\u52a0\u5fc5\u987b\u7ef4\u6301\u4f9b\u7ed9\u7eaa\u5f8b\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a51,279.50\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc3.80%\uff0c\u6309\u62c6\u80a1\u524d\u53e3\u5f84\u3002\u5e02\u573a\u53cd\u5e94\u663e\u793a\uff0c\u5f3a\u52b2\u4e1a\u7ee9\u4ecd\u9762\u5bf9\u8f83\u9ad8\u9884\u671f\u3002\u73b0\u6709\u76c8\u5229\u4e3a\u4f30\u503c\u63d0\u4f9b\u652f\u6301\uff0c\u4f46NAND\u5b9a\u4ef7\u9006\u8f6c\u4f1a\u8fc5\u901f\u6539\u53d8\u8fd9\u79cd\u652f\u6301\u3002\u5e94\u5173\u6ce8\u6570\u636e\u4e2d\u5fc3\u7ed3\u6784\u3001\u4f4d\u5143\u51fa\u8d27\u3001\u5408\u7ea6\u5b9a\u4ef7\u3001\u5ba2\u6237\u56de\u6b3e\u3001\u6280\u672f\u8f6c\u6362\u53ca\u73b0\u91d1\u56de\u62a5\u3002\u5ba3\u5e03\u62c6\u80a1\u6539\u53d8\u6bcf\u80a1\u5355\u4f4d\uff0c\u5e76\u4e0d\u6539\u53d8\u4e1a\u52a1\u4ef7\u503c\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a1,100\u20131,550\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>AXT Inc. (AXTI)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$73.4m versus US$28.0m, +162% YoY and +54% QoQ; US$7.4m above US$66m consensus. Indium phosphide revenue US$54.3m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP EPS US$0.41 versus a US$0.03 loss, a US$0.44 improvement; beat US$0.31 consensus by US$0.10. GAAP diluted EPS US$0.39 versus a US$0.04 loss.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Management identified approximately US$90m of revenue realisable in Q4 with export permits secured or not required. Non-GAAP EPS US$0.57\u20130.59; GAAP EPS US$0.56\u20130.58; non-GAAP operating expenses approximately US$13m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide full-year revenue or EPS guidance. Management plans further indium phosphide capacity expansion in 2027; these operating plans are separate from earnings guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No new dividend or share-buyback announcement in the Q3 release. Cash, equivalents and investments US$825.9m. Proposed Tongmei financing of up to US$545m would reduce AXT ownership to approximately 73.4%, while maintaining control.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>AXT\u2019s indium phosphide growth supports its AI connectivity opportunity, but execution, export controls and valuation keep our outlook neutral. Higher volumes, pricing and larger wafer diameters drove substantial gross-margin expansion, while the small gap between GAAP and adjusted EPS supports the operating improvement. Strong demand must still convert into permitted shipments. Backlog exceeds US$500m but includes multi-year agreements and cannot be treated as near-term revenue. The Q4 shipment-ready revenue figure is a more immediate test. Customer prepayments strengthen liquidity while creating delivery obligations: Lumentum\u2019s US$43.5m payment is recorded as a liability until wafers ship. The proposed Tongmei funding supports expansion but would dilute AXT\u2019s economic interest in that subsidiary. Increasing production also requires consistent crystal quality, customer qualification and manufacturing yields. These constraints matter when current margins reflect favourable supply and pricing. Shares traded at US$56.73 post-market on 29 October, down 6.82% from the close despite the beat. That reaction shows how much growth investors already require. Watch export permits, capacity commissioning, wafer yields, customer concentration, prepayment conversion and Tongmei financing. Sustained shipment and cash conversion would provide stronger support than backlog growth alone.<\/span><b><span> 4Q26 recommended trading range: US$45\u201372. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>AXT\u516c\u53f8 (AXTI)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51657,340\u4e07\u7f8e\u5143\uff0c\u53bb\u5e742,800\u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f162%\uff0c\u73af\u6bd4\u589e\u957f54%\uff1b\u8f836,600\u4e07\u7f8e\u5143\u9884\u671f\u9ad8740\u4e07\u7f8e\u5143\u3002\u78f7\u5316\u94df\u6536\u51655,430\u4e07\u7f8e\u5143\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\u6bcf\u80a1\u76c8\u52290.41\u7f8e\u5143\uff0c\u53bb\u5e74\u6bcf\u80a1\u4e8f\u635f0.03\u7f8e\u5143\uff0c\u6539\u55840.44\u7f8e\u5143\uff1b\u8f830.31\u7f8e\u5143\u9884\u671f\u9ad80.10\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.39\u7f8e\u5143\uff0c\u53bb\u5e74\u6bcf\u80a1\u4e8f\u635f0.04\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>\u7ba1\u7406\u5c42\u786e\u8ba4\u7ea69,000\u4e07\u7f8e\u5143\u6536\u5165\u53ef\u4e8e\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0\uff0c\u76f8\u5173\u51fa\u53e3\u8bb8\u53ef\u5df2\u53d6\u5f97\u6216\u65e0\u9700\u8bb8\u53ef\u3002\u975eGAAP\u6bcf\u80a1\u76c8\u52290.57\u20130.59\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u76c8\u52290.56\u20130.58\u7f8e\u5143\uff1b\u975eGAAP\u7ecf\u8425\u8d39\u7528\u7ea61,300\u4e07\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u8ba1\u52122027\u5e74\u8fdb\u4e00\u6b65\u6269\u5927\u78f7\u5316\u94df\u4ea7\u80fd\uff1b\u8fd9\u4e9b\u7ecf\u8425\u8ba1\u5212\u4e0e\u76c8\u5229\u6307\u5f15\u4e0d\u540c\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e09\u5b63\u5ea6\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u7684\u80a1\u606f\u6216\u80a1\u4efd\u56de\u8d2d\u3002\u73b0\u91d1\u3001\u7b49\u4ef7\u7269\u53ca\u6295\u8d448.259\u4ebf\u7f8e\u5143\u3002\u62df\u8bae\u540c\u7f8e\u878d\u8d44\u6700\u9ad85.45\u4ebf\u7f8e\u5143\uff0c\u5c06\u4f7fAXT\u6301\u80a1\u6bd4\u4f8b\u964d\u81f3\u7ea673.4%\uff0c\u540c\u65f6\u4fdd\u6301\u63a7\u5236\u6743\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>AXT\u78f7\u5316\u94df\u589e\u957f\u652f\u6301AI\u8fde\u63a5\u4e1a\u52a1\u673a\u4f1a\uff0c\u4f46\u6267\u884c\u3001\u51fa\u53e3\u7ba1\u5236\u53ca\u4f30\u503c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u9500\u91cf\u3001\u5b9a\u4ef7\u53ca\u8f83\u5927\u76f4\u5f84\u6676\u5706\u63a8\u52a8\u6bdb\u5229\u7387\u663e\u8457\u6269\u5927\uff0cGAAP\u4e0e\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5dee\u8ddd\u8f83\u5c0f\uff0c\u4ea6\u652f\u6301\u7ecf\u8425\u6539\u5584\u3002\u5f3a\u52b2\u9700\u6c42\u4ecd\u987b\u8f6c\u5316\u4e3a\u53d6\u5f97\u8bb8\u53ef\u7684\u51fa\u8d27\u3002\u5728\u624b\u8ba2\u5355\u8d85\u8fc75\u4ebf\u7f8e\u5143\uff0c\u4f46\u5305\u542b\u591a\u5e74\u534f\u8bae\uff0c\u4e0d\u80fd\u5168\u90e8\u89c6\u4e3a\u8fd1\u671f\u6536\u5165\u3002\u7b2c\u56db\u5b63\u5ea6\u53ef\u51fa\u8d27\u6536\u5165\u662f\u66f4\u76f4\u63a5\u7684\u9a8c\u8bc1\u3002\u5ba2\u6237\u9884\u4ed8\u6b3e\u589e\u5f3a\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u5e26\u6765\u4ea4\u4ed8\u8d23\u4efb\uff1aLumentum\u652f\u4ed8\u76844,350\u4e07\u7f8e\u5143\uff0c\u5728\u6676\u5706\u51fa\u8d27\u524d\u5217\u4f5c\u8d1f\u503a\u3002\u62df\u8bae\u540c\u7f8e\u878d\u8d44\u652f\u6301\u6269\u4ea7\uff0c\u5374\u5c06\u644a\u8584AXT\u5728\u8be5\u5b50\u516c\u53f8\u7684\u7ecf\u6d4e\u6743\u76ca\u3002\u589e\u4ea7\u4ea6\u8981\u6c42\u7a33\u5b9a\u6676\u4f53\u8d28\u91cf\u3001\u5ba2\u6237\u8ba4\u8bc1\u53ca\u751f\u4ea7\u826f\u7387\u3002\u5f53\u524d\u5229\u6da6\u7387\u53d7\u60e0\u4e8e\u4f9b\u5e94\u4e0e\u5b9a\u4ef7\uff0c\u8fd9\u4e9b\u9650\u5236\u5c24\u5176\u91cd\u8981\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a556.73\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc6.82%\uff0c\u663e\u793a\u6295\u8d44\u8005\u5df2\u8981\u6c42\u76f8\u5f53\u5f3a\u7684\u589e\u957f\u3002\u5e94\u5173\u6ce8\u51fa\u53e3\u8bb8\u53ef\u3001\u4ea7\u80fd\u6295\u4ea7\u3001\u6676\u5706\u826f\u7387\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001\u9884\u4ed8\u6b3e\u8f6c\u5316\u53ca\u540c\u7f8e\u878d\u8d44\u3002\u6301\u7eed\u51fa\u8d27\u53ca\u73b0\u91d1\u8f6c\u5316\uff0c\u6bd4\u4ec5\u6709\u8ba2\u5355\u589e\u957f\u63d0\u4f9b\u66f4\u5f3a\u652f\u6301\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a45\u201372\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Roblox Corporation (RBLX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>GAAP revenue US$1.572bn versus US$1.360bn, +15.6% YoY. Bookings US$1.697bn, down 11.7% YoY; approximately US$67m above US$1.63bn bookings consensus.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted loss per share US$0.32 versus US$0.37; loss narrowed 13.5%. Beat the US$0.41 loss consensus by US$0.09. Consolidated net loss US$230m; common-stockholder loss US$227m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$1.470\u20131.580bn, +4\u201312% YoY; bookings US$1.890\u20132.000bn, down 15\u201310%. Consolidated net loss US$363\u2013423m; free cash outflow US$105\u2013190m, including US$380m capital expenditure and intangible purchases. No EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide updated full-year FY26 revenue or EPS guidance; it provided Q4 guidance instead.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 repurchases 4.4 million shares for approximately US$200m; US$2.4bn authorization remained at September-end. No cash dividend announced. Fully diluted shares 755 million, up 2% YoY.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Roblox&#8217;s engagement recovery has not yet repaired monetization, leaving our outlook negative. DAUs increased sequentially to 138 million and hours approached 34 billion, but bookings remained below last year&#8217;s exceptional level. Revenue growth includes recognition of earlier bookings and is therefore a lagging demand signal. The Q4 bookings decline and forecast cash outflow matter more than the smaller reported loss. Q3 cash flow also benefited from expenditure moving into Q4, so the strong quarterly cash figure overstates the improvement that can be carried forward. AI creation tools, distribution and the adult-user strategy could broaden content and spending over time, but require investment before returns are established. Higher creator payouts and infrastructure needs can pressure margins while management pursues that opportunity. Share repurchases partially offset dilution, yet fully diluted shares still rose. Shares traded at US$43.51 post-market on 29 October, down 17.06% from the close. Valuation has reset, but recovery still requires better spending conversion rather than engagement alone. Watch bookings per user, paying-user retention, older-user monetization, safety compliance, creator economics and cash spending. Persistent bookings weakness would undermine the expansion thesis.<\/span><b><span> 4Q26 recommended trading range: US$35\u201350. Negative Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Roblox (RBLX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>GAAP\u6536\u516515.72\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7413.60\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f15.6%\u3002\u9884\u8ba2\u989d16.97\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d11.7%\uff1b\u8f8316.3\u4ebf\u7f8e\u5143\u9884\u8ba2\u989d\u9884\u671f\u9ad8\u7ea66,700\u4e07\u7f8e\u5143\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\u4e8f\u635f0.32\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f0.37\u7f8e\u5143\uff0c\u4e8f\u635f\u6536\u7a8413.5%\uff1b\u8f83\u6bcf\u80a1\u4e8f\u635f0.41\u7f8e\u5143\u9884\u671f\u597d0.09\u7f8e\u5143\u3002\u5408\u5e76\u51c0\u4e8f\u635f2.30\u4ebf\u7f8e\u5143\uff1b\u666e\u901a\u80a1\u80a1\u4e1c\u5e94\u5360\u4e8f\u635f2.27\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>\u6536\u516514.70\u4ebf\u201315.80\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4%\u201312%\uff1b\u9884\u8ba2\u989d18.90\u4ebf\u201320.00\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d15%\u201310%\u3002\u5408\u5e76\u51c0\u4e8f\u635f3.63\u4ebf\u20134.23\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u51fa1.05\u4ebf\u20131.90\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u8d44\u672c\u5f00\u652f\u53ca\u65e0\u5f62\u8d44\u4ea7\u8d2d\u4e703.80\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\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>\u516c\u53f8\u672a\u63d0\u4f9b\u66f4\u65b0\u540e\u76842026\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\uff0c\u800c\u662f\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\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\u8d2d440\u4e07\u80a1\uff0c\u91d1\u989d\u7ea62\u4ebf\u7f8e\u5143\uff1b\u622a\u81f39\u6708\u5e95\u5269\u4f59\u56de\u8d2d\u6388\u674324\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u5b8c\u5168\u644a\u8584\u80a1\u65707.55\u4ebf\u80a1\uff0c\u540c\u6bd4\u589e\u957f2%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Roblox\u53c2\u4e0e\u5ea6\u6062\u590d\u5c1a\u672a\u4fee\u590d\u53d8\u73b0\u80fd\u529b\uff0c\u56e0\u6b64\u6211\u4eec\u7ef4\u6301\u8d1f\u9762\u524d\u666f\u3002\u65e5\u6d3b\u7528\u6237\u73af\u6bd4\u5347\u81f31.38\u4ebf\uff0c\u53c2\u4e0e\u65f6\u6570\u63a5\u8fd1340\u4ebf\u5c0f\u65f6\uff0c\u4f46\u9884\u8ba2\u989d\u4ecd\u4f4e\u4e8e\u53bb\u5e74\u5f02\u5e38\u5f3a\u52b2\u6c34\u5e73\u3002\u6536\u5165\u589e\u957f\u5305\u62ec\u6b64\u524d\u9884\u8ba2\u989d\u7684\u786e\u8ba4\uff0c\u56e0\u6b64\u5c5e\u4e8e\u6ede\u540e\u9700\u6c42\u6307\u6807\u3002\u7b2c\u56db\u5b63\u5ea6\u9884\u8ba2\u989d\u4e0b\u964d\u53ca\u9884\u8ba1\u73b0\u91d1\u6d41\u51fa\uff0c\u6bd4\u62a5\u544a\u4e8f\u635f\u6536\u7a84\u66f4\u91cd\u8981\u3002\u7b2c\u4e09\u5b63\u5ea6\u73b0\u91d1\u6d41\u4ea6\u53d7\u76ca\u4e8e\u5f00\u652f\u63a8\u8fdf\u81f3\u7b2c\u56db\u5b63\u5ea6\uff0c\u56e0\u6b64\u5f3a\u52b2\u5b63\u5ea6\u73b0\u91d1\u6570\u636e\u9ad8\u4f30\u53ef\u5ef6\u7eed\u7684\u6539\u5584\u3002AI\u521b\u4f5c\u5de5\u5177\u3001\u5206\u53d1\u53ca\u6210\u5e74\u7528\u6237\u7b56\u7565\uff0c\u957f\u8fdc\u53ef\u80fd\u6269\u5927\u5185\u5bb9\u53ca\u6d88\u8d39\uff0c\u4f46\u56de\u62a5\u786e\u7acb\u524d\u9700\u8981\u6295\u8d44\u3002\u516c\u53f8\u4e89\u53d6\u8be5\u673a\u4f1a\u65f6\uff0c\u8f83\u9ad8\u521b\u4f5c\u8005\u5206\u6210\u53ca\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\u53ef\u80fd\u538b\u4f4e\u5229\u6da6\u7387\u3002\u80a1\u4efd\u56de\u8d2d\u90e8\u5206\u62b5\u6d88\u644a\u8584\uff0c\u4f46\u5b8c\u5168\u644a\u8584\u80a1\u6570\u4ecd\u4e0a\u5347\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a543.51\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc17.06%\u3002\u4f30\u503c\u5df2\u8c03\u6574\uff0c\u4f46\u590d\u82cf\u4ecd\u9700\u8981\u66f4\u597d\u7684\u6d88\u8d39\u8f6c\u5316\uff0c\u800c\u975e\u4ec5\u9760\u53c2\u4e0e\u5ea6\u3002\u5e94\u5173\u6ce8\u6bcf\u7528\u6237\u9884\u8ba2\u989d\u3001\u4ed8\u8d39\u7528\u6237\u7559\u5b58\u3001\u6210\u5e74\u7528\u6237\u53d8\u73b0\u3001\u5b89\u5168\u5408\u89c4\u3001\u521b\u4f5c\u8005\u7ecf\u6d4e\u53ca\u73b0\u91d1\u5f00\u652f\u3002\u9884\u8ba2\u989d\u6301\u7eed\u75b2\u5f31\u5c06\u524a\u5f31\u6269\u5f20\u903b\u8f91\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a35\u201350\u7f8e\u5143\u3002\u8d1f\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Reddit Inc. (RDDT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$895m versus US$585m, +53% YoY; beat US$878.02m consensus by US$16.98m. Advertising revenue US$847m, +54%; other revenue US$48m, +35%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$1.40 versus US$0.80, +75%; beat US$1.36 consensus by US$0.04. Net income approximately US$283m; adjusted EBITDA US$402m, +70%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$1.000\u20131.030bn; adjusted EBITDA US$480\u2013510m. No Q4 EPS guidance provided. The revenue range is below approximately US$1.046bn consensus.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide full-year FY26 revenue or EPS guidance. Its published financial outlook covers Q4 revenue and adjusted EBITDA.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 repurchases approximately 670,000 Class A shares for US$100m. Fully diluted shares 206.3 million, down 0.3% sequentially; cash and marketable securities US$3.03bn. No cash dividend announced.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Reddit&#8217;s monetization and cash generation remain strong, but deteriorating search referrals leave our outlook neutral. Advertising grew much faster than daily users, showing better monetization rather than traffic alone. High gross margins and operating leverage translated growth into GAAP profit and cash, supporting the quality of the quarter. The forward issue is distribution: management said referral declines accelerated late in Q3 and continued into October. If that pace persists, it sees potential for a low-double-digit sequential decline in Q4 daily users. Logged-in and app audiences are more valuable and grew sequentially, but their expansion must offset reduced web discovery. Login requirements and product changes could improve retention and limit scraping, while also creating conversion friction. Higher user-acquisition spending could absorb some margin gains. Shares traded at US$106.00 post-market on 29 October, down 18.21% from the close. The lower valuation offers more balance, but the Q4 sales outlook below expectations argues against assuming uninterrupted growth. Watch search referrals, app retention, logged-in engagement, advertiser returns, acquisition spending and data-licensing renewals. We require evidence that direct usage can replace lost referrals before adopting a more positive stance.<\/span><b><span> 4Q26 recommended trading range: US$90\u2013125. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Reddit (RDDT)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51658.95\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e745.85\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f53%\uff1b\u8f838.7802\u4ebf\u7f8e\u5143\u9884\u671f\u9ad81,698\u4e07\u7f8e\u5143\u3002\u5e7f\u544a\u6536\u51658.47\u4ebf\u7f8e\u5143\uff0c\u589e\u957f54%\uff1b\u5176\u4ed6\u6536\u51654,800\u4e07\u7f8e\u5143\uff0c\u589e\u957f35%\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\u52291.40\u7f8e\u5143\uff0c\u53bb\u5e740.80\u7f8e\u5143\uff0c\u589e\u957f75%\uff1b\u8f831.36\u7f8e\u5143\u9884\u671f\u9ad80.04\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u7ea62.83\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574EBITDA\u4e3a4.02\u4ebf\u7f8e\u5143\uff0c\u589e\u957f70%\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\u516510.00\u4ebf\u201310.30\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574EBITDA\u4e3a4.80\u4ebf\u20135.10\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u6536\u5165\u533a\u95f4\u4f4e\u4e8e\u7ea610.46\u4ebf\u7f8e\u5143\u9884\u671f\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b2026\u8d22\u5e74\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u516c\u5e03\u7684\u8d22\u52a1\u5c55\u671b\u4ec5\u6db5\u76d6\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u53ca\u7ecf\u8c03\u6574EBITDA\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\u8d2d\u7ea667\u4e07\u80a1A\u7c7b\u80a1\uff0c\u91d1\u989d1\u4ebf\u7f8e\u5143\u3002\u5b8c\u5168\u644a\u8584\u80a1\u65702.063\u4ebf\u80a1\uff0c\u73af\u6bd4\u4e0b\u964d0.3%\uff1b\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u523830.3\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Reddit\u53d8\u73b0\u53ca\u73b0\u91d1\u521b\u9020\u4ecd\u5f3a\uff0c\u4f46\u641c\u7d22\u5f15\u6d41\u6076\u5316\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5e7f\u544a\u589e\u901f\u8fdc\u9ad8\u4e8e\u65e5\u6d3b\u7528\u6237\uff0c\u663e\u793a\u589e\u957f\u6765\u81ea\u66f4\u597d\u53d8\u73b0\uff0c\u800c\u975e\u4ec5\u9760\u6d41\u91cf\u3002\u9ad8\u6bdb\u5229\u7387\u53ca\u7ecf\u8425\u6760\u6746\u4f7f\u589e\u957f\u8f6c\u5316\u4e3aGAAP\u5229\u6da6\u53ca\u73b0\u91d1\uff0c\u652f\u6301\u672c\u5b63\u5ea6\u8d28\u91cf\u3002\u524d\u77bb\u95ee\u9898\u5728\u4e8e\u5206\u53d1\uff1a\u7ba1\u7406\u5c42\u8868\u793a\u5f15\u6d41\u4e0b\u6ed1\u5728\u7b2c\u4e09\u5b63\u5ea6\u672b\u52a0\u901f\uff0c\u5e76\u5ef6\u7eed\u81f310\u6708\u3002\u82e5\u8be5\u901f\u5ea6\u6301\u7eed\uff0c\u7b2c\u56db\u5b63\u5ea6\u65e5\u6d3b\u7528\u6237\u53ef\u80fd\u73af\u6bd4\u4e0b\u964d\u4f4e\u53cc\u4f4d\u6570\u3002\u767b\u5f55\u53ca\u5e94\u7528\u7528\u6237\u66f4\u6709\u4ef7\u503c\uff0c\u4e14\u73af\u6bd4\u589e\u957f\uff0c\u4f46\u5176\u6269\u5f20\u987b\u62b5\u6d88\u7f51\u9875\u53d1\u73b0\u51cf\u5c11\u3002\u767b\u5f55\u8981\u6c42\u53ca\u4ea7\u54c1\u8c03\u6574\u53ef\u80fd\u6539\u5584\u7559\u5b58\u5e76\u9650\u5236\u6570\u636e\u6293\u53d6\uff0c\u540c\u65f6\u4ea6\u53ef\u80fd\u589e\u52a0\u8f6c\u5316\u963b\u529b\u3002\u66f4\u591a\u83b7\u5ba2\u5f00\u652f\u53ef\u80fd\u6d88\u8017\u90e8\u5206\u5229\u6da6\u7387\u6539\u5584\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a5106.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc18.21%\u3002\u8f83\u4f4e\u4f30\u503c\u63d0\u4f9b\u66f4\u5927\u5e73\u8861\uff0c\u4f46\u7b2c\u56db\u5b63\u5ea6\u9500\u552e\u5c55\u671b\u4f4e\u4e8e\u9884\u671f\uff0c\u4e0d\u5b9c\u5047\u8bbe\u589e\u957f\u4e0d\u53d7\u4e2d\u65ad\u3002\u5e94\u5173\u6ce8\u641c\u7d22\u5f15\u6d41\u3001\u5e94\u7528\u7559\u5b58\u3001\u767b\u5f55\u7528\u6237\u53c2\u4e0e\u5ea6\u3001\u5e7f\u544a\u4e3b\u56de\u62a5\u3001\u83b7\u5ba2\u5f00\u652f\u53ca\u6570\u636e\u6388\u6743\u7eed\u7ea6\u3002\u8f6c\u5411\u66f4\u79ef\u6781\u89c2\u70b9\u524d\uff0c\u6211\u4eec\u9700\u8981\u770b\u5230\u76f4\u63a5\u4f7f\u7528\u80fd\u591f\u66ff\u4ee3\u6d41\u5931\u5f15\u6d41\u7684\u8bc1\u636e\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u2013125\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Twilio Inc. (TWLO)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$1.560bn, +20% YoY; approximately US$50m above US$1.51bn consensus. Organic revenue growth 16%; dollar-based net expansion 114% versus 109%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.65 versus US$1.25, +32%; beat US$1.47 consensus by US$0.18. GAAP diluted EPS US$1.00 versus US$0.23; GAAP operating income US$148.6m, +263%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$1.595\u20131.605bn; organic growth 11\u201312%; non-GAAP diluted EPS US$1.48\u20131.53. Non-GAAP operating income US$300\u2013310m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Reported revenue growth raised to 20% from 18\u201318.5%; organic growth 15% from 13\u201313.5%. Non-GAAP operating income and FCF each US$1.190\u20131.200bn from US$1.135\u20131.155bn. Preliminary FY27: organic growth at least 10%; non-GAAP operating income and FCF each at least US$1.35bn. No FY26 EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 repurchases US$127.2m; approximately US$700m remained under the US$2.0bn program at September-end, expiring December 2027. No cash dividend announced. Q3 free cash flow US$369.6m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Twilio&#8217;s improving expansion rate, profitability and annual guidance support the business, but slower forward growth leaves our outlook neutral. Messaging, voice and AI-enabled customer interactions broaden demand, while higher usage from existing customers is an encouraging operating signal. Organic growth is more informative than reported sales because carrier-fee pass-through contributes to the difference. Gross-profit growth and cash conversion help establish whether additional traffic creates shareholder value. GAAP operating profit improved substantially, although stock-based compensation remains a large adjustment to non-GAAP earnings and an ongoing dilution cost. Q4 organic guidance slows from Q3, and the preliminary 2027 outlook establishes a floor rather than promising continued acceleration. Product investment and commercial execution must convert AI adoption into durable, profitable volumes. Shares traded at US$201.00 post-market on 29 October, down 16.91% from the close despite the beat and higher annual targets. That reset improves valuation balance but shows how much growth investors had anticipated. Watch organic revenue, gross profit, net expansion, AI-related usage, carrier fees and share-count trends. Sustained cash generation offers buyback flexibility, while reacceleration without margin sacrifice would support a stronger view.<\/span><b><span> 4Q26 recommended trading range: US$180\u2013235. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Twilio (TWLO)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516515.60\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f20%\uff1b\u8f8315.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea65,000\u4e07\u7f8e\u5143\u3002\u6709\u673a\u6536\u5165\u589e\u957f16%\uff1b\u7f8e\u5143\u51c0\u6269\u5f20\u7387114%\uff0c\u53bb\u5e74109%\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\u52291.65\u7f8e\u5143\uff0c\u53bb\u5e741.25\u7f8e\u5143\uff0c\u589e\u957f32%\uff1b\u8f831.47\u7f8e\u5143\u9884\u671f\u9ad80.18\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.00\u7f8e\u5143\uff0c\u53bb\u5e740.23\u7f8e\u5143\uff1bGAAP\u7ecf\u8425\u5229\u6da61.486\u4ebf\u7f8e\u5143\uff0c\u589e\u957f263%\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\u516515.95\u4ebf\u201316.05\u4ebf\u7f8e\u5143\uff1b\u6709\u673a\u589e\u957f11%\u201312%\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.48\u20131.53\u7f8e\u5143\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da63.00\u4ebf\u20133.10\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u62a5\u544a\u6536\u5165\u589e\u901f\u753118%\u201318.5%\u4e0a\u8c03\u81f320%\uff1b\u6709\u673a\u589e\u901f\u753113%\u201313.5%\u4e0a\u8c03\u81f315%\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u5404\u753111.35\u4ebf\u201311.55\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f311.90\u4ebf\u201312.00\u4ebf\u7f8e\u5143\u30022027\u5e74\u521d\u6b65\u5c55\u671b\uff1a\u6709\u673a\u589e\u957f\u81f3\u5c1110%\uff1b\u975eGAAP\u7ecf\u8425\u5229\u6da6\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u5404\u81f3\u5c1113.5\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b2026\u8d22\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\u8d2d1.272\u4ebf\u7f8e\u5143\uff1b\u622a\u81f39\u6708\u5e95\uff0c20\u4ebf\u7f8e\u5143\u8ba1\u5212\u5269\u4f59\u7ea67\u4ebf\u7f8e\u5143\uff0c\u8ba1\u5212\u4e8e2027\u5e7412\u6708\u5230\u671f\u3002\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002\u7b2c\u4e09\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d413.696\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Twilio\u6269\u5f20\u7387\u3001\u76c8\u5229\u80fd\u529b\u53ca\u5168\u5e74\u6307\u5f15\u6539\u5584\uff0c\u652f\u6301\u4e1a\u52a1\u57fa\u7840\uff0c\u4f46\u524d\u77bb\u589e\u957f\u653e\u7f13\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u6d88\u606f\u3001\u8bed\u97f3\u53caAI\u5ba2\u6237\u4e92\u52a8\u6269\u5927\u9700\u6c42\uff0c\u73b0\u6709\u5ba2\u6237\u7528\u91cf\u589e\u52a0\u4ea6\u662f\u79ef\u6781\u7ecf\u8425\u4fe1\u53f7\u3002\u6709\u673a\u589e\u957f\u6bd4\u62a5\u544a\u9500\u552e\u66f4\u6709\u53c2\u8003\u4ef7\u503c\uff0c\u56e0\u4e3a\u8fd0\u8425\u5546\u8d39\u7528\u8f6c\u5ac1\u8d21\u732e\u4e24\u8005\u5dee\u5f02\u3002\u6bdb\u5229\u589e\u957f\u53ca\u73b0\u91d1\u8f6c\u5316\uff0c\u6709\u52a9\u5224\u65ad\u65b0\u589e\u6d41\u91cf\u662f\u5426\u521b\u9020\u80a1\u4e1c\u4ef7\u503c\u3002GAAP\u7ecf\u8425\u5229\u6da6\u660e\u663e\u6539\u5584\uff0c\u4e0d\u8fc7\u80a1\u6743\u85aa\u916c\u4ecd\u662f\u975eGAAP\u76c8\u5229\u7684\u5927\u989d\u8c03\u6574\u9879\u53ca\u6301\u7eed\u644a\u8584\u6210\u672c\u3002\u7b2c\u56db\u5b63\u5ea6\u6709\u673a\u6307\u5f15\u8f83\u7b2c\u4e09\u5b63\u5ea6\u653e\u7f13\uff0c2027\u5e74\u521d\u6b65\u5c55\u671b\u786e\u7acb\u4e0b\u9650\uff0c\u800c\u975e\u627f\u8bfa\u6301\u7eed\u52a0\u901f\u3002\u4ea7\u54c1\u6295\u5165\u53ca\u5546\u4e1a\u6267\u884c\uff0c\u987b\u5c06AI\u91c7\u7528\u8f6c\u5316\u4e3a\u6301\u4e45\u4e14\u6709\u5229\u6da6\u7684\u7528\u91cf\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\u53ca\u5168\u5e74\u76ee\u6807\u63d0\u9ad8\uff0c\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a5201.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc16.91%\u3002\u8c03\u6574\u6539\u5584\u4f30\u503c\u5e73\u8861\uff0c\u4f46\u4ea6\u663e\u793a\u6295\u8d44\u8005\u6b64\u524d\u5df2\u9884\u671f\u8f83\u591a\u589e\u957f\u3002\u5e94\u5173\u6ce8\u6709\u673a\u6536\u5165\u3001\u6bdb\u5229\u3001\u51c0\u6269\u5f20\u3001AI\u76f8\u5173\u7528\u91cf\u3001\u8fd0\u8425\u5546\u8d39\u7528\u53ca\u80a1\u6570\u8d8b\u52bf\u3002\u6301\u7eed\u73b0\u91d1\u521b\u9020\u63d0\u4f9b\u56de\u8d2d\u7075\u6d3b\u6027\uff0c\u800c\u4e0d\u727a\u7272\u5229\u6da6\u7387\u7684\u91cd\u65b0\u52a0\u901f\uff0c\u5c06\u652f\u6301\u66f4\u79ef\u6781\u89c2\u70b9\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a180\u2013235\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Coinbase Global Inc. (COIN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Total revenue US$1.2156bn versus US$1.8687bn, down 35.0% YoY; approximately US$14.4m below US$1.23bn consensus. Transaction revenue US$590.2m; subscription and services US$570.2m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$2.51 versus US$1.50, +67.3%; beat a US$0.10 loss consensus by US$2.61. Net income US$718.7m included US$715.0m pre-tax crypto-investment gains. Adjusted net income US$77.7m versus US$420.7m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Subscription and services revenue US$550\u2013630m; adjusted expenses US$1.007\u20131.157bn; stock-based compensation approximately US$240m. No Q4 total-revenue or EPS target provided. Transaction revenue through 25 October was approximately US$165m, not a quarterly forecast.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Adjusted expense guidance lowered and narrowed to US$4.150\u20134.300bn from US$4.200\u20134.450bn. The company did not provide full-year FY26 total-revenue or EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Approximately US$2.0bn of buyback authorization remained at September-end. Nine-month common-stock repurchases US$1.249bn; cash and equivalents US$8.6bn. No cash dividend announced.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Coinbase&#8217;s diversification and expense discipline are improving resilience, but the headline profit rebound overstates operating progress, leaving our outlook neutral. Crypto-investment gains accounted for most GAAP profit, while adjusted net income remained well below last year. Trading market-share gains are encouraging, yet lower market activity and revenue demonstrate that share gains cannot fully offset the cycle. Stablecoin balances, paid subscriptions and prediction markets broaden monetization, with the latter exceeding a US$200m annualized revenue pace. That pace is an operating indicator rather than guaranteed annual revenue. Subscription and services also remain sensitive to asset prices, interest rates and reward-sharing arrangements. Lower expenses supported sequential EBITDA recovery, but Q4 marketing and professional costs are expected to increase. Shares traded at US$152.85 post-market on 29 October, down 4.82% from the close. Valuation should rest on durable transaction economics and recurring earnings rather than volatile investment marks. Watch trading volumes, retail mix, USDC balances and economics, derivatives integration, prediction-market regulation and expense control. The cash balance supports investment through weaker markets, but dilution, cybersecurity exposure and changing regulation remain constraints on the equity case.<\/span><b><span> 4Q26 recommended trading range: US$130\u2013185. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Coinbase (COIN)<\/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\u516512.156\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7418.687\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d35.0%\uff1b\u8f8312.3\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea61,440\u4e07\u7f8e\u5143\u3002\u4ea4\u6613\u6536\u51655.902\u4ebf\u7f8e\u5143\uff1b\u8ba2\u9605\u53ca\u670d\u52a1\u6536\u51655.702\u4ebf\u7f8e\u5143\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\u52292.51\u7f8e\u5143\uff0c\u53bb\u5e741.50\u7f8e\u5143\uff0c\u589e\u957f67.3%\uff1b\u8f83\u6bcf\u80a1\u4e8f\u635f0.10\u7f8e\u5143\u9884\u671f\u597d2.61\u7f8e\u5143\u3002\u51c0\u5229\u6da67.187\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u7a0e\u524d\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u6536\u76ca7.150\u4ebf\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u51c0\u5229\u6da67,770\u4e07\u7f8e\u5143\uff0c\u53bb\u5e744.207\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>\u8ba2\u9605\u53ca\u670d\u52a1\u6536\u51655.50\u4ebf\u20136.30\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u8d39\u752810.07\u4ebf\u201311.57\u4ebf\u7f8e\u5143\uff1b\u80a1\u6743\u85aa\u916c\u7ea62.40\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u603b\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u76ee\u6807\u3002\u622a\u81f310\u670825\u65e5\u4ea4\u6613\u6536\u5165\u7ea61.65\u4ebf\u7f8e\u5143\uff0c\u5e76\u975e\u5b63\u5ea6\u9884\u6d4b\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u7ecf\u8c03\u6574\u8d39\u7528\u6307\u5f15\u753142.00\u4ebf\u201344.50\u4ebf\u7f8e\u5143\u4e0b\u8c03\u5e76\u6536\u7a84\u81f341.50\u4ebf\u201343.00\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b2026\u8d22\u5e74\u5168\u5e74\u603b\u6536\u5165\u6216\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>\u622a\u81f39\u6708\u5e95\uff0c\u5269\u4f59\u56de\u8d2d\u6388\u6743\u7ea620\u4ebf\u7f8e\u5143\u3002\u9996\u4e5d\u4e2a\u6708\u666e\u901a\u80a1\u56de\u8d2d12.49\u4ebf\u7f8e\u5143\uff1b\u73b0\u91d1\u53ca\u7b49\u4ef7\u726986\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u73b0\u91d1\u80a1\u606f\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Coinbase\u591a\u5143\u5316\u53ca\u8d39\u7528\u7eaa\u5f8b\u6539\u5584\u4e1a\u52a1\u97e7\u6027\uff0c\u4f46\u8868\u9762\u5229\u6da6\u56de\u5347\u9ad8\u4f30\u7ecf\u8425\u8fdb\u5c55\uff0c\u56e0\u6b64\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u6536\u76ca\u5360GAAP\u5229\u6da6\u5927\u90e8\u5206\uff0c\u800c\u7ecf\u8c03\u6574\u51c0\u5229\u6da6\u4ecd\u8fdc\u4f4e\u4e8e\u53bb\u5e74\u3002\u4ea4\u6613\u5e02\u5360\u7387\u63d0\u5347\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u5e02\u573a\u6d3b\u52a8\u53ca\u6536\u5165\u51cf\u5c11\uff0c\u663e\u793a\u4efd\u989d\u589e\u957f\u672a\u80fd\u5b8c\u5168\u62b5\u6d88\u5468\u671f\u3002\u7a33\u5b9a\u5e01\u4f59\u989d\u3001\u4ed8\u8d39\u8ba2\u9605\u53ca\u9884\u6d4b\u5e02\u573a\u6269\u5927\u53d8\u73b0\uff0c\u9884\u6d4b\u5e02\u573a\u5e74\u5316\u6536\u5165\u901f\u5ea6\u8d85\u8fc72\u4ebf\u7f8e\u5143\uff1b\u6b64\u4e3a\u7ecf\u8425\u6307\u6807\uff0c\u5e76\u975e\u5168\u5e74\u6536\u5165\u4fdd\u8bc1\u3002\u8ba2\u9605\u53ca\u670d\u52a1\u4ecd\u53d7\u8d44\u4ea7\u4ef7\u683c\u3001\u5229\u7387\u53ca\u5956\u52b1\u5206\u6210\u5b89\u6392\u5f71\u54cd\u3002\u8d39\u7528\u964d\u4f4e\u652f\u6301EBITDA\u73af\u6bd4\u6062\u590d\uff0c\u4f46\u7b2c\u56db\u5b63\u5ea6\u8425\u9500\u53ca\u4e13\u4e1a\u670d\u52a1\u6210\u672c\u9884\u8ba1\u589e\u52a0\u3002\u80a1\u4ef7\u4e8e10\u670829\u65e5\u76d8\u540e\u62a5152.85\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc4.82%\u3002\u4f30\u503c\u5e94\u5efa\u7acb\u5728\u6301\u4e45\u4ea4\u6613\u7ecf\u6d4e\u53ca\u7ecf\u5e38\u6027\u76c8\u5229\uff0c\u800c\u975e\u6ce2\u52a8\u6295\u8d44\u4f30\u503c\u6536\u76ca\u4e4b\u4e0a\u3002\u5e94\u5173\u6ce8\u4ea4\u6613\u91cf\u3001\u96f6\u552e\u7ed3\u6784\u3001USDC\u4f59\u989d\u53ca\u6536\u76ca\u673a\u5236\u3001\u884d\u751f\u54c1\u6574\u5408\u3001\u9884\u6d4b\u5e02\u573a\u76d1\u7ba1\u53ca\u8d39\u7528\u63a7\u5236\u3002\u73b0\u91d1\u4f59\u989d\u652f\u6301\u516c\u53f8\u5728\u5f31\u5e02\u7ee7\u7eed\u6295\u8d44\uff0c\u4f46\u644a\u8584\u3001\u7f51\u7edc\u5b89\u5168\u53ca\u76d1\u7ba1\u53d8\u5316\u4ecd\u7ea6\u675f\u80a1\u6743\u6295\u8d44\u903b\u8f91\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a130\u2013185\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Starbucks Corporation (SBUX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>4Q26 Revenue: <\/span><\/b><span>Revenue US$9.1412bn versus US$9.5690bn, down 4.5% YoY; approximately US$88.8m below US$9.23bn consensus. Global comparable sales +7.2%; U.S. comparable sales +7.7%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 EPS: <\/span><\/b><span>Non-GAAP EPS US$0.80 versus US$0.52, +54% YoY; beat approximately US$0.72 consensus by US$0.08. GAAP EPS US$0.59 versus US$0.12, +392%, helped by lower restructuring costs.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 Guidance: <\/span><\/b><span>The company did not provide a standalone Q1 total-revenue or EPS range. Management expects a more balanced quarterly North America comparable-sales cadence than FY26.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>Initial FY27 guidance: revenue down approximately 1%; North America comparable sales +4%; non-GAAP operating margin 13.5\u201314.0%; EPS US$3.15\u20133.25. FY27 has 53 weeks; the extra week contributes approximately US$700m revenue and slightly more than US$0.10 EPS.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.63\/share, payable 27 November to holders of record on 13 November. Plans to resume repurchases with approximately US$1bn in FY27; capital expenditure approximately 5% of revenue.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Starbucks\u2019 improving U.S. demand and margins support the recovery, but international weakness and the valuation keep our outlook neutral. China\u2019s conversion to a licensed joint venture reduces consolidated revenue, so the reported decline should not be interpreted as an equivalent drop in consumer demand. U.S. transaction growth and higher average tickets provide better evidence of progress, although traffic growth moderated from Q3. International transactions declined, limiting the breadth of the recovery. Lower restructuring costs amplify GAAP earnings growth, while investment gains also supported other income. Adjusted operating-margin expansion is the more useful signal, but its durability depends on service productivity and cost control. The FY27 outlook includes an extra trading week, so part of the projected earnings increase is calendar-related. Store closures improve portfolio quality while reducing near-term revenue and requiring customers to transfer successfully to remaining locations. Shares traded at US$103.74 post-market on 29 October, down 1.68% from the close. The price already reflects a substantial recovery; consistent traffic and cash generation are needed to support further gains. Watch transactions, food attachment, labour productivity, international demand, coffee costs and execution of the higher margin target.<\/span><b><span> 4Q26 recommended trading range: US$90\u2013118. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u661f\u5df4\u514b (SBUX)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516591.412\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7495.690\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d4.5%\uff1b\u8f8392.3\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea68,880\u4e07\u7f8e\u5143\u3002\u5168\u7403\u540c\u5e97\u9500\u552e\u589e\u957f7.2%\uff1b\u7f8e\u56fd\u540c\u5e97\u9500\u552e\u589e\u957f7.7%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u6bcf\u80a1\u76c8\u52290.80\u7f8e\u5143\uff0c\u53bb\u5e740.52\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f54%\uff1b\u8f83\u7ea60.72\u7f8e\u5143\u9884\u671f\u9ad80.08\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.59\u7f8e\u5143\uff0c\u53bb\u5e740.12\u7f8e\u5143\uff0c\u589e\u957f392%\uff0c\u53d7\u60e0\u4e8e\u91cd\u7ec4\u8d39\u7528\u51cf\u5c11\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u4e00\u5b63\u5ea6\u603b\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5317\u7f8e\u540c\u5e97\u9500\u552e\u7684\u5b63\u5ea6\u8868\u73b0\u8f832026\u8d22\u5e74\u66f4\u5747\u8861\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u9996\u6b21\u63d0\u4f9b2027\u8d22\u5e74\u6307\u5f15\uff1a\u6536\u5165\u4e0b\u964d\u7ea61%\uff1b\u5317\u7f8e\u540c\u5e97\u9500\u552e\u589e\u957f4%\uff1b\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738713.5\u201314.0%\uff1b\u6bcf\u80a1\u76c8\u52293.15\u20133.25\u7f8e\u5143\u30022027\u8d22\u5e74\u670953\u5468\uff1b\u989d\u5916\u4e00\u5468\u8d21\u732e\u7ea67\u4ebf\u7f8e\u5143\u6536\u5165\u53ca\u7565\u9ad8\u4e8e0.10\u7f8e\u5143\u7684\u6bcf\u80a1\u76c8\u5229\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.63\u7f8e\u5143\uff0c11\u670827\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670813\u65e5\u3002\u8ba1\u52122027\u8d22\u5e74\u6062\u590d\u56de\u8d2d\uff0c\u91d1\u989d\u7ea610\u4ebf\u7f8e\u5143\uff1b\u8d44\u672c\u652f\u51fa\u7ea6\u4e3a\u6536\u51655%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u661f\u5df4\u514b\u7f8e\u56fd\u9700\u6c42\u53ca\u5229\u6da6\u7387\u6539\u5584\u652f\u6301\u590d\u82cf\uff0c\u4f46\u56fd\u9645\u4e1a\u52a1\u75b2\u5f31\u53ca\u4f30\u503c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u4e2d\u56fd\u4e1a\u52a1\u8f6c\u4e3a\u6388\u6743\u5408\u8d44\u6a21\u5f0f\uff0c\u51cf\u5c11\u5408\u5e76\u6536\u5165\uff0c\u56e0\u6b64\u62a5\u544a\u6536\u5165\u4e0b\u964d\u5e76\u4e0d\u4ee3\u8868\u6d88\u8d39\u8005\u9700\u6c42\u540c\u6bd4\u4f8b\u51cf\u5c11\u3002\u7f8e\u56fd\u4ea4\u6613\u91cf\u589e\u957f\u53ca\u5ba2\u5355\u4ef7\u63d0\u9ad8\uff0c\u66f4\u80fd\u53cd\u6620\u8fdb\u5c55\uff0c\u4f46\u4ea4\u6613\u91cf\u589e\u901f\u8f83\u7b2c\u4e09\u5b63\u5ea6\u653e\u7f13\u3002\u56fd\u9645\u4ea4\u6613\u91cf\u4e0b\u964d\uff0c\u9650\u5236\u590d\u82cf\u5e7f\u5ea6\u3002\u91cd\u7ec4\u8d39\u7528\u51cf\u5c11\u653e\u5927GAAP\u76c8\u5229\u589e\u901f\uff0c\u800c\u6295\u8d44\u6536\u76ca\u4ea6\u652f\u6301\u5176\u4ed6\u6536\u5165\u3002\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u6269\u5927\u66f4\u5177\u53c2\u8003\u4ef7\u503c\uff0c\u4f46\u6301\u7eed\u6027\u53d6\u51b3\u4e8e\u670d\u52a1\u6548\u7387\u53ca\u6210\u672c\u63a7\u5236\u30022027\u8d22\u5e74\u524d\u666f\u5305\u542b\u989d\u5916\u8425\u4e1a\u5468\uff0c\u56e0\u6b64\u90e8\u5206\u9884\u671f\u76c8\u5229\u589e\u957f\u6765\u81ea\u65e5\u5386\u56e0\u7d20\u3002\u5173\u5e97\u6539\u5584\u95e8\u5e97\u7ec4\u5408\uff0c\u5374\u51cf\u5c11\u77ed\u671f\u6536\u5165\uff0c\u5e76\u8981\u6c42\u5ba2\u6237\u987a\u5229\u8f6c\u79fb\u81f3\u4fdd\u7559\u95e8\u5e97\u300210\u670829\u65e5\u76d8\u540e\u80a1\u4ef7\u62a5103.74\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0b\u8dcc1.68%\u3002\u80a1\u4ef7\u5df2\u53cd\u6620\u76f8\u5f53\u7a0b\u5ea6\u590d\u82cf\uff1b\u6301\u7eed\u4ea4\u6613\u91cf\u53ca\u73b0\u91d1\u521b\u9020\uff0c\u624d\u53ef\u652f\u6301\u8fdb\u4e00\u6b65\u4e0a\u6da8\u3002\u5e94\u5173\u6ce8\u4ea4\u6613\u91cf\u3001\u98df\u54c1\u642d\u552e\u3001\u52b3\u52a8\u6548\u7387\u3001\u56fd\u9645\u9700\u6c42\u3001\u5496\u5561\u6210\u672c\u53ca\u66f4\u9ad8\u5229\u6da6\u7387\u76ee\u6807\u7684\u6267\u884c\u3002<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a90\u2013118\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><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 8YZ SP Yangzijiang Maritime Development Ltd. Shares closed above the 5dEMA and 10dEMA. RSI is constructive and MACD is about to turn positive. Long \u2013 Entry 0.58, Target 0.64, Stop 0.55 CDG SP Comfort Delgro Limited Shares close above the 5dEMA, 10dEMA and 20dEMA. RSI [&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-96488","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 30 October 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore 8YZ SP Yangzijiang Maritime Development Ltd. Shares closed above the 5dEMA and 10dEMA. RSI is constructive and MACD is about to turn positive. 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