市场整体表现 - 美股主要股指连续第二周上涨并创下收盘纪录新高，标普500指数本周上涨2%，纳斯达克指数本周上涨23% [1] - 标普500指数在周五首次突破6800点，随后收盘略低于该水平 [1] - 推动市场上涨的关键因素是9月消费者价格指数数据，该数据因政府停摆而延迟10天发布 [1] 宏观经济数据 - 9月整体CPI环比上涨03%，同比上涨30%，两项增幅均低于预期 [1] - 核心CPI环比上涨02%，同比上涨30%，两项增幅也均低于预期 [1] - CPI数据表现温和为美联储下周会议再次降息敞开大门 [1] 企业财报表现 - 约30%的标普500成分公司已公布季度业绩，其中87%的公司盈利超预期，远高于典型的67%超预期比例 [1] - 丹纳赫第三季度营收和盈利均超预期，公司发布了对新财年的乐观初步预测，股价本周上涨67% [1] - 第一资本周二晚间公布季度盈利大幅超预期，其信贷表现优于预期，股价本周上涨近65% [1] - 霍尼韦尔周四公布季度报告，销售、盈利和有机增长均超预期，管理层提高了这家工业集团的全年业绩指引，股价本周上涨近65% [1] - 都福周四公布第三季度利润超预期，管理层提高了全年盈利指引，股价本周上涨近66% [1] - GE Vernova周三公布强劲盈利和稳健的积压订单增长，但股价因能源交易投机领域疲软而下跌，本周下跌26% [1] 公司特定动态 - 霍尼韦尔将于10月30日分拆Solstice Advanced Materials，记录日期为10月17日的股东每持有4股霍尼韦尔股票将获得1股Solstice股票 [2] - 德州路店因不断上涨的牛肉价格持续挤压利润率而被从1级下调至2级评级 [2] - 俱乐部周二建仓康宁，该公司是人工智能建设受益者，苹果公司此前宣布向为所有iPhone和Apple Watch生产盖板玻璃的康宁投资25亿美元 [2] - 俱乐部在富国银行公布业绩后股价大涨至纪录高位后获利了结，实现了约170%的收益 [2] - 俱乐部周五出售部分伊顿股份，该电气设备制造商股价在8月初管理层第三季度业绩指引不及预期导致股价下跌后出现反弹 [2]

核心观点 - 公司2025年第三季度业绩表现强劲，总营收、净利润及现金流均超市场预期，核心业务增长势头迅猛 [2][3] - 生物技术板块是增长主要驱动力，Cepheid呼吸业务收入优于预期，为整体增长提供有力支撑 [2][6] - 公司维持2025年全年业绩指引，预计核心营收实现低个位数增长，并对各板块第四季度增长做出预测 [7] 整体财务业绩 - 第三季度总营收达61亿美元，较2024年同期的57.98亿美元同比增长4.5%，非公认会计准则核心营收同比增长3.0% [3] - 归属于普通股股东的净利润为9.08亿美元，同比增长11.0%，环比2025年第二季度的5.55亿美元大幅增长63.6% [3] - 稀释每股收益为1.27美元，较上年同期的1.12美元提升13.4%，非公认会计准则调整后稀释每股收益达1.89美元 [3] - 经营活动产生的现金流量净额为16.62亿美元，同比增长9.8%，非公认会计准则自由现金流达13.7亿美元，较上年同期的12.26亿美元增长11.8% [3] 成本与盈利结构 - 第三季度销售成本为25.3亿美元，同比增长5.6%，增速低于营收增速 [4] - 毛利率达58.2%，与上年同期的58.7%基本持平 [4] - 销售、一般及管理费用同比下降3.4%至19.91亿美元，研发费用同比微降1.3%至3.78亿美元，费用管控优化增厚盈利空间 [4] 分业务板块表现 - 生物技术板块总营收同比增长9.0%，核心营收同比增长6.5%，生物加工业务势头强劲，技术产品需求旺盛 [6] - 生命科学板块总营收同比增长0.5%，核心营收同比下降1.0%，受汇率波动拖累，部分产品线增长承压 [6] - 诊断板块总营收同比增长4.0%，核心营收同比增长3.5%，Cepheid呼吸业务收入超预期，抵消部分业务平淡影响 [6] - 2025年前三季度，生物技术板块总营收同比增长7.5%，持续领跑；生命科学板块总营收同比下降1.0%，表现疲软；诊断板块总营收同比增长1.0%，增长稳健 [6] 2025年业绩展望 - 维持2025年全年非公认会计准则调整后稀释每股收益指引区间为7.70-7.80美元 [7] - 预计全年非公认会计准则核心营收同比实现低个位数增长 [7] - 预计第四季度核心营收同比实现低个位数增长，其中生物技术板块增长约5%，生命科学板块预计为低个位数下滑，诊断板块基本持平 [7] - 汇率因素将对第四季度营收形成约2.5%的正向影响 [7] 管理层观点与重要信息 - 管理层认为第三季度业绩令人鼓舞，归因于丹纳赫商业系统的高效执行、生物加工业务的持续增长势头以及Cepheid呼吸业务收入超预期 [9] - 公司将持续聚焦创新研发、提升商业执行力及提高生产效率，以强化长期竞争力 [9] - 截至第三季度末，公司全球员工约6.3万人，致力于通过技术创新推动精准诊断及药物研发效率提升 [10]

Danaher Corporation (NYSE:DHR) is one of the stocks Jim Cramer recently highlighted. Discussing the post-earnings rally of the stock, Cramer remarked: “Then there’s Danaher, DHR, the life sciences and diagnostic equipment company, which has been a huge disappointment for my Charitable Trust for so long. Not today, though. Today, Danaher gave us the quarter we’ve been looking for with a promise that next year could be even stronger, and that’s why the stock shot up nearly 6% today.” A stock market data. ...

We recently published 10 Stocks Leaving Wall Street in the Dust. Danaher Corp. (NYSE:DHR) is one of the best performers on Tuesday. Danaher bounced back by 5.94 percent on Tuesday to close at $220.77 apiece after achieving an improved earnings performance in the third quarter of the year. In an updated report, Danaher Corp. (NYSE:DHR) said net income jumped by 11 percent to $908 million from $818 million in the same period last year. Sales grew by 4.4 percent to $6.05 billion from $5.798 billion year-on- ...

Danaher Corporation (NYSE:DHR) reported better-than-expected third-quarter financial results on Tuesday.Danaher announced third-quarter adjusted earnings of $1.89 per share, which beat the analyst consensus estimate of $1.72 per share by 9.82%. For comparison, the company reported earnings of 1.71 per share in the same quarter last year.Danaher reported $6.05 billion in quarterly revenue, beating analyst expectations of $6.01 billion."We are encouraged by our third quarter results," said Rainer Blair, presi ...

宏观经济与政策环境 - 新政府的政策执行笨拙且混乱，包括紧急行政命令、频繁调整关税以及利用司法系统打击政敌等行为，这些行动对商业、经济和投资者心理构成潜在负面影响 [2] - 企业正积极调整供应链，并加速、推迟或改道进口以应对最新的关税规则，尽管部分订单和业绩可能延迟至后续季度，但企业价值保持完整 [3] - 美联储面临劳动力市场疲软与国内支出强劲的矛盾局面，其最新举措是将隔夜贷款利率下调0.25%，但政策前景仍不明朗 [4] - 长期利率水平是投资者关注的核心问题，美国不断增长的债务和赤字可能引发通胀或信用担忧，进而影响国债销售并对证券价格及企业盈利产生负面影响 [8] 投资组合策略与表现 - 投资策略侧重于具有长期业务前景的稳定收益企业，因此未持有英伟达等在此轮AI热潮中表现突出的公司，导致组合表现受到可预见的拖累 [6] - 组合中持有积极参与AI领域的老牌科技公司，包括谷歌、微软、亚马逊、Meta和甲骨文，这些公司贡献良好 [7] - 投资组合亦包含生命科学公司，如丹纳赫和赛默飞世尔，尽管面临关税混乱、联邦资金削减和疫苗政策变更等短期挑战，但其长期前景被看好并在第三季度显现复苏迹象 [7] - 部分技术提供商如Salesforce、Constellation Software和埃森哲被视为“AI受害者”而遭抛售，但认为这些公司有能力帮助实际业务应用AI并从中获利 [6] 行业与企业动态 - 与人工智能相关的业务保持建设数据中心和发电厂的狂热步伐，而许多传统企业则出现增长适度放缓的迹象 [4] - 生命科学行业公司处于医疗和生物技术研发的前沿，但近期销售和订单情况因政策变化而复杂化 [7] - 截至2025年9月30日，投资组合在多个基金中的具体持仓包括：Salesforce占大盘股基金2.5%，Constellation Software占大盘股基金2.5%，埃森哲占保守配置基金1.8%、大盘股基金2.6%和多 cap 基金2.3%，谷歌占保守配置基金1.6%、大盘股基金5.0%等 [11]

In this article, we will dig deeper into their last Q3 earnings . Growth seems to be back on track, and 2026 guidance looks pretty good, which isQuality Growth Investor. I have the simplest of tastes, I only like the best. Here I will analyze the companies in my investment universe. I am looking for the best businesses in the world in order to create a long term portfolio that can outperform the market.Analyst’s Disclosure:I/we have a beneficial long position in the shares of DHR either through stock owners ...

In this article, we will dig deeper into their last Q3 earnings . Growth seems to be back on track, and 2026 guidance looks pretty good, which isQuality Growth Investor. I have the simplest of tastes, I only like the best. Here I will analyze the companies in my investment universe. I am looking for the best businesses in the world in order to create a long term portfolio that can outperform the market.Analyst’s Disclosure:I/we have a beneficial long position in the shares of DHR either through stock owners ...

In January 2025, I published my first and only article about Danaher Corporation (NYSE: DHR ). Back then, I stated that I see question marks behind a potential moat and saw that stock a bit overvalued. In the conclusion of myMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization ( ...

In January 2025, I published my first and only article about Danaher Corporation (NYSE: DHR ). Back then, I stated that I see question marks behind a potential moat and saw that stock a bit overvalued. In the conclusion of myMy analysis is focused on high-quality companies, that can outperform the market over the long-run due to a competitive advantage (economic moat) and high levels of defensibility. Focused on European and North American companies, but without constraints regarding market capitalization ( ...