<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>圖片來源：Unsplash</em></p>
<p><strong>本週深度價值景觀</strong></p>
<p>本週的收購者倍數®大盤股篩選繼續呈現一個熟悉但不斷演變的主題：極端價值集中在現金生成的金融行業以及週期性暴露的工業和材料行業，而能源行業在排名的最頂端相對暫停。</p>
<p>共同的線索保持不變——儘管運營結果和股東回報強勁，市場仍然對耐用自由現金流生產者給予了嚴重摺扣。</p>
<p><strong>金融行業重新確立深度價值的領導地位</strong></p>
<p>Synchrony Financial (SYF) 坐穩篩選的頂部，收購者倍數為 2.8，自由現金流收益率高達 31.9%。憑藉超過 108 億美元的運營收入、負淨槓桿和 8.5% 的股東收益率，SYF 繼續以罕見的速度將收益轉化為實際現金。</p>
<p>儘管在承保、信用管理和積極回購方面保持謹慎，股票的定價仍然彷彿嚴重且迫在眉睫的消費者信用週期不可避免。該估值反映出尚未在基本面上顯現的壓力。</p>
<p><strong>工業和週期性行業：沒有敍事的現金流</strong></p>
<p>本週幾家非能源週期性公司佔據了上層，進一步強化了市場對資本密集型企業的廣泛折扣。CF Industries (CF) 的收購者倍數為 7.0，自由現金流收益率為 14.0%，得益於強勁的資產回報和 14.1% 的股東收益率。</p>
<p>即使氮市場趨於穩定，資本紀律也得到嚴格執行，股票的估值仍然彷彿中期利潤率不可持續。PulteGroup (PHM) 也出現在頂部，收購者倍數為 7.0，盈利能力穩定。房屋建築商的定價仍然反映出住房放緩的預期，而這一放緩尚未顯著影響現金生成，因為供應限制和嚴格的土地策略繼續支持回報。</p>
<p><strong>材料：仍被低估，仍然週期性</strong></p>
<p>Alcoa (AA) 再次代表材料行業，收購者倍數為 8.0。儘管在當前鋁價下自由現金流仍然適中，但 Alcoa 的運營槓桿、改善的資產負債表和資產質量在價格即使稍微正常化的情況下提供了可觀的上行空間。儘管行業內的成本基礎結構性地更為精簡，市場仍在定價長期商品疲軟。</p>
<p><strong>資本回報隱藏在顯而易見的地方</strong></p>
<p>在篩選中，股東收益率仍然是一個顯著特徵。回購——不僅僅是分紅——在金融和工業行業中發揮着重要作用。這些公司不僅在會計指標上便宜；它們還在積極使用內部生成的現金縮減股份，通常在暗示長期惡化而非正常化的估值下進行。</p>
<p><strong>宏觀背景：基本面保持，情緒疲軟</strong></p>
<p>本週的篩選反映出一個微妙但重要的變化。儘管能源在最頂端的主導地位減弱，但更廣泛的深度價值信號仍然完好。金融行業仍然被定價為信用壓力，週期性行業則被定價為需求崩潰，材料行業則被定價為延長的商品下行。然而，運營收入、資產負債表和資本回報講述了一個截然不同的故事。</p>
<p><strong>結論</strong></p>
<p>本週強化了一種持續的低效現象：市場繼續對那些今天產生真實現金的大盤股給予折扣，而不是對明天的假設增長。金融和週期性行業主導了價值景觀，這並不是因為基本面惡化——而是因為情緒仍然固守於最壞的假設。對於有紀律的價值投資者而言，機會依然不變。現金流現實與市場定價之間的脱節繼續為長期阿爾法提供了肥沃的狩獵場。</p>
<p>您可以在這裏找到免費的美國大盤股篩選器：</p>
<blockquote>
<p>大盤股篩選器</p>
</blockquote>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>Hess Midstream：高收益基礎設施價值投資</p>
<p>我們對內在價值的計算：麥當勞公司</p>
<p>APA Corporation：深度價值能源股票</p>

CF實業

美國鋁業

<p>本週的收購者倍數®大盤篩選突出了在現金生成的金融、工業和材料領域的極端價值聚集，而能源行業則暫時停滯。Synchrony Financial 以 2.8 的收購者倍數和 31.9% 的自由現金流收益率領先。儘管市場持懷疑態度，CF Industries 和 PulteGroup 也展現出強勁的現金流。Alcoa 代表材料行業，面臨持續的商品疲軟。總體而言，市場低估了這些公司，為有紀律的價值投資者提供了機會，因為現金流現實與負面情緒形成對比</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>圖片來源：Unsplash</em></p>
</div><p><strong>This Week’s Deep-Value Landscape</strong></p>
<div class="lb-trans"><p><strong>本週深度價值景觀</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>本週的收購者倍數®大盤股篩選繼續呈現一個熟悉但不斷演變的主題：極端價值集中在現金生成的金融行業以及週期性暴露的工業和材料行業，而能源行業在排名的最頂端相對暫停。</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>共同的線索保持不變——儘管運營結果和股東回報強勁，市場仍然對耐用自由現金流生產者給予了嚴重摺扣。</p>
</div><p><strong>Financials Reassert Leadership in Deep Value</strong></p>
<div class="lb-trans"><p><strong>金融行業重新確立深度價值的領導地位</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) 坐穩篩選的頂部，收購者倍數為 2.8，自由現金流收益率高達 31.9%。憑藉超過 108 億美元的運營收入、負淨槓桿和 8.5% 的股東收益率，SYF 繼續以罕見的速度將收益轉化為實際現金。</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>儘管在承保、信用管理和積極回購方面保持謹慎，股票的定價仍然彷彿嚴重且迫在眉睫的消費者信用週期不可避免。該估值反映出尚未在基本面上顯現的壓力。</p>
</div><p><strong>Industrials and Cyclicals: Cash Flow Without a Narrative</strong></p>
<div class="lb-trans"><p><strong>工業和週期性行業：沒有敍事的現金流</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>本週幾家非能源週期性公司佔據了上層，進一步強化了市場對資本密集型企業的廣泛折扣。CF Industries (CF) 的收購者倍數為 7.0，自由現金流收益率為 14.0%，得益於強勁的資產回報和 14.1% 的股東收益率。</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>即使氮市場趨於穩定，資本紀律也得到嚴格執行，股票的估值仍然彷彿中期利潤率不可持續。PulteGroup (PHM) 也出現在頂部，收購者倍數為 7.0，盈利能力穩定。房屋建築商的定價仍然反映出住房放緩的預期，而這一放緩尚未顯著影響現金生成，因為供應限制和嚴格的土地策略繼續支持回報。</p>
</div><p><strong>Materials: Still Discounted, Still Cyclical</strong></p>
<div class="lb-trans"><p><strong>材料：仍被低估，仍然週期性</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) 再次代表材料行業，收購者倍數為 8.0。儘管在當前鋁價下自由現金流仍然適中，但 Alcoa 的運營槓桿、改善的資產負債表和資產質量在價格即使稍微正常化的情況下提供了可觀的上行空間。儘管行業內的成本基礎結構性地更為精簡，市場仍在定價長期商品疲軟。</p>
</div><p><strong>Capital Returns Hidden in Plain Sight</strong></p>
<div class="lb-trans"><p><strong>資本回報隱藏在顯而易見的地方</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>在篩選中，股東收益率仍然是一個顯著特徵。回購——不僅僅是分紅——在金融和工業行業中發揮着重要作用。這些公司不僅在會計指標上便宜；它們還在積極使用內部生成的現金縮減股份，通常在暗示長期惡化而非正常化的估值下進行。</p>
</div><p><strong>Macro Context: Fundamentals Hold, Sentiment Falters</strong></p>
<div class="lb-trans"><p><strong>宏觀背景：基本面保持，情緒疲軟</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>本週的篩選反映出一個微妙但重要的變化。儘管能源在最頂端的主導地位減弱，但更廣泛的深度價值信號仍然完好。金融行業仍然被定價為信用壓力，週期性行業則被定價為需求崩潰，材料行業則被定價為延長的商品下行。然而，運營收入、資產負債表和資本回報講述了一個截然不同的故事。</p>
</div><p><strong>Bottom Line</strong></p>
<div class="lb-trans"><p><strong>結論</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>本週強化了一種持續的低效現象：市場繼續對那些今天產生真實現金的大盤股給予折扣，而不是對明天的假設增長。金融和週期性行業主導了價值景觀，這並不是因為基本面惡化——而是因為情緒仍然固守於最壞的假設。對於有紀律的價值投資者而言，機會依然不變。現金流現實與市場定價之間的脱節繼續為長期阿爾法提供了肥沃的狩獵場。</p>
</div><p>You can find the free U.S. Large-Cap Screener here:</p>
<div class="lb-trans"><p>您可以在這裏找到免費的美國大盤股篩選器：</p>
</div><blockquote>
<p>Large Cap Screener</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>大盤股篩選器</p>
</blockquote>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Hess Midstream: A High-Yield Infrastructure Value Play</p>
<div class="lb-trans"><p>Hess Midstream：高收益基礎設施價值投資</p>
</div><p>Our Calculation of Intrinsic Value: McDonald’s Corporation</p>
<div class="lb-trans"><p>我們對內在價值的計算：麥當勞公司</p>
</div><p>APA Corporation: Deep-Value Energy Stock</p>
<div class="lb-trans"><p>APA Corporation：深度價值能源股票</p>
</div>

在現金生成能力強的金融、工業和材料領域中的極端價值集羣