伯克希尔·哈撒韦
BRK.B · NYSE
保险资本与多元经营构成较强韧性，但必要留存资本和可上移现金尚不能可靠合成为普通股可分配现金，现价安全边际无法判断。
Updated through 2026-10-11
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Long term · Independent research
Research Businesses, Not Stock Prices.
看懂生意，不猜股价。
We study business models, moats, free cash flow and returns on capital to understand how exceptional companies create value over time.
Long-term lens
Focus on intrinsic value
Evidence-led
Financials with context
Independent analysis
Beyond market sentiment
Fully traceable
Sources, versions and risks
Latest company research
Start with the underlying business and its capacity to compound cash flow.
开市客
COST · NASDAQ
开市客的低价采购、会员信任和高周转构成优质生意，但当前价格要求的增长或利润率明显高于本次有再投资约束的现金流情景。
Updated through 2026-10-08
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台湾积体电路制造股份有限公司
2330 · TWSE
台积电具备强制造与设计生态优势，但现价大致要求基准增长和资本回报兑现，尚无明确安全边际；海外扩厂和长期尾部风险需要持续验证。
Updated through 2026-10-08
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宁德时代
300750 · SZSE
规模制造和客户协同支持企业质量，但可分配现金、海外回报与当前权益价值桥仍需验证，291.11元不能据现有证据认定有明确安全边际。
Updated through 2026-10-06
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汇丰控股
0005 · HKEX
汇丰拥有可验证的存款与跨境服务基础，但正常化普通股可分配现金、联营资本和当日稀释股数未闭合，暂不判断价格是否有安全边际。
Updated through 2026-10-06
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美的集团
000333 · 深圳证券交易所
美的的规模制造、产品组合和渠道执行形成了有证据的竞争优势；中性经营假设支持价值高于现价，但增长、利润率、周转信用与资本成本等联合转弱时审慎情景低于现价，当前尚不能确认稳定的安全边际。
Updated through 2026-10-06
Too hardRead report
Research framework
One consistent lens, from business model to the stop-doing list.
- 1
Understand the business
- 2
Judge the moat
- 3
Examine free cash flow
- 4
Measure returns on capital
- 5
Study management and culture
- 6
Review capital allocation
- 7
Estimate intrinsic value
- 8
Demand a margin of safety
- 9
Stay within the circle
- 10
Keep a stop-doing list