巴菲特持仓报告出炉，为何花16亿美元重新建仓联合健康？

Core Viewpoint - Berkshire Hathaway has continued its trend of net stock selling for the 11th consecutive quarter, with a reported long position in U.S. stocks amounting to $257.5 billion as of the end of Q2 2025 [2] Group 1: Berkshire Hathaway's Investment Actions - In Q2, Berkshire Hathaway restarted selling Apple shares, continued to reduce its stake in Bank of America, and increased its holdings in Chevron and the food and beverage sector [2] - Six new positions were established, including significant investments in UnitedHealth, Nucor Steel, Lennar, and Lamar Advertising, with a total market value of approximately $3.65 billion at the end of the quarter [2][5] Group 2: UnitedHealth's Performance and Market Reaction - UnitedHealth reported Q2 revenue of $111.6 billion, a year-on-year increase of 13%, but adjusted net profit fell over 23.7% to $3.406 billion, leading to a decline in stock price [6] - Following Berkshire's announcement of re-establishing a position in UnitedHealth, the stock price surged over 8% in after-hours trading [5][6] Group 3: Market Sentiment and Future Outlook - Analysts suggest that Berkshire's renewed investment in UnitedHealth may be due to its stock price reaching a multi-year low, with a current P/E ratio of 11.55, indicating potential for long-term returns [7] - Despite the challenges, if profit margins improve, the stock could return to a fair value of around $360, with conservative estimates placing the target price above $300 [7]