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的自由现金流,筛选出能够获得超额益的行业(股票池)
的自由现金流,筛选出能够获得超额益的行业(股票池)
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| 所属板块（筛选条件） | 申万II级   | Wind代码   | 证券名称   | FCFF (TTM) 同比增量趋势 | FCFF (TTM) 同比增量 25Q3 - 25Q2 | EBIT (TTM) 同比增量趋势 | EBIT (TTM) 同比增量 25Q3 - 25Q2 | 存货同比增速 25Q3 | 存货同比增速 历史分位 | Capex (TTM) 同比增速趋势 | Capex (TTM) 同比增速 25Q3 |
|----------------------|------------|------------|------------|--------------------------|----------------------------------|--------------------------|----------------------------------|--------------------|------------------------|----------------------------|----------------------------|
| 资源<br>(FCFF改善+EBIT改善+Capex收缩) | 工业金属   | 603937.SH  | 丽岛新材   | —                        | 3.8                              | —                        | 0.6                              | 10.84%             | 33%                    | —                          | -125%                      |
| 资源<br>(FCFF改善+EBIT改善+Capex收缩) | 贵金属     | 002155.SZ  | 湖南黄金   | —                        | 0.1                              | —                        | 2.8                              | 41.10%             | 89%                    | —                          | -23%                       |
| 资源<br>(FCFF改善+EBIT改善+Capex收缩) | 能源金属   | 002466.SZ  | 天齐锂业   | —                        | 46.4                             | —                        | 35.5                             | 2.35%              | 34%                    | —                          | -37%                       |
| 资源<br>(FCFF改善+EBIT改善+Capex收缩) | 普钢       | 000959.SZ  | 首钢股份   | —                        | 82.2                             | —                        | 12.4                             | -2.53%             | 39%                    | —                          | -91%                       |
| 资源<br>(FCFF改善+EBIT改善+Capex收缩) | 普钢       | 600569.SH  | 安阳钢铁   | —                        | 44.2                             | —                        | 41.1                             | 13.17%             | 63%                    | —                          | -18%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 厨卫电器   | 002677.SZ  | 浙江美大   | —                        | 1.8                              | —                        | 0.8                              | -34.98%            | 8%                     | —                          | -3%                        |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 动物保健II | 603718.SH  | 海利生物   | —                        | 14.9                             | —                        | 0.8                              | -27.72%            | 16%                    | —                          | -14%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 服装家纺   | 600398.SH  | 海澜之家   | —                        | 14.6                             | —                        | 4.3                              | -6.61%             | 21%                    | —                          | -51%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 服装家纺   | 002634.SZ  | 棒杰股份   | —                        | 10.7                             | —                        | 1.3                              | -22.08%            | 24%                    | —                          | -47%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 个护用品   | 002511.SZ  | 中顺洁柔   | —                        | 15.0                             | —                        | 3.2                              | -19.31%            | 5%                     | —                          | -41%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 农产品加工 | 002286.SZ  | 保龄宝     | —                        | 0.9                              | —                        | 0.2                              | -8.06%             | 22%                    | —                          | -65%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 一般零售   | 600827.SH  | 百联股份   | —                        | 12.5                             | —                        | 1.1                              | -6.16%             | 29%                    | —                          | -7%                        |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 一般零售   | 600280.SH  | 中央商场   | —                        | 10.1                             | —                        | 0.1                              | -23.62%            | 2%                     | —                          | -233%                      |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 医疗服务   | 603456.SH  | 九洲药业   | —                        | 9.6                              | —                        | 4.2                              | -19.50%            | 3%                     | —                          | -45%                       |
| 消费<br>(FCFF改善+EBIT改善+库存低位) | 专业连锁II | 300622.SZ  | 博士眼镜   | —                        | 2.9                              | —                        | 0.1                              | 6.83%              | 27%                    | —                          | -21%                       |
| 轻资产科技<br>(FCFF改善+Capex收缩) | 游戏Ⅱ     | 300418.SZ  | 昆仑万维   | —                        | 11.1                             | —                        | -1.2                             | -                  | -                      | —                          | -45%                       |
| 轻资产科技<br>(FCFF改善+Capex收缩) | 游戏Ⅱ     | 002558.SZ  | 巨人网络   | —                        | 10.8                             | —                        | 4.3                              | -                  | -                      | —                          | 7%                         |
| 轻资产科技<br>(FCFF改善+Capex收缩) | 计算机设备 | 688489.SH  | 三未信安   | —                        | 1.7                              | —                        | -0.2                             | 118.57%            | 57%                    | —                          | -13%                       |
| 轻资产科技<br>(FCFF改善+Capex收缩) | 计算机设备 | 301330.SZ  | 煽基科技   | —                        | 0.3                              | —                        | 0.1                              | 1.77%              | 50%                    | —                          | -35%                       |
| 重资产科技<br>(FCFF回落+EBIT改善+Capex扩张) | 半导体     | 603005.SH  | 晶方科技   | —                        | -0.8                             | —                        | 0.5                              | 1.36%              | 38%                    | —                          | 225%                       |
| 重资产科技<br>(FCFF回落+EBIT改善+Capex扩张) | 半导体     | 688045.SH  | 必易微     | —                        | -8.0                             | —                        | 0.2                              | -22.24%            | 0%                     | —                          | 265%                       |
| 重资产科技<br>(FCFF回落+EBIT改善+Capex扩张) | 元件       | 301282.SZ  | 金禄电子   | —                        | -4.9                             | —                        | 0.0                              | 17.05%             | 63%                    | —                          | 97%                        |
| 重资产科技<br>(FCFF回落+EBIT改善+Capex扩张) | 消费电子   | 301326.SZ  | 捷邦科技   | —                        | -1.5                             | —                        | 0.5                              | 125.37%            | 100%                   | —                          | 157%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 电池       | 000009.SZ  | 中国宝安   | —                        | 67.7                             | —                        | 8.5                              | 11.26%             | 65%                    | —                          | -22%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 电池       | 002812.SZ  | 恩捷股份   | —                        | 34.2                             | —                        | 4.6                              | -33.35%            | 0%                     | —                          | -114%                      |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 电网设备   | 300001.SZ  | 特锐德     | —                        | 13.3                             | —                        | 2.2                              | -13.34%            | 10%                    | —                          | -61%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 电网设备   | 300882.SZ  | 万胜智能   | —                        | 3.1                              | —                        | 1.5                              | 228.73%            | 75%                    | —                          | -36%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 风电设备   | 601615.SH  | 明阳智能   | —                        | 78.1                             | —                        | 10.7                             | 68.26%             | 73%                    | —                          | -47%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 光伏设备   | 600438.SH  | 通威股份   | —                        | 47.6                             | —                        | 15.0                             | 25.19%             | 61%                    | —                          | -61%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 光伏设备   | 688303.SH  | 大全能源   | —                        | 20.2                             | —                        | -4.8                             | -34.01%            | 8%                     | —                          | -123%                      |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 水泥       | 600425.SH  | 青松建化   | —                        | 1.3                              | —                        | 0.0                              | 12.01%             | 52%                    | —                          | -39%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 塑料       | 002263.SZ  | 大东南     | —                        | 51.0                             | —                        | 0.2                              | 4.10%              | 56%                    | —                          | -41%                       |
| 制造<br>(FCFF改善+EBIT改善+Capex收缩) | 塑料       | 301019.SZ  | 宁波色母   | —                        | 6.2                              | —                        | 0.2                              | 5.85%              | 85%                    | —                          | -12%                       |

资料来源：Wind，西部证券研发中心
所属报告:
主题策略-“自由现金流”洞见(一):告别内卷拥抱现金-251119(28页).pdf
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2025年中减产后瓶片现金流触底反弹(元/吨)
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行业数据
2026-07-20
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2017-2025年玉林制药分部经营活动现金流
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行业数据
2026-07-03
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图182015-2026Q1有色金属板块经营净现金流变动
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行业数据
2026-07-01
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2020-2025网易经营现金流与净利润(亿元)
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行业数据
2026-07-01
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SpaceX现金流和资本开支(亿美元)
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行业数据
2026-06-26
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特斯拉现金流和资本开支(亿美元)
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行业数据
2026-06-26
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经营活动产生的现金流量净额变化(亿元)
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行业数据
2026-06-24
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现金流折现(单位:百万元)
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行业数据
2026-06-12
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美国科技股七巨头自由现金流情况
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行业数据
2026-06-11
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图15.截至20260602800自由现金流指数成分股申万三级
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行业数据
2026-06-09
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图10.截至20260602800自由现金流指数总市值前30的
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行业数据
2026-06-09
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图8.截至20260602800自由现金流发布以来股息率情况
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2026-06-09
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“ 内 ”正在修复制造业的自由现金流,美联储重 降息国民财富加速回归也正在修复消费行业的自由现金流。我们基于自由现金流(FCFF),自由现金流的主动项(EBIT)被动项(CAPEX/营运资 ),结 行业特征,筛选出自由现金流(FCFF)正在主动 or被动修复的细分行业 股票池,今年以来“自由现金流”投资组 涨幅 37.2%,超额 益8.6%。
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主题策略-“自由现金流”洞见(一):告别内卷拥抱现金-251119(28页).pdf
以下“内”材&制造行业满足:EBIT趋势善+Capex缩+FCFF比趋势善
以下重资产科技行业满足:Capex趋势扩张+EBIT趋势善+FCFF趋势回落
以下轻资产科技满足FCFF趋势善+Capex缩
以下消费行业基满足:EBIT趋势善+存货低位+FCFF比趋势善
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