北京时间11月15日，巴菲特旗下伯克希尔·哈撒韦公司披露2025年第三季度持股报告（13F）。在巴菲特 宣布将于今年底正式交班后，伯克希尔在第三季度出手买入美国大型科技股——谷歌-A。与此同时， 伯克希尔继续减持苹果股票，且第三季度总体为股票净卖出。截至今年三季度末，伯克希尔的持仓市值 为2673亿美元，公司在二季度末的持仓市值为2575亿美元。据第三方网站WhaleWisdom统计，在资金流 动上，伯克希尔第三季度为股票净卖出。 调仓换股方面，伯克希尔三季度新买进Alphabet约1785万股，这是伯克希尔首次建仓谷歌母公司，这些 Alphabet股份市值约为43.4亿美元，在整体持仓中占比为1.62%，持仓排名位列第十。无论是从持仓市值 变化还是从持仓占比的变化来看，Alphabet都是伯克希尔三季度买入最多的个股。有分析认为，建仓 Alphabet可能是由伯克希尔的投资经理Todd Combs或Ted Weschler进行的，这两人此前在科技股领域更 为活跃。伯克希尔在三季度进一步抛售苹果。报告显示，伯克希尔三季度减持苹果约4179万股，持股数 较二季度末环比减少逾14.92%。 ...

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has invested $4.3 billion in Google stocks and continues to reduce its holdings in Apple, marking a significant investment shift before Buffett's retirement at the end of the year [2][4]. Investment Strategy - The latest investment makes Alphabet, Google's parent company, the tenth largest holding in Berkshire, while Apple remains the largest [4]. - Buffett's investment in Google contrasts with his traditional value investing approach, as he typically avoids high-growth companies [4]. - The investment reflects a shift in Berkshire's strategy to adapt to the rapid growth of U.S. tech companies [4]. Market Performance - Following the disclosure of Berkshire's holdings, Google's stock surged over 4% in after-hours trading, with a year-to-date increase of over 46%, outpacing Nvidia's nearly 42% rise and Apple's less than 9% increase [4]. - Google's recent quarterly revenue reached a record $100 billion, highlighting its strong position in the artificial intelligence market [4]. Apple Holdings - In Q3, Buffett sold approximately $11 billion worth of Apple shares, marking the second consecutive quarter of reduction, with remaining Apple holdings valued at about $61 billion [5]. - Buffett has sold over two-thirds of his Apple shares since 2023, securing substantial profits from his initial investment in 2016 [5]. - Berkshire's other major holdings include American Express, Bank of America, and Coca-Cola, with no significant changes in these positions [5]. Leadership Transition - Buffett announced plans to step back from public life and will retire as CEO of Berkshire Hathaway by the end of the year, with Greg Abel set to succeed him on January 1 [5]. - Concurrently, Apple is preparing for a leadership transition as CEO Tim Cook, who has led the company for over 14 years, may step down as early as next year [6].

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has made significant adjustments to its stock portfolio, notably increasing its stake in Alphabet while continuing to reduce its holdings in Apple and Bank of America [1][2][4]. Group 1: Investment Activities - In the third quarter, Berkshire Hathaway purchased $6.4 billion worth of stocks and sold $12.5 billion, marking the twelfth consecutive quarter of net stock sales [1][7]. - Berkshire acquired 17.9 million shares of Alphabet, valued at approximately $4.9 billion, making it the company's tenth largest stock holding [2][4]. - The company reduced its stake in Apple by approximately 41.79 million shares, decreasing its holding to 238.2 million shares, with a market value reduction of about $10.6 billion [7]. - Berkshire also sold 37.2 million shares of Bank of America, lowering its ownership stake to 7.7% [7]. - The company completely divested from homebuilder DR Horton and increased its stake in Chubb by acquiring an additional 4.3 million shares [7]. Group 2: Financial Performance - For the third quarter, Berkshire reported revenues of $94.972 billion, up from $92.995 billion year-over-year, exceeding market expectations of $91.55 billion [6]. - Operating profit reached $13.485 billion, a 34% increase year-over-year, while net profit was $30.796 billion, reflecting a 17% growth [6]. - As of the end of the third quarter, Berkshire's cash reserves reached a record $381.67 billion, with no stock buybacks for nine consecutive months [6][7]. Group 3: Market Reactions and Future Outlook - Following the announcement of Berkshire's investment in Alphabet, the stock price of Alphabet surged over 4% in after-hours trading [1][2]. - Concerns have arisen regarding Berkshire's stock performance since Buffett announced his retirement, with the company's stock down over 5% while the S&P 500 has risen over 18% during the same period [8]. - Analysts have downgraded Berkshire's rating to "underperform" due to concerns about its future operations post-Buffett and various macroeconomic pressures [8].

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total market value of $4.1 billion in U.S. stocks as of the end of Q3 2025, an increase of $990 million or 32% from the previous quarter [1][2] - The firm significantly increased its holdings in Pinduoduo and Alibaba, while initiating positions in Baidu and Manbang Group, and reduced its stakes in Futu Holdings, NetEase, and Yatsen [1][5] Holdings Overview - HHLR Advisors held a total of 33 stocks at the end of Q3, with over 90% of the portfolio consisting of Chinese concept stocks, indicating a long-term bullish outlook on quality Chinese assets [2][4] - The top 10 holdings accounted for 93.46% of the total portfolio, with Pinduoduo and Alibaba being the largest positions [2][3] Major Increases - Pinduoduo remains the largest holding, with an increase of 1.6158 million shares, bringing the total to 8.5926 million shares, valued at $1.136 billion, representing 13.21% of the total portfolio [3][4] - Alibaba saw an increase of 2.14 million shares, with a total holding of 3.2897 million shares valued at $588 million, reflecting an 84.46% increase in its stock price year-to-date [4] New Positions - Baidu was newly added to the portfolio with 1.6410 million shares valued at $216.23 million, becoming the sixth-largest holding [4] - New investments also included Manbang Group and Sea, with holdings valued at $5.274 million and $3.218 million, respectively [4] Reductions - HHLR Advisors reduced its stake in Futu Holdings by 1.0741 million shares, bringing the total to 3.2382 million shares valued at $563 million, with the stock having increased over 107% year-to-date [7][8] - The firm also reduced its holdings in NetEase by 0.8729 million shares, resulting in a total of 0.7908 million shares valued at $120 million, with a year-to-date increase of 60.50% [8] - Other reductions included Yatsen, where the firm cut its position by 1.2261 million shares, and a complete exit from JD.com, Vipshop, Li Auto, and others [5][8]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has significantly reduced its Apple holdings while establishing a new position in Alphabet, indicating a potential shift in investment strategy as Buffett prepares to step down as CEO [1][3]. Group 1: Investment Changes - As of the end of Q3, Berkshire Hathaway held 41 stocks with a total market value of $267 billion, up 3.4% from the previous quarter [2]. - Apple remains the largest holding at approximately $60.66 billion, but Berkshire has reduced its stake from 280 million shares to 238.2 million shares, selling nearly three-quarters of its previous 905 million shares [2]. - Berkshire also reduced its holdings in Bank of America by 37.19 million shares and increased its position in Chubb by 4.29 million shares [2]. - A new position of 17.84 million shares in Alphabet has made it the tenth largest holding for Berkshire [2]. Group 2: Management Transition and Strategy - Buffett's impending retirement has led to speculation about a change in investment style, with Todd Combs and Ted Weschler, who are more active in tech stocks, likely influencing the decision to invest in Alphabet [3]. - Historically, Buffett has been reluctant to invest in pure tech companies, but the new management may adopt a different approach [3]. - Alphabet's stock has risen 46% this year, outperforming other major tech companies, and its Q3 revenue reached $102.35 billion, a 16% year-over-year increase, exceeding Wall Street expectations [3]. Group 3: Company Outlook - Buffett expressed confidence in Berkshire's ability to withstand economic changes and highlighted the company's record cash holdings of $381.6 billion [4]. - Despite a nearly 10% increase in stock price this year, Berkshire has underperformed compared to the S&P 500's 16.7% gain [5].

建仓谷歌母公司 Alphabet 。 11月15日，"股神"巴菲特领导的伯克希尔·哈撒韦公布了第三季度的13F报告。和此前一天提交的10Q报告一致，巴菲特在第三季度继续大量卖出苹果股票。不过同 时，巴菲特还买入了不少谷歌母公司Alphabet的股份。由于巴菲特将于年底卸任伯克希尔公司CEO一职，有分析认为，此次改变被认为公司的投资风格将有所改 变。 建仓谷歌母公司Alphabet 报告显示，截至第三季度末，伯克希尔共持有41只股票，总持仓市值为2670亿美元，较前一季度的2580亿美元有所提升，提升幅度为3.4%。 苹果仍然是其第一大持仓，持仓市值约为606.6亿美元，但是伯克希尔该季度的苹果持仓已经从2.8亿股降至2.382亿股，目前已出售了其曾持有的9.05亿股中的近四 分之三。巴菲特对苹果的减持动作早从2024年就已经开始。此前，苹果持仓规模曾一度占伯克希尔投资组合的50%以上。 在前十大持仓中，伯克希尔还减持了3719万股美国银行股票，增持了429万股安达保险股票。过去一年多来，伯克希尔的美国银行持股已经从去年中的10.3亿股降至 5.68亿股，降幅接近45%。此外，伯克希尔清仓了美国四大房地产开发商 ...

Core Insights - Guangzhou Weiwei Electric Appliance Co., Ltd. has been established with a registered capital of 500,000 RMB [1] Company Overview - The legal representative of the company is Wu Yewei [1] - The company operates in various sectors including internet sales, agricultural products, sports equipment retail, labor protection products, medical protective supplies, outdoor products, toys, cosmetics, and more [1] Business Scope - The business scope includes internet sales (excluding items requiring permits), agricultural product sales, retail of sports goods and equipment, wholesale and retail of medical protective supplies, outdoor product sales, toy and animation sales, cosmetics retail and wholesale, and sales of various consumer goods [1] - Additional services offered include graphic design, advertising design and agency, information technology consulting, marketing planning, and electronic product sales [1]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has made significant changes to its stock portfolio in the third quarter, including a new investment in Alphabet and a reduction in its holdings of Apple [3][12]. Group 1: Portfolio Changes - Berkshire Hathaway initiated a position in Alphabet, purchasing approximately 17.8 million shares valued at about $4.34 billion, representing 1.62% of its total portfolio [7][10]. - The total market value of Berkshire's stock holdings reached $267 billion, with the top ten holdings accounting for 86.69% of the total portfolio [5][6]. - In the third quarter, Berkshire sold off about 41.8 million shares of Apple, reducing its stake by 14.92%, while still holding over 238 million shares valued at approximately $60.66 billion, making Apple its largest holding [12][14]. Group 2: Increased Holdings - Berkshire increased its stake in Chubb Limited (formerly known as ACE Limited) by approximately 4.3 million shares, raising its market value by $1.21 billion, with the holding percentage increasing from 3.04% to 3.31% [9][10]. - Additional increases were noted in Sirius XM, Domino's Pizza, and Lennar Corporation, reflecting a strategic focus on these companies [9]. Group 3: Reduced Holdings - The company further reduced its holdings in Bank of America by approximately 37.2 million shares, decreasing its stake from 11.12% to 10.96% [12][14]. - Berkshire completely exited its position in D.R. Horton, selling all 1.485 million shares, which is significant given the company's role as a barometer for the U.S. housing market [14][15].

伯克希尔出手科技股！ 北京时间11月15日，巴菲特旗下伯克希尔·哈撒韦公司披露2025年第三季度持股报告（13F）。在巴菲特 宣布将于今年底正式交班后，伯克希尔在第三季度出手买入美国大型科技股——谷歌-A。与此同时， 伯克希尔继续减持苹果股票，且第三季度总体为股票净卖出。 伯克希尔2025年三季度持股变动概览 | 2025-09-30 | | 2025-09-30 | | 2025-09-30 | | | --- | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | 13F Holdings Summary | | | BY CHANGE IN % PORTFOLIO | | BY CHANGE IN % PORTFOLIO | | Name | % of | | | | | | | Portfolio | | Name | 96 | Name | 9/a | | | | Change | | | Change | AAPL Apple Inc. | 22.69% | | GOOGL Alphabet | 1.62% ...

Core Insights - The article discusses the recent financial performance of a leading company in the technology sector, highlighting significant revenue growth and strategic initiatives taken to enhance market position [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $5 billion in the last quarter [1] - Net income rose to $1.2 billion, reflecting a 30% increase compared to the previous year [1] Strategic Initiatives - The company has invested heavily in research and development, allocating $500 million to new product innovations [1] - A strategic partnership was formed with another tech giant to expand market reach and enhance product offerings [1] Market Position - The company has gained a 15% market share in the cloud services sector, positioning itself as a key player in the industry [1] - Customer acquisition rates have improved by 20%, indicating strong demand for its services [1]