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40/100 78Buffett Cautious Buy Sprouts Farmers Market: A 38.7% Gross Margin and USD 3.8m Boxes Against -1.0% Comps, With USD 73.46 at 13.7x Normalized 2026 Earnings Sprouts Farmers Market is a U.S. small-box specialty grocer built on fresh produce and attribute-driven natural and organic assortment, running 490 stores at a 38.7% Q2 2026 gross margin roughly nine points above Natural Grocers and sixteen above Kroger. Q2 sales rose about 5% to USD 2.33bn while comparable sales fell 1.0%, a headline that management's disclosed 100-150 basis points of new-store cannibalization may account for almost entirely, and the shares have fallen roughly 60% from their June 2025 peak of USD 182. Rating Cautious Buy: at USD 73.46, about 13.7 times the midpoint of normalized 52-week 2026 EPS guidance, the market prices Sprouts as an ordinary supermarket while USD 3.8m new boxes still target low-to-mid-30% year-five cash returns, with the ideal buy zone at USD 50-57. Sprouts Farmers Market, Inc.SFM · 미국Retail2026년 9월 16일 38/100 69Buffett Hold InterDigital, Inc.: ARR Hit a Record 625.7 Million but 103.7 Million of Q2 Revenue Was Catch-Up, and 326.08 USD Sits 42% Above the 230 USD Conservative Ceiling InterDigital is a research-funded patent licensor that turns wireless and video standards contributions into legally enforceable royalty claims on smartphones, consumer electronics and, since Q2 2026, streaming services. Q2 revenue of 260.2 million beat a 139-143 million guide and lifted annualized recurring revenue to a record 625.7 million, but 103.7 million of that quarter was catch-up revenue tied to an Amazon licence whose final price is still in binding arbitration, and six million in-the-money warrants add roughly 4.06 million net shares to a 25.81 million basic count. Rating Hold: at 326.08 USD the stock trades near 38 times trailing earnings and roughly 15 times diluted EV/ARR, about 42% above the 230 USD top of the conservative value case, so the margin of safety is none and the ideal buy price is 165-195 USD. InterDigital, Inc.IDCC · 미국专利授权2026년 9월 16일 39/100 68Buffett Cautious Buy ENN Energy: A Lapsed HK$80 Buyout Left 7.1x Core Earnings and a 6.1% Yield, but Every Ancillary Segment Shrank in H1 and HK$49.48 Sits Above the HK$40 Ideal-Buy Ceiling ENN Energy is a Chinese city-gas concession operator running 264 municipal projects and serving more than 33 million residential households, and it has rebuilt its profit engine from property-linked connection fees, 76.8% of revenue back in 2001, into gas margin, with construction now supplying only 8.4% of H1 2026 group gross profit. The parent's privatisation, HK$24.50 in cash plus 2.9427 ENN Natural Gas H shares for a roughly HK$80 headline, lapsed on 12 June 2026 when HKEX approval-in-principle and the CSRC process never arrived, sending the stock to a HK$40.38 low before it recovered to HK$49.48; underneath, H1 retail gas gross profit rose 10.4% on 0.8% volume growth while smart home fell 13.3%, integrated energy 13.0% and construction 31.8%. Rating Cautious Buy: FY2025 core profit of RMB6.741 billion prices the stock at about 7.1 times core earnings with a 6.1% trailing dividend yield, but the roughly HK$49.6 conservative value sits almost exactly at the market price, so only the HK$36-40 ideal-buy zone supplies a real cushion. ENN Energy Holdings Limited2688 · 홍콩Electric Utilities2026년 9월 16일 45/100 79Buffett Hold Hongfa Technology: 3.464bn Relays, a 32% Top Line That Yielded CNY 114m of Cash, and CNY 34.73 at the Hold-Band Floor Hongfa Technology is the world's largest relay manufacturer, shipping 3.464bn relays for CNY 15.703bn of 2025 relay revenue, about 91% of group sales and an inferred 26% to 29% of the global relay market. H1 2026 revenue grew 32.05% to CNY 11.022bn, but group gross margin fell 1.56 points to 32.68% as raw materials reached 78.06% of relay production cost, and operating cash flow collapsed 86.33% to CNY 114m against CNY 1.156bn of attributable profit. Rating Hold: at CNY 34.73 and about 29.6x clean trailing earnings the shares sit at the floor of the CNY 34-49 acceptable-hold band and above the CNY 30-32 conservative value, so the margin of safety belongs to buyers at CNY 23-25, not to buyers today. Hongfa Technology Co., Ltd.600885 · 상하이Electronic Connectivity & Sensing2026년 9월 16일

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글로벌 방위산업 공급망

종목 54개

특수 소재에서 프라임 플랫폼까지: 재무장 사이클을 읽는 공급망 전체 지도

암 · 희귀질환 · 난치성 프런티어

종목 108개

표적/면역/세포/유전자/핵산/방사성의약품: 미충족 수요가 큰 질환에 도전하는 프런티어 치료 양식과 이를 구축하는 글로벌 및 중국 기업들의 지도

전 산업의 틈새 챔피언

종목 90개

좁은 영역을 장악하고 글로벌 1위 또는 3위 이내에 들며 실질적인 가격 결정력을 보유한 기업들로, 산업 사슬의 핵심 고리에 자리한 틈새 챔피언이다. 이 분류는 Hermann Simon의 "히든 챔피언" 개념을 따르되 그가 제시한 규모와 무명성 기준은 완화했다(규모 상한 없음, 저자세 유지 요건 없음). 중요한 것은 영역이 얼마나 좁은지와 입지가 얼마나 깊이 뿌리내렸는지이며, 이를 8개 기능 영역에 걸쳐 정리했다.

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