<p>拥有大家都拥有的东西会带来某种安慰。</p>
<p>这使得交流变得轻松。</p>
<p>轻松的辩解。</p>
<p>当你的投资组合看起来和其他人一样时，它创造了安全感的错觉。</p>
<p>问题在于，这也会随着时间的推移产生非常平庸的结果。</p>
<p>你把思考外包给了大众，而大众通常是滞后的、情绪化的，并且关注错误的事情。</p>
<p>与此同时，真正的财富是在悄然无声中建立的。</p>
<p>它是在以下公司中建立的：</p>
<ul>
<li>不依赖叙事</li>
<li>不需要持续关注</li>
<li>在各个周期中持续产生现金流</li>
</ul>
<p>这就是本周《雷达下的焦点》的主题。</p>
<hr/>
<h2><strong>标准：没有故事，只有结果</strong></h2>
<p>本报告中的每家公司都符合一个简单且非常严格的标准：</p>
<ul>
<li>至少十年来每年盈利</li>
<li>在同一时期每年都有正的自由现金流</li>
<li>支付股息且 <strong>在 10 年以上没有削减</strong></li>
</ul>
<p>最后一个要求消除了令人惊讶的许多 “高质量” 公司。</p>
<p>这些不是预测。</p>
<p>这些是事实。</p>
<p>你不是在购买希望，而是在购买在良好和不良环境中产生现金的证明能力。</p>
<p>而且通常情况下，你会发现这些企业远离头条新闻，甚至远离典型美国投资者的投资组合。</p>
<hr/>
<h2><strong>公司</strong></h2>
<h3><strong>伊藤忠商事 – (OTC: ITOCY)</strong></h3>
<p>作为日本主要的综合商社之一，伊藤忠作为全球资本配置者，在能源、金属、食品、消费品、机械和基础设施等领域都有涉猎。</p>
<p>重要的不仅仅是多样化，而是演变。</p>
<ul>
<li>提高股本回报率</li>
<li>剥离较弱的资产</li>
<li>将资本重新分配到更高利润、稳定的业务中</li>
</ul>
<p>结果是，无论宏观条件如何，持续的收益和强劲的自由现金流。</p>
<p>这是一台伪装成综合企业的复利引擎，而大多数投资者从未花时间去理解它。</p>
<hr/>
<h3><strong>伦敦证券交易所集团 – (OTC: LSEGY)</strong></h3>
<p>尽管名字如此，但这不再仅仅是一个交易所业务。</p>
<p>Refinitiv 的收购将 LSEG 转变为一个全球数据和分析平台，具有：</p>
<ul>
<li>基于订阅的收入</li>
<li>高可见性和持续的现金流</li>
<li>强劲的利润率</li>
</ul>
<p>结合 FTSE Russell 和交易后基础设施，这是一种金融管道——而不是周期性的交易故事。</p>
<p>它的行为更像是公用事业，而不是市场敏感型业务。</p>
<hr/>
<h3><strong>盐野义制药 – (OTC: SGIOY)</strong></h3>
<p>制药行业通常与波动性和二元结果相关。</p>
<p>盐野义制药则不同。</p>
<ul>
<li>专注于深厚专业领域（尤其是传染病）</li>
<li>严谨的研发支出</li>
<li>强劲的现有产品现金流</li>
</ul>
<p>这不是一个投机性的生物技术故事。</p>
<p>这是一个产生现金的制药业务，提供持续的盈利能力，并支持稳定、增长的股息。</p>
<hr/>
<h3><strong>尤妮佳 – (OTC: UNICY)</strong></h3>
<p>一家专注于亚洲卫生产品的消费品公司——尿布、女性护理和宠物产品。</p>
<p>这里的驱动因素简单而持久：</p>
<ul>
<li>人口增长</li>
<li>收入上升</li>
<li>城市化</li>
</ul>
<p>尤妮佳在区域市场中建立了强大的市场份额，赋予其规模和定价权。</p>
<p>结果是：</p>
<ul>
<li>稳定的收入增长</li>
<li>健康的利润率</li>
<li>可靠的自由现金流</li>
</ul>
<p>这是长期增长而没有波动——正是大多数投资者所忽视的故事。</p>
<hr/>
<h3><strong>阿尔门特公司 – (OTC: ANCTF)</strong></h3>
<p>一家总部位于加拿大的便利店和燃料零售资产运营商，以 Circle K 而闻名。</p>
<p>乍一看，它看起来像一个简单的零售业务。</p>
<p>其实不是。</p>
<p>这是全球零售中最有纪律的运营商之一：</p>
<ul>
<li>以收购驱动的增长</li>
<li>强大的整合执行</li>
<li>通过运营效率扩大利润率</li>
</ul>
<p>重要的是，盈利能力并不单单依赖于燃料利润——店内销售提供持续的现金流。</p>
<p>这就是一个 “无聊” 的业务如何成为长期复利者。</p>
<hr/>
<h3><strong>共同点</strong></h3>
<p>五家公司。</p>
<p>多个行业。</p>
<p>不同地区的世界。</p>
<p>共同点很简单——而且有点无聊：</p>
<p>他们赚钱。</p>
<p>他们产生现金。</p>
<p>他们将其返还给股东。</p>
<p>而且他们在各个周期中都能做到这一点。</p>
<p>这就是整个要点。</p>
<hr/>
<h2><strong>《雷达下的启示》</strong></h2>
<p>大众将继续追逐本周任何令人兴奋的事物。</p>
<p>他们将争论宏观头条。</p>
<p>他们将对无法预测的结果进行猜测。</p>
<p>他们将不断从一个想法轮换到下一个。</p>
<p>我们将继续做一些简单得多的事情。</p>
<p>我们将寻找那些已经证明能够在各个周期中表现的企业，在合理的价格时购买它们，并让时间和复利来做重担。</p>
<p>这就是财富真正建立的方式。</p>

LSEG

伦敦证券交易所(ADR)

LSEGY

<p>本报告重点介绍了五家持续产生现金流和分红的公司，关注长期稳定性而非市场趋势。所介绍的公司包括伊藤忠商事（ITOCHU Corporation）、伦敦证券交易所集团（London Stock Exchange Group）、盐野义制药（Shionogi & Co.）、尤妮佳（Unicharm）和 Alimentation Couche-Tard。每家公司都符合盈利能力、正现金流和十年内分红可靠性等严格标准。报告强调了投资于经过验证的表现者的重要性，而不是追随市场潮流，提倡通过持续的现金生成采取一种有纪律的财富积累方法</p>

<p>There is a certain comfort in owning what everyone else owns.</p>
<div class="lb-trans"><p>拥有大家都拥有的东西会带来某种安慰。</p>
</div><p>It makes for easy conversations.</p>
<div class="lb-trans"><p>这使得交流变得轻松。</p>
</div><p>Easy justification.</p>
<div class="lb-trans"><p>轻松的辩解。</p>
</div><p>And it creates the illusion of safety when your portfolio looks like everyone else's.</p>
<div class="lb-trans"><p>当你的投资组合看起来和其他人一样时，它创造了安全感的错觉。</p>
</div><p>The problem is that it also produces very average results over time.</p>
<div class="lb-trans"><p>问题在于，这也会随着时间的推移产生非常平庸的结果。</p>
</div><p>You are outsourcing your thinking to the crowd — and the crowd is usually late, emotional, and focused on the wrong things.</p>
<div class="lb-trans"><p>你把思考外包给了大众，而大众通常是滞后的、情绪化的，并且关注错误的事情。</p>
</div><p>Meanwhile, real wealth is built quietly.</p>
<div class="lb-trans"><p>与此同时，真正的财富是在悄然无声中建立的。</p>
</div><p>It is built in companies that:</p>
<div class="lb-trans"><p>它是在以下公司中建立的：</p>
</div><ul>
<li>Do not rely on narratives</li>
<li>Do not need constant attention</li>
<li>Consistently generate cash across cycles</li>
</ul>
<div class="lb-trans"><ul>
<li>不依赖叙事</li>
<li>不需要持续关注</li>
<li>在各个周期中持续产生现金流</li>
</ul>
</div><p>That is the focus of this week's Under the Radar.</p>
<div class="lb-trans"><p>这就是本周《雷达下的焦点》的主题。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Standard: No Stories, Just Results</strong></h2>
<div class="lb-trans"><h2><strong>标准：没有故事，只有结果</strong></h2>
</div><p>Every company in this report meets a simple — and very demanding — set of criteria:</p>
<div class="lb-trans"><p>本报告中的每家公司都符合一个简单且非常严格的标准：</p>
</div><ul>
<li>Profitable every year for at least a decade</li>
<li>Positive free cash flow every year over that same period</li>
<li>Pays a dividend and has <strong>not cut it in 10+ years</strong></li>
</ul>
<div class="lb-trans"><ul>
<li>至少十年来每年盈利</li>
<li>在同一时期每年都有正的自由现金流</li>
<li>支付股息且 <strong>在 10 年以上没有削减</strong></li>
</ul>
</div><p>That last requirement eliminates a surprising number of &#34;high-quality&#34; names.</p>
<div class="lb-trans"><p>最后一个要求消除了令人惊讶的许多 “高质量” 公司。</p>
</div><p>These are not projections.</p>
<div class="lb-trans"><p>这些不是预测。</p>
</div><p>These are facts.</p>
<div class="lb-trans"><p>这些是事实。</p>
</div><p>You are not buying hope. You are buying a demonstrated ability to produce cash in good environments and bad ones.</p>
<div class="lb-trans"><p>你不是在购买希望，而是在购买在良好和不良环境中产生现金的证明能力。</p>
</div><p>And as is usually the case, you will find these businesses far from headlines — and even farther from the typical U.S. investor's portfolio.</p>
<div class="lb-trans"><p>而且通常情况下，你会发现这些企业远离头条新闻，甚至远离典型美国投资者的投资组合。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Companies</strong></h2>
<div class="lb-trans"><h2><strong>公司</strong></h2>
</div><h3><strong>ITOCHU Corporation – (OTC: ITOCY)</strong></h3>
<div class="lb-trans"><h3><strong>伊藤忠商事 – (OTC: ITOCY)</strong></h3>
</div><p>One of Japan's major <em>sogo shosha</em>, ITOCHU operates as a global capital allocator with exposure across energy, metals, food, consumer goods, machinery, and infrastructure.</p>
<div class="lb-trans"><p>作为日本主要的综合商社之一，伊藤忠作为全球资本配置者，在能源、金属、食品、消费品、机械和基础设施等领域都有涉猎。</p>
</div><p>What matters is not just the diversification — it is the evolution.</p>
<div class="lb-trans"><p>重要的不仅仅是多样化，而是演变。</p>
</div><ul>
<li>Improved return on equity</li>
<li>Divested weaker assets</li>
<li>Reallocated capital into higher-margin, stable businesses</li>
</ul>
<div class="lb-trans"><ul>
<li>提高股本回报率</li>
<li>剥离较弱的资产</li>
<li>将资本重新分配到更高利润、稳定的业务中</li>
</ul>
</div><p>The result is consistent earnings and strong free cash flow regardless of macro conditions.</p>
<div class="lb-trans"><p>结果是，无论宏观条件如何，持续的收益和强劲的自由现金流。</p>
</div><p>This is a compounding engine disguised as a conglomerate — and most investors never take the time to understand it.</p>
<div class="lb-trans"><p>这是一台伪装成综合企业的复利引擎，而大多数投资者从未花时间去理解它。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>London Stock Exchange Group – (OTC: LSEGY)</strong></h3>
<div class="lb-trans"><h3><strong>伦敦证券交易所集团 – (OTC: LSEGY)</strong></h3>
</div><p>Despite the name, this is no longer just an exchange business.</p>
<div class="lb-trans"><p>尽管名字如此，但这不再仅仅是一个交易所业务。</p>
</div><p>The Refinitiv acquisition transformed LSEG into a global data and analytics platform with:</p>
<div class="lb-trans"><p>Refinitiv 的收购将 LSEG 转变为一个全球数据和分析平台，具有：</p>
</div><ul>
<li>Subscription-based revenue</li>
<li>High visibility and recurring cash flow</li>
<li>Strong margins</li>
</ul>
<div class="lb-trans"><ul>
<li>基于订阅的收入</li>
<li>高可见性和持续的现金流</li>
<li>强劲的利润率</li>
</ul>
</div><p>Combined with FTSE Russell and post-trade infrastructure, this is financial plumbing — not a cyclical trading story.</p>
<div class="lb-trans"><p>结合 FTSE Russell 和交易后基础设施，这是一种金融管道——而不是周期性的交易故事。</p>
</div><p>It behaves more like a utility than a market-sensitive business.</p>
<div class="lb-trans"><p>它的行为更像是公用事业，而不是市场敏感型业务。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Shionogi &amp; Co. – (OTC: SGIOY)</strong></h3>
<div class="lb-trans"><h3><strong>盐野义制药 – (OTC: SGIOY)</strong></h3>
</div><p>Pharma is typically associated with volatility and binary outcomes.</p>
<div class="lb-trans"><p>制药行业通常与波动性和二元结果相关。</p>
</div><p>Shionogi is different.</p>
<div class="lb-trans"><p>盐野义制药则不同。</p>
</div><ul>
<li>Focused on areas of deep expertise (notably infectious disease)</li>
<li>Disciplined R&amp;D spending</li>
<li>Strong existing product cash flows</li>
</ul>
<div class="lb-trans"><ul>
<li>专注于深厚专业领域（尤其是传染病）</li>
<li>严谨的研发支出</li>
<li>强劲的现有产品现金流</li>
</ul>
</div><p>This is not a speculative biotech story.</p>
<div class="lb-trans"><p>这不是一个投机性的生物技术故事。</p>
</div><p>It is a cash-generating pharmaceutical business that has delivered consistent profitability and supported a stable, growing dividend over time.</p>
<div class="lb-trans"><p>这是一个产生现金的制药业务，提供持续的盈利能力，并支持稳定、增长的股息。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Unicharm – (OTC: UNICY)</strong></h3>
<div class="lb-trans"><h3><strong>尤妮佳 – (OTC: UNICY)</strong></h3>
</div><p>A consumer staples business focused on hygiene products across Asia — diapers, feminine care, and pet products.</p>
<div class="lb-trans"><p>一家专注于亚洲卫生产品的消费品公司——尿布、女性护理和宠物产品。</p>
</div><p>The drivers here are simple and durable:</p>
<div class="lb-trans"><p>这里的驱动因素简单而持久：</p>
</div><ul>
<li>Population growth</li>
<li>Rising incomes</li>
<li>Urbanization</li>
</ul>
<div class="lb-trans"><ul>
<li>人口增长</li>
<li>收入上升</li>
<li>城市化</li>
</ul>
</div><p>Unicharm has built strong regional market share, giving it scale and pricing power.</p>
<div class="lb-trans"><p>尤妮佳在区域市场中建立了强大的市场份额，赋予其规模和定价权。</p>
</div><p>The result:</p>
<div class="lb-trans"><p>结果是：</p>
</div><ul>
<li>Steady revenue growth</li>
<li>Healthy margins</li>
<li>Reliable free cash flow</li>
</ul>
<div class="lb-trans"><ul>
<li>稳定的收入增长</li>
<li>健康的利润率</li>
<li>可靠的自由现金流</li>
</ul>
</div><p>This is long-duration growth without the volatility — exactly the kind of story most investors overlook.</p>
<div class="lb-trans"><p>这是长期增长而没有波动——正是大多数投资者所忽视的故事。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Alimentation Couche-Tard – (OTC: ANCTF)</strong></h3>
<div class="lb-trans"><h3><strong>阿尔门特公司 – (OTC: ANCTF)</strong></h3>
</div><p>A Canadian-based operator of convenience stores and fuel retail assets, best known for Circle K.</p>
<div class="lb-trans"><p>一家总部位于加拿大的便利店和燃料零售资产运营商，以 Circle K 而闻名。</p>
</div><p>At first glance, it looks like a simple retail business.</p>
<div class="lb-trans"><p>乍一看，它看起来像一个简单的零售业务。</p>
</div><p>It is not.</p>
<div class="lb-trans"><p>其实不是。</p>
</div><p>This is one of the most disciplined operators in global retail:</p>
<div class="lb-trans"><p>这是全球零售中最有纪律的运营商之一：</p>
</div><ul>
<li>Acquisition-driven growth</li>
<li>Strong integration execution</li>
<li>Margin expansion through operational efficiency</li>
</ul>
<div class="lb-trans"><ul>
<li>以收购驱动的增长</li>
<li>强大的整合执行</li>
<li>通过运营效率扩大利润率</li>
</ul>
</div><p>Importantly, profitability is not dependent on fuel margins alone — in-store sales provide consistent cash flow.</p>
<div class="lb-trans"><p>重要的是，盈利能力并不单单依赖于燃料利润——店内销售提供持续的现金流。</p>
</div><p>This is how a &#34;boring&#34; business becomes a long-term compounder.</p>
<div class="lb-trans"><p>这就是一个 “无聊” 的业务如何成为长期复利者。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>The Common Thread</strong></h3>
<div class="lb-trans"><h3><strong>共同点</strong></h3>
</div><p>Five companies.</p>
<div class="lb-trans"><p>五家公司。</p>
</div><p>Multiple industries.</p>
<div class="lb-trans"><p>多个行业。</p>
</div><p>Different regions of the world.</p>
<div class="lb-trans"><p>不同地区的世界。</p>
</div><p>The common thread is simple — and a little boring:</p>
<div class="lb-trans"><p>共同点很简单——而且有点无聊：</p>
</div><p>They make money.</p>
<div class="lb-trans"><p>他们赚钱。</p>
</div><p>They generate cash.</p>
<div class="lb-trans"><p>他们产生现金。</p>
</div><p>They return it to shareholders.</p>
<div class="lb-trans"><p>他们将其返还给股东。</p>
</div><p>And they do it consistently across cycles.</p>
<div class="lb-trans"><p>而且他们在各个周期中都能做到这一点。</p>
</div><p>That is the entire point.</p>
<div class="lb-trans"><p>这就是整个要点。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Under the Radar Takeaway</strong></h2>
<div class="lb-trans"><h2><strong>《雷达下的启示》</strong></h2>
</div><p>The crowd will continue chasing whatever is exciting this week.</p>
<div class="lb-trans"><p>大众将继续追逐本周任何令人兴奋的事物。</p>
</div><p>They will debate macro headlines.</p>
<div class="lb-trans"><p>他们将争论宏观头条。</p>
</div><p>They will speculate on outcomes they cannot predict.</p>
<div class="lb-trans"><p>他们将对无法预测的结果进行猜测。</p>
</div><p>They will rotate endlessly from one idea to the next.</p>
<div class="lb-trans"><p>他们将不断从一个想法轮换到下一个。</p>
</div><p>We will continue doing something much simpler.</p>
<div class="lb-trans"><p>我们将继续做一些简单得多的事情。</p>
</div><p>We will look for businesses that have already proven they can perform across cycles, buy them when they are reasonably priced, and allow time and compounding to do the heavy lifting.</p>
<div class="lb-trans"><p>我们将寻找那些已经证明能够在各个周期中表现的企业，在合理的价格时购买它们，并让时间和复利来做重担。</p>
</div><p>That is how wealth is actually built.</p>
<div class="lb-trans"><p>这就是财富真正建立的方式。</p>
</div>

不被注意的：隐藏在显而易见之处的可靠现金创造者