编者按 沃伦·巴菲特精神矍铄。 拄着拐杖，一身正装地进入伯克希尔股东大会的现场。在开始演讲前，他还把桌前最爱的两听可口可乐特意放在话筒前面醒目位置，并举起右掌放在额头 上远眺了下他的盛大舞台。 满满当当的会场，比任何一届都要人多。 巴菲特开场说，这是他第60次参加的会议，应该是他迄今为止规模最大、最好的一次。"我们在各个方面都创下了纪录"。 只是在5小时问答最后，巴菲特透露说，我现在想借这个机会，提前和大家谈一件事。 "现在是格雷格·阿贝尔（Greg Abel）应该在年底正式接任伯克希尔首席执行官的时候了。我计划在明天的董事会上提出这个建议。我相信董事会会全票支 持这个决定。" 巴菲特紧接着明确表示，他不会卖出任何一股伯克希尔的股票，因为在阿贝尔的领导下，"伯克希尔的前景会比我自己领导时更好"。 "当然，将来有可能出现一个可以大量投资的机会。如果那一刻到来，我仍可能会出来出点主意。" 伴随这个消息透露并宣告股东会结束时，全场响起了经久不息的掌声……是的，经久不息，以至于巴菲特不得不补充一句话来回应"安可"："大家的反应可 以有两种解读，但我就当是'惊喜'好了。谢谢大家。" 显然，现场的掌声很复杂，感激、感动、 ...

Core Viewpoints - The annual Berkshire Hathaway shareholder meeting highlighted key discussions on tariffs, U.S. fiscal policy, stock market volatility, artificial intelligence, Japanese investments, cash reserves, and the importance of patience in investment [2][3]. Group 1: Tariffs and Global Trade - Buffett emphasized that trade should not be used as a weapon and that protectionist policies are a serious mistake [2][10]. - He believes that trade balance is beneficial for global prosperity and that the U.S. should avoid accumulating excessive trade deficits [5][10]. Group 2: U.S. Fiscal Policy - Buffett expressed concern over U.S. fiscal policy, stating that irresponsible government actions could lead to frightening currency devaluation [2][56]. Group 3: Stock Market Volatility - Recent fluctuations in the U.S. stock market are not considered significant compared to past market crashes, and Buffett does not view the current situation as a severe bear market [2][3]. Group 4: Artificial Intelligence - Buffett is cautious about investing heavily in AI, preferring to let his vice chairman, Ajit Jain, make decisions in this area [2][34]. Group 5: Japanese Investments - Berkshire will not sell any Japanese stocks, maintaining a long-term investment strategy in this market [2][12][17]. Group 6: Cash Reserves - The company holds over $300 billion in cash and short-term investments, which is significantly higher than the historical average, allowing for potential future investment opportunities [2][22][28]. Group 7: Investment Philosophy - Buffett highlighted the importance of analyzing a company's balance sheet over its income statement, as balance sheets reveal more about a company's financial health [3][8]. - He advised young investors to surround themselves with respected individuals to accelerate their success [3][9]. Group 8: Future Leadership Transition - Buffett announced plans for Greg Abel to take over as CEO by the end of the year, emphasizing that he will remain available for support but will not interfere in daily operations [2][86][89].

巴菲特开场说，这是他第60次参加的会议，应该是他迄今为止规模最大、最好的一次。 "我们在各个方 面都创下了纪录"。 沃伦·巴菲特精神矍铄。 拄着拐杖，一身正装地进入伯克希尔股东大会的现场。在开始演讲前，他还把桌前最爱的两听可口可乐 特意放在话筒前面醒目位置，并举起右掌放在额头上远眺了下他的盛大舞台。 满满当当的会场，比任何一届都要人多。 只是在5小时问答最后，巴菲特透露说，我现在想借这个机会，提前和大家谈一件事。 "现在是格雷格·阿贝尔（Greg Abel）应该在年底正式接任伯克希尔首席执行官的时候了。我计划在明 天的董事会上提出这个建议。我相信董事会会全票支持这个决定。" （点击阅读： 《万字特稿｜认识下巴菲特的指定接班人：格雷格·阿贝尔》 ） 巴菲特紧接着明确表示，他 不会卖出任何一股伯克希尔的股票， 因为在阿贝尔的领导下，"伯克希尔 的前景会比我自己领导时更好"。 "当然，将来有可能出现一个可以大量投资的机会。如果那一刻到来，我仍可能会出来出点主意。" 伴随这个消息透露并宣告股东会结束时，全场响起了经久不息的掌声……是的，经久不息，以至于巴菲 特不得不补充一句话来回应"安可"："大家的反应可以有两种解读 ...

美国财政部长贝森特近期在CNBC的访谈中，将中美经贸失衡的矛头直指中国。 这位金融出身的官员用数字构筑逻辑："中国对美出口额是美国的五倍，125%的关税不可持续。"其言 论背后折射出美国经济政策的深层困境——在保护主义与市场规律之间，华盛顿正陷入难以自洽的逻辑 漩涡。 数据揭示的真相往往比政客的言辞更具说服力。美国对华贸易逆差中，70%源于跨国企业在华产业链布 局。苹果公司每年从中国进口价值500亿美元的电子产品，特斯拉上海超级工厂贡献其全球产能的半 数。这种利益交织的产业格局，使得所谓"不可持续"的关税实际成为悬在美企头顶的达摩克利斯之剑。 贝森特透露的"禁运威胁"更像心理战术，毕竟当美国零售商货架上的中国商品占比仍达18%时，任何极 端措施都将触发多米诺骨牌效应。 当前僵局实质是全球化演进中的阵痛。中国完备的工业体系与市场规模形成独特引力，即便在逆全球化 浪潮中，2023年外资制造业项目落地数仍同比增长17%。美国的困境在于，既要维持技术霸权又要享受 分工红利，这种"既要又要"的悖论终将接受市场规律的审判。或许正如IMF最新报告所言："21世纪的 贸易平衡，不应是简单的数字消长，而是价值链的协同进化。"当 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - Since April, hot-rolled coils have shown a weak trend with short-term spikes followed by oscillations and declines. The tariff policies of the Trump administration in the United States have exceeded expectations, putting pressure on market sentiment and causing further drops in hot-rolled coil prices [3][5][24]. - This year, the supply of hot-rolled coils remains at a relatively high level, and the demand for plates, especially from domestic sources, is strong. However, due to the impact of tariffs, the growth rate of overall plate demand may be weaker than last year, making it difficult for steel prices to rise and more likely to fall [3][23][25]. Summary by Relevant Catalogs Market Review - Since April, hot-rolled coils have short-term spikes followed by oscillations and declines. Earlier in the year, steel had low inventory due to pessimistic expectations and active de-stocking of building materials. With approaching important meetings, market sentiment improved, and raw material prices strengthened, driving up hot-rolled coil prices. After the implementation of foreign tariff policies, prices dropped further [3][5][24]. - As hot-rolled coil prices declined, spot profits weakened slightly while futures profits were maintained. With policy stimuli, far-month contracts of hot-rolled coils performed better [6]. Supply and Demand Analysis Supply - In April, the supply of hot-rolled coils remained at a relatively high level, with the weekly output reaching a maximum of 3.3 million tons at the beginning of the year, and the supply of plates such as cold-rolled coils and medium-thick plates was also high year-on-year. The output of plates recovered quickly around the Spring Festival, indicating an early and strong start of plate demand [3][10][24]. - The output of rebar decreased before the Spring Festival, resulting in low inventory. After the Spring Festival, as rebar production capacity recovered, the overall steel output exceeded that of the same period last year, testing the terminal demand [11]. Inventory - In April, the inventory of hot-rolled coils decreased, with both the inventory level around the Spring Festival and the inventory reduction rate during the peak season lower than last year. Despite strong supply, the significant inventory reduction indicates a notable increase in demand [12]. - The inventory of rebar decreased year-on-year, but the inventory reduction rate after the Spring Festival was slow, indicating weak demand. The trend of strong plates and weak building materials continued [16]. Demand - The production capacity of terminal plate demand in industries such as home appliances, automobiles, and ships has been continuously strengthening, driving up plate demand. In March 2025, the national air conditioner output increased by about 9.3% year-on-year, and automobile production increased by 12%. However, export orders from home appliance enterprises are starting to decline, indicating the impact of tariffs on terminal exports [3][17][25]. - In the first quarter, the export volume of steel continued to increase year-on-year, reaching a new high in March. The US tariff policy affects both direct steel exports from China and the exports of home appliances and automobiles, directly reducing steel demand. After the implementation of the tariff policy, China's exports may shift to regions such as Europe, the Middle East, and Africa, but it will take time to reach a new trade balance [20][23][25]. Summary and Outlook - The situation of hot-rolled coils in April is similar to the market review, with short-term spikes followed by oscillations and declines, affected by tariff policies. The supply remains high, and the demand for plates is strong domestically but weakening in exports due to tariffs, making it difficult for steel prices to rise [24][25].

美国方面的声明显示，美国贸易代表格里尔与越南合作伙伴同意推动实现贸易平衡。 ...

智通财经4月24日电，韩国代总统韩德洙表示，与美国会谈的重点是贸易平衡、造船和液化天然气。 ...

金十数据4月14日讯，泰国计划下周与特朗普政府官员举行会谈，以确保美国取消对其商品征收36%的 对等关税的计划，官员们最终确定了削减460亿美元对美贸易顺差的一系列建议。泰国政府发言人Jirayu hungsub表示，由副总理兼财政部长Pichai Chunhavajira率领的代表团准备于4月21日在华盛顿会见美国 贸易官员。他说，Pichai 本周晚些时候还将前往西雅图，与来自农业、工业和投资领域的美国商人会 面。Jirayu说，包括商务部长Pichai Naripthaphan在内的谈判团队将坚持"泰国是美国的建设性伙伴"的原 则，并致力于"创造贸易平衡，加强可持续的经济伙伴关系"。 泰国在下周会谈前敲定了对美贸易战略 ...

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 特朗普政府于4月2日推出了新一轮关税措施，该政策方案的力度与覆盖范围显著超出了市场预期，进而 引发了全球金融市场的震荡。根据最新动态，美国对部分国家实行为期90天的"对等关税"缓冲期，并执 行10%的普遍性关税政策。尽管该措施的全面实施已被暂时推迟，但可以确定的是，此举将对国际贸易 格局与全球金融体系产生持久的影响。 02 第二，通过高关税提高外国商品的成本，降低其比较优势，促使制造业回流美国。 失衡的贸易平衡目标与制造业回流的困境 新一轮关税政策的短期冲击已引发市场动荡，但更值得关注的是美国通过关税试图达成的政策目标。 根据美国政府官员近期的一些公开发言整理来看，此次关税行动可能主要有两个目的。 第一，以极端施压手段实现美国定义下的贸易平衡，缩减贸易逆差。 其施压手段不仅包括普遍的"对等关税 " ，还涉及诸多非关税壁垒、增加进口美国商品等内容。以越南 为例，其在美国宣布关税措施后以 " 零关税 " 条件积极回应，然而，美国仍要求越南承诺取消知识产 权窃取、出口补贴、倾销 ...

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 特朗普政府于4月2日推出了新一轮关税措施，该政策方案的力度与覆盖范围显著超出了市场预期，进而 引发了全球金融市场的震荡。根据最新动态，美国对部分国家实行为期90天的"对等关税"缓冲期，并执 行10%的普遍性关税政策。尽管该措施的全面实施已被暂时推迟，但可以确定的是，此举将对国际贸易 格局与全球金融体系产生持久的影响。 失衡的贸易平衡目标与制造业回流的困境 新一轮关税政策的短期冲击已引发市场动荡，但更值得关注的是美国通过关税试图达成的政策目标。 根据美国政府官员近期的一些公开发言整理来看，此次关税行动可能主要有两个目的。 第一，以极端施压手段实现美国定义下的贸易平衡，缩减贸易逆差。 其施压手段不仅包括普遍的"对等关税 " ，还涉及诸多非关税壁垒、增加进口美国商品等内容。以越南 为例，其在美国宣布关税措施后以 " 零关税 " 条件积极回应，然而，美国仍要求越南承诺取消知识产 权窃取、出口补贴、倾销等非关税壁垒，但上述贸易壁垒并未在 " 对等关税 " 的税率确定中进行过调 查和 ...