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/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 https://zh.app/en/r/scco-2026-09-06Zen Horizonen2026-09-06Southern Copper: the Record Quarter Came From $6 Copper and $2.24/lb By-Product Credits While Output Fell 3.5%, and $198.76 Already Prices the Optimistic Case https://zh.app/cn/r/scco-2026-09-06纵横研报zh-cn2026-09-06Southern Copper：创纪录的季度来自 6 美元的铜价和每磅 2.24 美元副产品抵扣，产量却跌了 3.5%，198.76 美元已把乐观情景付掉 https://zh.app/cn/r/hag-2026-09-06纵横研报zh-cn2026-09-06HENSOLDT AG：订单洪流能否穿过产能、利润率与现金流的窄门 https://zh.app/en/r/hag-2026-09-06Zen Horizonen2026-09-06HENSOLDT AG: Can the Order Flood Pass Through the Narrow Gate of Capacity, Margin and Cash? https://zh.app/en/r/gev-2026-09-06Zen Horizonen2026-09-06GE Vernova Inc.: Free Cash Flow Guidance Rose 71% on $11.7bn of H1 Working Capital, and $941.95 Sits Above the $590-780 Hold Band https://zh.app/cn/r/gev-2026-09-06纵横研报zh-cn2026-09-06GE Vernova Inc.：自由现金流指引因上半年 117 亿美元的营运资本上调 71%，而 941.95 美元高于 590–780 美元的持有区间 https://zh.app/en/r/09633-2026-09-06Zen Horizonen2026-09-06Nongfu Spring: Tea Overtook Water Back in 2024 and Now Supplies 52% of Segment Profit, While HK$42.40 Sits 12% Above Conservative Value https://zh.app/cn/r/09633-2026-09-06纵横研报zh-cn2026-09-06农夫山泉：茶饮料早在 2024 年就超过了包装水，如今贡献 52% 的分部利润，而 42.40 港元比保守价值高出 12% https://zh.app/en/r/ska-b-2026-09-05Zen Horizonen2026-09-05Skanska AB: A Record SEK 297.5bn Backlog Rests on a 4.3% Contractor Margin, and SEK 271.90 Leaves No Conservative Margin of Safety https://zh.app/cn/r/ska-b-2026-09-05纵横研报zh-cn2026-09-05Skanska：2,975 亿瑞典克朗的创纪录在手订单压在 4.3% 的承包利润率上，271.90 瑞典克朗不留保守情景的安全边际 https://zh.app/en/r/rxrx-2026-09-05Zen Horizonen2026-09-05Recursion Pharmaceuticals: A Sub-$375m Cost Reset Buys Runway into Early 2028, but $3.63 Already Pays for About 66% of a $1.28bn Platform Option https://zh.app/cn/r/rxrx-2026-09-05纵横研报zh-cn2026-09-05递归制药：低于 3.75 亿美元的成本重置把跑道买到 2028 年初，但 3.63 美元已经为 12.8 亿美元的平台期权付掉了约 66% https://zh.app/en/r/pltr-2026-09-05Zen Horizonen2026-09-05Palantir Technologies Inc.: 93% Growth and a 47% GAAP Operating Margin, but $174.33 Already Equals the $172 Optimistic DCF Value https://zh.app/cn/r/pltr-2026-09-05纵横研报zh-cn2026-09-05Palantir：93% 的增长与 47% 的 GAAP 经营利润率，但 174.33 美元已经等于 172 美元的乐观 DCF 价值 https://zh.app/en/r/nesn-2026-09-05Zen Horizonen2026-09-05Nestlé S.A.: A Narrow RIG Recovery Behind a 15-16x Operating Multiple Once L'Oréal's CHF 35bn Is Stripped Out, and CHF 78.31 Leaves No Conservative Margin of Safety https://zh.app/cn/r/nesn-2026-09-05纵横研报zh-cn2026-09-05雀巢：把 350 亿瑞士法郎的欧莱雅持股单独剥出之后，狭窄的 RIG 复苏对应的是 15–16 倍经营业务估值，78.31 瑞士法郎不留保守情景的安全边际 https://zh.app/en/r/edv-lse-2026-09-05Zen Horizonen2026-09-05Endeavour Mining plc: Gold Did the Work While Ounces Fell 13%, and £47.23 Already Prices In a Risked Assafou https://zh.app/cn/r/edv-lse-2026-09-05纵横研报zh-cn2026-09-05Endeavour Mining plc：产量跌 13% 而金价涨 55%，47.23 英镑已把风险调整后的 Assafou 计入价格 https://zh.app/en/r/600600-2026-09-05Zen Horizonen2026-09-05Tsingtao Brewery: H1 Volume Fell 4.9% While Profit Held Flat on Cost Savings, and CNY51.49 Is 12% Above Conservative Value https://zh.app/cn/r/600600-2026-09-05纵横研报zh-cn2026-09-05青岛啤酒：上半年销量跌 4.9% 而利润靠成本节省持平，51.49 元比保守价值高 12% https://zh.app/en/r/0100-2026-09-05Zen Horizonen2026-09-05MiniMax Group Inc.: Platform Revenue Grew 703% to 63.4% of Sales While Gross Margin Is Still Only 17.9%, and HK$361.40 Prices the Optimistic 2030 Case https://zh.app/cn/r/0100-2026-09-05纵横研报zh-cn2026-09-05MiniMax Group Inc.：平台收入增长 703% 至占销售额的 63.4%，毛利率却仍只有 17.9%，361.40 港元定价的是 2030 年的乐观情景