https://zh.app/en/r/mc-2026-09-09Zen Horizonen2026-09-09LVMH Moet Hennessy Louis Vuitton SE: Fashion & Leather Goods Supplies 71% of H1 2026 Recurring Operating Profit, and EUR 426.55 Sits 33% Above the EUR 320 Conservative Value https://zh.app/cn/r/mc-2026-09-09纵横研报zh-cn2026-09-09LVMH 集团：时装与皮具贡献了 2026 年上半年经常性经营利润的 71%，426.55 欧元比 320 欧元的保守价值高出 33% https://zh.app/en/r/ker-2026-09-09Zen Horizonen2026-09-09Kering SA: Flat H1 Recurring Operating Income of EUR 921m Was Bought With EUR 240m of Cost Cuts Against EUR 239m of Lost Gross Profit, and EUR 244.40 Sits Above the EUR 232 Conservative Value https://zh.app/cn/r/ker-2026-09-09纵横研报zh-cn2026-09-09开云集团：9.21 亿欧元的上半年经常性经营利润之所以持平，是用 2.40 亿欧元成本削减换来的，代价是 2.39 亿欧元的毛利流失，而 244.40 欧元高于 232 欧元的保守价值 https://zh.app/en/r/cfr-2026-09-09Zen Horizonen2026-09-09Compagnie Financière Richemont SA: Jewellery Earns EUR 5.04bn of Operating Profit While Watchmakers Earn EUR 107m, and CHF 183.65 Sits 18% Above the Conservative Value https://zh.app/cn/r/cfr-2026-09-09纵横研报zh-cn2026-09-09历峰集团：珠宝赚走 50.4 亿欧元营业利润，制表只赚 1.07 亿欧元，183.65 瑞士法郎比保守价值高出 18% https://zh.app/en/r/atco-a-2026-09-09Zen Horizonen2026-09-09Atlas Copco AB: Q2 2026 Group Orders Grew 26% Organically at a 1.13x Book-to-Bill, and SEK 208.80 Sits 34% Above the SEK 156 Conservative Value https://zh.app/cn/r/atco-a-2026-09-09纵横研报zh-cn2026-09-09Atlas Copco：2026 年第 2 季度集团订单有机增长 26%，订单出货比 1.13 倍，208.80 瑞典克朗比 156 瑞典克朗的保守价值高出 34% https://zh.app/en/r/weir-lse-2026-09-08Zen Horizonen2026-09-08Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 Recovery https://zh.app/cn/r/weir-lse-2026-09-08纵横研报zh-cn2026-09-08Weir PLC：82% 的售后市场收入撞上 2.2 倍杠杆与 15.2% 的 ROCE，27.24 英镑已经把下半年的复苏计入价格 https://zh.app/en/r/sbry-lse-2026-09-08Zen Horizonen2026-09-08J Sainsbury plc: The Value of the Post-Argos Food Retailer https://zh.app/cn/r/sbry-lse-2026-09-08纵横研报zh-cn2026-09-08J Sainsbury plc：后 Argos 时代食品零售商的价值 https://zh.app/en/r/rms-2026-09-08Zen Horizonen2026-09-08Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value https://zh.app/cn/r/rms-2026-09-08纵横研报zh-cn2026-09-08爱马仕国际：41% 的营业利润率撞上 6.1% 的固定汇率增长，1,475 欧元比保守价值高出 18–31% https://zh.app/en/r/itx-mc-2026-09-08Zen Horizonen2026-09-08Inditex: A Productivity Compounder Meets Its Valuation Test https://zh.app/cn/r/itx-mc-2026-09-08纵横研报zh-cn2026-09-08Inditex：生产率复利机器的估值大考 https://zh.app/en/r/sofi-2026-09-07Zen Horizonen2026-09-07SoFi Technologies: 2.48 Times Tangible Book Prices a 20% Sustainable ROTCE Against the 9% Its Own 2026 Guidance Implies, and the Personal-Loan Book Has Never Met a Recession https://zh.app/cn/r/sofi-2026-09-07纵横研报zh-cn2026-09-07SoFi：2.48 倍有形账面价值已把 20% 的可持续 ROTCE 定进价格，而公司自己的 2026 年指引只隐含 9%，个人贷款账簿从未见过衰退 https://zh.app/en/r/hot-2026-09-07Zen Horizonen2026-09-07HOCHTIEF: Data Centers Are 21% of Backlog and 32% of FY2025 Orders, and EUR 426 Prices the Boom Against a EUR 358 Base SOTP https://zh.app/cn/r/hot-2026-09-07纵横研报zh-cn2026-09-07HOCHTIEF：数据中心已占在手订单的 21%、占 2025 财年新签订单的 32%，426 欧元把这轮繁荣定在了 358 欧元的分部加总中枢之上 https://zh.app/en/r/eni-2026-09-07Zen Horizonen2026-09-07Eni: One-Third of Pro Forma EBIT Now Sits Outside the Consolidated Perimeter, and EUR 23 Already Pays for Both the Satellite Rerating and USD 104 Brent https://zh.app/cn/r/eni-2026-09-07纵横研报zh-cn2026-09-07Eni：三分之一的备考 EBIT 已在并表范围之外，23 欧元同时为卫星模式重估和 104 美元的布伦特买单 https://zh.app/en/r/abf-lse-2026-09-07Zen Horizonen2026-09-07Associated British Foods plc: Primark, FoodCo and the Value of the Split https://zh.app/cn/r/abf-lse-2026-09-07纵横研报zh-cn2026-09-07英联食品（Associated British Foods）：Primark、FoodCo 与分拆的价值