Core Viewpoint - The recent decline in U.S. tech stocks, particularly Nvidia, has raised concerns about overvaluation in the AI sector, leading to a shift in investor sentiment and potential market adjustments [1][2]. Group 1: Market Performance - On November 17, major U.S. stock indices experienced significant declines, with the Dow Jones dropping 556.99 points (1.18%), the S&P 500 down 61.61 points (0.91%), and the Nasdaq falling 192.51 points (0.84%) [1]. - Nvidia's market capitalization has decreased by 4.42 trillion yuan over 14 trading days, reflecting growing fears of an AI stock bubble [1]. Group 2: Investor Sentiment - Investors are increasingly uneasy about the high valuations of AI stocks, with the S&P 500 index up 13.66% this year, driven largely by tech stocks [2]. - The average P/E ratio of the S&P 500 is 30.42, with many major tech stocks, including Nvidia and Tesla, significantly exceeding this average [2]. Group 3: Energy Costs and AI - The rapid growth of AI has led to a surge in electricity demand, contributing to rising energy prices, with residential electricity costs increasing by 6% year-over-year as of August [2]. - States with high data center density, such as Virginia, Illinois, and Ohio, have seen electricity price increases of 13%, 16%, and 12%, respectively [3]. Group 4: Treasury Market and Interest Rates - The U.S. Treasury issued $694 billion in bonds over a three-day period, reflecting ongoing pressures in the short-term financing market [4]. - Following the Federal Reserve's October meeting, long-term interest rates have remained stable, indicating a cooling of rate cut expectations [4]. Group 5: Liquidity Concerns - There are signs of liquidity pressure in the short-term financing market, with higher borrowing costs for institutions seeking short-term financing [5]. - The Federal Reserve has suggested that market participants utilize standing repo facilities to manage liquidity [5]. Group 6: Investment Strategies - Warren Buffett's investment portfolio, valued at $267.2 billion, reflects a strategy of patience and value investing, with significant adjustments made in the third quarter [6]. - New investments in stocks like Google, which has a lower P/E ratio than the S&P 500 average, indicate a focus on growth potential and risk resilience [6]. Group 7: Economic Outlook - Upcoming economic reports are expected to influence market sentiment, particularly regarding inflation and employment data [7]. - If inflation remains around 3% with a deteriorating job market, the Fed may consider further rate cuts, while higher inflation could lead to a more cautious approach [7].

责任编辑：石秀珍 SF183 临近年底，市场波动可能加大，部分投资者选择获利了结，导致成交量阶段性萎缩、震荡加剧，这属于 正常现象。从投资策略看，在4000点之前的牛市上半场，仓位可以聚焦于高股息板块或科技成长股；进 入下半场后，板块轮动或将加快，"小登股"、"中登股"、"老登股"均可能有机会，配置需更加均衡，可 以避免过度集中，如此进可攻、退可守。在当前关键指数关口，多空分歧加大，信心尤为重要。建议投 资者保持信心，相信这轮慢牛长牛行情将是未来重要的财富增长机遇。最后，建议大家积极学习价值投 资理念，坚持做优质公司的股东，或通过配置优质基金参与市场，力争分享中国经济转型升级与资本市 场发展的长期红利。 （作者系前海开源基金首席经济学家、基金经理） MACD金叉信号形成，这些股涨势不错！ 我认为，4000点之前属于牛市的上半场。在此阶段，科技股一枝独秀，其他板块表现相对低迷，结构性 牛市特征明显。今年A股整体呈现出"哑铃型"结构——这也是我从年初就反复强调的观点。哑铃的一端 是以银行为代表的低估值、高股息板块，另一端则是科技成长股。这两类资产成为今年表现最为突出的 主线。近期，农业银行股价创历史新高，市值跃居 ...

Group 1: Market Performance - The A-share market saw significant gains in sectors such as Media, Computer, and National Chip Index, with increases of 1.60%, 0.93%, and 0.92% respectively as of November 18, 2025 [1][8] - The largest Media ETF (512980) reached a scale of 2.766 billion, rising by 2.38%, making it the top-performing stock ETF in the market [4] - The semiconductor equipment ETF (560780) also performed well, increasing by 2.03% [5] Group 2: AI and Technology Developments - Berkshire Hathaway disclosed a significant investment in Alphabet, purchasing approximately 17.85 million shares valued at around 4.3 billion USD, indicating strong market confidence in technology stocks [2] - Alibaba launched its AI product "Qianwen" APP, marking a strategic shift towards the consumer market and intensifying competition in the domestic AI application sector [2] - Google's upcoming AI model, Gemini 3.0, is expected to enhance capabilities in code generation, logical reasoning, and multimodal interaction, further driving the growth of AI applications [2] Group 3: Investment Opportunities - China International Capital Corporation (CICC) highlighted the potential for domestic companies to capitalize on AI application opportunities abroad, focusing on the computing power supply chain and various AI application types [3] - The AI application business model is rapidly evolving from concept validation to revenue generation, with increasing demand across industries [2] - The semiconductor industry is expected to benefit from a recovery in demand as companies transition from passive inventory reduction to active replenishment [10] Group 4: Sector Analysis - The semiconductor industry is experiencing a strong inflow of funds, with the comprehensive semiconductor ETF (159801) seeing net inflows exceeding 100 million over four of the last five trading days [7] - The rare metals sector is also gaining attention, with a focus on rare earths, lithium, and magnetic materials, as indicated by the rare metals ETF (159608) [11] - The technology sector, particularly in the context of the STAR Market, showed a 7% increase in revenue and an 8% increase in net profit year-on-year for Q3 2025, indicating a positive trend in the sector [14]

（来源：资本市场那些事儿） 六十载光阴，巴菲特将濒临破产的纺织厂打造成市值万亿美元的巨擘，用5.5万倍回报重新定义了价值 投资。 "时间之父不会放过任何人，他从未败北。"95岁的沃伦·巴菲特在11月10日发布的感恩节信中写道，言 语间透露出与年龄和解的坦然。 这位被称为"股神"的传奇投资者正式宣布，今年年底将不再撰写伯克希尔的年度报告，也不再在年会上 无休止地讲话。Going quiet! 这是一封告别信，巴菲特以首席执行官身份撰写的最后一封公开信，为他的投资生涯画上句号。 随着他的隐退，华尔街一个时代正缓缓落下帷幕。但巴菲特留下的不仅是惊人的财富神话，更有一套历 经半个多世纪淬炼的投资哲学。 01. 感恩节谢幕：95 岁股神的 "悄然隐退" 与交接密码 2025 年 11 月 11 日凌晨，奥马哈的晨光尚未穿透薄雾，一封致伯克希尔股东的信函已震动全球金融市 场。95 岁的沃伦・巴菲特用一句英式自嘲开场："用英国人的话说，我要'悄然隐退'了。" 这封被视作 "谢幕信" 的公开信里，藏着三个改变投资史的关键信息： 职务交接终落地：年底将 CEO 权杖正式交予 63 岁的格雷格・阿贝尔，自己留任董事长至股东建立信 ...

每经记者｜吴永久 张宛 每经编辑｜何建川 当市场目光汇聚一处，当专业声音共振发声，一场关乎行业口碑的权威评选即将迎来关键节点——距 离"2025年第十五届上市公司口碑榜"评选公众投票与机构投票环节正式开启，仅剩1周时间。作为评选 公信力的核心支撑，广发证券、招商证券、天风证券等24家头部及特色券商研究所，与重阳投资、星石 投资、玄元投资等10家顶尖私募组成的机构评审团已然集结，他们将以专业洞察力为优质企业投出关键 一票。今天，就让我们深度解码这份机构天团图鉴，探寻专业力量背后的硬核逻辑。 24家券商研究所：业绩与专业双硬核背书 本届口碑榜已集结20余家实力券商研究所，阵容覆盖行业主流力量：广发证券、招商证券、天风证券、 山西证券、华西证券、国金证券、长城证券、华安证券、国盛证券、兴业证券、国海证券、西部证券、 东北证券、国联民生、东吴证券、方正证券、浙商证券、德邦证券、五矿证券、国投证券、华源证券、 华金证券、华创证券、开源证券。 业绩是实力最直观的注脚。上述24家券商中17家为上市券商，其前三季度业绩呈现"井喷式"增长，成为 拉动行业盈利的核心引擎。广发证券和招商证券两家2025年前三季度营收均突破百亿元， ...

这一转变的核心逻辑在于资本的价值发现功能。 当A股市场因投资者情绪或流动性因素导致估值偏离基本面，股价估值明显低于内在价值时，国际资本 与长期资金却能够认识到上市公司的发展潜力，并通过港股市场进行买入并持有，从而推动估值回归理 性。 对比去年同期来看，AH股溢价出现明显收窄，目前也有宁德时代、招商银行、恒瑞医药、美的集团等 多股出现了AH股溢价倒挂的现象，这是中国优质资产受到国际资本青睐的结果，同时也是南向资金的 理性选择。未来不排除有更多两地上市公司的港股股价超越A股的可能。 过去，AH股溢价长期存在，主要源于两地市场流动性差异、投资者结构分化等原因。A股市场以散户 为主，流动性充沛且风险偏好较高，推动估值中枢上移；而港股市场机构投资者占比更高，定价更趋理 性，于是H股估值通常都会较A股更低。然而，这一格局在今年发生了显著变化：国际资本对中国优质 资产的配置需求上升，叠加南向资金持续流入，港股市场的流动性与估值水平逐渐提升，部分上市公司 的H股股价开始反超A股股价。 AH股溢价倒挂的直接原因是国际资本的重点青睐。随着全球资产配置向新兴市场倾斜，中国优质资产 因其稳定的基本面与成长性成为重点买入对象。外资机构 ...

■韩昱 "股神"巴菲特麾下的伯克希尔.哈撒韦公司(以下简称"伯克希尔")日前公布了第三季度的13F报告，这也 很有可能是巴菲特在今年年底"退休"前最后一份持仓报告。令全球市场高度关注的一项操作是，这份报 告显示伯克希尔调整了对美国科技巨头的押注——Alphabet(谷歌母公司)被大举建仓，晋升为第十大重 仓股。 具体来看，第三季度，伯克希尔买入了Alphabet约1785万股，对应季末市值约为43亿美元，这是其首次 建仓谷歌母公司。Alphabet既是伯克希尔在第三季度买入最多的标的，也是其当季唯一新增持股。 另一方面，Alphabet不仅拥有宽阔的技术"护城河"，在成长性方面也走在前列。公开数据显示，截至第 三季度末，谷歌AI应用Gemini的月活跃用户数已超过6.5亿，AI技术变现已出现较为强劲的势头，谷歌 表示，AI正在为整个公司带来实实在在的业务成果。 可以看出，Alphabet这样兼顾"防御"与"成长"的特性，符合巴菲特价值投资的理念——找到拥有宽阔"护 城河"，同时能持续创造现金流的卓越企业。 对于全球投资者而言，巴菲特"退休"前的这份持仓报告也提供了清晰的风向标——在人工智能成为新一 代核心生产 ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Fox (FOXA) as a strong candidate for value investors due to its attractive valuation metrics and strong earnings outlook [2][4][7]. Company Metrics - Fox (FOXA) has a Zacks Rank of 1 (Strong Buy) and a Value grade of A, indicating it is a top pick for value investors [4]. - The Forward P/E ratio for FOXA is 14.24, significantly lower than the industry average of 28.11, suggesting it is undervalued [4]. - FOXA's P/B ratio is 2.24, compared to the industry's average P/B of 5.76, further indicating its attractive valuation [5]. - The P/CF ratio for FOXA stands at 10.42, which is also lower than the industry average of 11.49, reinforcing the notion of undervaluation [6]. Historical Performance - Over the past 52 weeks, FOXA's Forward P/E has fluctuated between a high of 14.74 and a low of 10.80, with a median of 12.55 [4]. - In the last 12 months, FOXA's P/B ratio has ranged from a high of 2.31 to a low of 1.66, with a median of 2.03 [5]. - The P/CF ratio for FOXA has varied between a high of 11.64 and a low of 8.27, with a median of 9.76 [6].

周一，谷歌(GOOGL.US)盘前涨近3%，报284.55美元。消息面上，11月15日，伯克希尔哈撒韦公布了 13F报告，新建仓了Alphabet约1785万股，按报告期末估值约43亿美元。该笔持仓在其可公开披露的13F 组合中约占1.6%，显示巴菲特正提高其科技敞口。巴菲特旗下伯克希尔在2025年三季度首次建仓谷 歌，反映价值投资逻辑转向硬科技，看好谷歌在算力、数据和模型等"基础设施级"企业的优势。 Alphabet公布的2025Q3财报显示，其营收达约1023亿美元，同比增长约16%，其中云服务收入约152亿 美元、同比增长34%。公司净利润约350亿美元，同比增长约33%，每股收益约2.87美元。公司历史上首 次收入突破1000亿美元。 ...

智通财经APP获悉，周一，谷歌(GOOGL.US)盘前涨近3%，报284.55美元。消息面上，11月15日，伯克 希尔哈撒韦公布了13F报告，新建仓了Alphabet约1785万股，按报告期末估值约43亿美元。该笔持仓在 其可公开披露的 13F 组合中约占1.6%，显示巴菲特正提高其科技敞口。巴菲特旗下伯克希尔在2025年 三季度首次建仓谷歌，反映价值投资逻辑转向硬科技，看好谷歌在算力、数据和模型等"基础设施级"企 业的优势。 Alphabet公布的2025Q3财报显示，其营收达约1023亿美元，同比增长约16%，其中云服务收入约152亿 美元、同比增长34%。公司净利润约350亿美元，同比增长约33%，每股收益约2.87美元。公司历史上首 次收入突破1000亿美元。 ...