莫德罗特级啤酒（Modelo Especial）与科罗娜啤酒（Corona）的母公司星座品牌，曾押注拉丁裔消费者 以实现增长。但在特朗普政府大规模驱逐移民的政策下，这一战略正逐渐瓦解。 消费者调查、企业反馈及市场研究显示，受移民执法行动密集开展的影响，许多拉丁裔消费者（无论是 否拥有合法身份）都不敢公开前往商店、餐厅和酒吧。以往啤酒畅饮的大型派对与庆祝活动，要么规模 缩减，要么直接取消。移民劳动力集中行业的裁员，加上整体生活成本上涨，进一步挤压了拉丁裔群体 的财务空间。 星座品牌销售额大幅下滑，莫德罗失去了 "美国最畅销啤酒" 的地位，被米狮龙超淡啤酒（Michelob Ultra）取代；其股价今年已下跌近 40%，成为标准普尔 500 指数中表现最差的公司之一。 该公司的困境表明，特朗普总统的移民政策已波及美国经济与企业界的意外领域，颠覆了美国多家大型 企业多年来的布局 —— 这些企业原本押注拉丁裔消费者不断增长的购买力。 星座品牌所受压力远超多数企业，原因有二：一是拉丁裔占其啤酒消费者的约一半，是行业内该群体占 比最高的企业；二是美国拉丁裔人口最多的加利福尼亚州，同时也是美国移民与海关执法局（ICE）突 ...

Investment Dynamics - Nestlé is investing approximately £28 million (around 260 million RMB) to upgrade its Dalston factory in Cumbria, UK, aimed at expanding its ready-to-drink coffee production line, which will include a new mixing workshop and two packaging lines, reducing manual handling by 80% and achieving a capacity of 60,000 packs per hour [3] - Danone Canada announced a historic investment in its Boucherville factory in Quebec, which includes energy recovery equipment to enhance sustainable operations, marking Danone's largest investment in Canada to rapidly increase yogurt production capacity to meet growing health demands [6] - Subway's management company in Shanghai increased its registered capital from approximately 320 million RMB to about 380 million RMB, a 21% increase, to support rapid store expansion and narrow the gap with competitors like McDonald's and KFC [9] - "Meet Little Noodles" is targeting to raise $100 million (approximately 780 million HKD) through a pre-IPO roadshow, which will support its expansion to a thousand stores and strengthen its brand in the Chinese dining sector [10] Acquisition Dynamics - Uni-President Enterprises has signed a share purchase agreement to acquire Carrefour Taiwan for a total of approximately $970 million (around 6.9 billion RMB), which is about $32 million (approximately 230 million RMB) less than the 2023 transaction price [15] - Guangxi Travel Health Industry Group is acquiring a 20% stake in Southern Black Sesame Group, which will help the latter repay short-term debts and aim for profitability by 2025 [18] - Anheuser-Busch InBev is in talks to acquire BeatBox, valuing the company at approximately $700 million (around 5 billion RMB), which will enhance its presence in the ready-to-drink segment and leverage existing distribution channels [20] - JBS's subsidiary Mantiqueira USA is set to acquire Hickman's Egg Ranch, one of the top 20 egg producers in the U.S., as part of its strategy to diversify its protein business [22] Personnel Dynamics - Roland Mouret has stepped down as creative director of his eponymous brand, with Han Chong taking over as the sole creative director, which may impact the brand's short-term performance due to the loss of a key creative force [24] - Francesca Bellettini, CEO of Gucci, has joined the board of Brioni, which may enhance the brand's supply chain resources and potentially replicate Gucci's high-margin model to boost profitability [27]

Core Viewpoint - Berkshire Hathaway's recent portfolio adjustments reflect a strategic shift towards sectors with stable cash flows, particularly consumer and energy stocks, while reducing exposure to financial stocks due to macroeconomic uncertainties [2][4]. Group 1: Portfolio Adjustments - Berkshire Hathaway completely divested from Citigroup, selling all 14.6395 million shares, and reduced its stake in Bank of America by over 7% [2]. - The company significantly increased its holdings in Constellation Brands by 113.5%, raising its position to 12.009 million shares, marking its first major investment in the alcoholic beverage sector [2]. - Energy stocks, including Occidental Petroleum and Pool Corp, were also increased, aligning with the strategy of investing in companies with stable cash flows [2]. Group 2: Key Holdings - Apple remains a cornerstone of Berkshire's portfolio, with 300 million shares valued at $66.6 billion, constituting 25% of the investment portfolio [3]. - Berkshire's long-term commitment to Apple is reinforced by confidence in its ecosystem and leadership, as highlighted by Buffett's praise for CEO Tim Cook [3]. Group 3: Cash Reserves - As of the end of the first quarter, Berkshire's cash reserves reached a record high of $334 billion, with over $300 billion invested in short-term U.S. Treasury securities [4]. - This strategy serves as a defensive measure against potential macroeconomic risks and positions the company to capitalize on high-certainty opportunities during market volatility [4]. Group 4: Investment Philosophy Evolution - Buffett's investment philosophy has evolved from "cigar butt" investing to focusing on companies with strong economic moats, emphasizing the importance of free cash flow and competitive advantages [5]. - Historical successes, such as the acquisition of See's Candies and American Express, illustrate the effectiveness of this approach, while past mistakes have reinforced the principle of investing within a defined circle of competence [5]. Group 5: Insights for Investors - The adjustments in Berkshire's portfolio highlight the pursuit of certainty, with reduced bank stock holdings indicating concerns about financial system risks and increased consumer stock investments reflecting confidence in essential markets [6]. - Maintaining a high cash ratio is not merely conservative but provides flexibility for strategic investments during crises [6]. - The strategy of focusing on cash-rich, stable consumer assets during economic uncertainty is emphasized, alongside the need for a balanced approach to technology stocks [7].