专题：聚焦美股2025年第四季度财报 作者：亚历山德拉・布鲁埃尔 据知情人士透露，《华盛顿邮报》去年亏损超过1 亿美元，财务困境促使该公司本月早些时候决定裁员 30%。 该报 2024 年亏损约 1 亿美元，2023 年亏损 7700 万美元。 曾因报道水门事件、五角大楼文件而闻名的《华盛顿邮报》，在网络流量下滑、消费者获取新闻信息方 式改变的背景下，一直难以找到可持续的商业模式。 在裁员后的首次全体员工大会上，临时首席执行官兼发行人杰夫・奥诺弗里奥与执行主编马特・默里周 三向员工坦言，报社多年来存在过度开支与生产力下降问题。 作者：亚历山德拉・布鲁埃尔 默里承认近期裁员带来了 "痛苦"。这位曾担任《华尔街曰报》总编辑、2024 年 6 月出任《华盛顿邮 报》主编的人士，试图重新调整编辑部预期。 "我们不想、也不需要报道每一条新闻，或是追逐所有热点事件。" 默里说，"我们不是一份档案记录 报，在当今世界，这种模式已经不复存在。" 但他同时表示："我们希望每一次发声都独具特色、及时紧迫、值得必读。" 在发行人兼首席执行官威尔・刘易斯离职后，奥诺弗里奥于本月初接任。他表示正在制定更宏大的战略 规划。 "请给我一点 ...

Group 1 - Berkshire Hathaway continued to adjust its technology holdings in the last quarter before CEO Warren Buffett's retirement, significantly reducing its stake in Amazon by over 77% and decreasing its Apple holdings for the third consecutive quarter [1] - The company also sold shares of U.S. Bank, lowering its ownership stake to just below 7% [1] - Berkshire initiated a new position in traditional media by purchasing over 5.06 million shares of The New York Times, valued at approximately $352 million, which led to a more than 10% increase in the stock price during after-hours trading [1] Group 2 - The 13F filing disclosed on February 17 marks the last report under Buffett's leadership, as his successor Greg Abel officially took over as CEO on January 1, 2026 [1] - Berkshire Hathaway is set to release its full-year earnings on February 28, which will include Abel's first letter to shareholders as CEO [1]

Core Viewpoint - The report analyzes the service industry in China from three dimensions: development trends, demand potential, and productivity changes, identifying significant growth opportunities in sectors such as retail, catering, publishing, healthcare, internet services, leasing business services, railway transportation, and banking [1][7]. Service Industry Definition and Accounting - The service industry, defined as the tertiary sector, includes various sectors excluding primary and secondary industries, covering 15 categories from wholesale and retail to specialized auxiliary activities [2][7]. - Current statistical accounting for the service industry in China is less developed compared to the industrial sector, with issues such as data lag, missing data, and incomplete coverage of sub-sectors [7]. Analysis of Development Potential - The potential for service industry growth is significant, with China's GDP per capita nearing high-income thresholds, yet the value added and employment share in the service sector remain at the lower end compared to similar income countries [3][7]. - The report suggests that there is approximately a 7.7 percentage point potential increase in the service industry's value added share, projected to reach 56.7% by 2024, compared to the average of 64.5% in high-income countries [7]. Supply and Demand Perspective - The enhancement of service industry levels is driven by both supply-side productivity changes and demand-side consumption structure upgrades, with life services expanding due to dual effects of demand pull and cost push [7]. - The report highlights that while the share of productive services in China is narrowing the gap with developed economies, the life services sector remains relatively stable, indicating a need for effective labor mobility to transmit productivity gains across sectors [7]. Industry Chain Perspective - The report identifies two main lines for enhancing and upgrading the service industry: the integration of productive services with manufacturing to avoid de-industrialization and the strong consumer pull on life services such as retail, accommodation, and transportation [7]. - By 2025, the service industry in China is expected to show stable overall performance, with weak demand for life services and rising prices lacking sufficient internal support [7]. Sector-Specific Growth Opportunities - The analysis indicates that within the life services sector, areas such as retail, catering, publishing, and healthcare, as well as productive services like internet services, leasing business services, railway transportation, and banking, have substantial growth potential [1][7].

Service Industry Overview - The service industry in China is defined as the tertiary sector, which includes various sectors excluding primary and secondary industries, covering 15 categories from wholesale and retail to auxiliary activities in agriculture, forestry, animal husbandry, and fishing[8] - The current service industry statistics in China show that the quarterly value added, retail sales, and price calculations are still lagging behind industrial statistics, indicating issues such as data updates and coverage[9] Development Potential - China's GDP per capita is approaching the threshold of high-income countries, yet the value added and employment share of the service industry remain at the lower end compared to similar income countries, suggesting significant room for improvement[12] - The service industry value added is projected to reach 56.7% by 2024, indicating a potential increase of approximately 7.7 percentage points compared to the average of 64.5% in high-income countries[20] Sector Analysis - Key sectors with substantial growth potential include retail, catering, publishing, healthcare, internet services, leasing and business services, railway transportation, and banking[39] - The productivity growth in the service sector has been higher than that in the industrial sector since 2016, suggesting that service sector productivity improvements can mitigate structural economic slowdowns[20] Demand and Supply Dynamics - The expansion of the service industry is driven by both supply-side productivity changes and demand-side consumption structure upgrades, with life services showing strong demand elasticity[25] - The average annual growth rate of labor compensation in the service industry from 2018 to 2023 was 2.6%, significantly lower than the 8.1% growth in the manufacturing sector, indicating a disparity in wage growth across sectors[28] Risks and Challenges - There are risks associated with incomplete or lagging service industry statistics, discrepancies in international comparisons, and potential underperformance in income growth and service efficiency improvements[41]

（来源：上观新闻） 编者按：一封《新民晚报》老社长赵超构写于1985年的珍贵回信，透过张宝林先生的细致解读、历史钩 沉，折射出几位文化老人饱经沧桑后的绵长友情与敏锐智慧。 赵超构先生 一 高集同志： 信和报纸收到，似较过去的试版有进步。主要是耐读，每版都有二三篇可读的。副刊和文摘、广？（不 可辨认，应是告字）等不仅适合海外，也适合海内。可能国内销得比海外多吧。嘱写稿，我这两天正好 有空，抽出两个半天坐在案前呆想，总是写不出。"望海楼"性格不明，不知道要什么货色。这篇文债一 定还，我要等下月看过几篇"望海楼"之后，再进去逛逛。如果是试版上的"山君入农家"这样的文章，似 乎是对台宣传稿，我来写是比较吃力的。总之，下月再写吧。今天惊悉华罗庚去世于讲坛，上次关在汉 死于命笔之际，刘公思慕也是写文章出了事的。因此，我最近也惯于对号入座，看到报上死了一个人， 我就联想到自己的心绞痛，因而太伤脑筋的文章就不"敢"拼命写。贪生怕死的心情只好与老友谈之，后 生小子们是不能理解的。上海已入黄梅，阴阴阳阳，半阴半阳，气闷之至，各报都在"大换班"，也有点 黄梅天气一样，新民也不例外，《大好时光忙些啥？》我觉得有许多不必要的"忙"偏是 ...

Core Viewpoint - The Washington Post announced a significant layoff, cutting approximately 30% of its workforce, including hundreds of journalists and some business department staff, as part of a "strategic reboot" focusing on political, business, and health reporting [1][4]. Group 1: Layoff Details - The layoffs will affect the sports department, which will be entirely closed, with some journalists reassigned to the features department for cultural sports reporting [2][8]. - The metropolitan department will undergo downsizing, while the books department and daily podcast will also be shut down [2][8]. - The newspaper's 12 overseas bureaus will remain operational, focusing on national security issues, but all journalists and editors in the Middle East, India, and Australia will be laid off [2][8]. Group 2: Financial and Operational Context - The Washington Post has not disclosed its total number of employees, making it difficult to estimate the exact number of layoffs [3]. - The executive editor, Matt Murray, indicated that despite significant long-term investments, the newspaper has failed to meet reader demands, with online viewership dropping by nearly half over the past three years due to the rise of generative artificial intelligence [3][9]. - The layoffs reflect broader challenges in the media industry, where print circulation continues to decline, and digital viewership is also falling as readers shift to social media platforms [7][12].

转载请注明央视财经 编辑：潘煦 美联社的报道指出，该报未披露员工总人数，因而难以估算4日究竟有多少人被裁。默里表示，《华盛顿邮报》长期投入巨大，却未能满足读者需求，而随 着过去三年生成式人工智能的崛起，该报的在线浏览量减少近一半。 《纽约时报》称，《华盛顿邮报》大裁员显示，其老板、亚马逊创始人杰夫·贝索斯尚未想好如何在互联网上构筑并维系一家盈利的出版机构。实际上，不 仅是《华盛顿邮报》，其他一些美国媒体纸版发行量持续"跳水"的同时，数字浏览量也在下滑，不少读者转向社交媒体平台。部分媒体只能尝试以高端会员 制或组织活动等方法拓展收入渠道。 （央视财经《第一时间》）美国《华盛顿邮报》4日宣布启动大规模裁员，裁员人数约占员工总数的三成，包括数百名记者和部分商务部门人员。 《华盛顿邮报》执行主编马特·默里4日向员工通报了裁员的信息，称该报正经历"战略重启"，后续将聚焦时政、商业和健康等领域报道。据报道，《华盛顿 邮报》的体育部将整体关闭，部分记者转岗至特写部，负责体育文化报道。都市部将缩编，书籍部和日常播客也将关闭。该报目前驻海外的12家分社将维持 原样，聚焦国家安全议题，但驻中东地区、印度和澳大利亚的记者和编辑将全 ...

经济观察网 美国《华盛顿邮报》4日宣布启动大规模裁员，裁员人数约占员工总数的三成，包括约800 名记者中的300多名以及商务部门人员。"据报道，《华盛顿邮报》的体育部将整体关闭，部分记者转岗 至特写部，负责体育文化报道。都市部将缩编，书籍部和日常播客也将关闭。该报目前驻海外的12家分 社将维持原样，"聚焦国家安全议题"，但驻中东地区、印度和澳大利亚的记者和编辑将全体下岗。《华 盛顿邮报》在2024年亏损约7700万美元，而2025年因订户流失亏损进一步扩大至超过1亿美元。2013 年，亚马逊创始人贝佐斯（Jeff Bezos）以2.5亿美元收购《华盛顿邮报》。2025年，该报曾宣布裁员约 4%，但当时未涉及新闻编辑部门。 ...

每经编辑｜程鹏 美国《华盛顿邮报》4日宣布启动大规模裁员，裁员人数约占员工总数的三成，包括约800名记者中的300多名以及商务部门人员。一名要求匿名的员工告 诉英国《卫报》："这绝对是一场'血洗'。" 4日上午，员工们被告知"今天待在家中"，同时陆续收到裁员通知。 《华盛顿邮报》执行主编马特·默里4日经由晨会向员工通报了裁员消息，称该报正经历"战略重启"，后续将聚焦时政、商业和健康等领域报道。 一名参与这三次联名信的员工称，他们的第一封信于1月25日送达贝佐斯，约60名员工在信上签名，请求后者保护该报的国际新闻部门。两天后，员工们 再次致信贝佐斯，请求他保留报纸的本地新闻报道。 据报道，《华盛顿邮报》的体育部将整体关闭，部分记者转岗至特写部，负责体育文化报道。都市部将缩编，书籍部和日常播客也将关闭。该报目前驻海 外的12家分社将维持原样，"聚焦国家安全议题"，但驻中东地区、印度和澳大利亚的记者和编辑将全体下岗。 美联社称，该报未披露员工总人数，因而难以估算4日究竟有多少人被裁。 默里当天多次解释裁员决定。在他看来，《华盛顿邮报》长期投入巨大，却未能满足读者需求，特别是"过度扎根于（过去）那个不同的时代，当时我 ...

《华盛顿邮报》执行主编马特·默里称此举令人痛苦，但有必要让该报走上更稳固的道路，以应对技术 和用户习惯的改变。该报前执行主编马丁·巴伦称这家报纸所发生的事情是"近乎即时、自取灭亡的品牌 毁灭案例"。 据外媒报道，亚马逊公司创始人贝索斯旗下的《华盛顿邮报》4日宣布裁减三分之一员工，称这家历史 悠久的报纸需进行"痛苦的"重组。此次裁员将影响几乎所有报道条线的记者，包括体育、国际、科技和 突发新闻团队，以及业务和技术部门的员工。 "对于任何关心美国乃至国际新闻业的人来说，这都是毁灭性的消息。"美国哥伦比亚大学新闻学教授、 曾任《华盛顿邮报》和《纽约时报》媒体专栏作家的玛格丽特·沙利文说，"《华盛顿邮报》在新闻报 道、体育和文化报道方面都非常重要。" 来源：新华社 有报道说，《华盛顿邮报》订阅用户一直在流失，部分原因源于贝索斯的相关决定——包括在2024年美 国总统大选中撤回对民主党候选人哈里斯的支持，转而支持共和党人特朗普，以及指示自由派评论版面 采取更保守的立场。2024年5月，该报出版人威尔·刘易斯告诉该报员工，报纸在前一年损失了7700万美 元，并且自2020年以来失去了一半的受众。 ...