https://zh.app/en/r/valmt-2026-09-02Zen Horizonen2026-09-02Valmet Oyj: Two Businesses, One Share Price, and a Separation Thesis Already Partly Priced https://zh.app/cn/r/valmt-2026-09-02纵横研报zh-cn2026-09-02Valmet Oyj：两块业务、一个股价，以及已被部分定价的分拆论点 https://zh.app/en/r/tte-2026-09-02Zen Horizonen2026-09-02TotalEnergies: USD 27.5bn of Owner Earnings, 33.4 GW of Power, and No Obvious Margin of Safety at EUR 77.61 https://zh.app/cn/r/tte-2026-09-02纵横研报zh-cn2026-09-02道达尔能源：275 亿美元的所有者收益、33.4 GW 的电力，以及 77.61 欧元上没有明显的安全边际 https://zh.app/en/r/an-2026-09-01Zen Horizonen2026-09-01AutoNation: 78.3% of Q2 Gross Profit Comes From After-Sales and F&I, but $201.25 Offers No Margin of Safety https://zh.app/cn/r/an-2026-09-01纵横研报zh-cn2026-09-01AutoNation：第 2 季度售后与金融保险贡献 78.3% 毛利，但 201.25 美元缺乏安全边际 https://zh.app/en/r/02313-2026-09-01Zen Horizonen2026-09-01Shenzhou International: 22.6% H1 Gross Margin and 75.9% Customer Concentration Leave No Conservative Margin of Safety at HK$36.58 https://zh.app/cn/r/02313-2026-09-01纵横研报zh-cn2026-09-01申洲国际：上半年毛利率 22.6%、客户集中度 75.9%，36.58 港元缺乏保守安全边际 https://zh.app/en/r/wse-2026-08-31Zen Horizonen2026-08-31Wise: A Record-Low 50-Basis-Point Take Rate Still Drives 26% Volume Growth, but a Quarter of Net Revenue Is Interest and $13.04 Has No Margin of Safety https://zh.app/cn/r/wse-2026-08-31纵横研报zh-cn2026-08-31Wise：创纪录低点的 50 个基点费率仍推动交易量增长 26%，但四分之一净收入来自利息，13.04 美元的股价没有安全边际 https://zh.app/en/r/mli-2026-08-31Zen Horizonen2026-08-31Mueller Industries: 64% of Q2's Revenue Jump Was Copper Price, Not Demand, and $62.80 Sits 12% to 21% Above the Conservative Value https://zh.app/cn/r/mli-2026-08-31纵横研报zh-cn2026-08-31Mueller Industries：第 2 季度收入跳增有 64% 来自铜价而非需求，62.80 美元比保守价值高 12% 至 21% https://zh.app/en/r/jmt-2026-08-31Zen Horizonen2026-08-31Jerónimo Martins: EBITDA Up 7.6%, Net Profit Down 3.5%, and No Conservative Margin of Safety https://zh.app/cn/r/jmt-2026-08-31纵横研报zh-cn2026-08-31Jerónimo Martins：EBITDA 增 7.6%、净利润降 3.5%，保守估值下没有安全边际 https://zh.app/en/r/002311-2026-08-31Zen Horizonen2026-08-31Haid Group: Feed Gross Profit Rose CNY 0.55 Billion, Farming Gross Profit Fell CNY 1.46 Billion, and CNY 46.24 Offers No Conservative Margin of Safety https://zh.app/cn/r/002311-2026-08-31纵横研报zh-cn2026-08-31海大集团：饲料毛利增加 5.5 亿元，养殖毛利减少 14.6 亿元，46.24 元不具备保守安全边际