{"id":610292,"date":"2025-12-17T04:30:03","date_gmt":"2025-12-17T12:30:03","guid":{"rendered":"https:\/\/nai500.com\/?p=610292"},"modified":"2025-12-17T04:30:03","modified_gmt":"2025-12-17T12:30:03","slug":"%e4%b8%89%e5%8f%aa-%e7%b5%82%e6%a5%b5-%e5%83%b9%e5%80%bc%e8%82%a1-%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8a%95%e8%b3%87%e8%80%85-%e7%a6%ae%e7%89%a9","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/12\/%e4%b8%89%e5%8f%aa-%e7%b5%82%e6%a5%b5-%e5%83%b9%e5%80%bc%e8%82%a1-%e5%b7%b4%e8%8f%b2%e7%89%b9-%e6%8a%95%e8%b3%87%e8%80%85-%e7%a6%ae%e7%89%a9\/","title":{"rendered":"\u9019\u4e09\u53ea\u8de8\u8d8a\u6642\u4ee3\u7684\u7d42\u6975\u50f9\u503c\u80a1\u662f\u5df4\u83f2\u7279\u7559\u7d66\u6295\u8cc7\u8005\u7684\u79ae\u7269"},"content":{"rendered":"

\u96a8\u8457\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u5373\u5c07\u5378\u4efb\u4f2f\u514b\u5e0c\u723e\u00b7\u54c8\u6492\u97cbBerkshire Hathaway<\/b><\/strong>‘s\u00a0(<\/b><\/strong>BRK.A<\/b><\/u><\/strong><\/a>)<\/b><\/strong>\u00a0CEO\uff0c\u5176\u9f90\u5927\u6295\u8cc7\u7d44\u5408\u4e2d\u7684\u6301\u5009\u9078\u64c7\uff0c\u6b63\u88ab\u5e02\u5834\u8996\u70ba\u4e00\u4efd\u5f4c\u8db3\u73cd\u8cb4\u7684\u79ae\u7269\u3002<\/p>\n

\u5728\u7576\u524d\u9019\u500b\u7531AI\u6558\u4e8b\u4e3b\u5c0e\u7684\u5e02\u5834\u4e2d\uff0c\u5df4\u83f2\u7279\u5805\u5b88\u7684\u67d0\u4e9b\u6838\u5fc3\u6301\u5009\u2014\u2014\u5982\u7f8e\u570b\u9280\u884cBank of America<\/b><\/strong>\u00a0(<\/b><\/strong>BAC<\/b><\/u><\/strong><\/a>)<\/b><\/strong>\u3001Chubb<\/b><\/strong>\u00a0(<\/b><\/strong>CB<\/b><\/u><\/strong><\/a>)<\/b><\/strong>\u548c\u9054\u7f8e\u6a02\u62ab\u85a9Domino’s Pizza<\/b><\/strong>\u00a0(<\/b><\/strong>DPZ<\/b><\/u><\/strong><\/a>)<\/b><\/strong>\u2014\u2014\u770b\u4f3c\u50b3\u7d71\uff0c\u537b\u860a\u542b\u8457\u7a7f\u8d8a\u5468\u671f\u7684\u7a69\u5065\u908f\u8f2f\u3002\u9019\u4e09\u53ea\u80a1\u7968\u4e0d\u50c5\u662f\u5df4\u83f2\u7279\u50f9\u503c\u6295\u8cc7\u54f2\u5b78\u7684\u5177\u8c61\u9ad4\u73fe\uff0c\u66f4\u53ef\u80fd\u5728\u6ce2\u8b4e\u96f2\u8a6d\u76842026\u5e74\uff0c\u7e7c\u7e8c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u78ba\u5b9a\u6027\u7684\u6536\u76ca\u57fa\u77f3\u3002<\/p>\n

\u7f8e\u570b\u9280\u884c\uff1a\u91d1\u878d\u58d3\u8259\u77f3\u7684\u97cc\u6027\u50f9\u503c<\/b><\/strong><\/p>\n

\u76e1\u7ba1\u4f2f\u514b\u5e0c\u723e\u81ea\u53bb\u5e74\u4e2d\u671f\u4ee5\u4f86\u5c0f\u5e45\u6e1b\u6301\uff0c\u7f8e\u570b\u9280\u884c\u4ecd\u662f\u5176\u50f9\u503c310\u5104\u7f8e\u5143\u7684\u7b2c\u4e09\u5927\u6301\u5009\uff0c\u9019\u4e00\u4e8b\u5be6\u672c\u8eab\u4fbf\u662f\u7121\u8072\u7684\u4fe1\u4efb\u7968\u3002\u5728\u964d\u606f\u9810\u671f\u3001\u7d93\u6fdf\u653e\u7de9\u8207\u9ad8\u8ca0\u50b5\u6d88\u8cbb\u8005\u74b0\u5883\u7684\u201c\u9006\u98a8\u201d\u4e2d\uff0c\u7f8e\u570b\u9280\u884c\u80a1\u50f9\u7684\u5805\u633a\uff0c\u63ed\u793a\u4e86\u5e02\u5834\u5c0d\u5176\u9577\u671f\u6230\u7565\u7684\u8a8d\u53ef\u3002<\/p>\n

\u652f\u6490\u80a1\u50f9\u7684\u6839\u672c\u539f\u56e0\u5728\u65bc\u5176\u6e05\u6670\u7684\u76c8\u5229\u6539\u5584\u8def\u5f91\u3002\u7ba1\u7406\u5c64\u9810\u8a08\uff0c\u5f9e\u73fe\u5728\u52302030\u5e74\uff0c\u6de8\u5229\u606f\u6536\u5165\u5c07\u5be6\u73fe\u5e74\u57475%-7%\u7684\u589e\u9577\uff0c\u986f\u8457\u9ad8\u65bc\u904e\u53bb\u5e7e\u5e744%\u7684\u6c34\u5e73\u3002\u540c\u6642\uff0c\u5176\u6709\u5f62\u666e\u901a\u80a1\u80a1\u672c\u56de\u5831\u7387\uff08ROTCE\uff09\u76ee\u6a19\u8a2d\u5b9a\u572816%-18%\uff0c\u65e8\u5728\u91cd\u56de\u884c\u696d\u9818\u5148\u6c34\u5e73\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5373\u4f7f\u80a1\u50f9\u81ea2023\u5e74\u5e95\u4f4e\u9ede\u5df2\u4e0a\u6f32120%\uff0c\u5176\u4f30\u503c\u4ecd\u4f4e\u65bc13\u500d\u672a\u4f86\u9810\u671f\u5e02\u76c8\u7387\uff0c\u540c\u6642\u63d0\u4f9b2.1%\u7684\u80a1\u606f\u6536\u76ca\u7387\u3002\u57282026\u5e74\u53ef\u80fd\u51fa\u73fe\u7684\u7d93\u6fdf\u6ce2\u52d5\u4e2d\uff0c\u9019\u7a2e\u201c\u5408\u7406\u4f30\u503c+\u76c8\u5229\u6539\u5584+\u80a1\u606f\u56de\u5831\u201d<\/b><\/strong>\u7684\u7d44\u5408\uff0c\u69cb\u6210\u4e86\u5f37\u5927\u7684\u9632\u79a6\u8207\u6536\u76ca\u96d9\u91cd\u512a\u52e2\u3002<\/p>\n

Chubb\uff1a\u88ab\u5ffd\u7565\u7684<\/b><\/strong>\u201c<\/b><\/strong>\u80a1\u606f\u589e\u9577\u4e4b\u738b<\/b><\/strong>\u201d<\/b><\/strong><\/p>\n

\u5728\u5145\u65a5\u8457\u79d1\u6280\u8a71\u984c\u7684\u5e02\u5834\u4e2d\uff0c\u9019\u5bb6\u5168\u7403\u9802\u5c16\u7684\u8ca1\u7522\u8207\u610f\u5916\u96aa\u516c\u53f8\u5e7e\u4e4e\u88ab\u6563\u6236\u6295\u8cc7\u8005\u907a\u5fd8\u3002\u7136\u800c\uff0c\u5176\u9b45\u529b\u6b63\u5728\u65bc\u9019\u4efd\u201c\u4f4e\u8abf\u201d\u80cc\u5f8c\u9a5a\u4eba\u7684\u53ef\u9810\u6e2c\u6027\u8207\u7d00\u5f8b\u6027\u3002\u76e1\u7ba1\u81ea\u7136\u707d\u5bb3\u983b\u767c\u5e36\u4f86\u5de8\u984d\u8ce0\u4ed8\uff08\u59822025\u5e74\u52a0\u5dde\u91ce\u706b\u30012024\u5e74\u98b6\u98a8\u7c73\u9813\uff09\uff0c\u4f46Chubb\u6191\u501f\u9802\u5c16\u7684\u7cbe\u7b97\u5b9a\u50f9\u80fd\u529b\uff0c\u5728\u904e\u53bb\u5341\u5e74\u4e2d\u50c5\u6709\u4e00\u500b\u5b63\u5ea6\uff082020\u5e74\u4e8c\u5b63\u5ea6\uff09\u51fa\u73fe\u5c0f\u5e45\u8667\u640d\uff0c\u4e26\u8fc5\u901f\u5728\u7576\u5e74\u5be6\u73fe\u5f4c\u88dc\u3002<\/p>\n

\u5c0d\u6295\u8cc7\u8005\u800c\u8a00\uff0cChubb\u63d0\u4f9b\u7684\u4e0d\u662f\u80a1\u50f9\u66b4\u6f32\u7684\u523a\u6fc0\uff0c\u800c\u662f\u9577\u905432\u5e74\u4e0d\u9593\u65b7\u63d0\u9ad8\u80a1\u606f\u7684\u5353\u8d8a\u7d00\u9304\u3002\u5728\u4f4e\u589e\u9577\u884c\u696d\u4e2d\uff0c\u9019\u7a2e\u901a\u904e\u56b4\u683c\u98a8\u96aa\u7ba1\u7406\u548c\u8cc7\u672c\u914d\u7f6e\u5be6\u73fe\u7684\u3001\u5982\u540c\u201c\u6642\u9418\u822c\u7cbe\u51c6\u201d\u7684\u73fe\u91d1\u6d41\u56de\u5831\u8207\u80a1\u606f\u589e\u9577\uff0c\u6070\u6070\u662f\u69cb\u5efa\u9577\u671f\u8ca1\u5bcc\u7684\u6838\u5fc3\u3002\u57282026\u5e74\u5e02\u5834\u53ef\u80fd\u56e0\u4e0d\u78ba\u5b9a\u6027\u800c\u9707\u8569\u6642\uff0c\u9019\u6a23\u7a69\u5b9a\u4e14\u6301\u7e8c\u589e\u9577\u7684\u73fe\u91d1\u6d41\u5165\uff0c\u50f9\u503c\u5343\u91d1\u3002<\/p>\n

\u9054\u7f8e\u6a02\u62ab\u85a9\uff1a\u6297\u5468\u671f\u7684\u201c\u5be6\u7528\u4e3b\u7fa9\u201d\u64f4\u5f35<\/b><\/strong><\/p>\n

\u5df4\u83f2\u7279\u53bb\u5e74\u4e0b\u534a\u5e74\u5c0d\u9054\u7f8e\u6a02\u7684\u5efa\u5009\u66fe\u4ee4\u4eba\u9a5a\u8a1d\uff0c\u4f46\u7d30\u7a76\u4e4b\u4e0b\uff0c\u9019\u6b63\u9ad4\u73fe\u4e86\u5176\u201c\u5728\u7c21\u55ae\u696d\u52d9\u4e2d\u5c0b\u627e\u8b77\u57ce\u6cb3\u201d\u7684\u6295\u8cc7\u7406\u5ff5\u3002\u62ab\u85a9\u4f5c\u70ba\u4e00\u7a2e\u7a7f\u8d8a\u7d93\u6fdf\u5468\u671f\u7684\u201c\u5fc5\u9700\u578b\u201d\u6d88\u8cbb\uff0c\u9700\u6c42\u5177\u6709\u97cc\u6027\u3002\u9054\u7f8e\u6a02\u5c08\u6ce8\u5916\u5e36\u8207\u5916\u8ce3\u7684\u8f15\u8cc7\u7522\u6a21\u5f0f\uff0c\u4f7f\u5176\u5177\u5099\u9ad8\u6210\u672c\u6548\u76ca\u548c\u6297\u901a\u8139\u7279\u6027\u3002<\/p>\n

2026\u5e74\u7684\u589e\u9577\u52d5\u80fd\u4f86\u81ea\u5176\u6e05\u6670\u4e14\u672a\u98fd\u548c\u7684\u5168\u7403\u64f4\u5f35\u85cd\u5716\u3002\u76e1\u7ba1\u516c\u53f8\u5df2\u9069\u5ea6\u8abf\u6574\u4e86\u6fc0\u9032\u7684\u64f4\u5f35\u7bc0\u594f\uff0c\u4f46\u5176\u9577\u671f\u76ee\u6a19\u4ecd\u6307\u5411\u5168\u74035\u842c\u5bb6\u9580\u5e97\uff0c\u800c\u76ee\u524d\u50c5\u70ba2.1\u842c\u9918\u5bb6\u3002\u7b2c\u4e09\u5b63\u5ea6\u6de8\u65b0\u589e214\u5bb6\u9580\u5e97\u4e26\u52a0\u901f\u5e74\u5316\u958b\u5e97\u901f\u5ea6\uff0c\u986f\u793a\u4e86\u589e\u9577\u4e26\u672a\u505c\u6eef\u3002\u4f5c\u70ba\u884c\u696d\u9818\u5c0e\u54c1\u724c\uff0c\u5176\u898f\u6a21\u6548\u61c9\u548c\u6578\u5b57\u5316\u904b\u71df\u80fd\u529b\u69cb\u6210\u4e86\u5805\u56fa\u7684\u8b77\u57ce\u6cb3\u3002\u7576\u524d\u80a1\u50f9\u4ecd\u4f4e\u65bc\u5e74\u5167\u9ad8\u9ede\uff0c\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u4e86\u4ee5\u6298\u6263\u50f9\u8cb7\u5165\u4e00\u5bb6\u5177\u5099\u6301\u7e8c\u5167\u751f\u589e\u9577\u80fd\u529b\u7684\u6d88\u8cbb\u9f8d\u982d\u6a5f\u6703\uff0c\u4e26\u4eab\u53d7\u8fd11.7%\u7684\u80a1\u606f\u6536\u76ca\u3002<\/p>\n

\u7d50\u8ad6\uff1a\u5728\u8b8a\u5c40\u4e2d\u9328\u5b9a<\/b><\/strong>\u201c<\/b><\/strong>\u53ef\u5be6\u73fe\u7684\u672a\u4f86<\/b><\/strong>\u201d<\/b><\/strong><\/p>\n

\u5728\u5df4\u83f2\u7279\u6642\u4ee3\u53ef\u80fd\u843d\u5e55\u4e4b\u969b\uff0c\u9019\u4e09\u53ea\u80a1\u7968\u5171\u540c\u52fe\u52d2\u51fa\u5176\u6295\u8cc7\u54f2\u5b78\u7684\u7cbe\u9ad3\uff1a\u4e0d\u8ffd\u9010\u865b\u5e7b\u7684\u6558\u4e8b\uff0c\u800c\u662f\u6295\u8cc7\u65bc\u696d\u52d9\u6a21\u5f0f\u7c21\u55ae\u6613\u61c2\u3001\u7ba1\u7406\u5c64\u503c\u5f97\u4fe1\u8cf4\u3001\u5b9a\u50f9\u5408\u7406\u3001\u4e26\u80fd\u7522\u751f\u6301\u7e8c\u81ea\u7531\u73fe\u91d1\u6d41\u7684\u516c\u53f8\u3002\u7f8e\u570b\u9280\u884c\u4ee3\u8868\u8457\u5c0d\u91d1\u878d\u9ad4\u7cfb\u6838\u5fc3\u53ca\u7ba1\u7406\u80fd\u529b\u7684\u4fe1\u4efb\uff1bChubb\u5f70\u986f\u4e86\u901a\u904e\u5c08\u696d\u58c1\u58d8\u5be6\u73fe\u6975\u7aef\u78ba\u5b9a\u6027\u7684\u50f9\u503c\uff1b\u9054\u7f8e\u6a02\u5247\u9ad4\u73fe\u4e86\u5c0d\u6eff\u8db3\u57fa\u672c\u9700\u6c42\u3001\u4e26\u9ad8\u6548\u64f4\u5f35\u7684\u5546\u696d\u6a21\u5f0f\u7684\u9752\u775e\u3002<\/p>\n

\u5c55\u671b2026\u5e74\uff0c\u7121\u8ad6\u5e02\u5834\u662f\u5ef6\u7e8cAI\u72c2\u71b1\u9084\u662f\u56de\u6b78\u7d93\u6fdf\u73fe\u5be6\uff0c\u9019\u4e09\u5bb6\u516c\u53f8\u6240\u4f9d\u8cf4\u7684\u91d1\u878d\u9700\u6c42\u3001\u98a8\u96aa\u4fdd\u969c\u548c\u57fa\u790e\u6d88\u8cbb\u9700\u6c42\u90fd\u4e0d\u6703\u6d88\u5931\u3002\u5b83\u5011\u7684\u6536\u76ca\u5c07\u4e3b\u8981\u4f86\u81ea\u4f01\u696d\u76c8\u5229\u7684\u7a69\u5065\u589e\u9577\u8207\u6301\u7e8c\u7684\u80a1\u6771\u56de\u5831\uff0c\u800c\u975e\u4f30\u503c\u6ce1\u6cab\u7684\u64f4\u5f35\u3002\u5c0d\u65bc\u5c0b\u6c42\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u5c0b\u627e\u78ba\u5b9a\u6027\u7684\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u9019\u4efd\u201c\u5df4\u83f2\u7279\u84cb\u7ae0\u8a8d\u8b49\u201d\u7684\u80a1\u7968\u540d\u55ae\uff0c\u6216\u8a31\u6bd4\u8ffd\u9010\u672a\u77e5\u7684\u98a8\u53e3\uff0c\u66f4\u80fd\u6210\u70ba\u8ca1\u5bcc\u7a69\u5065\u589e\u503c\u7684\u58d3\u8259\u77f3\u3002<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u96a8\u8457\u201c\u80a1\u795e\u201d\u5df4\u83f2\u7279\u5373\u5c07\u5378\u4efb\u4f2f\u514b\u5e0c\u723e\u00b7\u54c8\u6492\u97cbBerkshire Hathaway‘s\u00a0(BRK.A) […]<\/p>\n","protected":false},"author":31,"featured_media":544488,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[2168,2177,1860,2230],"class_list":{"0":"post-610292","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-1522","8":"category-trends-strategies-zh-hant","9":"tag--zh-hant","10":"tag-2177","12":"tag-2230","13":"sectors--zh-hant","14":"sectors-financial-products-zh-hant","15":"locations-us-zh-hant","16":"exchange-nasdaq-zh-hant","17":"exchange-nyse-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/610292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=610292"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/610292\/revisions"}],"predecessor-version":[{"id":610295,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/610292\/revisions\/610295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/544488"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=610292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=610292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=610292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}