{"id":610288,"date":"2025-12-17T04:30:02","date_gmt":"2025-12-17T12:30:02","guid":{"rendered":"https:\/\/nai500.com\/?p=610288"},"modified":"2025-12-17T04:30:02","modified_gmt":"2025-12-17T12:30:02","slug":"%e4%b8%89%e5%8f%aa-%e7%bb%88%e6%9e%81-%e4%bb%b7%e5%80%bc%e8%82%a1-%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8a%95%e8%b5%84%e8%80%85-%e7%a4%bc%e7%89%a9","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/12\/%e4%b8%89%e5%8f%aa-%e7%bb%88%e6%9e%81-%e4%bb%b7%e5%80%bc%e8%82%a1-%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8a%95%e8%b5%84%e8%80%85-%e7%a4%bc%e7%89%a9\/","title":{"rendered":"\u8fd9\u4e09\u53ea\u8de8\u8d8a\u65f6\u4ee3\u7684\u7ec8\u6781\u4ef7\u503c\u80a1\u662f\u5df4\u83f2\u7279\u7559\u7ed9\u6295\u8d44\u8005\u7684\u793c\u7269"},"content":{"rendered":"<p>\u968f\u7740\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u5373\u5c06\u5378\u4efb\u4f2f\u514b\u5e0c\u5c14\u00b7\u54c8\u6492\u97e6<strong><b>Berkshire Hathaway<\/b><\/strong>&#8216;s\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=BRK.A\"><strong><u><b>BRK.A<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u00a0CEO\uff0c\u5176\u5e9e\u5927\u6295\u8d44\u7ec4\u5408\u4e2d\u7684\u6301\u4ed3\u9009\u62e9\uff0c\u6b63\u88ab\u5e02\u573a\u89c6\u4e3a\u4e00\u4efd\u5f25\u8db3\u73cd\u8d35\u7684\u793c\u7269\u3002<\/p>\n<p>\u5728\u5f53\u524d\u8fd9\u4e2a\u7531AI\u53d9\u4e8b\u4e3b\u5bfc\u7684\u5e02\u573a\u4e2d\uff0c\u5df4\u83f2\u7279\u575a\u5b88\u7684\u67d0\u4e9b\u6838\u5fc3\u6301\u4ed3\u2014\u2014\u5982\u7f8e\u56fd\u94f6\u884c<strong><b>Bank of America<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=BAC\"><strong><u><b>BAC<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u3001<strong><b>Chubb<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=CB\"><strong><u><b>CB<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u548c\u8fbe\u7f8e\u4e50\u62ab\u8428<strong><b>Domino&#8217;s Pizza<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=DPZ\"><strong><u><b>DPZ<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u2014\u2014\u770b\u4f3c\u4f20\u7edf\uff0c\u5374\u8574\u542b\u7740\u7a7f\u8d8a\u5468\u671f\u7684\u7a33\u5065\u903b\u8f91\u3002\u8fd9\u4e09\u53ea\u80a1\u7968\u4e0d\u4ec5\u662f\u5df4\u83f2\u7279\u4ef7\u503c\u6295\u8d44\u54f2\u5b66\u7684\u5177\u8c61\u4f53\u73b0\uff0c\u66f4\u53ef\u80fd\u5728\u6ce2\u8c32\u4e91\u8be1\u76842026\u5e74\uff0c\u7ee7\u7eed\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u786e\u5b9a\u6027\u7684\u6536\u76ca\u57fa\u77f3\u3002<\/p>\n<p><strong><b>\u7f8e\u56fd\u94f6\u884c\uff1a\u91d1\u878d\u538b\u8231\u77f3\u7684\u97e7\u6027\u4ef7\u503c<\/b><\/strong><\/p>\n<p>\u5c3d\u7ba1\u4f2f\u514b\u5e0c\u5c14\u81ea\u53bb\u5e74\u4e2d\u671f\u4ee5\u6765\u5c0f\u5e45\u51cf\u6301\uff0c\u7f8e\u56fd\u94f6\u884c\u4ecd\u662f\u5176\u4ef7\u503c310\u4ebf\u7f8e\u5143\u7684\u7b2c\u4e09\u5927\u6301\u4ed3\uff0c\u8fd9\u4e00\u4e8b\u5b9e\u672c\u8eab\u4fbf\u662f\u65e0\u58f0\u7684\u4fe1\u4efb\u7968\u3002\u5728\u964d\u606f\u9884\u671f\u3001\u7ecf\u6d4e\u653e\u7f13\u4e0e\u9ad8\u8d1f\u503a\u6d88\u8d39\u8005\u73af\u5883\u7684\u201c\u9006\u98ce\u201d\u4e2d\uff0c\u7f8e\u56fd\u94f6\u884c\u80a1\u4ef7\u7684\u575a\u633a\uff0c\u63ed\u793a\u4e86\u5e02\u573a\u5bf9\u5176\u957f\u671f\u6218\u7565\u7684\u8ba4\u53ef\u3002<\/p>\n<p>\u652f\u6491\u80a1\u4ef7\u7684\u6839\u672c\u539f\u56e0\u5728\u4e8e\u5176\u6e05\u6670\u7684\u76c8\u5229\u6539\u5584\u8def\u5f84\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\uff0c\u4ece\u73b0\u5728\u52302030\u5e74\uff0c\u51c0\u5229\u606f\u6536\u5165\u5c06\u5b9e\u73b0\u5e74\u57475%-7%\u7684\u589e\u957f\uff0c\u663e\u7740\u9ad8\u4e8e\u8fc7\u53bb\u51e0\u5e744%\u7684\u6c34\u5e73\u3002\u540c\u65f6\uff0c\u5176\u6709\u5f62\u666e\u901a\u80a1\u80a1\u672c\u56de\u62a5\u7387\uff08ROTCE\uff09\u76ee\u6807\u8bbe\u5b9a\u572816%-18%\uff0c\u65e8\u5728\u91cd\u56de\u884c\u4e1a\u9886\u5148\u6c34\u5e73\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5373\u4f7f\u80a1\u4ef7\u81ea2023\u5e74\u5e95\u4f4e\u70b9\u5df2\u4e0a\u6da8120%\uff0c\u5176\u4f30\u503c\u4ecd\u4f4e\u4e8e13\u500d\u672a\u6765\u9884\u671f\u5e02\u76c8\u7387\uff0c\u540c\u65f6\u63d0\u4f9b2.1%\u7684\u80a1\u606f\u6536\u76ca\u7387\u3002\u57282026\u5e74\u53ef\u80fd\u51fa\u73b0\u7684\u7ecf\u6d4e\u6ce2\u52a8\u4e2d\uff0c\u8fd9\u79cd\u201c\u5408\u7406\u4f30\u503c+\u76c8\u5229\u6539\u5584+\u80a1\u606f\u56de\u62a5<strong><b>\u201d<\/b><\/strong>\u7684\u7ec4\u5408\uff0c\u6784\u6210\u4e86\u5f3a\u5927\u7684\u9632\u5fa1\u4e0e\u6536\u76ca\u53cc\u91cd\u4f18\u52bf\u3002<\/p>\n<p><strong><b>Chubb\uff1a\u88ab\u5ffd\u7565\u7684<\/b><\/strong><strong><b>\u201c<\/b><\/strong><strong><b>\u80a1\u606f\u589e\u957f\u4e4b\u738b<\/b><\/strong><strong><b>\u201d<\/b><\/strong><\/p>\n<p>\u5728\u5145\u65a5\u7740\u79d1\u6280\u8bdd\u9898\u7684\u5e02\u573a\u4e2d\uff0c\u8fd9\u5bb6\u5168\u7403\u9876\u5c16\u7684\u8d22\u4ea7\u4e0e\u610f\u5916\u9669\u516c\u53f8\u51e0\u4e4e\u88ab\u6563\u6237\u6295\u8d44\u8005\u9057\u5fd8\u3002\u7136\u800c\uff0c\u5176\u9b45\u529b\u6b63\u5728\u4e8e\u8fd9\u4efd\u201c\u4f4e\u8c03\u201d\u80cc\u540e\u60ca\u4eba\u7684\u53ef\u9884\u6d4b\u6027\u4e0e\u7eaa\u5f8b\u6027\u3002\u5c3d\u7ba1\u81ea\u7136\u707e\u5bb3\u9891\u53d1\u5e26\u6765\u5de8\u989d\u8d54\u4ed8\uff08\u59822025\u5e74\u52a0\u5dde\u91ce\u706b\u30012024\u5e74\u98d3\u98ce\u7c73\u987f\uff09\uff0c\u4f46Chubb\u51ed\u501f\u9876\u5c16\u7684\u7cbe\u7b97\u5b9a\u4ef7\u80fd\u529b\uff0c\u5728\u8fc7\u53bb\u5341\u5e74\u4e2d\u4ec5\u6709\u4e00\u4e2a\u5b63\u5ea6\uff082020\u5e74\u4e8c\u5b63\u5ea6\uff09\u51fa\u73b0\u5c0f\u5e45\u4e8f\u635f\uff0c\u5e76\u8fc5\u901f\u5728\u5f53\u5e74\u5b9e\u73b0\u5f25\u8865\u3002<\/p>\n<p>\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0cChubb\u63d0\u4f9b\u7684\u4e0d\u662f\u80a1\u4ef7\u66b4\u6da8\u7684\u523a\u6fc0\uff0c\u800c\u662f\u957f\u8fbe32\u5e74\u4e0d\u95f4\u65ad\u63d0\u9ad8\u80a1\u606f\u7684\u5353\u8d8a\u7eaa\u5f55\u3002\u5728\u4f4e\u589e\u957f\u884c\u4e1a\u4e2d\uff0c\u8fd9\u79cd\u901a\u8fc7\u4e25\u683c\u98ce\u9669\u7ba1\u7406\u548c\u8d44\u672c\u914d\u7f6e\u5b9e\u73b0\u7684\u3001\u5982\u540c\u201c\u65f6\u949f\u822c\u7cbe\u51c6\u201d\u7684\u73b0\u91d1\u6d41\u56de\u62a5\u4e0e\u80a1\u606f\u589e\u957f\uff0c\u6070\u6070\u662f\u6784\u5efa\u957f\u671f\u8d22\u5bcc\u7684\u6838\u5fc3\u3002\u57282026\u5e74\u5e02\u573a\u53ef\u80fd\u56e0\u4e0d\u786e\u5b9a\u6027\u800c\u9707\u8361\u65f6\uff0c\u8fd9\u6837\u7a33\u5b9a\u4e14\u6301\u7eed\u589e\u957f\u7684\u73b0\u91d1\u6d41\u5165\uff0c\u4ef7\u503c\u5343\u91d1\u3002<\/p>\n<p><strong><b>\u8fbe\u7f8e\u4e50\u62ab\u8428\uff1a\u6297\u5468\u671f\u7684\u201c\u5b9e\u7528\u4e3b\u4e49\u201d\u6269\u5f20<\/b><\/strong><\/p>\n<p>\u5df4\u83f2\u7279\u53bb\u5e74\u4e0b\u534a\u5e74\u5bf9\u8fbe\u7f8e\u4e50\u7684\u5efa\u4ed3\u66fe\u4ee4\u4eba\u60ca\u8bb6\uff0c\u4f46\u7ec6\u7a76\u4e4b\u4e0b\uff0c\u8fd9\u6b63\u4f53\u73b0\u4e86\u5176\u201c\u5728\u7b80\u5355\u4e1a\u52a1\u4e2d\u5bfb\u627e\u62a4\u57ce\u6cb3\u201d\u7684\u6295\u8d44\u7406\u5ff5\u3002\u62ab\u8428\u4f5c\u4e3a\u4e00\u79cd\u7a7f\u8d8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Hathaway&#8216;s\u00a0(BRK.A) 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