美国总统特朗普的关税公告及贸易伙伴的反应让市场感到震惊。企业在这个财报季节中一直在准备应急 计划并撤回指导，等待进一步的解决方案。市场在模糊的关税谈判中寻找稳定的立足点。与此同时，经 济已开始放缓。4 月底发布的第一季度国内生产总值（GDP）显示美国经济萎缩。调查数据和高频数据 （如集装箱运输）亦指向同一发展方向。关税不仅抑制增长，还可能引发通胀，这为美联储创造了一个 复杂的环境，主席鲍威尔上个月在声明中亦简略地承认了这一点。 智通财经APP获悉，尚渤投资管理投资组合经理 Ali Hassan 表示，市场预期美联储不会有任何行动，而 当局也没有让人失望。此次决议和声明并无新进展，联邦公开市场委员会（FOMC）将联邦基金利率维 持在 4.25% - 4.50% 的区间内。声明平淡且措辞圆滑，并承认了不确定性。唯一值得注意的是，当局强 调了潜在的高失业率与高通胀之间的两难局面，而不仅仅是通胀。此次会议没有安排更新经济预测摘 要，因此，新闻发布会是关键。 关税政策波动中，美联储的反应机制备受争议，包括反应的时间及深度。许多观察者，甚至是美联储理 事沃勒（Christopher Waller）认为关税对通胀有一次性的 ...

Group 1 - The article highlights the impact of U.S. tariff policies on global trade and financial markets, leading to a significant appreciation of Asian currencies against the U.S. dollar and a shift in investment strategies away from dollar assets [1][3]. - Asian currencies, including the Hong Kong dollar and New Taiwan dollar, have seen substantial gains, with the Hong Kong Monetary Authority intervening multiple times to maintain its currency peg, and the New Taiwan dollar experiencing a notable rise of over 10% against the dollar in just two trading days [2][3]. - There is a growing trend of foreign investors reducing their exposure to U.S. assets, with a reported decline of over 10% in the U.S. dollar index this year, indicating a shift in market sentiment towards the dollar [3][4]. Group 2 - The article discusses the weakening of the "American exceptionalism" narrative, as U.S. tariff policies create uncertainty and diminish the dollar's safe-haven status, prompting capital outflows from the dollar [4]. - Notable investors, including Warren Buffett, have expressed concerns about the future value of the dollar, warning of potential risks associated with U.S. fiscal policies that could lead to a depreciation of currency assets [4].

Group 1 - The 2025 Berkshire Hathaway annual meeting has concluded, with Warren Buffett hinting at succession plans, marking a significant moment as it may be his last meeting as the main speaker [1] - The article highlights the importance of understanding Greg Abel, Buffett's designated successor, as he will officially take over by the end of the year [1] - A recommended reading discusses Buffett's insights on how to make significant profits in the stock market, emphasizing the value of his teachings [1] Group 2 - Howard Marks provides timeless advice for ordinary investors, emphasizing the importance of recognizing one's limitations and staying in the market in a sustainable manner [2] - The article mentions that stock assets are currently a favorable choice, with two main investment themes worth attention [2] - The latest insights from Novo Nordisk's CEO focus on selectively building core competencies, particularly targeting advancements in the insulin sector [2]

专题：巴菲特2025年股东大会重磅来袭 5月3日，全球投资者关注的伯克希尔哈撒韦股东大会在内布拉斯加州小城奥马哈召开，今年是巴菲特股 东大会60年，新浪财经携手首席合作伙伴青花汾酒带您直击股东大会盛况。 在股东大会现场，新浪财经对话芒格书院创始人施宏俊，他希望投资人要能更乐观地看待中国的未来， 把眼光放得更远，无论是对科技、人才，还是对公司的企业文化，都看得更远点，而不要只看眼前的波 折。"就像巴菲特、芒格所说，投资要有耐心，不能太急躁，要耐心等待好公司成长。"（新浪财经北美 站站长 康路 摄像 新浪财经特约吴大中 实习编辑 胡家悦 发自奥马哈 北京） 以下是采访实录： 新浪财经：施总您好，非常荣幸能在奥马哈请您来接受我们的采访。我们首先知道您之前出了一本专门 关于查理·芒格的书，是吗？ 施宏俊：是的。 新浪财经：可不可以跟我们讲一讲查理·芒格的思想在现在这个 AI 时代到底是不是还适用？ 就像段永平说的，投资很简单，但是很难，比如 "做对的事，把事情做对"，要保持初心，做投资就像 做企业一样。但真正做起来，哪怕去 "抄作业" 都很难。 为什么呢？其实底层思维很简单，但是真正去研究公司的时候，其实还是蛮复杂的 ...

当地时间5月3日，伯克希尔·哈撒韦年度股东大会在美国召开。现年94岁的伯克希尔·哈撒韦公司首席执 行官、被称为"股神"的沃伦·巴菲特宣布，计划于2025年底退休。他还在现场回答关于美国关税政策问 题，指出美国不应该"将贸易当作武器"。2023年11月，南都记者曾在巴菲特好友查理·芒格去世时梳理 两人相识故事，他们还曾在2010年时到广东深圳参观车企。 据悉，当地时间5月3日，被誉为"投资界春晚"的伯克希尔·哈撒韦年度股东大会在美国内布拉斯加州奥 马哈召开。现年94岁的伯克希尔·哈撒韦公司首席执行官沃伦·巴菲特出席会议。 2010年9月27日下午3点半，巴菲特和芒格乘坐专机降落深圳宝安机场。当天，他们参观了比亚迪位于深 圳的总部公司和生产工厂。 工厂里，巴菲特、芒格和比尔·盖茨乘坐着绿色的导游小车，衣着都很简便。巴菲特穿着一件颜色艳丽 的紫色Polo衫，上印着车企的标志，芒格则是一身低调的白衬衫，敞着领口。 当时，巴菲特、芒格和比尔·盖茨还在该广东车企内拍摄了一张纪念合影。他们站在这家公司一辆当时 最新款的汽车旁，竖起大拇指，笑容满面。在他们背后的大屏幕上，写着"Build Your Dream"。 当地时间2 ...

Group 1: Berkshire Hathaway and Warren Buffett - Warren Buffett announced his retirement at the end of the year, with Greg Abel set to succeed him as CEO [1][2] - Buffett has led Berkshire Hathaway since 1965, achieving a compound annual growth rate of 19.9% in share value from 1965 to 2024, significantly outperforming the S&P 500's 10.4% [3] - Berkshire's cash reserves reached a record $347.7 billion (approximately 2.53 trillion RMB), with a 14% decline in operating profit to $9.64 billion in the first quarter of the year [6] Group 2: AI and Technology Developments - Nvidia responded to allegations from Anthropic regarding chip smuggling, emphasizing the importance of innovation over unfounded claims [7][9] - Nvidia's CEO Jensen Huang's compensation for the 2025 fiscal year is set at $49.9 million, a 46% increase from the previous year [10][11] - Ant Group is reportedly planning to list its overseas unit, Ant International, in Hong Kong, which accounts for about 20% of its revenue [13][14] Group 3: Tencent's AI Strategy - Tencent restructured its AI model development system, creating two new departments focused on large language models and multimodal models [16][19] - The restructuring aims to enhance resource integration and optimize research and development processes in response to rapid advancements in the AI industry [19][21] Group 4: AI Model Releases - Alibaba's Qwen 3 model, with 235 billion parameters, has been released as a new generation of open-source models, significantly reducing deployment costs [41] - DeepSeek launched the Prover-V2 model with 671 billion parameters, utilizing an efficient architecture for complex mathematical proofs [42] - Xiaomi introduced the "Xiaomi MiMo" model, which surpasses OpenAI's o1-mini in reasoning capabilities with only 7 billion parameters [43] Group 5: Market Reactions and Consumer Impact - Apple's CEO Tim Cook projected an additional $900 million (approximately 6.54 billion RMB) in costs due to U.S. tariff policies for the upcoming fiscal quarter, which the company plans to absorb without passing on to consumers [37]

当地时间5月3日，一年一度的投资界"春晚"——伯克希尔・哈撒韦股东大会在美国奥马哈市举 行。 1.97 万名股东涌入现场，数百万人同步收看直播。 在今年的股东大会上，巴菲特屡次就特朗普政府的政策与财政问题表达担忧，明确强调贸易不应 作为武器。此外，他还针对伯克希尔的巨额现金储备，以及近期美股市场波动、海外投资、人生 哲学、AI、自动驾驶、保险业务等一系列话题发表见解。 令全球投资者感到意外的是，巴菲特在股东大会最后宣布，他已经决定将在周日的董事会上，提 议在年底前正式将伯克希尔CEO职务交给接班人格雷格·阿贝尔。 01 精华划重点 1、谈接班人： 阿贝尔在各方面都做好了担任伯克希尔哈CEO的准备；将建议董事会在年底前任 命阿贝尔为公司CEO。 2、谈关税问题： 美国应该寻求与世界其他国家进行贸易，贸易不应该被当成武器。 3、谈美国财政政策： 美国的财政问题令我害怕，但这也不是美国独有的问题。 4、谈美股大幅波动： 与历史上的大崩盘相比，过去几十天的下跌根本不算什么。 5、谈人工智能： 我不会把所有的东西绕着AI进行投资和发展；如果AI里面有选择的话，应该让 （伯克希尔副董事长）阿吉特·贾恩来选择。 6、谈日本 ...

5月3日，被誉为"投资界春晚"的伯克希尔年度股东大会召开。 今年，巴菲特就将年满95岁，这也是他执掌公司的第60个年头。聚焦这场股东大会，凤凰"K说联盟"成 员、国家金融与发展实验室特聘高级研究员邵宇，凤凰"K说联盟"成员、中航基金副总经理兼首席投资 官邓海清，国泰海通证券首席宏观分析师梁中华，在直播中展开了对谈，解密巴菲特的现金部署与接班 布局，对时下热门的关税战、黄金热也进行了探讨。 01 美股还没到巴菲特抄底的心理价位？ 在2024年，巴菲特大幅削减美股持仓，转而持有更多现金，再次精准逃顶。在去年年底，伯克希尔公司 的现金储备超过3300亿美元，创历史新高。在当下变幻的时局中，巴菲特的态度具有"风向标的作用"， 外界关注着他将如何分配手上的巨额现金。 在邵宇看来，巴菲特的下一步动作，还会继续观望，等待全球经贸变局告一段落，大局有一些轮廓后再 进行操作。同时，巴菲特可能会关注新兴市场资产配置的机会，例如中国和拉丁美洲这些具有"性价 比"的资产。此外，他特地提到，巴菲特的处境相对特殊，作为美国投资人，很难做空自己的国家，这 让他处于矛盾的境地，以致于出现了现金囤积。 邓海清则指出，美股估值在去年已创历史新高 ...

Fundraising Summary - As of this week, there were 133 fundraising, investment, listing, and merger events, involving a total amount of 28.337 billion RMB [1] - This week, no new private equity fund managers were registered, and 8 were canceled, bringing the total for the year to 27 [2] - A total of 83 new funds were registered this week, with a total scale of 19.049 billion RMB, the largest being Zhaoying Zhengsheng (Shanghai) Private Fund Partnership, which raised 2.760 billion RMB [2] Investment Summary - There were 30 investment events this week, with 23 disclosing investment amounts totaling 6.98 billion RMB [6] - The largest investment event involved Guotou Chuangye Investment Management Co., leading an investment in Wuxi Zhixian Future Technology Co., amounting to several hundred million RMB [6] - Wuxi Zhixian focuses on engineering intelligent systems driven by multimodal large models, particularly in the semiconductor sector [6] M&A Summary - This week, there were 20 merger and acquisition events, with disclosed transaction amounts totaling 8.590 billion RMB [16] - The largest M&A event was the acquisition of 75% of Zhongjing Investment Holdings by Changjiang Industrial Investment Group for 2.776 billion RMB [16] - Zhongjing Investment Holdings is responsible for managing industrial funds and capital operations in Jingmen City, focusing on various sectors including agriculture, manufacturing, and finance [16] Listing Summary - There were no listing events this week [19]

Core Viewpoint - The "Buffett Indicator," a key valuation metric praised by Warren Buffett, suggests that the overall valuation of the U.S. stock market is currently relatively cheap, supporting the view that the strong rebound in U.S. stocks since April may continue in the long term despite the ongoing trade tensions initiated by the Trump administration [1][3]. Valuation Metrics - The "Buffett Indicator," which measures the total market value of U.S. stocks against the U.S. GDP, currently stands at 180%, the lowest level since early September, indicating that U.S. stock valuations are relatively inexpensive [1][3]. - This indicator is calculated by dividing the total market capitalization of the Wilshire 5000 Index by the U.S. GDP, and it remains above the typical levels seen during market bottoms, such as the near 100% level during the COVID-19 pandemic sell-off in early 2020 [1][5]. Market Reactions - The S&P 500 index has rebounded by 12% since reaching a low in April, prompting traders to consider whether to continue betting on upward momentum or to buy on dips [3][4]. - Berkshire Hathaway, led by Buffett, has significantly outperformed the S&P 500 index, showcasing its status as a "safe haven" during market turmoil, with a market capitalization exceeding $1 trillion [6][7]. Investor Sentiment - Investors are preparing for upcoming earnings seasons and Federal Reserve meetings, which could influence the trends of U.S. and global stock markets [4]. - The importance of quantitative valuation metrics has increased this year as investors seek to determine if stock prices have become more attractive relative to fundamentals due to tariff-induced sell-offs [3][5]. Berkshire Hathaway's Position - Berkshire Hathaway's stock has risen nearly 17% this year, outperforming the S&P 500, which has declined by nearly 5% [7]. - The company holds a record cash reserve of $334.2 billion, enhancing its appeal as a safe investment during volatile market conditions [6][7].