新华社纽约11月24日电 记者手记｜就业降温物价高企 美国经济"寒意"难消 从时间上看，今年前四个月每月新增非农就业岗位均超10万，而5月到8月整体大幅走弱，月均仅增长 1.85万。值得注意的是，后一阶段正值特朗普政府关税政策冲击集中显现之时。 由于尚未从"停摆"影响中恢复，原定于上周发布的工业生产、进出口价格、新建住房许可和开工数据、 三季度服务业调查数据等继续延迟发布。依赖政府基础数据的世界大型企业研究会先行经济指数同样也 不得不延迟发布。 密歇根大学消费者调查项目负责人乔安妮·许表示，联邦政府"停摆"结束后，消费者情绪小幅改善，但 依然对高物价和收入走弱感到挫败。与此同时，尽管消费者对未来通胀的预期出现一些改善，但他们表 示个人财务因当下高物价而负担沉重。 密歇根大学近期发布的调查数据显示，美国11月份消费者信心指数终值降至51.0，低于10月份的53.6。 根据记者观察，每年年底的购物季是释放消费需求的关键窗口，经济增长疲软给消费者带来的寒意恐怕 短期内难以消散。 新华社记者刘亚南 特朗普政府关税政策给美国经济带来多重不确定性，三季度国内生产总值（GDP）数据因联邦政府此前 的"停摆"迄今尚未"得见真 ...

跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企业业绩喜忧参半。分析人士认为，当 前欧美市场对人工智能（AI）泡沫担忧有所上升，关税壁垒压缩企业盈利空间，美国消费低迷叠加大 规模裁员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国科技股上涨行情创下纪录。第三季度，相关企业业绩 表现稳健，甚至宣布加码投资，然而市场对人工智能的投资热情有所降温。 美国芯片制造商英伟达19日公布的三季度营收、利润均超预期，对四季度业绩预测也高于预期。英 伟达处理器对于建设人工智能基础设施至关重要，其业绩表现被视为此轮投资热潮的"风向标"。一些分 析师却认为，其最新财报不足以完全消除市场不断加深的对人工智能泡沫的担忧。 得益于人工智能服务需求上升，亚马逊、"字母表"公司、微软和元宇宙平台公司三季度业绩高于预 期，均上调资本支出预期，加码人工智能基础设施投资。四家公司预计今年资本支出总计超3800亿美 元，但各自股价对巨额投资反应不一。 分析人士指出，大型科技公司在人工智能方面进行巨额投资，相关收益充满不确定性。市场研究机 构电子商务市场研究公司分析师雅各布·伯恩认为，企业可能难以 ...

新华社北京11月24日电 题：泡沫、壁垒、裁员——从跨国企业季报看世界经济风险与挑战 新华社记者陈斯达 跨国企业三季度财报季接近尾声，欧美日等发达经济体主要企业业绩喜忧参半。分析人士认为，当 前欧美市场对人工智能（AI）泡沫担忧有所上升，关税壁垒压缩企业盈利空间，美国消费低迷叠加大 规模裁员，为世界经济增长带来更多风险挑战。 人工智能泡沫引担忧 今年以来，人工智能基础设施投资激增，美国科技股上涨行情创下纪录。第三季度，相关企业业绩 表现稳健，甚至宣布加码投资，然而市场对人工智能的投资热情有所降温。 美国芯片制造商英伟达19日公布的三季度营收、利润均超预期，对四季度业绩预测也高于预期。英 伟达处理器对于建设人工智能基础设施至关重要，其业绩表现被视为此轮投资热潮的"风向标"。一些分 析师却认为，其最新财报不足以完全消除市场不断加深的对人工智能泡沫的担忧。 美国关税政策冲击在三季度更加凸显，欧洲及日本众多出口导向型企业季度业绩及全年预期明显受 损，美国企业也在承担关税带来的额外成本。 彭博信息研究公司数据显示，随着财报季接近尾声，明晟欧洲指数每股收益增长率达到5.7%，高 于预期。但关税风险切实体现在欧企财报中。 ...

Core Viewpoint - Kraft Heinz announced its plan to split into two independent publicly traded companies, marking the end of the $46 billion merger led by Warren Buffett ten years ago, aimed at simplifying business structure and enhancing profitability in response to ongoing performance pressures and industry changes [2][4]. Group 1: Split Details - The split will create a "Global Flavor Enhancements Company" focused on sauces, condiments, and ready-to-eat meals, and a North American grocery company centered on brands like Oscar Mayer and Lunchables. The transaction is expected to be completed in the second half of 2026, pending regulatory approval [4][6]. - The split is anticipated to incur approximately $300 million in additional operating costs, but the company commits to maintaining its current dividend levels and aims to preserve its investment-grade credit rating [7]. Group 2: Historical Context - The merger in 2015 aimed to create one of the largest packaged food companies globally, driven by aggressive cost-cutting and scale effects. However, changing consumer preferences towards healthier and natural foods, along with inflationary pressures, have diminished the appeal of Kraft Heinz's traditional product lines [9]. - Since its peak in 2017, Kraft Heinz's market value has shrunk by about 70%. Warren Buffett publicly acknowledged misjudgments regarding the investment, leading to a $3 billion impairment charge in 2019. 3G Capital fully exited its stake in Kraft Heinz in 2023 [9]. Group 3: Industry Trends - The split of Kraft Heinz is part of a broader trend in the global packaged food industry, which is undergoing significant restructuring. For instance, Kellogg separated its cereal and snack businesses in 2023, and Mars announced a $36 billion acquisition of Kellanova in 2024 [10]. - Analysts suggest that traditional food giants are compelled to restructure and focus on high-growth categories to address market pressures, as health consciousness and consumer preferences evolve [10].

Market Overview - The Nasdaq and S&P 500 indices rose, driven by Google's stock surge, while the Dow Jones fell slightly [2] - Google shares increased by 9.1% following a favorable court ruling, while Apple rose by 3.8% [2] - Tesla and Amazon saw minor gains, while Nvidia experienced a slight decline [2] Labor Market Data - U.S. job openings fell for the second consecutive month, decreasing from 7.36 million to 7.18 million [3] - The upcoming non-farm payroll report is expected to show an increase of 75,000 jobs, with the unemployment rate projected to rise from 4.2% to 4.3% [4] Federal Reserve Outlook - The likelihood of a 25 basis point rate cut by the Federal Reserve increased from 93% to 95% [5] - The labor market's weakening is influencing the Fed's potential policy shift, with upcoming employment reports being crucial for decision-making [5] Bond Market - Long-term U.S. Treasury yields declined, with the 10-year yield falling to 4.22% [6] - The Fed's Beige Book indicated little change in economic activity and employment levels since July [6] Individual Stock Performances - Macy's stock surged nearly 21% after reporting better-than-expected Q2 results and raising its full-year outlook [7] - Campbell Soup Company shares rose by 7.2% despite a decline in sales, as its Q4 earnings exceeded Wall Street expectations [8] Commodity Prices - International oil prices dropped, with WTI crude falling to $63.97 per barrel and Brent crude to $67.60 per barrel [8] - Gold prices reached new highs, with COMEX gold futures rising to $3,593.20 per ounce [9]

Group 1 - The U.S. consumers are facing a new wave of price increases as companies from food giants to hardware chains warn that tariff costs are being passed on to retail prices [1][2] - Major retailers like Walmart, Target, and Best Buy have indicated that tariff-related price hikes are gradually reflected in the costs of grocery items, home goods, and electronics [1] - J.M. Smucker warned of a 22% drop in coffee profits due to tariffs, leading to further price increases [1] - Hormel Foods noted a sharp rise in commodity input costs after its quarterly performance fell short of expectations, resulting in a 12% drop in its stock price [1] - A recent ruling by a federal appeals court deemed most of Trump's global import tariffs unconstitutional, adding uncertainty to future costs for retailers and consumers [1] Group 2 - The former CEO of Gap expressed that the current situation is beyond control, indicating that businesses cannot determine the relationship between product costs, retail pricing, and profit margins [2] - Retail executives warned that more price increases are imminent as new inventory is procured at higher costs [2] - Walmart's CEO mentioned that the company is trying to maintain low prices as long as possible, but costs are expected to continue rising into the third and fourth quarters [2] - The economic pressure is forcing retailers to weigh how much cost can be absorbed and how much will inevitably be passed on to consumers [2] - A consumer confidence survey showed a nearly 6% decline in August compared to July, with inflation expectations rising from 4.5% to 4.8% [2] Group 3 - Consumer behavior in the U.S. is changing, with households across income levels becoming more selective about where and how they spend [3] - Whirlpool's CEO noted that consumers are starting to purchase lower-end products, while Procter & Gamble observed a slight downgrade in brand preferences [3] - The concept of "alternative consumption" is emerging, where consumers opt for cost-effective substitutes rather than purely downgrading [3] - Retailers like TJX, Ross, and Marshall's are benefiting as consumers seek lower-priced brand items [3]

Core Viewpoint - Global packaged food and beverage companies are shifting their focus to developing countries with weaker public health awareness as they face regulatory scrutiny and health consciousness challenges in Western markets [1][2] Group 1: Market Dynamics - The $30 billion market gap in the junk food industry is igniting a health crisis in India, where ultra-processed foods are still relatively novel and marketing restrictions for children are minimal [2] - In Indonesia, the consumption of ultra-processed foods is rising significantly, while the intake of leafy greens and fresh legumes is declining, particularly in urban areas [5][6] - Mexico has implemented a ban on the sale and promotion of junk food in schools as part of its "healthy living" initiative, targeting high-sugar, high-fat, and high-salt processed foods [7] Group 2: Health Implications - A global study published by The Lancet and WHO indicates that the obesity rate among children and adolescents has increased fivefold from 1990 to 2022, with excessive consumption of ultra-processed foods linked to chronic diseases [3] - In India, the prevalence of obesity is notably high among the middle class, particularly among women, due to cultural perceptions associating weight with prosperity [9][10] Group 3: Regulatory Responses - Indonesia's Ministry of Health has mandated labeling of sugar, salt, and fat content on food packaging and has initiated a free nutrition meal program aimed at improving nutrition among students and pregnant women [6] - India's food regulatory authorities plan to enhance labeling standards to include clear information on sugar, salt, and saturated fat content, responding to the need for better consumer awareness [8] Group 4: Socioeconomic Factors - Economic inequality in India contributes to a dual health crisis, where both affluent and impoverished populations face health challenges related to junk food consumption and malnutrition [10] - Approximately 129 million people in India are projected to live in extreme poverty by 2024, limiting their access to nutritious food and exacerbating health issues [9][10]

Group 1 - Berkshire Hathaway reported a significant decline in net profit for Q2 2025, with net income attributable to shareholders at $12.37 billion, down 59% from $30.35 billion in the same period last year [1] - The company's revenue for Q2 2025 was $92.515 billion, slightly lower than the $93.653 billion reported in the previous year [1] - As of the end of Q2, Berkshire held cash reserves of $344.1 billion, marking the first decrease in cash reserves in three years [1] Group 2 - The decline in performance was primarily attributed to poor results in the insurance underwriting business, which saw a notable decrease [1] - In contrast, other core business segments, including railroads and energy, showed growth, helping to mitigate the impact of the insurance segment's decline [1] - Buffett expressed serious concerns regarding the potential impacts of Trump's tariff policies on the company's various businesses, indicating that these uncertainties could adversely affect most, if not all, of its operational segments [1] Group 3 - Berkshire has maintained a net selling position in stocks for 11 consecutive quarters, with its top five holdings being American Express, Apple, Bank of America, Coca-Cola, and Chevron [2] - The company recorded a $3.8 billion impairment on its investment in Kraft Heinz, reducing its book value to $8.4 billion, as the stock has dropped 62% since the merger in 2015 [2] - Recently, Berkshire sold approximately $1.2 billion worth of VeriSign shares, reducing its ownership from 14.2% to 9.6%, thereby avoiding stricter reporting obligations [2]

Core Viewpoint - Berkshire Hathaway reported a slight decline in Q2 operating profit and warned that high tariffs imposed by the U.S. government could negatively impact its business [1][14]. Financial Performance - Q2 revenue was $92.515 billion, down from $93.653 billion in the same period last year [2]. - Excluding investment-related items, Q2 operating profit was $11.16 billion, lower than $11.6 billion year-over-year, primarily due to weak insurance underwriting profits [2]. - Currency fluctuations negatively impacted post-tax operating profit by $877 million, contrasting with a $446 million gain from a strong dollar in the same period last year [2]. - If currency effects are excluded, Q2 operating profit would actually be higher than the previous year [3]. - Net profit for Q2 was $12.37 billion, a significant drop from $30.3 billion in the same period last year [4]. Cash Flow and Investment Strategy - Cash reserves remained high at $344.1 billion, slightly below the $347 billion reported at the end of March [6]. - The substantial cash reserve provides ammunition for future acquisitions but highlights the difficulty in finding reasonably priced investment targets in the current high-valuation market [7]. - The company has net sold stocks for the 11th consecutive quarter, with total stock sales amounting to approximately $6.92 billion and purchases at $3.9 billion [8]. Investment Portfolio - As of June 30, the fair value of the top five holdings accounted for 67% of the portfolio, including American Express, Apple, Bank of America, Coca-Cola, and Chevron [9]. - Despite a more than 10% decline in Berkshire's Class A shares since reaching a record high of $809,400 on May 2, the company has not repurchased any shares in the first half of the year, marking the fourth consecutive quarter of inactivity [10]. Impairment and Future Leadership - Berkshire significantly reduced the book value of its Kraft Heinz shares, recording an impairment loss of $3.8 billion, bringing the holding value down to $8.4 billion [12]. - Buffett's investment in Kraft Heinz has been one of the few disappointments, with the stock price down 62% since the merger in 2015, while the S&P 500 has risen by 202% during the same period [13]. - The Q2 report is the first since Buffett announced plans to step down as CEO at the end of the year, with current Vice Chairman Greg Abel set to take over [15].

Core Insights - Berkshire Hathaway's Q2 2025 financial report reveals unexpected declines in revenue and net income, with revenue at $92.515 billion, down from $93.653 billion year-over-year, and net income dropping 59% from $30.348 billion to $12.370 billion [1] Group 1: Investment Performance - Berkshire's investment in Kraft Heinz has faced significant setbacks, with a $3.8 billion impairment loss recorded, reducing the book value of its holdings to $8.4 billion [3] - Kraft Heinz's stock has plummeted 62% since its merger in 2015, contrasting sharply with the S&P 500's 202% increase during the same period [3] - The company is grappling with challenges such as inflation affecting consumer spending and a shift towards healthier alternatives, prompting considerations for divesting parts of its business [3] Group 2: Operational Performance - Berkshire's operating profit fell 4% year-over-year to $11.16 billion, primarily due to declines in the insurance underwriting business [4] - Despite profit increases in sectors like railroads, energy, manufacturing, services, and retail, these gains were insufficient to offset the negative impact from the insurance sector [4] - The company's cash reserves decreased slightly from $347 billion to $344.1 billion, marking the first decline in three years, indicating a scarcity of suitable investment opportunities [4] Group 3: Market Strategy - Berkshire has net sold stocks for the 11th consecutive quarter and did not repurchase any shares in the first half of 2025, reflecting Warren Buffett's concerns about current market valuations [4] - The top five holdings of the company as of the end of Q2 include American Express, Apple, Bank of America, Coca-Cola, and Chevron [4]