{"id":96959,"date":"2026-11-13T08:00:00","date_gmt":"2026-11-13T00:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=96959"},"modified":"2026-11-13T15:00:35","modified_gmt":"2026-11-13T07:00:35","slug":"technical-analysis-13-november-2026","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/technical-analysis-13-november-2026\/","title":{"rendered":"Technical Analysis: 13 November 2026"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"96959\" class=\"elementor elementor-96959\" 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: 13 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;\">SATS SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">SATS 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><span>Shares closed at a two-months high above the 100dEMA with a surge in 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 4.0, Target 4.4, Stop 3.8<\/span><\/b><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3848921 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"3848921\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e0c58a elementor-widget elementor-widget-image\" data-id=\"5e0c58a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026.png\" class=\"attachment-full size-full wp-image-96960\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SATS_13Nov2026-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-04e9bfc e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"04e9bfc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55d7169 elementor-widget elementor-widget-text-editor\" data-id=\"55d7169\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 15px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">SIA SP<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Singapore Airlines Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-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><span>Shares closed at a two-months high 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 7.15, Target 7.75, Stop 6.85<\/span><\/b><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f6c763 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f6c763\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a7904c elementor-widget elementor-widget-image\" data-id=\"2a7904c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1634\" height=\"917\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026.png\" class=\"attachment-full size-full wp-image-96961\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_SIA_13Nov2026-1536x862.png 1536w\" sizes=\"(max-width: 1634px) 100vw, 1634px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-59bbfb01 e-flex e-con-boxed e-con e-parent\" data-id=\"59bbfb01\" data-element_type=\"container\" data-e-type=\"container\" id=\"hk\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-48ad8487 e-con-full e-flex e-con e-child\" data-id=\"48ad8487\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6496da02 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"6496da02\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Hong Kong<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dd4939c e-flex e-con-boxed e-con e-parent\" data-id=\"dd4939c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3d487d4 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3d487d4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;,&quot;animation_mobile&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0750803 elementor-widget elementor-widget-text-editor\" data-id=\"0750803\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding-top: 0px; padding-right: 15px; padding-bottom: 0px; min-height: 55px;\"><p style=\"font-family: Montserrat; font-size: 11px; font-weight: 600; color: #9b9b9b; letter-spacing: 2px; text-transform: uppercase; margin: 0 0 6px;\">3692 HK<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Hansoh Pharmaceutical Group Co Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-124ee20 elementor-widget elementor-widget-text-editor\" data-id=\"124ee20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><span>Shares closed 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 34.4, Target 37.0, Stop 31.8<\/span><\/b><\/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_3692HK_13Nov2026.png\" class=\"attachment-full size-full wp-image-96962\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3692HK_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3692HK_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3692HK_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3692HK_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_3692HK_13Nov2026-1536x862.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><span>Shares closed above the 5dEMA. The 10dEMA crossed the 20dEMA.<\/span><\/li><\/ul><ul><li><span>RSI is constructive, while MACD is about to turn positive.<\/span><\/li><\/ul><ul><li><b><span>Long \u2013 Entry 198, Target 218, Stop 188<\/span><\/b><\/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_2359HK_13Nov2026.png\" class=\"attachment-full size-full wp-image-96963\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_2359HK_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_2359HK_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_2359HK_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_2359HK_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_2359HK_13Nov2026-1536x862.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;\">XOM US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">ExxonMobil Holdings 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>Shares closed above the 5dEMA.<\/li><\/ul><ul><li>RSI is constructive, while MACD is negative.<\/li><\/ul><ul><li><strong>Long \u2013 Entry 168, Target 184, Stop 160<\/strong><\/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_XOM_US_13Nov2026.png\" class=\"attachment-full size-full wp-image-97000\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_XOM_US_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_XOM_US_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_XOM_US_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_XOM_US_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_XOM_US_13Nov2026-1536x862.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;\">CVX US<\/p><h3 style=\"font-family: Montserrat; font-size: 22px; font-weight: 600; color: #0d2a5e; margin: 0 0 12px;\">Chevron Corporation<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3c04ea elementor-widget elementor-widget-text-editor\" data-id=\"c3c04ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li>Shares closed above the 5dEMA with rising volume.<\/li><\/ul><ul><li>RSI is constructive, while MACD is negative.<\/li><\/ul><ul><li><strong>Long \u2013 Entry 215, Target 233, Stop 207<\/strong><\/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_CVX_US_13Nov2026.png\" class=\"attachment-full size-full wp-image-97001\" alt=\"\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_CVX_US_13Nov2026.png 1634w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_CVX_US_13Nov2026-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_CVX_US_13Nov2026-1024x575.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_CVX_US_13Nov2026-768x431.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/11\/TA_CVX_US_13Nov2026-1536x862.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 data-contrast=\"auto\">Nebius Group N.V. (NBIS)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">US$980.8m versus US$146.1m, up 571.3% YoY and US$73.63m above approximately US$907.17m consensus. AI cloud revenue was US$973.8m. Adjusted EBITDA reached US$465.8m versus a US$5.2m loss, and September annualised revenue run rate reached US$6.4bn.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">GAAP diluted loss of US$0.13\/share versus US$0.50, beating the US$1.24 loss consensus by US$1.11. Net loss narrowed to US$37.5m from US$119.6m. Adjusted net income was US$90.9m versus a US$100.4m loss, while GAAP operating income turned positive at US$50.4m.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No standalone quarterly revenue or EPS range provided. Third-party capacity delays pushed some expected 2026 revenue into the first half of 2027. Annualised revenue run rate is now expected to exceed US$7bn in February, around two months later than previously anticipated.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue now expected at the low end of the existing US$3.0\u20133.4bn range, with adjusted EBITDA margin unchanged at approximately 40%. Capital expenditure increased to approximately US$27bn from US$20\u201325bn. Initial FY27 guidance is revenue of US$12\u201313bn and capital expenditure of US$40\u201345bn, with pre-tax breakeven targeted in Q4 2027.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">No dividend or new buyback announced. Quarter-end cash and cash equivalents totalled US$7.426bn. Q3 operating cash outflow was US$273.0m, while purchases of property, equipment and intangible assets were US$7.300bn. The company raised US$5.75bn through convertible notes in August and approximately US$1.0bn net through its equity programme during Q3.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Nebius delivered a substantial earnings and revenue improvement, but the outlook makes execution and funding more important than the quarterly beat. AI cloud accounted for almost all group revenue, and positive GAAP operating income shows that the expanding platform is beginning to cover depreciation and operating costs. The difficulty is converting contracted demand into available capacity on schedule. Delays at third-party facilities move some revenue into 2027 while spending on owned sites accelerates, creating a wider gap between cash investment and near-term sales. Management expects customer prepayments and financing against investment-grade contracts to cover 75\u201385% of 2027 capital expenditure. That supports the expansion plan, but financing arrangements and customer obligations still need to be executed as infrastructure is delivered. The Q4 2027 pre-tax breakeven target is more informative than EBITDA alone because it includes financing costs, although it also assumes a five-year depreciation life for computing equipment. Shares closed at US$128.64 on 12 November, down 16.84%, and traded at US$130.24 post-market. The selloff suggests investors placed more weight on the delay and higher spending than on current growth. Watch capacity commissioning, customer prepayments, borrowing terms, equity issuance and progress toward the revenue run-rate milestone. Timely delivery with stronger cash conversion would support a more positive outlook. Further slippage would prolong the period of heavy external funding.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range of US$110\u2013165. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Nebius\u96c6\u56e2\uff08NBIS\uff09<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">9.808\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a1.461\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f571.3%\uff0c\u8f83\u7ea69.0717\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad87363\u4e07\u7f8e\u5143\u3002AI\u4e91\u4e1a\u52a1\u8425\u6536\u4e3a9.738\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540eEBITDA\u7531\u4e8f\u635f520\u4e07\u7f8e\u5143\u8f6c\u4e3a\u76c8\u52294.658\u4ebf\u7f8e\u5143\uff0c9\u6708\u5e74\u5316\u8425\u6536\u8fd0\u884c\u6c34\u5e73\u8fbe\u523064\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f\u4e3a0.13\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.50\u7f8e\u5143\uff0c\u8f831.24\u7f8e\u5143\u4e8f\u635f\u7684\u5e02\u573a\u5171\u8bc6\u5c111.11\u7f8e\u5143\u3002\u51c0\u4e8f\u635f\u75311.196\u4ebf\u7f8e\u5143\u6536\u7a84\u81f33750\u4e07\u7f8e\u5143\u3002\u8c03\u6574\u540e\u51c0\u5229\u6da6\u4e3a9090\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a\u51c0\u4e8f\u635f1.004\u4ebf\u7f8e\u5143\uff0cGAAP\u7ecf\u8425\u5229\u6da6\u8f6c\u6b63\u81f35040\u4e07\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u5355\u72ec\u63d0\u4f9b\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u3002\u7b2c\u4e09\u65b9\u8bbe\u65bd\u5bb9\u91cf\u4ea4\u4ed8\u5ef6\u8fdf\uff0c\u4f7f\u90e8\u5206\u539f\u8ba1\u5212\u57282026\u5e74\u786e\u8ba4\u7684\u8425\u6536\u63a8\u8fdf\u81f32027\u5e74\u4e0a\u534a\u5e74\u3002\u5e74\u5316\u8425\u6536\u8fd0\u884c\u6c34\u5e73\u73b0\u9884\u8ba1\u4e8e2\u6708\u8d85\u8fc770\u4ebf\u7f8e\u5143\uff0c\u8f83\u6b64\u524d\u9884\u671f\u63a8\u8fdf\u7ea6\u4e24\u4e2a\u6708\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u73b0\u9884\u8ba1\u63a5\u8fd1\u539f\u670930\u81f334\u4ebf\u7f8e\u5143\u533a\u95f4\u7684\u4e0b\u9650\uff0c\u8c03\u6574\u540eEBITDA\u5229\u6da6\u7387\u7ef4\u6301\u7ea640%\u3002\u8d44\u672c\u652f\u51fa\u7531200\u81f3250\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3\u7ea6270\u4ebf\u7f8e\u5143\u30022027\u5e74\u521d\u6b65\u6307\u5f15\u4e3a\u8425\u6536120\u81f3130\u4ebf\u7f8e\u5143\u3001\u8d44\u672c\u652f\u51fa400\u81f3450\u4ebf\u7f8e\u5143\uff0c\u76ee\u6807\u4e8e2027\u5e74\u7b2c\u56db\u5b63\u5ea6\u5b9e\u73b0\u7a0e\u524d\u76c8\u4e8f\u5e73\u8861\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u65b0\u56de\u8d2d\u8ba1\u5212\u3002\u5b63\u672b\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u4e3a74.26\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e09\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u51c0\u6d41\u51fa2.730\u4ebf\u7f8e\u5143\uff0c\u8d2d\u7f6e\u7269\u4e1a\u3001\u8bbe\u5907\u53ca\u65e0\u5f62\u8d44\u4ea7\u7684\u652f\u51fa\u4e3a73.00\u4ebf\u7f8e\u5143\u3002\u516c\u53f88\u6708\u901a\u8fc7\u53ef\u8f6c\u6362\u7968\u636e\u878d\u8d4457.5\u4ebf\u7f8e\u5143\uff0c\u7b2c\u4e09\u5b63\u5ea6\u901a\u8fc7\u80a1\u7968\u53d1\u884c\u8ba1\u5212\u51c0\u878d\u8d44\u7ea610\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Nebius\u8425\u6536\u53ca\u76c8\u5229\u660e\u663e\u6539\u5584\uff0c\u4f46\u4e1a\u7ee9\u5c55\u671b\u4f7f\u9879\u76ee\u6267\u884c\u4e0e\u878d\u8d44\u5b89\u6392\u6bd4\u5b63\u5ea6\u8d85\u9884\u671f\u66f4\u4e3a\u91cd\u8981\u3002AI\u4e91\u4e1a\u52a1\u51e0\u4e4e\u8d21\u732e\u5168\u90e8\u96c6\u56e2\u8425\u6536\uff0cGAAP\u7ecf\u8425\u5229\u6da6\u8f6c\u6b63\uff0c\u8868\u660e\u5e73\u53f0\u6269\u5f20\u5df2\u5f00\u59cb\u8986\u76d6\u6298\u65e7\u53ca\u7ecf\u8425\u6210\u672c\u3002\u96be\u70b9\u5728\u4e8e\u80fd\u5426\u6309\u65f6\u5c06\u7b7e\u7ea6\u9700\u6c42\u8f6c\u5316\u4e3a\u53ef\u7528\u7b97\u529b\u3002\u7b2c\u4e09\u65b9\u8bbe\u65bd\u5ef6\u8fdf\u4ee4\u90e8\u5206\u6536\u5165\u63a8\u8fdf\u81f32027\u5e74\uff0c\u800c\u81ea\u5efa\u573a\u5730\u6295\u5165\u52a0\u5feb\uff0c\u4f7f\u73b0\u91d1\u6295\u8d44\u4e0e\u8fd1\u671f\u9500\u552e\u4e4b\u95f4\u7684\u5dee\u8ddd\u6269\u5927\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5ba2\u6237\u9884\u4ed8\u6b3e\u53ca\u4ee5\u6295\u8d44\u7ea7\u5ba2\u6237\u5408\u540c\u4e3a\u57fa\u7840\u7684\u878d\u8d44\uff0c\u53ef\u8986\u76d62027\u5e74\u8d44\u672c\u652f\u51fa\u768475%\u81f385%\u3002\u8fd9\u652f\u6301\u6269\u5f20\u8ba1\u5212\uff0c\u4f46\u4ecd\u9700\u5728\u57fa\u7840\u8bbe\u65bd\u4ea4\u4ed8\u8fc7\u7a0b\u4e2d\u843d\u5b9e\u878d\u8d44\u5e76\u5c65\u884c\u5ba2\u6237\u627f\u8bfa\u30022027\u5e74\u7b2c\u56db\u5b63\u5ea6\u7a0e\u524d\u76c8\u4e8f\u5e73\u8861\u76ee\u6807\u5305\u542b\u878d\u8d44\u6210\u672c\uff0c\u56e0\u6b64\u8f83\u5355\u770bEBITDA\u66f4\u5177\u53c2\u8003\u610f\u4e49\uff0c\u4e0d\u8fc7\u8be5\u76ee\u6807\u4e5f\u91c7\u7528\u8ba1\u7b97\u8bbe\u5907\u4e94\u5e74\u6298\u65e7\u5e74\u9650\u7684\u5047\u8bbe\u300211\u670812\u65e5\u80a1\u4ef7\u6536\u4e8e128.64\u7f8e\u5143\uff0c\u4e0b\u8dcc16.84%\uff0c\u76d8\u540e\u62a5130.24\u7f8e\u5143\u3002\u80a1\u4ef7\u4e0b\u8dcc\u53cd\u6620\u5e02\u573a\u66f4\u5173\u6ce8\u4ea4\u4ed8\u5ef6\u8fdf\u548c\u652f\u51fa\u4e0a\u8c03\uff0c\u800c\u975e\u5f53\u524d\u589e\u957f\u3002\u540e\u7eed\u5e94\u89c2\u5bdf\u5bb9\u91cf\u6295\u8fd0\u3001\u5ba2\u6237\u9884\u4ed8\u6b3e\u3001\u501f\u6b3e\u6761\u6b3e\u3001\u80a1\u4efd\u53d1\u884c\uff0c\u4ee5\u53ca\u5e74\u5316\u8425\u6536\u91cc\u7a0b\u7891\u7684\u8fdb\u5c55\u3002\u82e5\u80fd\u6309\u671f\u4ea4\u4ed8\u5e76\u589e\u5f3a\u73b0\u91d1\u8f6c\u5316\uff0c\u5c06\u652f\u6301\u66f4\u6b63\u9762\u7684\u5224\u65ad\u3002\u82e5\u8fdb\u5ea6\u518d\u5ea6\u5ef6\u8fdf\uff0c\u9ad8\u5ea6\u4f9d\u8d56\u5916\u90e8\u878d\u8d44\u7684\u9636\u6bb5\u5c06\u8fdb\u4e00\u6b65\u5ef6\u957f\u3002<\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u4e3a110\u81f3165\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Nu Holdings Ltd. (NU)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">IFRS revenue of US$5.820bn versus US$4.173bn, up 39.5% YoY and approximately US$90m below US$5.91bn consensus. On the company&#8217;s managerial basis, revenue was US$6.259bn versus US$4.317bn, up 45.0% in reported U.S. dollars and 37% on an FX-neutral basis. Customers increased to 142.6m from 127.0m.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">IFRS diluted EPS of US$0.2235 versus US$0.1595, up 40.1% YoY. Rounded EPS of US$0.22 missed the US$0.23 consensus by approximately US$0.01. Net income reached US$1.092bn versus US$782.7m, up 31% on an FX-neutral basis, with return on equity of 32%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">No numerical quarterly revenue or EPS guidance provided. Management expects the efficiency ratio to increase sequentially as some planned spending shifts into Q4.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Full-year efficiency-ratio guidance improved to 19.0\u201319.5% from approximately 20%. No full-year revenue or EPS guidance provided. Management did not issue a 2027 loan-growth target.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">No dividend announced. The US$1.0bn buyback programme runs through 3 June 2027. As of September-end, Nu had repurchased 40.66m shares for US$500.4m, with US$499.6m remaining authorised. Deposits totalled US$47.5bn against a US$41.6bn credit-card and loan portfolio.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Nu continues to demonstrate the earnings potential of a large digital banking franchise, with more customers using the platform and generating higher revenue per active account. The 19.3% quarterly efficiency ratio and improved annual cost outlook support the view that the business can expand while spreading operating costs over a larger revenue base. The principal qualification is credit quality. Early-stage delinquencies rose to 4.9% from 4.3% a year earlier, and loans more than ninety days overdue increased to 7.3% from 6.7%. As the loan book grows, those balances and the associated provisions deserve more attention than customer additions alone. There is also an important distinction within the margin figures. Reported risk-adjusted net interest margin fell sequentially to 12.1%, but management said recurring margin rose to 12.7% from 11.9% after removing a Q2 programme benefit and a Q3 charge relating to receivables from payment institutions placed into liquidation. That supports the underlying lending economics, while the exclusions still need to be followed through subsequent periods. Shares closed at US$11.83 on 12 November, down 3.98% before the release, and recovered to US$12.21 post-market, up 3.20% from the close. Watch delinquency formation, recoveries, deposit funding costs and whether Mexico and Colombia can scale profitably. Strong recurring returns and improving efficiency support a positive view, provided credit losses remain controlled as lending expands.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range of US$10.50\u201314.50. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Nu\u63a7\u80a1\u516c\u53f8\uff08NU\uff09<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"7\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">\u6309\u56fd\u9645\u8d22\u52a1\u62a5\u544a\u51c6\u5219\uff08IFRS\uff09\u8ba1\u7b97\uff0c\u8425\u6536\u4e3a58.20\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a41.73\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f39.5%\uff0c\u8f8359.1\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u4f4e\u7ea69000\u4e07\u7f8e\u5143\u3002\u6309\u516c\u53f8\u7ba1\u7406\u53e3\u5f84\u8ba1\u7b97\uff0c\u8425\u6536\u4e3a62.59\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a43.17\u4ebf\u7f8e\u5143\uff0c\u4ee5\u62a5\u544a\u7f8e\u5143\u8ba1\u7b97\u589e\u957f45.0%\uff0c\u5254\u9664\u6c47\u7387\u5f71\u54cd\u589e\u957f37%\u3002\u5ba2\u6237\u6570\u75311.270\u4ebf\u589e\u81f31.426\u4ebf\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"8\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">IFRS\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a0.2235\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a0.1595\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f40.1%\u3002\u56db\u820d\u4e94\u5165\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u4e3a0.22\u7f8e\u5143\uff0c\u8f830.23\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u4f4e\u7ea60.01\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u75317.827\u4ebf\u7f8e\u5143\u589e\u81f310.92\u4ebf\u7f8e\u5143\uff0c\u5254\u9664\u6c47\u7387\u5f71\u54cd\u589e\u957f31%\uff0c\u80a1\u672c\u56de\u62a5\u7387\u4e3a32%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"9\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u63d0\u4f9b\u5177\u4f53\u5b63\u5ea6\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u90e8\u5206\u539f\u8ba1\u5212\u652f\u51fa\u63a8\u8fdf\u81f3\u7b2c\u56db\u5b63\u5ea6\uff0c\u56e0\u6b64\u6210\u672c\u6536\u5165\u6bd4\u5c06\u73af\u6bd4\u4e0a\u5347\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"10\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5168\u5e74\u6210\u672c\u6536\u5165\u6bd4\u6307\u5f15\u7531\u7ea620%\u6539\u5584\u81f319.0%\u81f319.5%\u3002\u672a\u63d0\u4f9b\u5168\u5e74\u8425\u6536\u6216\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\uff0c\u4e5f\u672a\u53d1\u5e032027\u5e74\u8d37\u6b3e\u589e\u957f\u76ee\u6807\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"11\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u5ba3\u5e03\u80a1\u606f\u300210\u4ebf\u7f8e\u5143\u56de\u8d2d\u8ba1\u5212\u6709\u6548\u671f\u81f32027\u5e746\u67083\u65e5\u3002\u622a\u81f39\u6708\u5e95\uff0c\u516c\u53f8\u56de\u8d2d4066\u4e07\u80a1\uff0c\u8017\u8d445.004\u4ebf\u7f8e\u5143\uff0c\u5269\u4f59\u6388\u67434.996\u4ebf\u7f8e\u5143\u3002\u5b58\u6b3e\u603b\u989d\u4e3a475\u4ebf\u7f8e\u5143\uff0c\u4fe1\u7528\u5361\u53ca\u8d37\u6b3e\u7ec4\u5408\u4e3a416\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"12\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">Nu\u7ee7\u7eed\u5c55\u73b0\u5927\u578b\u6570\u5b57\u94f6\u884c\u7684\u76c8\u5229\u6f5c\u529b\uff0c\u66f4\u591a\u5ba2\u6237\u6d3b\u8dc3\u4f7f\u7528\u5e73\u53f0\uff0c\u6bcf\u540d\u6d3b\u8dc3\u5ba2\u6237\u8d21\u732e\u7684\u8425\u6536\u4e5f\u6709\u6240\u589e\u52a0\u3002\u672c\u5b63\u5ea619.3%\u7684\u6210\u672c\u6536\u5165\u6bd4\u53ca\u6539\u5584\u540e\u7684\u5168\u5e74\u6210\u672c\u6307\u5f15\uff0c\u8bf4\u660e\u968f\u7740\u6536\u5165\u89c4\u6a21\u6269\u5927\uff0c\u516c\u53f8\u80fd\u591f\u5206\u644a\u7ecf\u8425\u6210\u672c\u3002\u4e3b\u8981\u9700\u8981\u5173\u6ce8\u7684\u662f\u4fe1\u8d37\u8d28\u91cf\u3002\u65e9\u671f\u903e\u671f\u7387\u7531\u4e0a\u5e74\u540c\u671f\u76844.3%\u5347\u81f34.9%\uff0c\u903e\u671f\u8d85\u8fc7\u4e5d\u5341\u5929\u7684\u8d37\u6b3e\u6bd4\u4f8b\u75316.7%\u5347\u81f37.3%\u3002\u968f\u7740\u8d37\u6b3e\u7ec4\u5408\u6269\u5927\uff0c\u8fd9\u4e9b\u4f59\u989d\u53ca\u76f8\u5e94\u62e8\u5907\u6bd4\u5355\u770b\u65b0\u589e\u5ba2\u6237\u6570\u66f4\u503c\u5f97\u91cd\u89c6\u3002\u5229\u6da6\u7387\u6570\u636e\u4e5f\u9700\u533a\u5206\u3002\u62a5\u544a\u98ce\u9669\u8c03\u6574\u540e\u51c0\u606f\u5dee\u7531\u4e0a\u5b63\u5ea6\u4e0b\u964d\u81f312.1%\uff0c\u4f46\u7ba1\u7406\u5c42\u8868\u793a\uff0c\u5254\u9664\u7b2c\u4e8c\u5b63\u5ea6\u4e00\u9879\u8ba1\u5212\u7684\u6536\u76ca\uff0c\u4ee5\u53ca\u7b2c\u4e09\u5b63\u5ea6\u56e0\u90e8\u5206\u652f\u4ed8\u673a\u6784\u8fdb\u5165\u6e05\u7b97\u800c\u4ea7\u751f\u7684\u5e94\u6536\u6b3e\u9879\u8d39\u7528\u540e\uff0c\u7ecf\u5e38\u6027\u98ce\u9669\u8c03\u6574\u540e\u51c0\u606f\u5dee\u753111.9%\u5347\u81f312.7%\u3002\u8fd9\u652f\u6301\u57fa\u7840\u653e\u8d37\u6536\u76ca\u7684\u6539\u5584\uff0c\u4f46\u76f8\u5173\u8c03\u6574\u4ecd\u9700\u5728\u540e\u7eed\u5b63\u5ea6\u8ddf\u8e2a\u300211\u670812\u65e5\u80a1\u4ef7\u5728\u8d22\u62a5\u53d1\u5e03\u524d\u4e0b\u8dcc3.98%\uff0c\u6536\u4e8e11.83\u7f8e\u5143\uff0c\u76d8\u540e\u56de\u5347\u81f312.21\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da83.20%\u3002\u540e\u7eed\u5e94\u5173\u6ce8\u65b0\u589e\u903e\u671f\u3001\u8d37\u6b3e\u56de\u6536\u3001\u5b58\u6b3e\u878d\u8d44\u6210\u672c\uff0c\u4ee5\u53ca\u58a8\u897f\u54e5\u548c\u54e5\u4f26\u6bd4\u4e9a\u4e1a\u52a1\u80fd\u5426\u5728\u6269\u5927\u89c4\u6a21\u7684\u540c\u65f6\u5b9e\u73b0\u76c8\u5229\u3002\u8f83\u5f3a\u7684\u7ecf\u5e38\u6027\u6536\u76ca\u53ca\u6539\u5584\u7684\u6210\u672c\u6548\u7387\u652f\u6301\u6b63\u9762\u5224\u65ad\uff0c\u524d\u63d0\u662f\u8d37\u6b3e\u6269\u5f20\u8fc7\u7a0b\u4e2d\u7684\u4fe1\u8d37\u635f\u5931\u7ef4\u6301\u53ef\u63a7\u3002<\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u4e3a10.50\u81f314.50\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Cerebras Systems Inc. (CBRS)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">Core revenue of US$230.9m, up 70% YoY and US$16.2m above US$214.7m consensus. GAAP revenue was US$210.8m versus US$135.7m, up 55.3%. Core cloud and other services revenue rose 272% to US$144.9m. Core revenue excludes customer-warrant amortisation and certain pass-through items.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">3Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">GAAP diluted loss of US$0.67\/share versus US$0.41. GAAP net loss widened to US$161.2m from US$22.2m, including US$155.1m of stock-based compensation. Core net income was US$29.8m versus a US$10.9m loss, although the Core operating margin remained at negative 14%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Core revenue of approximately US$310\u2013330m versus US$274.9m consensus. Core gross margin of 47\u201349% and Core operating margin of negative 1% to positive 1%. No EPS guidance provided.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY26 Guidance: <\/span><\/b><span data-contrast=\"auto\">Core revenue raised to US$940\u2013960m from US$880\u2013890m. Core gross margin increased to 42\u201344% from 41\u201343%, and Core operating margin improved to negative 10% to negative 8% from negative 19% to negative 17%. Management expects revenue to triple in 2027, without providing an EPS range.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">No dividend or buyback announced. Cash, cash equivalents, restricted cash and investments totalled approximately US$7.8bn, with US$850m of debt capacity. Nine-month operating cash outflow was US$388.9m. Remaining performance obligations totalled US$26.1bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Cerebras is gaining commercial traction as customers seek faster AI inference, and the raised quarterly outlook points to a meaningful increase in scale. The cloud business is becoming a larger contributor, while agreements with hyperscalers and planned availability through Oracle Cloud Infrastructure broaden access to customers. Those developments give the growth case more substance, but the financial measures need careful interpretation. Core revenue reverses customer-warrant amortisation and removes certain pass-through items, creating a material difference from GAAP revenue. Stock-based compensation also accounts for much of the gap between GAAP and Core profit. Positive Core net income therefore should be considered alongside the negative Core operating margin. The Q4 target of approximately operating breakeven is a more direct test of whether higher sales can cover the recurring cost base. Manufacturing expansion and the contracted 700 MW of data-center capacity support the opportunity, while delivery schedules, customer acceptance and utilisation will determine how quickly commitments become revenue. Shares closed at US$97.75 on 12 November, down 3.29%, then rose to US$115.68 post-market, up 18.34% from the close. The rally recognises the stronger outlook but raises expectations for execution. Watch customer concentration, cloud gross margins, warrant amortisation, dilution and the transition to sustained operating profitability. Successful deployment with broader repeat demand would support a more positive view. Delays or persistent operating losses would leave valuation heavily reliant on future growth.<\/span><b><span data-contrast=\"auto\"> 4Q26 recommended trading range of US$95\u2013140. Neutral Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Cerebras\u7cfb\u7edf\u516c\u53f8\uff08CBRS\uff09<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"13\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">Core\u6838\u5fc3\u53e3\u5f84\u8425\u6536\u4e3a2.309\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f70%\uff0c\u8f832.147\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad81620\u4e07\u7f8e\u5143\u3002GAAP\u8425\u6536\u4e3a2.108\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a1.357\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f55.3%\u3002Core\u4e91\u53ca\u5176\u4ed6\u670d\u52a1\u8425\u6536\u589e\u957f272%\u81f31.449\u4ebf\u7f8e\u5143\u3002Core\u8425\u6536\u5254\u9664\u5ba2\u6237\u8ba4\u80a1\u6743\u8bc1\u644a\u9500\u53ca\u90e8\u5206\u4ee3\u6536\u4ee3\u4ed8\u9879\u76ee\u7684\u5f71\u54cd\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"14\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">GAAP\u644a\u8584\u6bcf\u80a1\u4e8f\u635f\u4e3a0.67\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e8f\u635f0.41\u7f8e\u5143\u3002GAAP\u51c0\u4e8f\u635f\u75312220\u4e07\u7f8e\u5143\u6269\u5927\u81f31.612\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u542b1.551\u4ebf\u7f8e\u5143\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u3002Core\u51c0\u5229\u6da6\u4e3a2980\u4e07\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a\u51c0\u4e8f\u635f1090\u4e07\u7f8e\u5143\uff0c\u4f46Core\u7ecf\u8425\u5229\u6da6\u7387\u4ecd\u4e3a\u8d1f14%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"15\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">Core\u8425\u6536\u9884\u8ba1\u7ea63.10\u81f33.30\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e2.749\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u3002Core\u6bdb\u5229\u7387\u9884\u8ba1\u4e3a47%\u81f349%\uff0cCore\u7ecf\u8425\u5229\u6da6\u7387\u4e3a\u8d1f1%\u81f3\u6b631%\u3002\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"16\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">Core\u8425\u6536\u75318.80\u81f38.90\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f39.40\u81f39.60\u4ebf\u7f8e\u5143\u3002Core\u6bdb\u5229\u7387\u753141%\u81f343%\u4e0a\u8c03\u81f342%\u81f344%\uff0cCore\u7ecf\u8425\u5229\u6da6\u7387\u7531\u8d1f19%\u81f3\u8d1f17%\u6539\u5584\u81f3\u8d1f10%\u81f3\u8d1f8%\u3002\u7ba1\u7406\u5c42\u9884\u8ba12027\u5e74\u8425\u6536\u589e\u81f3\u7ea6\u4e09\u500d\uff0c\u672a\u63d0\u4f9b\u6bcf\u80a1\u6536\u76ca\u533a\u95f4\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"17\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u672a\u5ba3\u5e03\u80a1\u606f\u6216\u56de\u8d2d\u3002\u73b0\u91d1\u3001\u73b0\u91d1\u7b49\u4ef7\u7269\u3001\u53d7\u9650\u73b0\u91d1\u53ca\u6295\u8d44\u5408\u8ba1\u7ea678\u4ebf\u7f8e\u5143\uff0c\u53e6\u67098.5\u4ebf\u7f8e\u5143\u501f\u6b3e\u989d\u5ea6\u3002\u524d\u4e5d\u4e2a\u6708\u7ecf\u8425\u73b0\u91d1\u51c0\u6d41\u51fa3.889\u4ebf\u7f8e\u5143\uff0c\u5269\u4f59\u5c65\u7ea6\u4e49\u52a1\u91d1\u989d\u4e3a261\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"18\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5ba2\u6237\u5bf9\u66f4\u5febAI\u63a8\u7406\u901f\u5ea6\u7684\u9700\u6c42\uff0c\u6b63\u63a8\u52a8Cerebras\u6269\u5927\u5546\u4e1a\u4e1a\u52a1\uff0c\u4e0a\u8c03\u540e\u7684\u5b63\u5ea6\u6307\u5f15\u4e5f\u53cd\u6620\u89c4\u6a21\u5c06\u660e\u663e\u589e\u957f\u3002\u4e91\u4e1a\u52a1\u8d21\u732e\u6301\u7eed\u63d0\u9ad8\uff0c\u4e0e\u8d85\u5927\u89c4\u6a21\u4e91\u5382\u5546\u7684\u534f\u8bae\u53ca\u8ba1\u5212\u63a5\u5165\u7532\u9aa8\u6587\u4e91\u57fa\u7840\u8bbe\u65bd\uff0c\u6709\u52a9\u4e8e\u6269\u5927\u5ba2\u6237\u8986\u76d6\u3002\u8fd9\u4e9b\u8fdb\u5c55\u589e\u5f3a\u4e86\u589e\u957f\u524d\u666f\uff0c\u4f46\u8d22\u52a1\u6307\u6807\u4ecd\u9700\u4ed4\u7ec6\u89e3\u8bfb\u3002Core\u8425\u6536\u52a0\u56de\u5ba2\u6237\u8ba4\u80a1\u6743\u8bc1\u644a\u9500\uff0c\u5e76\u5254\u9664\u90e8\u5206\u4ee3\u6536\u4ee3\u4ed8\u9879\u76ee\uff0c\u4e0eGAAP\u8425\u6536\u5b58\u5728\u660e\u663e\u5dee\u5f02\u3002\u80a1\u6743\u6fc0\u52b1\u8d39\u7528\u4e5f\u662fGAAP\u4e0eCore\u76c8\u5229\u5dee\u8ddd\u7684\u91cd\u8981\u6765\u6e90\u3002\u56e0\u6b64\uff0cCore\u51c0\u5229\u6da6\u8f6c\u6b63\u9700\u8981\u7ed3\u5408Core\u7ecf\u8425\u5229\u6da6\u7387\u4ecd\u4e3a\u8d1f\u8fd9\u4e00\u60c5\u51b5\u770b\u5f85\u3002\u7b2c\u56db\u5b63\u5ea6\u63a5\u8fd1\u7ecf\u8425\u76c8\u4e8f\u5e73\u8861\u7684\u76ee\u6807\uff0c\u66f4\u80fd\u68c0\u9a8c\u9500\u552e\u589e\u957f\u80fd\u5426\u8986\u76d6\u7ecf\u5e38\u6027\u6210\u672c\u3002\u5236\u9020\u4ea7\u80fd\u6269\u5f20\u53ca\u5df2\u7b7e\u7ea6\u7684700\u5146\u74e6\u6570\u636e\u4e2d\u5fc3\u5bb9\u91cf\u652f\u6301\u4e1a\u52a1\u673a\u4f1a\uff0c\u4f46\u4ea4\u4ed8\u8fdb\u5ea6\u3001\u5ba2\u6237\u9a8c\u6536\u548c\u5229\u7528\u7387\u5c06\u51b3\u5b9a\u627f\u8bfa\u8f6c\u5316\u4e3a\u6536\u5165\u7684\u901f\u5ea6\u300211\u670812\u65e5\u80a1\u4ef7\u6536\u4e8e97.75\u7f8e\u5143\uff0c\u4e0b\u8dcc3.29%\uff0c\u76d8\u540e\u5347\u81f3115.68\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da818.34%\u3002\u4e0a\u6da8\u53cd\u6620\u5e02\u573a\u8ba4\u53ef\u66f4\u5f3a\u7684\u4e1a\u7ee9\u5c55\u671b\uff0c\u4e5f\u63d0\u9ad8\u4e86\u540e\u7eed\u6267\u884c\u7684\u8981\u6c42\u3002\u5e94\u5173\u6ce8\u5ba2\u6237\u96c6\u4e2d\u5ea6\u3001\u4e91\u4e1a\u52a1\u6bdb\u5229\u7387\u3001\u8ba4\u80a1\u6743\u8bc1\u644a\u9500\u3001\u80a1\u4efd\u644a\u8584\uff0c\u4ee5\u53ca\u80fd\u5426\u5b9e\u73b0\u6301\u7eed\u7ecf\u8425\u76c8\u5229\u3002\u82e5\u90e8\u7f72\u987a\u5229\u5e76\u5f62\u6210\u66f4\u5e7f\u6cdb\u7684\u91cd\u590d\u9700\u6c42\uff0c\u5c06\u652f\u6301\u66f4\u6b63\u9762\u7684\u5224\u65ad\u3002\u82e5\u4ea4\u4ed8\u5ef6\u8fdf\u6216\u7ecf\u8425\u6301\u7eed\u4e8f\u635f\uff0c\u4f30\u503c\u4ecd\u5c06\u9ad8\u5ea6\u4f9d\u8d56\u672a\u6765\u589e\u957f\u3002<\/span><b><span data-contrast=\"auto\">2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u4e3a95\u81f3140\u7f8e\u5143\u3002\u4e2d\u6027\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Cisco Systems, Inc. (CSCO)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Revenue: <\/span><\/b><span data-contrast=\"auto\">US$18.517bn versus US$14.883bn, up 24.4% YoY and approximately US$407m above US$18.11bn consensus. Product revenue rose to US$14.667bn from US$11.077bn, while services revenue increased to US$3.850bn from US$3.806bn.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP diluted EPS of US$1.40 versus US$1.00, up 40% YoY and US$0.08 above US$1.32 consensus. GAAP diluted EPS increased to US$1.14 from US$0.72. Non-GAAP operating margin reached 37.8%, while non-GAAP gross margin declined to 65.6% from 68.1%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue of US$18.0\u201318.2bn versus US$17.91bn consensus. Non-GAAP EPS of US$1.34\u20131.36 versus US$1.23 consensus, with GAAP EPS of US$1.07\u20131.09. Non-GAAP gross margin of 65\u201366% and operating margin of 36\u201337%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue raised to US$74.8\u201375.8bn from US$72.2\u201373.4bn. Non-GAAP EPS raised to US$5.47\u20135.53 from US$5.05\u20135.11, and GAAP EPS raised to US$4.38\u20134.44 from US$4.00\u20134.06. Hyperscaler AI infrastructure revenue expected at US$9.0bn, up from US$7.5bn previously.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend of US$0.42\/share, payable 20 January 2027, with a 4 January record date. Cisco returned approximately US$3.7bn in Q1 through US$2.0bn in buybacks and US$1.7bn in dividends. US$6.1bn remains authorised for repurchases. Quarterly operating cash flow was US$4.357bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Cisco delivered a strong quarter and a substantial annual guidance upgrade, with product sales driving the expansion. The higher US$9bn hyperscaler AI infrastructure outlook gives investors a clearer indication that AI networking demand is becoming a material source of revenue. Demand is also broad across geographies and customer markets, which reduces reliance on a single end market. The margin picture is more nuanced. Non-GAAP gross margin fell 250 basis points as the sales mix changed, while operating margin reached a record because revenue grew much faster than operating costs. That combination can sustain earnings growth if Cisco maintains expense discipline, but it requires ongoing volume and efficient delivery. Services revenue grew only slightly, so investors should also monitor whether the installed hardware base translates into additional software, security and support revenue. The stronger annual EPS guide and operating cash flow provide support for shareholder returns, although dividends and buybacks already use a substantial portion of quarterly cash generation. Shares closed at US$102.01 on 12 November, up 1.24%, and traded at US$101.70 post-market, down 0.30% from the close. The muted reaction suggests the market was already anticipating a strong networking cycle. Watch AI order conversion, gross margins, customer concentration and progress in security and recurring services. Sustained sales growth with disciplined costs would support the improved earnings outlook, while weaker mix or slower hyperscaler deployments could reduce the benefit.<\/span><b><span data-contrast=\"auto\"> 2Q27 recommended trading range of US$92\u2013118. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u601d\u79d1\u7cfb\u7edf\u516c\u53f8\uff08CSCO\uff09<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"19\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">185.17\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a148.83\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f24.4%\uff0c\u8f83181.1\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad8\u7ea64.07\u4ebf\u7f8e\u5143\u3002\u4ea7\u54c1\u8425\u6536\u7531110.77\u4ebf\u7f8e\u5143\u589e\u81f3146.67\u4ebf\u7f8e\u5143\uff0c\u670d\u52a1\u8425\u6536\u753138.06\u4ebf\u7f8e\u5143\u589e\u81f338.50\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"20\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a1.40\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a1.00\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f40%\uff0c\u8f831.32\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad80.08\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u75310.72\u7f8e\u5143\u5347\u81f31.14\u7f8e\u5143\u3002\u975eGAAP\u7ecf\u8425\u5229\u6da6\u7387\u8fbe37.8%\uff0c\u975eGAAP\u6bdb\u5229\u7387\u5219\u753168.1%\u964d\u81f365.6%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"21\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u9884\u8ba1\u4e3a180\u81f3182\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e179.1\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u9884\u8ba1\u4e3a1.34\u81f31.36\u7f8e\u5143\uff0c\u9ad8\u4e8e1.23\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\uff0cGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a1.07\u81f31.09\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u7387\u9884\u8ba1\u4e3a65%\u81f366%\uff0c\u7ecf\u8425\u5229\u6da6\u7387\u4e3a36%\u81f337%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"22\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u5168\u5e74\u6307\u5f15\uff1a<\/span><\/b><span data-contrast=\"auto\">\u8425\u6536\u7531722\u81f3734\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3748\u81f3758\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u75315.05\u81f35.11\u7f8e\u5143\u4e0a\u8c03\u81f35.47\u81f35.53\u7f8e\u5143\uff0cGAAP\u6bcf\u80a1\u6536\u76ca\u75314.00\u81f34.06\u7f8e\u5143\u4e0a\u8c03\u81f34.38\u81f34.44\u7f8e\u5143\u3002\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237AI\u57fa\u7840\u8bbe\u65bd\u8425\u6536\u9884\u671f\u753175\u4ebf\u7f8e\u5143\u63d0\u9ad8\u81f390\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"23\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span data-contrast=\"auto\">\u5b63\u5ea6\u80a1\u606f\u4e3a\u6bcf\u80a10.42\u7f8e\u5143\uff0c\u80a1\u6743\u767b\u8bb0\u65e5\u4e3a2027\u5e741\u67084\u65e5\uff0c\u6d3e\u606f\u65e5\u4e3a1\u670820\u65e5\u3002\u7b2c\u4e00\u5b63\u5ea6\u901a\u8fc7\u7ea620\u4ebf\u7f8e\u5143\u56de\u8d2d\u53ca17\u4ebf\u7f8e\u5143\u80a1\u606f\uff0c\u5411\u80a1\u4e1c\u8fd4\u8fd8\u7ea637\u4ebf\u7f8e\u5143\u3002\u5269\u4f59\u56de\u8d2d\u6388\u674361\u4ebf\u7f8e\u5143\uff0c\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u6d41\u4e3a43.57\u4ebf\u7f8e\u5143\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"24\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u77ed\u8bc4\uff1a<\/span><\/b><span data-contrast=\"auto\">\u601d\u79d1\u672c\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u5e76\u660e\u663e\u4e0a\u8c03\u5168\u5e74\u6307\u5f15\uff0c\u4ea7\u54c1\u9500\u552e\u662f\u6269\u5f20\u7684\u4e3b\u8981\u52a8\u529b\u3002\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237AI\u57fa\u7840\u8bbe\u65bd\u8425\u6536\u9884\u671f\u63d0\u9ad8\u81f390\u4ebf\u7f8e\u5143\uff0c\u4f7f\u6295\u8d44\u8005\u66f4\u6e05\u695a\u5730\u770b\u5230AI\u7f51\u7edc\u9700\u6c42\u6b63\u6210\u4e3a\u91cd\u8981\u7684\u6536\u5165\u6765\u6e90\u3002\u5404\u5730\u533a\u53ca\u5ba2\u6237\u5e02\u573a\u9700\u6c42\u4e5f\u8f83\u5e7f\u6cdb\uff0c\u964d\u4f4e\u4e86\u5bf9\u5355\u4e00\u7ec8\u7aef\u5e02\u573a\u7684\u4f9d\u8d56\u3002\u5229\u6da6\u7387\u8868\u73b0\u5219\u66f4\u4e3a\u590d\u6742\u3002\u9500\u552e\u7ec4\u5408\u53d8\u5316\u4ee4\u975eGAAP\u6bdb\u5229\u7387\u4e0b\u964d250\u4e2a\u57fa\u70b9\uff0c\u4f46\u6536\u5165\u589e\u957f\u8fdc\u5feb\u4e8e\u7ecf\u8425\u6210\u672c\uff0c\u63a8\u52a8\u7ecf\u8425\u5229\u6da6\u7387\u521b\u65b0\u9ad8\u3002\u5982\u679c\u516c\u53f8\u7ef4\u6301\u8d39\u7528\u7eaa\u5f8b\uff0c\u8fd9\u4e00\u7ec4\u5408\u53ef\u4ee5\u652f\u6301\u76c8\u5229\u589e\u957f\uff0c\u4f46\u4ecd\u9700\u8981\u6301\u7eed\u7684\u9500\u552e\u89c4\u6a21\u53ca\u9ad8\u6548\u4ea4\u4ed8\u3002\u670d\u52a1\u8425\u6536\u4ec5\u5c0f\u5e45\u589e\u957f\uff0c\u56e0\u6b64\u4e5f\u9700\u5173\u6ce8\u65b0\u589e\u786c\u4ef6\u5b89\u88c5\u80fd\u5426\u5e26\u52a8\u8f6f\u4ef6\u3001\u5b89\u5168\u548c\u652f\u6301\u670d\u52a1\u6536\u5165\u3002\u66f4\u9ad8\u7684\u5168\u5e74\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u53ca\u7ecf\u8425\u73b0\u91d1\u6d41\u4e3a\u80a1\u4e1c\u56de\u62a5\u63d0\u4f9b\u652f\u6491\uff0c\u4e0d\u8fc7\u80a1\u606f\u548c\u56de\u8d2d\u5df2\u5360\u7528\u76f8\u5f53\u90e8\u5206\u5b63\u5ea6\u7ecf\u8425\u73b0\u91d1\u300211\u670812\u65e5\u80a1\u4ef7\u6536\u4e8e102.01\u7f8e\u5143\uff0c\u4e0a\u6da81.24%\uff0c\u76d8\u540e\u62a5101.70\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0b\u8dcc0.30%\u3002\u53cd\u5e94\u6e29\u548c\u8868\u660e\u5e02\u573a\u6b64\u524d\u5df2\u9884\u671f\u7f51\u7edc\u6295\u8d44\u5468\u671f\u8f83\u5f3a\u3002\u540e\u7eed\u5e94\u5173\u6ce8AI\u8ba2\u5355\u8f6c\u5316\u3001\u6bdb\u5229\u7387\u3001\u5ba2\u6237\u96c6\u4e2d\u5ea6\uff0c\u4ee5\u53ca\u5b89\u5168\u548c\u7ecf\u5e38\u6027\u670d\u52a1\u4e1a\u52a1\u7684\u8fdb\u5c55\u3002\u9500\u552e\u6301\u7eed\u589e\u957f\u5e76\u63a7\u5236\u6210\u672c\uff0c\u5c06\u652f\u6301\u6539\u5584\u540e\u7684\u76c8\u5229\u5c55\u671b\u3002\u5982\u679c\u4ea7\u54c1\u7ec4\u5408\u8d70\u5f31\u6216\u8d85\u5927\u89c4\u6a21\u4e91\u5ba2\u6237\u90e8\u7f72\u653e\u6162\uff0c\u76c8\u5229\u589e\u76ca\u53ef\u80fd\u51cf\u5f31\u3002<\/span><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u4e3a92\u81f3118\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Applied Materials, Inc. (AMAT)<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 Revenue: <\/span><\/b><span data-contrast=\"auto\">US$10.409bn versus US$6.800bn, up 53.1% YoY and approximately US$109m above US$10.30bn consensus. FY26 revenue reached US$34.446bn versus US$28.368bn, up 21.4%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">4Q26 EPS: <\/span><\/b><span data-contrast=\"auto\">Non-GAAP diluted EPS of US$4.16 versus US$2.17, up 91.7% YoY and US$0.10 above US$4.06 consensus. GAAP diluted EPS rose to US$3.40 from US$2.38. Non-GAAP gross margin increased to 50.6% from 48.1%, and non-GAAP operating margin reached 35.3%.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"2\" 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=\"27\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">1Q27 Guidance: <\/span><\/b><span data-contrast=\"auto\">Revenue of US$11.1bn, plus or minus US$500m, and non-GAAP diluted EPS of US$4.35, plus or minus US$0.20. The midpoints exceed the US$10.7bn revenue and US$4.18 EPS consensus.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"28\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">FY27 Guidance: <\/span><\/b><span data-contrast=\"auto\">No formal full-fiscal-year revenue or EPS range provided. Management expects calendar 2027 wafer-fab equipment demand to grow more than 30% and believes Applied is positioned to outperform. Calendar 2026 Semiconductor Systems growth remains on track to exceed 40%.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Dividend\/Share Buyback: <\/span><\/b><span data-contrast=\"auto\">Quarterly dividend of US$0.53\/share, payable 10 December, with a 19 November record date. Q4 buybacks were US$2.0bn and dividends US$421m. Quarterly operating cash flow was US$3.30bn and capital expenditure US$684m, producing approximately US$2.6bn of free cash flow. FY26 shareholder distributions totalled US$4.75bn.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:false}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"2\" 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=\"30\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Comment: <\/span><\/b><span data-contrast=\"auto\">Applied Materials is translating the AI-driven equipment cycle into both stronger sales and higher margins. Revenue growth of 53% and a 250-basis-point improvement in non-GAAP gross margin produced much faster EPS growth, while record cash generation supports the quality of the operating result. The January-quarter guide extends that momentum, and management&#8217;s expectation of more than 30% growth in calendar 2027 wafer-fab equipment demand points to a broader investment cycle. Leading-edge logic, DRAM and advanced packaging are areas where Applied has invested to expand its position. The constraint is how quickly customers and suppliers can add capacity. Clean-room availability, equipment components and raw materials can delay installations even when customer demand remains strong. Export restrictions and the mix of China and non-China spending also affect the accessible opportunity. The EPIC research centre may strengthen long-term customer relationships, while near-term returns depend on converting today&#8217;s demand into shipments and cash. Shares closed at US$380.95 on 12 November, down 3.58%, and traded at US$383.83 post-market, up 0.76% from the close. The modest rebound leaves investors looking for continued delivery against an already strong growth outlook. Watch order conversion, DRAM and foundry investment, packaging demand, gross-margin sustainability and cash returns. Sustained equipment share gains with disciplined capacity expansion would support the positive view. Customer delays or a sharper change in regional demand would temper it.<\/span><b><span data-contrast=\"auto\"> 1Q27 recommended trading range of US$340\u2013435. Positive Outlook.<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\">&nbsp;<\/span><\/p>\n<p><b><span data-contrast=\"auto\">\u5e94\u7528\u6750\u6599\u516c\u53f8\uff08AMAT\uff09<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true}\">&nbsp;<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"25\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u8425\u6536\uff1a<\/span><\/b><span data-contrast=\"auto\">104.09\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a68.00\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f53.1%\uff0c\u8f83103.0\u4ebf\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad8\u7ea61.09\u4ebf\u7f8e\u5143\u30022026\u8d22\u5e74\u8425\u6536\u4e3a344.46\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a283.68\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f21.4%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"26\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">2026\u8d22\u5e74\u7b2c\u56db\u5b63\u5ea6\u6bcf\u80a1\u6536\u76ca\uff1a<\/span><\/b><span data-contrast=\"auto\">\u975eGAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a4.16\u7f8e\u5143\uff0c\u4e0a\u5e74\u540c\u671f\u4e3a2.17\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f91.7%\uff0c\u8f834.06\u7f8e\u5143\u7684\u5e02\u573a\u5171\u8bc6\u9ad80.10\u7f8e\u5143\u3002GAAP\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u75312.38\u7f8e\u5143\u5347\u81f33.40\u7f8e\u5143\u3002\u975eGAAP\u6bdb\u5229\u7387\u753148.1%\u5347\u81f350.6%\uff0c\u975eGAAP\u7ecf\u8425\u5229\u6da6\u7387\u8fbe35.3%\u3002<\/span><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" 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aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"29\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">\u80a1\u606f\u4e0e\u56de\u8d2d\uff1a<\/span><\/b><span 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data-contrast=\"auto\">\u5e94\u7528\u6750\u6599\u6b63\u5c06AI\u9a71\u52a8\u7684\u8bbe\u5907\u6295\u8d44\u5468\u671f\u8f6c\u5316\u4e3a\u66f4\u9ad8\u9500\u552e\u53ca\u5229\u6da6\u7387\u3002\u8425\u6536\u589e\u957f53%\uff0c\u975eGAAP\u6bdb\u5229\u7387\u4e0a\u5347250\u4e2a\u57fa\u70b9\uff0c\u63a8\u52a8\u6bcf\u80a1\u6536\u76ca\u66f4\u5feb\u589e\u957f\uff0c\u521b\u7eaa\u5f55\u73b0\u91d1\u6d41\u4e5f\u652f\u6301\u7ecf\u8425\u4e1a\u7ee9\u7684\u8d28\u91cf\u30021\u6708\u5b63\u5ea6\u6307\u5f15\u5ef6\u7eed\u4e86\u8fd9\u4e00\u52bf\u5934\uff0c\u7ba1\u7406\u5c42\u9884\u8ba12027\u65e5\u5386\u5e74\u6676\u5706\u5382\u8bbe\u5907\u9700\u6c42\u589e\u957f\u8d85\u8fc730%\uff0c\u8bf4\u660e\u6295\u8d44\u5468\u671f\u53ef\u80fd\u8fdb\u4e00\u6b65\u6269\u5927\u3002\u5148\u8fdb\u903b\u8f91\u3001DRAM\u53ca\u5148\u8fdb\u5c01\u88c5\uff0c\u5747\u662f\u516c\u53f8\u6301\u7eed\u6295\u5165\u4ee5\u6269\u5927\u5730\u4f4d\u7684\u9886\u57df\u3002\u9650\u5236\u56e0\u7d20\u5728\u4e8e\u5ba2\u6237\u4e0e\u4f9b\u5e94\u5546\u6269\u4ea7\u7684\u901f\u5ea6\u3002\u5373\u4f7f\u9700\u6c42\u5f3a\u52b2\uff0c\u6d01\u51c0\u5ba4\u5efa\u8bbe\u3001\u8bbe\u5907\u96f6\u90e8\u4ef6\u548c\u539f\u6750\u6599\u4f9b\u5e94\u4e5f\u53ef\u80fd\u5ef6\u8fdf\u5b89\u88c5\u3002\u51fa\u53e3\u9650\u5236\u4ee5\u53ca\u4e2d\u56fd\u548c\u975e\u4e2d\u56fd\u5730\u533a\u7684\u652f\u51fa\u7ec4\u5408\uff0c\u540c\u6837\u4f1a\u5f71\u54cd\u516c\u53f8\u80fd\u591f\u53c2\u4e0e\u7684\u5e02\u573a\u673a\u4f1a\u3002EPIC\u7814\u53d1\u4e2d\u5fc3\u53ef\u80fd\u589e\u5f3a\u957f\u671f\u5ba2\u6237\u5173\u7cfb\uff0c\u4f46\u8fd1\u671f\u56de\u62a5\u4ecd\u53d6\u51b3\u4e8e\u5f53\u524d\u9700\u6c42\u80fd\u5426\u8f6c\u5316\u4e3a\u51fa\u8d27\u548c\u73b0\u91d1\u300211\u670812\u65e5\u80a1\u4ef7\u6536\u4e8e380.95\u7f8e\u5143\uff0c\u4e0b\u8dcc3.58%\uff0c\u76d8\u540e\u62a5383.83\u7f8e\u5143\uff0c\u8f83\u6536\u76d8\u4e0a\u6da80.76%\u3002\u53cd\u5f39\u5e45\u5ea6\u4e0d\u5927\uff0c\u6295\u8d44\u8005\u4ecd\u5728\u7b49\u5f85\u516c\u53f8\u6301\u7eed\u5151\u73b0\u8f83\u5f3a\u7684\u589e\u957f\u5c55\u671b\u3002\u540e\u7eed\u5e94\u5173\u6ce8\u8ba2\u5355\u8f6c\u5316\u3001DRAM\u53ca\u6676\u5706\u4ee3\u5de5\u6295\u8d44\u3001\u5c01\u88c5\u9700\u6c42\u3001\u6bdb\u5229\u7387\u53ef\u6301\u7eed\u6027\u548c\u73b0\u91d1\u56de\u62a5\u3002\u82e5\u8bbe\u5907\u4efd\u989d\u6301\u7eed\u63d0\u5347\u4e14\u4ea7\u80fd\u6269\u5f20\u4fdd\u6301\u7eaa\u5f8b\uff0c\u5c06\u652f\u6301\u6b63\u9762\u5224\u65ad\u3002\u5982\u679c\u5ba2\u6237\u9879\u76ee\u5ef6\u671f\u6216\u533a\u57df\u9700\u6c42\u53d1\u751f\u66f4\u660e\u663e\u53d8\u5316\uff0c\u5219\u9700\u4e0b\u8c03\u9884\u671f\u3002<\/span><b><span data-contrast=\"auto\">2027\u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5efa\u8bae\u4ea4\u6613\u533a\u95f4\u4e3a340\u81f3435\u7f8e\u5143\u3002\u6b63\u9762\u524d\u666f\u3002<\/span><\/b><span data-ccp-props=\"{}\">&nbsp;<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6ff17fbc e-con e-atomic-element e-flexbox-base e-default-div e-6ff17fbc-c4ddb64 \" data-id=\"6ff17fbc\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6ff17fbc\" data-e-type=\"e-flexbox\" data-id=\"6ff17fbc\">\n    \t\t\t<p class=\"e-262c95ac-f5069e1 e-paragraph-base e-default-p\" data-interaction-id=\"262c95ac\" data-e-type=\"widget\" data-id=\"262c95ac\"><a target=\"_self\" href=\"#top\">^ Back to Top<\/a><\/p>\n\t\t\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>TECHNICAL ANALYSIS SINGAPORE \u00a0|\u00a0 HONG KONG \u00a0|\u00a0 UNITED STATES\u00a0\u00a0|\u00a0\u00a0EARNINGS Singapore SATS SP SATS Ltd Shares closed at a two-months high above the 100dEMA with a surge in volume. MACD is constructive, while RSI is at an overbought level. Long \u2013 Entry 4.0, Target 4.4, Stop 3.8 SIA SP Singapore Airlines Ltd Shares closed at a [&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-96959","post","type-post","status-publish","format-standard","hentry","category-technical-analysis"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.5.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 13 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SATS SP SATS Ltd Shares closed at a two-months high above the 100dEMA with a surge in volume. MACD is constructive, while RSI is at an overbought level. Long \u2013 Entry 4.0, Target 4.4, Stop 3.8 SIA SP Singapore Airlines\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Enya Tan\"\/>\n\t<meta name=\"keywords\" content=\"technical analysis\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/technical-analysis-25-september-2026\/\" \/>\n\t\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.5.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"Technical Analysis: 13 November 2026 \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"TECHNICAL ANALYSIS Technical Analysis: 13 November 2026 SINGAPORE | HONG KONG | UNITED STATES | EARNINGS Singapore SATS SP SATS Ltd Shares closed at a two-months high above the 100dEMA with a surge in volume. MACD is constructive, while RSI is at an overbought level. 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MACD is constructive, while RSI is at an overbought level. Long \u2013 Entry 4.0, Target 4.4, Stop 3.8 SIA SP Singapore Airlines\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/technical-analysis-13-november-2026\\\/#blogposting\",\"name\":\"Technical Analysis: 13 November 2026 \\u2022 KGI Singapore Research\",\"headline\":\"Technical Analysis: 13 November 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