{"id":96629,"date":"2026-11-02T17:34:35","date_gmt":"2026-11-02T09:34:35","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96629"},"modified":"2026-11-03T14:26:04","modified_gmt":"2026-11-03T06:26:04","slug":"technical-analysis-3-november-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-3-november-2026\/","title":{"rendered":"Technical Analysis: 3 November 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96629\" class=\"elementor elementor-96629\" 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: 3 November 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;\">HKC SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hor Kew Corporation Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA.<\/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\">Both RSI and MACD are constructive.<\/span><\/li><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\"><b>Long \u2013 Entry 1.28, Target 1.42, Stop 1.2<\/b><\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP.png\" class=\"attachment-full size-full wp-image-96630\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKC_SP-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-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;\">HKLH SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hongkong Land Holdings Limited<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc8b150 elementor-widget elementor-widget-text-editor\" data-id=\"cc8b150\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed at the 5dEMA with elevated volume.<\/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\">Both RSI and MACD are constructive.<\/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 8.3, Target 9, Stop 8<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP.png\" class=\"attachment-full size-full wp-image-96631\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HKLH_SP-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\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-59bbfb01 e-flex e-con-boxed e-con e-parent\" data-id=\"59bbfb01\" data-element_type=\"container\" data-e-type=\"container\" id=\"hk\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-48ad8487 e-con-full e-flex e-con e-child\" data-id=\"48ad8487\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6496da02 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6496da02\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hong Kong<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dd4939c e-flex e-con-boxed e-con e-parent\" data-id=\"dd4939c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3d487d4 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3d487d4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0750803 elementor-widget elementor-widget-text-editor\" data-id=\"0750803\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">2328 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">PICC Property and Casualty Co Ltd<\/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 at a one-month high above the 5dEMA with rising volume.<\/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\">Both RSI and MACD are constructive.<\/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 16.4, Target 17.7, Stop 15.8<\/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\/11\/TA_3Nov_2328_HK.png\" class=\"attachment-full size-full wp-image-96632\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2328_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2328_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2328_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2328_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2328_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;\">2628 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Life Insurance Co Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"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 slightly below the 20dEMA with rising 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\">Both RSI and MACD are constructive.<\/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 24.4, Target 26.4, Stop 23.4<\/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\/11\/TA_3Nov_2628_HK.png\" class=\"attachment-full size-full wp-image-96633\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2628_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2628_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2628_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2628_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_2628_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;\">HEI US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Heico Corporation<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa0b9c7 elementor-widget elementor-widget-text-editor\" data-id=\"aa0b9c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with rising volume.<\/span><\/li><\/ul><ul><li><span>RSI is slightly overbought but MACD is still constructive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 330, Target 360, Stop 315<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US.png\" class=\"attachment-full size-full wp-image-96646\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_HEI_US-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-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;\">RTX US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">RTX Corporation<\/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 elevated volume.<\/span><\/li><\/ul><ul><li><span>Both RSI and MACD are constructive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 200, Target 220, Stop 190<\/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=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US.png\" class=\"attachment-full size-full wp-image-96647\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3Nov_RTX_US-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\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>Tempus AI, Inc. (TEM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$411.537m versus US$334.206m, +23.1% YoY; beat US$409.39m consensus by US$2.15m. Diagnostics revenue increased 20% to US$303.5m; Data and Applications increased 33% to US$108.1m. Oncology testing volume rose 32%. Gross profit increased 27% to US$266.7m; MRD testing volume reached approximately 12,000 tests, up 300%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$0.07 versus a US$0.11 loss, improving US$0.18; beat approximately US$0.09 loss consensus by approximately US$0.16. GAAP diluted loss per share US$0.08 versus US$0.46. Net loss US$14.9m included US$42.8m of unrealised securities gains; adjusted EBITDA reached US$25.6m versus US$1.5m. GAAP operating loss narrowed to US$56.9m from US$61.0m; adjusted operating income improved to US$14.4m from a US$8.7m loss.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$458\u2013463m; adjusted EBITDA approximately US$34m. Data and Applications revenue growth approximately 30%. The company did not provide EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue US$1.600\u20131.605bn, versus US$1.595\u20131.605bn previously. Adjusted EBITDA approximately US$65m, unchanged. The company did not provide EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced. Cash and marketable securities US$854.4m. Nine-month operating cash outflow US$71.6m. The pending Personalis acquisition awaits a 30 November shareholder vote after regulatory review clearance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>The quarter supports improving operating momentum, with oncology testing and data licensing contributing together rather than growth depending on a single business. Higher gross profit and positive adjusted operating income show real operating leverage. However, the smaller GAAP loss benefited substantially from unrealised investment gains, while share compensation remains an economic cost despite its exclusion from adjusted results. Positive quarterly EBITDA also does not eliminate the nine-month operating cash deficit. Personalis could deepen the minimal residual disease offering, but absorbing its losses before broader reimbursement would complicate the path to sustainable cash generation. The shares closed at US$78.48 on 2 November, up 8.67%; that valuation already demands successful execution and leaves limited room for reimbursement or integration setbacks. A Neutral outlook balances attractive testing demand against financing and profitability risks. Watch oncology volumes and pricing, licensing collections, related-party receivables, MRD reimbursement, Personalis completion and whether the stronger fourth-quarter EBITDA outlook converts into cash rather than simply improving adjusted earnings. <\/span><b><span>4Q26 recommended trading range: US$65\u201390. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Tempus AI (TEM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u65364.11537\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f3.34206\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f23.1%\uff1b\u8f83\u5e02\u573a\u9884\u671f4.0939\u4ebf\u7f8e\u5143\u9ad8215\u4e07\u7f8e\u5143\u3002\u8bca\u65ad\u4e1a\u52a1\u8425\u6536\u589e\u957f20%\u81f33.035\u4ebf\u7f8e\u5143\uff1b\u6570\u636e\u53ca\u5e94\u7528\u4e1a\u52a1\u589e\u957f33%\u81f31.081\u4ebf\u7f8e\u5143\u3002\u80bf\u7624\u68c0\u6d4b\u91cf\u589e\u957f32%\u3002 \u6bdb\u5229\u589e\u957f27%\u81f32.667\u4ebf\u7f8e\u5143\uff1bMRD\u68c0\u6d4b\u91cf\u7ea612,000\u6b21\uff0c\u589e\u957f300%\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>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.11\u7f8e\u5143\uff0c\u6539\u55840.18\u7f8e\u5143\uff1b\u8f83\u5e02\u573a\u9884\u671f\u7ea6\u4e8f\u635f0.09\u7f8e\u5143\u9ad8\u7ea60.16\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f0.08\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.46\u7f8e\u5143\u3002\u51c0\u4e8f\u635f1,490\u4e07\u7f8e\u5143\uff0c\u5305\u542b4,280\u4e07\u7f8e\u5143\u8bc1\u5238\u672a\u5b9e\u73b0\u6536\u76ca\uff1b\u8c03\u6574\u540eEBITDA\u4e3a2,560\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f150\u4e07\u7f8e\u5143\u3002 GAAP\u8425\u4e1a\u4e8f\u635f\u75316,100\u4e07\u7f8e\u5143\u6536\u7a84\u81f35,690\u4e07\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da61,440\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f870\u4e07\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>\u8425\u65364.58\u4ebf\u20134.63\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540eEBITDA\u7ea63,400\u4e07\u7f8e\u5143\u3002\u6570\u636e\u53ca\u5e94\u7528\u4e1a\u52a1\u8425\u6536\u589e\u957f\u7ea630%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u653616.00\u4ebf\u201316.05\u4ebf\u7f8e\u5143\uff0c\u539f\u6307\u5f1515.95\u4ebf\u201316.05\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540eEBITDA\u7ea66,500\u4e07\u7f8e\u5143\uff0c\u7ef4\u6301\u4e0d\u53d8\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u6d3e\u606f\u6216\u65b0\u56de\u8d2d\u3002\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u52388.544\u4ebf\u7f8e\u5143\u3002\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u51c0\u6d41\u51fa7,160\u4e07\u7f8e\u5143\u3002\u6536\u8d2dPersonalis\u5df2\u901a\u8fc7\u76d1\u7ba1\u5ba1\u67e5\uff0c\u4ecd\u5f8511\u670830\u65e5\u80a1\u4e1c\u8868\u51b3\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u672c\u5b63\u53cd\u6620\u7ecf\u8425\u52a8\u80fd\u6539\u5584\uff0c\u80bf\u7624\u68c0\u6d4b\u4e0e\u6570\u636e\u6388\u6743\u5171\u540c\u8d21\u732e\u589e\u957f\uff0c\u4e1a\u52a1\u5e76\u975e\u4f9d\u8d56\u5355\u4e00\u5f15\u64ce\u3002\u6bdb\u5229\u63d0\u5347\u53ca\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u8f6c\u6b63\u4f53\u73b0\u5b9e\u9645\u7ecf\u8425\u6760\u6746\u3002\u4e0d\u8fc7\uff0cGAAP\u4e8f\u635f\u6536\u7a84\u660e\u663e\u53d7\u60e0\u4e8e\u6295\u8d44\u672a\u5b9e\u73b0\u6536\u76ca\uff0c\u800c\u80a1\u6743\u85aa\u916c\u867d\u88ab\u8c03\u6574\u540e\u6307\u6807\u5254\u9664\uff0c\u4ecd\u5177\u6709\u7ecf\u6d4e\u6210\u672c\u3002\u5355\u5b63EBITDA\u8f6c\u6b63\u4e5f\u672a\u6d88\u9664\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d41\u8d64\u5b57\u3002Personalis\u53ef\u52a0\u5f3a\u5fae\u5c0f\u6b8b\u7559\u75c5\u7076\u68c0\u6d4b\u5e03\u5c40\uff0c\u4f46\u5728\u66f4\u5e7f\u6cdb\u533b\u4fdd\u652f\u4ed8\u843d\u5b9e\u524d\u627f\u62c5\u5176\u4e8f\u635f\uff0c\u5c06\u589e\u52a0\u6301\u7eed\u73b0\u91d1\u521b\u9020\u7684\u96be\u5ea6\u3002\u80a1\u4ef711\u67082\u65e5\u6536\u76d8\u62a578.48\u7f8e\u5143\uff0c\u4e0a\u6da88.67%\uff1b\u5f53\u524d\u4f30\u503c\u5df2\u8981\u6c42\u8f83\u9ad8\u6267\u884c\u6210\u6548\uff0c\u5bf9\u533b\u4fdd\u652f\u4ed8\u6216\u6574\u5408\u53d7\u632b\u7684\u5bb9\u5fcd\u5ea6\u6709\u9650\u3002\u4e2d\u6027\u5c55\u671b\u6743\u8861\u68c0\u6d4b\u9700\u6c42\u5438\u5f15\u529b\u4e0e\u8d44\u91d1\u53ca\u76c8\u5229\u98ce\u9669\u3002\u540e\u7eed\u5173\u6ce8\u80bf\u7624\u68c0\u6d4b\u91cf\u4e0e\u4ef7\u683c\u3001\u6388\u6743\u6536\u5165\u56de\u6b3e\u3001\u5173\u8054\u65b9\u5e94\u6536\u6b3e\u3001MRD\u533b\u4fdd\u652f\u4ed8\u3001Personalis\u4ea4\u5272\uff0c\u4ee5\u53ca\u8f83\u5f3a\u7b2c\u56db\u5b63\u5ea6EBITDA\u80fd\u5426\u8f6c\u5316\u4e3a\u73b0\u91d1\uff0c\u800c\u4e0d\u53ea\u662f\u8c03\u6574\u540e\u76c8\u5229\u6539\u5584\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a65\u201390\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>The Est\u00e9e Lauder Companies Inc. (EL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$3.715bn versus US$3.481bn, +6.7% YoY; approximately US$65m above US$3.65bn consensus. Organic sales increased 6%, led by fragrance growth of 20%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Adjusted diluted EPS US$0.72 versus US$0.32, +125.0% YoY; beat US$0.51 consensus by US$0.21. GAAP diluted EPS US$0.64 versus US$0.13. Adjusted operating margin rose to 12.1% from 7.3%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>No standalone Q2 revenue or EPS guidance provided. Management expects travel-retail momentum to continue into Q2, with slower second-half growth as comparisons and launch timing become less favourable.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>Reported sales growth raised to 5\u20136.5% from 3\u20135%; organic growth to 4\u20135.5% from 3\u20135%. Adjusted EPS raised to US$3.20\u20133.45 from US$3.10\u20133.35; adjusted operating margin to 12.9\u201313.7% from 12.7\u201313.5%. Operating cash flow raised to US$1.4\u20131.5bn from US$1.3\u20131.4bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.35\/share, payable 15 December, record date 30 November. Q1 dividends paid US$126m. Share repurchases remain suspended; no new buyback announced.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Est\u00e9e Lauder\u2019s recovery is broadening, but we retain a neutral outlook until sales momentum produces more consistent cash generation. Fragrance, mainland China and travel retail supported organic growth, while restructuring savings lifted operating profitability. Earnings quality nevertheless needs context: lower restructuring charges helped GAAP profit, and a lower adjusted tax rate amplified EPS growth. Free cash outflow narrowed to US$235m from US$436m, an improvement that still leaves the business consuming cash during its seasonal inventory build. The higher annual outlook supports confidence in execution, although management expects stronger first-half growth and more demanding comparisons later. Travel-retail shipments must translate into sustained consumer sell-through, particularly as launches normalise. Shares closed at US$104.77 on 2 November, down 4.08%. The decline tempers expectations, yet valuation still anticipates a meaningful profit recovery. Watch China demand, retail inventories, restructuring cash payments and whether gross-margin gains survive promotional competition. Better cash conversion alongside durable organic growth would strengthen the investment case. <\/span><b><span>4Q26 recommended trading range: US$95\u2013120. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u96c5\u8bd7\u5170\u9edb (EL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516537.15\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7434.81\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6.7%\uff1b\u8f8336.5\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea66,500\u4e07\u7f8e\u5143\u3002\u6709\u673a\u9500\u552e\u589e\u957f6%\uff0c\u5176\u4e2d\u9999\u6c34\u589e\u957f20%\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>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52290.72\u7f8e\u5143\uff0c\u53bb\u5e740.32\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f125.0%\uff1b\u8f830.51\u7f8e\u5143\u9884\u671f\u9ad80.21\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.64\u7f8e\u5143\uff0c\u53bb\u5e740.13\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u75317.3%\u5347\u81f312.1%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u65c5\u6e38\u96f6\u552e\u52bf\u5934\u5ef6\u7eed\u81f3\u7b2c\u4e8c\u5b63\u5ea6\uff1b\u4e0b\u534a\u5e74\u56e0\u6bd4\u8f83\u57fa\u6570\u53ca\u65b0\u54c1\u63a8\u51fa\u65f6\u70b9\u800c\u653e\u7f13\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u62a5\u544a\u9500\u552e\u589e\u957f\u6307\u5f15\u75313\u20135%\u5347\u81f35\u20136.5%\uff1b\u6709\u673a\u589e\u957f\u75313\u20135%\u5347\u81f34\u20135.5%\u3002\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u75313.10\u20133.35\u7f8e\u5143\u5347\u81f33.20\u20133.45\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u753112.7\u201313.5%\u5347\u81f312.9\u201313.7%\u3002\u7ecf\u8425\u73b0\u91d1\u6d41\u753113\u201314\u4ebf\u7f8e\u5143\u5347\u81f314\u201315\u4ebf\u7f8e\u5143\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\u80a10.35\u7f8e\u5143\uff0c12\u670815\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670830\u65e5\u3002\u7b2c\u4e00\u5b63\u5ea6\u652f\u4ed8\u80a1\u606f1.26\u4ebf\u7f8e\u5143\u3002\u80a1\u4efd\u56de\u8d2d\u4ecd\u6682\u505c\uff0c\u672a\u5ba3\u5e03\u65b0\u56de\u8d2d\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u96c5\u8bd7\u5170\u9edb\u590d\u82cf\u8303\u56f4\u6269\u5927\uff0c\u4f46\u5728\u9500\u552e\u52bf\u5934\u8f6c\u5316\u4e3a\u66f4\u7a33\u5b9a\u73b0\u91d1\u6d41\u524d\uff0c\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u9999\u6c34\u3001\u4e2d\u56fd\u5185\u5730\u53ca\u65c5\u6e38\u96f6\u552e\u652f\u6301\u6709\u673a\u589e\u957f\uff0c\u91cd\u7ec4\u8282\u7701\u5219\u63d0\u9ad8\u7ecf\u8425\u76c8\u5229\u80fd\u529b\u3002\u4e0d\u8fc7\uff0c\u76c8\u5229\u8d28\u91cf\u4ecd\u9700\u7ed3\u5408\u80cc\u666f\uff1a\u91cd\u7ec4\u8d39\u7528\u4e0b\u964d\u652f\u6301GAAP\u5229\u6da6\uff0c\u7ecf\u8c03\u6574\u7a0e\u7387\u964d\u4f4e\u4ea6\u653e\u5927\u6bcf\u80a1\u76c8\u5229\u589e\u5e45\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u51fa\u75314.36\u4ebf\u7f8e\u5143\u6536\u7a84\u81f32.35\u4ebf\u7f8e\u5143\uff0c\u4f46\u5b63\u8282\u6027\u5907\u8d27\u671f\u95f4\u4ecd\u6d88\u8017\u73b0\u91d1\u3002\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\u589e\u5f3a\u6267\u884c\u4fe1\u5fc3\uff0c\u60df\u7ba1\u7406\u5c42\u9884\u8ba1\u4e0a\u534a\u5e74\u589e\u957f\u66f4\u5f3a\uff0c\u4e0b\u534a\u5e74\u6bd4\u8f83\u57fa\u6570\u66f4\u5177\u6311\u6218\u3002\u65c5\u6e38\u96f6\u552e\u51fa\u8d27\u987b\u8f6c\u5316\u4e3a\u6301\u7eed\u7ec8\u7aef\u9500\u552e\uff0c\u5c24\u5176\u5728\u65b0\u54c1\u63a8\u51fa\u8282\u594f\u6b63\u5e38\u5316\u540e\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u6536\u62a5104.77\u7f8e\u5143\uff0c\u4e0b\u8dcc4.08%\u3002\u8dcc\u5e45\u7f13\u548c\u5e02\u573a\u9884\u671f\uff0c\u4f46\u4f30\u503c\u4ecd\u53cd\u6620\u660e\u663e\u76c8\u5229\u590d\u82cf\u3002\u5173\u6ce8\u4e2d\u56fd\u9700\u6c42\u3001\u96f6\u552e\u5e93\u5b58\u3001\u91cd\u7ec4\u73b0\u91d1\u652f\u51fa\u53ca\u6bdb\u5229\u7387\u6539\u5584\u80fd\u5426\u62b5\u5fa1\u4fc3\u9500\u7ade\u4e89\u3002\u6709\u673a\u589e\u957f\u6301\u7eed\u5e76\u4f34\u968f\u73b0\u91d1\u8f6c\u5316\u6539\u5584\uff0c\u624d\u4f1a\u5f3a\u5316\u6295\u8d44\u5438\u5f15\u529b\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a95\u2013120\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Marriott International Inc. (MAR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$7.005bn versus US$6.489bn, +8.0% YoY; approximately US$85m above US$6.92bn consensus. Worldwide comparable RevPAR increased 6.5% in constant currency; net rooms grew 4.6%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$3.02 versus US$2.47, +22.3% YoY; beat US$2.85 consensus by US$0.17. GAAP diluted EPS US$3.04 versus US$2.67. Adjusted EBITDA US$1.512bn, +12.1%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Worldwide RevPAR growth 4.5\u20135%; gross fee revenue US$1.604\u20131.612bn; adjusted diluted EPS US$3.14\u20133.21. No consolidated revenue guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>RevPAR growth raised to 4.5\u20135% from 3\u20133.5%; adjusted EPS raised to US$12.07\u201312.14 from US$11.64\u201311.81. Gross fee revenue raised to US$6.137\u20136.145bn from US$6.025\u20136.055bn. Net rooms growth remains at the low end of 4.5\u20135%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 repurchases US$1.3bn, or 3.5m shares. FY capital returns expected at least US$4.8bn. Latest quarterly dividend US$0.73\/share paid 30 September; no new dividend announced with Q3 results. Quarter-end debt US$16.8bn; cash US$0.5bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Marriott\u2019s stronger lodging demand and fee growth support earnings, but we retain a neutral outlook after the share-price rally. US and Canadian RevPAR accelerated, while franchise, management and credit-card fees broadened the revenue base. The asset-light model converts hotel demand into attractive recurring fees, although reported revenue includes substantial cost reimbursements that carry limited profit. Adjusted EPS also benefited from a smaller share count and a US$0.03 insurance recovery, so underlying earnings growth was less dramatic than the headline. Higher full-year guidance is encouraging, but room additions remain near the lower end of management\u2019s range, making conversion of the development pipeline important. Shares closed at US$416.30 on 2 November, up 4.26%. Valuation leaves limited room for softer travel spending or slower fee growth. Buybacks support per-share earnings, while rising debt warrants discipline on capital returns. Watch US pricing, international demand, credit-card fee durability and hotel openings. Sustained RevPAR strength without weaker cash conversion would justify greater confidence. <\/span><b><span>4Q26 recommended trading range: US$380\u2013445. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u4e07\u8c6a\u56fd\u9645 (MAR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516570.05\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7464.89\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.0%\uff1b\u8f8369.2\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea68,500\u4e07\u7f8e\u5143\u3002\u56fa\u5b9a\u6c47\u7387\u4e0b\u5168\u7403\u53ef\u6bd4\u6bcf\u95f4\u53ef\u552e\u5ba2\u623f\u6536\u5165\u589e\u957f6.5%\uff1b\u5ba2\u623f\u51c0\u589e\u957f4.6%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52293.02\u7f8e\u5143\uff0c\u53bb\u5e742.47\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f22.3%\uff1b\u8f832.85\u7f8e\u5143\u9884\u671f\u9ad80.17\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52293.04\u7f8e\u5143\uff0c\u53bb\u5e742.67\u7f8e\u5143\u3002\u7ecf\u8c03\u6574EBITDA\u4e3a15.12\u4ebf\u7f8e\u5143\uff0c\u589e\u957f12.1%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u5168\u7403\u6bcf\u95f4\u53ef\u552e\u5ba2\u623f\u6536\u5165\u589e\u957f4.5\u20135%\uff1b\u603b\u8d39\u7528\u6536\u516516.04\u201316.12\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52293.14\u20133.21\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u5408\u5e76\u6536\u5165\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6bcf\u95f4\u53ef\u552e\u5ba2\u623f\u6536\u5165\u589e\u957f\u75313\u20133.5%\u5347\u81f34.5\u20135%\uff1b\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u753111.64\u201311.81\u7f8e\u5143\u5347\u81f312.07\u201312.14\u7f8e\u5143\u3002\u603b\u8d39\u7528\u6536\u5165\u753160.25\u201360.55\u4ebf\u7f8e\u5143\u5347\u81f361.37\u201361.45\u4ebf\u7f8e\u5143\u3002\u5ba2\u623f\u51c0\u589e\u957f\u4ecd\u4e3a4.5\u20135%\u533a\u95f4\u4f4e\u7aef\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\u8d2d13\u4ebf\u7f8e\u5143\uff0c\u5408350\u4e07\u80a1\u3002\u5168\u5e74\u8d44\u672c\u56de\u62a5\u9884\u8ba1\u81f3\u5c1148\u4ebf\u7f8e\u5143\u3002\u6700\u8fd1\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.73\u7f8e\u5143\u5df2\u4e8e9\u670830\u65e5\u652f\u4ed8\uff1b\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u672a\u5ba3\u5e03\u65b0\u80a1\u606f\u3002\u5b63\u672b\u503a\u52a1168\u4ebf\u7f8e\u5143\uff0c\u73b0\u91d15\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u4e07\u8c6a\u4f4f\u5bbf\u9700\u6c42\u53ca\u8d39\u7528\u6536\u5165\u589e\u957f\u52a0\u5f3a\uff0c\u4f46\u80a1\u4ef7\u4e0a\u6da8\u540e\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u7f8e\u56fd\u53ca\u52a0\u62ff\u5927\u6bcf\u95f4\u53ef\u552e\u5ba2\u623f\u6536\u5165\u52a0\u901f\uff0c\u7279\u8bb8\u7ecf\u8425\u3001\u7ba1\u7406\u53ca\u4fe1\u7528\u5361\u8d39\u7528\u6269\u5927\u6536\u5165\u57fa\u7840\u3002\u8f7b\u8d44\u4ea7\u6a21\u5f0f\u5c06\u9152\u5e97\u9700\u6c42\u8f6c\u5316\u4e3a\u6709\u5438\u5f15\u529b\u7684\u7ecf\u5e38\u6027\u8d39\u7528\uff0c\u4f46\u62a5\u544a\u6536\u5165\u5305\u542b\u5927\u91cf\u5229\u6da6\u8d21\u732e\u6709\u9650\u7684\u6210\u672c\u62a5\u9500\u3002\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u4ea6\u53d7\u8f83\u5c11\u6d41\u901a\u80a1\u6570\u53ca\u6bcf\u80a10.03\u7f8e\u5143\u4fdd\u9669\u8d54\u507f\u652f\u6301\uff0c\u56e0\u6b64\u57fa\u7840\u76c8\u5229\u589e\u957f\u6ca1\u6709\u8868\u9762\u6570\u5b57\u822c\u5f3a\u52b2\u3002\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u65b0\u589e\u5ba2\u623f\u4ecd\u63a5\u8fd1\u6307\u5f15\u4f4e\u7aef\uff0c\u4f7f\u5f00\u53d1\u9879\u76ee\u8f6c\u4e3a\u5f00\u4e1a\u5ba2\u623f\u5c24\u4e3a\u91cd\u8981\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u6536\u62a5416.30\u7f8e\u5143\uff0c\u4e0a\u6da84.26%\u3002\u4f30\u503c\u5bf9\u65c5\u6e38\u652f\u51fa\u6216\u8d39\u7528\u589e\u957f\u653e\u7f13\u7684\u5bb9\u9519\u7a7a\u95f4\u6709\u9650\u3002\u56de\u8d2d\u652f\u6301\u6bcf\u80a1\u76c8\u5229\uff0c\u4f46\u503a\u52a1\u4e0a\u5347\u8981\u6c42\u8d44\u672c\u56de\u62a5\u4fdd\u6301\u7eaa\u5f8b\u3002\u5173\u6ce8\u7f8e\u56fd\u623f\u4ef7\u3001\u56fd\u9645\u9700\u6c42\u3001\u4fe1\u7528\u5361\u8d39\u7528\u6301\u7eed\u6027\u53ca\u9152\u5e97\u5f00\u4e1a\u3002\u6bcf\u95f4\u53ef\u552e\u5ba2\u623f\u6536\u5165\u6301\u7eed\u5f3a\u52b2\u800c\u73b0\u91d1\u8f6c\u5316\u4e0d\u51cf\u5f31\uff0c\u624d\u53ef\u589e\u5f3a\u4fe1\u5fc3\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a380\u2013445\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Tower Semiconductor Ltd. (TSEM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$526.161m versus US$395.667m, +33.0% YoY; approximately US$4.10m above US$522.06m consensus. Gross profit US$178.759m, +92.1%; silicon photonics revenue approximately US$240m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$1.15 versus US$0.55, +109.1%; beat US$1.07 consensus by US$0.08. GAAP EPS US$1.05 versus US$0.47. Adjusted net profit US$131.298m excludes stock compensation and acquired-intangible amortisation.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$600m \u00b15%, or US$570\u2013630m; midpoint +36% YoY and +14% sequentially. Silicon photonics targeted at a US$1.1bn annualised revenue rate. The company did not provide Q4 EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Management expects approximately US$2.0bn revenue on achievement of Q4 midpoint guidance. The company did not provide full-year EPS guidance. Management targets sequential revenue and margin growth entering 2027, without typical Q1 seasonality.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced in the results. Q3 operating cash flow US$185m includes US$23m customer advances; net equipment investment US$191m, leaving company-defined free cash flow approximately negative US$6m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Tower\u2019s silicon photonics growth and improving margins support a positive outlook, although cash demands remain substantial. AI connectivity is translating into revenue and operating profit rather than bookings alone. Higher utilisation and product mix expand profitability, while the modest gap between GAAP and adjusted EPS mainly reflects compensation and amortisation. Customer commitments extend visibility through 2029, but some agreements remain under negotiation and capacity must be commissioned successfully. Operating cash flow also includes customer advances, which create future delivery obligations; capital spending currently absorbs the cash generated. The Japan expansion could support further growth, but introduces execution, yield and funding risks before returns mature. Shares closed at US$155.32 on 2 November, down 6.70%. The decline improves valuation balance, yet the stock still requires substantial earnings expansion. Watch silicon photonics shipments, contracted capacity conversion, utilisation, Japanese commissioning and cash flow excluding advances. Profitable capacity additions would reinforce the outlook; shipment delays or weaker customer commitments would challenge it. <\/span><b><span>4Q26 recommended trading range: US$135\u2013185. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u9ad8\u5854\u534a\u5bfc\u4f53 (TSEM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51655.26161\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e743.95667\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f33.0%\uff1b\u8f835.2206\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea6410\u4e07\u7f8e\u5143\u3002\u6bdb\u5229\u6da61.78759\u4ebf\u7f8e\u5143\uff0c\u589e\u957f92.1%\uff1b\u7845\u5149\u6536\u5165\u7ea62.40\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\u644a\u8584\u6bcf\u80a1\u76c8\u52291.15\u7f8e\u5143\uff0c\u53bb\u5e740.55\u7f8e\u5143\uff0c\u589e\u957f109.1%\uff1b\u8f831.07\u7f8e\u5143\u9884\u671f\u9ad80.08\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.05\u7f8e\u5143\uff0c\u53bb\u5e740.47\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u51c0\u5229\u6da61.31298\u4ebf\u7f8e\u5143\uff0c\u5254\u9664\u80a1\u6743\u85aa\u916c\u53ca\u6536\u8d2d\u65e0\u5f62\u8d44\u4ea7\u644a\u9500\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\u51656\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a85%\uff0c\u53735.70\u4ebf\u81f36.30\u4ebf\u7f8e\u5143\uff1b\u4e2d\u70b9\u540c\u6bd4\u589e\u957f36%\u3001\u73af\u6bd4\u589e\u957f14%\u3002\u7845\u5149\u76ee\u6807\u5e74\u5316\u6536\u5165\u901f\u5ea611\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u82e5\u8fbe\u5230\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\u4e2d\u70b9\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u5168\u5e74\u6536\u5165\u7ea620\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u76ee\u6807\u662f\u5728\u8fdb\u51652027\u5e74\u65f6\u6536\u5165\u53ca\u5229\u6da6\u7387\u73af\u6bd4\u589e\u957f\uff0c\u907f\u514d\u901a\u5e38\u7b2c\u4e00\u5b63\u5ea6\u7684\u5b63\u8282\u6027\u4e0b\u6ed1\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\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u3002\u7b2c\u4e09\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d411.85\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u5ba2\u6237\u9884\u4ed8\u6b3e2,300\u4e07\u7f8e\u5143\uff1b\u51c0\u8bbe\u5907\u6295\u8d441.91\u4ebf\u7f8e\u5143\uff0c\u516c\u53f8\u5b9a\u4e49\u81ea\u7531\u73b0\u91d1\u6d41\u7ea6\u4e3a\u8d1f600\u4e07\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u9ad8\u5854\u7845\u5149\u589e\u957f\u53ca\u5229\u6da6\u7387\u6539\u5584\u652f\u6301\u6b63\u9762\u524d\u666f\uff0c\u60df\u73b0\u91d1\u9700\u6c42\u4ecd\u5927\u3002AI\u4e92\u8fde\u6b63\u8f6c\u5316\u4e3a\u6536\u5165\u53ca\u7ecf\u8425\u5229\u6da6\uff0c\u800c\u975e\u4ec5\u6709\u8ba2\u5355\u3002\u5229\u7528\u7387\u63d0\u5347\u53ca\u4ea7\u54c1\u7ed3\u6784\u6539\u5584\u6269\u5927\u76c8\u5229\u80fd\u529b\uff1bGAAP\u4e0e\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5dee\u989d\u8f83\u5c0f\uff0c\u4e3b\u8981\u53cd\u6620\u85aa\u916c\u53ca\u644a\u9500\u3002\u5ba2\u6237\u627f\u8bfa\u5ef6\u957f\u80fd\u89c1\u5ea6\u81f32029\u5e74\uff0c\u4f46\u90e8\u5206\u534f\u8bae\u4ecd\u5728\u8c08\u5224\uff0c\u4ea7\u80fd\u4ea6\u987b\u6210\u529f\u8c03\u8bd5\u3002\u7ecf\u8425\u73b0\u91d1\u6d41\u5305\u542b\u5ba2\u6237\u9884\u4ed8\u6b3e\uff0c\u5e26\u6765\u672a\u6765\u4ea4\u4ed8\u8d23\u4efb\uff1b\u5f53\u524d\u8d44\u672c\u5f00\u652f\u5438\u6536\u7ecf\u8425\u4ea7\u751f\u7684\u73b0\u91d1\u3002\u65e5\u672c\u6269\u4ea7\u53ef\u652f\u6301\u8fdb\u4e00\u6b65\u589e\u957f\uff0c\u4f46\u56de\u62a5\u6210\u719f\u524d\u5b58\u5728\u6267\u884c\u3001\u826f\u7387\u53ca\u878d\u8d44\u98ce\u9669\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u6536\u62a5155.32\u7f8e\u5143\uff0c\u4e0b\u8dcc6.70%\u3002\u8c03\u6574\u6539\u5584\u4f30\u503c\u5e73\u8861\uff0c\u60df\u80a1\u4ef7\u4ecd\u8981\u6c42\u76c8\u5229\u663e\u8457\u6269\u5927\u3002\u5e94\u5173\u6ce8\u7845\u5149\u51fa\u8d27\u3001\u5408\u7ea6\u4ea7\u80fd\u8f6c\u5316\u3001\u5229\u7528\u7387\u3001\u65e5\u672c\u9879\u76ee\u8c03\u8bd5\u53ca\u5254\u9664\u9884\u4ed8\u6b3e\u540e\u7684\u73b0\u91d1\u6d41\u3002\u6709\u5229\u6da6\u7684\u65b0\u589e\u4ea7\u80fd\u5c06\u5f3a\u5316\u524d\u666f\uff1b\u51fa\u8d27\u5ef6\u8bef\u6216\u5ba2\u6237\u627f\u8bfa\u8f6c\u5f31\u5219\u4f1a\u6311\u6218\u89c2\u70b9\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a135\u2013185\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Apple Inc. (AAPL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>4Q26 Revenue: <\/span><\/b><span>Revenue US$114.477bn versus US$102.466bn, +11.7% YoY; approximately US$1.13bn above US$113.35bn consensus. iPhone revenue increased 17.5% to US$57.583bn; Services increased 9.8% to US$31.573bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$2.10 versus US$1.85, +13.5% YoY; beat US$1.99 consensus by US$0.11. EPS included a US$0.05 tariff-refund benefit. Gross margin 47.9% included approximately one percentage point from tariff refunds.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 Guidance: <\/span><\/b><span>December-quarter revenue growth 7\u201310% YoY; Services growth 8\u20139%; gross margin 45\u201346%; operating expenses US$20.4\u201320.8bn. No EPS guidance provided. Management highlighted Mac and iPad supply constraints and uncertain iPhone Duo production availability.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>No FY27 revenue or EPS guidance provided. Management supplied December-quarter expectations rather than a full-year numerical outlook; investment in artificial intelligence and research continues.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.27\/share, payable 16 November, record date 12 November. Q4 buybacks US$24bn; dividends and equivalents US$3.9bn. Operating cash flow US$28.1bn. Quarter-end cash and marketable securities US$137bn, against debt of US$80bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Apple delivered strong iPhone demand and another Services record, but the holiday outlook keeps our stance neutral. Greater China and Mac growth broadened the quarter\u2019s recovery, while the installed base supports future service spending. Earnings quality requires an adjustment in interpretation: tariff refunds added US$0.05 to EPS and approximately one percentage point to gross margin. The December margin outlook therefore signals pressure beyond the removal of that benefit, with higher memory costs and investment weighing on profitability. Services growth is also expected to moderate, limiting the usual cushion against hardware volatility. Shares were US$329.03 in post-market trading on 2 November, down 2.75% from the close. That reaction reflects demanding expectations despite the earnings beat. Valuation still requires sustained product momentum and credible returns on artificial-intelligence spending. Watch iPhone Duo availability, Mac and iPad supply, memory pricing, Services conversion and cash generation. Strong repurchases support EPS, but durable operating growth matters more than financial support for a positive reassessment. <\/span><b><span>4Q26 recommended trading range: US$300\u2013355. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u82f9\u679c (AAPL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51651,144.77\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e741,024.66\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.7%\uff1b\u8f831,133.5\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea611.3\u4ebf\u7f8e\u5143\u3002iPhone\u6536\u5165\u589e\u957f17.5%\u81f3575.83\u4ebf\u7f8e\u5143\uff1b\u670d\u52a1\u589e\u957f9.8%\u81f3315.73\u4ebf\u7f8e\u5143\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>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52292.10\u7f8e\u5143\uff0c\u53bb\u5e741.85\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f13.5%\uff1b\u8f831.99\u7f8e\u5143\u9884\u671f\u9ad80.11\u7f8e\u5143\u3002\u5176\u4e2d\u5173\u7a0e\u9000\u6b3e\u8d21\u732e\u6bcf\u80a10.05\u7f8e\u5143\u3002\u6bdb\u5229\u738747.9%\uff0c\u5305\u62ec\u5173\u7a0e\u9000\u6b3e\u7ea6\u4e00\u4e2a\u767e\u5206\u70b9\u8d21\u732e\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>12\u6708\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f7\u201310%\uff1b\u670d\u52a1\u589e\u957f8\u20139%\uff1b\u6bdb\u5229\u738745\u201346%\uff1b\u7ecf\u8425\u8d39\u7528204\u2013208\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u6307\u51faMac\u53caiPad\u4f9b\u5e94\u53d7\u9650\uff0ciPhone Duo\u4ea7\u91cf\u4f9b\u5e94\u4ea6\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9bFY27\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u4ec5\u63d0\u4f9b12\u6708\u5b63\u5ea6\u9884\u671f\uff0c\u672a\u63d0\u4f9b\u5168\u5e74\u91cf\u5316\u5c55\u671b\uff1b\u6301\u7eed\u6295\u8d44\u4eba\u5de5\u667a\u80fd\u53ca\u7814\u53d1\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\u80a10.27\u7f8e\u5143\uff0c11\u670816\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670812\u65e5\u3002\u7b2c\u56db\u5b63\u5ea6\u56de\u8d2d240\u4ebf\u7f8e\u5143\uff1b\u80a1\u606f\u53ca\u7b49\u4ef7\u726939\u4ebf\u7f8e\u5143\u3002\u7ecf\u8425\u73b0\u91d1\u6d41281\u4ebf\u7f8e\u5143\u3002\u5b63\u672b\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u52381,370\u4ebf\u7f8e\u5143\uff0c\u503a\u52a1800\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u82f9\u679ciPhone\u9700\u6c42\u5f3a\u52b2\uff0c\u670d\u52a1\u6536\u5165\u518d\u521b\u65b0\u9ad8\uff0c\u4f46\u5047\u65e5\u5b63\u5ea6\u5c55\u671b\u4ee4\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5927\u4e2d\u534e\u533a\u53caMac\u589e\u957f\u6269\u5927\u672c\u5b63\u590d\u82cf\u8303\u56f4\uff0c\u8bbe\u5907\u5b89\u88c5\u57fa\u7840\u4ea6\u652f\u6301\u672a\u6765\u670d\u52a1\u6d88\u8d39\u3002\u89e3\u8bfb\u76c8\u5229\u8d28\u91cf\u65f6\u987b\u6ce8\u610f\uff0c\u5173\u7a0e\u9000\u6b3e\u8d21\u732e\u6bcf\u80a1\u76c8\u52290.05\u7f8e\u5143\u53ca\u7ea6\u4e00\u4e2a\u767e\u5206\u70b9\u6bdb\u5229\u7387\u3002\u56e0\u6b64\uff0c12\u6708\u5b63\u5ea6\u6bdb\u5229\u7387\u6307\u5f15\u53cd\u6620\u7684\u538b\u529b\u8d85\u51fa\u8be5\u4e00\u6b21\u6027\u6536\u76ca\u6d88\u9000\uff0c\u5185\u5b58\u6210\u672c\u53ca\u6295\u8d44\u589e\u52a0\u5747\u538b\u6291\u76c8\u5229\u80fd\u529b\u3002\u670d\u52a1\u589e\u957f\u4ea6\u9884\u8ba1\u653e\u7f13\uff0c\u524a\u5f31\u5176\u5bf9\u786c\u4ef6\u6ce2\u52a8\u7684\u7f13\u51b2\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u76d8\u540e\u62a5329.03\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc2.75%\uff0c\u53cd\u6620\u5373\u4f7f\u76c8\u5229\u8d85\u9884\u671f\uff0c\u5e02\u573a\u8981\u6c42\u4ecd\u9ad8\u3002\u4f30\u503c\u4ecd\u9700\u8981\u6301\u7eed\u4ea7\u54c1\u589e\u957f\u53ca\u53ef\u4fe1\u7684\u4eba\u5de5\u667a\u80fd\u6295\u8d44\u56de\u62a5\u652f\u6301\u3002\u5173\u6ce8iPhone Duo\u4f9b\u5e94\u3001Mac\u53caiPad\u4f9b\u7ed9\u3001\u5185\u5b58\u4ef7\u683c\u3001\u670d\u52a1\u8f6c\u5316\u53ca\u73b0\u91d1\u6d41\u3002\u5927\u989d\u56de\u8d2d\u652f\u6301\u6bcf\u80a1\u76c8\u5229\uff0c\u4f46\u5982\u8981\u8f6c\u4e3a\u6b63\u9762\uff0c\u66f4\u91cd\u8981\u7684\u662f\u6301\u7eed\u7ecf\u8425\u589e\u957f\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a300\u2013355\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Palantir Technologies Inc. (PLTR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$2.3134bn versus US$1.1811bn, +95.9% YoY; beat US$2.18bn consensus by approximately US$133.4m. U.S. commercial revenue rose 148% to US$984m; U.S. government revenue increased 96% to US$953m. U.S. revenue increased 119% to US$1.937bn; net dollar retention reached 165%. U.S. commercial remaining deal value increased 79% to US$6.517bn, including contractual options.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$0.44 versus US$0.21, +109.5%; beat US$0.41 consensus by US$0.03. GAAP diluted EPS US$0.44 versus US$0.18, +144.4%. GAAP operating margin 47%; adjusted operating margin 62%. Stock compensation US$318.9m; the GAAP tax provision was only US$13.6m. GAAP operating income US$1.085bn; adjusted operating income US$1.427bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$2.649\u20132.653bn; adjusted operating income US$1.640\u20131.644bn. The company did not provide EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$8.530\u20138.534bn from US$8.150\u20138.158bn. Adjusted operating income raised to US$5.245\u20135.249bn from US$4.889\u20134.897bn; adjusted free cash flow raised to US$4.8\u20135.0bn from US$4.5\u20134.7bn. No EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced in the results release. Cash and U.S. Treasury securities US$10.4bn. Quarterly operating cash flow US$1.205bn; adjusted free cash flow US$1.216bn. Total contract value signed US$2.918bn, +6%. U.S. commercial total contract value increased 11% to US$1.463bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Palantir delivered exceptional growth with substantial operating leverage, and U.S. commercial revenue now exceeds U.S. government revenue. That broadening customer base strengthens the case that AI deployment is translating into material spending rather than remaining an experimental budget. Strong operating cash flow also supports the quality of the operating improvement. Nevertheless, adjusted profitability excludes substantial share compensation, and the unusually low GAAP tax provision helped reported EPS. Contract momentum deserves closer scrutiny: total contract value increased only 6%, while U.S. commercial contract value rose 11%, considerably below recognised revenue growth. Quarterly bookings are uneven, so this is a monitoring point rather than evidence that demand has reversed; contractual options and termination rights also limit backlog certainty. Shares traded at US$173.02 post-market on 2 November, down 2.98% from the close despite the beat and guidance increase. A Neutral outlook reflects demanding valuation. Watch renewals, new bookings, remaining performance obligations, collections and whether deployment efficiency sustains margins as growth comparisons become harder. <\/span><b><span>4Q26 recommended trading range: US$150\u2013205. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5e15\u5170\u63d0\u5c14\u79d1\u6280 (PLTR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653623.134\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f11.811\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f95.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f21.8\u4ebf\u7f8e\u5143\u9ad8\u7ea61.334\u4ebf\u7f8e\u5143\u3002\u7f8e\u56fd\u5546\u4e1a\u8425\u6536\u589e\u957f148%\u81f39.84\u4ebf\u7f8e\u5143\uff1b\u7f8e\u56fd\u653f\u5e9c\u8425\u6536\u589e\u957f96%\u81f39.53\u4ebf\u7f8e\u5143\u3002 \u7f8e\u56fd\u8425\u6536\u589e\u957f119%\u81f319.37\u4ebf\u7f8e\u5143\uff1b\u51c0\u6536\u5165\u7559\u5b58\u7387165%\u3002\u7f8e\u56fd\u5546\u4e1a\u5269\u4f59\u4ea4\u6613\u4ef7\u503c\u589e\u957f79%\u81f365.17\u4ebf\u7f8e\u5143\uff0c\u5305\u542b\u5408\u540c\u9009\u62e9\u6743\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>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.44\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f0.21\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f109.5%\uff1b\u8f83\u5e02\u573a\u9884\u671f0.41\u7f8e\u5143\u9ad80.03\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.44\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f0.18\u7f8e\u5143\uff0c\u589e\u957f144.4%\u3002GAAP\u8425\u4e1a\u5229\u6da6\u738747%\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u738762%\u3002\u80a1\u6743\u85aa\u916c3.189\u4ebf\u7f8e\u5143\uff1bGAAP\u6240\u5f97\u7a0e\u8d39\u7528\u4ec51,360\u4e07\u7f8e\u5143\u3002 GAAP\u8425\u4e1a\u5229\u6da610.85\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da614.27\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>\u8425\u653626.49\u4ebf\u201326.53\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da616.40\u4ebf\u201316.44\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u6536\u753181.50\u4ebf\u201381.58\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f385.30\u4ebf\u201385.34\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u753148.89\u4ebf\u201348.97\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f352.45\u4ebf\u201352.49\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u753145\u4ebf\u201347\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f348\u4ebf\u201350\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\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\u6d3e\u606f\u6216\u65b0\u56de\u8d2d\u3002\u73b0\u91d1\u53ca\u7f8e\u56fd\u56fd\u503a104\u4ebf\u7f8e\u5143\u3002\u5355\u5b63\u7ecf\u8425\u73b0\u91d1\u6d4112.05\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d4112.16\u4ebf\u7f8e\u5143\u3002\u7b7e\u7ea6\u603b\u5408\u540c\u4ef7\u503c29.18\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f6%\u3002 \u7f8e\u56fd\u5546\u4e1a\u603b\u5408\u540c\u4ef7\u503c\u589e\u957f11%\u81f314.63\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Palantir\u5b9e\u73b0\u51fa\u8272\u589e\u957f\u53ca\u663e\u8457\u7ecf\u8425\u6760\u6746\uff0c\u7f8e\u56fd\u5546\u4e1a\u8425\u6536\u73b0\u5df2\u8d85\u8fc7\u7f8e\u56fd\u653f\u5e9c\u8425\u6536\u3002\u5ba2\u6237\u7ed3\u6784\u62d3\u5bbd\uff0c\u652f\u6301AI\u90e8\u7f72\u6b63\u8f6c\u5316\u4e3a\u5b9e\u8d28\u652f\u51fa\u3001\u800c\u4e0d\u53ea\u662f\u8bd5\u9a8c\u9884\u7b97\u7684\u5224\u65ad\u3002\u5f3a\u52b2\u7ecf\u8425\u73b0\u91d1\u6d41\u4e5f\u652f\u6301\u7ecf\u8425\u6539\u5584\u7684\u8d28\u91cf\u3002\u4e0d\u8fc7\uff0c\u8c03\u6574\u540e\u76c8\u5229\u5254\u9664\u4e86\u5927\u91cf\u80a1\u6743\u85aa\u916c\uff0c\u5f02\u5e38\u4f4e\u7684GAAP\u6240\u5f97\u7a0e\u8d39\u7528\u4ea6\u63a8\u9ad8\u62a5\u544a\u6bcf\u80a1\u6536\u76ca\u3002\u5408\u540c\u52a8\u80fd\u9700\u8fdb\u4e00\u6b65\u89c2\u5bdf\uff1a\u603b\u5408\u540c\u4ef7\u503c\u4ec5\u589e\u957f6%\uff0c\u7f8e\u56fd\u5546\u4e1a\u5408\u540c\u4ef7\u503c\u589e\u957f11%\uff0c\u660e\u663e\u4f4e\u4e8e\u5df2\u786e\u8ba4\u8425\u6536\u589e\u957f\u3002\u5b63\u5ea6\u7b7e\u7ea6\u5b58\u5728\u6ce2\u52a8\uff0c\u56e0\u6b64\u8fd9\u662f\u89c2\u5bdf\u91cd\u70b9\uff0c\u800c\u975e\u9700\u6c42\u5df2\u7ecf\u9006\u8f6c\u7684\u8bc1\u636e\uff1b\u5408\u540c\u9009\u62e9\u6743\u53ca\u7ec8\u6b62\u6743\u4e5f\u964d\u4f4e\u8ba2\u5355\u50a8\u5907\u7684\u786e\u5b9a\u6027\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\u5e76\u4e0a\u8c03\u6307\u5f15\uff0c\u80a1\u4ef711\u67082\u65e5\u76d8\u540e\u62a5173.02\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc2.98%\u3002\u4e2d\u6027\u5c55\u671b\u53cd\u6620\u4f30\u503c\u8981\u6c42\u8f83\u9ad8\u3002\u5173\u6ce8\u7eed\u7ea6\u3001\u65b0\u7b7e\u8ba2\u5355\u3001\u5269\u4f59\u5c65\u7ea6\u4e49\u52a1\u3001\u56de\u6b3e\uff0c\u4ee5\u53ca\u968f\u7740\u540c\u6bd4\u57fa\u6570\u63d0\u9ad8\uff0c\u90e8\u7f72\u6548\u7387\u80fd\u5426\u7ef4\u6301\u5229\u6da6\u7387\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a150\u2013205\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Aehr Test Systems Inc. (AEHR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$33.007m versus US$10.969m, +200.9% YoY; approximately US$5.935m above US$27.072m consensus. Bookings US$46.7m; effective backlog US$109.3m as of 1 November, including orders after quarter-end.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.28 versus US$0.01, up US$0.27; beat US$0.11 consensus by US$0.17. GAAP EPS US$0.21 versus a US$0.07 loss. Non-GAAP profit excludes stock compensation and acquisition adjustments; tax benefits also supported earnings.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>The company did not provide a standalone Q2 revenue or EPS range. Management expects sequential revenue growth; heavier Sonoma system mix should lower Q2 gross margin from Q1\u2019s 48.5% non-GAAP level.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>Revenue raised to US$150m from US$130\u2013150m; non-GAAP net income now at least 20% of revenue versus 18\u201322% previously. Management expects full-year non-GAAP gross margin around 48.5%, \u00b10.5 percentage points. No full-year EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced in the results. Cash including restricted balances US$105.1m versus US$116.5m at fiscal year-end; operating cash outflow US$3.1m. Management said the company remains debt-free.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Aehr\u2019s AI testing growth and higher annual outlook improve the business, but valuation and cash conversion keep our view neutral. Bookings above revenue and a larger backlog support shipment visibility. Proprietary consumables add recurring demand as customers introduce new devices, although system orders and qualifications remain uneven. The proposed Taiwanese production evaluation is a potentially important opportunity, but a purchase for validation does not guarantee a subsequent high-volume rollout. Profit quality is improving with scale, yet adjusted EPS removes compensation and acquisition costs and also benefits from discrete tax items. Operating cash outflow despite reported profit shows the cost of building inventory for customer ramps. Strong liquidity reduces funding pressure without eliminating execution risk. Shares traded at US$59.00 post-market on 2 November, up 14.63% from the close. That rebound already rewards stronger growth and leaves little tolerance for delayed orders. Watch customer acceptance, backlog conversion, gross-margin mix, receivables and cash generation. More customers reaching sustained production would make the earnings base more durable. <\/span><b><span>4Q26 recommended trading range: US$45\u201372. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Aehr\u6d4b\u8bd5\u7cfb\u7edf (AEHR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51653,300.7\u4e07\u7f8e\u5143\uff0c\u53bb\u5e741,096.9\u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f200.9%\uff1b\u8f832,707.2\u4e07\u7f8e\u5143\u9884\u671f\u9ad8\u7ea6593.5\u4e07\u7f8e\u5143\u3002\u8ba2\u53554,670\u4e07\u7f8e\u5143\uff1b\u622a\u81f311\u67081\u65e5\u6709\u6548\u5728\u624b\u8ba2\u53551.093\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u5b63\u540e\u65b0\u589e\u8ba2\u5355\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\u52290.28\u7f8e\u5143\uff0c\u53bb\u5e740.01\u7f8e\u5143\uff0c\u589e\u52a00.27\u7f8e\u5143\uff1b\u8f830.11\u7f8e\u5143\u9884\u671f\u9ad80.17\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.21\u7f8e\u5143\uff0c\u53bb\u5e74\u6bcf\u80a1\u4e8f\u635f0.07\u7f8e\u5143\u3002\u975eGAAP\u5229\u6da6\u5254\u9664\u80a1\u6743\u85aa\u916c\u53ca\u6536\u8d2d\u8c03\u6574\uff1b\u7a0e\u6536\u5229\u597d\u4ea6\u652f\u6301\u76c8\u5229\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u6536\u5165\u73af\u6bd4\u589e\u957f\uff1bSonoma\u7cfb\u7edf\u5360\u6bd4\u8f83\u9ad8\uff0c\u5e94\u4f7f\u7b2c\u4e8c\u5b63\u5ea6\u6bdb\u5229\u7387\u4f4e\u4e8e\u7b2c\u4e00\u5b63\u5ea6\u975eGAAP\u768448.5%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u75311.30\u4ebf\u81f31.50\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f31.50\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u51c0\u5229\u6da6\u73b0\u81f3\u5c11\u5360\u6536\u516520%\uff0c\u6b64\u524d\u4e3a18%\u81f322%\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5168\u5e74\u975eGAAP\u6bdb\u5229\u7387\u7ea648.5%\uff0c\u4e0a\u4e0b\u6d6e\u52a80.5\u4e2a\u767e\u5206\u70b9\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u4e1a\u7ee9\u516c\u544a\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u3002\u542b\u53d7\u9650\u8d44\u91d1\u7684\u73b0\u91d11.051\u4ebf\u7f8e\u5143\uff0c\u8d22\u5e74\u672b1.165\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8425\u73b0\u91d1\u6d41\u51fa310\u4e07\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u8868\u793a\u516c\u53f8\u4ecd\u65e0\u503a\u52a1\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Aehr\u7684AI\u6d4b\u8bd5\u589e\u957f\u53ca\u5168\u5e74\u524d\u666f\u4e0a\u8c03\u6539\u5584\u4e1a\u52a1\uff0c\u4f46\u4f30\u503c\u4e0e\u73b0\u91d1\u8f6c\u5316\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u8ba2\u5355\u9ad8\u4e8e\u6536\u5165\u53ca\u5728\u624b\u8ba2\u5355\u589e\u52a0\uff0c\u652f\u6301\u51fa\u8d27\u80fd\u89c1\u5ea6\u3002\u5ba2\u6237\u63a8\u51fa\u65b0\u5668\u4ef6\u65f6\uff0c\u4e13\u6709\u8017\u6750\u589e\u52a0\u91cd\u590d\u9700\u6c42\uff0c\u4e0d\u8fc7\u7cfb\u7edf\u8ba2\u5355\u53ca\u8ba4\u8bc1\u4ecd\u4e0d\u5747\u8861\u3002\u8ba1\u5212\u4e2d\u7684\u53f0\u6e7e\u751f\u4ea7\u8bc4\u4f30\u662f\u91cd\u8981\u6f5c\u5728\u673a\u4f1a\uff0c\u4f46\u4e3a\u9a8c\u8bc1\u800c\u8d2d\u4e70\u7cfb\u7edf\uff0c\u5e76\u4e0d\u4fdd\u8bc1\u540e\u7eed\u5927\u89c4\u6a21\u91cf\u4ea7\u90e8\u7f72\u3002\u89c4\u6a21\u6269\u5927\u6539\u5584\u76c8\u5229\u8d28\u91cf\uff0c\u60df\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5254\u9664\u85aa\u916c\u53ca\u6536\u8d2d\u6210\u672c\uff0c\u4ea6\u53d7\u60e0\u4e8e\u79bb\u6563\u7a0e\u52a1\u9879\u76ee\u3002\u62a5\u544a\u76c8\u5229\u5374\u51fa\u73b0\u7ecf\u8425\u73b0\u91d1\u6d41\u51fa\uff0c\u663e\u793a\u4e3a\u5ba2\u6237\u6269\u4ea7\u51c6\u5907\u5e93\u5b58\u7684\u6210\u672c\u3002\u5145\u8db3\u6d41\u52a8\u6027\u51cf\u5c11\u878d\u8d44\u538b\u529b\uff0c\u4f46\u65e0\u6cd5\u6d88\u9664\u6267\u884c\u98ce\u9669\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u76d8\u540e\u62a559.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da814.63%\u3002\u53cd\u5f39\u5df2\u53cd\u6620\u8f83\u5f3a\u589e\u957f\uff0c\u5bf9\u8ba2\u5355\u5ef6\u8bef\u7684\u5bb9\u5fcd\u5ea6\u6709\u9650\u3002\u5e94\u5173\u6ce8\u5ba2\u6237\u9a8c\u6536\u3001\u8ba2\u5355\u8f6c\u5316\u3001\u6bdb\u5229\u7387\u7ed3\u6784\u3001\u5e94\u6536\u8d26\u6b3e\u53ca\u73b0\u91d1\u521b\u9020\u3002\u66f4\u591a\u5ba2\u6237\u8fdb\u5165\u6301\u7eed\u751f\u4ea7\uff0c\u5c06\u63d0\u9ad8\u76c8\u5229\u57fa\u7840\u7684\u6301\u4e45\u6027\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>Fabrinet (FN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Revenue US$1.4745bn versus US$978.1m, +50.7% YoY; approximately US$70.3m above US$1.4042bn consensus. Data-center revenue US$777m, +78% YoY.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$4.34 versus US$2.92, +48.6%; beat US$4.19 consensus by US$0.15. GAAP EPS US$2.86 versus US$2.66, +7.5%. Adjustments exclude US$0.59\/share equity-investment loss and US$0.55 Pillar Two tax provision.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>Revenue US$1.600\u20131.650bn; non-GAAP diluted EPS US$4.77\u20134.92; GAAP EPS US$3.81\u20133.96, based on approximately 36.2m diluted shares. First guidance for the quarter ending 25 December 2026.<\/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. Normal capex runs around 5% of revenue, excluding large capacity additions; additional expansion spending expected. Building 10 completion targeted for January 2027, followed by Building 11 construction.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q1 repurchases US$29.1m. Added US$103m to the programme, bringing remaining authorisation to US$200m and cumulative authorisation to US$637.3m. No dividend announced. Operating cash flow US$21.3m; capex US$158.7m; free cash outflow US$137.4m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Fabrinet&#8217;s broad growth and stronger December-quarter outlook support a positive view, although cash conversion requires scrutiny. Data-center interconnect, transceivers and high-performance computing extend demand beyond one product programme. Operating leverage lifted adjusted operating margin despite a lower gross margin. The gap between GAAP and adjusted EPS mainly reflects an investment markdown and Pillar Two tax provision; the latter could remain economically relevant until offsetting Thai credits are implemented. Working-capital investment reduced operating cash flow, while capacity spending drove a substantial cash outflow. Expansion can support future orders, but available floor space does not guarantee profitable utilisation. Receivables, inventory and component supply therefore matter alongside revenue. Shares traded at US$351.00 post-market on 2 November, up 11.53% from the close. The rebound recognises improving demand, while valuation still depends on sustained execution and cash recovery. Watch new programme ramps, Building 10 commissioning, customer concentration, gross margins and tax-credit implementation. Continued earnings growth with improving cash conversion would reinforce the outlook. <\/span><b><span>4Q26 recommended trading range: US$310\u2013420. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Fabrinet (FN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516514.745\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e749.781\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f50.7%\uff1b\u8f8314.042\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea67,030\u4e07\u7f8e\u5143\u3002\u6570\u636e\u4e2d\u5fc3\u6536\u51657.77\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f78%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52294.34\u7f8e\u5143\uff0c\u53bb\u5e742.92\u7f8e\u5143\uff0c\u589e\u957f48.6%\uff1b\u8f834.19\u7f8e\u5143\u9884\u671f\u9ad80.15\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52292.86\u7f8e\u5143\uff0c\u53bb\u5e742.66\u7f8e\u5143\uff0c\u589e\u957f7.5%\uff1b\u7ecf\u8c03\u6574\u6307\u6807\u5254\u9664\u6bcf\u80a10.59\u7f8e\u5143\u80a1\u6743\u6295\u8d44\u635f\u5931\u53ca0.55\u7f8e\u5143Pillar Two\u7a0e\u9879\u62e8\u5907\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\u516516.00\u4ebf\u81f316.50\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52294.77\u81f34.92\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u76c8\u52293.81\u81f33.96\u7f8e\u5143\uff0c\u6309\u7ea63,620\u4e07\u644a\u8584\u80a1\u6570\u3002\u6b64\u4e3a\u622a\u81f32026\u5e7412\u670825\u65e5\u5b63\u5ea6\u7684\u9996\u6b21\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\u6b63\u5e38\u8d44\u672c\u5f00\u652f\u7ea6\u4e3a\u6536\u51655%\uff0c\u4e0d\u542b\u5927\u578b\u6269\u4ea7\u9879\u76ee\uff1b\u9884\u8ba1\u53e6\u6709\u6269\u4ea7\u5f00\u652f\u3002Building 10\u8ba1\u52122027\u5e741\u6708\u5b8c\u5de5\uff0c\u5176\u540e\u5f00\u59cb\u5efa\u8bbeBuilding 11\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e00\u5b63\u5ea6\u56de\u8d2d2,910\u4e07\u7f8e\u5143\u3002\u56de\u8d2d\u8ba1\u5212\u589e\u52a01.03\u4ebf\u7f8e\u5143\uff0c\u4f7f\u5269\u4f59\u6388\u6743\u8fbe2\u4ebf\u7f8e\u5143\u3001\u7d2f\u8ba1\u6388\u6743\u8fbe6.373\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u80a1\u606f\u3002\u7ecf\u8425\u73b0\u91d1\u6d412,130\u4e07\u7f8e\u5143\uff1b\u8d44\u672c\u5f00\u652f1.587\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u51fa1.374\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Fabrinet\u5e7f\u6cdb\u589e\u957f\u53ca\u5341\u4e8c\u6708\u5b63\u5ea6\u524d\u666f\u589e\u5f3a\uff0c\u652f\u6301\u6b63\u9762\u89c2\u70b9\uff0c\u4f46\u73b0\u91d1\u8f6c\u5316\u4ecd\u9700\u5ba1\u89c6\u3002\u6570\u636e\u4e2d\u5fc3\u4e92\u8fde\u3001\u6536\u53d1\u5668\u53ca\u9ad8\u6027\u80fd\u8ba1\u7b97\uff0c\u4f7f\u9700\u6c42\u8d85\u8d8a\u5355\u4e00\u4ea7\u54c1\u8ba1\u5212\u3002\u5c3d\u7ba1\u6bdb\u5229\u7387\u4e0b\u964d\uff0c\u7ecf\u8425\u6760\u6746\u4ecd\u63d0\u5347\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u7387\u3002GAAP\u4e0e\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u5dee\u8ddd\u4e3b\u8981\u6765\u81ea\u6295\u8d44\u51cf\u503c\u53caPillar Two\u7a0e\u9879\u62e8\u5907\uff1b\u6cf0\u56fd\u62b5\u514d\u843d\u5b9e\u524d\uff0c\u540e\u8005\u4ecd\u53ef\u80fd\u5177\u6709\u5b9e\u9645\u7ecf\u6d4e\u5f71\u54cd\u3002\u8425\u8fd0\u8d44\u91d1\u6295\u5165\u51cf\u5c11\u7ecf\u8425\u73b0\u91d1\u6d41\uff0c\u6269\u4ea7\u5f00\u652f\u5219\u5bfc\u81f4\u8f83\u5927\u73b0\u91d1\u6d41\u51fa\u3002\u6269\u5f20\u53ef\u652f\u6301\u672a\u6765\u8ba2\u5355\uff0c\u4f46\u5382\u623f\u7a7a\u95f4\u5e76\u4e0d\u4fdd\u8bc1\u6709\u5229\u6da6\u7684\u5229\u7528\u7387\u3002\u56e0\u6b64\uff0c\u5e94\u540c\u65f6\u5173\u6ce8\u5e94\u6536\u6b3e\u3001\u5e93\u5b58\u3001\u96f6\u90e8\u4ef6\u4f9b\u5e94\u53ca\u6536\u5165\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u76d8\u540e\u62a5351.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da811.53%\u3002\u53cd\u5f39\u53cd\u6620\u9700\u6c42\u6539\u5584\uff0c\u4f46\u4f30\u503c\u4ecd\u53d6\u51b3\u4e8e\u6301\u7eed\u6267\u884c\u53ca\u73b0\u91d1\u6062\u590d\u3002\u5e94\u5173\u6ce8\u65b0\u9879\u76ee\u722c\u5761\u3001Building 10\u8c03\u8bd5\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001\u6bdb\u5229\u7387\u53ca\u7a0e\u6536\u62b5\u514d\u843d\u5b9e\u3002\u76c8\u5229\u6301\u7eed\u589e\u957f\u5e76\u4f34\u968f\u73b0\u91d1\u8f6c\u5316\u6539\u5584\uff0c\u5c06\u5f3a\u5316\u524d\u666f\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a310\u2013420\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>ON Semiconductor Corporation (ON)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$1.7223bn versus US$1.5509bn, +11.1% YoY; approximately US$12.3m above US$1.71bn consensus. AI data-centre revenue US$180m, +175% YoY; industrial revenue US$467m, +10% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.90 versus US$0.63, +42.9%; beat US$0.88 consensus by US$0.02. GAAP EPS US$0.79 versus US$0.63. Non-GAAP gross margin 41.2%, up 190 basis points sequentially; operating margin 23.2%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$1.715\u20131.815bn; non-GAAP EPS US$0.95\u20131.07 and gross margin 41.5\u201343.5%. GAAP EPS US$0.88\u20131.00. Management expects automotive revenue to decline by high single digits sequentially as supply shifts toward AI and industrial applications.<\/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. The separate 2030 AI data-centre revenue target increased by US$500m to over US$3bn following the Ferric acquisition agreement; this is a long-term target.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend announced. Q3 repurchases US$19.9m; nine-month repurchases US$710.4m. Q3 operating cash flow US$516.4m; free cash flow approximately US$489m. Proposed Synaptics acquisition consideration revised to approximately US$5.7bn cash from US$7bn in stock.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Onsemi\u2019s AI power demand, margin recovery and cash generation improve earnings visibility, but automotive weakness and acquisitions keep our outlook neutral. Revenue growth is translating into operating leverage, and the December margin outlook extends the recovery. AI remains smaller than automotive, so its rapid growth does not remove exposure to vehicle production and inventory cycles. Adjusted earnings exclude restructuring, amortisation and deal costs, while the share-count treatment of convertible-note hedges also affects comparability with GAAP EPS. Strong free cash flow supports investment, but current low capital spending should not be mistaken for a permanent cash-conversion rate. Ferric expands processor power-delivery capability; the revised cash-funded Synaptics deal adds integration and balance-sheet demands. Shares traded at US$70.45 post-market on 2 November, up 0.48% from the close. Valuation is more balanced after recent weakness, although a durable recovery still needs broader end-market support. Watch automotive shipments, industrial orders, AI design-win conversion, factory utilisation and acquisition funding. Sustained margin expansion without weakening cash generation would support a more positive stance. <\/span><b><span>4Q26 recommended trading range: US$62\u201382. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5b89\u68ee\u7f8e\u534a\u5bfc\u4f53 (ON)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516517.223\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7415.509\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f11.1%\uff1b\u8f8317.1\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61,230\u4e07\u7f8e\u5143\u3002AI\u6570\u636e\u4e2d\u5fc3\u6536\u51651.80\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f175%\uff1b\u5de5\u4e1a\u6536\u51654.67\u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f10%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.90\u7f8e\u5143\uff0c\u53bb\u5e740.63\u7f8e\u5143\uff0c\u589e\u957f42.9%\uff1b\u8f830.88\u7f8e\u5143\u9884\u671f\u9ad80.02\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.79\u7f8e\u5143\uff0c\u53bb\u5e740.63\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u738741.2%\uff0c\u73af\u6bd4\u5347190\u4e2a\u57fa\u70b9\uff1b\u7ecf\u8425\u5229\u6da6\u738723.2%\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\u516517.15\u4ebf\u81f318.15\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52290.95\u81f31.07\u7f8e\u5143\uff0c\u6bdb\u5229\u738741.5%\u81f343.5%\u3002GAAP\u6bcf\u80a1\u76c8\u52290.88\u81f31.00\u7f8e\u5143\u3002\u968f\u7740\u4f9b\u5e94\u8f6c\u5411AI\u53ca\u5de5\u4e1a\u5e94\u7528\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u6c7d\u8f66\u6536\u5165\u73af\u6bd4\u4e0b\u964d\u8f83\u9ad8\u4e2a\u4f4d\u6570\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\u7b7e\u8ba2Ferric\u6536\u8d2d\u534f\u8bae\u540e\uff0c\u72ec\u7acb\u76842030\u5e74AI\u6570\u636e\u4e2d\u5fc3\u6536\u5165\u76ee\u6807\u589e\u52a05\u4ebf\u7f8e\u5143\u81f3\u8d85\u8fc730\u4ebf\u7f8e\u5143\uff1b\u6b64\u4e3a\u957f\u671f\u76ee\u6807\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u80a1\u606f\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d1,990\u4e07\u7f8e\u5143\uff0c\u9996\u4e5d\u4e2a\u6708\u56de\u8d2d7.104\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d415.164\u4ebf\u7f8e\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u7ea64.89\u4ebf\u7f8e\u5143\u3002\u62df\u8baeSynaptics\u6536\u8d2d\u5bf9\u4ef7\u753170\u4ebf\u7f8e\u5143\u80a1\u7968\u6539\u4e3a\u7ea657\u4ebf\u7f8e\u5143\u73b0\u91d1\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5b89\u68ee\u7f8eAI\u7535\u6e90\u9700\u6c42\u3001\u5229\u6da6\u7387\u6062\u590d\u53ca\u73b0\u91d1\u521b\u9020\u6539\u5584\u76c8\u5229\u80fd\u89c1\u5ea6\uff0c\u4f46\u6c7d\u8f66\u75b2\u5f31\u53ca\u6536\u8d2d\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u6536\u5165\u589e\u957f\u6b63\u8f6c\u5316\u4e3a\u7ecf\u8425\u6760\u6746\uff0c\u5341\u4e8c\u6708\u5b63\u5ea6\u5229\u6da6\u7387\u524d\u666f\u5ef6\u7eed\u590d\u82cf\u3002AI\u89c4\u6a21\u4ecd\u5c0f\u4e8e\u6c7d\u8f66\uff0c\u56e0\u6b64\u5feb\u901f\u589e\u957f\u65e0\u6cd5\u6d88\u9664\u6c7d\u8f66\u751f\u4ea7\u53ca\u5e93\u5b58\u5468\u671f\u655e\u53e3\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u5254\u9664\u91cd\u7ec4\u3001\u644a\u9500\u53ca\u4ea4\u6613\u6210\u672c\uff0c\u800c\u53ef\u8f6c\u503a\u5bf9\u51b2\u7684\u80a1\u6570\u5904\u7406\u4ea6\u5f71\u54cd\u4e0eGAAP\u6bcf\u80a1\u76c8\u5229\u7684\u53ef\u6bd4\u6027\u3002\u5f3a\u52b2\u81ea\u7531\u73b0\u91d1\u6d41\u652f\u6301\u6295\u8d44\uff0c\u4f46\u5f53\u524d\u8f83\u4f4e\u8d44\u672c\u5f00\u652f\u4e0d\u5e94\u89c6\u4e3a\u6c38\u4e45\u73b0\u91d1\u8f6c\u5316\u7387\u3002Ferric\u62d3\u5c55\u5904\u7406\u5668\u4f9b\u7535\u80fd\u529b\uff1b\u6539\u4ee5\u73b0\u91d1\u652f\u4ed8\u7684Synaptics\u4ea4\u6613\u589e\u52a0\u6574\u5408\u53ca\u8d44\u4ea7\u8d1f\u503a\u8868\u9700\u6c42\u3002\u80a1\u4ef7\u4e8e11\u67082\u65e5\u76d8\u540e\u62a570.45\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4ef7\u4e0a\u6da80.48%\u3002\u8fd1\u671f\u8f6c\u5f31\u4f7f\u4f30\u503c\u66f4\u5e73\u8861\uff0c\u60df\u6301\u4e45\u590d\u82cf\u4ecd\u9700\u66f4\u5e7f\u6cdb\u7ec8\u7aef\u5e02\u573a\u652f\u6301\u3002\u5e94\u5173\u6ce8\u6c7d\u8f66\u51fa\u8d27\u3001\u5de5\u4e1a\u8ba2\u5355\u3001AI\u8bbe\u8ba1\u8ba2\u5355\u8f6c\u5316\u3001\u5de5\u5382\u5229\u7528\u7387\u53ca\u6536\u8d2d\u878d\u8d44\u3002\u5229\u6da6\u7387\u6301\u7eed\u6269\u5927\u540c\u65f6\u73b0\u91d1\u521b\u9020\u4e0d\u8f6c\u5f31\uff0c\u5c06\u652f\u6301\u66f4\u6b63\u9762\u89c2\u70b9\u3002 <\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a62\u201382\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Roku, Inc. (ROKU)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$1.502bn versus US$1.2106bn, +24.1% YoY; beat US$1.41bn consensus by US$92m. Platform revenue increased 23% to US$1.3083bn; devices increased 33% to US$193.7m. Streaming hours rose 9% to 39.9bn. Advertising revenue US$727.4m and subscription revenue US$580.9m, both up 23%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$1.20 versus US$0.16, +650%; beat US$0.55 consensus by US$0.65. Net income US$183.3m versus US$24.8m. Operating income US$164.1m included a US$22.3m lease-termination gain and US$13.6m merger costs. Adjusted EBITDA US$248.8m versus US$116.9m. Device gross loss widened to US$48.6m from US$22.9m. Income tax expense declined to US$4.0m from US$13.2m despite higher pretax profit.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>The company did not provide Q4 revenue or EPS guidance because of the pending FOX merger. No quarterly earnings call was held.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No updated full-year revenue or EPS guidance provided. Management said Roku remains on track for the second-half 2026 forecast contained in the merger proxy; this does not constitute a new numerical guidance range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend. Buybacks suspended following the merger agreement; none in Q3, versus US$162.7m year to date. Cash and short-term investments US$2.721bn; trailing free cash flow US$795.7m. Proposed consideration per Roku share: US$96 cash plus 0.9693 FOX Class A shares, subject to closing conditions.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Platform monetisation strengthened as advertising and subscription revenue both increased 23%, outpacing streaming-hour growth. This supports improving revenue productivity rather than merely greater viewing. Operating profit also increased substantially, although the lease-termination gain and lower tax expense helped GAAP earnings. Meanwhile, device gross losses widened as memory costs rose, illustrating the continuing subsidy required to build the platform. Strong trailing free cash flow provides a useful counterweight, but share compensation remains relevant when assessing shareholder returns. The central valuation consideration is now the pending FOX transaction: its cash-and-stock structure makes Roku sensitive to FOX shares and completion risk, alongside standalone earnings. Roku traded at US$156.02 post-market on 2 November, up 0.32% from the close. A Neutral outlook reflects the balance between improving operations and transaction uncertainty. Watch regulatory approvals, FOX share performance, advertising demand, device input costs and platform margins. The absence of a quarterly call and fresh numerical guidance limits visibility into management\u2019s near-term assumptions while the merger proceeds. <\/span><b><span>4Q26 recommended trading range: US$145\u2013170. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Roku (ROKU)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653615.02\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f12.106\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f24.1%\uff1b\u8f83\u5e02\u573a\u9884\u671f14.1\u4ebf\u7f8e\u5143\u9ad89,200\u4e07\u7f8e\u5143\u3002\u5e73\u53f0\u8425\u6536\u589e\u957f23%\u81f313.083\u4ebf\u7f8e\u5143\uff1b\u8bbe\u5907\u8425\u6536\u589e\u957f33%\u81f31.937\u4ebf\u7f8e\u5143\u3002\u6d41\u5a92\u4f53\u89c2\u770b\u65f6\u6570\u589e\u957f9%\u81f3399\u4ebf\u5c0f\u65f6\u3002 \u5e7f\u544a\u8425\u65367.274\u4ebf\u7f8e\u5143\uff0c\u8ba2\u9605\u8425\u65365.809\u4ebf\u7f8e\u5143\uff0c\u5747\u589e\u957f23%\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\u6536\u76ca1.20\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f0.16\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f650%\uff1b\u8f83\u5e02\u573a\u9884\u671f0.55\u7f8e\u5143\u9ad80.65\u7f8e\u5143\u3002\u51c0\u5229\u6da61.833\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2,480\u4e07\u7f8e\u5143\u3002\u8425\u4e1a\u5229\u6da61.641\u4ebf\u7f8e\u5143\uff0c\u5305\u542b2,230\u4e07\u7f8e\u5143\u79df\u7ea6\u7ec8\u6b62\u6536\u76ca\u53ca1,360\u4e07\u7f8e\u5143\u5408\u5e76\u8d39\u7528\u3002\u8c03\u6574\u540eEBITDA\u4e3a2.488\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1.169\u4ebf\u7f8e\u5143\u3002 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<\/span><b><span> 2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a145\u2013170\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/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 HKC SP Hor Kew Corporation Limited Shares closed above the 5dEMA. Both RSI and MACD are constructive. Long \u2013 Entry 1.28, Target 1.42, Stop 1.2 HKLH SP Hongkong Land Holdings Limited Shares closed at the 5dEMA with elevated volume. Both RSI and MACD are constructive. [&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-96629","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 3 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore HKC SP Hor Kew Corporation Limited Shares closed above the 5dEMA. Both RSI and MACD are constructive. Long \u2013 Entry 1.28, Target 1.42, Stop 1.2 HKLH SP Hongkong Land Holdings Limited Shares closed at the 5dEMA with elevated volume. 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