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18年FCFF善(转)策略性著
18年FCFF善(转)策略性著
行业数据
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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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FCFF估值表（单位：百万元）
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行业数据
2026-06-26
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FCFF估值表（单位：百万元）
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行业数据
2026-06-26
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亚翔集成FCFF估值表（单位：百万元）
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行业数据
2026-03-31
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FCFF估值表（单位：百万元）
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行业数据
2026-02-27
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图24： 通过我们最佳预测（虚线）所得的不平衡，采用太阳能/可再生能源发电（VRE）调节一阶性存储策略所获得的不平衡减少幅度（红色区域），以及在六个市场区域预测（a）和单一国家预测（b）情况下的日间不平衡减少。
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行业数据
2026-02-11
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表6-1区域龙头与全国性品牌核心竞争策略对比
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自研数据
2026-02-05
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关注竞争格局稳定、CAPEX下降、FCFF向好、分红有潜力的行业
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竞争格局
2026-01-05
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2025年海外宏观对冲策略与大类资产收益相关性
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行业数据
2025-12-17
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2025年宏观对冲策略与大类资产收益相关性
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行业数据
2025-12-17
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根据FCFF估值法，对应目标价18.55元，按汇率计算为20.16港币
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行业数据
2025-12-15
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大参林FCFF估值表（单位：百万元）
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行业数据
2025-12-09
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益丰药房FCFF估值表（单位：百万元）
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行业数据
2025-12-02
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18年FCFF善(转)策略性著(二级行业)
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行业数据
2025-11-24
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制造业的自由现金流（FCFF）善，其他大类板块的自由现金流也会相继善
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行业数据
2025-11-24
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全球全年龄段奶粉市场规模（亿美元）
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行业数据
2026-07-30
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全球酸奶及发酵乳制品市场规模（亿美元）
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2018年工业 成熟 ，投资者 加重视自由现金流策略。2018年前 中国正式进入工业 成熟 ，企业 需大量 CAPEX“内 ”，自由现金流能够逐步堆积。因此，投资者也越来越重视自由现金流策略：2018年以来，自由现金流 善（ 续扩张 or降幅 窄）的行业能够获得非常 著的超额 益。
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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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