智通财经APP获悉，美国运通发布的"2025年香港企业营商展望调查"结果显示，香港企业最为重视策略 性投资及健康现金流。现金流仍是企业积极抓住发展机会的关键，同时也是维持稳定营商环境的重要基 石。保持竞争力方面，企业期望透过投资推动业务增长，优先投资于广告及市场推广、防范网上诈骗和 数字转型，以推动未来增长。 该调查于2024年12月至今年1月期间进行，访问了超过500间香港企业。 调查发现，为保持竞争力，调查中有一半企业(50%)料今年将增加在广告和市场推广上的支出。当中， 62%企业计划增加广告和市场推广的渠道，而61%企业希望制造更高品质的广告和推广以突围而出， 53%的企业则表示希望相关投资可助其开拓海外市场。此外，调查还发现有七成半(75%)企业计划在 2025年于海外商务应酬及旅游上维持(32%)或增加(43%)支出。 数字转型是另一投资重点。超过四成企业(43%)预计今年会增加数字转型的支出。当中，60%的企业旨 在巩固网路安全及预防网上诈骗，55%的企业希望提升付款和收款的速度和效率，52%的企业则指要跟 上竞争对手在数字转型的步伐。调查指出有四成半(45%)企业表示预计将增加在防范网上诈骗的 ...

The United States government pivoted to an America-first strategy. Whether you agree or disagree with this strategy, it is the reality we are dealing with as investors today. You cannot invest in the world you wish existed, but you can invest in the world as it actually is. The U.S. grew its lead when it comes to gross domestic product (GDP), with GDP per capita of over $80,000 compared to the average European Union GDP per capita of just over $40,000. Reinvestment into America may further expand this GDP g ...

Core Viewpoint - Visa Inc. and American Express Company are both leaders in the payment solutions industry, benefiting from the growth of digital payments and consumer spending, but their differing business models impact investor returns [1][2]. Group 1: American Express - American Express operates a premium, relationship-driven model that combines payment processing with direct lending, allowing it to capture more value per customer compared to Visa [3]. - In Q1 2025, American Express reported a 7% year-over-year revenue growth, with network volumes of $439.6 billion increasing by 5% and total interest income rising by 6% to $6.1 billion [4]. - The affluent user base of American Express continues to spend on travel, dining, and entertainment, supported by exclusive offers and loyalty programs [5]. - American Express maintains a robust balance sheet with cash and cash equivalents of $52.5 billion, and its provision for credit losses declined by 9% year-over-year to $1.2 billion in Q1 [6]. - The Zacks Consensus Estimate for American Express indicates year-over-year sales and EPS growth of 8.1% and 13.7%, respectively, for fiscal 2025 [11]. - American Express trades at a forward earnings multiple of 18.51, reflecting its double-digit growth potential [12]. - Over the past month, American Express shares have rallied over 17%, driven by structural growth factors [14]. Group 2: Visa - Visa operates an asset-light, transaction-based model, earning fees for processing payments, which is considered low-risk [7]. - In Q2 fiscal 2025, Visa reported a 9.3% increase in net revenues, with payments volume increasing by 8% and processed transactions growing by 9% to 60.7 billion [8]. - Visa's business model lacks direct consumer relationships, relying on banks and merchants, which limits its control over the end-user experience [9]. - Visa is investing in B2B payments, real-time transfers, and payment security, but faces regulatory scrutiny due to its size [10]. - The Zacks Consensus Estimate for Visa indicates year-over-year sales and EPS growth of 12.9% and 10.3%, respectively, for fiscal 2025 [11]. - Visa trades at a higher forward earnings multiple of 29.94, which reflects its consistent performance but offers less room for upside surprises [12]. - Over the past year, Visa shares have gained 10.7%, with growth appearing more incremental compared to American Express [14]. Group 3: Comparative Analysis - American Express shows greater upside potential due to its dual revenue streams and strong customer loyalty, particularly among younger demographics [17]. - Both companies currently hold a Zacks Rank of 3 (Hold), but American Express is viewed as having more attractive valuation and growth prospects in the current market environment [17].

Portfolio concentration is a big reason the Oracle of Omaha has been such a successful investor over six decades. In particular, Berkshire's 13F highlights what may well be Warren Buffett's best-known investment prowess: his penchant for portfolio concentration. Both he and now-late right-hand man Charlie Munger long believed in putting an outsize percentage of their company's capital to work in their best ideas. For decades, no money manager has commanded the attention of Wall Street professionals and ever ...

| 排序 | 美股简称 | 美股代码 | | 持有机构 合计持仓股数 日力） | 持股环比 450 | 持仓市值 亿美元 | 机构持股比例 | 季度涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 英伟达 | NVDA | 4852 | 16724.78 | -4.13% | 23852.88 | 68.33% | 0.76% | | 2 | 英语 | AAPL | 5349 | 9504.29 | -2.59% | 20794.62 | 63.62% | -14.75% | | 3 | 微软 | MSFT | 5503 | 5372.44 | -2.58% | 20167.6 | 72.27% | -10.94% | | 4 | 亚马逊 | AMZN | 5226 | 6854.13 | -1.58% | 13040.66 | 64.58% | -13.28% | | 5 | 博通 | AVGO | 3598 | 3603.09 | -2.94% | 7972.55 | 76.63% | 30.99% | | 6 | | | ...

While many investors chase fleeting market trends, dividend growth investing offers something far more valuable. Namely, compounding wealth through businesses that pay you to own them. Moreover, elite dividend growth stocks, defined as those with five-year dividend growth rates above 6% and payout ratios under 75%, have a stellar record of delivering superior returns to the benchmark S&P 500.This outperformance reveals a deeper truth about exceptional businesses. Companies that consistently grow dividends f ...

Core Viewpoint - American Express Company (AXP) demonstrates resilience in a challenging macroeconomic environment, supported by a wealthy customer base and consistent earnings performance, although it faces global headwinds that may limit near-term upside potential [1][17] Performance Summary - AXP shares have increased by 24.1% over the past year, outperforming the S&P 500's growth of 11.2% and the broader industry's growth of 10% [2] - Larger competitors Visa Inc. and Mastercard Incorporated have seen even higher gains, with increases of 29.5% and 26.9%, respectively [2] Valuation Analysis - AXP currently trades at a forward price-to-earnings (P/E) ratio of 18.76X, slightly below the industry average of 18.94X but above its five-year median of 16.79X, indicating relative expensiveness by historical standards [5] - Visa and Mastercard have higher forward P/E ratios of 29.62X and 34.33X, reflecting their scalable, lower-risk business models [6] Unique Business Structure - Unlike traditional credit card companies, AXP operates as both a card issuer and a bank, generating revenue from transaction fees and interest on outstanding balances [8] - This dual structure benefits AXP in rising interest rate environments, as higher rates increase interest income; for instance, its first-quarter interest income was $6.1 billion, up 6% year over year [9] Financial Health - AXP maintains a strong balance sheet with $52.5 billion in cash and cash equivalents and only $1.6 billion in short-term debt [10] - The company returned $7.9 billion to shareholders in 2024 through dividends and share repurchases, continuing with $1.3 billion in the first quarter of 2025, and raised its quarterly dividend by 17% to 82 cents per share in March [10] Customer Base and Growth Projections - AXP benefits from a loyal customer base, high card acquisition rates, and strong retention, with stock trading above both its 50-day and 200-day moving averages, indicating upward momentum [11] - The Zacks Consensus Estimate for 2025 EPS is $15.18, reflecting a growth of 13.7%, with revenue projections showing year-over-year growth of 8.1% in 2025 and 8% in 2026 [12] Risks and Challenges - AXP has significant exposure to travel and entertainment spending, which can decline during economic downturns, although its affluent customer base may mitigate this risk [13] - Rising expenses are a concern, with total costs increasing by 22% in 2021, 24% in 2022, 10% in 2023, 6% in 2024, and another 10% in the first quarter of 2025 [14] - AXP's domestic focus compared to Visa and Mastercard may limit its adaptability to emerging non-card payment trends, and its dual role as issuer and processor requires careful management of operational efficiency and credit risk [15] Conclusion - AXP remains a fundamentally strong company with a premium brand and diverse revenue streams, supported by a solid balance sheet and consistent shareholder returns [16] - However, rising costs and macroeconomic uncertainties may limit near-term upside potential, leading to a current Zacks Rank 3 (Hold) [17]

Investment Rating - The report does not explicitly provide an investment rating for Berkshire Hathaway's stock Core Insights - Berkshire Hathaway's 1Q25 portfolio report indicates no new equity positions were initiated, with seven holdings increased, five trimmed, and two liquidated, resulting in a further decrease in total equity exposure [7][8] - The stake in Apple (AAPL US) remained unchanged for the second consecutive quarter, continuing as Berkshire's largest holding, followed by American Express (AXP US) and Coca-Cola (KO US) [7][9] - The reduction in the position of Bank of America (BAC US) allowed Coca-Cola to rise from fourth to third place among the top holdings [7][9] Summary by Sections Portfolio Adjustments - In 1Q25, Berkshire Hathaway continued to reduce its exposure to the financial sector, completely exiting Citigroup (C US) and NU (NU US), while also trimming its stake in Bank of America (BAC US) and Capital One (COF US) [8][9] - The company slightly reduced its holding in DaVita (DVA US) to maintain ownership below 45% [8] Consumer Stock Preferences - Berkshire increased stakes in three consumer stocks: Constellation Brands (STZ US), Pool Corp (POOL US), and Domino's Pizza (DPZ US), all of which were first purchased in 4Q24, along with HEICO (HEI US) [9][10] - These companies are characterized by strong cash flow, high margins, and significant competitive advantages [9] Communications Sector Rotation - Starting in 4Q24, Berkshire began shifting its communications exposure from T-Mobile (TMUS US) and Charter Communications (CHTR US) to SIRIUS XM (SIRI US) and VeriSign (VRSN US) [10] - Following the merger of Liberty Sirius XM with its parent company, Berkshire continued to make small purchases of SIRIUS [10]

13F报告显示，巴菲特旗下伯克希尔哈撒韦一季度清仓花旗，减持美国银行，重仓苹果、美国运通、可 口可乐、美银、雪佛龙。 ...

智通财经5月16日电，巴菲特旗下伯克希尔哈撒韦清仓花旗，减持美国银行，重仓苹果、美国运通、可 口可乐、美银、雪佛龙。 ...