8月2日上周六，伯克希尔·哈撒韦Berkshire Hathaway（BRK/A BRK/B）发布了其2025年第二季度财报。 这是巴菲特宣布将在年底卸任CEO之后的首份财报，因此格外引发市场关注。 01 核心财务数据：营收基本平稳，净利润大幅下滑 从表面上看，这是一份净利润"腰斩"、股价承压的季报，但从细节上看，这份财报揭示了伯克希尔在利 润结构、投资风格、宏观预期和管理交接等多个维度的深层变化，也释放出一份带有浓厚"巴菲特式谨 慎"的市场信号。 | | | Second Quarter | | First Six Months | | | --- | --- | --- | --- | --- | --- | | | 2025 | | 2024 | 2025 | 2024 | | Revenues: | | | | | | | Insurance and Other: | | | | | | | Insurance premiums earned | S | 22,195 S | 21,953 $ | 43.999 S | 43,427 | | Sales and service revenues | | ...

Group 1: Education Policy - The State Council issued an opinion to gradually implement free preschool education, starting from the autumn semester of 2025, exempting public kindergarten tuition fees for the last year of preschool education, excluding meal, accommodation, and miscellaneous fees [2] Group 2: Financial Support for Industry - Seven departments, including the central bank, released guidelines to support the new industrialization, aiming for a mature financial system for high-end, intelligent, and green manufacturing by 2027 [2] - The State Council proposed personal consumption loan interest subsidies and service industry loan interest subsidies, with major banks expressing support for these policies [2] Group 3: Health and Environment - The Health Commission and 16 departments launched a plan to improve health through environmental actions, targeting significant environmental health issues and promoting green development by 2030 [3] Group 4: Market Performance - A-share market showed a strong performance with the Shanghai Composite Index rising 0.96% to 3617.6 points, reaching a new high for the year, and the Shenzhen Component Index increasing by 0.59% [4] - The Hong Kong Hang Seng Index rose 0.68% to 24902.53 points, with significant net buying from southbound funds [4] Group 5: Company Developments - Hema X membership stores will be completely shut down, focusing on Hema Fresh and Hema NB for future development [5] - Haiguang Information reported a revenue of 5.464 billion yuan, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [6] - Muyuan Foods sold 6.355 million pigs in July, a year-on-year change of 13.02%, with an average selling price of 14.30 yuan/kg, down 21.86% [6] Group 6: Stock Market Reactions - After the completion of a review, the stock price of Weiye New Materials surged by 20% to 110.48 yuan/share, marking its first entry into the hundred-yuan stock category [7]

三只松鼠最新一期业绩显示，截至2025一季报，公司营业总收入37.23亿元、同比增长2.13%，归属净利 润2.39亿元，同比减少22.46%，扣非净利润1.62亿元，同比减少38.31%，流动比率1.932、速动比率 1.503、资产负债率39.38%。 天眼查商业履历信息显示，三只松鼠股份有限公司，成立于2012年，位于芜湖市，是一家以从事零售业 为主的企业。企业注册资本40100万人民币，实缴资本40100万人民币。公司法定代表人为章燎源。 金融界消息 截至2025年8月5日收盘，三只松鼠（300783）报收于25.65元，上涨0.23%，换手率1.92%， 成交量5.39万手，成交金额1.38亿元。 通过天眼查大数据分析，三只松鼠股份有限公司共对外投资了43家企业，参与招投标项目107次，知识 产权方面有商标信息2584条，专利信息437条，此外企业还拥有行政许可36个。 资金流向方面，今日主力资金净流出2141.11万元，占比成交额15.5%。其中，超大单净流出1866.80万 元、占成交额13.52%，大单净流出274.31万元、占成交额1.99%，中单净流出流入912.56万元、占成交 额6.6 ...

Core Viewpoint - The article discusses the unusual phenomena in the U.S. retail industry following the announcement of new tariffs, highlighting the impact on pricing, inventory management, and consumer behavior amid rising costs and economic uncertainty [4][12]. Group 1: Pricing Dynamics - Global prices for identical products remain stable, but U.S. consumers face potential price increases due to new tariffs, with Adidas CEO reporting losses in the hundreds of millions of euros due to tariffs affecting their supply chain [5][6]. - Procter & Gamble plans to raise prices by approximately 5% on about a quarter of its products in the U.S. market to offset an increase in costs of $1 billion due to tariffs [5]. - A study found that 29% of 230 tracked products on platforms like Amazon and Walmart saw price increases averaging nearly 6% since March 2 [6]. Group 2: Retailer Challenges - U.S. retailers are stockpiling goods to mitigate rising procurement costs, leading to increased warehousing expenses [8]. - Retailers like Best Buy and various small businesses are struggling to pass on the full cost of tariffs to consumers, resulting in reduced profit margins [8][9]. - The phenomenon of stockpiling is seen as a temporary solution, with inevitable price increases expected once inventories are depleted [9]. Group 3: Consumer and Investment Sentiment - The new tariffs, effective August 7, are causing heightened anxiety among businesses and consumers, with many small business owners reporting order cancellations and increased costs [9][10]. - Consumer spending is showing signs of decline, with the PCE price index rising 2.6% year-over-year, indicating inflationary pressures [11]. - The uncertainty surrounding tariffs is expected to suppress both consumer spending and business investment, potentially leading to slower economic growth [12].

（原标题：上半年克罗地亚零售业实际销售额同比增长4.4%） 克罗地亚税务局发布的数据显示，6月零售业（机动车辆除外）业主开出的销售发票总金额为25.7亿欧 元，同比名义增长11%。上半年零售业开出的消费发票总额同比增长7%，达128亿欧元，这表明上半年 零售业销售额比仅在6月的销售额增幅更为温和。克罗地亚零售消费额连续第27个月上涨，6月增速加 快，是受到旅游消费需求上升、劳动力市场向好发展趋势以及工资增长等多重因素的影响。 据克罗地亚商业日报8月1日报道，克罗地亚统计局发布的数据显示，随着旅游季的到来，6月零售 业销售额同比实际增长7.5%，实现过去一年以来的最大增幅。同比来看，食品、饮料和烟草产品消费 额增幅为3.6%，非食品类产品（燃油和润滑油除外）零售销售额增长更为强劲，为11.5%。6月零售额 环比实际增长3.5%，是自2020年10月以来的最大环比增幅。日历调整后，上半年零售业销售额同比实 际增长4.4%，名义增长6.6%。 ...

Core Viewpoint - The relationship between U.S. interest rate changes and foreign capital flows into China has become increasingly evident, suggesting a direct correlation between the two [1][3][6]. Group 1: U.S. Interest Rate Changes - The Federal Reserve began raising interest rates in March 2022, with a significant increase from 0.25% to 4% by November 2022, which coincided with a decline in foreign capital inflows to China [3][5]. - In 2023, foreign capital inflows to China saw a year-on-year decrease for the first time in years, aligning with the Fed's rate hike to 5% in March [5][10]. - By September 2024, when the Fed indicated a potential rate cut, foreign capital inflows to China surged, demonstrating a strong market reaction to U.S. monetary policy [7][10]. Group 2: Capital Flow Dynamics - Foreign capital is primarily driven by where it can achieve better returns, rather than local conditions such as pandemic lockdowns [5][10]. - The Chinese stock market and real estate are currently perceived as attractive investment opportunities due to their low positions, especially if the Fed enters a prolonged rate-cutting phase [10][18]. - The potential for capital outflow from the U.S. to China is significant if the market believes in sustained lower interest rates from the Fed [18][20]. Group 3: Economic Indicators - U.S. retail sales growth, adjusted for inflation, is nearly stagnant, indicating a weakening domestic economy [11][13]. - The Fed faces a dilemma: lowering rates could reignite inflation, while maintaining rates could exacerbate domestic economic issues [11][13][16]. - Long-term U.S. Treasury yields are declining, suggesting market expectations of an end to the Fed's tightening cycle, which could further influence capital flows [16][18].

金融界消息 截至2025年8月5日收盘，王府井（600859）报收于13.9元，上涨0.07%，换手率1.5%，成交 量16.82万手，成交金额2.34亿元。 通过天眼查大数据分析，王府井集团股份有限公司共对外投资了109家企业，参与招投标项目693次，知 识产权方面有商标信息649条，专利信息19条，此外企业还拥有行政许可28个。 资金流向方面，今日主力资金净流出1464.12万元，占比成交额6.26%。其中，超大单净流出1167.22万 元、占成交额4.99%，大单净流出296.90万元、占成交额1.27%，中单净流出流入1516.52万元、占成交 额6.49%，小单净流出52.40万元、占成交额0.22%。 来源：金融界 王府井最新一期业绩显示，截至2025一季报，公司营业总收入29.85亿元、同比减少9.76%，归属净利润 5564.12万元，同比减少72.43%，扣非净利润2701.08万元，同比减少86.02%，流动比率1.619、速动比率 1.385、资产负债率50.17%。 天眼查商业履历信息显示，王府井集团股份有限公司，成立于1993年，位于北京市，是一家以从事零售 业为主的企业。企业注册资 ...

证券之星消息，8月5日一般零售板块较上一交易日上涨0.44%，武商集团领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。一般零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000501 | 武商集团 | 66'6 | 5.94% | 41.28万 | | 4.07亿 | | 000058 | 深塞格 | 8.82 | 5.25% | 42.42万 | | 3.71亿 | | 600113 | 浙江东日 | 30.50 | 3.67% | 7.21万 | | 2.19亿 | | 600785 | 新华自贸 | 12.76 | 3.57% | 29.19万 | | 3.79亿 | | 002251 | 步步高 | 4.77 | 3.02% | 116.00万 | | 5.48亿 | | 600712 | 南宁百货 | 6.64 | 2.15% | 20.33万 | | 1.36亿 | | 000419 | ...

【环球网报道】据韩联社5日报道，因网上出现声称在韩国首尔明洞新世界百货总店安装炸弹的帖子，警方目前正对现场展开搜查。 报道称，当天中午12时30分左右，网络社区"DC Inside"上出现一则留言称，"绝对不要去新世界百货总店"，"昨天真的在这里一楼安装了 炸药，今天下午3时会引爆"。 报道称，警方已将百货公司内的所有店员和顾客疏散，并限制车辆进出，目前正出动特警队与消防部门一起搜查现场是否有真实爆炸物。 ...

Group 1 - The core issue of the recent U.S. employment data is the significant downward revision of employment figures for May and June, which raises questions about whether this is due to statistical factors or a weakening economy [1][3][8] - In July, non-farm payrolls added only 73,000 jobs, falling short of the market expectation of 104,000, while the revisions for May and June were down by 125,000 and 133,000 jobs respectively [3][4][5] - The downward revisions primarily affected government employment, indicating that the previously reported strong job growth was misleading [1][8] Group 2 - The labor market is entering a "loosened" phase, with both supply and demand weakening, making it difficult for the unemployment rate to decrease significantly [2][42] - The unemployment rate for July rose to 4.2%, aligning with market expectations, while the labor force participation rate fell to 62.2% [3][7] - The economic outlook for the second half of the year suggests a continuation of the slowdown, with factors such as increased tariffs and reduced consumer spending likely to suppress economic growth [2][4] Group 3 - Following the release of the July employment data, the market has priced in an 80% probability of a 25 basis point rate cut by the Federal Reserve in September [2][3] - The market reaction included a decline in U.S. Treasury yields and the dollar index, alongside an increase in gold prices, indicating a shift towards "recession trading" [2][3] - The Federal Reserve's focus on the unemployment rate rather than non-farm payroll numbers suggests that a rate cut may be contingent on unemployment exceeding 4.3% [2][3]