Technical Analysis – 29 April 2026

United States | Singapore | Hong Kong | Earnings

CVS Health Corporation (CVS US)

• Shares closed above the 5dEMA. 
• Both RSI and MACD are constructive. 
• Long – Entry 77, Target 85, Stop 73 

Zumiez Inc. (ZUMZ US) 

• Shares closed slightly below the 5dEMA.  
• Both RSI and MACD are constructive. 
• Long – Entry 24, Target 30, Stop 21 

^ Back To Top

Golden Agri-Resources Ltd. (GGR SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.29, Target 0.33, Stop 0.27 

MoneyMax Financial Services Ltd. (MMFS SP) 

• Shares closed above the 5dEMA. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.88, Target 1.00, Stop 0.82  

^ Back To Top

Tsingtao Brewery Co., Ltd. (168 HK)  

• Shares closed at a two-months high above the 5dEMA with a surge in volume. 
• Both RSI and MACD are constructive. 
• Long – Entry 52, Target 56, Stop 50

Yihai International Holding Ltd. (1579 HK)  

• Shares closed above the 20dEMA. The 5dEMA crossed the 10dEMA. 
• RSI is constructive, while MACD is about to turn positive. 
• Long – Entry 15.8, Target 17.0, Stop 15.2 

^ Back To Top

United Parcel Service, Inc. (UPS) 

• 1Q26 Revenue: $21.2B, -1.4% YoY, beat estimates by $230M 

• 1Q26 Non-GAAP EPS: $1.07, beat estimates by $0.05 

• FY26 Guidance: Reaffirmed FY26 revenue guidance of $89.7B and adjusted operating profit guidance of $8.6B. The company continues to target a 9.6% adjusted operating margin for 2026. 

• Dividends: Quarterly dividend remains $1.64 per share. 

• Comment: The quarter was better than feared on the surface but not clean enough to materially improve sentiment. Revenue and adjusted EPS both came in ahead of expectations, supported by a sharper focus on yield over volume. U.S. Domestic revenue per piece increased 6.5%, while consolidated revenue declined 1.6%, reflecting the company’s deliberate shift away from lower-quality volume, including Amazon-related business. The issue is that margins remain under pressure. Adjusted operating margin was 6.2%, down from 8.2% a year earlier, and domestic adjusted operating profit fell sharply as volume declines, transition costs, and network realignment continued to weigh on results. That suggests the portfolio upgrade strategy is directionally right, but the near-term earnings bridge is still uneven. Management expects revenue and profit growth to resume in 2Q26, but the market reaction indicates investors want clearer proof. Fuel costs have risen, demand elasticity remains uncertain, and there are still questions about how much of the cost pressure can be passed through, particularly in lower-margin channels. The stock fell after the release despite the beat, which is consistent with a market that is waiting for visible margin recovery rather than only better-than-feared quarterly results. The principal variables to monitor are domestic volume stabilization, margin recovery as the network is restructured, price realization on higher-yield shipments, and whether 2Q26 actually marks the return to top-line and profit growth. For now, the setup remains transitional rather than decisively improving. 2Q26 recommended trading range: $97 to $120. Neutral Outlook. 

联合包裹服务公司（UPS) 

• 26财年第一季度营收：212亿美元，同比下降1.4%，超出预期2.3亿美元 

• 26财年第一季度非公认会计准则每股收益：1.07美元，超出预期0.05美元 

• 26财年全年指引：重申全年营收897亿美元、调整后营业利润86亿美元；维持2026年调整后营业利润率9.6%的目标 

• 股息：维持季度股息每股1.64美元 

• 短评：本季度表现表面好于担忧，但不足以显著改善市场情绪。营收与调整后EPS均超预期，主因公司更聚焦高收益业务而非低质货量：美国国内单件收入增长6.5%，而合并营收下降1.6%，反映其主动削减包括亚马逊在内的低利润业务。然而，利润率仍承压：调整后营业利润率仅6.2%，远低于去年同期8.2%；国内调整后营业利润大幅下滑，受货量减少、转型成本及网络重组持续拖累。这表明其“提升业务质量”的战略方向正确，但近端盈利路径仍不平稳。管理层预计Q2将恢复营收与利润增长，但市场反应冷淡——财报后股价下跌，显示投资者正等待可见的利润率修复证据，而非仅“优于预期”的单季数据。当前挑战包括：燃油成本上升、需求弹性不明朗，以及能否在低利润渠道有效转嫁成本。后续关键变量包括：（1）美国国内货量是否企稳；（2）网络重构后利润率能否回升；（3）高收益货件的定价实现情况；（4）Q2是否真正标志顶层与盈利重回增长轨道。目前格局仍属转型过渡期，尚未确立明确改善趋势。26财年第二季度建议交易区间：97美元至120美元。中性前景。 
   

The Coca-Cola Company (KO) 

• 1Q26 Revenue: $12.5B, +12.6% YoY, beat estimates by $270M 

• 1Q26 Non-GAAP EPS: $0.86, beat estimates by $0.05 

• FY26 Guidance: Raised FY26 comparable EPS growth outlook to 8% to 9% from 7% to 8%. Organic revenue growth guidance was maintained at 4% to 5%. 

• Comment: The quarter was strong and cleaner than recent consumer staples prints. Volume grew 3% globally, ahead of price/mix growth of 2%, which indicates the company is still generating real demand rather than relying only on pricing. Comparable operating margin also improved to 34.5% from 33.8%, showing that cost pressure remains manageable. The most important positive is that Coca-Cola was able to raise profit guidance despite higher energy and packaging costs. Management appears to be offsetting that pressure through hedging, mix, and disciplined revenue management, while category share also improved in total nonalcoholic ready-to-drink beverages. Coca-Cola Zero Sugar remained a clear growth driver, with volume up 13%. The market reaction was constructive, with shares rising about 5% to 6% on the day as investors responded to the beat and guidance raise. The principal variables to monitor are whether volume-led growth can persist if consumer budgets weaken further, whether input-cost pressure stays contained, and whether margin expansion continues while the company invests behind healthier and more affordable product formats. 2Q26 recommended trading range: $74 to $88. Neutral Outlook. 

可口可乐公司（KO) 

• 26财年第一季度营收：125亿美元，同比增长12.6%，超出预期2.7亿美元 

• 26财年第一季度非公认会计准则每股收益：0.86美元，超出预期0.05美元 

• 26财年全年指引：上调可比每股收益增长预期至8%–9%（此前为7%–8%）；维持有机收入增长4%–5%不变 

• 短评：本季度表现强劲，且质量优于近期多数必需消费品财报。全球销量增长3%，超过价格/产品组合贡献的2%，表明公司仍在创造真实需求，而非仅依赖提价驱动增长。可比营业利润率从33.8%提升至34.5%，显示成本压力可控。尤为关键的是，在能源与包装成本上升背景下，公司仍上调全年盈利指引，反映其通过套期保值、产品组合优化及严格的收入管理有效对冲通胀；同时，在全品类无酒精即饮饮料市场中的份额亦有所提升。零糖可口可乐（Coca-Cola Zero Sugar）继续成为核心增长引擎，销量同比大增13%。财报发布后股价上涨约5%–6%，投资者积极回应超预期表现及指引上调。后续关键变量包括：（1）若消费者预算进一步收紧，销量驱动的增长能否持续；（2）原材料成本压力是否维持受控；（3）在加大对更健康、更实惠产品形式投资的同时，利润率扩张趋势能否延续。26财年第二季度建议交易区间：74美元至88美元。中性前景。 

Corning Incorporated (GLW) 

• 1Q26 Revenue: $4.35B, beat estimates by $40M. 

• 1Q26 Non-GAAP EPS: $0.70, beat estimates by $0.01 

• 2Q26 Guidance: 2Q26 core sales guided to about $4.6B and core EPS to $0.73 to $0.77. Guidance includes an additional $30M of expense from the extended solar wafer facility maintenance shutdown.  

• Comment: The quarter was strong operationally, driven by optical communications and AI-related demand. Optical Communications sales rose 36% to $1.85B, and management disclosed two additional multiyear hyperscaler agreements similar in structure to its prior large Meta-related deal. Core operating margin also improved to 20.2%, showing solid operating leverage. The issue is that the market focused on the outlook rather than the quarter. Second-quarter sales guidance of about $4.6B came in slightly below expectations, while non-optical segments remain softer due to weak electronics replacement cycles and slower smartphone demand. The solar maintenance shutdown also adds temporary cost pressure. Shares fell more than 5% after the release, reflecting concern that AI-driven optical strength is not yet broad enough to fully offset weakness elsewhere. The principal variables to monitor are optical demand conversion from the new hyperscaler agreements, recovery in display and specialty materials, normalization after the solar facility shutdown, and whether the company can broaden growth beyond the AI connectivity theme. 2Q26 recommended trading range: $130 to $190. Neutral Outlook. 

康宁公司（GLW) 

• 26财年第一季度营收：43.5亿美元，超出预期4000万美元 

• 26财年第一季度非公认会计准则每股收益：0.70美元，小幅超出预期0.01美元 

• 26财年第二季度指引：核心销售额约46亿美元，核心每股收益0.73–0.77美元；指引包含因太阳能硅片工厂维护停工延长带来的额外3000万美元支出 

• 短评：本季度运营表现强劲，主要受光通信与AI相关需求驱动。光通信业务销售额大增36%至18.5亿美元，管理层披露已签署两份新的多年期超大规模客户协议，结构类似此前与Meta的大单，进一步巩固其在AI数据中心基础设施中的关键地位。核心营业利润率提升至20.2%，显示显著的运营杠杆。然而，市场焦点不在当季表现，而在前瞻指引偏弱：Q2销售额指引约46亿美元略低于预期，且非光通信业务仍显疲软——显示电子设备换机周期低迷与智能手机需求放缓持续拖累显示科技与特种材料板块。此外，太阳能工厂维护停工延长带来短期成本压力。财报发布后股价下跌逾5%，反映投资者担忧：AI驱动的光通信强势尚不足以全面抵消其他业务疲软。后续关键变量包括：（1）新超大规模客户订单能否顺利转化为收入；（2）显示与特种材料业务能否复苏；（3）太阳能工厂停工影响何时消退；（4）公司能否将增长叙事从“AI连接”扩展至更广泛领域。26财年第二季度建议交易区间：130美元至190美元。中性前景。 

Spotify Technology S.A. (SPOT) 

• 1Q26 Revenue: €4.53B, +7.9% YoY, beat estimates by €10M 

• 1Q26 GAAP EPS: €3.45, beat estimates by €0.51 

• 2Q26 Guidance: 2Q26 revenue guided to €4.8B, gross margin to 33.1%, operating income to €630M, MAUs to 778M, and Premium Subscribers to 299M. 

• Comment: The quarter was strong on profitability and user growth. MAUs rose 12% YoY to 761M and Premium Subscribers rose 9% YoY to 293M, while gross margin reached a Q1 record 33.0% and free cash flow reached a Q1 record €824M. Premium revenue grew 10%, although ad-supported revenue was weaker. The market focused on softer forward indicators rather than the quarter itself. Q2 guidance for 299M Premium Subscribers was slightly below expectations, and operating income guidance of €630M also came in light relative to consensus. The stock fell roughly 12% to 13% after the release, indicating concern that recent price increases and higher operating expenses could moderate near-term momentum. The principal variables to monitor are Premium subscriber additions after the latest price increases, ad-supported revenue recovery, operating-expense discipline, and whether margin gains can continue alongside user growth. 2Q26 recommended trading range: $400 to $500. Positive Outlook. 

Spotify Technology S.A.（SPOT) 

• 26财年第一季度营收：45.3亿欧元，同比增长7.9%，超出预期1000万欧元 

• 26财年第一季度公认会计准则每股收益：3.45欧元，大幅超出预期0.51欧元 

• 26财年第二季度指引：营收48亿欧元、毛利率33.1%、营业利润6.3亿欧元、月活跃用户（MAUs）7.78亿、付费订阅用户2.99亿 

• 短评：本季度在盈利与用户增长方面表现强劲。月活跃用户（MAUs）同比增长12%至7.61亿，付费订阅用户增长9%至2.93亿；毛利率达一季度历史最高的33.0%，自由现金流亦创一季度新高，达8.24亿欧元。付费收入增长10%，但广告支持业务收入相对疲软。尽管当季表现优异，市场焦点转向前瞻指引的温和信号：Q2付费用户指引2.99亿略低于市场预期，营业利润指引6.3亿欧元也偏保守。财报发布后股价大跌12%–13%，反映投资者担忧：近期提价可能抑制用户增长动能，叠加运营支出上升，或令近端增长放缓。后续关键变量包括：（1）最新一轮提价后付费用户净增是否可持续；（2）广告收入能否企稳回升；（3）运营支出纪律是否严格；（4）在用户持续扩张的同时，利润率提升趋势能否延续。26财年第二季度建议交易区间：400美元至500美元。积极前景。 

General Motors Company (GM) 

• 1Q26 Revenue: $43.62B, -0.9% YoY, beat estimates by $70M 

• 1Q26 Non-GAAP EPS: $3.70, beat estimates by $1.08 

• FY26 Guidance: Raised FY26 adjusted EPS guidance to $11.50 to $13.50 from $11.00 to $13.00. GM also raised FY26 EBIT adjusted guidance to $13.5B to $15.5B, while keeping adjusted automotive free cash flow guidance at $9B to $11B. 

• Dividends: Declared a quarterly cash dividend of $0.18 per share, payable June 18, 2026, to holders of record on June 5, 2026. 

• Comment: The quarter was better than expected on earnings, but the quality of the beat requires some caution. Adjusted results benefited from a favorable roughly $0.5B tariff-related adjustment following the U.S. Supreme Court decision on certain IEEPA tariffs, which also reduced GM’s expected 2026 gross tariff cost to $2.5B to $3.5B from $3.0B to $4.0B. That support is real, but it is not the same as a pure operating upside surprise. Underlying demand in North America still looks healthy. Management indicated domestic demand, particularly in trucks and SUVs, remains resilient, with Silverado sales up 8% and fleet sales at their highest level since 2020. At the same time, GM continues to slow EV production because EV profitability remains weaker than internal combustion vehicles, and the company recorded a $1.1B charge related to winding down future EV and battery supplier agreements. The main debate is whether the market rewards the higher guidance or discounts it because part of the benefit comes from lower tariff exposure rather than stronger core execution. The stock setup should therefore depend on four variables: U.S. truck and SUV demand, the pace of EV loss reduction, tariff refund timing, and whether GM can sustain margin strength without leaning too heavily on mix away from EVs. 2Q26 recommended trading range: $70 to $95. Neutral Outlook. 

通用汽车公司（GM) 

• 26财年第一季度营收：436.2亿美元，同比下降0.9%，超出预期7000万美元 

• 26财年第一季度非公认会计准则每股收益：3.70美元，大幅超出预期1.08美元 

• 26财年全年指引：上调调整后EPS至11.50–13.50美元（原为11.00–13.00美元）；上调调整后EBIT至135亿–155亿美元；维持调整后汽车业务自由现金流90亿–110亿美元不变 

• 股息：宣布季度现金股息每股0.18美元，2026年6月18日支付，6月5日为股权登记日 

• 短评：本季度盈利表现优于预期，但超预期质量需谨慎看待。调整后业绩受益于一项约5亿美元的关税相关有利调整——源于美国最高法院对《国际紧急经济权力法》（IEEPA）下部分关税的裁决，使公司2026年预计关税成本从30亿–40亿美元下调至25亿–35亿美元。此项支持真实存在，但并非纯粹来自运营改善。北美基础需求仍稳健：管理层指出，皮卡与SUV需求具韧性，雪佛兰Silverado销量增长8%，车队销量达2020年以来最高水平。与此同时，公司继续放缓电动车（EV），因EV盈利能力仍显著弱于燃油车，并计提11亿美元费用，用于终止部分未来EV及电池供应商协议。当前市场核心分歧在于：是否将上调指引视为基本面强化，还是因部分利好源于关税风险缓释而非内生执行提升。后续股价走势将取决于四大变量：（1）美国皮卡与SUV需求持续性；（2）EV亏损收窄速度；（3）关税退款实际到账节奏；（4）能否在不过度依赖“远离EV的产品组合”前提下维持利润率强度。26财年第二季度建议交易区间：70美元至95美元。中性前景。 

Robinhood Markets, Inc. (HOOD) 

• 1Q26 Revenue: $1.07B, +15.4% YoY, miss estimates by $70M 

• 1Q26 GAAP EPS: $0.38, miss estimates by $0.01 

• FY26 Guidance: No explicit guidance made. 

• Comment: The quarter was mixed and softer than the market wanted. Total net revenue rose 15% YoY to $1.07B, but the miss was driven by weaker transaction-based revenue, especially in crypto. Cryptocurrencies revenue fell 47% YoY to $134M, while transaction-based revenue rose only 7% to $623M, marking a clear slowdown versus prior momentum. There were still constructive offsets. Net interest revenue rose 24% to $359M, other revenue rose 57% to $85M, funded customers increased 6% to 27.4M, total platform assets increased 39% to $307B, and Robinhood Gold subscribers grew 36% to 4.3M. That indicates the broader platform is still scaling even as trading monetization weakened. The market reaction was negative because investors focused on earnings conversion rather than user growth. Shares fell more than 8% after the release, reflecting concern that lower crypto volumes and weaker take rates in options and crypto limited profit growth despite a still healthy engagement backdrop. The principal variables to monitor are crypto revenue stabilization, take-rate recovery in options and crypto, sustained growth in net interest and subscriptions, and whether newer businesses such as advisory, banking, and event contracts can diversify earnings more meaningfully. 2Q26 recommended trading range: $60 to $100. Neutral Outlook. 

Robinhood Markets, Inc.（HOOD) 

• 26财年第一季度营收：10.7亿美元，同比增长15.4%，低于预期7000万美元 

• 26财年第一季度公认会计准则每股收益：0.38美元，低于预期0.01美元 

• 26财年全年指引：未提供明确财务指引 

• 短评：本季度表现喜忧参半，弱于市场期待。总净营收同比增长15%至10.7亿美元，但缺口主要来自交易相关收入疲软，尤其是加密货币业务：加密收入同比大降47%至1.34亿美元，整体交易收入仅增长7%至6.23亿美元，显著放缓于此前势头。不过，平台基本面仍有积极支撑：净利息收入增长24%至3.59亿美元，其他收入大增57%至8500万美元；付费用户（funded customers）增至2740万（+6%），平台总资产达3070亿美元（+39%），Robinhood Gold订阅用户增长36%至430万，显示用户基础与资产规模仍在扩张，尽管变现效率短期承压。市场反应负面，股价盘后大跌超8%，主因投资者更关注盈利转化能力而非用户增长——在参与度仍健康背景下，加密交易量下滑及期权、加密货币“抽成率”（take rate）走低限制了利润弹性。后续关键变量包括：（1）加密收入能否企稳；（2）期权与加密抽成率是否回升；（3）净利息与订阅收入能否持续增长；（4）新兴业务（如财富顾问、银行服务、事件合约）能否实质性多元化盈利来源。26财年第二季度建议交易区间：60美元至100美元。中性前景。 

Bloom Energy Corporation (BE) 

• 1Q26 Revenue: $751.1M, +130.4% YoY, beat estimates by $211.08M 

• 1Q26 Non-GAAP EPS: $0.44, beat estimates by $0.31 

• FY26 Guidance: Raised FY26 revenue guidance to $3.4B to $3.8B from $3.1B to $3.3B, and raised FY26 adjusted EPS guidance to $1.85 to $2.25 from $1.33 to $1.48. 

• Comment: This was a very strong quarter. Product revenue rose to $653.3M, non-GAAP gross margin improved to 31.5%, non-GAAP operating income reached $129.7M, and operating cash flow turned positive at $73.6M. The print supports the view that Bloom is converting AI and data-center-related power demand into real earnings and cash generation rather than only backlog optimism.  The key positive is demand quality. Bloom highlighted expanding digital power demand and a larger Oracle-related AI data-center opportunity, which strengthens the company’s positioning as an on-site power provider where grid constraints are becoming more acute. The sharp full-year guidance raise also implies management sees this demand as durable beyond one quarter. The main issue is expectations. The stock has already had a very large run, and even with a beat-and-raise quarter, post-earnings trading was somewhat mixed across reports. The principal variables to monitor are project conversion timing, margin durability as mix evolves, and whether AI-driven demand broadens across more customers beyond the current flagship wins. 2Q26 recommended trading range: $230 to $380. Positive Outlook. 

Bloom Energy Corporation（BE) 

• 26财年第一季度营收：7.511亿美元，同比增长130.4%，大幅超出预期2.1108亿美元 

• 26财年第一季度非公认会计准则每股收益：0.44美元，超出预期0.31美元 

• 26财年全年指引：上调全年营收指引至34亿–38亿美元（原为31亿–33亿美元）；上调调整后EPS指引至1.85–2.25美元（原为1.33–1.48美元） 

• 短评：本季度表现极为强劲。产品收入达6.533亿美元，非GAAP毛利率提升至31.5%，非GAAP营业利润达1.297亿美元，经营活动现金流转正至7360万美元，印证公司正将AI与数据中心电力需求切实转化为盈利与现金，而非仅依赖订单积压预期。核心亮点在于需求质量提升：Bloom强调数字电力需求持续扩张，并指出与甲骨文（Oracle）相关的AI数据中心项目机会显著扩大，强化其作为电网受限区域现场供电解决方案提供商的战略定位。全年指引大幅上调，表明管理层认为当前需求具备持续性，非单季脉冲。主要挑战在于市场预期已高：尽管交出“超预期+上调指引”的优异成绩，但因股价此前已大幅上涨，财报后交易反应偏分化。后续关键变量包括：（1）重大项目收入确认时点；（2）产品组合演变下的利润率可持续性；（3）AI驱动需求能否从当前标志性客户扩展至更广泛客户群。26财年第二季度建议交易区间：230美元至380美元。积极前景。 

Seagate Technology Holdings plc (STX) 

• 3Q26 Revenue: $3.11B, +44.0% YoY, beat estimates by $150M 

• 3Q26 Non-GAAP EPS: $4.10, beat estimates by $0.60 

• 4Q26 Guidance: 4Q26 revenue guided to $3.45B ± $0.10B and non GAAP diluted EPS to $5.00 ± $0.20, both well above prior market expectations. 

• Dividends/Share Buybacks: Seagate returned $191M to shareholders through dividends and share repurchases in 3Q26 and retired $641M of debt. 

• Comment: This was a very strong quarter. Revenue, EPS, gross margin, and free cash flow all came in well ahead, with non-GAAP gross margin reaching 47.0% and free cash flow reaching $953M. The print reinforces that Seagate is benefiting directly from a structural recovery in nearline HDD demand tied to AI and cloud data storage. The key positive is demand visibility. Management indicated nearline capacity is almost fully allocated through calendar 2027, while data center represented 88% of exabyte shipments and 80% of revenue. That suggests the current upcycle is being supported by real capacity tightness and stronger enterprise demand, not only short-term restocking. The market reaction was decisively positive, with shares rising about 13% to 16% in after-hours trading following the report. The main variables to monitor are whether AI-driven storage demand remains this strong into the second half, whether allocation tightness supports pricing discipline, and whether the stock’s sharp rerating begins to limit near term upside. 2Q26 recommended trading range: $570 to $800. Positive Outlook. 

Seagate Technology Holdings plc（STX) 

• 26财年第三季度营收：31.1亿美元，同比增长44.0%，超出预期1.5亿美元 

• 26财年第三季度非公认会计准则每股收益：4.10美元，超出预期0.60美元 

• 26财年第四季度指引：营收34.5亿美元（±1亿美元），非GAAP稀释每股收益5.00美元（±0.20美元），均显著高于市场此前预期 

• 股息与资本返还：第三季度通过股息与回购向股东返还1.91亿美元，并偿还6.41亿美元债务 

• 短评：本季度表现极为强劲。营收、EPS、毛利率与自由现金流全面大幅超预期——非GAAP毛利率达47.0%，自由现金流高达9.53亿美元，印证公司正直接受益于由AI与云存储驱动的近线硬盘（nearline HDD）。核心亮点在于需求能见度极高：管理层指出，近线硬盘产能已几乎全部分配至2027年底；数据中心业务占出货量（按EB计）的88%、营收的80%，显示当前上行周期由真实的产能紧张与企业级需求支撑，而非短期补库存行为。财报发布后股价盘后大涨13%–16%，反映市场对结构性复苏逻辑的高度认可。后续关键变量包括：（1）AI驱动的存储需求能否在2026年下半年维持强势；（2）产能分配紧张是否支撑持续的定价纪律；（3）股价已大幅重估后，是否限制短期进一步上行空间。26财年第二季度建议交易区间：570美元至800美元。积极前景。 

Teradyne Inc. (TER) 

• 1Q26 Revenue: $1.28B, +86.6% YoY, beat estimates by $70M 

• 1Q26 Non-GAAP EPS: $2.56, beat estimates by $0.45 

• 2Q26 Guidance: Expect revenue of $1.15B to $1.25B, with GAAP net income of $1.83 to $2.12 per diluted share and non-GAAP net income of $1.86 to $2.15 per diluted share. 

• Comment: Teradyne delivered a record first quarter, with revenue up 87% year on year to US$1.282bn and non-GAAP EPS of US$2.56, both above the high end of guidance, driven by strong AI-related demand across compute and memory testing. Semiconductor Test remained the core driver, contributing US$1.111bn of revenue, while Product Test and Robotics also posted strong YoY growth. Management highlighted that around 70% of revenue is now tied to AI-related demand, reflecting the strength of its wafer-to-AI-data-center strategy. Looking ahead, Teradyne guided second-quarter revenue of US$1.15bn to US$1.25bn and non-GAAP EPS of US$1.86 to US$2.15, suggesting demand remains elevated even after a record quarter. The company appears well positioned as AI chips become more complex and require more advanced testing, though its high AI exposure also means results could become more sensitive to any slowdown in AI infrastructure spending. 2Q26 recommended trading range: $330 to $390. Neutral Outlook. 

特瑞达公司 (TER) 

• 1Q26 营收：12.8亿美元，同比增长86.6%，超出预期7000万美元。 

• 1Q26 Non-GAAP 每股收益：2.56美元，超出预期0.45美元。 

• 2Q26 指引：预计营收为11.5亿至12.5亿美元；GAAP 稀释后净利润每股1.83至2.12美元；Non-GAAP 稀释后净利润每股1.86至2.15美元。 

• 短评：特瑞达实现创纪录的第一季度，营收同比增长87%至12.82亿美元，Non-GAAP 每股收益为2.56美元；二者均高于指引区间上沿。主要由计算与内存测试领域的强劲AI相关需求推动。半导体测试仍是核心驱动，贡献营收11.11亿美元；产品测试和机器人业务也实现强劲同比增长。管理层指出，目前约70%的营收已与AI相关需求绑定，反映其“晶圆到AI数据中心”的战略实力。展望未来，公司给出第二季度营收指引11.5亿至12.5亿美元、Non-GAAP 每股收益1.86至2.15美元，说明即使在创纪录季度之后需求仍维持高位。随着AI芯片变得更复杂、测试需求更先进，公司处境看起来较为有利；但其AI敞口也意味着，如果AI基础设施支出放缓，业绩可能会对变化更敏感。2Q26 建议交易区间：330美元至390美元。中性前景。 

Visa Inc. (V) 

• 2Q26 Revenue: $11.23B, +17.0% YoY, beat estimates by $480M 

• 2Q26 Non-GAAP EPS: $3.31, beat estimates by $0.21 

• FY26 Guidance: Raised its full-year 2026 earnings per share guidance to low-teens, from an earlier forecast of low-double-digit growth. 

• Share Buybacks: Board of directors authorised a new US$20B multi-year share repurchase programme. 

• Comment: Visa delivered a strong second quarter, with adjusted net income rising to US$6.3bn, or US$3.31 per share, ahead of expectations, as resilient consumer spending drove a 9% increase in payments volume. Data processing revenue rose 18% to US$5.54bn, while cross-border volume grew 12% on a constant-currency basis, supported by travel and global commerce despite disruption from Middle East tensions. Management also raised full-year 2026 earnings growth guidance to the low-teens and authorized a new US$20bn share repurchase program. Looking ahead, Visa remains well positioned given its transaction-based model, global network scale, stablecoin settlement expansion, and upcoming Olympics and World Cup sponsorship opportunities, though cross-border growth and travel spending could face some pressure if geopolitical disruption worsens. 3Q26 recommended trading range: $310 to $340. Positive Outlook. 

万事达公司 (V) 

• 2Q26 营收：112.3亿美元，同比增长17.0%，超出预期4.8亿美元。 

• 2Q26 Non-GAAP 每股收益：3.31美元，超出预期0.21美元。 

• 26财年指引：上调全年2026年盈利（每股收益）指引至“低两位数”，从先前预计的“低两位数偏低（两位数中个位数较低）”增速预测上调。 

• 股票回购：董事会授权一项新的200亿美元（20B）多年度股票回购计划。 

• 短评：Visa第二季度表现强劲，调整后净利润增至63亿美元，折合每股3.31美元，超出预期；在消费者支出韧性支撑下，支付量（payments volume）增长9%。数据处理收入增长18%至55.4亿美元；以恒定货币计，跨境交易量增长12%，尽管中东紧张局势带来扰动，但旅行与全球商业仍提供支撑。管理层也上调全年2026年盈利增长指引至“低两位数”，并批准新的200亿美元股票回购计划。展望未来，鉴于其基于交易（transaction-based）的商业模式、全球网络规模、稳定币结算扩张，以及即将到来的奥运会和世界杯赞助机会，Visa整体配置仍然较好；但如果地缘政治扰动加剧，跨境增长和旅行支出可能会承压。3Q26 建议交易区间：310美元至340美元。积极前景。 

NXP Semiconductors NV. (NXPI) 

• 1Q26 Revenue: $3.18B, +12.0% YoY, beat estimates by $20M 

• 1Q26 Non-GAAP EPS: $3.05, beat estimates by $0.08 

• 2Q26 Guidance: Expect revenue between $3.35B and $3.55B, compared with estimates of $3.27B and quarterly adjusted profit per share of between $3.29 and $3.72, above estimates of $3.17 per share. 

• Comment: NXP Semiconductors reported a stronger-than-expected first quarter, with revenue of US$3.18bn and adjusted earnings of US$3.05 per share, both ahead of expectations, supported by broad-based improvement across its automotive, industrial, mobile, and communications businesses. Its key automotive segment grew 6% YoY to US$1.78bn, reflecting improving demand as customers work through excess inventory. Management guided second-quarter revenue to US$3.35bn to US$3.55bn and adjusted earnings to US$3.29 to US$3.72 per share, both above consensus, signalling confidence that the recovery is accelerating through 2026. Looking ahead, NXP appears well positioned to benefit from a cyclical rebound in automotive and industrial semiconductors, especially given its exposure to vehicle electrification, connectivity and industrial Internet of Things, although sustained upside will depend on whether end-market recovery continues without renewed inventory build-up. 2Q26 recommended trading range: $240 to $280. Positive Outlook. 

NXP半导体公司 (NXPI) 

• 1Q26 营收：31.8亿美元，同比增长12.0%，超出预期2000万美元。 

• 1Q26 Non-GAAP 每股收益：3.05美元，超出预期0.08美元。 

• 2Q26 指引：预计营收在33.5亿至35.5亿美元之间；而市场预期为32.7亿美元；季度调整后每股利润预计在3.29至3.72美元之间，高于预期的3.17美元/股。 

• 短评：NXP半导体公布的第一季度表现好于预期：营收31.8亿美元，调整后每股收益3.05美元，两项均高于预期。主要得益于其汽车、工业、移动以及通信业务的全面改善。其关键汽车业务实现6%同比增长至17.8亿美元，反映客户在消化过量库存的过程中，需求正在改善。管理层预计第二季度营收为33.5亿至35.5亿美元，调整后每股收益为3.29至3.72美元；均高于一致预期，表明公司对2026年期间的复苏正在加速具有信心。展望未来，NXP看起来有望受益于汽车与工业半导体的周期性反弹，尤其考虑到其在汽车电动化、互联互通以及工业物联网方面的布局；不过持续上行仍取决于终端市场复苏能否持续推进，且在没有再次形成库存堆积的前提下展开。2Q26 建议交易区间：240美元至280美元。积极前景。