美元指数创本月内新低，日元涨超1%，离岸人民币盘中涨超300点、突破7.18、创半年新高。比特币一度较周四纪录高位跳水超4000美元。 原油一度跌近2%，但此后转涨。 亚洲时段，沪指午后跳水收跌近1%，医药板块逆势上涨，恒指惊险收涨，恒瑞医药港股首秀大涨25%，国债走强。 要闻 市场概述 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 特朗普威胁对欧盟、苹果征税，美股大盘全线下跌，标普连续四日下跌，苹果八连跌，周五跌3%，领跌科技七巨头。核电股Oklo涨23%，美国钢铁涨21%。 特朗普关税威胁后，欧股汽车板块跌超3%。 华见早安之声 避险情绪重回上风，美债价格走高，黄金大涨2%，期金一周涨超5%。 贸易争端再度拉响警报，特朗普威胁自6月1日起对欧盟征收50%关税。日本首相石破茂：与特朗普进行了通话，日本将继续寻求取消额外的美国 关税。报道：印度和美国可能在未来7-10天内达成原则性贸易协议。美国海关日关税收入增至创纪录的165亿美元。 特朗普：我警告过库克，苹果必须本土制造，不然征税25%！分析师："荒谬"，苹果扛下关税都比迁回美国强。苹果股价八连跌。特朗普对三星 和其他手机制造商发出关税威胁。 ...

Economic Indicators - In April, industrial added value year-on-year was 6.1%, a significant drop of 1.6 percentage points from March, indicating a slowdown in industrial production[4] - Fixed asset investment in April grew by 3.5% year-on-year, down 0.8 percentage points from March, with infrastructure investment declining by 3 percentage points to 9.6%[7] - Real estate investment in April saw a year-on-year decrease of 11.3%, a slight decline of 1.3 percentage points from March, with new construction area down by 22.1%[11] Consumer and Market Trends - Retail sales of consumer goods in April increased by 5.1% year-on-year, down 0.8 percentage points from the previous month, but still at a relatively high level[13] - Social financing in April grew by 8.7% year-on-year, an increase of 0.3 percentage points from the previous month, primarily driven by government bond issuance[16] - The A-share market has shifted from initial panic over economic slowdown to a focus on the extent of economic deceleration, with confidence in the economy improving for the second half of the year[20] Tariff Impact and Policy Response - The imposition of reciprocal tariffs has led to a noticeable decline in total demand, with April's PPI showing a month-on-month decrease of 0.4%[5] - The recent U.S.-China trade negotiations have eased expectations regarding tariffs, suggesting a potential moderation in the negative impact on the real economy[5] - The central bank's likelihood of significantly tightening monetary policy appears limited due to greater downward pressure on the economy compared to earlier in the year[22]

智通财经APP获悉，根据美国证券交易委员会(SEC)披露，有着"华尔街巨鳄"称号的亿万富翁丹尼尔·勒 布(Daniel Loeb)所创立并领导的全球顶级资管机构Third Point递交了截至2025年3月31日的第一季度(Q1) 美国股市持仓报告(13F)。 据统计，Third Point第一季度持仓总市值为65.5亿美元，上一季度总市值为74.4亿美元，环比下降12%。 该资管机构在第一季度的持仓组合中新增买入11只个股，增持9只个股，同时清仓了9只个股，减持7只 个股。其中前十大持仓标的占总市值的49.74%，意味着相比于高盛、摩根士丹利等华尔街同行而言， 持仓标的较为集中。 | 2025-03-31 | | | --- | --- | | 13F Activity | | | Market Value | $6.55b, Prior: $7.44b | | Inflows (Outflows) as % of Total MV | (-5.2324)% | | New Purchases | 11 stocks | | Added To | 9 stocks | | Sold out of | 9 s ...

Group 1 - The capital market may experience phases of bubbles and restlessness, but innovation is worth encouraging and will continue to occur [2][45] - The primary market has seen a constant shift in hotspots this year, with the hard technology sector cooling down while the AI sector is gaining momentum [3][4] - The investment landscape is divided, with top investment firms having ample funds but facing pressure to invest, while mid-tier firms are disappearing and smaller firms are seeking collaboration [5][6] Group 2 - The AI sector has produced several waves of beneficiaries, including major internet companies, AI project service providers, and AI talent [8] - The emergence of Deepseek has led to a reevaluation of previously successful AI projects, highlighting the importance of foundational research and long-term support from major players [9][10] - The current AI investment paradigm is shifting, with fewer entrepreneurs focusing on training foundational models and more on application development [14][15] Group 3 - Successful projects should exhibit potential for explosive growth, clear signal points for validation, unique organizational advantages, and a rebellious spirit in their founding teams [17] - The risks in high-tech investments extend beyond technical risks to include team stability, commercialization, and management challenges [19] - There are prevalent misconceptions among entrepreneurs regarding their project positioning and the nature of their innovations [20][21] Group 4 - Entrepreneurs in the AI space can be categorized into four types: the commercially savvy, the technically focused, the business-oriented, and those who rely on technical support [27][30][32] - The VC industry is characterized by a continuous cycle of opportunity and risk, requiring patience and strategic thinking from investors [36][38] - The essence of VC investment lies in identifying strong teams and making calculated bets based on probability [38][39]

美国科技巨头则在使用"胡萝卜加大棒"策略 例如，谷歌正通过更为丰厚的奖励来推动员工提高绩效。该公司最近更新了绩效评估体系，让更多员工 有机会获得更高的评级，从而拿到更丰厚的奖金和股票激励。 但是，有奖就有罚。一些人收入变高了，另一些低绩效员工的回报就会被压缩。这进一步强化了谷歌对 卓越表现的追求，同时也在敲打那些打算"躺平养老"的员工。 凤凰网科技讯 北京时间5月7日，中美两国的科技行业正在掀起两股不同的风潮。小红书，快手、字节 跳动正在取消"大小周"，摒弃加班文化，而谷歌、微软、Meta则狠抓绩效，强调末位淘汰。 上个月，小红书取消大小周的消息冲上了热搜，再度引发了人们对于中国互联网公司加班文化的关注。 此前，快手、字节跳动已经宣布了类似政策。 对于这一调整，有人欢喜有人忧。取消大小周意味着企业员工可以每周双休，可以得到更好的休息，提 高生活品质，平衡工作与生活。但是另一方面，少干一天，收入也会下降。 从企业角度讲，这么做可以提高品牌形象，减少劳动争议，聚集工作效率而非从工作时长，迫使企业提 升管理水平。不过，虽然企业名义上宣布取消大小周，但也可能会造成"隐性加班"。 但是在大洋彼岸的美国，科技公司却走向了 ...

来源：世界风情画（ID：finkeeper） | 时间 | 现金和现金等价物 (亿美元) | 賞冊 (1 | | --- | --- | --- | | 2019 | 641.75 | { | | 2020 | 479.9 | | | 2021 | 358.11 | 1 | | 2022 | 358.11 | ( | | 2023 | 380.22 | 1 | | 2024 | 443.33 | 2 | | 2025Q1st | 477.29 | 3 | 这正是巴菲特旗下的伯克希尔·哈撒韦公司正因史上最大规模的"囤现金"潮，陷入到人们的物议纷至沓来之际——伯克希尔哈撒韦2025年一季度末现金头寸 升至3477亿美元（2024年四季度末为3342亿美元），再创历史新高。 尽管从股价变化上，伯克希尔·哈撒韦公司周线上几乎看不出2025年一季度美国GDP年率下降0.1%，以及特朗普发起新贸易战导致美股普遍下跌的危机。 公司总股本甚至从2024年11月的143.67万股扩大到了143.82万股。 故伯克希尔·哈撒韦公司到2025年5月5日，总市值达到了11640.0717亿美元，比去年11月的9740.826亿美元扩 ...

60年，这位老人积累了足够的幽默与智慧，在今年的5月3日，再次向全世界带来他的回答。 今年，第一财经依然是巴菲特股东大会中国大陆地区独家版权合作伙伴，而我们的巴菲特时间将从4 月21日正式开启。 4月21日起，我们将带来8期巴菲特直播课： 超1000亿美元抛售背后的周期密码：为什么巴菲特总能预判市场调整？ 揭秘低调接班人阿贝尔：巴菲特为什么说他"永远不会做蠢事"？ 如果今年你前往奥马哈，参加巴菲特股东大会，你可以在现场买到一本新出版的书：《伯克希尔哈撒 韦60年》，这也是今年巴菲特股东大会上售卖的唯一一本书籍。从1965年开始，巴菲特与伯克希尔 哈撒韦已经一起走过了60年。这家当时濒临破产的纺织企业，如今一股（A类股）超77万美元，较 1965年增长了将近6万倍。 过去的60年，世界经济格局几经变幻，经济、金融危机经历了十数次；过去的60年，伯克希尔哈撒 韦完成了多次可以写进教科书级别的收购，也发生过4次股价大跌；过去的60年，巴菲特成为了大家 口中的"股神"、"奥马哈先知"，却依然告诉你：衡量财富的标准是有多少人爱你。 AI投资热潮下的冷思考，科技股的下一个风口在哪里？ 消费股的春天已经来了吗？ 这些话题我 ...

【环球网科技综合报道】随着ChatGPT、Deepseek等生成式AI聊天机器人在全球范围内掀起热潮，其应 用场景正不断拓展，如今甚至"跨界"至投资领域。近期，社交媒体上涌现出大量散户分享使用生成式AI 进行选股投资的经验，他们认为，相比咨询专业投资顾问，利用AI制定投资策略不仅成本低廉，而且 似乎颇具成效。然而，这一新兴趋势背后，是否真的隐藏着财富密码？还是潜藏着不为人知的风险？ 然而，专家也提醒广大散户，在使用AI进行投资研究时，务必保持警惕，仔细核查AI模型所引用的资 料来源。由于AI训练数据可能存在时效性不足或质量参差不齐的问题，其生成的内容有时可能包含过 时信息甚至错误观点。更为严重的是，AI在处理复杂或小众内容时，还可能出现"幻觉"现象，即输出与 事实不符或逻辑混乱的信息。 "AI幻觉本质上源于模型对知识点的掌握不足或概率计算错误。"一位不愿具名的AI领域专家解释 道，"对于不具备相应专业知识的散户而言，很难在短时间内准确识别这些错误信息，从而可能误导其 投资决策。" 面对AI在投资领域的应用热潮，专家呼吁广大散户保持理性态度，既要看到AI在信息处理方面的潜 力，也要清醒认识到其局限性和潜在风险。 ...

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Core Insights - The core message of the article emphasizes the investment philosophy of Terry Smith and Fundsmith, focusing on principles such as buying good companies, not overpaying, and maintaining a long-term perspective without frequent trading [1][4][7]. Investment Philosophy - Fundsmith's investment strategy is based on three key principles: 1. Buy good companies, defined by strong financial metrics such as high return on capital employed (ROCE) and gross margin [5][6]. 2. Don't overpay, with a focus on free cash flow yield as a measure of valuation [6][7]. 3. Do nothing, meaning that the best returns come from holding quality companies over time rather than frequent trading [7][8]. Market Trends and Insights - The discussion highlighted the impact of GLP-1 weight loss drugs, with the global market expected to grow from approximately $31.6 billion to between $100 billion and $350 billion in the coming years [8][9]. - The article also addressed the implications of potential tariff increases under a returning Trump administration, emphasizing that investment decisions should focus on the fundamental business operations rather than unpredictable political changes [10][11]. Active vs. Passive Management - Terry Smith argued that active management has a future, as it allows for selective investment in quality companies, contrasting with passive strategies that may lead to overvaluation of large-cap stocks [3][4]. - The article discussed the importance of understanding the underlying business quality and resilience in the face of market changes, rather than merely following market trends [10][11]. Controversial Holdings - Fundsmith's controversial holdings include Philip Morris, Novo Nordisk, and Unilever, each facing different market debates regarding ESG concerns, valuation, and management effectiveness [2][20][21]. - The article noted that Philip Morris has shifted significantly towards reduced-risk products, with a substantial portion of its revenue now coming from non-combustible products [20]. - Novo Nordisk's valuation concerns were addressed, with a focus on its strong financial metrics compared to competitors [21]. Management Incentives - The article highlighted the importance of management incentive structures, with Fundsmith often opposing poorly designed compensation plans that do not align with long-term shareholder value [15][16]. - Effective incentive mechanisms were illustrated through examples of companies that successfully align management goals with shareholder interests [16][19]. Dividend Strategy - Fundsmith's stance against investing solely for dividends was emphasized, advocating for a focus on companies that can reinvest profits effectively for long-term growth [17][19]. - The article provided examples of companies that have successfully increased dividends over time, reinforcing the idea that strong growth potential is more critical than immediate dividend yields [19].