投资评级与估值 - 报告维持比亚迪股份“买入”评级，目标价为142港元 [1] - 估值基于2026年预测市盈增长率1.2倍及2026至2028年每股盈利复合年增长率25% [1] - 目标价相当于30倍2026年预测市盈率及25倍2027年预测市盈率 [1] 核心观点与市场展望 - 股价与资金流持仓之间的差距已明显收窄，有望在7月出现逆转 [1] - 7月“比亚迪加权基本面指数”为正0.07，反映基本面仍然正面 [1] - 预期出口动能将持续至第三季，加上第二季业绩稳健，将有助消除市场对下半年盈利可见度的忧虑 [1] 公司前景与战略 - 支持比亚迪透过市场整合及专注出口主题，盈利逐步获得重评 [1]

Ac t i o n | 28 Jul 2026 05:00:00 ET │ 18 pages Birkenstock Holding PLC (BIRK.N) Expect 3Q EPS Above Consensus, F26 Raise (on Fx/share ct) CITI'S TAKE We expect 3Q26 (BMO 8/13) cc sales slightly below consensus and EBITDA/EPS slightly above consensus. We model sales +13.3% cc (vs guidance of +13-15% and consensus of 14.1%) and +12.3% as reported (vs guidance of +11-13% and consensus of +12.2%). We believe the market is expecting sales +13-14% cc. We model EBITDA of €213 vs consensus of €204/EPS of €0.80 vs ...

28 Jul 2026 05:00:00 ET │ 20 pages Tapestry (TPR.N) Expect Big 4Q EPS Beat; F27 Guidance In Line With Algo Ac t i o n | CITI'S TAKE We expect 4Q sales and EPS above consensus and guidance. We model EPS of $1.42 vs consensus $1.27 and guidance ~$1.20 based on sales +15% vs consensus +11.5%/guidance +LDD. We expect the Coach brand to remain the highlight, though due to timing shifts, to show some decel vs 3Q (but still expect a beat vs guidance/consensus). We model Coach sales +19.1% vs guidance of +low teens ...

Vi e w p o i n t | 28 Jul 2026 05:00:00 ET │ 15 pages US Retailing - Broadlines and Hardlines Annual Consumer Home Spending Survey — Slight Step Up in Spending & Project Size; Retailer Dynamics Shift CITI'S TAKE We collaborated with the Citi Research Innovation Lab to conduct a survey of ~1,500 consumers to gain insights on spending on home improvement/furnishings. The survey is compared to similar surveys performed in 2025 and 2024. There was a slight step up in spending on home improvement and project siz ...

Vi e w p o i n t | 28 Jul 2026 04:00:00 ET │ 11 pages US Retailing - Broadlines and Hardlines Two Charts – for – Tuesday: Pair Positioning Performance & Spreads CITI'S TAKE In this week's Two Charts — for — Tuesday, we look at the performance of common pairs year-to-date and measure the current valuation spread vs. history. We look at HD vs. LOW, ORLY vs. AZO, COST vs. BJ, and RH vs. WSM. Chart #1 displays stock price performance – we measure stock performance and spread over six different time horizons: YT ...

Off the Cuff | 28 Jul 2026 05:00:09 ET │ 8 pages Meetings with Company Mgmt/Expert (Post #131) The Daily Catch: CBRL CEO Transition Follow-up Call We briefly caught up with CBRL post news of the CEO transition (expected to take place on August 10th). Key points: - Succession planning has been a priority for the Board, esp. with CEO seat. Based on the conversation, we believe this was an amicable break between the company and outgoing CEO. - The incoming CEO, David Deno, is expected to follow much of what ex ...

Flash | 28 Jul 2026 05:00:00 ET │ 11 pages Arista Networks (ANET.N) Preview - Investor Focus Shifting to 2027 CITI'S TAKE Arista reports Jun-Q results on Aug, 4 after market close. We expect Jun-Q sales of $2.8B/+ 28% Y/Y, in line with guidance and consensus expectations, driven by broad strength across the business, tempered by supply. While supply chain challenges and longer AI qualification/customer acceptance times may limit upside to FY26 topline growth and margin outlook vs the Street's +29%/ 62.4%, w ...

Flash | 27 Jul 2026 11:49:06 ET │ 9 pages China Battery Materials Cynthia Wu +852-2868-7813 cynthia.d.wu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations China Battery Supply Chain on the Ground: Another round of new capacities unfolds CITI'S TAKE Another round of new battery capacities unfolds as expected in Aug-26, whereas major battery makers (incl CATL, CALB, REPT and others) are expediting new capacities ramp up for the upcoming traditional pe ...

Ac t i o n | 28 Jul 2026 03:11:09 ET │ 19 pages Cadence Design Systems, Inc. (CDNS.O) Beat and Raise; Revenue Momentum to Continue through 2027 CITI'S TAKE CDNS reported a solid beat-and-raise quarter and raised FY26 revenue guidance by $125M to $6.30B (up 19% YoY), its largest upward revision since 2023, driven by strong IP growth from hyperscaler chip design activity and record EDA hardware growth amid rising chip complexity. We see revenue momentum extending through 2027, supported by record backlog of $ ...

28 Jul 2026 03:02:53 ET │ 11 pages Merlin Properties (MRL.MC) Data centre progress strong with positive growth in shopping centre, office and logistics CITI'S TAKE Merlin published H1 results with positive rental growth particularly in shopping centres but also office and logistics. Data Centre build and leasing remains strong and in this ramp up phase FFO per share guidance of €0.55 was noted (2025: €0.58). Flash | Data centre execution ahead of their plan — Merlin noted their Mega Plan data centre executi ...