Core Viewpoint - Warren Buffett's Berkshire Hathaway has completely divested its shares in BYD, citing increased competition in the Chinese automotive industry, slowing performance, and geopolitical risks as key reasons for the decision [3][4][5]. Group 1: Reasons for Selling BYD - Increased competition in the Chinese automotive sector has led to a slowdown in BYD's performance, with five out of six major automotive companies reporting reduced profits or losses in the first half of 2025 [3]. - The profit growth rate of BYD has also declined compared to the previous year, indicating a potential ceiling on its performance [3]. - Geopolitical risks have influenced Berkshire's decision to reduce its stake in BYD, with the holding dropping below 5% by June 2024 [4]. Group 2: Shift to Japanese Investments - Berkshire Hathaway has increased its stake in Japanese trading company Mitsui & Co., with the shareholding exceeding 10% as of September 22 [7]. - The company has expressed a commitment to continue seeking investment opportunities in Japanese enterprises, viewing this as a strategic shift away from Chinese stocks [5][6]. - The positive market reaction to Berkshire's investment in Mitsui & Co. was evident, with the stock price rising to a new high since July 2024 following the announcement [7].

Group 1: Monetary Policy and Economic Indicators - The LPR in China has remained unchanged for four consecutive months, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50% [2] - The stability in LPR pricing is attributed to unchanged policy rates, indicating a cautious approach by the People's Bank of China [2][3] - There is speculation that the central bank may implement a slight interest rate cut in Q4 to enhance liquidity in response to weakening export growth and slowing domestic demand recovery [3] Group 2: Real Estate Market Trends - A luxury property in Shanghai sold for over 32 million yuan per square meter, with total sales reaching 98.43 billion yuan in a single day [4] - Despite an overall downturn in the real estate market, the luxury segment remains robust, driven by high-net-worth individuals and a scarcity of prime properties [4][5] - The luxury market is showing independent trends compared to the general housing market, which is more affected by policy changes and income levels [5] Group 3: Corporate Developments and Market Reactions - OpenAI is collaborating with Luxshare Precision to develop a consumer-grade hardware product, indicating a strategic move to diversify revenue streams [8] - Nvidia has established its first AI technology center in the Middle East, partnering with the Abu Dhabi Technology Innovation Institute to advance AI models and robotics [10][11] - Anta Sports' stock price fell by 2.22% following controversy over an art event in the Himalayas, highlighting the impact of environmental concerns on brand reputation [12][13] Group 4: Investment Movements - Berkshire Hathaway has completely exited its investment in BYD, which had previously yielded a 3890% return, reflecting a shift in investment strategy [14][15] - The competitive landscape in China's new energy vehicle sector has intensified, prompting Berkshire to reassess its position in the market [15] Group 5: Stock Market Performance - The Chinese stock market experienced slight gains, with the Shanghai Composite Index rising by 0.22% amid strong performance in the semiconductor sector [16] - Market dynamics show a clear divergence between sectors, with technology stocks gaining while consumer sectors face challenges [17]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has completely divested its shares in BYD, marking the end of a significant investment relationship that began in 2008 [2][4]. Group 1: Investment History - In 2008, Berkshire Hathaway acquired 225 million shares of BYD's H-shares at a price of HKD 8 per share, totaling approximately HKD 1.8 billion, which represented about 10% of BYD's shares post-placement [2]. - Over nearly 14 years, Buffett maintained his investment in BYD, during which the stock price surged approximately 3890%, yielding substantial returns for Berkshire Hathaway [3]. Group 2: Recent Divestment - Starting in August 2022, Berkshire Hathaway began reducing its stake in BYD, with the first sale of 1.33 million shares at an average price of HKD 277.1016, generating HKD 369 million, reducing its holding to 218.719 million shares, or 19.92% of voting shares [4]. - By July 2024, Berkshire Hathaway's stake in BYD had decreased to 4.94%, and the investment was valued at zero in the company's financial documents as of March 31, 2023 [4]. Group 3: BYD's Performance - In the first half of this year, BYD reported revenue of CNY 371.28 billion, a year-on-year increase of 23.3%, and a net profit attributable to shareholders of CNY 15.51 billion, up 13.79% year-on-year [4]. - BYD's sales for the first half of the year reached 2.146 million vehicles, compared to 1.613 million vehicles in the same period last year, reflecting a year-on-year increase of 33.04% [4].

Core Viewpoint - Berkshire Hathaway has fully exited its stake in BYD, marking the end of a 17-year investment relationship, which has raised concerns about BYD's future growth prospects in the competitive EV market [1][2][3]. Company Summary - BYD's shares fell over 3% following the news of Berkshire Hathaway's complete divestment [2]. - Berkshire Hathaway initially invested in BYD in September 2008, purchasing 225 million shares for approximately $230 million, which later appreciated to a value of around $7.7 billion before the sell-off began in 2022 [3]. - A BYD executive expressed gratitude towards Berkshire Hathaway for their long-term support and investment [2]. Industry Summary - Despite BYD's battery electric vehicle (BEV) registrations surpassing those of Tesla in Europe for the first time in May, the company's overall growth appears to be slowing [5]. - Recent reports indicate that BYD has reduced its 2025 sales target in China by up to 16% to 4.6 million vehicles, which would represent the slowest annual growth rate in five years [6]. - The competitive landscape in China's EV market, along with potential product oversaturation, is contributing to the challenges faced by BYD [6].

Investment Exit - Berkshire Hathaway has fully exited its investment in BYD, marking the end of a highly successful investment period [1][6] - The initial investment of 225 million shares in 2008 for $230 million saw a peak value of around $9 billion in Q2 2022, representing a nearly 3,900% increase over 17 years [2] Investment Performance - The exit was gradual, with Berkshire starting to reduce its holdings in August 2022, selling nearly 76% of its stake by June 2023, which brought ownership below 5% [2][3] - By early 2024, the value of the investment had declined from $5.1 billion in Q3 2022 to $1.7 billion in Q2 2024, and by Q1 2025, it was reported at zero [3] BYD's Market Challenges - BYD is currently facing significant challenges, including its first quarterly profit decline in three and a half years, attributed to slowing demand and price wars in China's EV market [7] - Domestic sales, which constitute 80% of BYD's deliveries, have decreased for four consecutive months, leading to a reduction in its 2025 sales target by up to 16% [7] Global Expansion and Competition - Despite expanding into Asia and Latin America, BYD's entry into Europe is hindered by tariffs up to 35%, and it faces a complete barrier in the U.S. due to 100% tariffs [8] - Although BYD became the world's largest EV maker in 2023, its goal to achieve over half of its sales outside China by 2030 appears increasingly uncertain [8]

【#比亚迪李云飞回应巴菲特清仓#：感谢17年陪伴与帮助】 据新浪财经报道，9月22日，巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份。伯克希尔发言人证实，比 亚迪股份确实已全部售出。针对此事，比亚迪集团公关处总经理李云飞 @比亚迪李云飞 发文回应称， 2022年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去年6月其持股就已在5%以下了。股 票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投 资、帮助和陪伴，为所有的长期主义点赞。 2022年8月，伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股比亚迪股份。截至去年6月，伯克 希尔已售出近76%的持股，使其持股比例降至比亚迪已发行股份的5%以下。根据港交所规则，持股比 例低于5%后无需披露后续减持情况。 CNBC还提示，伯克希尔能源公司（持有上述股份的伯克希尔子公司）报告显示，去年持股比例降至 5%以下后，出售仍在继续。今年一季度财报中，截至3月31日该项投资价值已归零。 2023年的一次采访中，巴菲特曾回应减持比亚迪一事称，"我们会找到这些资金更好的配置用途。"#巴 菲特曾回应减持比亚迪 据上海证券报 ...

9月21日晚间，据报道，巴菲特旗下的伯克希尔・哈撒韦已完全退出其在比亚迪（02594.SZ； 01211.HK）的投资。据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约3890%。 报道中称，伯克希尔发言人证实，比亚迪股份确实已全部售出。伯克希尔在其第一季度的财务文件中 称，截至今年3月31日，公司对比亚迪的这笔投资，价值列为0.0。 9月22日，比亚迪集团公关处总经理李云飞在社交平台发文称，2022年8月，伯克希尔开始陆续减持其于 2008年购买的公司股票，去年6月其持股就已在5%以下了。股票投资，有买就有卖，这是很正常的事 情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮助和陪伴，为所有的长期主义点 赞。 据此前报道，2008年，查理・芒格向巴菲特建议，伯克希尔一定要投资比亚迪。当时,芒格评价王传 福："（他）简直就是爱迪生和韦尔奇的混合体；他可以像爱迪生那样解决技术问题，同时又可以像韦 尔奇那样解决企业管理上的问题。" 2008年9月，巴菲特通过伯克希尔旗下的中美能源公司以每股8港元的价格认购了2.25亿股比亚迪公司的 H股股份，约占比亚迪当时配售后10%的股份，交易总金额约1 ...

9月22日上午，针对巴菲特旗下伯克希尔哈撒韦已清仓比亚迪股份的报道，比亚迪集团品牌 及公关处总经理李云飞 发文回应称，2022年8月，伯克希尔开始陆续减持其于2008年购买 的公司股票，去年6月其持股就已在5%以下了。 "股票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢 过去17年的投资、帮助和陪伴，为所有的长期主义点赞。" 此次减持过后，伯克希尔持有的比亚迪股份比例已降至4.94%。彼时就有分析人士称，巴 菲特或有清仓打算。 从首次减持，到最后一次披露减持，伯克希尔累计减持比亚迪港股数量约1.71亿股，持股 数量从2.25亿股一路减少到了5420万股，持股比例也从20.04%降至4.94%。从已披露的 减持信息来看，其减持均价最高为277.1港元/股，最低为169.87港元/股。 根据港交所规定，大股东增减持股票只有横跨某个整数百分比时，才需要作出披露。巴菲特 的减持动作远不止16次。 另外据港交所规定，持股5%以下股东的减持不需要进行披露。 在2017年的一次采访中，巴菲特曾谈到了当年决定投资比亚迪的经过，评价王传福"有非常 多的伟大的想法，并且他也非常擅长把这些想法变为现实 ...

Core Viewpoint - Warren Buffett's Berkshire Hathaway has completely exited its investment in BYD, marking the end of a significant investment that saw the stock price increase by approximately 3890% during the holding period [4]. Investment History - Buffett initially invested in BYD in September 2008, acquiring 225 million H-shares at a price of HKD 8 per share, totaling around HKD 1.8 billion, with a price-to-earnings ratio of 10.2 and a price-to-book ratio of 1.53 [6]. - Over the years, Buffett maintained a substantial stake in BYD until 2022, when he began to reduce his holdings [7]. - By August 2022, Berkshire had sold 1.33 million shares at an average price of HKD 277.1016, reducing its stake to 19.92% [7]. Recent Developments - Following a series of reductions, Berkshire's stake in BYD fell to 4.94% by July 2024, with a total of approximately 171 million shares sold, decreasing from 225 million shares [9]. - The average selling price ranged from HKD 169.87 to HKD 277.1 per share [9]. Company Performance - BYD reported a revenue of CNY 371.28 billion for the first half of the year, reflecting a year-on-year growth of 23.3% [11]. - The net profit attributable to shareholders was CNY 15.51 billion, up 13.79% year-on-year [11]. - The total sales volume for the first half of the year reached 2.146 million units, a 33.04% increase compared to the previous year [11].

Group 1 - Berkshire Hathaway has completely divested its shares in BYD, marking the end of a 17-year investment that saw significant appreciation in value [1][4] - The investment in BYD began in 2008, with Berkshire purchasing shares at HKD 8 each, which later appreciated to a peak market value of USD 9 billion in 2022, representing a 38-fold increase [2][3] - Despite fluctuations in BYD's stock price, Buffett held onto the investment for 14 years before starting to reduce his stake in August 2022, ultimately selling off the remaining shares [3][4] Group 2 - During the period of investment, BYD's stock price increased approximately 3890%, generating substantial profits for Berkshire Hathaway [4] - Buffett's decision to invest in BYD was heavily influenced by Charlie Munger, who believed in the company's potential and the capabilities of its founder, Wang Chuanfu [6] - The recent divestment is part of a broader strategy by Berkshire to find better allocation for its capital, as Buffett indicated in a 2023 interview [6] Group 3 - Despite the divestment from BYD, the Hong Kong stock market continues to attract significant capital inflows, with net inflows reaching HKD 368.51 billion over the past week [10] - Major Chinese stocks such as Alibaba and Tencent have seen substantial net purchases, indicating strong institutional interest in the market [11][12] - Investment banks like Goldman Sachs and Citigroup have raised target prices for several Chinese stocks, suggesting a positive outlook for the Chinese equity market [13][14]