https://zh.app/en/r/002415-2026-09-24Zen Horizonen2026-09-24Hikvision: A 39.6% H1 Profit Jump on a 49.97% Gross Margin Is Real, but Inventory Absorbed CNY 9.23bn of Cash and CNY 33.11 Sits Only Around Conservative Value https://zh.app/en/r/nu-2026-09-23Zen Horizonen2026-09-23Nu Holdings: A 33% ROE Flattered by a 14.2% Tax Rate, 90+ Day NPLs Up to 6.9%, and 5.7 Times Tangible Book Leaves No Margin of Safety https://zh.app/cn/r/nu-2026-09-23纵横研报zh-cn2026-09-23Nu Holdings：33% 的 ROE 受 14.2% 低税率抬升，90 天以上不良率升至 6.9%，5.7 倍有形账面价值留不下安全边际 https://zh.app/en/r/itub-2026-09-23Zen Horizonen2026-09-23Itaú Unibanco: A 24.3% ROE on 1.9% NPLs, Fee-and-Insurance Guidance Cut to 2–5%, and 2.28 Times Book That Already Prices Durable Excess Returns https://zh.app/cn/r/itub-2026-09-23纵横研报zh-cn2026-09-23伊塔乌联合银行：1.9% 不良率下的 24.3% ROE，手续费与保险指引下调至 2–5%，2.28 倍账面价值已计入持久的超额回报 https://zh.app/en/r/honda-2026-09-23Zen Horizonen2026-09-23Honda Motor: Motorcycles Earned ¥731.9bn at an 18.2% Margin as Automobiles Lost ¥1.411tn, and ¥1,689 Already Sits Above the ¥1,644 Conservative SOTP https://zh.app/cn/r/honda-2026-09-23纵横研报zh-cn2026-09-23本田：摩托车以 18.2% 的利润率赚得 7,319 亿日元、汽车亏损 1.411 万亿日元，1,689 日元已高于 1,644 日元的保守 SOTP 估值 https://zh.app/en/r/eqt-ab-2026-09-23Zen Horizonen2026-09-23EQT AB: FAUM Rose to €155.4bn While the Fee-Related EBITDA Margin Fell to 50% From 54%, and SEK301.10 Already Sits Above the SEK243 Conservative SOTP https://zh.app/cn/r/eqt-ab-2026-09-23纵横研报zh-cn2026-09-23EQT AB：收费资产管理规模升至 1,554 亿欧元，费用相关 EBITDA 利润率却从 54% 降至 50%，301.10 瑞典克朗已高于 243 瑞典克朗的保守 SOTP 估值 https://zh.app/en/r/lpla-2026-09-22Zen Horizonen2026-09-22LPL Financial: 87% of Revenue Paid Back to Advisors, Only 16% of a $643.5bn Asset Increase Organic, and a Client-Cash Pool Worth a Quarter of Gross Profit https://zh.app/cn/r/lpla-2026-09-22纵横研报zh-cn2026-09-22LPL Financial：87% 的收入返还给理财顾问，6435 亿美元资产增量中只有 16% 来自有机增长，客户现金贡献了四分之一毛利 https://zh.app/en/r/knin-2026-09-22Zen Horizonen2026-09-22Kuehne + Nagel: Sea Gross Profit per TEU Held at CHF 483 While Group EBIT Conversion Fell from 33.9% to 14.1%, and 26 Times Owner Earnings Leaves No Margin of Safety https://zh.app/cn/r/knin-2026-09-22纵横研报zh-cn2026-09-22Kuehne+Nagel：海运每 TEU 毛利守在 483 瑞士法郎，集团毛利转化率却从 33.9% 掉到 14.1%，26 倍所有者收益留不下安全边际 https://zh.app/en/r/cnh-2026-09-22Zen Horizonen2026-09-22CNH Industrial: A Trough Priced at 31 Times Earnings That Normalizes to 11.5 Times, While Construction Earns a 2.3% Margin and Exor Holds 45.6% of the Vote https://zh.app/cn/r/cnh-2026-09-22纵横研报zh-cn2026-09-22CNH Industrial：谷底盈利的 31 倍、正常化后只有 11.5 倍，而工程机械分部利润率 2.3%、Exor 握有 45.6% 投票权 https://zh.app/en/r/assa-b-2026-09-22Zen Horizonen2026-09-22ASSA ABLOY: Goodwill and Intangibles Reach 133% of Equity, Fully Loaded ROIC Is 10-11% Against 14.4% Reported, and 24 Times Earnings Leaves No Margin of Safety https://zh.app/cn/r/assa-b-2026-09-22纵横研报zh-cn2026-09-22ASSA ABLOY：商誉与无形资产达到股东权益的 133%，完全计入口径的 ROIC 为 10–11%、而报告口径是 14.4%，24 倍盈利留不下安全边际