I recently joined The REIT Forum and if you are looking for more investment ideas like this one, get them exclusively at The REIT Forum with access to our subscriber only portfolios.Amrita runs a boutique family office fund in beautiful Vancouver, where she leads the investment strategy for the family fund. The fund's objective is to invest capital in sustainable, growth-driven companies that maximize shareholder equity by meeting their growth-oriented goals. In addition, she also started her own award-winn ...

I recently joined The REIT Forum and if you are looking for more investment ideas like this one, get them exclusively at The REIT Forum with access to our subscriber only portfolios.Amrita runs a boutique family office fund in beautiful Vancouver, where she leads the investment strategy for the family fund. The fund's objective is to invest capital in sustainable, growth-driven companies that maximize shareholder equity by meeting their growth-oriented goals. In addition, she also started her own award-winn ...

As we head into the final stretch of 2025, there are many signals that investors are getting fatigued of incredibly high valuation multiples, particularly the AI trade. Growing concerns are building around enormous amounts of AI spending byWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular co ...

As we head into the final stretch of 2025, there are many signals that investors are getting fatigued of incredibly high valuation multiples, particularly the AI trade. Growing concerns are building around enormous amounts of AI spending byWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular co ...

Cloudflare ( NET ) has joined the ranks of rarified air. Many tech companies have seen their growth rates decelerate over the last several years after many years of hyper-growth. NET has somehow managed to re-accelerate top-line growthJulian Lin is a financial analyst. He finds undervalued companies with secular growth that appreciate over time. His approach is to look for companies with strong balance sheets and management teams in sectors with long growth runways. Julian is the leader of the investing gro ...

核心观点 - 投资者可能希望投资Cloudflare (NET)，因其盈利预期近期显示出坚实的改善，且股价已获得强劲的短期上涨动力，这一趋势可能随着盈利前景的持续改善而延续 [1] - 分析师对该网络安全和内容分发公司盈利前景的乐观情绪日益增长，正推动盈利预期上调，这应会反映在其股价中 [2] 盈利预期修订 - 当前季度每股收益预期为0.27美元，较去年同期增长42.1% [6] - 过去30天内，因有六项预期上调且无负面修订，Zacks一致预期大幅提高了157.14% [6] - 全年每股收益预期为0.90美元，较上年增长20.0% [7] - 过去一个月内，有八项全年预期上调且无负面修订，共识预期因此提高 [7] - 覆盖分析师在提高盈利预期方面存在强烈共识，这显著推高了下一季度和全年的共识预期 [3] 股价表现与投资建议 - Cloudflare股价在过去四周内上涨了8.1%，表明投资者正看好其强劲的预期修订 [9] - 良好的预期修订帮助Cloudflare获得了Zacks Rank 2 (买入) 评级 [8] - Zacks Rank 1 (强力买入) 的股票自2008年以来实现了平均25%的年回报率 [3]

目标价调整 - Argus Research将Cloudflare的目标价从238美元上调至265美元，上调幅度为11.3% [1] - 投资研究机构维持对Cloudflare的“买入”评级 [1]

Cloudflare股票近期表现 - 股价本周随大盘回调 连续第五个交易日下跌 目前已回落至买入点下方 但可能在50日均线处获得支撑 [2] - 公司股价在10月31日因强劲财报推动突破后 受复杂市场环境影响出现回调 [2] Cloudflare公司运营与评级 - 公司最新财报超出盈利预期 营收展望积极 [5] - 公司计划发行稳定币 预期随着代理化电子商务的兴起而发展 [5] - 公司综合评级获得上调 [5] 相关行业动态 - 人工智能软件行业领导者Palantir和部分热门能源股被列入最佳股票名单 [2] - 网络安全类股即将发布财报 市场关注点转向2026年展望 [5] - 数据狗股票相对强度评级获得提升 [5]

投资组合概况 - 截至2025年第三季度，投资组合包含264只股票，前五大重仓股为NVDA（占比6.43%）、MELI（占比5.74%）、SE（占比5.31%）、AMZN（占比5.15%）、SPOT（占比4.5%）[5] - 本季度操作策略为“汰弱留强”和聚焦未来增长，整体持仓变动较大[1][5] 新建仓与增持 - 本季度新增19只股票，最大亮点是新建仓加密货币交易平台龙头Coinbase (COIN)，买入超过58.7万股，占投资组合0.15%[1] - 第二大新建仓为Knife River Holding Co (KNF)，新建仓位近219万股，价值约1.69亿美元，占投资组合0.13%[1] - 对42只现有股票进行增持，其中对航天公司Rocket Lab (RKLB)增持幅度高达176.15%，加仓超过773万股[2] - 其他重要增持包括医疗保健服务公司The Ensign Group (ENSG)，增幅96.2%[3] 减持与清仓 - 本季度完全退出18只股票，并对188只股票进行大幅减持[3] - 显著减持Cloudflare (NET)，减持约367.6万股，减幅14.4%，对投资组合影响为-0.54%[3] - 其他关键减持包括Spotify Technology SA (SPOT)（减幅9.7%，减持约93万股）和Shopify (SHOP)（减幅6.1%，减仓约89万股）[4] - 对Tesla (TSLA)减持2.51%，减仓约139万股[5] 投资策略分析 - 进攻方向为大胆押注代表前沿科技的加密货币和航天赛道，并继续增持企业级软件和医疗保健等成长型行业[5] - 防守方向为对部分估值较高或增长进入稳定期的科技股进行获利了结[5]

核心财务表现 - 第二财季收入为8330万美元，同比增长23%，主要得益于白银和黄金销售价格分别上涨28%和37%，以及白银和黄金销量分别增长1%和64% [4] - 矿山经营收入为4090万美元，同比增长29%，增长主要源于收入增加，但部分被因矿石处理量增加15%而导致的390万美元生产成本上升所抵消 [5] - 按公认会计准则计，公司股东应占净亏损为1150万美元或每股0.05美元，而去年同期为净收入1770万美元或每股0.09美元，主要原因是5320万美元的可转换票据公允价值非现金"按市价计价"费用影响 [6] - 调整后公司股东应占净收入为2260万美元或每股0.10美元，调整后EBITDA为3830万美元或每股0.18美元，同比分别增长27%和31% [7] - 经营活动产生的现金流为3920万美元，同比增长69%；自由现金流为1140万美元，较去年同期的60万美元大幅增长1923% [8][12] - 季度末现金及现金等价物和短期投资总额为3.823亿美元，较上季度末增加510万美元；股权投资总市值为1.802亿美元，较上季度末增加1.08亿美元 [9] 运营业绩 - 第二财季生产约166万盎司白银、2085盎司黄金（约合184万盎司白银当量）、1423万磅铅和564万磅锌；白银、黄金、白银当量和铅产量同比分别增长0.2%、76%、5%和8%，锌产量下降3% [11][13] - 扣除副产品收益后的白银全部维持成本为每盎司13.94美元，同比增长20% [11][14] - 英矿区生产约153万盎司白银、2085盎司黄金（约合171万盎司白银当量），以及1293万磅铅和142万磅锌；该季度生产受到部分采区临时关闭影响，现已恢复正常，预计下一季度矿石产量将环比增长30% [16] - GC矿生产约13万盎司白银、131万磅铅和422万磅锌；产量同比下降，主要受持续约10天的暴雨和台风天气影响，预计下一季度矿石产量将环比增长9% [20] - 英矿区每吨矿石的现金成本降至82.89美元，全部维持成本降至139.22美元，反映出采用了成本效益更高的机械化分层充填采矿法 [18][19] 资本支出与项目进展 - 第二财季总资本支出为2670万美元，同比下降5% [21] - 英矿区资本化支出为1320万美元，主要用于井下巷道开拓和钻探 [22] - 在建的宽坪项目发生资本支出120万美元，重点在于井下开发 [23] - El Domo矿建设取得显著进展，完成约129万立方米土方作业，建设营地已完工，尾矿库建设已于2025年9月开始 [25][26] - Condor项目已启动初步经济评估研究，预计将于第三财季完成 [27] - 季度结束后，公司根据与Wheaton Precious Metals International Ltd 达成的1.755亿美元Stream融资协议，提取了首笔4387.5万美元用于El Domo矿建设 [11]