{"id":96724,"date":"2026-11-05T08:00:00","date_gmt":"2026-11-05T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96724"},"modified":"2026-11-05T11:13:21","modified_gmt":"2026-11-05T03:13:21","slug":"technical-analysis-5-november-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-5-november-2026\/","title":{"rendered":"Technical Analysis: 5 November 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96724\" class=\"elementor elementor-96724\" 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: 5 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;\">CSE SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">CSE Global 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 20dEMA with a surge in 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 constructive while MACD is negative.<\/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 0.95, Target 1.05, Stop 0.90<\/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_5Nov_CSE_SP.png\" class=\"attachment-full size-full wp-image-96725\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_CSE_SP.png 1602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_CSE_SP-300x172.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_CSE_SP-1024x586.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_CSE_SP-768x440.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_CSE_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;\">HG SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hour Glass Ltd\/The<\/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 above the 100dEMA with a surge in volume.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><span data-contrast=\"none\">Both RSI and MACD are constructive.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"23\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\">Long \u2013 Entry 2.66, Target 2.92, Stop 2.52<\/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_5Nov_HG_SP.png\" class=\"attachment-full size-full wp-image-96726\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_HG_SP.png 1602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_HG_SP-300x172.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_HG_SP-1024x586.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_HG_SP-768x440.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_HG_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;\">2269 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Wuxi Biologics Cayman Inc<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 20dEMA with rising volume.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is constructive, while MACD is about to turn positive.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"15\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">Long \u2013 Entry 46, Target 52, Stop 43<\/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_5Nov_2269_HK.png\" class=\"attachment-full size-full wp-image-96727\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2269_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2269_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2269_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2269_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2269_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;\">2359 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">WuXi AppTec Co., Ltd.<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d33577d elementor-widget elementor-widget-text-editor\" data-id=\"d33577d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Shares closed above the 20dEMA with rising volume.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">RSI is constructive, while MACD is about to turn positive.<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"8\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\">Long \u2013 Entry 188, Target 208, Stop 178<\/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_5Nov_2359_HK.png\" class=\"attachment-full size-full wp-image-96728\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2359_HK.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2359_HK-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2359_HK-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2359_HK-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_5Nov_2359_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;\">DG US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Dollar General Corp<\/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 at a high since March above the 5dEMA with rising volume.<\/span><\/li><\/ul><ul><li><span>Both RSI and MACD are constructive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 138, Target 150, Stop 132<\/span><\/b><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e5bd12 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e5bd12\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aeea6c2 elementor-widget elementor-widget-image\" data-id=\"aeea6c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026.png\" class=\"attachment-full size-full wp-image-96732\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_DG_5Nov2026-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4237d1e e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"4237d1e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fc55e63 elementor-widget elementor-widget-text-editor\" data-id=\"fc55e63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">WMT US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Walmart Inc<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3c04ea elementor-widget elementor-widget-text-editor\" data-id=\"c3c04ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span>Shares closed at a high since May above the 5dEMA with rising volume.<\/span><\/li><\/ul><ul><li><span>MACD is constructive, while RSI is at an overbought level.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 127, Target 135, Stop 123<\/span><\/b><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e7e8b9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9e7e8b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42d7ae4 elementor-widget elementor-widget-image\" data-id=\"42d7ae4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026.png\" class=\"attachment-full size-full wp-image-96733\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_WMT_5Nov2026-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1a0c420a e-con e-atomic-element e-flexbox-base e-default-div e-1a0c420a-108c1cb \" data-id=\"1a0c420a\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"1a0c420a\" data-e-type=\"e-flexbox\" data-id=\"1a0c420a\">\n    \t\t\t<p class=\"e-32092b11-15817bd e-paragraph-base e-default-p\" data-interaction-id=\"32092b11\" data-e-type=\"widget\" data-id=\"32092b11\"><a target=\"_self\" href=\"#top\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n<div class=\"elementor-element elementor-element-30f27d76 e-flex e-con-boxed e-con e-parent\" data-id=\"30f27d76\" data-element_type=\"container\" data-e-type=\"container\" id=\"er\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-ad2646f e-con-full e-flex e-con e-child\" data-id=\"ad2646f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-50b50a35 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"50b50a35\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Earnings<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-39b0c2cc e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"39b0c2cc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_tablet&quot;:&quot;fadeInUp&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-297187d6 elementor-widget elementor-widget-text-editor\" data-id=\"297187d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><b><span>Uber Technologies, Inc. (UBER)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$14.766bn versus US$13.467bn, +9.6% YoY; approximately US$96m above US$14.67bn consensus. Business-model changes reduced reported growth by eight percentage points. Gross bookings US$59.819bn, +20%; trips grew 16%. Constant-currency bookings growth was 20%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-GAAP EPS US$0.88 versus US$0.65, +35.4%; beat US$0.87 consensus by US$0.01. GAAP diluted EPS US$0.25 versus US$3.11; current earnings include a US$476m pretax investment-revaluation loss.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Gross bookings US$63.25\u201365.25bn, representing 18\u201322% constant-currency growth; non-GAAP EPS US$0.95\u20130.99. Adjusted EBITDA US$3.13\u20133.23bn. No revenue guidance provided; bookings are transaction value rather than recognised revenue.<\/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 expects approximately 700 fully driverless vehicles on the platform by year-end and over 2,000 in 2027.<\/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$750m. Operating cash flow US$2.639bn; free cash flow US$2.535bn. Unrestricted cash and short-term investments US$10.1bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Uber\u2019s expanding audience and delivery profitability support the business, but driver shortages and autonomous-vehicle investment keep our outlook neutral. Revenue growth understates activity because business-model changes altered recognition, while bookings and trips continued to expand. GAAP earnings also face an unusually difficult comparison: last year included a major tax-valuation release and investment gains, whereas this quarter included investment losses. Non-GAAP profit better tracks operations, but excludes amortisation and legal costs that remain relevant to shareholders. Strong cash generation supports repurchases, although insurance reserves and other working-capital movements also influence cash conversion. Shares closed at US$69.87 on 4 November, up 4.91%. Valuation offers a more balanced entry after earlier weakness, yet the rally requires sustained execution. Watch driver recruitment, incentives, delivery margins, acquisition spending and autonomous fleet economics. Partnerships and vehicle targets must translate into profitable completed trips. Continued bookings growth alongside disciplined investment would support a more positive stance; persistent supply constraints would limit operating leverage. <\/span><b><span>4Q26 recommended trading range: US$63\u201380. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u4f18\u6b65 (UBER)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u5165147.66\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e74134.67\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f9.6%\uff1b\u8f83146.7\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea69,600\u4e07\u7f8e\u5143\u3002\u4e1a\u52a1\u6a21\u5f0f\u8c03\u6574\u4f7f\u62a5\u544a\u589e\u957f\u51cf\u5c11\u516b\u4e2a\u767e\u5206\u70b9\u3002\u603b\u9884\u8ba2\u989d598.19\u4ebf\u7f8e\u5143\uff0c\u589e\u957f20%\uff1b\u884c\u7a0b\u91cf\u589e\u957f16%\u3002 \u6309\u56fa\u5b9a\u6c47\u7387\u8ba1\u7b97\u7684\u9884\u8ba2\u989d\u589e\u957f\u4ea6\u4e3a20%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u6bcf\u80a1\u76c8\u52290.88\u7f8e\u5143\uff0c\u53bb\u5e740.65\u7f8e\u5143\uff0c\u589e\u957f35.4%\uff1b\u8f830.87\u7f8e\u5143\u9884\u671f\u9ad80.01\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.25\u7f8e\u5143\uff0c\u53bb\u5e743.11\u7f8e\u5143\uff1b\u672c\u671f\u76c8\u5229\u5305\u542b4.76\u4ebf\u7f8e\u5143\u7a0e\u524d\u6295\u8d44\u91cd\u4f30\u635f\u5931\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u603b\u9884\u8ba2\u989d632.5\u2013652.5\u4ebf\u7f8e\u5143\uff0c\u6309\u56fa\u5b9a\u6c47\u7387\u589e\u957f18\u201322%\uff1b\u975eGAAP\u6bcf\u80a1\u76c8\u52290.95\u20130.99\u7f8e\u5143\u3002\u7ecf\u8c03\u6574EBITDA\u4e3a31.3\u201332.3\u4ebf\u7f8e\u5143\u3002\u672a\u63d0\u4f9b\u6536\u5165\u6307\u5f15\uff1b\u9884\u8ba2\u989d\u4e3a\u4ea4\u6613\u4ef7\u503c\uff0c\u5e76\u975e\u786e\u8ba4\u6536\u5165\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u72ec\u7acb\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5e74\u5e95\u5e73\u53f0\u4e0a\u7ea6\u6709700\u8f86\u5b8c\u5168\u65e0\u4eba\u9a7e\u9a76\u8f66\u8f86\uff0c2027\u5e74\u8d85\u8fc72,000\u8f86\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\u8d2d7.5\u4ebf\u7f8e\u5143\u3002\u7ecf\u8425\u73b0\u91d1\u6d4126.39\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u6d4125.35\u4ebf\u7f8e\u5143\u3002\u975e\u53d7\u9650\u73b0\u91d1\u53ca\u77ed\u671f\u6295\u8d44101\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u4f18\u6b65\u7528\u6237\u6269\u5927\u53ca\u914d\u9001\u76c8\u5229\u6539\u5584\u652f\u6301\u4e1a\u52a1\uff0c\u4f46\u53f8\u673a\u77ed\u7f3a\u53ca\u65e0\u4eba\u9a7e\u9a76\u6295\u8d44\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u4e1a\u52a1\u6a21\u5f0f\u8c03\u6574\u6539\u53d8\u6536\u5165\u786e\u8ba4\uff0c\u4f7f\u6536\u5165\u589e\u957f\u4f4e\u4f30\u6d3b\u52a8\u589e\u5e45\uff0c\u800c\u9884\u8ba2\u989d\u53ca\u884c\u7a0b\u91cf\u6301\u7eed\u6269\u5927\u3002GAAP\u76c8\u5229\u6bd4\u8f83\u4ea6\u5f02\u5e38\u56f0\u96be\uff1a\u53bb\u5e74\u5305\u62ec\u5927\u989d\u7a0e\u9879\u4f30\u503c\u62e8\u5907\u8f6c\u56de\u53ca\u6295\u8d44\u6536\u76ca\uff0c\u672c\u5b63\u5219\u51fa\u73b0\u6295\u8d44\u635f\u5931\u3002\u975eGAAP\u5229\u6da6\u66f4\u80fd\u53cd\u6620\u7ecf\u8425\uff0c\u4f46\u5254\u9664\u7684\u644a\u9500\u53ca\u6cd5\u5f8b\u6210\u672c\u4ecd\u4e0e\u80a1\u4e1c\u76f8\u5173\u3002\u5f3a\u52b2\u73b0\u91d1\u521b\u9020\u652f\u6301\u56de\u8d2d\uff0c\u60df\u4fdd\u9669\u51c6\u5907\u91d1\u53ca\u5176\u4ed6\u8425\u8fd0\u8d44\u91d1\u53d8\u52a8\u4ea6\u5f71\u54cd\u73b0\u91d1\u8f6c\u5316\u3002\u80a1\u4ef7\u4e8e11\u67084\u65e5\u6536\u62a569.87\u7f8e\u5143\uff0c\u4e0a\u6da84.91%\u3002\u6b64\u524d\u75b2\u5f31\u540e\u4f30\u503c\u63d0\u4f9b\u8f83\u5e73\u8861\u5207\u5165\u70b9\uff0c\u4f46\u53cd\u5f39\u4ecd\u8981\u6c42\u6301\u7eed\u6267\u884c\u3002\u5173\u6ce8\u53f8\u673a\u62db\u8058\u3001\u6fc0\u52b1\u3001\u914d\u9001\u5229\u6da6\u7387\u3001\u6536\u8d2d\u5f00\u652f\u53ca\u65e0\u4eba\u9a7e\u9a76\u8f66\u961f\u7ecf\u6d4e\u6548\u76ca\u3002\u5408\u4f5c\u4e0e\u8f66\u8f86\u76ee\u6807\u987b\u8f6c\u5316\u4e3a\u6709\u5229\u6da6\u7684\u5df2\u5b8c\u6210\u884c\u7a0b\u3002\u9884\u8ba2\u989d\u6301\u7eed\u589e\u957f\u4e14\u6295\u8d44\u6709\u7eaa\u5f8b\uff0c\u5c06\u652f\u6301\u66f4\u6b63\u9762\u89c2\u70b9\uff1b\u4f9b\u5e94\u957f\u671f\u53d7\u9650\u5219\u4f1a\u9650\u5236\u7ecf\u8425\u6760\u6746\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a63\u201380\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Vishay Intertechnology, Inc. (VSH)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$978.939m versus US$790.640m, +23.8% YoY; approximately US$15.22m above US$963.72m consensus. Book-to-bill 1.29; backlog 6.6 months. Gross margin rose to 25.5% from 19.5%. Volume increased 20% and average selling prices rose 4%; all technologies contributed to growth.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$0.37 versus US$0.04, +825%; beat US$0.28 consensus by US$0.09. Current GAAP EPS also US$0.37, versus a US$0.06 loss. Operating margin 9.4%; effective tax rate 32.4%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$975\u20131,005m; gross margin 25.5\u201326.5%. No EPS guidance provided. Management expects a 30\u201335% effective tax rate, with year-end holiday closures included.<\/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. Capex reduced to US$350\u2013400m from US$400\u2013440m; full-year free cash expected near break-even.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Q3 dividend US$0.10\/share; no repurchases. Operating cash flow US$145.763m; free cash US$98.475m. Cash and short-term investments approximately US$1.1bn. No new buyback announced.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Vishay\u2019s recovery is broadening across semiconductors and passive components, but a neutral outlook reflects the cash demands of its expansion programme. Higher volumes and pricing lifted gross margin and operating profitability, while bookings above shipments support near-term visibility. The current quarter contains no EPS adjustments, making the operating improvement more persuasive; the year-earlier GAAP loss was distorted by a tax-law charge. Cash generation also improved, although lower quarterly capital spending partly reflects equipment delays rather than a permanent reduction in investment needs. Management\u2019s near-break-even annual cash outlook and planned reduction in receivables securitisation temper the strong quarterly figure. Shares closed at US$25.84 on 4 November, down 5.07%. The decline leaves a more balanced valuation, yet investors still need evidence that the upcycle produces durable returns after expansion costs. Watch order cancellations, distributor inventories, pricing, tax rates and new-fab qualification. Converting backlog into cash while sustaining utilisation would strengthen the investment case. <\/span><b><span>4Q26 recommended trading range: US$23\u201332. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5a01\u4e16\u79d1\u6280 (VSH)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u65369.78939\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e747.90640\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f23.8%\uff1b\u8f839.6372\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea61,522\u4e07\u7f8e\u5143\u3002\u8ba2\u5355\u51fa\u8d27\u6bd41.29\uff1b\u5728\u624b\u8ba2\u5355\u76f8\u5f53\u4e8e6.6\u4e2a\u6708\u3002\u6bdb\u5229\u7387\u753119.5%\u5347\u81f325.5%\u3002\u9500\u91cf\u589e\u957f20%\uff0c\u5e73\u5747\u552e\u4ef7\u4e0a\u6da84%\uff1b\u6240\u6709\u6280\u672f\u4ea7\u54c1\u5747\u8d21\u732e\u589e\u957f\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\u52290.37\u7f8e\u5143\uff0c\u53bb\u5e740.04\u7f8e\u5143\uff0c\u589e\u957f825%\uff1b\u8f830.28\u7f8e\u5143\u9884\u671f\u9ad80.09\u7f8e\u5143\u3002\u672c\u5b63GAAP\u6bcf\u80a1\u76c8\u5229\u4ea6\u4e3a0.37\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f0.06\u7f8e\u5143\u3002\u7ecf\u8425\u5229\u6da6\u73879.4%\uff1b\u5b9e\u9645\u7a0e\u738732.4%\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\u65369.75\u4ebf\u81f310.05\u4ebf\u7f8e\u5143\uff1b\u6bdb\u5229\u738725.5%\u81f326.5%\u3002\u516c\u53f8\u672a\u63d0\u4f9b\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5b9e\u9645\u7a0e\u738730%\u81f335%\uff0c\u6536\u5165\u5df2\u8ba1\u5165\u5e74\u672b\u5047\u671f\u505c\u5de5\u5f71\u54cd\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u8d44\u672c\u5f00\u652f\u75314\u4ebf\u81f34.4\u4ebf\u7f8e\u5143\u4e0b\u8c03\u81f33.5\u4ebf\u81f34\u4ebf\u7f8e\u5143\uff1b\u5168\u5e74\u81ea\u7531\u73b0\u91d1\u9884\u8ba1\u63a5\u8fd1\u6536\u652f\u5e73\u8861\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u80a1\u606f0.10\u7f8e\u5143\uff1b\u672a\u56de\u8d2d\u3002\u7ecf\u8425\u73b0\u91d1\u6d411.45763\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d19,847.5\u4e07\u7f8e\u5143\u3002\u73b0\u91d1\u53ca\u77ed\u671f\u6295\u8d44\u7ea611\u4ebf\u7f8e\u5143\u3002\u672a\u5ba3\u5e03\u65b0\u56de\u8d2d\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5a01\u4e16\u590d\u82cf\u6269\u5c55\u81f3\u534a\u5bfc\u4f53\u53ca\u88ab\u52a8\u5143\u4ef6\uff0c\u4f46\u6269\u4ea7\u8ba1\u5212\u7684\u73b0\u91d1\u9700\u6c42\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u9500\u91cf\u4e0e\u4ef7\u683c\u4e0a\u5347\u63a8\u52a8\u6bdb\u5229\u7387\u53ca\u7ecf\u8425\u76c8\u5229\uff0c\u8ba2\u5355\u9ad8\u4e8e\u51fa\u8d27\u652f\u6301\u8fd1\u671f\u80fd\u89c1\u5ea6\u3002\u672c\u5b63\u6bcf\u80a1\u76c8\u5229\u6ca1\u6709\u8c03\u6574\u9879\u76ee\uff0c\u7ecf\u8425\u6539\u5584\u66f4\u5177\u8bf4\u670d\u529b\uff1b\u53bb\u5e74GAAP\u4e8f\u635f\u5219\u53d7\u7a0e\u6cd5\u53d8\u5316\u8d39\u7528\u5e72\u6270\u3002\u73b0\u91d1\u521b\u9020\u4ea6\u6539\u5584\uff0c\u60df\u672c\u5b63\u8d44\u672c\u5f00\u652f\u4e0b\u964d\u90e8\u5206\u6765\u81ea\u8bbe\u5907\u5ef6\u8fdf\uff0c\u5e76\u975e\u6295\u8d44\u9700\u6c42\u6c38\u4e45\u51cf\u5c11\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5168\u5e74\u73b0\u91d1\u63a5\u8fd1\u6536\u652f\u5e73\u8861\uff0c\u5e76\u8ba1\u5212\u7f29\u51cf\u5e94\u6536\u6b3e\u8bc1\u5238\u5316\uff0c\u4ee4\u5f3a\u52b2\u5355\u5b63\u73b0\u91d1\u8868\u73b0\u9700\u5ba1\u614e\u89e3\u8bfb\u3002\u80a1\u4ef7\u4e8e11\u67084\u65e5\u6536\u76d8\u62a525.84\u7f8e\u5143\uff0c\u4e0b\u8dcc5.07%\u3002\u56de\u843d\u4f7f\u4f30\u503c\u66f4\u5e73\u8861\uff0c\u6295\u8d44\u8005\u4ecd\u9700\u89c2\u5bdf\u4e0a\u884c\u5468\u671f\u80fd\u5426\u5728\u6269\u4ea7\u6210\u672c\u540e\u5e26\u6765\u6301\u4e45\u56de\u62a5\u3002\u5173\u6ce8\u53d6\u6d88\u8ba2\u5355\u3001\u5206\u9500\u5546\u5e93\u5b58\u3001\u5b9a\u4ef7\u3001\u7a0e\u7387\u53ca\u65b0\u5382\u8ba4\u8bc1\u3002\u5728\u4fdd\u6301\u5229\u7528\u7387\u7684\u540c\u65f6\u5c06\u8ba2\u5355\u8f6c\u5316\u4e3a\u73b0\u91d1\uff0c\u5c06\u5f3a\u5316\u6295\u8d44\u903b\u8f91\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a23\u201332\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>GLOBALFOUNDRIES Inc. (GFS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$1.899bn versus US$1.688bn, +12.5% YoY; approximately US$9m above US$1.89bn consensus. Communications infrastructure and data-center revenue grew 81%; non-IFRS gross margin reached 31.4%. Smart-mobile revenue declined 19%. Wafer shipments approximately 647,000 300mm equivalents, up 7% from a year earlier.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Non-IFRS diluted EPS US$0.53 versus US$0.41, +29.3%; beat US$0.51 consensus by US$0.02. IFRS loss US$0.49\/share versus US$0.44 profit, primarily reflecting a US$441m non-cash government share-issuance charge.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$1.975\u20132.025bn; non-IFRS EPS US$0.54\u20130.64; IFRS EPS US$0.42\u20130.52, excluding uncertain further government share-issuance charges. Non-IFRS gross margin 30.5\u201332.5%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No full-year revenue or EPS guidance provided. Net capex remains 15\u201320% of revenue; free-cash-flow margin approximately 10%. Management expects approximately US$4bn net capex in 2027.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Dividend US$0.12\/share, payable 14 January 2027, record 22 December 2026. Q3 buybacks US$100m. Cash and securities US$3.2bn; operating cash flow US$341m; adjusted free cash flow US$136m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>GlobalFoundries\u2019 richer business mix improves profitability, but large investment requirements and dilution keep our outlook neutral. Optical networking, automotive and industrial demand are offsetting smartphone weakness, while differentiated processes offer stronger economics than undifferentiated wafer capacity. The TSMC interposer agreement and expanded Marvell relationship add future revenue opportunities, although production ramps extend beyond the current earnings period. The IFRS loss largely reflects government equity issuance rather than deteriorating factory operations; nevertheless, dilution is an economic cost, and adjusted earnings also remove compensation and restructuring items. Cash conversion requires care because customer prepayments and government grants supported quarterly free cash flow. Those funding sources reduce immediate financing pressure but accompany future delivery obligations and substantial capacity spending. Shares closed at US$40.34 on 4 November, down 5.95%. Valuation is more balanced after the decline, but execution remains central. Watch optical capacity utilisation, customer commitments, mobile demand, further share issuance and whether new capacity earns attractive returns after depreciation. <\/span><b><span>4Q26 recommended trading range: US$36\u201348. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u683c\u82af (GFS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653618.99\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7416.88\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12.5%\uff1b\u8f8318.9\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea6900\u4e07\u7f8e\u5143\u3002\u901a\u4fe1\u57fa\u7840\u8bbe\u65bd\u53ca\u6570\u636e\u4e2d\u5fc3\u6536\u5165\u589e\u957f81%\uff1b\u975eIFRS\u6bdb\u5229\u7387\u5347\u81f331.4%\u3002\u667a\u80fd\u79fb\u52a8\u8bbe\u5907\u6536\u5165\u4e0b\u964d19%\u3002\u51fa\u8d27\u7ea664.7\u4e07\u7247300\u6beb\u7c73\u7b49\u6548\u6676\u5706\uff0c\u540c\u6bd4\u589e\u957f7%\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>\u975eIFRS\u644a\u8584\u6bcf\u80a1\u76c8\u52290.53\u7f8e\u5143\uff0c\u53bb\u5e740.41\u7f8e\u5143\uff0c\u589e\u957f29.3%\uff1b\u8f830.51\u7f8e\u5143\u9884\u671f\u9ad80.02\u7f8e\u5143\u3002IFRS\u6bcf\u80a1\u4e8f\u635f0.49\u7f8e\u5143\uff0c\u53bb\u5e74\u76c8\u52290.44\u7f8e\u5143\uff0c\u4e3b\u8981\u53cd\u6620\u5411\u653f\u5e9c\u53d1\u884c\u80a1\u4efd\u4ea7\u751f\u76844.41\u4ebf\u7f8e\u5143\u975e\u73b0\u91d1\u8d39\u7528\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\u653619.75\u4ebf\u81f320.25\u4ebf\u7f8e\u5143\uff1b\u975eIFRS\u6bcf\u80a1\u76c8\u52290.54\u81f30.64\u7f8e\u5143\uff1bIFRS\u6bcf\u80a1\u76c8\u52290.42\u81f30.52\u7f8e\u5143\uff0c\u672a\u8ba1\u5165\u5c1a\u4e0d\u786e\u5b9a\u7684\u8fdb\u4e00\u6b65\u653f\u5e9c\u80a1\u4efd\u53d1\u884c\u8d39\u7528\u3002\u975eIFRS\u6bdb\u5229\u738730.5%\u81f332.5%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002\u51c0\u8d44\u672c\u5f00\u652f\u7ef4\u6301\u5360\u6536\u516515%\u81f320%\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u7387\u7ea610%\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u51c0\u8d44\u672c\u5f00\u652f\u7ea640\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u6bcf\u80a1\u80a1\u606f0.12\u7f8e\u5143\uff0c2027\u5e741\u670814\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e52026\u5e7412\u670822\u65e5\u3002\u7b2c\u4e09\u5b63\u5ea6\u56de\u8d2d1\u4ebf\u7f8e\u5143\u3002\u73b0\u91d1\u53ca\u6709\u4ef7\u8bc1\u523832\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8425\u73b0\u91d1\u6d413.41\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u81ea\u7531\u73b0\u91d1\u6d411.36\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u683c\u82af\u4e1a\u52a1\u7ed3\u6784\u6539\u5584\u63d0\u5347\u76c8\u5229\uff0c\u4f46\u5927\u89c4\u6a21\u6295\u8d44\u9700\u6c42\u4e0e\u644a\u8584\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5149\u7f51\u7edc\u3001\u6c7d\u8f66\u53ca\u5de5\u4e1a\u9700\u6c42\u62b5\u6d88\u667a\u80fd\u624b\u673a\u75b2\u5f31\uff0c\u5dee\u5f02\u5316\u5236\u7a0b\u7684\u7ecf\u6d4e\u6548\u76ca\u4f18\u4e8e\u540c\u8d28\u5316\u6676\u5706\u4ea7\u80fd\u3002\u53f0\u79ef\u7535\u4e2d\u4ecb\u5c42\u534f\u8bae\u53ca\u6269\u5927\u7684Marvell\u5408\u4f5c\u5e26\u6765\u672a\u6765\u6536\u5165\u673a\u4f1a\uff0c\u60df\u91cf\u4ea7\u653e\u91cf\u8d85\u51fa\u5f53\u524d\u4e1a\u7ee9\u671f\u95f4\u3002IFRS\u4e8f\u635f\u4e3b\u8981\u6765\u81ea\u5411\u653f\u5e9c\u53d1\u884c\u80a1\u6743\uff0c\u5e76\u975e\u5de5\u5382\u7ecf\u8425\u6076\u5316\uff1b\u4e0d\u8fc7\uff0c\u644a\u8584\u4ecd\u662f\u7ecf\u6d4e\u6210\u672c\uff0c\u7ecf\u8c03\u6574\u76c8\u5229\u4ea6\u5254\u9664\u85aa\u916c\u53ca\u91cd\u7ec4\u9879\u76ee\u3002\u73b0\u91d1\u8f6c\u5316\u9700\u5ba1\u614e\u770b\u5f85\uff0c\u56e0\u5ba2\u6237\u9884\u4ed8\u6b3e\u4e0e\u653f\u5e9c\u8865\u52a9\u652f\u6301\u4e86\u672c\u5b63\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u8fd9\u4e9b\u8d44\u91d1\u51cf\u5c11\u5373\u65f6\u878d\u8d44\u538b\u529b\uff0c\u4f46\u4f34\u968f\u672a\u6765\u4ea4\u4ed8\u4e49\u52a1\u53ca\u5927\u91cf\u6269\u4ea7\u652f\u51fa\u3002\u80a1\u4ef7\u4e8e11\u67084\u65e5\u6536\u76d8\u62a540.34\u7f8e\u5143\uff0c\u4e0b\u8dcc5.95%\u3002\u56de\u843d\u540e\u4f30\u503c\u66f4\u5e73\u8861\uff0c\u6267\u884c\u4ecd\u662f\u5173\u952e\u3002\u5173\u6ce8\u5149\u5b66\u4ea7\u80fd\u5229\u7528\u7387\u3001\u5ba2\u6237\u627f\u8bfa\u3001\u624b\u673a\u9700\u6c42\u3001\u8fdb\u4e00\u6b65\u80a1\u4efd\u53d1\u884c\uff0c\u4ee5\u53ca\u65b0\u4ea7\u80fd\u5728\u6298\u65e7\u540e\u80fd\u5426\u5b9e\u73b0\u6709\u5438\u5f15\u529b\u7684\u56de\u62a5\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a36\u201348\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>CVS Health Corporation (CVS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Revenue US$108.399bn versus US$102.871bn, +5.4% YoY; approximately US$3.709bn above US$104.69bn consensus. Medical benefit ratio improved to 91.3% from 92.8%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>Adjusted diluted EPS US$2.09 versus US$1.60, +30.6%; beat US$1.65 consensus by US$0.44. GAAP EPS US$1.68 versus a US$3.13 loss, reflecting the absence of last year\u2019s US$5.7bn goodwill impairment.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone Q4 revenue or EPS guidance provided. Preliminary FY27 adjusted EPS expectation at least US$8.65; formal FY27 guidance expected with Q4 results.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Revenue floor raised to US$420bn from US$414bn; adjusted EPS to at least US$8.20 from US$7.90\u20138.10. GAAP EPS to at least US$6.98 from US$6.84\u20137.04; operating cash flow to at least US$15.5bn from US$11.5bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Quarterly dividend US$0.665\/share paid 2 November, record date 22 October. No nine-month repurchases; US$11.5bn remains authorised. Management plans to resume repurchases in Q4. Nine-month operating cash flow US$15.3bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>CVS\u2019s insurance recovery and stronger pharmacy earnings support cash generation, but the proposed separation adds uncertainty and keeps our outlook neutral. Lower medical costs relative to premiums indicate progress in Medicare pricing and underwriting. The GAAP turnaround, however, largely reflects the absence of last year\u2019s goodwill impairment, while prior-year reserve development and working-capital timing also require scrutiny when assessing recurring earnings and cash. Management now plans to separate retail pharmacy from Aetna, Caremark and other healthcare assets in the first half of 2028. Greater focus could improve capital allocation, but debt allocation, lost efficiencies and execution costs remain unresolved. Shares closed at US$79.96 on 4 November, down 12.53%. The decline makes valuation more attractive, though breakup value is not assured. Watch medical utilisation, reserve adequacy, PBM retention, pharmacy reimbursement and separation disclosures. Resuming repurchases may support EPS, but durable margin recovery and independently sustainable cash flows matter more for a positive reassessment. <\/span><b><span>4Q26 recommended trading range: US$75\u201392. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>CVS\u5065\u5eb7 (CVS)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u6536\u51651,083.99\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e741,028.71\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f5.4%\uff1b\u8f831,046.9\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea637.09\u4ebf\u7f8e\u5143\u3002\u533b\u7597\u8d54\u4ed8\u7387\u753192.8%\u6539\u5584\u81f391.3%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u7ecf\u8c03\u6574\u644a\u8584\u6bcf\u80a1\u76c8\u52292.09\u7f8e\u5143\uff0c\u53bb\u5e741.60\u7f8e\u5143\uff0c\u589e\u957f30.6%\uff1b\u8f831.65\u7f8e\u5143\u9884\u671f\u9ad80.44\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52291.68\u7f8e\u5143\uff0c\u53bb\u5e74\u4e8f\u635f3.13\u7f8e\u5143\uff0c\u53cd\u6620\u53bb\u5e7457\u4ebf\u7f8e\u5143\u5546\u8a89\u51cf\u503c\u4e0d\u518d\u53d1\u751f\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\u3002FY27\u521d\u6b65\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u9884\u671f\u81f3\u5c118.65\u7f8e\u5143\uff1b\u6b63\u5f0fFY27\u6307\u5f15\u9884\u8ba1\u968f\u7b2c\u56db\u5b63\u5ea6\u4e1a\u7ee9\u53d1\u5e03\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6536\u5165\u4e0b\u9650\u75314,140\u4ebf\u7f8e\u5143\u5347\u81f34,200\u4ebf\u7f8e\u5143\uff1b\u7ecf\u8c03\u6574\u6bcf\u80a1\u76c8\u5229\u75317.90\u20138.10\u7f8e\u5143\u5347\u81f3\u81f3\u5c118.20\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u5229\u75316.84\u20137.04\u7f8e\u5143\u6539\u4e3a\u81f3\u5c116.98\u7f8e\u5143\uff1b\u7ecf\u8425\u73b0\u91d1\u6d41\u7531\u81f3\u5c11115\u4ebf\u7f8e\u5143\u5347\u81f3\u81f3\u5c11155\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\u80a10.665\u7f8e\u5143\u5df2\u4e8e11\u67082\u65e5\u652f\u4ed8\uff0c\u767b\u8bb0\u65e510\u670822\u65e5\u3002\u9996\u4e5d\u4e2a\u6708\u672a\u56de\u8d2d\uff1b\u5269\u4f59\u6388\u6743115\u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u8ba1\u5212\u7b2c\u56db\u5b63\u5ea6\u6062\u590d\u56de\u8d2d\u3002\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d41153\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>CVS\u4fdd\u9669\u4e1a\u52a1\u590d\u82cf\u53ca\u836f\u623f\u76c8\u5229\u589e\u5f3a\u652f\u6301\u73b0\u91d1\u521b\u9020\uff0c\u4f46\u62df\u8bae\u5206\u62c6\u589e\u52a0\u4e0d\u786e\u5b9a\u6027\uff0c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u533b\u7597\u6210\u672c\u76f8\u5bf9\u4e8e\u4fdd\u8d39\u4e0b\u964d\uff0c\u663e\u793aMedicare\u5b9a\u4ef7\u53ca\u627f\u4fdd\u53d6\u5f97\u8fdb\u5c55\u3002\u4e0d\u8fc7\uff0cGAAP\u626d\u4e8f\u4e3b\u8981\u6765\u81ea\u53bb\u5e74\u5546\u8a89\u51cf\u503c\u4e0d\u518d\u53d1\u751f\uff1b\u8bc4\u4f30\u7ecf\u5e38\u6027\u76c8\u5229\u53ca\u73b0\u91d1\u6d41\u65f6\uff0c\u4ea6\u987b\u5ba1\u89c6\u5f80\u5e74\u51c6\u5907\u91d1\u53d1\u5c55\u53ca\u8425\u8fd0\u8d44\u91d1\u65f6\u70b9\u3002\u7ba1\u7406\u5c42\u8ba1\u5212\u4e8e2028\u5e74\u4e0a\u534a\u5e74\u5c06\u96f6\u552e\u836f\u623f\u4e0eAetna\u3001Caremark\u53ca\u5176\u4ed6\u533b\u7597\u8d44\u4ea7\u5206\u62c6\u3002\u66f4\u805a\u7126\u6216\u53ef\u6539\u5584\u8d44\u672c\u914d\u7f6e\uff0c\u4f46\u503a\u52a1\u5206\u914d\u3001\u6548\u7387\u635f\u5931\u53ca\u6267\u884c\u6210\u672c\u4ecd\u5f85\u5398\u6e05\u3002\u80a1\u4ef7\u4e8e11\u67084\u65e5\u6536\u62a579.96\u7f8e\u5143\uff0c\u4e0b\u8dcc12.53%\u3002\u8dcc\u5e45\u63d0\u9ad8\u4f30\u503c\u5438\u5f15\u529b\uff0c\u4f46\u5206\u62c6\u4ef7\u503c\u5e76\u65e0\u4fdd\u8bc1\u3002\u5173\u6ce8\u533b\u7597\u4f7f\u7528\u7387\u3001\u51c6\u5907\u91d1\u5145\u8db3\u6027\u3001\u836f\u623f\u798f\u5229\u7ba1\u7406\u5ba2\u6237\u7559\u5b58\u3001\u836f\u623f\u62a5\u9500\u53ca\u5206\u62c6\u62ab\u9732\u3002\u6062\u590d\u56de\u8d2d\u6216\u652f\u6301\u6bcf\u80a1\u76c8\u5229\uff0c\u4f46\u6301\u4e45\u5229\u6da6\u7387\u590d\u82cf\u53ca\u4e24\u5bb6\u516c\u53f8\u72ec\u7acb\u53ef\u6301\u7eed\u7684\u73b0\u91d1\u6d41\uff0c\u66f4\u80fd\u652f\u6301\u8f6c\u4e3a\u6b63\u9762\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a75\u201392\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Circle Internet Group, Inc. (CRCL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Total revenue and reserve income US$864.888m versus US$739.759m, +16.9% YoY; approximately US$76.34m above US$788.55m consensus. Reserve income fell 7.5%; other revenue included US$182m ARC token-presale revenue.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$0.84 versus US$0.64, +31.3%; beat US$0.39 consensus by US$0.45. Net income US$226.0m versus US$214.4m. Adjusted EBITDA US$317m, +85%, includes ARC presale revenue.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>No standalone Q4 revenue or EPS guidance provided. Management expects non-ARC other revenue to increase sequentially as more blockchain integrations are monetised.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>Guidance unchanged: other revenue US$310\u2013330m, including US$182m ARC presale; revenue-less-distribution-cost margin 41.7\u201343.7%; adjusted operating expenses US$570\u2013585m, trending towards the high end. No total revenue or EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or buyback announced. Corporate cash US$1.700bn excludes segregated stablecoin reserves. Nine-month operating cash flow US$523m includes US$242.2m ARC-presale proceeds. Pending Tazapay acquisition expected to close in 2027.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Circle\u2019s payments network is expanding, but the earnings beat depends heavily on token monetisation and keeps our outlook neutral. Average USDC circulation increased, yet lower reserve yields reduced interest income. ARC presale revenue carried no distribution costs, sharply lifting reported margins; excluding ARC, the retention margin was approximately flat year over year. That distinction matters because transaction growth alone does not ensure stronger recurring economics. Operating cash flow also benefited from presale receipts rather than an equivalent improvement in core stablecoin profitability. Corporate liquidity supports investment, while customer reserve assets remain segregated. Shares closed at US$76.12 on 4 November, up 1.20%. Valuation still requires sustained circulation growth and meaningful payment-fee revenue beyond episodic token sales. Watch distribution agreements, reserve yields, USDC market share, Arc adoption and Tazapay integration. Regulatory implementation could encourage institutional use, but commercial returns must cover rising infrastructure and marketing costs. Improving recurring revenue and cash conversion would justify greater confidence. <\/span><b><span>4Q26 recommended trading range: US$65\u201388. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Circle\u4e92\u8054\u7f51\u96c6\u56e2 (CRCL)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u603b\u6536\u5165\u53ca\u50a8\u5907\u6536\u76ca8.64888\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e747.39759\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f16.9%\uff1b\u8f837.8855\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea67,634\u4e07\u7f8e\u5143\u3002\u50a8\u5907\u6536\u76ca\u4e0b\u964d7.5%\uff1b\u5176\u4ed6\u6536\u5165\u5305\u62ec1.82\u4ebf\u7f8e\u5143ARC\u4ee3\u5e01\u9884\u552e\u6536\u5165\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>GAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.84\u7f8e\u5143\uff0c\u53bb\u5e740.64\u7f8e\u5143\uff0c\u589e\u957f31.3%\uff1b\u8f830.39\u7f8e\u5143\u9884\u671f\u9ad80.45\u7f8e\u5143\u3002\u51c0\u5229\u6da62.260\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e742.144\u4ebf\u7f8e\u5143\u3002\u7ecf\u8c03\u6574EBITDA\u4e3a3.17\u4ebf\u7f8e\u5143\uff0c\u589e\u957f85%\uff0c\u5305\u62ecARC\u9884\u552e\u6536\u5165\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\u7ba1\u7406\u5c42\u9884\u8ba1\u968f\u66f4\u591a\u533a\u5757\u94fe\u6574\u5408\u5b9e\u73b0\u53d8\u73b0\uff0c\u975eARC\u5176\u4ed6\u6536\u5165\u73af\u6bd4\u589e\u52a0\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u6307\u5f15\u7ef4\u6301\u4e0d\u53d8\uff1a\u5176\u4ed6\u6536\u51653.10\u20133.30\u4ebf\u7f8e\u5143\uff0c\u5305\u542b1.82\u4ebf\u7f8e\u5143ARC\u9884\u552e\uff1b\u6263\u9664\u5206\u9500\u6210\u672c\u540e\u7684\u6536\u5165\u6bd4\u738741.7\u201343.7%\uff1b\u7ecf\u8c03\u6574\u7ecf\u8425\u8d39\u75285.70\u20135.85\u4ebf\u7f8e\u5143\uff0c\u8d8b\u5411\u533a\u95f4\u9ad8\u7aef\u3002\u672a\u63d0\u4f9b\u603b\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u56de\u8d2d\u3002\u516c\u53f8\u73b0\u91d117.00\u4ebf\u7f8e\u5143\uff0c\u4e0d\u5305\u62ec\u9694\u79bb\u7684\u7a33\u5b9a\u5e01\u50a8\u5907\u3002\u9996\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u6d415.23\u4ebf\u7f8e\u5143\uff0c\u5305\u62ec2.422\u4ebf\u7f8e\u5143ARC\u9884\u552e\u6b3e\u3002\u62df\u8baeTazapay\u6536\u8d2d\u9884\u8ba12027\u5e74\u5b8c\u6210\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Circle\u652f\u4ed8\u7f51\u7edc\u6269\u5927\uff0c\u4f46\u76c8\u5229\u8d85\u9884\u671f\u9ad8\u5ea6\u4f9d\u8d56\u4ee3\u5e01\u53d8\u73b0\uff0c\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u5e73\u5747USDC\u6d41\u901a\u91cf\u589e\u52a0\uff0c\u60df\u50a8\u5907\u6536\u76ca\u7387\u4e0b\u964d\u524a\u5f31\u5229\u606f\u6536\u5165\u3002ARC\u9884\u552e\u6536\u5165\u6ca1\u6709\u5206\u9500\u6210\u672c\uff0c\u663e\u8457\u63d0\u9ad8\u62a5\u544a\u5229\u6da6\u7387\uff1b\u5254\u9664ARC\u540e\uff0c\u6536\u5165\u7559\u5b58\u6bd4\u7387\u540c\u6bd4\u5927\u81f4\u6301\u5e73\u3002\u6b64\u533a\u522b\u91cd\u8981\uff0c\u56e0\u4e3a\u4ea4\u6613\u91cf\u589e\u957f\u5e76\u4e0d\u4fdd\u8bc1\u7ecf\u5e38\u6027\u7ecf\u6d4e\u6548\u76ca\u6539\u5584\u3002\u7ecf\u8425\u73b0\u91d1\u6d41\u4ea6\u53d7\u9884\u552e\u6536\u6b3e\u652f\u6301\uff0c\u5e76\u975e\u6838\u5fc3\u7a33\u5b9a\u5e01\u76c8\u5229\u540c\u6b65\u589e\u5f3a\u3002\u516c\u53f8\u6d41\u52a8\u6027\u652f\u6301\u6295\u8d44\uff0c\u800c\u5ba2\u6237\u50a8\u5907\u8d44\u4ea7\u4fdd\u6301\u9694\u79bb\u3002\u80a1\u4ef7\u4e8e11\u67084\u65e5\u6536\u62a576.12\u7f8e\u5143\uff0c\u4e0a\u6da81.20%\u3002\u4f30\u503c\u4ecd\u8981\u6c42\u6d41\u901a\u91cf\u6301\u7eed\u589e\u957f\uff0c\u5e76\u5728\u95f4\u6b47\u6027\u4ee3\u5e01\u9500\u552e\u4ee5\u5916\u5f62\u6210\u5b9e\u8d28\u652f\u4ed8\u8d39\u7528\u6536\u5165\u3002\u5173\u6ce8\u5206\u9500\u534f\u8bae\u3001\u50a8\u5907\u6536\u76ca\u7387\u3001USDC\u4efd\u989d\u3001Arc\u91c7\u7528\u53caTazapay\u6574\u5408\u3002\u76d1\u7ba1\u843d\u5b9e\u6216\u53ef\u9f13\u52b1\u673a\u6784\u4f7f\u7528\uff0c\u4f46\u5546\u4e1a\u56de\u62a5\u987b\u8986\u76d6\u589e\u52a0\u7684\u57fa\u7840\u8bbe\u65bd\u53ca\u8425\u9500\u6210\u672c\u3002\u7ecf\u5e38\u6027\u6536\u5165\u53ca\u73b0\u91d1\u8f6c\u5316\u6539\u5584\uff0c\u5c06\u589e\u5f3a\u4fe1\u5fc3\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a65\u201388\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>AppLovin Corporation (APP)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>3Q26 Revenue: <\/span><\/b><span>Quarterly revenue US$2.1848bn versus US$1.4050bn, +55.5% YoY; approximately US$114.8m above US$2.07bn consensus. Adjusted EBITDA US$1.842bn, +59.1%, with an 84% margin.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q26 EPS: <\/span><\/b><span>GAAP diluted EPS US$4.30 versus US$2.45, +75.5%; beat US$4.03 consensus by US$0.27. Net income US$1.439bn, +72.2%; quarterly stock compensation US$84.2m. GAAP net margin increased to 66% from 59%; diluted average shares declined to 334.8m from 341.0m, supporting per-share growth beyond net-income growth.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4Q26 Guidance: <\/span><\/b><span>Revenue US$2.365\u20132.395bn; adjusted EBITDA US$1.995\u20132.025bn; adjusted EBITDA margin 84\u201385%. No EPS guidance provided.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY26 Guidance: <\/span><\/b><span>No standalone annual revenue or EPS range. Management maintains free-cash-flow conversion of approximately 70\u201375% of adjusted EBITDA; the Q4 outlook implies full-year revenue and adjusted EBITDA growth above 50%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend. Quarterly repurchases and employee-share withholding totalled US$1.4bn. Authorisation increased US$3.2bn to US$3.6bn at October-end. Quarterly operating and free cash flow approximately US$1.4bn; cash US$3.174bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>AppLovin\u2019s quarter restores confidence that better prediction models can produce growth beyond the underlying mobile advertising market. Gaming improvements and expanding consumer advertising supported both sales and unusually strong operating margins. Earnings quality is reinforced by substantial operating cash generation, although tax-payment timing makes sequential cash comparisons uneven. Share compensation remains an economic cost, and reported capital returns include employee tax withholding as well as discretionary repurchases. Consumer advertising offers meaningful runway, but broader adoption still requires demonstrable advertiser returns, while connected television remains an early experiment. Shares traded at US$333.80 post-market on 4 November, up 22.83% from the close. A Positive outlook reflects attractive cash economics and renewed execution, with the sharp rally reducing the margin for disappointment. Watch model rollout consistency, repeat consumer-advertiser spending, holiday conversion, infrastructure costs and receivable collections. Sustained growth after seasonal demand normalises will matter more than extrapolating one exceptional quarter or assuming every new advertising channel scales successfully. <\/span><b><span>4Q26 recommended trading range: US$300\u2013400. Positive Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>AppLovin (APP)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653621.848\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f14.050\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f55.5%\uff1b\u8f83\u5e02\u573a\u9884\u671f20.7\u4ebf\u7f8e\u5143\u9ad8\u7ea61.148\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540eEBITDA\u4e3a18.42\u4ebf\u7f8e\u5143\uff0c\u589e\u957f59.1%\uff0c\u5229\u6da6\u738784%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca4.30\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f2.45\u7f8e\u5143\uff0c\u589e\u957f75.5%\uff1b\u8f83\u5e02\u573a\u9884\u671f4.03\u7f8e\u5143\u9ad80.27\u7f8e\u5143\u3002\u51c0\u5229\u6da614.39\u4ebf\u7f8e\u5143\uff0c\u589e\u957f72.2%\uff1b\u5355\u5b63\u80a1\u6743\u85aa\u916c8,420\u4e07\u7f8e\u5143\u3002 GAAP\u51c0\u5229\u7387\u753159%\u5347\u81f366%\uff1b\u644a\u8584\u5e73\u5747\u80a1\u6570\u75313.410\u4ebf\u80a1\u964d\u81f33.348\u4ebf\u80a1\uff0c\u652f\u6301\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u5feb\u4e8e\u51c0\u5229\u6da6\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\u653623.65\u4ebf\u201323.95\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540eEBITDA\u4e3a19.95\u4ebf\u201320.25\u4ebf\u7f8e\u5143\uff1b\u8c03\u6574\u540eEBITDA\u5229\u6da6\u738784%\u201385%\u3002\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>\u672a\u63d0\u4f9b\u72ec\u7acb\u5168\u5e74\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u3002\u7ba1\u7406\u5c42\u7ef4\u6301\u81ea\u7531\u73b0\u91d1\u6d41\u7ea6\u76f8\u5f53\u4e8e\u8c03\u6574\u540eEBITDA\u768470%\u201375%\uff1b\u7b2c\u56db\u5b63\u5ea6\u5c55\u671b\u9690\u542b\u5168\u5e74\u8425\u6536\u53ca\u8c03\u6574\u540eEBITDA\u589e\u957f\u8d85\u8fc750%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u4e0d\u6d3e\u606f\u3002\u5355\u5b63\u56de\u8d2d\u53ca\u5458\u5de5\u80a1\u4efd\u4ee3\u6263\u5408\u8ba114\u4ebf\u7f8e\u5143\u3002\u56de\u8d2d\u6388\u6743\u589e\u52a032\u4ebf\u7f8e\u5143\uff0c10\u6708\u5e95\u5408\u8ba136\u4ebf\u7f8e\u5143\u3002\u5355\u5b63\u7ecf\u8425\u73b0\u91d1\u6d41\u53ca\u81ea\u7531\u73b0\u91d1\u6d41\u5747\u7ea614\u4ebf\u7f8e\u5143\uff1b\u73b0\u91d131.74\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>AppLovin\u672c\u5b63\u6062\u590d\u5e02\u573a\u5bf9\u9884\u6d4b\u6a21\u578b\u6539\u5584\u53ef\u63a8\u52a8\u589e\u957f\u5feb\u4e8e\u79fb\u52a8\u5e7f\u544a\u5e02\u573a\u7684\u4fe1\u5fc3\u3002\u6e38\u620f\u4e1a\u52a1\u6539\u5584\u53ca\u6d88\u8d39\u8005\u5e7f\u544a\u6269\u5f20\u5171\u540c\u652f\u6301\u9500\u552e\u548c\u8f83\u9ad8\u8425\u4e1a\u5229\u6da6\u7387\u3002\u5145\u88d5\u7ecf\u8425\u73b0\u91d1\u6d41\u652f\u6301\u76c8\u5229\u8d28\u91cf\uff0c\u4e0d\u8fc7\u7f34\u7a0e\u65f6\u70b9\u4ee4\u73b0\u91d1\u6d41\u73af\u6bd4\u6bd4\u8f83\u5b58\u5728\u6ce2\u52a8\u3002\u80a1\u6743\u85aa\u916c\u4ecd\u5177\u7ecf\u6d4e\u6210\u672c\uff0c\u62a5\u544a\u8d44\u672c\u56de\u62a5\u4e5f\u5305\u542b\u5458\u5de5\u7a0e\u6b3e\u4ee3\u6263\uff0c\u5e76\u975e\u5168\u90e8\u4e3a\u81ea\u4e3b\u56de\u8d2d\u3002\u6d88\u8d39\u8005\u5e7f\u544a\u4ecd\u6709\u660e\u663e\u62d3\u5c55\u7a7a\u95f4\uff0c\u4f46\u66f4\u5e7f\u6cdb\u91c7\u7528\u9700\u8981\u53ef\u9a8c\u8bc1\u7684\u5e7f\u544a\u4e3b\u56de\u62a5\uff0c\u8054\u7f51\u7535\u89c6\u5219\u5904\u4e8e\u65e9\u671f\u8bd5\u9a8c\u9636\u6bb5\u3002\u80a1\u4ef711\u67084\u65e5\u76d8\u540e\u62a5333.80\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da822.83%\u3002\u6b63\u9762\u5c55\u671b\u53cd\u6620\u73b0\u91d1\u7ecf\u6d4e\u6548\u76ca\u5438\u5f15\u529b\u53ca\u6267\u884c\u6062\u590d\uff0c\u4f46\u5927\u5e45\u4e0a\u6da8\u964d\u4f4e\u4e86\u5bf9\u5931\u671b\u7684\u5bb9\u5fcd\u5ea6\u3002\u5173\u6ce8\u6a21\u578b\u63a8\u5e7f\u7a33\u5b9a\u6027\u3001\u6d88\u8d39\u8005\u5e7f\u544a\u4e3b\u91cd\u590d\u652f\u51fa\u3001\u5047\u65e5\u8f6c\u5316\u7387\u3001\u57fa\u7840\u8bbe\u65bd\u6210\u672c\u53ca\u5e94\u6536\u6b3e\u56de\u6536\u3002\u5b63\u8282\u9700\u6c42\u6b63\u5e38\u5316\u540e\u80fd\u5426\u6301\u7eed\u589e\u957f\uff0c\u6bd4\u5916\u63a8\u5355\u4e2a\u5f3a\u52b2\u5b63\u5ea6\u6216\u5047\u8bbe\u6bcf\u4e2a\u65b0\u5e7f\u544a\u6e20\u9053\u5747\u80fd\u6210\u529f\u6269\u5f20\u66f4\u91cd\u8981\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a300\u2013400\u7f8e\u5143\u3002\u6b63\u9762\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>QUALCOMM Incorporated (QCOM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>4QFY26 Revenue: <\/span><\/b><span>GAAP revenue US$10.322bn versus US$11.270bn, \u22128.4% YoY; approximately US$182m above US$10.14bn consensus. Non-GAAP revenue US$10.442bn excludes a US$120m customer legal-settlement payment. Automotive revenue rose 89% to US$2.0bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>4QFY26 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$2.17 versus US$3.00, \u221227.7%; beat US$2.16 consensus by US$0.01. GAAP EPS US$1.17 versus a US$2.89 loss; the prior-year quarter included a major tax charge. QCT pretax margin fell to 24% from 29%; quarterly share compensation US$873m. Licensing-segment revenue declined 7% to US$1.304bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1QFY27 Guidance: <\/span><\/b><span>Revenue US$10.4\u201311.2bn; non-GAAP EPS US$2.15\u20132.35; GAAP EPS US$1.03\u20131.23. Data-centre revenue above US$650m; QCT pretax margin 20\u201322%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>No total-revenue or EPS range provided. Reiterates US$5bn data-centre revenue; expects QCT non-handset growth above 60% and a majority of QCT annual revenue.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>Dividend US$0.92, payable 17 December; record 3 December. Quarterly buybacks US$1.011bn. FY26 operating cash flow US$11.145bn; capital expenditure US$2.494bn; total dividends and buybacks US$11.671bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Qualcomm\u2019s diversification is becoming tangible, but the transition has not yet repaired earnings momentum. Automotive growth and the start of custom data-centre shipments offset part of the handset decline, while renewed licensing agreements improve revenue visibility. However, higher semiconductor input costs, Apple modem substitution and investment ahead of AI revenue continue to pressure profitability. GAAP earnings comparisons are distorted by last year\u2019s tax charge and this year\u2019s earlier tax benefit; adjusted EPS offers a clearer view and still declined substantially. Its exclusions also remove material share compensation. Annual dividends and buybacks exceeded free cash flow after capital spending, limiting room to repeat capital returns indefinitely without stronger cash generation. Shares traded at US$160.16 post-market on 4 November, down 7.52% from the close. A Neutral outlook reflects fair valuation against meaningful execution risk. Watch data-centre shipment milestones, customer concentration, handset pricing, inventory conversion and whether new business improves operating profit as well as revenue rather than merely changing the sales mix. <\/span><b><span>4Q26 recommended trading range: US$140\u2013185. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u9ad8\u901a (QCOM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>GAAP\u8425\u6536103.22\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f112.70\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d8.4%\uff1b\u8f83\u5e02\u573a\u9884\u671f101.4\u4ebf\u7f8e\u5143\u9ad8\u7ea61.82\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u8425\u6536104.42\u4ebf\u7f8e\u5143\uff0c\u5254\u9664\u5411\u5ba2\u6237\u652f\u4ed8\u76841.20\u4ebf\u7f8e\u5143\u6cd5\u5f8b\u548c\u89e3\u6b3e\u3002\u6c7d\u8f66\u8425\u6536\u589e\u957f89%\u81f320\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca2.17\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f3.00\u7f8e\u5143\uff0c\u4e0b\u964d27.7%\uff1b\u8f83\u5e02\u573a\u9884\u671f2.16\u7f8e\u5143\u9ad80.01\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u6536\u76ca1.17\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f2.89\u7f8e\u5143\uff1b\u4e0a\u5e74\u540c\u671f\u5305\u542b\u91cd\u5927\u7a0e\u8d39\u3002 QCT\u7a0e\u524d\u5229\u6da6\u7387\u753129%\u964d\u81f324%\uff1b\u5355\u5b63\u80a1\u6743\u85aa\u916c8.73\u4ebf\u7f8e\u5143\u3002\u6388\u6743\u4e1a\u52a1\u5206\u90e8\u8425\u6536\u4e0b\u964d7%\u81f313.04\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u6536104\u4ebf\u2013112\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u6536\u76ca2.15\u20132.35\u7f8e\u5143\uff1bGAAP\u6bcf\u80a1\u6536\u76ca1.03\u20131.23\u7f8e\u5143\u3002\u6570\u636e\u4e2d\u5fc3\u8425\u6536\u8d85\u8fc76.50\u4ebf\u7f8e\u5143\uff1bQCT\u7a0e\u524d\u5229\u6da6\u738720%\u201322%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u672a\u63d0\u4f9b\u603b\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u3002\u91cd\u7533\u6570\u636e\u4e2d\u5fc3\u8425\u653650\u4ebf\u7f8e\u5143\uff1b\u9884\u8ba1QCT\u975e\u624b\u673a\u4e1a\u52a1\u589e\u957f\u8d85\u8fc760%\uff0c\u5e76\u5360QCT\u5168\u5e74\u8425\u6536\u8fc7\u534a\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span>\u6bcf\u80a1\u6d3e\u606f0.92\u7f8e\u5143\uff0c12\u670817\u65e5\u652f\u4ed8\uff0c12\u67083\u65e5\u767b\u8bb0\u3002\u5355\u5b63\u56de\u8d2d10.11\u4ebf\u7f8e\u5143\u3002FY26\u7ecf\u8425\u73b0\u91d1\u6d41111.45\u4ebf\u7f8e\u5143\uff0c\u8d44\u672c\u652f\u51fa24.94\u4ebf\u7f8e\u5143\uff1b\u80a1\u606f\u53ca\u56de\u8d2d\u5408\u8ba1116.71\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u9ad8\u901a\u591a\u5143\u5316\u5f00\u59cb\u5f62\u6210\u5b9e\u8d28\u8d21\u732e\uff0c\u4f46\u8f6c\u578b\u5c1a\u672a\u626d\u8f6c\u76c8\u5229\u52a8\u80fd\u3002\u6c7d\u8f66\u589e\u957f\u53ca\u5b9a\u5236\u6570\u636e\u4e2d\u5fc3\u82af\u7247\u5f00\u59cb\u51fa\u8d27\uff0c\u62b5\u6d88\u90e8\u5206\u624b\u673a\u4e0b\u6ed1\uff0c\u7eed\u7b7e\u6388\u6743\u534f\u8bae\u4e5f\u6539\u5584\u6536\u5165\u53ef\u89c1\u5ea6\u3002\u4e0d\u8fc7\uff0c\u534a\u5bfc\u4f53\u6295\u5165\u6210\u672c\u4e0a\u6da8\u3001\u82f9\u679c\u66ff\u6362\u5916\u8d2d\u57fa\u5e26\uff0c\u4ee5\u53caAI\u6536\u5165\u5151\u73b0\u524d\u7684\u6295\u5165\u7ee7\u7eed\u538b\u5236\u76c8\u5229\u3002GAAP\u540c\u6bd4\u53d7\u5230\u4e0a\u5e74\u7a0e\u8d39\u53ca\u672c\u5e74\u5ea6\u8f83\u65e9\u786e\u8ba4\u7a0e\u52a1\u6536\u76ca\u626d\u66f2\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u66f4\u5177\u53c2\u8003\u4ef7\u503c\uff0c\u4f46\u4ecd\u660e\u663e\u4e0b\u964d\uff0c\u5176\u8c03\u6574\u4ea6\u5254\u9664\u5927\u91cf\u80a1\u6743\u85aa\u916c\u3002\u5168\u5e74\u80a1\u606f\u4e0e\u56de\u8d2d\u8d85\u8fc7\u6263\u9664\u8d44\u672c\u652f\u51fa\u540e\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u82e5\u73b0\u91d1\u521b\u9020\u672a\u589e\u5f3a\uff0c\u96be\u4ee5\u65e0\u9650\u671f\u7ef4\u6301\u540c\u7b49\u8d44\u672c\u56de\u62a5\u3002\u80a1\u4ef711\u67084\u65e5\u76d8\u540e\u62a5160.16\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc7.52%\u3002\u4e2d\u6027\u5c55\u671b\u53cd\u6620\u4f30\u503c\u5408\u7406\uff0c\u4f46\u6267\u884c\u98ce\u9669\u4ecd\u660e\u663e\u3002\u5173\u6ce8\u6570\u636e\u4e2d\u5fc3\u51fa\u8d27\u91cc\u7a0b\u7891\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001\u624b\u673a\u5b9a\u4ef7\u3001\u5b58\u8d27\u8f6c\u5316\uff0c\u4ee5\u53ca\u65b0\u4e1a\u52a1\u80fd\u5426\u540c\u65f6\u63d0\u5347\u8425\u4e1a\u5229\u6da6\u4e0e\u8425\u6536\uff0c\u800c\u4e0d\u53ea\u662f\u6539\u53d8\u9500\u552e\u7ec4\u5408\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a140\u2013185\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Coherent Corp. (COHR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>1QFY27 Revenue: <\/span><\/b><span>Revenue US$2.3703bn versus US$1.5814bn, +49.9% YoY; beat US$2.30bn consensus by US$70.3m. Pro forma growth 56%; Datacenter and Communications revenue US$1.952bn, +79%. Industrial revenue US$418.6m versus US$491.4m, \u221214.8% as reported; management described pro forma industrial revenue as flat after adjusting for divestitures.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>1QFY27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$2.09 versus US$1.16, +80.2%; beat US$1.97 consensus by US$0.12. GAAP EPS US$1.90 versus US$1.19, +59.7%, including a US$22.8m tax benefit. Non-GAAP gross margin 40.6%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2QFY27 Guidance: <\/span><\/b><span>Revenue US$2.55\u20132.75bn; non-GAAP EPS US$2.28\u20132.48; non-GAAP gross margin 40\u201342%; operating expenses US$430\u2013450m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>Expects pro forma revenue growth above 60% and its first US$3bn revenue quarter by fiscal year-end. No annual EPS or absolute revenue range. New longer-term non-GAAP gross-margin target above 45% before calendar 2028 ends.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No common dividend or new buyback announced. Operating cash outflow US$92.7m; capital expenditure US$775.5m; free cash outflow US$868.2m. Cash US$1.553bn; short-term investments US$200m; debt approximately US$4.0bn.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Coherent\u2019s optical demand remains compelling, with faster datacentre growth and improving manufacturing yields supporting real operating leverage. Higher-speed transceivers, indium-phosphide components and PhotonLink broaden the growth opportunity. The newly disclosed five-year PhotonLink agreement provides visibility, but its approximately US$20bn value begins ramping only in early 2028 and should not be treated as current revenue. Earnings quality requires closer attention than the adjusted beat suggests: GAAP profit benefits from a tax benefit, while stock compensation and amortisation are excluded from adjusted results. More significantly, inventory and capacity expansion consumed cash, producing substantial negative free cash flow despite rising profits. Customer upfront payments can share funding risk, but do not eliminate production and collection obligations. Shares traded at US$204.79 post-market on 4 November, up 4.97% from the close. A Neutral outlook reflects a valuation dependent on delivering growth without prolonged cash deficits. Watch customer commitments, yields, inventory turns, capital intensity and whether capacity additions convert into cash-generating shipments without materially increasing leverage. <\/span><b><span>4Q26 recommended trading range: US$180\u2013245. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u9ad8\u610f (COHR)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653623.703\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f15.814\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f49.9%\uff1b\u8f83\u5e02\u573a\u9884\u671f23.0\u4ebf\u7f8e\u5143\u9ad87,030\u4e07\u7f8e\u5143\u3002\u5907\u8003\u589e\u957f56%\uff1b\u6570\u636e\u4e2d\u5fc3\u53ca\u901a\u4fe1\u8425\u653619.52\u4ebf\u7f8e\u5143\uff0c\u589e\u957f79%\u3002 \u5de5\u4e1a\u8425\u65364.186\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f4.914\u4ebf\u7f8e\u5143\uff0c\u62a5\u544a\u53e3\u5f84\u4e0b\u964d14.8%\uff1b\u7ba1\u7406\u5c42\u8868\u793a\uff0c\u8c03\u6574\u51fa\u552e\u4e1a\u52a1\u540e\u7684\u5907\u8003\u5de5\u4e1a\u8425\u6536\u6301\u5e73\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\u6536\u76ca2.09\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1.16\u7f8e\u5143\uff0c\u589e\u957f80.2%\uff1b\u8f83\u5e02\u573a\u9884\u671f1.97\u7f8e\u5143\u9ad80.12\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u6536\u76ca1.90\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f1.19\u7f8e\u5143\uff0c\u589e\u957f59.7%\uff0c\u5305\u542b2,280\u4e07\u7f8e\u5143\u6240\u5f97\u7a0e\u6536\u76ca\u3002\u975eGAAP\u6bdb\u5229\u738740.6%\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\u653625.5\u4ebf\u201327.5\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u6bcf\u80a1\u6536\u76ca2.28\u20132.48\u7f8e\u5143\uff1b\u975eGAAP\u6bdb\u5229\u738740%\u201342%\uff1b\u8425\u4e1a\u8d39\u75284.30\u4ebf\u20134.50\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u9884\u8ba1\u5907\u8003\u8425\u6536\u589e\u957f\u8d85\u8fc760%\uff0c\u5e76\u4e8e\u8d22\u5e74\u672b\u524d\u5b9e\u73b0\u9996\u4e2a30\u4ebf\u7f8e\u5143\u8425\u6536\u5b63\u5ea6\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u6216\u8425\u6536\u7edd\u5bf9\u91d1\u989d\u533a\u95f4\u3002\u65b0\u7684\u8f83\u957f\u671f\u975eGAAP\u6bdb\u5229\u7387\u76ee\u6807\u4e3a2028\u5e74\u5e95\u524d\u9996\u6b21\u8d85\u8fc745%\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\u6d3e\u606f\u6216\u65b0\u56de\u8d2d\u3002\u7ecf\u8425\u73b0\u91d1\u51c0\u6d41\u51fa9,270\u4e07\u7f8e\u5143\uff1b\u8d44\u672c\u652f\u51fa7.755\u4ebf\u7f8e\u5143\uff1b\u81ea\u7531\u73b0\u91d1\u51c0\u6d41\u51fa8.682\u4ebf\u7f8e\u5143\u3002\u73b0\u91d115.53\u4ebf\u7f8e\u5143\uff0c\u77ed\u671f\u6295\u8d442\u4ebf\u7f8e\u5143\uff0c\u503a\u52a1\u7ea640\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>Coherent\u5149\u901a\u4fe1\u9700\u6c42\u4ecd\u5177\u5438\u5f15\u529b\uff0c\u6570\u636e\u4e2d\u5fc3\u589e\u957f\u52a0\u5feb\u53ca\u5236\u9020\u826f\u7387\u6539\u5584\u652f\u6301\u5b9e\u9645\u7ecf\u8425\u6760\u6746\u3002\u66f4\u9ad8\u901f\u6536\u53d1\u5668\u3001\u78f7\u5316\u94df\u7ec4\u4ef6\u53caPhotonLink\u62d3\u5bbd\u589e\u957f\u7a7a\u95f4\u3002\u65b0\u62ab\u9732\u7684\u4e94\u5e74PhotonLink\u534f\u8bae\u63d0\u4f9b\u53ef\u89c1\u5ea6\uff0c\u4f46\u7ea6200\u4ebf\u7f8e\u5143\u5408\u540c\u4ef7\u503c\u8981\u52302028\u5e74\u521d\u624d\u5f00\u59cb\u653e\u91cf\uff0c\u4e0d\u5e94\u5f53\u4f5c\u5f53\u524d\u8425\u6536\u3002\u76c8\u5229\u8d28\u91cf\u9700\u6bd4\u8c03\u6574\u540e\u8d85\u9884\u671f\u6570\u5b57\u66f4\u4ed4\u7ec6\u5ba1\u89c6\uff1aGAAP\u5229\u6da6\u53d7\u60e0\u4e8e\u6240\u5f97\u7a0e\u6536\u76ca\uff0c\u8c03\u6574\u540e\u6307\u6807\u5219\u5254\u9664\u80a1\u6743\u85aa\u916c\u53ca\u644a\u9500\u3002\u66f4\u5173\u952e\u7684\u662f\uff0c\u5b58\u8d27\u53ca\u6269\u4ea7\u6d88\u8017\u73b0\u91d1\uff0c\u4ee4\u5229\u6da6\u589e\u52a0\u540c\u65f6\u51fa\u73b0\u5927\u91cf\u8d1f\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u5ba2\u6237\u9884\u4ed8\u6b3e\u53ef\u5206\u62c5\u8d44\u91d1\u98ce\u9669\uff0c\u4f46\u4e0d\u6d88\u9664\u751f\u4ea7\u53ca\u56de\u6b3e\u4e49\u52a1\u3002\u80a1\u4ef711\u67084\u65e5\u76d8\u540e\u62a5204.79\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da84.97%\u3002\u4e2d\u6027\u5c55\u671b\u53cd\u6620\u4f30\u503c\u4ecd\u4f9d\u8d56\u589e\u957f\u5151\u73b0\uff0c\u4e14\u73b0\u91d1\u8d64\u5b57\u4e0d\u80fd\u957f\u671f\u6301\u7eed\u3002\u5173\u6ce8\u5ba2\u6237\u627f\u8bfa\u3001\u826f\u7387\u3001\u5b58\u8d27\u5468\u8f6c\u3001\u8d44\u672c\u5bc6\u96c6\u5ea6\uff0c\u4ee5\u53ca\u65b0\u589e\u4ea7\u80fd\u80fd\u5426\u8f6c\u5316\u4e3a\u4ea7\u751f\u73b0\u91d1\u7684\u51fa\u8d27\uff0c\u540c\u65f6\u907f\u514d\u6760\u6746\u663e\u8457\u4e0a\u5347\u3002 <\/span><b><span>2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\uff1a180\u2013245\u7f8e\u5143\u3002\u4e2d\u6027\u5c55\u671b<\/span><\/b><span>\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><p><b><span>Arm Holdings plc (ARM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2Q27 Revenue: <\/span><\/b><span>Revenue US$1.443bn versus US$1.135bn, +27.1% YoY; approximately US$63m above US$1.38bn consensus. Licensing US$773m, +50%; royalties US$670m, +8%. Data-center royalties doubled. Annualised contract value US$1.790bn, up 12% YoY.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2Q27 EPS: <\/span><\/b><span>Non-GAAP diluted EPS US$0.52 versus US$0.39, +33.3%; beat US$0.47 consensus by US$0.05. GAAP EPS US$0.12 versus US$0.22. Non-GAAP operating margin 44.2%; equity-settled stock compensation US$377m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>3Q27 Guidance: <\/span><\/b><span>Revenue US$1.49\u20131.59bn; non-GAAP diluted EPS US$0.52\u20130.60; non-GAAP operating expenses approximately US$825m. Royalty growth expected in low single digits YoY; licensing growth a little over 50%.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>FY27 Guidance: <\/span><\/b><span>The company did not provide full-year revenue or EPS guidance. AGI CPU revenue opportunity across FY27\u2013FY28 increased to up to US$2bn from more than US$1bn; first commercial deliveries targeted for fiscal 4Q27.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Dividend\/Share Buyback: <\/span><\/b><span>No dividend or new buyback announced. Cash and short-term investments US$3.621bn. Quarterly operating cash flow US$207m versus US$567m; non-GAAP free cash flow US$110m versus US$411m.<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>Comment: <\/span><\/b><span>Arm\u2019s licensing strength and data-center adoption improve the long-term opportunity, but valuation and near-term royalty growth keep our view neutral. Higher-value architectures and compute subsystems can increase revenue per chip, while direct silicon adds another potential growth engine. However, licensing remains sensitive to deal timing, and strong licence revenue does not immediately become recurring royalties. Smartphone pressure continues to restrain the royalty base despite cloud growth. Adjusted profitability improved, but substantial stock compensation creates a wide gap to GAAP earnings. The year-earlier business disposal also complicates the net-profit comparison, and quarterly cash generation fell despite revenue growth. AGI CPU commitments are encouraging, yet supply execution, customer acceptance and returns on engineering investment remain to be proven. Shares traded at US$188.29 post-market on 4 November, down 1.83% from the close. The decline leaves expectations demanding. Watch royalty acceleration, licensing concentration, silicon delivery milestones, cash collections and whether direct chip sales complement rather than strain partner relationships. <\/span><b><span>4Q26 recommended trading range: US$165\u2013225. Neutral Outlook.<\/span><\/b><span>&nbsp;<\/span><\/li><\/ul><p><b><span>\u5b89\u8c0b\u63a7\u80a1 (ARM)<\/span><\/b><span>&nbsp;<\/span><\/p><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span>\u8425\u653614.43\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e7411.35\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f27.1%\uff1b\u8f8313.8\u4ebf\u7f8e\u5143\u9884\u671f\u9ad8\u7ea66,300\u4e07\u7f8e\u5143\u3002\u6388\u6743\u6536\u51657.73\u4ebf\u7f8e\u5143\uff0c\u589e\u957f50%\uff1b\u7248\u7a0e6.70\u4ebf\u7f8e\u5143\uff0c\u589e\u957f8%\u3002\u6570\u636e\u4e2d\u5fc3\u7248\u7a0e\u7ffb\u500d\u3002\u5e74\u5316\u5408\u540c\u4ef7\u503c17.90\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f12%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span>\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.52\u7f8e\u5143\uff0c\u53bb\u5e740.39\u7f8e\u5143\uff0c\u589e\u957f33.3%\uff1b\u8f830.47\u7f8e\u5143\u9884\u671f\u9ad80.05\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u76c8\u52290.12\u7f8e\u5143\uff0c\u53bb\u5e740.22\u7f8e\u5143\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u738744.2%\uff1b\u80a1\u6743\u7ed3\u7b97\u85aa\u916c3.77\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span>\u8425\u653614.9\u4ebf\u81f315.9\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u644a\u8584\u6bcf\u80a1\u76c8\u52290.52\u81f30.60\u7f8e\u5143\uff1b\u975eGAAP\u7ecf\u8425\u8d39\u7528\u7ea68.25\u4ebf\u7f8e\u5143\u3002\u7248\u7a0e\u9884\u8ba1\u540c\u6bd4\u589e\u957f\u4f4e\u4e2a\u4f4d\u6570\uff0c\u6388\u6743\u6536\u5165\u589e\u957f\u7565\u9ad8\u4e8e50%\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>2027\u8d22\u5e74\u6307\u5f15\uff1a<\/span><\/b><span>\u516c\u53f8\u672a\u63d0\u4f9b\u5168\u5e74\u6536\u5165\u6216\u6bcf\u80a1\u76c8\u5229\u6307\u5f15\u3002FY27\u81f3FY28\u4e24\u5e74AGI CPU\u6536\u5165\u673a\u4f1a\u7531\u8d85\u8fc710\u4ebf\u7f8e\u5143\u63d0\u9ad8\u81f3\u6700\u9ad820\u4ebf\u7f8e\u5143\uff1b\u9996\u6279\u5546\u4e1a\u4ea4\u4ed8\u76ee\u6807\u4e3a2027\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\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\u77ed\u671f\u6295\u8d4436.21\u4ebf\u7f8e\u5143\u3002\u672c\u5b63\u7ecf\u8425\u73b0\u91d1\u6d412.07\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e745.67\u4ebf\u7f8e\u5143\uff1b\u975eGAAP\u81ea\u7531\u73b0\u91d1\u6d411.10\u4ebf\u7f8e\u5143\uff0c\u53bb\u5e744.11\u4ebf\u7f8e\u5143\u3002<\/span><span>&nbsp;<\/span><\/li><\/ul><ul><li><b><span>\u77ed\u8bc4\uff1a<\/span><\/b><span>\u5b89\u8c0b\u6388\u6743\u4e1a\u52a1\u5f3a\u52b2\u53ca\u6570\u636e\u4e2d\u5fc3\u91c7\u7528\u6539\u5584\u957f\u671f\u673a\u4f1a\uff0c\u4f46\u4f30\u503c\u4e0e\u8fd1\u671f\u7248\u7a0e\u589e\u957f\u4f7f\u6211\u4eec\u7ef4\u6301\u4e2d\u6027\u3002\u66f4\u9ad8\u4ef7\u503c\u67b6\u6784\u53ca\u8ba1\u7b97\u5b50\u7cfb\u7edf\u53ef\u63d0\u9ad8\u5355\u82af\u7247\u6536\u5165\uff0c\u76f4\u63a5\u9500\u552e\u82af\u7247\u5219\u589e\u52a0\u6f5c\u5728\u589e\u957f\u5f15\u64ce\u3002\u4e0d\u8fc7\uff0c\u6388\u6743\u6536\u5165\u53d7\u4ea4\u6613\u65f6\u70b9\u5f71\u54cd\uff0c\u5f3a\u52b2\u6388\u6743\u6536\u5165\u4e0d\u4f1a\u7acb\u5373\u8f6c\u4e3a\u91cd\u590d\u7248\u7a0e\u3002\u5c3d\u7ba1\u4e91\u4e1a\u52a1\u589e\u957f\uff0c\u667a\u80fd\u624b\u673a\u538b\u529b\u4ecd\u9650\u5236\u7248\u7a0e\u57fa\u7840\u3002\u7ecf\u8c03\u6574\u76c8\u5229\u80fd\u529b\u6539\u5584\uff0c\u60df\u5927\u91cf\u80a1\u6743\u85aa\u916c\u5bfc\u81f4\u5176\u4e0eGAAP\u76c8\u5229\u5b58\u5728\u660e\u663e\u5dee\u8ddd\u3002\u53bb\u5e74\u4e1a\u52a1\u5904\u7f6e\u4ea6\u5f71\u54cd\u51c0\u5229\u6da6\u53ef\u6bd4\u6027\uff0c\u5b63\u5ea6\u73b0\u91d1\u521b\u9020\u5728\u6536\u5165\u589e\u957f\u4e0b\u53cd\u800c\u4e0b\u964d\u3002AGI 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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 CSE SP CSE Global Ltd Shares closed above the 20dEMA with a surge in volume. RSI is constructive while MACD is negative. Long \u2013 Entry 0.95, Target 1.05, Stop 0.90 HG SP Hour Glass Ltd\/The Shares above the 100dEMA with a surge in 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-96724","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 5 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore CSE SP CSE Global Ltd Shares closed above the 20dEMA with a surge in volume. RSI is constructive while MACD is negative. 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