https://zh.app/en/r/adyen-2026-09-24Zen Horizonen2026-09-24Adyen: H1 2026 Volume Rose 24% but Net Revenue Only 19% as the Take Rate Slipped to 16.2bps, and €860.60 Leaves No Conservative Margin of Safety https://zh.app/cn/r/adyen-2026-09-24纵横研报zh-cn2026-09-24Adyen：2026 年上半年处理交易额增长 24%，净收入仅增长 19%，费率降至 16.2 个基点，860.60 欧元的股价在保守情景下没有安全边际 https://zh.app/en/r/4502-2026-09-24Zen Horizonen2026-09-24Takeda: Q1 Revenue Rose 10.2% in Yen but Core Revenue Fell 0.5% at CER, U.S. Entyvio Grew Just 0.7% in FY2025, and ¥5,968 Sits 29% Above the ¥4,625 Conservative DCF https://zh.app/cn/r/4502-2026-09-24纵横研报zh-cn2026-09-24武田药品：第 1 季度收入按日元计增长 10.2%，但核心收入按固定汇率下降 0.5%；美国 Entyvio 2025 财年仅增长 0.7%，5,968 日元比 4,625 日元的保守 DCF 高 29% https://zh.app/en/r/00388-2026-09-24Zen Horizonen2026-09-24HKEX: H1 2026 Profit Rose 24% to HK$10.568bn on Record HK$283.0bn Daily Turnover, but HK$395.80 Is Nearly 30 Times Normalised EPS https://zh.app/cn/r/00388-2026-09-24纵横研报zh-cn2026-09-24港交所：2026 年上半年日均成交额达创纪录的 2,830 亿港元，带动溢利增长 24% 至 105.68 亿港元，但 395.80 港元的股价已近正常化 EPS 的 30 倍 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/cn/r/002415-2026-09-24纵横研报zh-cn2026-09-24海康威视：上半年利润增长 39.6%、毛利率 49.97% 属实，但存货吞掉 92.3 亿元现金，33.11 元仅在保守价值附近 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