{ "artifact_type": "earnings_season_timeline", "version": "1.3", "title": "美图与 AI 应用：财报节点、价格共振与下一验证", "subtitle": "把美图公司披露、创意软件财报、美国软件价格反应和下一批验证节点放在同一条北京时间轴；跨公司关系只作 thematic_peer / demand_read_through，不视为经济等价。", "as_of": "2026-08-08T20:05:00+08:00", "timezone": "Asia/Shanghai", "date_range": { "start": "2026-05-06", "end": "2026-09-10" }, "scope": { "theme": "AI 应用 / 创意软件 / 企业工作流", "markets": ["HKEX", "NYSE", "NASDAQ"], "watchlist": ["01357.HK", "FIG", "ADBE", "MNDY", "0700.HK", "TME"], "user_holdings": [] }, "not_investment_advice": true, "method": { "date_policy": "官方 IR、SEC 或 HKEX 为 confirmed；Nasdaq 财报日历只作 reported_secondary；北京时间显式换算。", "market_policy": "完成事件记录 T0/T+1/T+5；8 月 7 日港股与美股均使用完整收盘，盘中快照只保留为审计轨迹，不把缺失值当作 0。", "causality_policy": "时间顺序、主题映射、板块广度和公司自身公告共同决定归因置信度；价格共振不是单因果证明。" }, "events": [ { "event_id": "meitu-q1-2026", "date": "2026-05-06", "time": "07:45", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-05-06 07:45", "date_status": "completed", "source_tier": "primary", "event_type": "company_operating_update", "company": "美图公司", "ticker": "01357.HK", "market": "HKEX", "relationship_to_meitu": "same_company_listing", "impact_score": 5, "why_it_matters": "付费、核心收入和生产力 ARR 同时高增，是近期最清晰的公司经营催化。", "expectation_baseline": "没有事前冻结的一致预期，不做 surprise 分数。", "actual_results": [ "核心影像与设计收入 RMB852m，同比 +34.3%", "付费用户超过 17.9m，同比 +30.2%", "AI 生产力 ARR RMB580m，同比 +56.2%" ], "market_reaction": { "intraday": "T−1 HK$4.19 → T0 HK$4.66", "t5": "T−1→T+5 +20.3%；T0→T+5 +8.2%", "benchmark": "HSTECH", "benchmark_adjusted": "+17.0pct", "resonance": "positive_resonance", "attribution_confidence": "medium" }, "transmission_paths": ["公司 KPI → 盈利预期 → 美图自身估值"], "next_check": "正式中报的毛利、现金流、SBC 和每股利润桥", "source_refs": ["MEITU_Q1_2026", "MEITU_MARKET_20260807"] }, { "event_id": "figma-q1-2026-baseline", "date": "2026-05-14", "time": "17:00", "event_timezone": "America/New_York", "beijing_time": "2026-05-15 05:00", "date_status": "completed", "source_tier": "primary", "event_type": "us_creative_saas_earnings", "company": "Figma", "ticker": "FIG", "market": "NYSE", "relationship_to_meitu": "thematic_peer", "impact_score": 4, "why_it_matters": "冻结 Q2 事前公司指引，避免在 Q2 披露后用事后叙事替代基线。", "expectation_baseline": "Q2 revenue guidance US$348m–350m；FY2026 revenue US$1.422bn–1.428bn。", "actual_results": ["Q1 收入增长连续第二季加速", "公司首次给出上述 Q2/FY2026 基线"], "market_reaction": null, "transmission_paths": ["企业设计工作流需求 → 席位与 AI credits → 创意 SaaS 估值"], "next_check": "Q2 实际相对公司指引，以及毛利/现金利润是否同步", "source_refs": ["FIGMA_Q1_2026"] }, { "event_id": "adobe-q2-fy2026", "date": "2026-06-11", "time": null, "event_timezone": "America/New_York", "beijing_time": "2026-06-12（美股盘后换算，具体时刻未冻结）", "date_status": "completed", "source_tier": "primary", "event_type": "us_creative_saas_earnings", "company": "Adobe", "ticker": "ADBE", "market": "NASDAQ", "relationship_to_meitu": "thematic_peer", "impact_score": 4, "why_it_matters": "成熟创意软件证明 AI 能带动 ARR，同时也说明 incumbent 可直接把 AI 打包进工作流。", "expectation_baseline": "本时间轴未冻结卖方一致预期，不做精确 surprise。", "actual_results": [ "Q2 revenue US$6.62bn，同比 +13%", "AI-first ARR 同比增至三倍并超过 US$500m", "公司上调 FY2026 收入与 non-GAAP EPS 目标" ], "market_reaction": null, "transmission_paths": ["AI 需求验证 → 应用层收入", "incumbent 捆绑 → 独立应用竞争门槛"], "next_check": "9 月 10 日 Q3 的 AI 定价、创意 ARR 与利润率", "source_refs": ["ADOBE_Q2_FY2026"] }, { "event_id": "meitu-h1-preliminary-2026", "date": "2026-07-30", "time": "17:48", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-07-30 17:48", "date_status": "completed", "source_tier": "primary", "event_type": "company_performance_update", "company": "美图公司", "ticker": "01357.HK", "market": "HKEX", "relationship_to_meitu": "same_company_listing", "impact_score": 5, "why_it_matters": "首次把付费、ARR 和核心收入增长连接到初步利润增长。", "expectation_baseline": "没有事前冻结的一致预期；只与 Q1 增速及历史基数对照。", "actual_results": [ "H1 核心业务收入约 RMB1.8bn，同比 +30.9%", "调整后归母利润同比 +36%–40%；IFRS 归母至少 +35%", "付费用户超过 18.44m；AI 生产力 ARR 约 RMB620m" ], "market_reaction": { "intraday": "7 月 31 日首个完整交易日 +10.3%", "t1": "T−1 7 月 30 日至 8 月 3 日 +11.4%", "t5": "T−1 7 月 30 日至 T+5 8 月 7 日 +10.98%；T0 7 月 31 日至 T+5 +0.64%", "benchmark_adjusted": "T−1→T+5 相对 HSTECH 约 +9.85pct；T0→T+5 约 +0.03pct", "benchmark": "HSTECH", "resonance": "positive_resonance", "attribution_confidence": "medium" }, "transmission_paths": ["经营预告 → 美图自身盈利预期", "正式报表质量缺口 → 8 月 26 日再定价"], "next_check": "毛利、SBC、CFO、净现金、合同负债与完全摊薄股份", "source_refs": ["MEITU_H1_PRELIM_2026", "MEITU_MARKET_CLOSE_20260807"] }, { "event_id": "figma-q2-2026", "date": "2026-08-05", "time": "17:00", "event_timezone": "America/New_York", "beijing_time": "2026-08-06 05:00", "date_status": "completed", "source_tier": "primary", "event_type": "us_creative_saas_earnings", "company": "Figma", "ticker": "FIG", "market": "NYSE", "relationship_to_meitu": "thematic_peer", "impact_score": 5, "why_it_matters": "这是最接近美图生产力/设计工作流的上市 demand read-through，但客户结构和会计口径不同。", "expectation_baseline": "Q1 公司指引：Q2 revenue US$348m–350m；FY2026 revenue US$1.422bn–1.428bn。", "actual_results": [ "Q2 revenue US$370.1m，同比 +48%，较公司指引中点高约 6.0%", "NDR 136%；超过 80% 的 >US$10k ARR 客户每周消耗 AI credits", "FY2026 revenue guidance 上调 US$40m 至 US$1.463bn–1.467bn", "Q3 中点对应同比 +36%，低于 Q2 的 +48%", "GAAP gross margin 84%（上年约 89%）；FCF margin 14%（上年 24%）", "Q2 SBC US$147.6m（上年 US$7.3m）" ], "surprise": { "direction": "good_news_sold", "method": "actual_vs_prior_company_guidance_plus_market_reaction", "confidence": "high", "reason": "收入和全年指引明显偏强，但股价次日下跌 14.7%；市场在重估增速持续性、利润捕获与股权成本。" }, "market_reaction": { "t1": "8 月 6 日 US$28.095 → US$23.97，-14.7%", "t2": "8 月 7 日 US$23.29，-2.84%；相对事件前 US$28.095 两日累计 -17.1%", "benchmark": "8 月 6 日 IGV -1.85%、QQQ -0.39%；8 月 7 日 IGV +3.29%、QQQ +1.17%", "benchmark_adjusted": "相对 IGV 约 -12.8pct；相对 QQQ 约 -14.3pct", "resonance": "negative_price_resonance_persisted_while_broad_software_rebounded", "attribution_confidence": "high" }, "transmission_paths": [ "AI credits 采用 → 需求与变现得到验证", "增速放缓/毛利与 FCF 压力/SBC → 应用利润池折价", "创意 SaaS 估值重估 → 美图 thematic_peer 风险偏好" ], "next_check": "Q3 revenue growth、gross margin、FCF margin、AI credits 毛利与 SBC", "source_refs": ["FIGMA_Q1_2026", "FIGMA_Q2_2026", "US_SOFTWARE_MARKET_20260806", "US_SOFTWARE_MARKET_20260807"] }, { "event_id": "us-software-earnings-cluster-20260806", "date": "2026-08-06", "time": "16:00", "event_timezone": "America/New_York", "beijing_time": "2026-08-07 04:00（美股收盘）", "date_status": "completed", "source_tier": "market_data", "event_type": "software_earnings_cluster_repricing", "company": "美国软件财报簇", "ticker": "FIG / APP / DDOG / HUBS / IGV / QQQ", "market": "NYSE / NASDAQ", "relationship_to_meitu": "thematic_peer", "impact_score": 5, "why_it_matters": "多只财报股同日大跌，说明这不是 Figma 单名噪声，而是增长、预期与利润捕获被同时重估。", "expectation_baseline": "只比较完成收盘，不把不同公司的财务结果混成一个 surprise。", "actual_results": [ "FIG -14.7%", "APP -19.7%", "DDOG -19.1%", "HUBS -19.0%", "IGV -1.85%；QQQ -0.39%", "8 月 7 日 APP +3.32%、DDOG +2.02%、HUBS +3.96%，但从事件前两日仍约 -15.8% 至 -17.4%", "8 月 7 日 IGV +3.29%、QQQ +1.17%，FIG 反而再跌 2.84%" ], "market_reaction": { "t1": "2026-08-06 美股完整收盘", "t2": "2026-08-07 广泛反弹，但财报股仍未收复缺口，FIG 未参与反弹", "benchmark": "IGV / QQQ", "resonance": "cluster_shock_then_broad_rebound_with_figma_specific_weakness", "attribution_confidence": "high_for_cluster_low_for_single_name_causality" }, "transmission_paths": ["财报预期重置 → 软件估值压缩", "创意/应用风险偏好 → 港股 AI 应用 beta"], "next_check": "8 月 10 日以后新一批软件财报能否止跌并出现盈利广度", "source_refs": ["US_SOFTWARE_MARKET_20260806", "US_SOFTWARE_MARKET_20260807"] }, { "event_id": "meitu-figma-readthrough-20260806-07", "date": "2026-08-07", "time": "16:08", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-07 16:08", "date_status": "completed", "source_tier": "market_data", "event_type": "cross_market_readthrough", "company": "美图公司", "ticker": "01357.HK", "market": "HKEX", "relationship_to_meitu": "same_company_listing", "impact_score": 4, "why_it_matters": "检验 Figma/美国软件估值重置是否继续向美图传导。", "expectation_baseline": "8 月 5 日美图收盘 HK$4.90；Figma 结果在 8 月 6 日港股开盘前已公开。", "actual_results": [ "8 月 6 日美图收盘 HK$4.73，-3.47%；HSTECH -2.28%，相对约 -1.19pct", "8 月 7 日美图收盘 HK$4.75，+0.42%；盘中低点 HK$4.55 后收在日内区间约 91% 位置", "HSTECH +0.78%；美图相对 -0.36pct。成交 5,032 万股，约为近 5 日均量的 0.71 倍，估算换手约 1.11%", "每日卖空成交 354.55 万股、HK$1,660 万，卖空成交额占比 7.065%，低于 8 月 3—6 日", "已核对的公告列表中，8 月 7—8 日没有新增公司经营公告" ], "market_reaction": { "intraday": "8 月 7 日下探 HK$4.55 后收于 HK$4.75，收盘接近日内高位", "t1": "较 8 月 6 日 +0.42%，相对 HSTECH -0.36pct", "t5": null, "benchmark": "HSTECH", "volume_ratio": "0.71x 近 5 日均量", "resonance": "shock_absorbed_without_breakout_confirmation", "attribution_confidence": "medium" }, "transmission_paths": ["Figma 结果/美股软件共振 → 港股 AI 应用风险偏好", "美图 H1 预告支撑 → 卖压部分吸收"], "next_check": "8 月 10 日 monday.com、8 月 11 日腾讯音乐、8 月 12 日腾讯，以及美图 8 月 26 日 H1", "source_refs": ["MEITU_MARKET_CLOSE_20260807", "MEITU_SHORT_TURNOVER_20260807", "US_SOFTWARE_MARKET_20260806", "US_SOFTWARE_MARKET_20260807", "MEITU_MONTHLY_RETURN_20260805"], "source_gap": "每日卖空成交不是持有人层面的净空仓；未取得逐笔资金来源，不能把全部波动归给 Figma。" }, { "event_id": "us-software-followthrough-20260807", "date": "2026-08-07", "time": "16:00", "event_timezone": "America/New_York", "beijing_time": "2026-08-08 04:00（美股收盘）", "date_status": "completed", "source_tier": "market_data", "event_type": "software_earnings_followthrough", "company": "美国软件财报簇", "ticker": "FIG / APP / DDOG / HUBS / IGV / QQQ", "market": "NYSE / NASDAQ", "relationship_to_meitu": "thematic_peer", "impact_score": 4, "why_it_matters": "第二个完整交易日把广泛软件风险偏好与 Figma 单名压力拆开，判断冲击是扩散还是收敛。", "expectation_baseline": "8 月 6 日财报簇急跌后的第二日完成收盘。", "actual_results": [ "FIG US$23.29，-2.84%；两日累计 -17.1%", "APP +3.32%、DDOG +2.02%、HUBS +3.96%，但两日累计仍约 -15.8% 至 -17.4%", "IGV +3.29%、QQQ +1.17%；MNDY 在 8 月 10 日财报前 +6.22%" ], "market_reaction": { "t2": "指数和多数财报股反弹，Figma 继续下跌", "benchmark": "IGV / QQQ", "resonance": "broad_risk_appetite_recovered_but_figma_specific_pressure_persisted", "attribution_confidence": "high_for_prices_medium_for_fundamental_causality" }, "transmission_paths": [ "软件指数修复 → 系统性应用层折价暂未继续扩大", "Figma 独弱 → 增速、毛利、FCF 与 SBC 的公司特定再定价" ], "next_check": "monday.com 财报后的广度，以及 FIG 是否止跌或继续相对 IGV 走弱", "source_refs": ["US_SOFTWARE_MARKET_20260807"] }, { "event_id": "monday-q2-2026", "date": "2026-08-10", "time": "08:30", "event_timezone": "America/New_York", "beijing_time": "2026-08-10 20:30", "date_status": "confirmed", "source_tier": "primary", "event_type": "us_workflow_saas_earnings", "company": "monday.com", "ticker": "MNDY", "market": "NASDAQ", "relationship_to_meitu": "thematic_peer", "impact_score": 3, "why_it_matters": "验证企业工作流席位、AI 产品与利润率能否共同成立。", "expectation_baseline": "待事件前补一致预期；当前只冻结官方日期和观察问题。", "actual_results": null, "market_reaction": null, "transmission_paths": ["企业软件需求 → AI 工作流定价 → 软件风险偏好"], "next_check": "ARR/NRR、AI 付费、销售效率、利润率和指引", "source_refs": ["MNDY_Q2_2026_CALENDAR"] }, { "event_id": "tme-q2-2026", "date": "2026-08-11", "time": "19:00", "event_timezone": "Asia/Shanghai", "beijing_time": "2026-08-11 19:00", "date_status": "confirmed", "source_tier": "primary", "event_type": "china_consumer_application_earnings", "company": "腾讯音乐", "ticker": "TME / 01698.HK", "market": "NYSE / HKEX", "relationship_to_meitu": "thematic_peer", "impact_score": 3, "why_it_matters": "提供中国消费应用付费、ARPU 与内容成本的相邻读穿。", "expectation_baseline": "待事件前补一致预期；当前只冻结官方日期和观察问题。", "actual_results": null, "market_reaction": null, "transmission_paths": ["中国消费订阅 → 付费意愿/ARPU → 应用估值"], "next_check": "付费用户、ARPU、内容成本、AI 产品参与度", "source_refs": ["TME_Q2_2026_CALENDAR"] }, { "event_id": "tencent-q2-2026", "date": "2026-08-12", "time": "20:00", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-12 20:00", "date_status": "confirmed", "source_tier": "primary", "event_type": "china_platform_earnings", "company": "腾讯控股", "ticker": "0700.HK", "market": "HKEX", "relationship_to_meitu": "same_supply_chain", "impact_score": 4, "why_it_matters": "最近的中国平台/分发/模型成本读穿，比美国企业 SaaS 更接近美图本地生态。", "expectation_baseline": "待事件前补一致预期；当前只冻结官方日期和观察问题。", "actual_results": null, "market_reaction": null, "transmission_paths": ["模型与云成本 → 应用单位经济", "流量与广告/小程序分发 → 获客与变现"], "next_check": "AI 应用收入、广告工具、云推理效率、应用分发与 capex", "source_refs": ["TENCENT_Q2_2026_CALENDAR"] }, { "event_id": "meitu-h1-results-2026", "date": "2026-08-26", "time": null, "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-26（具体披露时间待定）", "date_status": "confirmed", "source_tier": "primary", "event_type": "company_earnings", "company": "美图公司", "ticker": "01357.HK", "market": "HKEX", "relationship_to_meitu": "same_company_listing", "impact_score": 5, "why_it_matters": "跨公司读穿最终必须回到美图自己的毛利、现金流与每股经济性。", "expectation_baseline": "核心收入约 +30.9%；调整后归母 +36%–40%；IFRS 归母至少 +35%。", "actual_results": null, "market_reaction": null, "transmission_paths": ["正式报表 → 经营质量 → owner earnings/股 → 估值"], "next_check": "毛利、CFO、SBC、模型/渠道成本、合同负债、净现金、完全摊薄股数", "source_refs": ["MEITU_H1_CALENDAR_2026", "MEITU_H1_PRELIM_2026"] }, { "event_id": "us-saas-cluster-20260825-0903", "date": "2026-08-25", "time": null, "event_timezone": "America/New_York", "beijing_time": "2026-08-26 至 2026-09-04（多数为美股盘后，日期待逐家公司确认）", "date_status": "reported_secondary", "source_tier": "secondary_calendar", "event_type": "us_software_earnings_cluster", "company": "美国 SaaS 第二观察簇", "ticker": "INTU / ZM / BOX / CRWD / OKTA / ADSK / WDAY / PANW / MDB / ZS / CRM / SNOW / GTLB / DOCU / PATH / ASAN", "market": "NASDAQ / NYSE", "relationship_to_meitu": "thematic_peer", "impact_score": 3, "why_it_matters": "检验 8 月 6 日大跌是短期拥挤释放，还是软件估值与利润捕获的持续性重定价。", "expectation_baseline": "日期来自 Nasdaq 日历，尚未逐一用公司 IR 确认，不能写成 confirmed。", "actual_results": null, "market_reaction": null, "transmission_paths": ["多家公司指引/利润率广度 → 软件风险偏好 → AI 应用 beta"], "next_check": "至少 2–3 家出现收入、指引、利润率同向改善，且财报后 T+5 不快速回吐", "source_refs": ["NASDAQ_EARNINGS_CALENDAR_20260825_0903"], "source_gap": "逐家公司官方日期与事件前一致预期尚未冻结。" }, { "event_id": "adobe-q3-fy2026", "date": "2026-09-10", "time": null, "event_timezone": "America/New_York", "beijing_time": "2026-09-11（美股盘后，具体时刻待确认）", "date_status": "confirmed", "source_tier": "primary", "event_type": "us_creative_saas_earnings", "company": "Adobe", "ticker": "ADBE", "market": "NASDAQ", "relationship_to_meitu": "thematic_peer", "impact_score": 4, "why_it_matters": "最直接检验成熟创意工作流能否把 AI 使用转成 ARR，同时维持利润率与席位价值。", "expectation_baseline": "待事件前冻结公司指引与市场一致预期。", "actual_results": null, "market_reaction": null, "transmission_paths": ["创意 AI 收入/捆绑 → 行业需求与竞争强度 → 美图生产力业务上限"], "next_check": "AI-first ARR、Creative Cloud 净新增、价格/席位、毛利与经营利润", "source_refs": ["ADOBE_Q3_FY2026_CALENDAR"] } ], "source_refs": [ { "id": "MEITU_Q1_2026", "title": "Meitu First Quarter 2026 Business Update", "tier": "primary", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0506/2026050600053.pdf", "accessed_at": "2026-08-07" }, { "id": "MEITU_H1_PRELIM_2026", "title": "Meitu H1 2026 Preliminary Business and Financial Performance Update", "tier": "primary", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0730/2026073001140.pdf", "accessed_at": "2026-08-07" }, { "id": "MEITU_H1_CALENDAR_2026", "title": "Meitu Notice of Board Meeting for 2026 Interim Results", "tier": "primary", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0715/2026071500702.pdf", "accessed_at": "2026-08-07" }, { "id": "MEITU_MONTHLY_RETURN_20260805", "title": "Meitu Monthly Return for July 2026", "tier": "primary", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0805/2026080501298.pdf", "accessed_at": "2026-08-07" }, { "id": "MEITU_MARKET_20260807", "title": "Tencent Meitu and HSTECH market snapshots through 2026-08-07 11:46 HKT", "tier": "market_data", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2026-07-24,2026-08-08,30,qfq", "accessed_at": "2026-08-07" }, { "id": "MEITU_MARKET_CLOSE_20260807", "title": "Tencent Meitu and HSTECH completed closes through 2026-08-07", "tier": "market_data", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2026-07-24,2026-08-08,30,qfq", "accessed_at": "2026-08-08" }, { "id": "MEITU_SHORT_TURNOVER_20260807", "title": "ET Net Meitu daily short-selling turnover through 2026-08-07", "tier": "reported_secondary", "url": "https://www.etnet.com.hk/www/tc/stocks/realtime/quote_shortsell.php?code=01357", "accessed_at": "2026-08-08" }, { "id": "FIGMA_Q1_2026", "title": "Figma Announces First Quarter 2026 Financial Results", "tier": "primary", "url": "https://www.sec.gov/Archives/edgar/data/1579878/000162828026035087/q126pressrelease.htm", "accessed_at": "2026-08-07" }, { "id": "FIGMA_Q2_2026", "title": "Figma Announces Second Quarter 2026 Financial Results", "tier": "primary", "url": "https://www.sec.gov/Archives/edgar/data/1579878/000162828026053331/q226pressrelease.htm", "accessed_at": "2026-08-07" }, { "id": "ADOBE_Q2_FY2026", "title": "Adobe Reports Record Q2 FY2026 Results", "tier": "primary", "url": "https://www.sec.gov/Archives/edgar/data/796343/000079634326000109/adbeex991q226.htm", "accessed_at": "2026-08-07" }, { "id": "US_SOFTWARE_MARKET_20260806", "title": "Completed 6 August 2026 US software and benchmark closes", "tier": "market_data", "url": "https://finance.yahoo.com/quote/FIG/history/", "accessed_at": "2026-08-07" }, { "id": "US_SOFTWARE_MARKET_20260807", "title": "Completed 7 August 2026 FIG, APP, DDOG, HUBS, MNDY, IGV and QQQ closes", "tier": "market_data", "url": "https://finance.yahoo.com/quote/FIG/history/", "accessed_at": "2026-08-08" }, { "id": "MNDY_Q2_2026_CALENDAR", "title": "monday.com Q2 2026 Results Calendar", "tier": "primary", "url": "https://ir.monday.com/news-and-events/news-releases/news-details/2026/monday-com-to-Announce-Second-Quarter-2026-Financial-Results-on-Monday-August-10-2026/default.aspx", "accessed_at": "2026-08-07" }, { "id": "TME_Q2_2026_CALENDAR", "title": "Tencent Music Q2 2026 Results Calendar", "tier": "primary", "url": "https://ir.tencentmusic.com/2026-07-14-Tencent-Music-Entertainment-Group-to-Report-Second-Quarter-2026-Financial-Results-on-August-11,-2026", "accessed_at": "2026-08-07" }, { "id": "TENCENT_Q2_2026_CALENDAR", "title": "Tencent 2026 Second Quarter Results Calendar", "tier": "primary", "url": "https://www.tencent.com.cn/en-us/investors/", "accessed_at": "2026-08-07" }, { "id": "NASDAQ_EARNINGS_CALENDAR_20260825_0903", "title": "Nasdaq Earnings Calendar, 25 August to 3 September 2026", "tier": "reported_secondary", "url": "https://www.nasdaq.com/market-activity/earnings", "accessed_at": "2026-08-07" }, { "id": "ADOBE_Q3_FY2026_CALENDAR", "title": "Adobe Investor Relations Calendar", "tier": "primary", "url": "https://www.adobe.com/investor-relations.html", "accessed_at": "2026-08-07" } ], "data_quality": { "missing": [ "Figma 以公司上一季收入指引为可审计基线；未取得事前冻结的卖方一致预期。", "每日卖空成交只能说明当日卖空成交占比，不能识别持有人、借券利用率或实时净空仓；SFC 周度净空仓另行保留。", "Figma/美国软件财报簇的 T+5 尚未形成。", "8 月 25 日至 9 月 3 日的美国 SaaS 簇只由二级日历汇总，需逐家公司 IR 确认。" ], "conflicts": [ "Figma 的需求/收入证据偏强，但股价和利润捕获证据偏弱；两者必须同时保留。", "美图与 Figma 是 thematic_peer，不是同一客户结构、同一利润率或同一估值口径。" ], "manual_review_required": [ "每个未来节点发生后追加官方实际、T+1/T+5 和基准超额，不改写事件前基线。", "8 月 26 日用美图正式 H1 重建毛利、现金流、SBC 和完全摊薄每股桥。" ] } }