<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?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-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<h3><strong>本周深度价值景观</strong></h3>
<p>本周的 <strong>收购者倍数®大盘股筛选</strong> 强化了一个持续且日益集中的主题：极端价值继续集中在现金充裕的金融行业以及部分工业和周期性行业，而通信服务和科技相关企业则悄然进入深度价值的讨论中。</p>
<p>尽管经营收入强劲且资本回报积极，市场仍然将许多大盘股的定价视为当前现金流不可持续。</p>
<p>主线依然明确——真实的、当下的自由现金流正在被折现，而宏观和叙事风险则被优先考虑。</p>
<h3><strong>金融行业仍然是极端价值的中心</strong></h3>
<p><strong>Synchrony Financial (SYF)</strong> 再次位居筛选榜首，收购者倍数为 <strong>2.8</strong>，令人震惊的 <strong>31.2% 自由现金流收益率</strong>。凭借超过 <strong>108 亿美元的经营收入</strong>、负净杠杆和超过 <strong>8%</strong> 的股东收益率，Synchrony 继续以大盘金融公司中罕见的水平产生现金。</p>
<p>然而，估值暗示了一个严重的消费者信贷下滑，而这一点在结果中并未显现。信用指标保持受控，资本比率强劲，回购仍在深度增值的价格下进行。现金流现实与市场定价之间的脱节依然极为明显。</p>
<h3><strong>周期性和工业：缺乏信心的现金流</strong></h3>
<p>除了金融行业，几个资本密集型的周期性行业也占据了筛选的上层，突显出市场对经济敏感型企业的普遍折现。</p>
<p><strong>CF Industries (CF)</strong> 的收购者倍数为 <strong>7.1</strong>，自由现金流收益率为 <strong>13.5%</strong>，得益于强劲的经营收入和严谨的资本配置。尽管氮气市场趋于稳定，资产负债表风险保持可控，但估值仍假设结构性受损的利润率，而非中期正常化。</p>
<p><strong>PulteGroup (PHM)</strong> 也接近榜首，收购者倍数为 <strong>7.1</strong>，资产回报率稳健，并持续进行股票回购。房屋建筑商的定价反映了住房放缓的预期，而这一点尚未显著侵蚀盈利能力，因为供应限制和保守的土地策略继续支持现金生成。</p>
<h3><strong>安静的进入者：通信和科技硬件</strong></h3>
<p>本周的筛选还突显了在传统上不被视为 “深度价值” 的领域中被低估的价值。</p>
<p><strong>HP Inc. (HPQ)</strong> 的收购者倍数为 <strong>7.1</strong>，自由现金流收益率为两位数，得益于稳定的经营收入和积极的回购。尽管对 PC 需求的长期担忧存在，市场仍然将 HP 视为一个正在融化的冰块企业，即使现金回报依然可观。</p>
<p>同样，<strong>Comcast (CMCSA)</strong> 的收购者倍数为 <strong>8.7</strong>，自由现金流收益率为 <strong>17.6%</strong>。尽管对宽带增长的情绪恶化，该公司仍然产生巨额经营收入，并在低估值下进行资本回购。</p>
<h3><strong>资本回报继续发挥重要作用</strong></h3>
<p>在筛选中，<strong>股东收益率仍然是一个定义特征</strong>。回购——而非分红——正在推动大部分资本回报，特别是在金融、工业和成熟的现金生成企业中。</p>
<p>这些公司不仅在静态估值指标上便宜；它们正在积极利用内部生成的现金缩减股份数量，同时被定价为长期恶化是不可避免的，而非周期性或叙事驱动的。</p>
<h3><strong>宏观背景：现金流保持，叙事主导</strong></h3>
<p>本周的筛选反映了一个熟悉的动态。宏观不确定性和行业层面的悲观情绪继续超过公司特定的基本面。金融行业的定价反映了信用压力，周期性行业则反映了需求崩溃，而成熟企业则反映了长期衰退。</p>
<p>然而，经营收入、资产负债表的强度和资本回报表明了一个更具韧性的现实。</p>
<h3><strong>结论</strong></h3>
<p>本周的结果强化了一个持久的低效现象。市场继续大幅折现那些今天产生可观自由现金流的大盘企业——而非明天的投机性增长。</p>
<p>金融、周期性和被忽视的现金生成者主导了深度价值景观，并不是因为基本面在恶化，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，机会依然存在。现金流现实与市场定价之间的差距继续为长期阿尔法提供了一个引人注目的狩猎场。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>Cal-Maine Foods, Inc.: 一家深度价值商品企业</p>
<p>Alphabet Inc. - 我们对内在价值的计算</p>
<p>极端价值集中在现金生成的金融、工业和材料领域</p>

康卡斯特

普尔特房屋

惠普

CF实业

<p>本周的深度价值股票分析突出了现金充裕的金融行业以及部分工业和周期性行业的极端价值集中。Synchrony Financial 以高自由现金流收益率领先，而 CF Industries 和 PulteGroup 在市场悲观情绪下仍展现出强劲的现金生成能力。此外，HP Inc.和 Comcast 在科技行业中也逐渐显现出被低估的迹象。市场继续基于宏观不确定性而低估这些公司，而非其稳健的基本面，这为价值投资者提供了机会，因为现金流依然强劲</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&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><h3><strong>This Week’s Deep-Value Landscape</strong></h3>
<div class="lb-trans"><h3><strong>本周深度价值景观</strong></h3>
</div><p>This week’s <strong>Acquirer’s Multiple® Large-Cap Screen</strong> reinforces a persistent and increasingly concentrated theme: extreme value continues to cluster in cash-rich Financials and select Industrials and Cyclicals, while Communication Services and Technology-linked businesses quietly enter the deep-value conversation.</p>
<div class="lb-trans"><p>本周的 <strong>收购者倍数®大盘股筛选</strong> 强化了一个持续且日益集中的主题：极端价值继续集中在现金充裕的金融行业以及部分工业和周期性行业，而通信服务和科技相关企业则悄然进入深度价值的讨论中。</p>
</div><p>Despite resilient operating income and aggressive capital returns, the market continues to price many large-cap businesses as though current cash flows are unsustainable.</p>
<div class="lb-trans"><p>尽管经营收入强劲且资本回报积极，市场仍然将许多大盘股的定价视为当前现金流不可持续。</p>
</div><p>The through-line remains clear—real, present-day free cash flow is being discounted in favor of macro and narrative risk.</p>
<div class="lb-trans"><p>主线依然明确——真实的、当下的自由现金流正在被折现，而宏观和叙事风险则被优先考虑。</p>
</div><h3><strong>Financials Remain the Epicenter of Extreme Value</strong></h3>
<div class="lb-trans"><h3><strong>金融行业仍然是极端价值的中心</strong></h3>
</div><p><strong>Synchrony Financial (SYF)</strong> once again anchors the screen, ranking first with an Acquirer’s Multiple of <strong>2.8</strong> and a staggering <strong>31.2% free cash flow yield</strong>. With over <strong>$10.8 billion in operating income</strong>, negative net leverage, and a shareholder yield north of <strong>8%</strong>, Synchrony continues to generate cash at levels rarely seen among large-cap financials.</p>
<div class="lb-trans"><p><strong>Synchrony Financial (SYF)</strong> 再次位居筛选榜首，收购者倍数为 <strong>2.8</strong>，令人震惊的 <strong>31.2% 自由现金流收益率</strong>。凭借超过 <strong>108 亿美元的经营收入</strong>、负净杠杆和超过 <strong>8%</strong> 的股东收益率，Synchrony 继续以大盘金融公司中罕见的水平产生现金。</p>
</div><p>Yet valuation implies a severe consumer-credit downturn that has not manifested in results. Credit metrics remain controlled, capital ratios are strong, and buybacks continue at deeply accretive prices. The disconnect between cash-flow reality and market pricing remains extreme.</p>
<div class="lb-trans"><p>然而，估值暗示了一个严重的消费者信贷下滑，而这一点在结果中并未显现。信用指标保持受控，资本比率强劲，回购仍在深度增值的价格下进行。现金流现实与市场定价之间的脱节依然极为明显。</p>
</div><h3><strong>Cyclicals and Industrials: Cash Flow Without Conviction</strong></h3>
<div class="lb-trans"><h3><strong>周期性和工业：缺乏信心的现金流</strong></h3>
</div><p>Beyond Financials, several capital-intensive cyclicals occupy the upper tier of the screen, underscoring how broadly the market is discounting economically sensitive businesses.</p>
<div class="lb-trans"><p>除了金融行业，几个资本密集型的周期性行业也占据了筛选的上层，突显出市场对经济敏感型企业的普遍折现。</p>
</div><p><strong>CF Industries (CF)</strong> screens with an Acquirer’s Multiple of <strong>7.1</strong> and a <strong>13.5% FCF yield</strong>, supported by strong operating income and disciplined capital allocation. Despite nitrogen markets stabilizing and balance-sheet risk remaining contained, valuation continues to assume structurally impaired margins rather than mid-cycle normalization.</p>
<div class="lb-trans"><p><strong>CF Industries (CF)</strong> 的收购者倍数为 <strong>7.1</strong>，自由现金流收益率为 <strong>13.5%</strong>，得益于强劲的经营收入和严谨的资本配置。尽管氮气市场趋于稳定，资产负债表风险保持可控，但估值仍假设结构性受损的利润率，而非中期正常化。</p>
</div><p><strong>PulteGroup (PHM)</strong> also appears near the top with a <strong>7.1 AM</strong>, solid returns on assets, and ongoing share repurchases. Homebuilders remain priced for a housing slowdown that has yet to meaningfully erode profitability, as supply constraints and conservative land strategies continue to support cash generation.</p>
<div class="lb-trans"><p><strong>PulteGroup (PHM)</strong> 也接近榜首，收购者倍数为 <strong>7.1</strong>，资产回报率稳健，并持续进行股票回购。房屋建筑商的定价反映了住房放缓的预期，而这一点尚未显著侵蚀盈利能力，因为供应限制和保守的土地策略继续支持现金生成。</p>
</div><h3><strong>Quiet Entrants: Communications and Tech Hardware</strong></h3>
<div class="lb-trans"><h3><strong>安静的进入者：通信和科技硬件</strong></h3>
</div><p>This week’s screen also highlights underappreciated value in areas not traditionally viewed as “deep value.”</p>
<div class="lb-trans"><p>本周的筛选还突显了在传统上不被视为 “深度价值” 的领域中被低估的价值。</p>
</div><p><strong>HP Inc. (HPQ)</strong> screens with a <strong>7.1 Acquirer’s Multiple</strong> and double-digit free cash flow yield, supported by steady operating income and aggressive buybacks. Despite secular concerns around PC demand, the market continues to discount HP as a melting-ice-cube business even as cash returns remain substantial.</p>
<div class="lb-trans"><p><strong>HP Inc. (HPQ)</strong> 的收购者倍数为 <strong>7.1</strong>，自由现金流收益率为两位数，得益于稳定的经营收入和积极的回购。尽管对 PC 需求的长期担忧存在，市场仍然将 HP 视为一个正在融化的冰块企业，即使现金回报依然可观。</p>
</div><p>Similarly, <strong>Comcast (CMCSA)</strong> appears with an <strong>8.7 AM</strong> and a <strong>17.6% FCF yield</strong>. While sentiment around broadband growth has deteriorated, the company continues to generate massive operating income and deploy capital toward repurchases at depressed valuations.</p>
<div class="lb-trans"><p>同样，<strong>Comcast (CMCSA)</strong> 的收购者倍数为 <strong>8.7</strong>，自由现金流收益率为 <strong>17.6%</strong>。尽管对宽带增长的情绪恶化，该公司仍然产生巨额经营收入，并在低估值下进行资本回购。</p>
</div><h3><strong>Capital Returns Continue to Do the Heavy Lifting</strong></h3>
<div class="lb-trans"><h3><strong>资本回报继续发挥重要作用</strong></h3>
</div><p>Across the screen, <strong>shareholder yield remains a defining feature</strong>. Buybacks—not dividends—are driving the bulk of capital returns, particularly among Financials, Industrials, and mature cash-generative franchises.</p>
<div class="lb-trans"><p>在筛选中，<strong>股东收益率仍然是一个定义特征</strong>。回购——而非分红——正在推动大部分资本回报，特别是在金融、工业和成熟的现金生成企业中。</p>
</div><p>These companies are not merely cheap on static valuation metrics; they are actively shrinking share counts using internally generated cash while being priced as though long-term deterioration is inevitable rather than cyclical or narrative-driven.</p>
<div class="lb-trans"><p>这些公司不仅在静态估值指标上便宜；它们正在积极利用内部生成的现金缩减股份数量，同时被定价为长期恶化是不可避免的，而非周期性或叙事驱动的。</p>
</div><h3><strong>Macro Context: Cash Flows Hold, Narratives Dominate</strong></h3>
<div class="lb-trans"><h3><strong>宏观背景：现金流保持，叙事主导</strong></h3>
</div><p>This week’s screen reflects a familiar dynamic. Macro uncertainty and sector-level pessimism continue to outweigh company-specific fundamentals. Financials are priced for credit stress, cyclicals for demand collapse, and mature franchises for secular decline.</p>
<div class="lb-trans"><p>本周的筛选反映了一个熟悉的动态。宏观不确定性和行业层面的悲观情绪继续超过公司特定的基本面。金融行业的定价反映了信用压力，周期性行业则反映了需求崩溃，而成熟企业则反映了长期衰退。</p>
</div><p>Yet operating income, balance-sheet strength, and capital returns suggest a far more resilient reality.</p>
<div class="lb-trans"><p>然而，经营收入、资产负债表的强度和资本回报表明了一个更具韧性的现实。</p>
</div><h3><strong>Bottom Line</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>This week’s results reinforce a durable inefficiency. The market continues to heavily discount large-cap businesses producing substantial free cash flow today—not speculative growth tomorrow.</p>
<div class="lb-trans"><p>本周的结果强化了一个持久的低效现象。市场继续大幅折现那些今天产生可观自由现金流的大盘企业——而非明天的投机性增长。</p>
</div><p>Financials, cyclicals, and overlooked cash generators dominate the deep-value landscape not because fundamentals are eroding, but because sentiment remains anchored to worst-case assumptions. For disciplined value investors, the opportunity set remains intact. The gap between cash-flow reality and market pricing continues to offer a compelling hunting ground for long-term alpha.</p>
<div class="lb-trans"><p>金融、周期性和被忽视的现金生成者主导了深度价值景观，并不是因为基本面在恶化，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，机会依然存在。现金流现实与市场定价之间的差距继续为长期阿尔法提供了一个引人注目的狩猎场。</p>
</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>Cal-Maine Foods, Inc.: A Deep Value Commodity Business</p>
<div class="lb-trans"><p>Cal-Maine Foods, Inc.: 一家深度价值商品企业</p>
</div><p>Alphabet Inc. - Our Calculation Of Intrinsic Value</p>
<div class="lb-trans"><p>Alphabet Inc. - 我们对内在价值的计算</p>
</div><p>Extreme Value Clusters In Cash-Generative Financials, Industrials, And Materials</p>
<div class="lb-trans"><p>极端价值集中在现金生成的金融、工业和材料领域</p>
</div>

本周的深度价值股票：金融股和周期性股票占据主导地位