<p>擁有大家都擁有的東西會帶來某種安慰。</p>
<p>這使得交流變得輕鬆。</p>
<p>輕鬆的辯解。</p>
<p>當你的投資組合看起來和其他人一樣時，它創造了安全感的錯覺。</p>
<p>問題在於，這也會隨着時間的推移產生非常平庸的結果。</p>
<p>你把思考外包給了大眾，而大眾通常是滯後的、情緒化的，並且關注錯誤的事情。</p>
<p>與此同時，真正的財富是在悄然無聲中建立的。</p>
<p>它是在以下公司中建立的：</p>
<ul>
<li>不依賴敍事</li>
<li>不需要持續關注</li>
<li>在各個週期中持續產生現金流</li>
</ul>
<p>這就是本週《雷達下的焦點》的主題。</p>
<hr/>
<h2><strong>標準：沒有故事，只有結果</strong></h2>
<p>本報告中的每家公司都符合一個簡單且非常嚴格的標準：</p>
<ul>
<li>至少十年來每年盈利</li>
<li>在同一時期每年都有正的自由現金流</li>
<li>支付股息且 <strong>在 10 年以上沒有削減</strong></li>
</ul>
<p>最後一個要求消除了令人驚訝的許多 “高質量” 公司。</p>
<p>這些不是預測。</p>
<p>這些是事實。</p>
<p>你不是在購買希望，而是在購買在良好和不良環境中產生現金的證明能力。</p>
<p>而且通常情況下，你會發現這些企業遠離頭條新聞，甚至遠離典型美國投資者的投資組合。</p>
<hr/>
<h2><strong>公司</strong></h2>
<h3><strong>伊藤忠商事 – (OTC: ITOCY)</strong></h3>
<p>作為日本主要的綜合商社之一，伊藤忠作為全球資本配置者，在能源、金屬、食品、消費品、機械和基礎設施等領域都有涉獵。</p>
<p>重要的不僅僅是多樣化，而是演變。</p>
<ul>
<li>提高股本回報率</li>
<li>剝離較弱的資產</li>
<li>將資本重新分配到更高利潤、穩定的業務中</li>
</ul>
<p>結果是，無論宏觀條件如何，持續的收益和強勁的自由現金流。</p>
<p>這是一台偽裝成綜合企業的複利引擎，而大多數投資者從未花時間去理解它。</p>
<hr/>
<h3><strong>倫敦證券交易所集團 – (OTC: LSEGY)</strong></h3>
<p>儘管名字如此，但這不再僅僅是一個交易所業務。</p>
<p>Refinitiv 的收購將 LSEG 轉變為一個全球數據和分析平台，具有：</p>
<ul>
<li>基於訂閲的收入</li>
<li>高可見性和持續的現金流</li>
<li>強勁的利潤率</li>
</ul>
<p>結合 FTSE Russell 和交易後基礎設施，這是一種金融管道——而不是週期性的交易故事。</p>
<p>它的行為更像是公用事業，而不是市場敏感型業務。</p>
<hr/>
<h3><strong>鹽野義製藥 – (OTC: SGIOY)</strong></h3>
<p>製藥行業通常與波動性和二元結果相關。</p>
<p>鹽野義製藥則不同。</p>
<ul>
<li>專注於深厚專業領域（尤其是傳染病）</li>
<li>嚴謹的研發支出</li>
<li>強勁的現有產品現金流</li>
</ul>
<p>這不是一個投機性的生物技術故事。</p>
<p>這是一個產生現金的製藥業務，提供持續的盈利能力，並支持穩定、增長的股息。</p>
<hr/>
<h3><strong>尤妮佳 – (OTC: UNICY)</strong></h3>
<p>一家專注於亞洲衞生產品的消費品公司——尿布、女性護理和寵物產品。</p>
<p>這裏的驅動因素簡單而持久：</p>
<ul>
<li>人口增長</li>
<li>收入上升</li>
<li>城市化</li>
</ul>
<p>尤妮佳在區域市場中建立了強大的市場份額，賦予其規模和定價權。</p>
<p>結果是：</p>
<ul>
<li>穩定的收入增長</li>
<li>健康的利潤率</li>
<li>可靠的自由現金流</li>
</ul>
<p>這是長期增長而沒有波動——正是大多數投資者所忽視的故事。</p>
<hr/>
<h3><strong>阿爾門特公司 – (OTC: ANCTF)</strong></h3>
<p>一家總部位於加拿大的便利店和燃料零售資產運營商，以 Circle K 而聞名。</p>
<p>乍一看，它看起來像一個簡單的零售業務。</p>
<p>其實不是。</p>
<p>這是全球零售中最有紀律的運營商之一：</p>
<ul>
<li>以收購驅動的增長</li>
<li>強大的整合執行</li>
<li>通過運營效率擴大利潤率</li>
</ul>
<p>重要的是，盈利能力並不單單依賴於燃料利潤——店內銷售提供持續的現金流。</p>
<p>這就是一個 “無聊” 的業務如何成為長期複利者。</p>
<hr/>
<h3><strong>共同點</strong></h3>
<p>五家公司。</p>
<p>多個行業。</p>
<p>不同地區的世界。</p>
<p>共同點很簡單——而且有點無聊：</p>
<p>他們賺錢。</p>
<p>他們產生現金。</p>
<p>他們將其返還給股東。</p>
<p>而且他們在各個週期中都能做到這一點。</p>
<p>這就是整個要點。</p>
<hr/>
<h2><strong>《雷達下的啓示》</strong></h2>
<p>大眾將繼續追逐本週任何令人興奮的事物。</p>
<p>他們將爭論宏觀頭條。</p>
<p>他們將對無法預測的結果進行猜測。</p>
<p>他們將不斷從一個想法輪換到下一個。</p>
<p>我們將繼續做一些簡單得多的事情。</p>
<p>我們將尋找那些已經證明能夠在各個週期中表現的企業，在合理的價格時購買它們，並讓時間和複利來做重擔。</p>
<p>這就是財富真正建立的方式。</p>

LSEG

倫敦證券交易所(ADR)

LSEGY

<p>本報告重點介紹了五家持續產生現金流和分紅的公司，關注長期穩定性而非市場趨勢。所介紹的公司包括伊藤忠商事（ITOCHU Corporation）、倫敦證券交易所集團（London Stock Exchange Group）、鹽野義製藥（Shionogi & Co.）、尤妮佳（Unicharm）和 Alimentation Couche-Tard。每家公司都符合盈利能力、正現金流和十年內分紅可靠性等嚴格標準。報告強調了投資於經過驗證的表現者的重要性，而不是追隨市場潮流，提倡通過持續的現金生成採取一種有紀律的財富積累方法</p>

<p>There is a certain comfort in owning what everyone else owns.</p>
<div class="lb-trans"><p>擁有大家都擁有的東西會帶來某種安慰。</p>
</div><p>It makes for easy conversations.</p>
<div class="lb-trans"><p>這使得交流變得輕鬆。</p>
</div><p>Easy justification.</p>
<div class="lb-trans"><p>輕鬆的辯解。</p>
</div><p>And it creates the illusion of safety when your portfolio looks like everyone else's.</p>
<div class="lb-trans"><p>當你的投資組合看起來和其他人一樣時，它創造了安全感的錯覺。</p>
</div><p>The problem is that it also produces very average results over time.</p>
<div class="lb-trans"><p>問題在於，這也會隨着時間的推移產生非常平庸的結果。</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>你把思考外包給了大眾，而大眾通常是滯後的、情緒化的，並且關注錯誤的事情。</p>
</div><p>Meanwhile, real wealth is built quietly.</p>
<div class="lb-trans"><p>與此同時，真正的財富是在悄然無聲中建立的。</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>不依賴敍事</li>
<li>不需要持續關注</li>
<li>在各個週期中持續產生現金流</li>
</ul>
</div><p>That is the focus of this week's Under the Radar.</p>
<div class="lb-trans"><p>這就是本週《雷達下的焦點》的主題。</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>標準：沒有故事，只有結果</strong></h2>
</div><p>Every company in this report meets a simple — and very demanding — set of criteria:</p>
<div class="lb-trans"><p>本報告中的每家公司都符合一個簡單且非常嚴格的標準：</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>至少十年來每年盈利</li>
<li>在同一時期每年都有正的自由現金流</li>
<li>支付股息且 <strong>在 10 年以上沒有削減</strong></li>
</ul>
</div><p>That last requirement eliminates a surprising number of &#34;high-quality&#34; names.</p>
<div class="lb-trans"><p>最後一個要求消除了令人驚訝的許多 “高質量” 公司。</p>
</div><p>These are not projections.</p>
<div class="lb-trans"><p>這些不是預測。</p>
</div><p>These are facts.</p>
<div class="lb-trans"><p>這些是事實。</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>你不是在購買希望，而是在購買在良好和不良環境中產生現金的證明能力。</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>而且通常情況下，你會發現這些企業遠離頭條新聞，甚至遠離典型美國投資者的投資組合。</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>作為日本主要的綜合商社之一，伊藤忠作為全球資本配置者，在能源、金屬、食品、消費品、機械和基礎設施等領域都有涉獵。</p>
</div><p>What matters is not just the diversification — it is the evolution.</p>
<div class="lb-trans"><p>重要的不僅僅是多樣化，而是演變。</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>提高股本回報率</li>
<li>剝離較弱的資產</li>
<li>將資本重新分配到更高利潤、穩定的業務中</li>
</ul>
</div><p>The result is consistent earnings and strong free cash flow regardless of macro conditions.</p>
<div class="lb-trans"><p>結果是，無論宏觀條件如何，持續的收益和強勁的自由現金流。</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>這是一台偽裝成綜合企業的複利引擎，而大多數投資者從未花時間去理解它。</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>倫敦證券交易所集團 – (OTC: LSEGY)</strong></h3>
</div><p>Despite the name, this is no longer just an exchange business.</p>
<div class="lb-trans"><p>儘管名字如此，但這不再僅僅是一個交易所業務。</p>
</div><p>The Refinitiv acquisition transformed LSEG into a global data and analytics platform with:</p>
<div class="lb-trans"><p>Refinitiv 的收購將 LSEG 轉變為一個全球數據和分析平台，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>基於訂閲的收入</li>
<li>高可見性和持續的現金流</li>
<li>強勁的利潤率</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>結合 FTSE Russell 和交易後基礎設施，這是一種金融管道——而不是週期性的交易故事。</p>
</div><p>It behaves more like a utility than a market-sensitive business.</p>
<div class="lb-trans"><p>它的行為更像是公用事業，而不是市場敏感型業務。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Shionogi &amp; Co. – (OTC: SGIOY)</strong></h3>
<div class="lb-trans"><h3><strong>鹽野義製藥 – (OTC: SGIOY)</strong></h3>
</div><p>Pharma is typically associated with volatility and binary outcomes.</p>
<div class="lb-trans"><p>製藥行業通常與波動性和二元結果相關。</p>
</div><p>Shionogi is different.</p>
<div class="lb-trans"><p>鹽野義製藥則不同。</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>專注於深厚專業領域（尤其是傳染病）</li>
<li>嚴謹的研發支出</li>
<li>強勁的現有產品現金流</li>
</ul>
</div><p>This is not a speculative biotech story.</p>
<div class="lb-trans"><p>這不是一個投機性的生物技術故事。</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>這是一個產生現金的製藥業務，提供持續的盈利能力，並支持穩定、增長的股息。</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>一家專注於亞洲衞生產品的消費品公司——尿布、女性護理和寵物產品。</p>
</div><p>The drivers here are simple and durable:</p>
<div class="lb-trans"><p>這裏的驅動因素簡單而持久：</p>
</div><ul>
<li>Population growth</li>
<li>Rising incomes</li>
<li>Urbanization</li>
</ul>
<div class="lb-trans"><ul>
<li>人口增長</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>尤妮佳在區域市場中建立了強大的市場份額，賦予其規模和定價權。</p>
</div><p>The result:</p>
<div class="lb-trans"><p>結果是：</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>穩定的收入增長</li>
<li>健康的利潤率</li>
<li>可靠的自由現金流</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>這是長期增長而沒有波動——正是大多數投資者所忽視的故事。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>Alimentation Couche-Tard – (OTC: ANCTF)</strong></h3>
<div class="lb-trans"><h3><strong>阿爾門特公司 – (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>一家總部位於加拿大的便利店和燃料零售資產運營商，以 Circle K 而聞名。</p>
</div><p>At first glance, it looks like a simple retail business.</p>
<div class="lb-trans"><p>乍一看，它看起來像一個簡單的零售業務。</p>
</div><p>It is not.</p>
<div class="lb-trans"><p>其實不是。</p>
</div><p>This is one of the most disciplined operators in global retail:</p>
<div class="lb-trans"><p>這是全球零售中最有紀律的運營商之一：</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>以收購驅動的增長</li>
<li>強大的整合執行</li>
<li>通過運營效率擴大利潤率</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，盈利能力並不單單依賴於燃料利潤——店內銷售提供持續的現金流。</p>
</div><p>This is how a &#34;boring&#34; business becomes a long-term compounder.</p>
<div class="lb-trans"><p>這就是一個 “無聊” 的業務如何成為長期複利者。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h3><strong>The Common Thread</strong></h3>
<div class="lb-trans"><h3><strong>共同點</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>多個行業。</p>
</div><p>Different regions of the world.</p>
<div class="lb-trans"><p>不同地區的世界。</p>
</div><p>The common thread is simple — and a little boring:</p>
<div class="lb-trans"><p>共同點很簡單——而且有點無聊：</p>
</div><p>They make money.</p>
<div class="lb-trans"><p>他們賺錢。</p>
</div><p>They generate cash.</p>
<div class="lb-trans"><p>他們產生現金。</p>
</div><p>They return it to shareholders.</p>
<div class="lb-trans"><p>他們將其返還給股東。</p>
</div><p>And they do it consistently across cycles.</p>
<div class="lb-trans"><p>而且他們在各個週期中都能做到這一點。</p>
</div><p>That is the entire point.</p>
<div class="lb-trans"><p>這就是整個要點。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>The Under the Radar Takeaway</strong></h2>
<div class="lb-trans"><h2><strong>《雷達下的啓示》</strong></h2>
</div><p>The crowd will continue chasing whatever is exciting this week.</p>
<div class="lb-trans"><p>大眾將繼續追逐本週任何令人興奮的事物。</p>
</div><p>They will debate macro headlines.</p>
<div class="lb-trans"><p>他們將爭論宏觀頭條。</p>
</div><p>They will speculate on outcomes they cannot predict.</p>
<div class="lb-trans"><p>他們將對無法預測的結果進行猜測。</p>
</div><p>They will rotate endlessly from one idea to the next.</p>
<div class="lb-trans"><p>他們將不斷從一個想法輪換到下一個。</p>
</div><p>We will continue doing something much simpler.</p>
<div class="lb-trans"><p>我們將繼續做一些簡單得多的事情。</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>我們將尋找那些已經證明能夠在各個週期中表現的企業，在合理的價格時購買它們，並讓時間和複利來做重擔。</p>
</div><p>That is how wealth is actually built.</p>
<div class="lb-trans"><p>這就是財富真正建立的方式。</p>
</div>

不被注意的：隱藏在顯而易見之處的可靠現金創造者