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 https://zh.app/en/r/wso-2026-08-15Zen Horizonen2026-08-15Watsco: Q2 Gross Margin Fell 180 Basis Points but 130 of Them Were Last Year's A2L-Transition Pricing Benefit, and a $13.20 Dividend Now Exceeds Trailing EPS https://zh.app/cn/r/wso-2026-08-15纵横研报zh-cn2026-08-15Watsco：二季度毛利率下滑 180 个基点，其中 130 个是去年 A2L 切换带来的定价收益，而 13.20 美元的股息已超过滚动每股收益 https://zh.app/en/r/rhi-2026-08-15Zen Horizonen2026-08-15Robert Half: Staffing Turned, Protiviti Collapsed to a 2.1% Margin, and 43.22 USD Leaves No Margin of Safety https://zh.app/cn/r/rhi-2026-08-15纵横研报zh-cn2026-08-15罗致恒富：派遣端已经转向，甫瀚咨询利润率塌到 2.1%，43.22 美元没有安全边际 https://zh.app/en/r/605499-2026-08-15Zen Horizonen2026-08-15Eastroc Beverage: Energy Supplies 81% of Product Gross Profit While Growing 6.9%, and RMB122.93 Leaves No Conservative Margin of Safety https://zh.app/cn/r/605499-2026-08-15纵横研报zh-cn2026-08-15东鹏饮料：贡献 81% 产品毛利的能量饮料只增长 6.9%，122.93 元已无保守安全边际 https://zh.app/en/r/600809-2026-08-15Zen Horizonen2026-08-15Shanxi Fenjiu: 22% More Volume but Only 7.5% More Revenue in 2025, Q1 2026 Out-of-Province Sales Fell 15% While Dealers Grew, and CNY123.52 Sits Above Conservative Value https://zh.app/cn/r/600809-2026-08-15纵横研报zh-cn2026-08-15山西汾酒：2025 年销量增 22% 而收入只增 7.5%，2026 年一季度省外销售下滑 15% 而经销商仍在增加，123.52 元高于保守价值 https://zh.app/en/r/600436-2026-08-15Zen Horizonen2026-08-15Pientzehuang: High-Priced Core Volume Fell 21% in 2025, and CNY132.59 Still Prices In 42x Trailing Earnings https://zh.app/cn/r/600436-2026-08-15纵横研报zh-cn2026-08-15片仔癀：2025 年高价核心产品销量下滑 21%，132.59 元仍对应 42 倍滚动市盈率 https://zh.app/en/r/300033-2026-08-15Zen Horizonen2026-08-15Hithink RoyalFlush: Advertising Supplied 78% of 2025 Incremental Revenue, and CNY230.26 Already Sits at the CNY228 Base-Case Value https://zh.app/cn/r/300033-2026-08-15纵横研报zh-cn2026-08-15同花顺：广告贡献 2025 年 78% 的收入增量，230.26 元已触及 228 元的基准情景价值 https://zh.app/en/r/300015-2026-08-15Zen Horizonen2026-08-15Aier Eye Hospital: Net Goodwill Equals 43% of Book Equity, Adjusted Profit Grew 1.36% in 2025, and CNY8.71 Leaves No Conservative Margin of Safety https://zh.app/cn/r/300015-2026-08-15纵横研报zh-cn2026-08-15爱尔眼科：94.86 亿元商誉相当于归母净资产的 43%，2025 年扣非利润只增长 1.36%，8.71 元没有保守安全边际 https://zh.app/en/r/0669hk-2026-08-15Zen Horizonen2026-08-15Techtronic Industries: MILWAUKEE Compounds Near 10% While RYOBI Barely Grows, and HK$142.40 Offers No Conservative Margin of Safety https://zh.app/cn/r/0669hk-2026-08-15纵横研报zh-cn2026-08-15创科实业：MILWAUKEE 复合增长近 10% 而 RYOBI 几乎不增，142.40 港元已无保守安全边际