{"id":96661,"date":"2026-11-04T08:00:12","date_gmt":"2026-11-04T00:00:12","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96661"},"modified":"2026-11-04T13:05:48","modified_gmt":"2026-11-04T05:05:48","slug":"technical-analysis-4-november-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-4-november-2026\/","title":{"rendered":"Technical Analysis: 4 November 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96661\" class=\"elementor elementor-96661\" 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: 4 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;\">SIA SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Singapore Airlines Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-05a679f elementor-widget elementor-widget-text-editor\" data-id=\"05a679f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Shares closed above the 5dEMA 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=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">RSI is at overbought levels but MACD is still 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\">Long \u2013 Entry 6.6, Target 7.2, Stop 6.3<\/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=\"1602\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP.png\" class=\"attachment-full size-full wp-image-96664\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP.png 1602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP-300x172.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP-1024x586.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP-768x440.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_SIA_SP-1536x879.png 1536w\" sizes=\"(max-width: 1602px) 100vw, 1602px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-04e9bfc e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"04e9bfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55d7169 elementor-widget elementor-widget-text-editor\" data-id=\"55d7169\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">CDG SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Comfortdelgro Corporation 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 rising 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 MACD and RSI 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\">Long \u2013 Entry 1.27, Target 1.39, Stop 1.21<\/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=\"1602\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP.png\" class=\"attachment-full size-full wp-image-96665\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP.png 1602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP-300x172.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP-1024x586.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP-768x440.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_CDG_SP-1536x879.png 1536w\" sizes=\"(max-width: 1602px) 100vw, 1602px\" \/>\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;\">9633 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Nongfu Spring 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 three months high above the 5dEMA. The 10dEMA crossed the 100dEMA.<\/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\">Long \u2013 Entry 44, Target 48, Stop 42<\/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_4Nov_9633_HK.png\" class=\"attachment-full size-full wp-image-96666\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_9633_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_9633_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_9633_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_9633_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_9633_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;\">2319 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">China Mengniu Dairy Company Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed at a two years high above the 5wEMA.<\/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\">MACD is constructive, while RSI is at an overbought level.<\/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\">Long \u2013 Entry 21.0, Target 24.0, Stop 19.5<\/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_4Nov_2319_HK.png\" class=\"attachment-full size-full wp-image-96667\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_2319_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_2319_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_2319_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_2319_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_2319_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;\">TSLA US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Tesla, Inc<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa0b9c7 elementor-widget elementor-widget-text-editor\" data-id=\"aa0b9c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span>Shares closed on the 5dEMA with elevated volume.<\/span><\/li><\/ul><ul><li><span>RSI is near overbought levels, but MACD is still constructive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 380, Target 440, Stop 350<\/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=\"1534\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_TSLA_US.png\" class=\"attachment-full size-full wp-image-96696\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_TSLA_US.png 1534w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_TSLA_US-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_TSLA_US-1024x612.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_TSLA_US-768x459.png 768w\" sizes=\"(max-width: 1534px) 100vw, 1534px\" \/>\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;\">GE US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">GE Aerospace<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3c04ea elementor-widget elementor-widget-text-editor\" data-id=\"c3c04ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span>Shares closed above the 5dEMA, 10dEMA and 20dEMA with elevated volume.<\/span><\/li><\/ul><ul><li><span>RSI is constructive and MACD is about to turn positive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 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=\"1534\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_GE_US.png\" class=\"attachment-full size-full wp-image-96697\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_GE_US.png 1534w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_GE_US-300x179.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_GE_US-1024x612.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_4Nov_GE_US-768x459.png 768w\" sizes=\"(max-width: 1534px) 100vw, 1534px\" \/>\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>Shopify Inc. (SHOP)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$3.742bn versus US$2.844bn, +31.6% YoY; broadly in line with approximately US$3.74bn consensus. GMV increased 29.5% to US$119.145bn; merchant-solutions revenue grew 35.5% to US$2.906bn. Subscription revenue US$836m versus US$699m, +19.6%; monthly recurring revenue US$230m versus US$193m, +19.2%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.49 versus US$0.34, +44.1%; beat US$0.46 consensus by US$0.03. GAAP EPS US$0.36 versus US$0.20. Adjustments exclude stock compensation, investment valuations and related tax items.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue growth in the low thirties; gross-profit growth in the high twenties; operating expenses 29\u201330% of revenue; stock compensation US$155m. Free-cash-flow margin consistent with Q4 2025. No EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No standalone full-year revenue or EPS guidance provided; management continues to guide quarterly. No annual numerical earnings range was introduced.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback authorisation announced. Q3 repurchases US$543m; US$2.524bn remained authorised. Operating cash flow US$818m; free cash flow US$816m, a 22% margin. Cash and marketable securities totalled US$4.727bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Shopify\u2019s merchant activity remains strong, but a demanding valuation and rising investment keep our outlook neutral. Payments adoption, enterprise customers and international expansion support growth beyond small online merchants. Operating profit improved substantially, yet the cash-margin increase was not entirely structural. Management attributed part of the improvement to marketing tests, tax-receivable timing and an accounting change for merchant cash advances; these benefits should not be extrapolated. Stock compensation also remains an economic cost despite its exclusion from adjusted EPS. AI commerce could strengthen distribution, although current volumes are small and hosting costs are already increasing. Shares closed at US$142.57 on 3 November, down 8.74%. The decline reduces expectations, but valuation still requires sustained rapid growth and margin discipline. Watch holiday GMV, subscription growth, payments penetration, credit losses and the return on marketing and infrastructure spending. Consistent cash generation after temporary benefits fade would improve confidence, while weaker merchant demand would challenge the premium. <\/span><b><span>4Q26 recommended trading range: US$125\u2013165. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Shopify (SHOP)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516537.42\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7428.44\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f31.6%\uff1b\u5927\u81f4\u7b26\u5408\u7ea637.4\u4ebf\u7f8e\u5143\u9884\u671f\u3002\u5546\u54c1\u4ea4\u6613\u603b\u989d\u589e\u957f29.5%\u81f31,191.45\u4ebf\u7f8e\u5143\uff1b\u5546\u5bb6\u89e3\u51b3\u65b9\u6848\u6536\u5165\u589e\u957f35.5%\u81f329.06\u4ebf\u7f8e\u5143\u3002 \u8ba2\u9605\u6536\u51658.36\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e746.99\u4ebf\u7f8e\u5143\uff0c\u589e\u957f19.6%\uff1b\u6708\u5ea6\u7ecf\u5e38\u6027\u6536\u51652.30\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e741.93\u4ebf\u7f8e\u5143\uff0c\u589e\u957f19.2%\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\u52290.49\u7f8e\u5143\uff0c\u53bb\u5e740.34\u7f8e\u5143\uff0c\u589e\u957f44.1%\uff1b\u8f830.46\u7f8e\u5143\u9884\u671f\u9ad80.03\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.36\u7f8e\u5143\uff0c\u53bb\u5e740.20\u7f8e\u5143\u3002\u8c03\u6574\u5254\u9664\u80a1\u6743\u85aa\u916c\u3001\u6295\u8d44\u4f30\u503c\u53ca\u76f8\u5173\u7a0e\u9879\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\u5165\u589e\u957f\u767e\u5206\u4e4b\u4e09\u5341\u51fa\u5934\uff1b\u6bdb\u5229\u6da6\u589e\u957f\u767e\u5206\u4e4b\u4e8c\u5341\u540e\u6bb5\uff1b\u7ecf\u8425\u8d39\u7528\u5360\u6536\u516529\u201330%\uff1b\u80a1\u6743\u85aa\u916c1.55\u4ebf\u7f8e\u5143\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u7387\u4e0e2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u4e00\u81f4\u3002\u672a\u63d0\u4f9b\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>\u516c\u53f8\u672a\u63d0\u4f9b\u72ec\u7acb\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\uff0c\u7ba1\u7406\u5c42\u7ee7\u7eed\u6309\u5b63\u5ea6\u63d0\u4f9b\u5c55\u671b\uff0c\u672a\u5f15\u5165\u5168\u5e74\u91cf\u5316\u76c8\u5229\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u65b0\u589e\u56de\u8d2d\u6388\u6743\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d5.43\u4ebf\u7f8e\u5143\uff0c\u5269\u4f59\u6388\u674325.24\u4ebf\u7f8e\u5143\u3002\u7ecf\u8425\u73b0\u91d1\u6d418.18\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d418.16\u4ebf\u7f8e\u5143\uff0c\u5360\u6536\u516522%\u3002 \u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u5238\u5408\u8ba147.27\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Shopify\u5546\u5bb6\u6d3b\u52a8\u4ecd\u5f3a\u52b2\uff0c\u4f46\u8f83\u9ad8\u4f30\u503c\u53ca\u6295\u8d44\u589e\u52a0\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u652f\u4ed8\u91c7\u7528\u3001\u4f01\u4e1a\u5ba2\u6237\u53ca\u56fd\u9645\u6269\u5f20\u652f\u6301\u589e\u957f\u8d85\u8d8a\u5c0f\u578b\u7f51\u5e97\u3002\u7ecf\u8425\u5229\u6da6\u660e\u663e\u6539\u5584\uff0c\u60df\u73b0\u91d1\u6d41\u7387\u63d0\u5347\u5e76\u975e\u5168\u90e8\u6765\u81ea\u7ed3\u6784\u6027\u56e0\u7d20\u3002\u7ba1\u7406\u5c42\u5c06\u90e8\u5206\u6539\u5584\u5f52\u56e0\u4e8e\u8425\u9500\u6d4b\u8bd5\u3001\u7a0e\u9879\u5e94\u6536\u6b3e\u65f6\u70b9\u53ca\u5546\u5bb6\u73b0\u91d1\u9884\u652f\u4f1a\u8ba1\u53d8\u66f4\uff0c\u8fd9\u4e9b\u6548\u76ca\u4e0d\u5b9c\u6301\u7eed\u5916\u63a8\u3002\u80a1\u6743\u85aa\u916c\u867d\u7136\u5728\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u4e2d\u5254\u9664\uff0c\u4ecd\u5c5e\u7ecf\u6d4e\u6210\u672c\u3002AI\u5546\u4e1a\u6216\u53ef\u5f3a\u5316\u5206\u9500\u6e20\u9053\uff0c\u4f46\u5f53\u524d\u4ea4\u6613\u89c4\u6a21\u8f83\u5c0f\uff0c\u6258\u7ba1\u6210\u672c\u5df2\u5728\u589e\u52a0\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u6536\u62a5142.57\u7f8e\u5143\uff0c\u4e0b\u8dcc8.74%\u3002\u8dcc\u5e45\u964d\u4f4e\u5e02\u573a\u9884\u671f\uff0c\u4f46\u4f30\u503c\u4ecd\u8981\u6c42\u6301\u7eed\u5feb\u901f\u589e\u957f\u53ca\u5229\u6da6\u7387\u7eaa\u5f8b\u3002\u5173\u6ce8\u5047\u65e5\u4ea4\u6613\u989d\u3001\u8ba2\u9605\u589e\u957f\u3001\u652f\u4ed8\u6e17\u900f\u7387\u3001\u4fe1\u8d37\u635f\u5931\u53ca\u8425\u9500\u4e0e\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u56de\u62a5\u3002\u6682\u65f6\u6027\u6548\u76ca\u6d88\u9000\u540e\u73b0\u91d1\u6d41\u4ecd\u7a33\u5b9a\uff0c\u5c06\u589e\u5f3a\u4fe1\u5fc3\uff1b\u5546\u5bb6\u9700\u6c42\u8f6c\u5f31\u5219\u4f1a\u6311\u6218\u4f30\u503c\u6ea2\u4ef7\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a125\u2013165\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Pfizer Inc. (PFE)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$16.583bn versus US$16.654bn, -0.4% YoY; approximately US$703m above US$15.88bn consensus. Excluding COVID products, operational revenue grew 7%; launched and acquired products grew 32% operationally.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$0.87 versus US$0.87, unchanged; beat US$0.73 consensus by US$0.14. GAAP EPS US$0.56 versus US$0.62. A US$650m Innovent acquired-R&amp;D charge reduced adjusted EPS by approximately US$0.10.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone Q4 revenue or EPS guidance provided. Most annual Comirnaty revenue is expected in Q4, consistent with vaccination season; Paxlovid demand remains infection-dependent.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$62\u201364bn from US$60.5\u201362.5bn. Adjusted diluted EPS raised and narrowed to US$2.95\u20133.05 from US$2.80\u20133.00. Adjusted R&amp;D expenses increased to US$10.8\u201311.8bn from US$10.5\u201311.5bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.43\/share, payable 7 December, record date 6 November. No repurchases year to date or assumed in guidance; US$3.3bn remains authorised. Nine-month operating cash flow US$8.825bn; dividends paid US$7.347bn. Nine-month capital expenditure US$1.542bn. Adjusted quarterly tax rate 14.0% versus 7.9% a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Pfizer\u2019s non-COVID portfolio is improving, but its transition still warrants a neutral outlook. New oncology, migraine and other launched medicines are offsetting declining pandemic-product demand and support the higher annual outlook. Flat adjusted EPS masks both stronger commercial execution and the Innovent licensing charge, while amortisation and other exclusions keep adjusted profit materially above GAAP earnings. The licensing payment funds potential future products rather than proving recurring profitability. Cash generation improved, although capital expenditure and dividends absorb most operating inflows, leaving limited flexibility for simultaneous acquisitions and deleveraging. Shares closed at US$30.00 on 3 November, down 2.18%. Valuation and the dividend offer support, but the shares require clearer evidence that pipeline growth can replace revenue exposed to patent expiries. Watch oncology uptake, vaccine demand, obesity-trial execution, reimbursement and debt reduction. Sustained non-COVID growth with stronger cash coverage would support a more positive view; clinical or commercial setbacks would reinforce the discount. <\/span><b><span>4Q26 recommended trading range: US$27\u201334. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u8f89\u745e (PFE)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165165.83\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74166.54\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d0.4%\uff1b\u8f83158.8\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea67.03\u4ebf\u7f8e\u5143\u3002\u5254\u9664\u65b0\u51a0\u4ea7\u54c1\u540e\uff0c\u6536\u5165\u6309\u7ecf\u8425\u53e3\u5f84\u589e\u957f7%\uff1b\u5df2\u4e0a\u5e02\u53ca\u6536\u8d2d\u4ea7\u54c1\u6309\u7ecf\u8425\u53e3\u5f84\u589e\u957f32%\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\u52290.87\u7f8e\u5143\uff0c\u53bb\u5e740.87\u7f8e\u5143\uff0c\u6301\u5e73\uff1b\u8f830.73\u7f8e\u5143\u9884\u671f\u9ad80.14\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.56\u7f8e\u5143\uff0c\u53bb\u5e740.62\u7f8e\u5143\u3002\u4fe1\u8fbe\u751f\u72696.5\u4ebf\u7f8e\u5143\u6536\u8d2d\u7814\u53d1\u8d39\u7528\u4f7f\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u51cf\u5c11\u7ea60.10\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>\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u5e74\u5ea6Comirnaty\u6536\u5165\u5927\u90e8\u5206\u9884\u8ba1\u4e8e\u7b2c\u56db\u5b63\u5ea6\u786e\u8ba4\uff0c\u7b26\u5408\u75ab\u82d7\u63a5\u79cd\u5b63\u8282\uff1bPaxlovid\u9700\u6c42\u4ecd\u53d6\u51b3\u4e8e\u611f\u67d3\u60c5\u51b5\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u6307\u5f15\u7531605\u2013625\u4ebf\u7f8e\u5143\u5347\u81f3620\u2013640\u4ebf\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u5229\u75312.80\u20133.00\u7f8e\u5143\u4e0a\u8c03\u5e76\u6536\u7a84\u81f32.95\u20133.05\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u7814\u53d1\u8d39\u7528\u7531105\u2013115\u4ebf\u7f8e\u5143\u5347\u81f3108\u2013118\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\u80a10.43\u7f8e\u5143\uff0c12\u67087\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u67086\u65e5\u3002\u5e74\u521d\u81f3\u4eca\u672a\u56de\u8d2d\uff0c\u6307\u5f15\u4ea6\u4e0d\u5047\u8bbe\u56de\u8d2d\uff1b\u5269\u4f59\u6388\u674333\u4ebf\u7f8e\u5143\u3002\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d4188.25\u4ebf\u7f8e\u5143\uff0c\u652f\u4ed8\u80a1\u606f73.47\u4ebf\u7f8e\u5143\u3002 \u9996\u4e5d\u4e2a\u6708\u8d44\u672c\u5f00\u652f15.42\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u7ecf\u8c03\u6574\u7a0e\u738714.0%\uff0c\u53bb\u5e74\u540c\u671f7.9%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u8f89\u745e\u975e\u65b0\u51a0\u4ea7\u54c1\u7ec4\u5408\u6539\u5584\uff0c\u4f46\u8f6c\u578b\u4ecd\u5b9c\u7ef4\u6301\u4e2d\u6027\u3002\u65b0\u80bf\u7624\u3001\u504f\u5934\u75db\u53ca\u5176\u4ed6\u5df2\u4e0a\u5e02\u836f\u54c1\u62b5\u6d88\u75ab\u60c5\u4ea7\u54c1\u9700\u6c42\u4e0b\u964d\uff0c\u652f\u6301\u4e0a\u8c03\u5168\u5e74\u5c55\u671b\u3002\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u6301\u5e73\uff0c\u63a9\u76d6\u4e86\u5546\u4e1a\u6267\u884c\u6539\u5584\u53ca\u4fe1\u8fbe\u751f\u7269\u6388\u6743\u8d39\u7528\u7684\u5171\u540c\u5f71\u54cd\uff1b\u644a\u9500\u53ca\u5176\u4ed6\u5254\u9664\u9879\u76ee\u4f7f\u7ecf\u8c03\u6574\u5229\u6da6\u660e\u663e\u9ad8\u4e8eGAAP\u76c8\u5229\u3002\u6388\u6743\u4ed8\u6b3e\u8d44\u52a9\u6f5c\u5728\u672a\u6765\u4ea7\u54c1\uff0c\u5e76\u4e0d\u8bc1\u660e\u7ecf\u5e38\u6027\u76c8\u5229\u5df2\u6539\u5584\u3002\u73b0\u91d1\u521b\u9020\u589e\u5f3a\uff0c\u4f46\u8d44\u672c\u5f00\u652f\u53ca\u80a1\u606f\u5438\u6536\u5927\u90e8\u5206\u7ecf\u8425\u73b0\u91d1\u6d41\uff0c\u540c\u65f6\u6536\u8d2d\u53ca\u53bb\u6760\u6746\u7684\u7a7a\u95f4\u6709\u9650\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u6536\u62a530.00\u7f8e\u5143\uff0c\u4e0b\u8dcc2.18%\u3002\u4f30\u503c\u53ca\u80a1\u606f\u5f62\u6210\u652f\u6301\uff0c\u4f46\u4ecd\u9700\u66f4\u660e\u786e\u8bc1\u636e\u8bc1\u660e\u7ba1\u7ebf\u589e\u957f\u53ef\u66ff\u4ee3\u9762\u4e34\u4e13\u5229\u5230\u671f\u7684\u6536\u5165\u3002\u5173\u6ce8\u80bf\u7624\u836f\u91c7\u7528\u3001\u75ab\u82d7\u9700\u6c42\u3001\u80a5\u80d6\u75c7\u8bd5\u9a8c\u6267\u884c\u3001\u652f\u4ed8\u653f\u7b56\u53ca\u503a\u52a1\u4e0b\u964d\u3002\u975e\u65b0\u51a0\u589e\u957f\u6301\u7eed\u5e76\u4f34\u968f\u73b0\u91d1\u8986\u76d6\u589e\u5f3a\uff0c\u5c06\u652f\u6301\u66f4\u6b63\u9762\u89c2\u70b9\uff1b\u4e34\u5e8a\u6216\u5546\u4e1a\u53d7\u632b\u5219\u4f1a\u5f3a\u5316\u4f30\u503c\u6298\u8ba9\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a27\u201334\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Eaton Corporation plc (ETN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$8.947bn versus US$6.988bn, +28.0% YoY; approximately US$417m above US$8.53bn consensus. Organic sales +19%, acquisitions +8%, currency +1%; electrical backlog +46%. Electrical Americas organic sales increased 22%, with a 29.8% operating margin; Electrical Global organic sales increased 27%, supplemented by Boyd Thermal.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$3.68 versus US$3.07, +19.9%; beat US$3.55 consensus by US$0.13. GAAP diluted EPS US$2.77 versus US$2.59, +6.9%. Adjustments include US$0.62 amortisation and US$0.30 acquisition\/divestiture charges, offset by US$0.01 restructuring income.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Organic sales growth 13\u201315%; adjusted EPS US$4.05\u20134.15; GAAP EPS US$3.28\u20133.38; segment margin 25.4\u201325.8%. No revenue-dollar range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Organic growth raised to 13\u201315% from 11\u201313%; adjusted EPS raised to US$13.70\u201313.80 from US$13.40\u201313.60. GAAP EPS US$10.39\u201310.49 versus US$10.36\u201310.56 previously. Segment margin 24.1\u201324.5%; no revenue-dollar range.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Dividend US$1.10, payable 27 November; record date 10 November. No new buyback announced in the release. Operating cash flow US$1.310bn; free cash flow US$1.034bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Eaton\u2019s results demonstrate that additional capacity is translating into shipments while maintaining high margins, especially in Electrical Americas. Broad electrical orders and an expanding backlog support continued growth beyond the quarter, while thermal-management capabilities add exposure to data-centre demand. However, reported sales growth also includes acquisitions, and the substantial gap between GAAP and adjusted earnings reflects the cost of building that portfolio. Those charges do not invalidate the operating improvement, but recurring amortisation should remain visible when judging returns on acquisition spending. Strong free cash flow provides a firmer quality signal than the adjusted EPS beat alone. Shares closed at US$391.70 on 3 November, up 7.00%. A Positive outlook reflects compelling demand and improving execution, although the rally leaves less protection against delayed customer projects or integration setbacks. Watch backlog conversion, new-capacity utilisation, electrical margins, acquisition returns and the planned Mobility separation. Sustained cash conversion will determine whether the current growth premium remains justified as infrastructure investment scales. <\/span><b><span>4Q26 recommended trading range: US$360\u2013440. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u4f0a\u987f (ETN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653689.47\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f69.88\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f28.0%\uff1b\u8f83\u5e02\u573a\u9884\u671f85.3\u4ebf\u7f8e\u5143\u9ad8\u7ea64.17\u4ebf\u7f8e\u5143\u3002\u6709\u673a\u9500\u552e\u589e\u957f19%\uff0c\u6536\u8d2d\u8d21\u732e8%\uff0c\u6c47\u7387\u8d21\u732e1%\uff1b\u7535\u6c14\u4e1a\u52a1\u79ef\u538b\u8ba2\u5355\u589e\u957f46%\u3002 \u7f8e\u6d32\u7535\u6c14\u6709\u673a\u9500\u552e\u589e\u957f22%\uff0c\u8425\u4e1a\u5229\u6da6\u738729.8%\uff1b\u5168\u7403\u7535\u6c14\u6709\u673a\u9500\u552e\u589e\u957f27%\uff0c\u53e6\u83b7Boyd Thermal\u8d21\u732e\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\u76ca3.68\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f3.07\u7f8e\u5143\uff0c\u589e\u957f19.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f3.55\u7f8e\u5143\u9ad80.13\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca2.77\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2.59\u7f8e\u5143\uff0c\u589e\u957f6.9%\u3002\u8c03\u6574\u9879\u76ee\u5305\u62ec0.62\u7f8e\u5143\u644a\u9500\u30010.30\u7f8e\u5143\u6536\u8d2d\u53ca\u51fa\u552e\u8d39\u7528\uff0c\u5e76\u75310.01\u7f8e\u5143\u91cd\u7ec4\u6536\u76ca\u90e8\u5206\u62b5\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>\u6709\u673a\u9500\u552e\u589e\u957f13%\u201315%\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca4.05\u20134.15\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u6536\u76ca3.28\u20133.38\u7f8e\u5143\uff1b\u5206\u90e8\u5229\u6da6\u738725.4%\u201325.8%\u3002\u672a\u63d0\u4f9b\u8425\u6536\u91d1\u989d\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6709\u673a\u589e\u957f\u753111%\u201313%\u4e0a\u8c03\u81f313%\u201315%\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u753113.40\u201313.60\u7f8e\u5143\u4e0a\u8c03\u81f313.70\u201313.80\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u6536\u76ca10.39\u201310.49\u7f8e\u5143\uff0c\u539f\u6307\u5f1510.36\u201310.56\u7f8e\u5143\u3002\u5206\u90e8\u5229\u6da6\u738724.1%\u201324.5%\uff1b\u672a\u63d0\u4f9b\u8425\u6536\u91d1\u989d\u533a\u95f4\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u6bcf\u80a1\u6d3e\u606f1.10\u7f8e\u5143\uff0c11\u670827\u65e5\u652f\u4ed8\uff0c11\u670810\u65e5\u767b\u8bb0\u3002\u4e1a\u7ee9\u516c\u544a\u672a\u5ba3\u5e03\u65b0\u56de\u8d2d\u3002\u7ecf\u8425\u73b0\u91d1\u6d4113.10\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d4110.34\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Eaton\u4e1a\u7ee9\u663e\u793a\u65b0\u589e\u4ea7\u80fd\u6b63\u8f6c\u5316\u4e3a\u51fa\u8d27\uff0c\u5e76\u7ef4\u6301\u8f83\u9ad8\u5229\u6da6\u7387\uff0c\u5c24\u5176\u662f\u7f8e\u6d32\u7535\u6c14\u4e1a\u52a1\u3002\u5e7f\u6cdb\u7535\u6c14\u8ba2\u5355\u9700\u6c42\u548c\u79ef\u538b\u8ba2\u5355\u6269\u5f20\u652f\u6301\u540e\u7eed\u589e\u957f\uff0c\u70ed\u7ba1\u7406\u80fd\u529b\u4ea6\u589e\u52a0\u5bf9\u6570\u636e\u4e2d\u5fc3\u9700\u6c42\u7684\u655e\u53e3\u3002\u4e0d\u8fc7\uff0c\u62a5\u544a\u9500\u552e\u589e\u957f\u4e5f\u5305\u542b\u6536\u8d2d\u8d21\u732e\uff0c\u800cGAAP\u4e0e\u8c03\u6574\u540e\u76c8\u5229\u7684\u8f83\u5927\u5dee\u8ddd\u53cd\u6620\u5efa\u7acb\u4e1a\u52a1\u7ec4\u5408\u7684\u6210\u672c\u3002\u8fd9\u4e9b\u8d39\u7528\u4e0d\u5426\u5b9a\u7ecf\u8425\u6539\u5584\uff0c\u4f46\u8bc4\u4f30\u6536\u8d2d\u6295\u5165\u56de\u62a5\u65f6\uff0c\u4ecd\u5e94\u8003\u8651\u6301\u7eed\u644a\u9500\u3002\u5f3a\u52b2\u81ea\u7531\u73b0\u91d1\u6d41\u6bd4\u5355\u770b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u8d85\u9884\u671f\u66f4\u80fd\u652f\u6301\u76c8\u5229\u8d28\u91cf\u3002\u80a1\u4ef711\u67083\u65e5\u6536\u76d8\u62a5391.70\u7f8e\u5143\uff0c\u4e0a\u6da87.00%\u3002\u6b63\u9762\u5c55\u671b\u53cd\u6620\u9700\u6c42\u5438\u5f15\u529b\u53ca\u6267\u884c\u6539\u5584\uff0c\u4f46\u80a1\u4ef7\u4e0a\u6da8\u964d\u4f4e\u4e86\u5bf9\u5ba2\u6237\u9879\u76ee\u5ef6\u8bef\u6216\u6574\u5408\u53d7\u632b\u7684\u7f13\u51b2\u3002\u5173\u6ce8\u79ef\u538b\u8ba2\u5355\u8f6c\u5316\u3001\u65b0\u4ea7\u80fd\u5229\u7528\u7387\u3001\u7535\u6c14\u5229\u6da6\u7387\u3001\u6536\u8d2d\u56de\u62a5\u53ca\u8ba1\u5212\u4e2d\u7684Mobility\u5206\u62c6\u3002\u968f\u7740\u57fa\u7840\u8bbe\u65bd\u6295\u8d44\u6269\u5927\uff0c\u6301\u7eed\u73b0\u91d1\u8f6c\u5316\u5c06\u51b3\u5b9a\u5f53\u524d\u589e\u957f\u6ea2\u4ef7\u80fd\u5426\u83b7\u5f97\u652f\u6301\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a360\u2013440\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>DigitalOcean Holdings, Inc. (DOCN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$321.192m versus US$229.634m, +39.9% YoY; beat US$306.66m consensus by US$14.53m. AI customer ARR US$376m, +288%; total ARR US$1.285bn. Remaining performance obligations US$800m versus US$894m in Q2; approximately US$345m is expected to be recognised within twelve months.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.45 versus US$0.54, \u221216.7%; beat US$0.32 consensus by US$0.13. GAAP diluted loss US$0.37 versus US$1.51 profit; net loss included US$57.1m induced-conversion expense. Adjusted operating margin fell to 23% from 30%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$348\u2013351m, +44\u201345%; non-GAAP diluted EPS US$0.30\u20130.32; adjusted EBITDA margin 42\u201343%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$1.208\u20131.211bn from US$1.170\u20131.180bn; non-GAAP diluted EPS raised to US$1.60\u20131.62 from US$1.35\u20131.40. Adjusted free-cash-flow margin 20\u201322% versus 11\u201313% previously. Management expects at least 60% revenue growth in 2027.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new common-share buyback announced. Cash US$666m; adjusted quarterly free cash flow US$130.2m. US$785m equipment lease facility secured; a potential US$1bn at-the-market equity programme was established.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>DigitalOcean\u2019s acceleration is credible at the revenue level: AI adoption is expanding into core cloud services, and larger customers are contributing more spending. The earnings beat, however, should not obscure weaker per-share economics. Adjusted EPS declined despite substantial sales growth, while depreciation and rising operating expenses compressed operating margins. The GAAP loss also reflects a convertible-note conversion charge; last year benefited from tax and debt-related gains, making the headline comparison unusually distorted. Cash generation improved, but adjusted free cash flow excludes equipment acquired through financing and finance leases, so it overstates the cash available after funding the full capacity expansion. The new equity programme adds potential dilution alongside those commitments. Shares closed at US$90.50 on 3 November, up 0.79%. A Neutral outlook reflects demanding valuation against a promising but capital-intensive growth trajectory. Watch realised consumption, customer retention, gross margins, financed equipment additions and the conversion of contracted commitments into recurring revenue and durable earnings. <\/span><b><span>4Q26 recommended trading range: US$70\u2013110. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>DigitalOcean (DOCN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u65363.21192\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2.29634\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f39.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f3.0666\u4ebf\u7f8e\u5143\u9ad81,453\u4e07\u7f8e\u5143\u3002AI\u5ba2\u6237ARR\u4e3a3.76\u4ebf\u7f8e\u5143\uff0c\u589e\u957f288%\uff1b\u603bARR\u4e3a12.85\u4ebf\u7f8e\u5143\u3002 \u5269\u4f59\u5c65\u7ea6\u4e49\u52a18\u4ebf\u7f8e\u5143\uff0c\u7b2c\u4e8c\u5b63\u5ea68.94\u4ebf\u7f8e\u5143\uff1b\u5176\u4e2d\u7ea63.45\u4ebf\u7f8e\u5143\u9884\u8ba1\u4e8e\u5341\u4e8c\u4e2a\u6708\u5185\u786e\u8ba4\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\u6536\u76ca0.45\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f0.54\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d16.7%\uff1b\u8f83\u5e02\u573a\u9884\u671f0.32\u7f8e\u5143\u9ad80.13\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f0.37\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u76c8\u52291.51\u7f8e\u5143\uff1b\u51c0\u4e8f\u635f\u5305\u542b5,710\u4e07\u7f8e\u5143\u8bf1\u5bfc\u8f6c\u6362\u8d39\u7528\u3002\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u753130%\u964d\u81f323%\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\u65363.48\u4ebf\u20133.51\u4ebf\u7f8e\u5143\uff0c\u589e\u957f44%\u201345%\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca0.30\u20130.32\u7f8e\u5143\uff1b\u8c03\u6574\u540eEBITDA\u5229\u6da6\u738742%\u201343%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u6536\u753111.70\u4ebf\u201311.80\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f312.08\u4ebf\u201312.11\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u75311.35\u20131.40\u7f8e\u5143\u4e0a\u8c03\u81f31.60\u20131.62\u7f8e\u5143\u3002\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u5229\u6da6\u7387\u753111%\u201313%\u4e0a\u8c03\u81f320%\u201322%\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u8425\u6536\u589e\u957f\u81f3\u5c1160%\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\u7684\u666e\u901a\u80a1\u56de\u8d2d\u3002\u73b0\u91d16.66\u4ebf\u7f8e\u5143\uff1b\u5355\u5b63\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d411.302\u4ebf\u7f8e\u5143\u3002\u5df2\u53d6\u5f977.85\u4ebf\u7f8e\u5143\u8bbe\u5907\u79df\u8d41\u878d\u8d44\u989d\u5ea6\uff0c\u5e76\u8bbe\u7acb\u6700\u9ad810\u4ebf\u7f8e\u5143\u7684\u6f5c\u5728\u5e02\u4ef7\u80a1\u7968\u53d1\u884c\u8ba1\u5212\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>DigitalOcean\u7684\u8425\u6536\u52a0\u901f\u5177\u6709\u5b9e\u8d28\u57fa\u7840\uff1aAI\u5ba2\u6237\u91c7\u7528\u66f4\u591a\u6838\u5fc3\u4e91\u670d\u52a1\uff0c\u5927\u5ba2\u6237\u652f\u51fa\u8d21\u732e\u589e\u52a0\u3002\u4e0d\u8fc7\uff0c\u76c8\u5229\u8d85\u9884\u671f\u4e0d\u5e94\u63a9\u76d6\u6bcf\u80a1\u7ecf\u6d4e\u6548\u76ca\u8f6c\u5f31\u3002\u5c3d\u7ba1\u9500\u552e\u5927\u5e45\u589e\u957f\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4ecd\u4e0b\u964d\uff0c\u6298\u65e7\u53ca\u7ecf\u8425\u8d39\u7528\u4e0a\u5347\u538b\u7f29\u8425\u4e1a\u5229\u6da6\u7387\u3002GAAP\u4e8f\u635f\u4ea6\u5305\u542b\u53ef\u8f6c\u503a\u8bf1\u5bfc\u8f6c\u6362\u8d39\u7528\uff1b\u4e0a\u5e74\u5219\u53d7\u60e0\u4e8e\u7a0e\u52a1\u53ca\u503a\u52a1\u76f8\u5173\u6536\u76ca\uff0c\u4f7f\u8868\u9762\u540c\u6bd4\u6bd4\u8f83\u660e\u663e\u5931\u771f\u3002\u73b0\u91d1\u521b\u9020\u6539\u5584\uff0c\u4f46\u8c03\u6574\u540e\u81ea\u7531\u73b0\u91d1\u6d41\u5254\u9664\u878d\u8d44\u91c7\u8d2d\u8bbe\u5907\u53ca\u878d\u8d44\u79df\u8d41\uff0c\u56e0\u6b64\u9ad8\u4e8e\u627f\u62c5\u5168\u90e8\u6269\u4ea7\u8d44\u91d1\u9700\u6c42\u540e\u7684\u53ef\u7528\u73b0\u91d1\u3002\u65b0\u7684\u80a1\u7968\u53d1\u884c\u8ba1\u5212\u5728\u4e0a\u8ff0\u627f\u8bfa\u4e4b\u5916\u589e\u52a0\u6f5c\u5728\u644a\u8584\u3002\u80a1\u4ef711\u67083\u65e5\u6536\u76d8\u62a590.50\u7f8e\u5143\uff0c\u4e0a\u6da80.79%\u3002\u4e2d\u6027\u5c55\u671b\u53cd\u6620\u4f30\u503c\u8981\u6c42\u8f83\u9ad8\uff0c\u800c\u589e\u957f\u524d\u666f\u867d\u5177\u5438\u5f15\u529b\uff0c\u5374\u9700\u8981\u5927\u91cf\u8d44\u672c\u6295\u5165\u3002\u5173\u6ce8\u5b9e\u9645\u4f7f\u7528\u91cf\u3001\u5ba2\u6237\u7559\u5b58\u3001\u6bdb\u5229\u7387\u3001\u878d\u8d44\u8d2d\u7f6e\u8bbe\u5907\uff0c\u4ee5\u53ca\u5408\u540c\u627f\u8bfa\u80fd\u5426\u8f6c\u5316\u4e3a\u7ecf\u5e38\u6027\u6536\u5165\u548c\u6301\u7eed\u76c8\u5229\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a70\u2013110\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Energy Transfer LP (ET)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$37.103bn versus US$19.954bn, +85.9% YoY; beat approximately US$32.43bn consensus by US$4.67bn. Consolidation of Sunoco acquisitions materially increased reported sales. Intrastate transportation volumes increased 14%, gathered volumes 6%, NGL transportation 6% and NGL exports 9%; these provide a clearer measure of underlying utilisation.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted earnings per unit US$0.33 versus US$0.28, +17.9%; missed US$0.41 consensus by US$0.08. Adjusted EBITDA US$5.03bn versus US$3.84bn, +31%; adjusted distributable cash flow US$2.52bn versus US$1.90bn, +33%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone quarterly revenue or earnings-per-unit guidance. Approximately US$285m of previously disputed gas purchases is expected to benefit fourth-quarter results.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Adjusted EBITDA raised to US$19.7\u201319.9bn from US$18.8\u201319.1bn, excluding Vaquero benefits. Organic growth capital US$5.4\u20135.6bn, excluding SUN and USAC, versus US$5.6\u20135.9bn previously. No revenue or earnings-per-unit guidance. Preliminary 2027 growth spending approximately US$7bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly distribution US$0.3425 per unit, over 3% higher YoY; twentieth consecutive increase. No new buyback announced. Quarterly growth capital US$1.30bn and maintenance capital US$284m; available revolving borrowing capacity US$4.41bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Energy Transfer\u2019s stronger volumes and integrated network support a constructive operating outlook, particularly in natural gas gathering, transportation and NGL exports. The headline revenue increase is less informative than cash generation because acquisition consolidation and commodity prices inflate reported turnover. Adjusted distributable cash flow grew strongly, but the EBITDA upgrade includes a fourth-quarter disputed-purchase benefit, while favourable marketing conditions carry future derivative offsets. Those items should not be treated as fully recurring growth. Distribution coverage must also be assessed alongside an expanding investment programme: distributable cash flow deducts maintenance spending but does not fund growth capital automatically. The Vaquero purchase and higher expected 2027 spending increase execution and financing demands. Units closed at US$20.16 on 3 November, down 0.88%. A Positive outlook reflects attractive income and improving infrastructure utilisation, tempered by leverage and project risk. Watch contracted project returns, commissioning dates, acquisition integration, the reversal of marketing gains and cash retained after distributions and total capital spending. <\/span><b><span>4Q26 recommended trading range: US$18\u201324. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u80fd\u6e90\u8f6c\u79fb (ET)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u6536371.03\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f199.54\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f85.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f\u7ea6324.3\u4ebf\u7f8e\u5143\u9ad846.7\u4ebf\u7f8e\u5143\u3002Sunoco\u6536\u8d2d\u4e1a\u52a1\u5e76\u8868\u663e\u8457\u63a8\u9ad8\u62a5\u544a\u9500\u552e\u989d\u3002 \u5dde\u5185\u8fd0\u8f93\u91cf\u589e\u957f14%\u3001\u96c6\u6c14\u91cf\u589e\u957f6%\u3001NGL\u8fd0\u8f93\u91cf\u589e\u957f6%\u3001NGL\u51fa\u53e3\u91cf\u589e\u957f9%\uff0c\u66f4\u6e05\u6670\u53cd\u6620\u57fa\u7840\u8d44\u4ea7\u5229\u7528\u7387\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\u5355\u4f4d\u6536\u76ca0.33\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f0.28\u7f8e\u5143\uff0c\u589e\u957f17.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f0.41\u7f8e\u5143\u4f4e0.08\u7f8e\u5143\u3002\u8c03\u6574\u540eEBITDA\u4e3a50.3\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f38.4\u4ebf\u7f8e\u5143\uff0c\u589e\u957f31%\uff1b\u8c03\u6574\u540e\u53ef\u5206\u6d3e\u73b0\u91d1\u6d4125.2\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f19.0\u4ebf\u7f8e\u5143\uff0c\u589e\u957f33%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u72ec\u7acb\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u5355\u4f4d\u6536\u76ca\u6307\u5f15\u3002\u9884\u8ba1\u7b2c\u56db\u5b63\u5ea6\u786e\u8ba4\u7ea62.85\u4ebf\u7f8e\u5143\u6b64\u524d\u5b58\u5728\u4e89\u8bae\u7684\u5929\u7136\u6c14\u91c7\u8d2d\u76f8\u5173\u6536\u76ca\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u8c03\u6574\u540eEBITDA\u7531188\u4ebf\u2013191\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3197\u4ebf\u2013199\u4ebf\u7f8e\u5143\uff0c\u4e0d\u5305\u542bVaquero\u8d21\u732e\u3002\u5254\u9664SUN\u53caUSAC\u7684\u6709\u673a\u589e\u957f\u8d44\u672c\u652f\u51fa\u753156\u4ebf\u201359\u4ebf\u7f8e\u5143\u8c03\u81f354\u4ebf\u201356\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u8425\u6536\u6216\u6bcf\u5355\u4f4d\u6536\u76ca\u6307\u5f15\u30022027\u5e74\u521d\u6b65\u589e\u957f\u652f\u51fa\u9884\u671f\u7ea670\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\u6bcf\u5355\u4f4d\u5206\u6d3e0.3425\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f\u8d85\u8fc73%\uff0c\u8fde\u7eed\u7b2c20\u6b21\u4e0a\u8c03\u3002\u672a\u5ba3\u5e03\u65b0\u56de\u8d2d\u3002\u5355\u5b63\u589e\u957f\u8d44\u672c\u652f\u51fa13.0\u4ebf\u7f8e\u5143\u3001\u7ef4\u62a4\u8d44\u672c\u652f\u51fa2.84\u4ebf\u7f8e\u5143\uff1b\u5faa\u73af\u4fe1\u8d37\u53ef\u7528\u989d\u5ea644.1\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Energy Transfer\u7684\u4e1a\u52a1\u91cf\u589e\u957f\u53ca\u4e00\u4f53\u5316\u7f51\u7edc\u652f\u6301\u8f83\u79ef\u6781\u7ecf\u8425\u524d\u666f\uff0c\u5c24\u5176\u662f\u5929\u7136\u6c14\u96c6\u8f93\u3001\u8fd0\u8f93\u53caNGL\u51fa\u53e3\u3002\u8425\u6536\u5927\u589e\u4e0d\u5982\u73b0\u91d1\u521b\u9020\u5177\u6709\u53c2\u8003\u4ef7\u503c\uff0c\u56e0\u4e3a\u6536\u8d2d\u5e76\u8868\u53ca\u5546\u54c1\u4ef7\u683c\u4f1a\u63a8\u9ad8\u62a5\u544a\u6536\u5165\u3002\u8c03\u6574\u540e\u53ef\u5206\u6d3e\u73b0\u91d1\u6d41\u5f3a\u52b2\u589e\u957f\uff0c\u4f46EBITDA\u4e0a\u8c03\u5305\u542b\u7b2c\u56db\u5b63\u5ea6\u4e89\u8bae\u91c7\u8d2d\u76f8\u5173\u6536\u76ca\uff0c\u800c\u6709\u5229\u8425\u9500\u73af\u5883\u5e26\u6765\u7684\u6536\u76ca\u90e8\u5206\u5c06\u88ab\u672a\u6765\u884d\u751f\u54c1\u635f\u5931\u62b5\u9500\uff0c\u4e0d\u5b9c\u5168\u90e8\u89c6\u4e3a\u6301\u7eed\u589e\u957f\u3002\u5206\u6d3e\u8986\u76d6\u4e5f\u9700\u7ed3\u5408\u6269\u5927\u7684\u6295\u8d44\u8ba1\u5212\u8bc4\u4f30\uff1a\u53ef\u5206\u6d3e\u73b0\u91d1\u6d41\u6263\u9664\u7ef4\u62a4\u652f\u51fa\uff0c\u5374\u4e0d\u4ee3\u8868\u589e\u957f\u8d44\u672c\u652f\u51fa\u5df2\u83b7\u8d44\u91d1\u8986\u76d6\u3002\u6536\u8d2dVaquero\u53ca2027\u5e74\u9884\u671f\u589e\u52a0\u7684\u652f\u51fa\u63d0\u9ad8\u6267\u884c\u548c\u878d\u8d44\u8981\u6c42\u3002\u5355\u4f4d\u4ef7\u683c11\u67083\u65e5\u6536\u76d8\u62a520.16\u7f8e\u5143\uff0c\u4e0b\u8dcc0.88%\u3002\u6b63\u9762\u5c55\u671b\u53cd\u6620\u6536\u76ca\u5206\u6d3e\u5438\u5f15\u529b\u53ca\u57fa\u7840\u8bbe\u65bd\u5229\u7528\u7387\u6539\u5584\uff0c\u540c\u65f6\u8003\u8651\u6760\u6746\u4e0e\u9879\u76ee\u98ce\u9669\u3002\u5173\u6ce8\u957f\u671f\u5408\u540c\u9879\u76ee\u56de\u62a5\u3001\u6295\u4ea7\u65f6\u95f4\u3001\u6536\u8d2d\u6574\u5408\u3001\u8425\u9500\u6536\u76ca\u56de\u8f6c\uff0c\u4ee5\u53ca\u6263\u9664\u5206\u6d3e\u53ca\u5168\u90e8\u8d44\u672c\u652f\u51fa\u540e\u4fdd\u7559\u7684\u73b0\u91d1\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a18\u201324\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Apollo Global Management, Inc. (APO)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>GAAP revenue US$4.739bn versus US$9.823bn, \u221251.8% YoY; approximately US$1.05bn below US$5.79bn consensus. Management fees increased 18% to US$1.017bn; fee-related earnings increased 23% to US$802m. Total AUM increased 18% to US$1.074tn; fee-generating AUM US$880bn. Quarterly inflows US$53bn; origination US$114bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted net income per share US$2.07 versus US$2.17, \u22124.6%; missed US$2.20 consensus by US$0.13. Excluding notable items, US$2.15 versus US$2.14. GAAP diluted loss US$1.78 versus US$2.78 profit, reflecting retirement-investment marks.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No quarterly total-revenue or EPS guidance. Management expects approximately US$1bn spread-related earnings, excluding notable items and normalising alternative returns to its 11% long-term assumption.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Maintains at least 20% fee-related earnings growth and approximately 10% normalised spread-related earnings growth. No total-revenue or EPS range provided. For 2027, management expects at least 20% fee-related earnings growth and at least 15% management-fee growth.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Dividend US$0.5625, payable 30 November; record date 18 November. Quarterly buybacks US$143m, including US$75m opportunistic purchases; US$2.89bn authorisation remaining.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Apollo\u2019s fee franchise remains stronger than the headline earnings miss suggests. Management fees and capital-solutions activity supported record fee-related earnings, while substantial inflows and origination provide a credible pipeline for further expansion. The insurance business complicates interpretation: market-value changes depressed GAAP revenue and generated a loss, while actuarial assumption revisions reduced reported spread earnings. Excluding that review, adjusted EPS was broadly flat, rather than delivering the growth implied by asset gathering alone. Normalised guidance also assumes long-term alternative returns that are not guaranteed, so it should not be confused with earned cash returns. Shares closed at US$113.55 on 3 November, down 4.95%. A Positive outlook reflects an attractive valuation relative to the expanding fee franchise, with meaningful sensitivity to credit and insurance outcomes. Watch fee-paying asset conversion, funding costs, policyholder behaviour, realised alternative returns and the investment programme\u2019s effect on margins. Origination quality matters more than volume if weaker underwriting subsequently erodes spread income or raises capital requirements. <\/span><b><span>4Q26 recommended trading range: US$105\u2013135. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u963f\u6ce2\u7f57\u5168\u7403\u7ba1\u7406 (APO)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>GAAP\u8425\u653647.39\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f98.23\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d51.8%\uff1b\u8f83\u5e02\u573a\u9884\u671f57.9\u4ebf\u7f8e\u5143\u4f4e\u7ea610.5\u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u8d39\u589e\u957f18%\u81f310.17\u4ebf\u7f8e\u5143\uff1b\u8d39\u7528\u76f8\u5173\u76c8\u5229\u589e\u957f23%\u81f38.02\u4ebf\u7f8e\u5143\u3002 \u603b\u7ba1\u7406\u8d44\u4ea7\u589e\u957f18%\u81f31.074\u4e07\u4ebf\u7f8e\u5143\uff1b\u6536\u8d39\u7ba1\u7406\u8d44\u4ea78,800\u4ebf\u7f8e\u5143\u3002\u5355\u5b63\u8d44\u91d1\u6d41\u5165530\u4ebf\u7f8e\u5143\uff0c\u8d44\u4ea7\u53d1\u8d77\u89c4\u6a211,140\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>\u8c03\u6574\u540e\u6bcf\u80a1\u51c0\u6536\u76ca2.07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2.17\u7f8e\u5143\uff0c\u4e0b\u964d4.6%\uff1b\u8f83\u5e02\u573a\u9884\u671f2.20\u7f8e\u5143\u4f4e0.13\u7f8e\u5143\u3002\u5254\u9664\u7279\u6b8a\u9879\u76ee\u540e\u4e3a2.15\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2.14\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f1.78\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u76c8\u52292.78\u7f8e\u5143\uff0c\u53d7\u9000\u4f11\u670d\u52a1\u6295\u8d44\u4f30\u503c\u53d8\u52a8\u5f71\u54cd\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u5b63\u5ea6\u603b\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5229\u5dee\u76f8\u5173\u76c8\u5229\u7ea610\u4ebf\u7f8e\u5143\uff0c\u8be5\u53e3\u5f84\u5254\u9664\u7279\u6b8a\u9879\u76ee\uff0c\u5e76\u630911%\u7684\u957f\u671f\u66ff\u4ee3\u8d44\u4ea7\u56de\u62a5\u5047\u8bbe\u6b63\u5e38\u5316\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u7ef4\u6301\u8d39\u7528\u76f8\u5173\u76c8\u5229\u589e\u957f\u81f3\u5c1120%\u3001\u6b63\u5e38\u5316\u5229\u5dee\u76f8\u5173\u76c8\u5229\u589e\u957f\u7ea610%\u7684\u9884\u671f\u3002\u672a\u63d0\u4f9b\u603b\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u30022027\u5e74\u9884\u8ba1\u8d39\u7528\u76f8\u5173\u76c8\u5229\u589e\u957f\u81f3\u5c1120%\u3001\u7ba1\u7406\u8d39\u589e\u957f\u81f3\u5c1115%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u6bcf\u80a1\u6d3e\u606f0.5625\u7f8e\u5143\uff0c11\u670830\u65e5\u652f\u4ed8\uff0c11\u670818\u65e5\u767b\u8bb0\u3002\u5355\u5b63\u56de\u8d2d1.43\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d7,500\u4e07\u7f8e\u5143\u4e3a\u673a\u4f1a\u6027\u56de\u8d2d\uff1b\u5269\u4f59\u6388\u674328.9\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Apollo\u8d39\u7528\u4e1a\u52a1\u8868\u73b0\u5f3a\u4e8e\u8868\u9762\u76c8\u5229\u900a\u9884\u671f\u6240\u663e\u793a\u7684\u60c5\u51b5\u3002\u7ba1\u7406\u8d39\u53ca\u8d44\u672c\u89e3\u51b3\u65b9\u6848\u4e1a\u52a1\u652f\u6301\u8d39\u7528\u76f8\u5173\u76c8\u5229\u521b\u7eaa\u5f55\uff0c\u5f3a\u52b2\u8d44\u91d1\u6d41\u5165\u548c\u8d44\u4ea7\u53d1\u8d77\u6d3b\u52a8\u4ea6\u4e3a\u8fdb\u4e00\u6b65\u6269\u5f20\u63d0\u4f9b\u57fa\u7840\u3002\u4fdd\u9669\u4e1a\u52a1\u589e\u52a0\u89e3\u8bfb\u96be\u5ea6\uff1a\u5e02\u503c\u53d8\u5316\u538b\u4f4eGAAP\u8425\u6536\u5e76\u5bfc\u81f4\u4e8f\u635f\uff0c\u7cbe\u7b97\u5047\u8bbe\u8c03\u6574\u5219\u62d6\u7d2f\u62a5\u544a\u5229\u5dee\u76c8\u5229\u3002\u5254\u9664\u8be5\u8bc4\u4f30\u5f71\u54cd\u540e\uff0c\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u57fa\u672c\u6301\u5e73\uff0c\u5e76\u672a\u5448\u73b0\u5355\u770b\u8d44\u4ea7\u52df\u96c6\u89c4\u6a21\u6240\u6697\u793a\u7684\u589e\u957f\u3002\u6b63\u5e38\u5316\u6307\u5f15\u4ea6\u4f9d\u8d56\u4e0d\u4fdd\u8bc1\u5b9e\u73b0\u7684\u957f\u671f\u66ff\u4ee3\u8d44\u4ea7\u56de\u62a5\uff0c\u4e0d\u80fd\u7b49\u540c\u5df2\u8d5a\u53d6\u7684\u73b0\u91d1\u56de\u62a5\u3002\u80a1\u4ef711\u67083\u65e5\u6536\u76d8\u62a5113.55\u7f8e\u5143\uff0c\u4e0b\u8dcc4.95%\u3002\u6b63\u9762\u5c55\u671b\u53cd\u6620\u4f30\u503c\u76f8\u5bf9\u4e8e\u6269\u5f20\u4e2d\u7684\u8d39\u7528\u4e1a\u52a1\u5177\u5438\u5f15\u529b\uff0c\u4f46\u4ecd\u660e\u663e\u53d7\u4fe1\u8d37\u53ca\u4fdd\u9669\u7ed3\u679c\u5f71\u54cd\u3002\u5173\u6ce8\u8d44\u4ea7\u8f6c\u5316\u4e3a\u6536\u8d39\u8d44\u4ea7\u7684\u8fdb\u5ea6\u3001\u8d44\u91d1\u6210\u672c\u3001\u4fdd\u6237\u884c\u4e3a\u3001\u5b9e\u9645\u66ff\u4ee3\u8d44\u4ea7\u56de\u62a5\uff0c\u4ee5\u53ca\u6295\u8d44\u8ba1\u5212\u5bf9\u5229\u6da6\u7387\u7684\u5f71\u54cd\u3002\u82e5\u627f\u4fdd\u8d28\u91cf\u8f6c\u5f31\u6700\u7ec8\u4fb5\u8680\u5229\u5dee\u6216\u63d0\u9ad8\u8d44\u672c\u8981\u6c42\uff0c\u8d44\u4ea7\u53d1\u8d77\u8d28\u91cf\u6bd4\u89c4\u6a21\u66f4\u91cd\u8981\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a105\u2013135\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Advanced Micro Devices, Inc. (AMD)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$13.377bn versus US$9.246bn, +44.7% YoY; approximately US$287m above US$13.09bn consensus. Data Center revenue US$8.5bn, +97%; Client and Gaming US$3.7bn, \u22128%; Embedded US$1.1bn, +29%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$2.09 versus US$1.20, +74.2%; beat US$1.94 consensus by US$0.15. GAAP EPS US$1.46 versus US$0.75, affected by a US$1.097bn warrant remeasurement charge and tax effects. Non-GAAP operating margin 29%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$17bn, \u00b13%, or US$16.49\u201317.51bn; non-GAAP gross margin approximately 55%. No EPS guidance provided. Data Center revenue expected to grow approximately 50% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>The company did not provide full-year 2026 revenue or EPS guidance. Management separately expects more than 80% revenue growth in 2027, with server revenue approximately doubling.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced; Q3 programme repurchases were zero. Cash and short-term investments US$15.776bn. Operating cash flow US$1.202bn; free cash flow US$554m versus US$1.530bn a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>AMD\u2019s accelerated data-center ramp strengthens the growth outlook and supports a positive view, although cash conversion and valuation remain demanding. EPYC and Instinct are expanding together, while Helios deployments create a larger systems opportunity. The December revenue outlook points to further acceleration, but lower guided gross margin shows that growth carries product-mix and capacity costs. GAAP earnings include volatile customer-warrant accounting; adjusted EPS also excludes stock compensation and acquisition amortisation, so operating profit and cash generation deserve equal attention. Inventory rose sharply to support demand, and free cash flow fell despite record earnings. That spending can enable future shipments, but it requires timely customer deployment and collections. Shares traded at US$508.20 post-market on 3 November, up 5.02% from the close. The rebound already recognises stronger execution. Watch packaging and memory supply, rack acceptance, inventory conversion, customer concentration and software adoption. Sustained profitable growth beyond initial platform launches would reinforce the investment case. <\/span><b><span>4Q26 recommended trading range: US$450\u2013600. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u8d85\u5fae\u534a\u5bfc\u4f53 (AMD)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u6536133.77\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7492.46\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f44.7%\uff1b\u8f83130.9\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea62.87\u4ebf\u7f8e\u5143\u3002\u6570\u636e\u4e2d\u5fc3\u6536\u516585\u4ebf\u7f8e\u5143\uff0c\u589e\u957f97%\uff1b\u5ba2\u6237\u7aef\u53ca\u6e38\u620f37\u4ebf\u7f8e\u5143\uff0c\u4e0b\u964d8%\uff1b\u5d4c\u5165\u5f0f11\u4ebf\u7f8e\u5143\uff0c\u589e\u957f29%\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\u52292.09\u7f8e\u5143\uff0c\u53bb\u5e741.20\u7f8e\u5143\uff0c\u589e\u957f74.2%\uff1b\u8f831.94\u7f8e\u5143\u9884\u671f\u9ad80.15\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.46\u7f8e\u5143\uff0c\u53bb\u5e740.75\u7f8e\u5143\uff0c\u53d710.97\u4ebf\u7f8e\u5143\u8ba4\u80a1\u6743\u8bc1\u91cd\u4f30\u8d39\u7528\u53ca\u7a0e\u52a1\u5f71\u54cd\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738729%\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\u6536170\u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e0b\u6d6e\u52a83%\uff0c\u5373164.9\u4ebf\u81f3175.1\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bdb\u5229\u7387\u7ea655%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u6570\u636e\u4e2d\u5fc3\u6536\u5165\u9884\u8ba1\u73af\u6bd4\u589e\u957f\u7ea650%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b2026\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u53e6\u9884\u8ba12027\u5e74\u6536\u5165\u589e\u957f\u8d85\u8fc780%\uff0c\u670d\u52a1\u5668\u6536\u5165\u7ea6\u7ffb\u500d\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\u6216\u65b0\u56de\u8d2d\uff1b\u7b2c\u4e09\u5b63\u5ea6\u8ba1\u5212\u5185\u56de\u8d2d\u4e3a\u96f6\u3002\u73b0\u91d1\u53ca\u77ed\u671f\u6295\u8d44157.76\u4ebf\u7f8e\u5143\u3002\u7ecf\u8425\u73b0\u91d1\u6d4112.02\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d415.54\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f15.30\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>AMD\u6570\u636e\u4e2d\u5fc3\u52a0\u901f\u653e\u91cf\u5f3a\u5316\u589e\u957f\u524d\u666f\uff0c\u652f\u6301\u6b63\u9762\u89c2\u70b9\uff0c\u4f46\u73b0\u91d1\u8f6c\u5316\u4e0e\u4f30\u503c\u8981\u6c42\u4ecd\u9ad8\u3002EPYC\u53caInstinct\u5171\u540c\u6269\u5f20\uff0cHelios\u90e8\u7f72\u5e26\u6765\u66f4\u5927\u7cfb\u7edf\u4e1a\u52a1\u673a\u4f1a\u3002\u5341\u4e8c\u6708\u5b63\u5ea6\u6536\u5165\u6307\u5f15\u663e\u793a\u8fdb\u4e00\u6b65\u52a0\u901f\uff0c\u60df\u6bdb\u5229\u7387\u6307\u5f15\u4e0b\u964d\uff0c\u8868\u660e\u589e\u957f\u4f34\u968f\u4ea7\u54c1\u7ed3\u6784\u53ca\u4ea7\u80fd\u6210\u672c\u3002GAAP\u76c8\u5229\u5305\u542b\u6ce2\u52a8\u8f83\u5927\u7684\u5ba2\u6237\u8ba4\u80a1\u6743\u8bc1\u4f1a\u8ba1\u5f71\u54cd\uff1b\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u4ea6\u5254\u9664\u80a1\u6743\u85aa\u916c\u53ca\u6536\u8d2d\u644a\u9500\uff0c\u56e0\u6b64\u9700\u540c\u7b49\u91cd\u89c6\u7ecf\u8425\u5229\u6da6\u4e0e\u73b0\u91d1\u521b\u9020\u3002\u4e3a\u652f\u6301\u9700\u6c42\uff0c\u5e93\u5b58\u5927\u5e45\u589e\u52a0\uff0c\u5c3d\u7ba1\u76c8\u5229\u521b\u65b0\u9ad8\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4ecd\u4e0b\u964d\u3002\u76f8\u5173\u6295\u5165\u53ef\u652f\u6301\u672a\u6765\u51fa\u8d27\uff0c\u4f46\u9700\u5ba2\u6237\u53ca\u65f6\u90e8\u7f72\u53ca\u56de\u6b3e\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a5508.20\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da85.02%\uff0c\u53cd\u5f39\u5df2\u53cd\u6620\u6267\u884c\u6539\u5584\u3002\u5173\u6ce8\u5c01\u88c5\u53ca\u5b58\u50a8\u4f9b\u5e94\u3001\u673a\u67b6\u9a8c\u6536\u3001\u5e93\u5b58\u8f6c\u5316\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u53ca\u8f6f\u4ef6\u91c7\u7528\u3002\u521d\u671f\u5e73\u53f0\u63a8\u51fa\u540e\u82e5\u80fd\u6301\u7eed\u5b9e\u73b0\u6709\u5229\u6da6\u7684\u589e\u957f\uff0c\u5c06\u5f3a\u5316\u6295\u8d44\u903b\u8f91\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a450\u2013600\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Super Micro Computer, Inc. (SMCI)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1Q27 Revenue: <\/span><\/b><span>Preliminary revenue US$19.946bn versus US$5.018bn, +297.5% YoY; approximately US$3.686bn above US$16.26bn consensus. AI solutions represented 71% of sales; approximately US$2.3bn reflected previously delayed deployments.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.81 versus US$0.35, +417.1%; beat US$1.23 consensus by US$0.58. GAAP EPS US$1.75 versus US$0.26. Non-GAAP gross margin 12.8%, versus 9.5% a year earlier; results remain preliminary pending closing procedures.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 Guidance: <\/span><\/b><span>Revenue US$19.5\u201321.5bn; non-GAAP diluted EPS US$1.66\u20131.90 and GAAP EPS US$1.59\u20131.83. Non-GAAP tax rate approximately 21.1%, with 769m diluted shares assumed.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>Revenue raised to US$72\u201382bn from US$65\u201372bn. The company did not provide full-year EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No common dividend or new buyback announced. Preferred dividends paid US$63.7m. Cash US$6.9bn; bank debt and convertible notes US$8.6bn. Operating cash outflow US$434m and capital expenditure US$47m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Supermicro\u2019s sales acceleration and higher annual outlook improve the operating case, but a neutral view reflects cash demands and execution uncertainty. The company is capturing larger AI infrastructure projects, and margins improved materially from a year earlier. However, delayed deployments contributed to the quarter, so the full increase should not be treated as a recurring run rate. Gross margin also fell substantially from the unusually strong preceding quarter. Common shareholders must account for preferred dividends, participating-security allocations and eventual dilution when judging EPS. Working capital remains substantial: inventories and receivables increased, and operations consumed cash despite strong reported profit. The preliminary status of the release requires confirmation when closing procedures finish. Shares traded at US$33.65 post-market on 3 November, up 7.20% from the close. Valuation appears restrained, but funding and customer concentration limit confidence. Watch cash collection, customer prepayments, inventory ageing, project acceptance, gross margin and the conversion of higher revenue guidance into sustainable common-shareholder cash returns. <\/span><b><span>4Q26 recommended trading range: US$28\u201342. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u7f8e\u8d85\u5fae\u7535\u8111 (SMCI)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u521d\u6b65\u8425\u6536199.46\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7450.18\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f297.5%\uff1b\u8f83162.6\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea636.86\u4ebf\u7f8e\u5143\u3002AI\u89e3\u51b3\u65b9\u6848\u5360\u6536\u516571%\uff1b\u7ea623\u4ebf\u7f8e\u5143\u6765\u81ea\u6b64\u524d\u5ef6\u8fdf\u7684\u90e8\u7f72\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.81\u7f8e\u5143\uff0c\u53bb\u5e740.35\u7f8e\u5143\uff0c\u589e\u957f417.1%\uff1b\u8f831.23\u7f8e\u5143\u9884\u671f\u9ad80.58\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.75\u7f8e\u5143\uff0c\u53bb\u5e740.26\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u738712.8%\uff0c\u53bb\u5e749.5%\uff1b\u7ed3\u8d26\u7a0b\u5e8f\u5c1a\u5f85\u5b8c\u6210\uff0c\u4e1a\u7ee9\u4ecd\u4e3a\u521d\u6b65\u6570\u5b57\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u6536195\u4ebf\u81f3215\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.66\u81f31.90\u7f8e\u5143\uff0cGAAP\u6bcf\u80a1\u76c8\u52291.59\u81f31.83\u7f8e\u5143\u3002\u975eGAAP\u7a0e\u7387\u7ea621.1%\uff0c\u5047\u8bbe\u644a\u8584\u80a1\u65707.69\u4ebf\u80a1\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u7531650\u4ebf\u81f3720\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3720\u4ebf\u81f3820\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u666e\u901a\u80a1\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u3002\u5df2\u4ed8\u4f18\u5148\u80a1\u80a1\u606f6,370\u4e07\u7f8e\u5143\u3002\u73b0\u91d169\u4ebf\u7f8e\u5143\uff0c\u94f6\u884c\u503a\u52a1\u53ca\u53ef\u8f6c\u503a86\u4ebf\u7f8e\u5143\u3002\u7ecf\u8425\u73b0\u91d1\u6d41\u51fa4.34\u4ebf\u7f8e\u5143\uff0c\u8d44\u672c\u5f00\u652f4,700\u4e07\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u7f8e\u8d85\u5fae\u6536\u5165\u52a0\u901f\u53ca\u5168\u5e74\u6307\u5f15\u4e0a\u8c03\u6539\u5584\u7ecf\u8425\u903b\u8f91\uff0c\u4f46\u73b0\u91d1\u9700\u6c42\u4e0e\u6267\u884c\u4e0d\u786e\u5b9a\u6027\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u516c\u53f8\u83b7\u5f97\u66f4\u5927\u578bAI\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\uff0c\u6bdb\u5229\u7387\u8f83\u53bb\u5e74\u663e\u8457\u6539\u5584\u3002\u4e0d\u8fc7\uff0c\u5ef6\u8fdf\u90e8\u7f72\u5bf9\u672c\u5b63\u6709\u6240\u8d21\u732e\uff0c\u4e0d\u5b9c\u5c06\u5168\u90e8\u589e\u5e45\u89c6\u4e3a\u53ef\u6301\u7eed\u6536\u5165\u6c34\u5e73\u3002\u6bdb\u5229\u7387\u4ea6\u8f83\u5f02\u5e38\u5f3a\u52b2\u7684\u4e0a\u4e00\u5b63\u5ea6\u660e\u663e\u4e0b\u964d\u3002\u8bc4\u4ef7\u6bcf\u80a1\u76c8\u5229\u65f6\uff0c\u666e\u901a\u80a1\u80a1\u4e1c\u9700\u8003\u8651\u4f18\u5148\u80a1\u80a1\u606f\u3001\u53c2\u4e0e\u8bc1\u5238\u76c8\u5229\u5206\u914d\u53ca\u6700\u7ec8\u644a\u8584\u3002\u8425\u8fd0\u8d44\u91d1\u9700\u6c42\u4ecd\u5927\uff1a\u5e93\u5b58\u4e0e\u5e94\u6536\u6b3e\u589e\u52a0\uff0c\u5c3d\u7ba1\u62a5\u544a\u5229\u6da6\u5f3a\u52b2\uff0c\u7ecf\u8425\u6d3b\u52a8\u4ecd\u6d88\u8017\u73b0\u91d1\u3002\u4e1a\u7ee9\u516c\u544a\u5c5e\u521d\u6b65\u6570\u5b57\uff0c\u7ed3\u8d26\u5b8c\u6210\u540e\u4ecd\u9700\u786e\u8ba4\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a533.65\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da87.20%\u3002\u4f30\u503c\u770b\u4f3c\u514b\u5236\uff0c\u60df\u878d\u8d44\u4e0e\u5ba2\u6237\u96c6\u4e2d\u5ea6\u9650\u5236\u4fe1\u5fc3\u3002\u5173\u6ce8\u56de\u6b3e\u3001\u5ba2\u6237\u9884\u4ed8\u6b3e\u3001\u5e93\u5b58\u8d26\u9f84\u3001\u9879\u76ee\u9a8c\u6536\u3001\u6bdb\u5229\u7387\uff0c\u4ee5\u53ca\u4e0a\u8c03\u7684\u6536\u5165\u6307\u5f15\u80fd\u5426\u8f6c\u5316\u4e3a\u666e\u901a\u80a1\u80a1\u4e1c\u53ef\u6301\u7eed\u7684\u73b0\u91d1\u56de\u62a5\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a28\u201342\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Arista Networks, Inc. (ANET)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$3.6576bn versus US$2.3083bn, +58.5% YoY; approximately US$327.6m above US$3.33bn consensus. Non-GAAP gross margin 64.0%; operating margin 49.1% versus 48.6%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.20 versus restated US$0.77, +55.8%; beat US$1.08 consensus by US$0.12. GAAP EPS US$1.22 versus US$0.67. GAAP profit included US$134.5m strategic-investment gains; non-GAAP profit excludes those gains and stock-compensation tax benefits.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$3.9\u20134.0bn; non-GAAP diluted EPS US$1.26\u20131.30, gross margin 63\u201364% and operating margin 48\u201349%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to approximately US$13.3bn from US$12.6bn. No full-year EPS guidance provided. Initial 2027 revenue growth outlook 38\u201340%, or approximately US$18.5bn at midpoint.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend; no repurchases during the first nine months. US$817.9m remained authorised. Cash and marketable securities US$14.359bn; Q3 operating cash flow approximately US$1.2bn. Inventory US$3.2098bn and purchase commitments US$11.4bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Arista\u2019s faster growth and higher outlook support a positive view, with AI networking and enterprise demand providing multiple sources of expansion. The company preserved exceptional operating profitability while investing in new architectures and research. Broader Ethernet adoption across scale-out and distributed AI deployments should extend its addressable opportunity, although new product launches need customer qualification before revenue becomes dependable. Earnings quality remains strong operationally, but GAAP EPS benefited from investment gains and tax items; adjusted operating profit provides a clearer measure of execution. Inventory and supplier commitments increased substantially, placing greater weight on shipment timing and customer acceptance. Deferred revenue can also fluctuate with contractual acceptance provisions, so quarterly changes require context. Shares traded at US$186.00 post-market on 3 November, up 9.47% from the close. The rally recognises the guidance upgrade and leaves valuation sensitive to delivery. Watch hyperscaler spending, gross-margin mix, campus adoption, inventory conversion and whether new AI programmes broaden the customer base. <\/span><b><span>4Q26 recommended trading range: US$175\u2013220. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Arista\u7f51\u7edc (ANET)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653636.576\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7423.083\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f58.5%\uff1b\u8f8333.3\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea63.276\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u738764.0%\uff1b\u7ecf\u8425\u5229\u6da6\u738749.1%\uff0c\u53bb\u5e7448.6%\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>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.20\u7f8e\u5143\uff0c\u53bb\u5e74\u91cd\u5217\u540e0.77\u7f8e\u5143\uff0c\u589e\u957f55.8%\uff1b\u8f831.08\u7f8e\u5143\u9884\u671f\u9ad80.12\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.22\u7f8e\u5143\uff0c\u53bb\u5e740.67\u7f8e\u5143\u3002GAAP\u5229\u6da6\u5305\u542b1.345\u4ebf\u7f8e\u5143\u6218\u7565\u6295\u8d44\u6536\u76ca\uff1b\u975eGAAP\u5229\u6da6\u5254\u9664\u76f8\u5173\u6536\u76ca\u53ca\u80a1\u6743\u85aa\u916c\u7a0e\u52a1\u4f18\u60e0\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\u653639\u4ebf\u81f340\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.26\u81f31.30\u7f8e\u5143\u3001\u6bdb\u5229\u738763%\u81f364%\u3001\u7ecf\u8425\u5229\u6da6\u738748%\u81f349%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u7531126\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3\u7ea6133\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u30022027\u5e74\u521d\u6b65\u6536\u5165\u589e\u957f\u6307\u5f1538%\u81f340%\uff0c\u4e2d\u70b9\u7ea6185\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u4e0d\u6d3e\u606f\uff1b\u9996\u4e5d\u4e2a\u6708\u672a\u56de\u8d2d\uff0c\u5269\u4f59\u56de\u8d2d\u6388\u67438.179\u4ebf\u7f8e\u5143\u3002\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u5238143.59\u4ebf\u7f8e\u5143\uff1b\u7b2c\u4e09\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d41\u7ea612\u4ebf\u7f8e\u5143\u3002\u5e93\u5b5832.098\u4ebf\u7f8e\u5143\uff0c\u91c7\u8d2d\u627f\u8bfa114\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Arista\u589e\u957f\u52a0\u5feb\u53ca\u6307\u5f15\u4e0a\u8c03\u652f\u6301\u6b63\u9762\u89c2\u70b9\uff0cAI\u7f51\u7edc\u4e0e\u4f01\u4e1a\u9700\u6c42\u63d0\u4f9b\u591a\u91cd\u6269\u5f20\u6765\u6e90\u3002\u516c\u53f8\u5728\u6295\u5165\u65b0\u67b6\u6784\u53ca\u7814\u53d1\u7684\u540c\u65f6\uff0c\u4fdd\u6301\u51fa\u8272\u7ecf\u8425\u76c8\u5229\u80fd\u529b\u3002\u4ee5\u592a\u7f51\u5728\u6a2a\u5411\u6269\u5c55\u53ca\u5206\u5e03\u5f0fAI\u90e8\u7f72\u4e2d\u7684\u91c7\u7528\u53ef\u6269\u5927\u5e02\u573a\u673a\u4f1a\uff0c\u60df\u65b0\u54c1\u4ecd\u9700\u5ba2\u6237\u8ba4\u8bc1\uff0c\u6536\u5165\u624d\u66f4\u53ef\u9760\u3002\u7ecf\u8425\u5c42\u9762\u7684\u76c8\u5229\u8d28\u91cf\u4ecd\u5f3a\uff0c\u4f46GAAP\u6bcf\u80a1\u76c8\u5229\u53d7\u60e0\u4e8e\u6295\u8d44\u6536\u76ca\u4e0e\u7a0e\u52a1\u9879\u76ee\uff0c\u7ecf\u8c03\u6574\u7ecf\u8425\u5229\u6da6\u66f4\u80fd\u53cd\u6620\u6267\u884c\u3002\u5e93\u5b58\u4e0e\u4f9b\u5e94\u5546\u627f\u8bfa\u5927\u589e\uff0c\u63d0\u9ad8\u51fa\u8d27\u65f6\u70b9\u53ca\u5ba2\u6237\u9a8c\u6536\u7684\u91cd\u8981\u6027\u3002\u9012\u5ef6\u6536\u5165\u4ea6\u968f\u5408\u540c\u9a8c\u6536\u6761\u6b3e\u6ce2\u52a8\uff0c\u56e0\u6b64\u9700\u8981\u7ed3\u5408\u80cc\u666f\u89e3\u8bfb\u5b63\u5ea6\u53d8\u5316\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a5186.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da89.47%\u3002\u53cd\u5f39\u53cd\u6620\u6307\u5f15\u4e0a\u8c03\uff0c\u4f30\u503c\u5bf9\u4ea4\u4ed8\u8868\u73b0\u66f4\u654f\u611f\u3002\u5173\u6ce8\u8d85\u5927\u89c4\u6a21\u5ba2\u6237\u5f00\u652f\u3001\u6bdb\u5229\u7387\u7ed3\u6784\u3001\u56ed\u533a\u7f51\u7edc\u91c7\u7528\u3001\u5e93\u5b58\u8f6c\u5316\uff0c\u4ee5\u53ca\u65b0AI\u9879\u76ee\u80fd\u5426\u62d3\u5bbd\u5ba2\u6237\u57fa\u7840\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a175\u2013220\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Navitas Semiconductor Corporation (NVTS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$13.991m versus US$10.112m, +38.4% YoY and +33% sequentially; approximately US$0.49m above US$13.50m consensus. High-power revenue grew over 50% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP loss per share US$0.03 versus US$0.05, improving US$0.02; beat US$0.04 loss consensus by US$0.01. GAAP loss US$0.14 versus US$0.09. Adjusted operating loss US$10.9m versus US$11.5m; adjusted gross margin 40.0% versus 38.7%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$15.5\u201316.5m; non-GAAP gross margin 39.5\u201341.5%; operating expenses US$24\u201326m including Claros. AI infrastructure expected to exceed 40% of sales. The company did not provide EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Presentation indicates revenue US$48.6\u201349.6m, approximately 7% growth at midpoint, versus previous qualitative mid-single-digit growth. High-power revenue expected to grow 125%. The company did not provide full-year EPS guidance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or buyback announced. Quarter-end cash US$531.5m; approximately US$405m after the subsequent US$126m Claros cash payment. Debt-free; no Q3 ATM issuance.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Navitas has returned to revenue growth as its shift toward AI power applications gains traction. Better product mix and scale support gross margin, but the earnings inflection remains distant. Claros broadens voltage regulation capabilities while sharply increasing the operating cost base, so December revenue growth will not automatically narrow operating losses. GAAP gross-margin improvement also reflects lower acquisition amortisation; adjusted earnings exclude substantial compensation and restructuring charges. Investment income cushions adjusted net losses without proving operating breakeven. Cash provides flexibility after the acquisition, although wafer inventory buffers absorb funds and new architectures still require customer qualification. Shares traded at US$8.82 post-market on 3 November, up 3.04% from the close. That response rewards improving demand, but valuation already anticipates substantial commercial adoption. A Neutral outlook balances technology potential against losses and execution risk. Watch backlog conversion, customer concentration, Claros integration, inventory consumption and whether AI revenue scales faster than expenses. Design partnerships alone do not establish durable production revenue. <\/span><b><span>4Q26 recommended trading range: US$7\u201311. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u7eb3\u5fae\u534a\u5bfc\u4f53 (NVTS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u65361,399.1\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1,011.2\u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f38.4%\uff0c\u73af\u6bd4\u589e\u957f33%\uff1b\u8f83\u5e02\u573a\u9884\u671f1,350\u4e07\u7f8e\u5143\u9ad8\u7ea649\u4e07\u7f8e\u5143\u3002\u9ad8\u529f\u7387\u4e1a\u52a1\u6536\u5165\u73af\u6bd4\u589e\u957f\u8d85\u8fc750%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u6bcf\u80a1\u4e8f\u635f0.03\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.05\u7f8e\u5143\uff0c\u6539\u55840.02\u7f8e\u5143\uff1b\u8f83\u9884\u671f\u4e8f\u635f0.04\u7f8e\u5143\u9ad80.01\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u4e8f\u635f0.14\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.09\u7f8e\u5143\u3002\u8c03\u6574\u540e\u8425\u4e1a\u4e8f\u635f1,090\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1,150\u4e07\u7f8e\u5143\uff1b\u8c03\u6574\u540e\u6bdb\u5229\u738740.0%\uff0c\u4e0a\u5e74\u540c\u671f38.7%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u65361,550\u4e07\u81f31,650\u4e07\u7f8e\u5143\uff1b\u975eGAAP\u6bdb\u5229\u738739.5%\u81f341.5%\uff1b\u542bClaros\u7684\u8425\u4e1a\u8d39\u75282,400\u4e07\u81f32,600\u4e07\u7f8e\u5143\u3002AI\u57fa\u7840\u8bbe\u65bd\u9884\u8ba1\u8d85\u8fc7\u6536\u516540%\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>\u516c\u53f8\u6f14\u793a\u6750\u6599\u663e\u793a\u8425\u65364,860\u4e07\u81f34,960\u4e07\u7f8e\u5143\uff0c\u4e2d\u503c\u540c\u6bd4\u589e\u957f\u7ea67%\uff0c\u6b64\u524d\u4e3a\u5b9a\u6027\u7684\u4e2d\u4e2a\u4f4d\u6570\u589e\u957f\u9884\u671f\u3002\u9ad8\u529f\u7387\u4e1a\u52a1\u6536\u5165\u9884\u8ba1\u589e\u957f125%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\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\u56de\u8d2d\u3002\u5b63\u672b\u73b0\u91d15.315\u4ebf\u7f8e\u5143\uff1b\u6263\u9664\u968f\u540e\u6536\u8d2dClaros\u652f\u4ed8\u76841.26\u4ebf\u7f8e\u5143\u73b0\u91d1\u540e\uff0c\u7ea6\u4e3a4.05\u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u65e0\u503a\u52a1\uff0c\u7b2c\u4e09\u5b63\u5ea6\u672a\u4f7f\u7528ATM\u5e02\u573a\u589e\u53d1\u8ba1\u5212\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u968f\u7740\u5411AI\u4f9b\u7535\u5e94\u7528\u8f6c\u578b\u53d6\u5f97\u8fdb\u5c55\uff0c\u7eb3\u5fae\u6062\u590d\u8425\u6536\u589e\u957f\u3002\u4ea7\u54c1\u7ed3\u6784\u53ca\u89c4\u6a21\u6539\u5584\u652f\u6301\u6bdb\u5229\u7387\uff0c\u4f46\u76c8\u5229\u62d0\u70b9\u4ecd\u8fdc\u3002Claros\u6269\u5c55\u7535\u538b\u8c03\u8282\u80fd\u529b\uff0c\u540c\u65f6\u663e\u8457\u63d0\u9ad8\u8425\u4e1a\u6210\u672c\uff0c\u56e0\u6b64\u5341\u4e8c\u6708\u5b63\u5ea6\u8425\u6536\u589e\u957f\u4e0d\u4f1a\u81ea\u52a8\u7f29\u5c0f\u8425\u4e1a\u4e8f\u635f\u3002GAAP\u6bdb\u5229\u7387\u6539\u5584\u4e5f\u53d7\u76ca\u4e8e\u6536\u8d2d\u644a\u9500\u4e0b\u964d\uff1b\u8c03\u6574\u540e\u76c8\u5229\u5254\u9664\u4e86\u5927\u91cf\u85aa\u916c\u53ca\u91cd\u7ec4\u8d39\u7528\u3002\u6295\u8d44\u6536\u76ca\u7f13\u51b2\u8c03\u6574\u540e\u51c0\u4e8f\u635f\uff0c\u5e76\u4e0d\u4ee3\u8868\u7ecf\u8425\u5df2\u8fbe\u76c8\u4e8f\u5e73\u8861\u3002\u6536\u8d2d\u540e\u73b0\u91d1\u4ecd\u63d0\u4f9b\u7075\u6d3b\u6027\uff0c\u4e0d\u8fc7\u6676\u5706\u5e93\u5b58\u50a8\u5907\u5360\u7528\u8d44\u91d1\uff0c\u65b0\u67b6\u6784\u4ea6\u987b\u901a\u8fc7\u5ba2\u6237\u8ba4\u8bc1\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a58.82\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da83.04%\u3002\u53cd\u5e94\u5956\u52b1\u9700\u6c42\u6539\u5584\uff0c\u4f46\u4f30\u503c\u5df2\u53cd\u6620\u76f8\u5f53\u5927\u7684\u5546\u4e1a\u91c7\u7528\u9884\u671f\u3002\u4e2d\u6027\u5c55\u671b\u6743\u8861\u6280\u672f\u6f5c\u529b\u3001\u4e8f\u635f\u4e0e\u6267\u884c\u98ce\u9669\u3002\u5173\u6ce8\u5728\u624b\u8ba2\u5355\u8f6c\u5316\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001Claros\u6574\u5408\u3001\u5e93\u5b58\u6d88\u8017\uff0c\u4ee5\u53caAI\u6536\u5165\u80fd\u5426\u5feb\u4e8e\u8d39\u7528\u589e\u957f\u3002\u8bbe\u8ba1\u5408\u4f5c\u672c\u8eab\u4e0d\u4ee3\u8868\u6301\u4e45\u7684\u91cf\u4ea7\u6536\u5165\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a7\u201311\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Booking Holdings Inc. (BKNG)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$8.893bn versus US$9.008bn, -1.3% YoY; approximately US$647m below US$9.54bn consensus. Adjusted revenue US$9.793bn, +8.7%, excludes a US$900m FTC-related reduction. Room nights grew 7%; gross bookings grew 10%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$4.66 versus US$3.98, +17.1%; beat US$4.49 consensus by US$0.17. GAAP EPS US$3.61 versus US$3.38. All per-share figures reflect April\u2019s 25-for-1 split. Adjusted net income US$3.509bn versus US$3.240bn, +8.3%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Room-night growth 1\u20133%; gross-bookings growth 2\u20134%; adjusted-revenue growth 0\u20132%; adjusted EBITDA approximately flat. No Q4 EPS guidance provided. Outlook assumes continuing Middle East travel disruption.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Gross-bookings and adjusted-revenue growth in the high single digits; adjusted EBITDA high-single-digit growth; adjusted EPS low-to-mid-teens growth. Growth bands broadly match prior guidance, with revenue now presented excluding the FTC adjustment. No absolute EPS range provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.42\/share, payable 31 December, record date 11 December. Q3 repurchases US$2.1bn; remaining authorisation US$12.4bn. Quarterly free cash flow approximately US$1.1bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Booking\u2019s underlying travel activity remained resilient, but legal exposure and softer near-term demand keep our outlook neutral. The reported revenue decline largely reflects the FTC adjustment rather than falling bookings. Nevertheless, excluding the associated revenue reduction and expense does not eliminate their economic cost or the possibility of further regulatory action. Adjusted EPS grew faster than net income because repurchases reduced the average share count. Direct distribution, merchant payments and connected-trip bookings strengthen customer engagement, while AI investment could improve service efficiency and conversion. These benefits must now offset slower international travel and disruption from the Middle East conflict. Shares traded at US$154.00 post-market on 3 November, down 1.07% from the close. Valuation is more accessible after recent weakness, but a recovery requires stable demand and contained legal costs. Watch October booking trends, cancellations, marketing efficiency, the FTC matter and cash conversion. Stronger room-night growth without additional regulatory charges would improve the balance of risks. <\/span><b><span>4Q26 recommended trading range: US$140\u2013180. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Booking Holdings (BKNG)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u516588.93\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7490.08\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1.3%\uff1b\u8f8395.4\u4ebf\u7f8e\u5143\u9884\u671f\u4f4e\u7ea66.47\u4ebf\u7f8e\u5143\u3002\u7ecf\u8c03\u6574\u6536\u516597.93\u4ebf\u7f8e\u5143\uff0c\u589e\u957f8.7%\uff0c\u5254\u9664FTC\u4e8b\u9879\u5bfc\u81f4\u76849\u4ebf\u7f8e\u5143\u6536\u5165\u6263\u51cf\u3002\u5ba2\u623f\u95f4\u591c\u589e\u957f7%\uff1b\u603b\u9884\u8ba2\u989d\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>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52294.66\u7f8e\u5143\uff0c\u53bb\u5e743.98\u7f8e\u5143\uff0c\u589e\u957f17.1%\uff1b\u8f834.49\u7f8e\u5143\u9884\u671f\u9ad80.17\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52293.61\u7f8e\u5143\uff0c\u53bb\u5e743.38\u7f8e\u5143\u3002\u5168\u90e8\u6bcf\u80a1\u6570\u636e\u53cd\u66204\u6708\u4e00\u62c6\u4e8c\u5341\u4e94\u80a1\u4efd\u62c6\u7ec6\u3002 \u7ecf\u8c03\u6574\u51c0\u5229\u6da635.09\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7432.40\u4ebf\u7f8e\u5143\uff0c\u589e\u957f8.3%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u5ba2\u623f\u95f4\u591c\u589e\u957f1\u20133%\uff1b\u603b\u9884\u8ba2\u989d\u589e\u957f2\u20134%\uff1b\u7ecf\u8c03\u6574\u6536\u5165\u589e\u957f0\u20132%\uff1b\u7ecf\u8c03\u6574EBITDA\u7ea6\u6301\u5e73\u3002\u672a\u63d0\u4f9b\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u5c55\u671b\u5047\u8bbe\u4e2d\u4e1c\u65c5\u6e38\u5e72\u6270\u6301\u7eed\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u603b\u9884\u8ba2\u989d\u53ca\u7ecf\u8c03\u6574\u6536\u5165\u589e\u957f\u8f83\u9ad8\u4e2a\u4f4d\u6570\uff1b\u7ecf\u8c03\u6574EBITDA\u589e\u957f\u8f83\u9ad8\u4e2a\u4f4d\u6570\uff1b\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u767e\u5206\u4e4b\u5341\u51fa\u5934\u81f3\u4e2d\u6bb5\u3002\u589e\u957f\u533a\u95f4\u5927\u81f4\u7b26\u5408\u6b64\u524d\u6307\u5f15\uff0c\u4f46\u6536\u5165\u73b0\u5254\u9664FTC\u8c03\u6574\u3002\u672a\u63d0\u4f9b\u7edd\u5bf9\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>\u5b63\u5ea6\u80a1\u606f\u6bcf\u80a10.42\u7f8e\u5143\uff0c12\u670831\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e512\u670811\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d21\u4ebf\u7f8e\u5143\uff1b\u5269\u4f59\u6388\u6743124\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u7ea611\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Booking\u57fa\u7840\u65c5\u6e38\u6d3b\u52a8\u4ecd\u5177\u97e7\u6027\uff0c\u4f46\u6cd5\u5f8b\u655e\u53e3\u53ca\u77ed\u671f\u9700\u6c42\u8f6c\u5f31\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u62a5\u544a\u6536\u5165\u4e0b\u964d\u4e3b\u8981\u6765\u81eaFTC\u8c03\u6574\uff0c\u5e76\u975e\u9884\u8ba2\u989d\u51cf\u5c11\u3002\u4e0d\u8fc7\uff0c\u5254\u9664\u6709\u5173\u6536\u5165\u6263\u51cf\u53ca\u8d39\u7528\uff0c\u5e76\u4e0d\u6d88\u9664\u5b9e\u9645\u7ecf\u6d4e\u6210\u672c\u6216\u8fdb\u4e00\u6b65\u76d1\u7ba1\u884c\u52a8\u7684\u53ef\u80fd\u3002\u56de\u8d2d\u964d\u4f4e\u5e73\u5747\u80a1\u6570\uff0c\u4f7f\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u589e\u957f\u5feb\u4e8e\u51c0\u5229\u6da6\u3002\u76f4\u9500\u6e20\u9053\u3001\u5546\u6237\u652f\u4ed8\u53ca\u7ec4\u5408\u884c\u7a0b\u9884\u8ba2\u5f3a\u5316\u5ba2\u6237\u4e92\u52a8\uff0cAI\u6295\u8d44\u4ea6\u53ef\u80fd\u6539\u5584\u670d\u52a1\u6548\u7387\u53ca\u8f6c\u5316\u3002\u8fd9\u4e9b\u6548\u76ca\u73b0\u987b\u62b5\u6d88\u56fd\u9645\u65c5\u6e38\u653e\u7f13\u53ca\u4e2d\u4e1c\u51b2\u7a81\u5e26\u6765\u7684\u5e72\u6270\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a5154.00\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc1.07%\u3002\u8fd1\u671f\u75b2\u5f31\u4f7f\u4f30\u503c\u66f4\u6613\u63a5\u53d7\uff0c\u4f46\u590d\u82cf\u4ecd\u9700\u9700\u6c42\u7a33\u5b9a\u53ca\u6cd5\u5f8b\u6210\u672c\u53d7\u63a7\u3002\u5173\u6ce810\u6708\u9884\u8ba2\u8d8b\u52bf\u3001\u53d6\u6d88\u7387\u3001\u8425\u9500\u6548\u7387\u3001FTC\u4e8b\u9879\u53ca\u73b0\u91d1\u8f6c\u5316\u3002\u5ba2\u623f\u95f4\u591c\u589e\u957f\u589e\u5f3a\u4e14\u65e0\u989d\u5916\u76d1\u7ba1\u8d39\u7528\uff0c\u5c06\u6539\u5584\u98ce\u9669\u5e73\u8861\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a140\u2013180\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Astera Labs, Inc. (ALAB)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$584.899m versus US$230.575m, +153.7% YoY; approximately US$34.1m above US$550.8m consensus. Revenue rose 49% sequentially. Scorpio became the largest product family; non-GAAP operating margin rose to 44.7% from 39.1% sequentially.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$1.32 versus US$0.49, +169.4%; beat US$1.19 consensus by US$0.13. GAAP EPS US$0.99 versus US$0.50. Stock compensation US$82.59m; non-GAAP tax rate approximately 11% versus 18% a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$730\u2013750m; non-GAAP EPS US$1.62\u20131.66 and GAAP EPS US$1.13\u20131.17. Gross margin approximately 72%; non-GAAP operating expenses US$194\u2013200m. Approximately 187m diluted shares assumed.<\/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. Orion platform shipments expected in 2027; optical products expected to begin contributing revenue in late 2027.<\/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$1.378bn. Nine-month operating cash flow US$341.477m; capital expenditure US$73.363m. Q3 operating cash flow US$179.2m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Astera\u2019s rapid Scorpio ramp and stronger December outlook improve the earnings trajectory, but valuation and platform concentration keep our view neutral. Growth is supported by increasing connectivity content as accelerators move into larger clusters, with memory, optical and reference-platform products expanding future opportunities. Those products remain at different qualification stages, so design activity should not be equated with immediate recurring revenue. Operating leverage is substantial, although adjusted earnings exclude material stock compensation and benefit from a lower tax rate. Gross margin has declined as product mix evolves, making sustained operating discipline important. Strong cash generation is encouraging, but receivables and inventory have increased with the expansion. Shares traded at US$225.99 post-market on 3 November, down 3.27% from the close. The reaction illustrates a high expectations bar despite the beat. Watch Scorpio customer diversification, platform deployment schedules, gross margin, collections and whether optical and memory programmes reach production without excessive incremental research spending. <\/span><b><span>4Q26 recommended trading range: US$200\u2013275. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Astera Labs (ALAB)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u65365.84899\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e742.30575\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f153.7%\uff1b\u8f835.508\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea63,410\u4e07\u7f8e\u5143\u3002\u6536\u5165\u73af\u6bd4\u589e\u957f49%\u3002Scorpio\u6210\u4e3a\u6700\u5927\u4ea7\u54c1\u7cfb\u5217\uff1b\u975eGAAP\u7ecf\u8425\u5229\u6da6\u7387\u7531\u4e0a\u5b63\u5ea639.1%\u5347\u81f344.7%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52291.32\u7f8e\u5143\uff0c\u53bb\u5e740.49\u7f8e\u5143\uff0c\u589e\u957f169.4%\uff1b\u8f831.19\u7f8e\u5143\u9884\u671f\u9ad80.13\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.99\u7f8e\u5143\uff0c\u53bb\u5e740.50\u7f8e\u5143\u3002\u80a1\u6743\u85aa\u916c8,259\u4e07\u7f8e\u5143\uff1b\u975eGAAP\u7a0e\u7387\u7ea611%\uff0c\u53bb\u5e7418%\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\u65367.30\u4ebf\u81f37.50\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52291.62\u81f31.66\u7f8e\u5143\uff0cGAAP\u6bcf\u80a1\u76c8\u52291.13\u81f31.17\u7f8e\u5143\u3002\u6bdb\u5229\u7387\u7ea672%\uff1b\u975eGAAP\u7ecf\u8425\u8d39\u75281.94\u4ebf\u81f32\u4ebf\u7f8e\u5143\u3002\u5047\u8bbe\u644a\u8584\u80a1\u6570\u7ea61.87\u4ebf\u80a1\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\u3002Orion\u5e73\u53f0\u9884\u8ba12027\u5e74\u51fa\u8d27\uff1b\u5149\u5b66\u4ea7\u54c1\u9884\u8ba12027\u5e74\u672b\u5f00\u59cb\u8d21\u732e\u6536\u5165\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\u6216\u65b0\u56de\u8d2d\u3002\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u523813.78\u4ebf\u7f8e\u5143\u3002\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d413.41477\u4ebf\u7f8e\u5143\uff0c\u8d44\u672c\u5f00\u652f7,336.3\u4e07\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d411.792\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Astera\u7684Scorpio\u5feb\u901f\u653e\u91cf\u53ca\u66f4\u5f3a\u5341\u4e8c\u6708\u5b63\u5ea6\u6307\u5f15\u6539\u5584\u76c8\u5229\u8f68\u8ff9\uff0c\u4f46\u4f30\u503c\u4e0e\u5e73\u53f0\u96c6\u4e2d\u5ea6\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u52a0\u901f\u5668\u7ec4\u6210\u66f4\u5927\u96c6\u7fa4\uff0c\u8fde\u63a5\u4ef7\u503c\u91cf\u63d0\u5347\u652f\u6301\u589e\u957f\uff0c\u5b58\u50a8\u3001\u5149\u5b66\u53ca\u53c2\u8003\u5e73\u53f0\u4ea7\u54c1\u6269\u5927\u672a\u6765\u673a\u4f1a\u3002\u5404\u4ea7\u54c1\u4ecd\u5904\u4e0d\u540c\u8ba4\u8bc1\u9636\u6bb5\uff0c\u8bbe\u8ba1\u6d3b\u52a8\u4e0d\u80fd\u7b49\u540c\u5373\u65f6\u53ef\u6301\u7eed\u6536\u5165\u3002\u7ecf\u8425\u6760\u6746\u663e\u8457\uff0c\u60df\u7ecf\u8c03\u6574\u76c8\u5229\u5254\u9664\u5927\u91cf\u80a1\u6743\u85aa\u916c\uff0c\u4ea6\u53d7\u60e0\u4e8e\u8f83\u4f4e\u7a0e\u7387\u3002\u968f\u7740\u4ea7\u54c1\u7ed3\u6784\u53d8\u5316\uff0c\u6bdb\u5229\u7387\u4e0b\u964d\uff0c\u6301\u7eed\u6210\u672c\u7eaa\u5f8b\u5c24\u4e3a\u91cd\u8981\u3002\u73b0\u91d1\u521b\u9020\u5f3a\u52b2\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u5e94\u6536\u6b3e\u4e0e\u5e93\u5b58\u968f\u6269\u5f20\u589e\u52a0\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a5225.99\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc3.27%\u3002\u5c3d\u7ba1\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u80a1\u4ef7\u53cd\u5e94\u663e\u793a\u5e02\u573a\u8981\u6c42\u8f83\u9ad8\u3002\u5173\u6ce8Scorpio\u5ba2\u6237\u591a\u5143\u5316\u3001\u5e73\u53f0\u90e8\u7f72\u65f6\u7a0b\u3001\u6bdb\u5229\u7387\u3001\u56de\u6b3e\uff0c\u4ee5\u53ca\u5149\u5b66\u4e0e\u5b58\u50a8\u9879\u76ee\u80fd\u5426\u5728\u65e0\u9700\u8fc7\u5ea6\u589e\u52a0\u7814\u53d1\u652f\u51fa\u7684\u60c5\u51b5\u4e0b\u5b9e\u73b0\u91cf\u4ea7\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a200\u2013275\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Amgen Inc. (AMGN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$10.365bn versus US$9.557bn, +8.5% YoY; approximately US$305m above US$10.06bn consensus. Repatha sales grew 37%; Imdelltra grew 128%; Prolia declined 45% amid biosimilar competition.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$6.45 versus US$5.64, +14.4%; beat US$5.78 consensus by US$0.67. GAAP EPS US$7.08 versus US$5.93; GAAP earnings include US$1.465bn net equity-investment gains. GAAP net income US$3.864bn versus US$3.216bn, +20.1%. Non-GAAP operating margin 47.3% versus 47.1%, measured against product sales.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone Q4 revenue or EPS range provided. Management expects a meaningful sequential increase in operating expenses, including higher cost-of-sales ratios and selling expenses.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue raised to US$38.9\u201339.7bn from US$38.2\u201339.4bn; non-GAAP EPS raised to US$22.90\u201323.70 from US$22.30\u201323.50. GAAP EPS US$18.34\u201319.28. Capex approximately US$2.6bn; repurchases not exceeding US$3bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$2.52\/share, payable 11 December, record date 20 November. No Q3 repurchases. Free cash flow US$3.654bn versus US$4.248bn. Cash US$13.2bn; debt US$54.0bn. Operating cash flow US$4.241bn versus US$4.684bn a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Amgen\u2019s newer medicines are offsetting legacy-product erosion, but valuation and development risk keep our outlook neutral. Repatha, Imdelltra and rare-disease therapies demonstrate commercial breadth, while biosimilars are sharply reducing Prolia and Xgeva sales. GAAP EPS is flattered by equity-investment gains; its operating improvement also benefits from lower acquisition amortisation. Non-GAAP earnings offer a cleaner comparison, although a lower tax rate supported growth and fourth-quarter spending is expected to rise. Free cash flow remains substantial but fell from the unusually strong prior-year quarter, and debt limits unrestricted capital deployment. Shares traded at US$455.40 post-market on 3 November, down 1.27% from the close. The strong preceding rally leaves valuation sensitive to disappointing launches or clinical data. MariTide offers important potential, but late-stage development does not guarantee approval or commercial competitiveness. Watch growth-product uptake, biosimilar pricing, trial tolerability, fourth-quarter margins and debt reduction. Continued portfolio growth with dependable cash conversion would support a more constructive stance. <\/span><b><span>4Q26 recommended trading range: US$420\u2013480. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5b89\u8fdb (AMGN)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165103.65\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7495.57\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f8.5%\uff1b\u8f83100.6\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea63.05\u4ebf\u7f8e\u5143\u3002Repatha\u9500\u552e\u589e\u957f37%\uff1bImdelltra\u589e\u957f128%\uff1bProlia\u53d7\u751f\u7269\u7c7b\u4f3c\u836f\u7ade\u4e89\u5f71\u54cd\u4e0b\u964d45%\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\u52296.45\u7f8e\u5143\uff0c\u53bb\u5e745.64\u7f8e\u5143\uff0c\u589e\u957f14.4%\uff1b\u8f835.78\u7f8e\u5143\u9884\u671f\u9ad80.67\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52297.08\u7f8e\u5143\uff0c\u53bb\u5e745.93\u7f8e\u5143\uff1bGAAP\u76c8\u5229\u5305\u542b14.65\u4ebf\u7f8e\u5143\u80a1\u6743\u6295\u8d44\u51c0\u6536\u76ca\u3002 GAAP\u51c0\u5229\u6da638.64\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7432.16\u4ebf\u7f8e\u5143\uff0c\u589e\u957f20.1%\u3002\u4ee5\u4ea7\u54c1\u9500\u552e\u989d\u8ba1\u7b97\u7684\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738747.3%\uff0c\u53bb\u5e7447.1%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u72ec\u7acb\u7b2c\u56db\u5b63\u5ea6\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7ecf\u8425\u8d39\u7528\u73af\u6bd4\u660e\u663e\u589e\u52a0\uff0c\u5305\u62ec\u9500\u552e\u6210\u672c\u5360\u6bd4\u53ca\u9500\u552e\u8d39\u7528\u4e0a\u5347\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u7531382\u2013394\u4ebf\u7f8e\u5143\u5347\u81f3389\u2013397\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u5229\u753122.30\u201323.50\u7f8e\u5143\u5347\u81f322.90\u201323.70\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u522918.34\u201319.28\u7f8e\u5143\u3002\u8d44\u672c\u5f00\u652f\u7ea626\u4ebf\u7f8e\u5143\uff1b\u56de\u8d2d\u4e0d\u8d85\u8fc730\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\u80a12.52\u7f8e\u5143\uff0c12\u670811\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e511\u670820\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u672a\u56de\u8d2d\u3002\u81ea\u7531\u73b0\u91d1\u6d4136.54\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7442.48\u4ebf\u7f8e\u5143\u3002\u73b0\u91d1132\u4ebf\u7f8e\u5143\uff1b\u503a\u52a1540\u4ebf\u7f8e\u5143\u3002 \u7ecf\u8425\u73b0\u91d1\u6d4142.41\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f46.84\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5b89\u8fdb\u65b0\u836f\u6b63\u62b5\u6d88\u6210\u719f\u4ea7\u54c1\u6536\u5165\u6d41\u5931\uff0c\u4f46\u4f30\u503c\u53ca\u5f00\u53d1\u98ce\u9669\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002Repatha\u3001Imdelltra\u53ca\u7f55\u89c1\u75c5\u7597\u6cd5\u4f53\u73b0\u5546\u4e1a\u589e\u957f\u5e7f\u5ea6\uff0c\u800c\u751f\u7269\u7c7b\u4f3c\u836f\u6b63\u5927\u5e45\u524a\u5f31Prolia\u53caXgeva\u9500\u552e\u3002\u80a1\u6743\u6295\u8d44\u6536\u76ca\u63a8\u9ad8GAAP\u6bcf\u80a1\u76c8\u5229\uff0c\u6536\u8d2d\u644a\u9500\u4e0b\u964d\u4ea6\u6709\u52a9\u7ecf\u8425\u6539\u5584\u3002\u975eGAAP\u76c8\u5229\u63d0\u4f9b\u8f83\u6e05\u6670\u6bd4\u8f83\uff0c\u4f46\u8f83\u4f4e\u7a0e\u7387\u652f\u6301\u589e\u957f\uff0c\u7b2c\u56db\u5b63\u5ea6\u8d39\u7528\u4ea6\u9884\u8ba1\u589e\u52a0\u3002\u81ea\u7531\u73b0\u91d1\u6d41\u4ecd\u53ef\u89c2\uff0c\u4f46\u4f4e\u4e8e\u5f02\u5e38\u5f3a\u52b2\u7684\u53bb\u5e74\u540c\u671f\uff0c\u503a\u52a1\u9650\u5236\u8d44\u672c\u7075\u6d3b\u90e8\u7f72\u3002\u80a1\u4ef7\u4e8e11\u67083\u65e5\u76d8\u540e\u62a5455.40\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc1.27%\u3002\u6b64\u524d\u5f3a\u52b2\u6da8\u52bf\u4f7f\u4f30\u503c\u5bf9\u65b0\u836f\u63a8\u51fa\u6216\u4e34\u5e8a\u6570\u636e\u4e0d\u53ca\u9884\u671f\u8f83\u654f\u611f\u3002MariTide\u6f5c\u529b\u91cd\u8981\uff0c\u4f46\u540e\u671f\u5f00\u53d1\u5e76\u4e0d\u4fdd\u8bc1\u83b7\u6279\u6216\u5546\u4e1a\u7ade\u4e89\u529b\u3002\u5173\u6ce8\u589e\u957f\u4ea7\u54c1\u91c7\u7528\u3001\u751f\u7269\u7c7b\u4f3c\u836f\u5b9a\u4ef7\u3001\u8bd5\u9a8c\u8010\u53d7\u6027\u3001\u7b2c\u56db\u5b63\u5ea6\u5229\u6da6\u7387\u53ca\u503a\u52a1\u4e0b\u964d\u3002\u4ea7\u54c1\u7ec4\u5408\u6301\u7eed\u589e\u957f\u4e14\u73b0\u91d1\u8f6c\u5316\u53ef\u9760\uff0c\u5c06\u652f\u6301\u66f4\u79ef\u6781\u89c2\u70b9\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a420\u2013480\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 SIA SP Singapore Airlines Ltd. Shares closed above the 5dEMA with elevated volume. RSI is at overbought levels but MACD is still constructive. Long \u2013 Entry 6.6, Target 7.2, Stop 6.3 CDG SP Comfortdelgro Corporation Limited Shares closed at the 5dEMA with rising volume. Both [&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-96661","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: 4 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SIA SP Singapore Airlines Ltd. Shares closed above the 5dEMA with elevated volume. RSI is at overbought levels but MACD is still constructive. Long \u2013 Entry 6.6, Target 7.2, Stop 6.3 CDG SP Comfortdelgro Corporation Limited Shares closed at the\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-september-2026\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.4\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 4 November 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 4 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SIA SP Singapore Airlines Ltd. Shares closed above the 5dEMA with elevated volume. RSI is at overbought levels but MACD is still constructive. 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Shares closed above the 5dEMA with elevated volume. RSI is at overbought levels but MACD is still constructive. 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