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]

Core Viewpoint - The article discusses the key insights from the Berkshire Hathaway annual shareholder meeting, highlighting Warren Buffett's views on various economic and investment topics, including the announcement of his successor, Greg Abel, as CEO by the end of the year [2][4][16]. Summary by Sections 1. Leadership Transition - Buffett announced that he will propose Greg Abel as the new CEO of Berkshire Hathaway by the end of the year, emphasizing Abel's readiness and understanding of the company's management philosophy [4][16]. 2. Trade and Tariffs - Buffett criticized the use of trade as a weapon and advocated for the U.S. to seek trade relationships with other countries, stating that protectionist policies are a serious mistake [5][16][18]. 3. U.S. Fiscal Policy - Concerns were raised about U.S. fiscal policies, with Buffett expressing fear over the sustainability of the country's fiscal deficit and the potential for currency devaluation [6][19][20]. 4. Stock Market Volatility - Buffett downplayed recent stock market fluctuations, comparing them to historical downturns and suggesting that investors should not be overly concerned about short-term price movements [7][22]. 5. Cash Reserves - Berkshire Hathaway's cash reserves reached a record high of $347.7 billion, with Buffett indicating that investment opportunities may arise in the next five years, although immediate opportunities are unlikely [9][14][23]. 6. Investment in Japan - Buffett reaffirmed a long-term commitment to Japanese companies, stating that Berkshire will not sell its Japanese stocks and expressing a desire for even larger investments in the future [8][21][22]. 7. Artificial Intelligence and Insurance - The impact of AI on the insurance industry was discussed, with a cautious approach to adopting new technologies until their potential is fully understood [27][28]. 8. Advice for Young People - Buffett advised young individuals to surround themselves with talented people and to pursue work they are passionate about, emphasizing the importance of personal fulfillment over initial salary [10][29].

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].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Tian Tu Capital Co., Ltd. 深圳市天圖投資管理股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1973） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由深圳市天 圖投資管理股份有限公司（「本公司」）作 出。 茲載列本公司於全國中小企業股份轉讓系統有限責任公司網站刊登公告如下， 僅 供 參 閱。 承董事會命 深圳市天圖投資管理股份有限公司 董事長兼執行董事 王永華先生 中國深圳 2025年4月30日 截 至 本 公 告 日 期，本 公 司 董 事 會 成 員 包 括 執 行 董 事 王 永 華 先 生、馮 衛 東 先 生、 鄒 雲 麗 女 士 及 李 小 毅 先 生；非 執 行 ...

【文/观察者网专栏作者 江宇舟】 特朗普此番来势汹汹的贸易战发动至今已有三月，"对等关税"推出也将近一月。在这个过程中，中国从 一开始就给予坚决反击，不退让一步，也彻底打乱了特朗普的节奏，让关税执行效果与发动时的声势完 全脱节： 说好要"不会豁免加征"，保质期不到72个小时；贝森特和卢特尼克说"70国排队签约"，到如今连G7都不 买账；至于"等中国打电话"，更引发了海内外舆论罕见的一致群嘲，超级大国每天都在用各种姿势表演 着尊严扫地，国内经济特别是金融市场也随之震荡杀跌。 通炒作后，全世界都知道他打不通中国电话。网络图片 但越是如此，一些足以颠覆规则的下三滥招术越被美国政客们不以为耻地津津乐道，包括但不限于试图 封堵中国航运、威逼有关国家中止对华合作、尤其是近期美国政客集中提议各国以限制对华贸易换取美 国豁免。商务部对此的评论是"绥靖换不来和平，妥协也得不到尊重。" 当此之时，面临股债汇三杀的特朗普政府总是含糊其辞，频频抛来橄榄枝，称将大幅降低对华关税，并 看好后续谈判。那么，如何看待特朗普政府的反复无常？本次贸易战又将走向何方？ 一、特朗普2.0时期贸易战的特点 首先，我们要明确一点，特朗普此番"求和"是缺 ...

周二亚洲市场交易时段，美元兑日元（USD/JPY）汇率下跌至140.00附近，创下2024年9月以来的新低。这一现象 主要源于美国总统特朗普对美联储主席鲍威尔的持续批评，进一步削弱了市场对美元的信心。 北极星投资管理公司首席投资官Eric Kuby表示："特朗普与鲍威尔之间的僵局令人忧心忡忡，一旦总统采取极端 措施更换美联储主席，美元市场很可能会出现恐慌局面。" 美联储与日本央行政策走向形成鲜明反差 据消息，日本央行将在下周的会议中维持加息路径不变，其理由是美国关税影响尚未打破日本通胀与工资增长的 良性循环。而市场普遍预期美联储将在今年6月开启新一轮降息周期，全年累计降息幅度预计达1个百分点。 这一政策差异使得日元的升值趋势更具稳定性。当前市场对美联储政策前景的不确定性，与日本政策的透明度形 成强烈反差，促使资金流向日元。 市场调查结果显示，交易员认为"除非美国经济数据出现意外反弹，否则美联储年内降息已成定局"。 日本官员立场坚定，日美谈判前景不明 上周日美首轮谈判结束后，日本经济再生大臣赤泽亮正指出，目前难以预测双方达成协议的时间节点，强调日本 不会为了保护汽车产业而牺牲农业利益。本周稍晚些时候，日本财政大 ...

Core Viewpoint - The article discusses Germany's concerns regarding its gold reserves stored in the United States amidst rising geopolitical tensions and unpredictable U.S. trade policies, particularly under the Trump administration. The potential risks associated with these reserves have prompted discussions about repatriating gold back to Germany. Group 1: Germany's Gold Reserves - Germany holds 3,352 tons of gold, valued at €280 billion, making it the second-largest holder of gold reserves globally, following the U.S. with 8,100 tons [3][34] - Over one-third of Germany's gold, approximately 1,200 tons, is stored in the Federal Reserve's vaults in New York, raising concerns about its security and ownership amidst U.S. policy changes [3][10][16] Group 2: Historical Context - The practice of storing gold in the U.S. dates back to the post-World War II era when the U.S. emerged as the only major economy unaffected by the war, leading to a concentration of global gold reserves in the country [5][7] - The Bretton Woods system established a link between the dollar and gold, further solidifying the U.S. dollar's dominance in global finance [7] Group 3: Current Concerns and Trends - A recent survey revealed that 68% of central banks globally are repatriating gold reserves, an increase of 18 percentage points over three years, reflecting a growing trend of financial sovereignty among nations [12][28] - The uncertainty surrounding U.S. policies has led to fears that foreign gold reserves could be used as leverage in diplomatic conflicts, prompting calls for Germany to ensure its gold is securely held domestically [19][25] Group 4: Implications of Repatriation - If Germany were to withdraw its gold, it could trigger a broader "gold rush" among other nations, potentially undermining the credibility of the U.S. dollar and its status as the world's reserve currency [17][25] - The logistical challenges of repatriating 1,200 tons of gold are significant, requiring the construction of a new facility in Frankfurt to accommodate the gold [26][30]