https://zh.app/en/r/wdfc-2026-08-17Zen Horizonen2026-08-17WD-40 Company: A Seven-Decade Brand, a Borrowed Quarter, and No Margin of Safety https://zh.app/cn/r/wdfc-2026-08-17纵横研报zh-cn2026-08-17WD-40 Company：七十年的品牌、一个借来的季度，和不存在的安全边际 https://zh.app/en/r/fizz-2026-08-17Zen Horizonen2026-08-17National Beverage: A Cash-Rich LaCroix Franchise Where Price, Not Volume, Carried the Year https://zh.app/cn/r/fizz-2026-08-17纵横研报zh-cn2026-08-17National Beverage：现金充裕的 LaCroix 品牌基本盘，全年由价格撑起，而非销量 https://zh.app/en/r/3692hk-2026-08-17Zen Horizonen2026-08-17Hansoh Pharmaceutical: One Molecule, One Royalty Book, and a Price That Already Pays for Both https://zh.app/cn/r/3692hk-2026-08-17纵横研报zh-cn2026-08-17翰森制药：一个分子、一本特许权账簿，和一个已经把两者都付过钱的价格 https://zh.app/en/r/manh-2026-08-16Zen Horizonen2026-08-16Manhattan Associates: 26% Cloud Growth Sits Inside 9.3% Total Revenue Growth, Existing Customers Supplied 75% of Q2 New Cloud Contract Value, and 40x SBC-Adjusted Owner Earnings Leaves No Margin of Safety https://zh.app/cn/r/manh-2026-08-16纵横研报zh-cn2026-08-16Manhattan Associates：26% 的云增长装在 9.3% 的总收入增长里，二季度新签云合同价值有 75% 来自存量客户，40 倍股权薪酬调整后所有者收益已无安全边际 https://zh.app/en/r/fhi-2026-08-16Zen Horizonen2026-08-16Federated Hermes: A Durable Cash Franchise Priced for Today's Rates, Not the Next Zero https://zh.app/cn/r/fhi-2026-08-16纵横研报zh-cn2026-08-16Federated Hermes：稳固的现金业务，价格只算了今天的利率，没算下一次归零 https://zh.app/en/r/ferg-2026-08-16Zen Horizonen2026-08-16Ferguson Enterprises: Waterworks Is 24% of U.S. Sales Against HVAC's 13%, First-Half Volume Fell While Price Carried the 4.2% Growth, and $244.94 Yields Less Than Treasuries https://zh.app/cn/r/ferg-2026-08-16纵横研报zh-cn2026-08-16Ferguson Enterprises：水务占美国销售额 24%、HVAC 只占 13%，上半年销量下滑而涨价扛起 4.2% 的增长，244.94 美元的收益率低于美债 https://zh.app/en/r/chkp-2026-08-16Zen Horizonen2026-08-16Check Point: A High-Margin Cash Engine Whose Growth Gap Is Not Yet in the Price https://zh.app/cn/r/chkp-2026-08-16纵横研报zh-cn2026-08-16Check Point：高利润率的现金机器，增长缺口尚未计入价格 https://zh.app/en/r/ajb-2026-08-16Zen Horizonen2026-08-16AJ Bell: Reconstructed FY2025 Client-Cash Interest of £136.5m Nearly Equals £137.8m Group PBT, H1 Revenue Margin Expanded to 33.4 Basis Points Instead of Compressing, and £6.18 Leaves No Margin of Safety https://zh.app/cn/r/ajb-2026-08-16纵横研报zh-cn2026-08-16AJ Bell：重构出的 2025 财年客户现金利息 1.365 亿英镑几乎等于集团税前利润 1.378 亿英镑，上半年收入费率不降反升至 33.4 个基点，而 6.18 英镑已无安全边际 https://zh.app/en/r/600570-2026-08-16Zen Horizonen2026-08-16Hundsun Technologies: 2026 H1 Revenue Fell 11.6% While Profit Rose 0.69%, Associates Supplied CNY106.3m of Q1 Investment Income, and CNY22.12 Leaves No Conservative Margin of Safety https://zh.app/cn/r/600570-2026-08-16纵横研报zh-cn2026-08-16恒生电子：2026 年上半年收入下滑 11.6% 而净利润仅增 0.69%，联营企业贡献第 1 季度 1.063 亿元投资收益，22.12 元没有保守情景安全边际