https://zh.app/en/r/meta-2026-08-01Zen Horizonen2026-08-01Meta Platforms: Revenue Grew 28% While Free Cash Flow Fell to 784 Million Dollars, and 556.71 Dollars Buys the Base Case With No Margin of Safety https://zh.app/cn/r/meta-2026-08-01纵横研报zh-cn2026-08-01Meta：营收还在以 28% 增长，但资本开支把季度自由现金流压到 7.84 亿美元，556.71 美元买的正是基准情形 https://zh.app/en/r/klic-2026-08-01Zen Horizonen2026-08-01Kulicke & Soffa: A Proven Wire-Bonding Franchise Testing an Unproven TCB Re-Rating https://zh.app/cn/r/klic-2026-08-01纵横研报zh-cn2026-08-01Kulicke & Soffa：成熟的引线键合基本盘扛住了周期回升，但 89.20 美元已经把尚未通过 HBM 认证的热压键合重估算了进去 https://zh.app/en/r/tsm-2026-07-31Zen Horizonen2026-07-31TSMC: Earnings Have Outrun the Share Price to a 28.1x Trailing Multiple, but a Limit-Up Close at NT$2,425 Leaves Only a Limited Margin of Safety https://zh.app/cn/r/tsm-2026-07-31纵横研报zh-cn2026-07-31台积电：盈利已跑赢股价、滚动市盈率降至 28.1 倍，但 2,425 新台币的涨停收盘只留下有限的安全边际 https://zh.app/en/r/resonac-2026-07-31Zen Horizonen2026-07-31Resonac Holdings: 99.3% of Core Operating Profit Now Comes From Semiconductor Materials, but at ¥12,125 the Pre-Spin Package Offers No Discount to Conservative Value https://zh.app/cn/r/resonac-2026-07-31纵横研报zh-cn2026-07-31力森诺科：99.3% 的核心营业利润已来自半导体材料，但 12,125 日元的分拆前组合相对保守价值毫无折让 https://zh.app/en/r/goog-2026-07-31Zen Horizonen2026-07-31Alphabet: Search and Cloud Are Both Accelerating, but a 200 Billion Dollar Build Has Turned Free Cash Flow Negative and 333.68 Dollars Already Prices In the Base Case https://zh.app/cn/r/goog-2026-07-31纵横研报zh-cn2026-07-31Alphabet：搜索与云都在加速，但 2000 亿美元的基建把自由现金流打成了负数，333.68 美元已经定价了基准情形 https://zh.app/en/r/dge-2026-07-31Zen Horizonen2026-07-31Diageo: Cyclical Trough and Structural Erosion Are Both Real, and at 16.435 Pounds the Discount Is Not Yet Wide Enough https://zh.app/cn/r/dge-2026-07-31纵横研报zh-cn2026-07-31帝亚吉欧：周期低谷与结构性侵蚀都是真的，而 16.435 英镑的折价还不够深 https://zh.app/en/r/asmpt-2026-07-31Zen Horizonen2026-07-31ASMPT: Record Bookings and a Real TCB Inflection, but at 135.10 HKD There Is No Conservative-Case Margin of Safety https://zh.app/cn/r/asmpt-2026-07-31纵横研报zh-cn2026-07-31ASMPT：订单创纪录、TCB 拐点确凿，但 135.10 港元已无保守情形安全边际 https://zh.app/en/r/012450-2026-07-31Zen Horizonen2026-07-31Hanwha Aerospace: The K9 Export Franchise Is Genuine, but at 865,000 KRW the Price Still Rides on Backlog Conversion and Capital Discipline https://zh.app/cn/r/012450-2026-07-31纵横研报zh-cn2026-07-31韩华航空航天：K9 出口特许经营地位是真的，但 865,000 韩元的价格仍押在订单转化与资本纪律上 https://zh.app/en/r/wulf-2026-07-30Zen Horizonen2026-07-30TeraWulf: Lake Mariner Is a Real Scarce-Power Campus, but at 15.09 USD the Price Already Assumes Substantial Execution Success https://zh.app/cn/r/wulf-2026-07-30纵横研报zh-cn2026-07-30TeraWulf：Lake Mariner 是一座真实的稀缺电力园区，但 15.09 美元的股价已经假定执行大体成功 https://zh.app/en/r/psn-2026-07-30Zen Horizonen2026-07-30Parsons: A Record 35% Crash Repriced Earnings Quality, and at 40.32 USD the Price Is Interesting but Not Yet Safe https://zh.app/cn/r/psn-2026-07-30纵横研报zh-cn2026-07-30帕森斯：创纪录的 35% 单日暴跌重估了盈利质量，但 40.32 美元的价格只是有意思，还谈不上安全 https://zh.app/en/r/pcor-2026-07-30Zen Horizonen2026-07-30Procore Technologies: Operating Leverage Finally Shows, but a 16%-of-Revenue Stock-Compensation Bill Leaves 48.82 USD Fairly Priced Rather Than Cheap https://zh.app/cn/r/pcor-2026-07-30纵横研报zh-cn2026-07-30Procore Technologies：经营杠杆终于显形，但相当于收入 16% 的股权激励费用让 48.82 美元只算合理、不算便宜 https://zh.app/en/r/nxe-2026-07-30Zen Horizonen2026-07-30NexGen Energy: The Licence Is In Hand, and at 8.93 USD the Price Already Assumes the Mine Gets Built https://zh.app/cn/r/nxe-2026-07-30纵横研报zh-cn2026-07-30NexGen Energy：许可已经到手，而 8.93 美元的股价已经把矿建成算了进去 https://zh.app/en/r/kgc-2026-07-30Zen Horizonen2026-07-30Kinross Gold: A Gold-Levered Cash Machine in Transition, but at 23.50 USD the Unresolved Cost Gap Leaves No Margin of Safety https://zh.app/cn/r/kgc-2026-07-30纵横研报zh-cn2026-07-30金罗斯黄金：转型中的黄金杠杆现金机器，但 23.50 美元股价对未解的成本缺口不留安全边际 https://zh.app/en/r/bae-2026-07-30Zen Horizonen2026-07-30BAE Systems: The Portfolio Moat Is Genuine, but at 20.27 GBP the Rerating Has Already Outrun Earnings Growth https://zh.app/cn/r/bae-2026-07-30纵横研报zh-cn2026-07-30BAE系统：组合式护城河是真的，但 20.27 英镑的估值重估已经跑在盈利增长前面