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 https://zh.app/en/r/ens-2026-09-21Zen Horizonen2026-09-21EnerSys: A Phasing-Down Tax Credit Supplies 39% of Adjusted EPS, So 17 Times Headline Earnings Is Really 28 Times the Industrial Business https://zh.app/cn/r/ens-2026-09-21纵横研报zh-cn2026-09-21EnerSys：一项正在退坡的税收抵免供给了调整后每股收益的 39%，于是 17 倍头条盈利其实是 28 倍工业本业 https://zh.app/en/r/agco-2026-09-21Zen Horizonen2026-09-21AGCO: 21 Times Trough Earnings for a Maker Whose Europe Supplies Two Thirds of Sales While PTx Must Compound 23.5% to Reach $2bn by 2029 https://zh.app/cn/r/agco-2026-09-21纵横研报zh-cn2026-09-21AGCO：欧洲贡献三分之二销售额、PTx 要年复合 23.5% 才够得着 2029 年的 20 亿美元，而股价已是谷底盈利的 21 倍 https://zh.app/en/r/603298-2026-09-21Zen Horizonen2026-09-21Hangcha Group: Gross Margin Up to 24.6% on Less Than 9% Revenue Growth, Robotics at 7% of Sales with Undisclosed Economics, and Three-Year Cash Conversion of 79% https://zh.app/cn/r/603298-2026-09-21纵横研报zh-cn2026-09-21杭叉集团：收入增长不到 9%，毛利率升至 24.6%，机器人业务占销售额 7% 而经济效益未披露，以及三年 79% 的现金转化 https://zh.app/en/r/601298-2026-09-21Zen Horizonen2026-09-21Qingdao Port International: Container Revenue Up 57.7% on 7% More Boxes, CNY 9.3bn of Dry-Bulk Capital Earning CNY 161m, and 94% of Group Cash Parked at the Parent's Finance Company https://zh.app/cn/r/601298-2026-09-21纵横研报zh-cn2026-09-21青岛港：箱量增长 7% 带动集装箱收入增长 57.7%，93 亿元干散货资本只赚 1.61 亿元，以及 94% 的集团现金存放于母公司财务公司 https://zh.app/en/r/300896-2026-09-21Zen Horizonen2026-09-21Imeik: New Powder Replaced 71% of the Revenue the Legacy Injectables Lost, But Selling Expense Rose 63% While Sales Fell 6% https://zh.app/cn/r/300896-2026-09-21纵横研报zh-cn2026-09-21爱美客：新粉末产品线补回了传统注射产品所失收入的 71%，但销售费用增长 63% 而销售额下降 6% https://zh.app/en/r/300001-2026-09-21Zen Horizonen2026-09-21Qingdao TGOOD: Equipment Earns 65% of Gross Profit While Charging-Network Revenue Grows 1.8% on 47% More kWh, and CNY 11.6bn of Receivables Equals 46.7% of Assets https://zh.app/cn/r/300001-2026-09-21纵横研报zh-cn2026-09-21青岛特锐德：设备贡献 65% 的毛利，充电网收入在充电量增加 47% 的同时增长 1.8%，116 亿元应收账款相当于资产的 46.7% https://zh.app/en/r/xp-2026-09-20Zen Horizonen2026-09-20XP Inc.: A 22.5% ROAE and Excess Capital Meet a 1.20% Take Rate, and 2.11 Times Book Leaves No Margin of Safety https://zh.app/cn/r/xp-2026-09-20纵横研报zh-cn2026-09-20XP Inc.：22.5% 的 ROAE 与过剩资本，撞上 1.20% 的变现率，2.11 倍市净率不留安全边际 https://zh.app/en/r/rprx-2026-09-20Zen Horizonen2026-09-20Royalty Pharma: $3.254bn of Portfolio Receipts and 48% Deal Share Meet a 24% Expiry Wall by 2030 and a $58.41 Price That Already Pays for the Platform https://zh.app/cn/r/rprx-2026-09-20纵横研报zh-cn2026-09-20Royalty Pharma：32.54 亿美元组合收款与 48% 交易份额，撞上 2030 年前 24% 的到期墙和已经为平台付费的 58.41 美元股价 https://zh.app/en/r/aena-2026-09-20Zen Horizonen2026-09-20Aena: An 8.32% Allowed Return on a RAB Rising from €9.77bn to €15.10bn Meets +0.33% Tariffs, €13bn of Capex and an 80% Payout at €25.38 https://zh.app/cn/r/aena-2026-09-20纵横研报zh-cn2026-09-20Aena：RAB 从 97.7 亿欧元升至 151.0 亿欧元、允许回报率 8.32%，遇上每年 +0.33% 的费率、130 亿欧元资本开支和 25.38 欧元股价下的 80% 派息率 https://zh.app/en/r/601872-2026-09-20Zen Horizonen2026-09-20China Merchants Energy Shipping: A CNY 6.19 Billion H1 Tanker Windfall Meets 151 VLCC Orders, and CNY 22.36 Already Prices a Prolonged Boom https://zh.app/cn/r/601872-2026-09-20纵横研报zh-cn2026-09-20招商轮船：61.9 亿元的上半年油轮意外之财遇上 151 艘 VLCC 订单，22.36 元已经计入了一轮延长的景气