<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1606189933777-a56d876d692d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="667" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1606189933777-a56d876d692d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p><strong>本周深度价值景观</strong></p>
<p>本周的收购者倍数®大盘股筛选继续呈现一个熟悉但不断演变的主题：极端价值集中在现金生成的金融行业以及周期性暴露的工业和材料行业，而能源行业在排名的最顶端相对暂停。</p>
<p>共同的线索保持不变——尽管运营结果和股东回报强劲，市场仍然对耐用自由现金流生产者给予了严重折扣。</p>
<p><strong>金融行业重新确立深度价值的领导地位</strong></p>
<p>Synchrony Financial (SYF) 坐稳筛选的顶部，收购者倍数为 2.8，自由现金流收益率高达 31.9%。凭借超过 108 亿美元的运营收入、负净杠杆和 8.5% 的股东收益率，SYF 继续以罕见的速度将收益转化为实际现金。</p>
<p>尽管在承保、信用管理和积极回购方面保持谨慎，股票的定价仍然仿佛严重且迫在眉睫的消费者信用周期不可避免。该估值反映出尚未在基本面上显现的压力。</p>
<p><strong>工业和周期性行业：没有叙事的现金流</strong></p>
<p>本周几家非能源周期性公司占据了上层，进一步强化了市场对资本密集型企业的广泛折扣。CF Industries (CF) 的收购者倍数为 7.0，自由现金流收益率为 14.0%，得益于强劲的资产回报和 14.1% 的股东收益率。</p>
<p>即使氮市场趋于稳定，资本纪律也得到严格执行，股票的估值仍然仿佛中期利润率不可持续。PulteGroup (PHM) 也出现在顶部，收购者倍数为 7.0，盈利能力稳定。房屋建筑商的定价仍然反映出住房放缓的预期，而这一放缓尚未显著影响现金生成，因为供应限制和严格的土地策略继续支持回报。</p>
<p><strong>材料：仍被低估，仍然周期性</strong></p>
<p>Alcoa (AA) 再次代表材料行业，收购者倍数为 8.0。尽管在当前铝价下自由现金流仍然适中，但 Alcoa 的运营杠杆、改善的资产负债表和资产质量在价格即使稍微正常化的情况下提供了可观的上行空间。尽管行业内的成本基础结构性地更为精简，市场仍在定价长期商品疲软。</p>
<p><strong>资本回报隐藏在显而易见的地方</strong></p>
<p>在筛选中，股东收益率仍然是一个显著特征。回购——不仅仅是分红——在金融和工业行业中发挥着重要作用。这些公司不仅在会计指标上便宜；它们还在积极使用内部生成的现金缩减股份，通常在暗示长期恶化而非正常化的估值下进行。</p>
<p><strong>宏观背景：基本面保持，情绪疲软</strong></p>
<p>本周的筛选反映出一个微妙但重要的变化。尽管能源在最顶端的主导地位减弱，但更广泛的深度价值信号仍然完好。金融行业仍然被定价为信用压力，周期性行业则被定价为需求崩溃，材料行业则被定价为延长的商品下行。然而，运营收入、资产负债表和资本回报讲述了一个截然不同的故事。</p>
<p><strong>结论</strong></p>
<p>本周强化了一种持续的低效现象：市场继续对那些今天产生真实现金的大盘股给予折扣，而不是对明天的假设增长。金融和周期性行业主导了价值景观，这并不是因为基本面恶化——而是因为情绪仍然固守于最坏的假设。对于有纪律的价值投资者而言，机会依然不变。现金流现实与市场定价之间的脱节继续为长期阿尔法提供了肥沃的狩猎场。</p>
<p>您可以在这里找到免费的美国大盘股筛选器：</p>
<blockquote>
<p>大盘股筛选器</p>
</blockquote>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>Hess Midstream：高收益基础设施价值投资</p>
<p>我们对内在价值的计算：麦当劳公司</p>
<p>APA Corporation：深度价值能源股票</p>

CF实业

美国铝业

<p>本周的收购者倍数®大盘筛选突出了在现金生成的金融、工业和材料领域的极端价值聚集，而能源行业则暂时停滞。Synchrony Financial 以 2.8 的收购者倍数和 31.9% 的自由现金流收益率领先。尽管市场持怀疑态度，CF Industries 和 PulteGroup 也展现出强劲的现金流。Alcoa 代表材料行业，面临持续的商品疲软。总体而言，市场低估了这些公司，为有纪律的价值投资者提供了机会，因为现金流现实与负面情绪形成对比</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1606189933777-a56d876d692d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1606189933777-a56d876d692d?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;ixlib=rb-1.2.1&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p><strong>This Week’s Deep-Value Landscape</strong></p>
<div class="lb-trans"><p><strong>本周深度价值景观</strong></p>
</div><p>This week’s Acquirer’s Multiple® Large-Cap Screen continues to surface a familiar—but evolving—theme: extreme value is clustering in cash-generative Financials and cyclically exposed Industrials and Materials, while Energy takes a relative pause at the very top of the rankings.</p>
<div class="lb-trans"><p>本周的收购者倍数®大盘股筛选继续呈现一个熟悉但不断演变的主题：极端价值集中在现金生成的金融行业以及周期性暴露的工业和材料行业，而能源行业在排名的最顶端相对暂停。</p>
</div><p>The common thread remains unchanged—the market is heavily discounting durable free-cash-flow producers despite strong operating results and shareholder returns.</p>
<div class="lb-trans"><p>共同的线索保持不变——尽管运营结果和股东回报强劲，市场仍然对耐用自由现金流生产者给予了严重折扣。</p>
</div><p><strong>Financials Reassert Leadership in Deep Value</strong></p>
<div class="lb-trans"><p><strong>金融行业重新确立深度价值的领导地位</strong></p>
</div><p>Synchrony Financial (SYF) sits firmly at the top of the screen with an Acquirer’s Multiple of 2.8 and an extraordinary 31.9% free cash flow yield. With over $10.8 billion in operating income, negative net leverage, and an 8.5% shareholder yield, SYF continues to convert earnings into tangible cash at a pace rarely seen among large-cap financials.</p>
<div class="lb-trans"><p>Synchrony Financial (SYF) 坐稳筛选的顶部，收购者倍数为 2.8，自由现金流收益率高达 31.9%。凭借超过 108 亿美元的运营收入、负净杠杆和 8.5% 的股东收益率，SYF 继续以罕见的速度将收益转化为实际现金。</p>
</div><p>Despite disciplined underwriting, conservative credit management, and aggressive buybacks, the stock remains priced as though a severe and imminent consumer-credit cycle is unavoidable. The valuation reflects stress that has yet to materialize in fundamentals.</p>
<div class="lb-trans"><p>尽管在承保、信用管理和积极回购方面保持谨慎，股票的定价仍然仿佛严重且迫在眉睫的消费者信用周期不可避免。该估值反映出尚未在基本面上显现的压力。</p>
</div><p><strong>Industrials and Cyclicals: Cash Flow Without a Narrative</strong></p>
<div class="lb-trans"><p><strong>工业和周期性行业：没有叙事的现金流</strong></p>
</div><p>Several non-Energy cyclicals occupy the upper tier this week, reinforcing how broadly the market is discounting capital-intensive businesses. CF Industries (CF) screens with an Acquirer’s Multiple of 7.0 and a robust 14.0% FCF yield, supported by strong returns on assets and a 14.1% shareholder yield.</p>
<div class="lb-trans"><p>本周几家非能源周期性公司占据了上层，进一步强化了市场对资本密集型企业的广泛折扣。CF Industries (CF) 的收购者倍数为 7.0，自由现金流收益率为 14.0%，得益于强劲的资产回报和 14.1% 的股东收益率。</p>
</div><p>Even with nitrogen markets stabilizing and capital discipline firmly in place, the stock continues to be valued as though mid-cycle margins are unsustainable. PulteGroup (PHM) also appears near the top, with a 7.0 AM and consistent profitability. Homebuilders remain priced for a housing slowdown that has yet to meaningfully impair cash generation, as supply constraints and disciplined land strategies continue to support returns.</p>
<div class="lb-trans"><p>即使氮市场趋于稳定，资本纪律也得到严格执行，股票的估值仍然仿佛中期利润率不可持续。PulteGroup (PHM) 也出现在顶部，收购者倍数为 7.0，盈利能力稳定。房屋建筑商的定价仍然反映出住房放缓的预期，而这一放缓尚未显著影响现金生成，因为供应限制和严格的土地策略继续支持回报。</p>
</div><p><strong>Materials: Still Discounted, Still Cyclical</strong></p>
<div class="lb-trans"><p><strong>材料：仍被低估，仍然周期性</strong></p>
</div><p>Alcoa (AA) once again represents the Materials complex, screening with an Acquirer’s Multiple of 8.0. While free cash flow remains modest at current aluminum prices, Alcoa’s operating leverage, improved balance sheet, and asset quality offer substantial upside if pricing normalizes even modestly. The market continues to price in prolonged commodity weakness, despite structurally leaner cost bases across the industry.</p>
<div class="lb-trans"><p>Alcoa (AA) 再次代表材料行业，收购者倍数为 8.0。尽管在当前铝价下自由现金流仍然适中，但 Alcoa 的运营杠杆、改善的资产负债表和资产质量在价格即使稍微正常化的情况下提供了可观的上行空间。尽管行业内的成本基础结构性地更为精简，市场仍在定价长期商品疲软。</p>
</div><p><strong>Capital Returns Hidden in Plain Sight</strong></p>
<div class="lb-trans"><p><strong>资本回报隐藏在显而易见的地方</strong></p>
</div><p>Across the screen, shareholder yields remain a defining feature. Buybacks—not just dividends—are doing the heavy lifting, particularly among Financials and Industrials. These companies are not merely cheap on accounting metrics; they are actively shrinking share counts using internally generated cash, often at valuations that imply long-term deterioration rather than normalization.</p>
<div class="lb-trans"><p>在筛选中，股东收益率仍然是一个显著特征。回购——不仅仅是分红——在金融和工业行业中发挥着重要作用。这些公司不仅在会计指标上便宜；它们还在积极使用内部生成的现金缩减股份，通常在暗示长期恶化而非正常化的估值下进行。</p>
</div><p><strong>Macro Context: Fundamentals Hold, Sentiment Falters</strong></p>
<div class="lb-trans"><p><strong>宏观背景：基本面保持，情绪疲软</strong></p>
</div><p>This week’s screen reflects a subtle but important shift. While Energy is less dominant at the very top, the broader deep-value signal remains intact. Financials are still priced for credit stress, cyclicals for demand collapse, and Materials for extended commodity downturns. Yet operating income, balance sheets, and capital returns tell a very different story.</p>
<div class="lb-trans"><p>本周的筛选反映出一个微妙但重要的变化。尽管能源在最顶端的主导地位减弱，但更广泛的深度价值信号仍然完好。金融行业仍然被定价为信用压力，周期性行业则被定价为需求崩溃，材料行业则被定价为延长的商品下行。然而，运营收入、资产负债表和资本回报讲述了一个截然不同的故事。</p>
</div><p><strong>Bottom Line</strong></p>
<div class="lb-trans"><p><strong>结论</strong></p>
</div><p>This week reinforces a persistent inefficiency: the market continues to discount large-cap businesses that are producing real cash today, not hypothetical growth tomorrow. Financials and cyclicals dominate the value landscape, not because fundamentals are deteriorating—but because sentiment remains anchored to worst-case assumptions. For disciplined value investors, the opportunity remains unchanged. The disconnect between cash-flow reality and market pricing continues to offer a fertile hunting ground for long-term alpha.</p>
<div class="lb-trans"><p>本周强化了一种持续的低效现象：市场继续对那些今天产生真实现金的大盘股给予折扣，而不是对明天的假设增长。金融和周期性行业主导了价值景观，这并不是因为基本面恶化——而是因为情绪仍然固守于最坏的假设。对于有纪律的价值投资者而言，机会依然不变。现金流现实与市场定价之间的脱节继续为长期阿尔法提供了肥沃的狩猎场。</p>
</div><p>You can find the free U.S. Large-Cap Screener here:</p>
<div class="lb-trans"><p>您可以在这里找到免费的美国大盘股筛选器：</p>
</div><blockquote>
<p>Large Cap Screener</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>大盘股筛选器</p>
</blockquote>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Hess Midstream: A High-Yield Infrastructure Value Play</p>
<div class="lb-trans"><p>Hess Midstream：高收益基础设施价值投资</p>
</div><p>Our Calculation of Intrinsic Value: McDonald’s Corporation</p>
<div class="lb-trans"><p>我们对内在价值的计算：麦当劳公司</p>
</div><p>APA Corporation: Deep-Value Energy Stock</p>
<div class="lb-trans"><p>APA Corporation：深度价值能源股票</p>
</div>

在现金生成能力强的金融、工业和材料领域中的极端价值集群