{"id":639303,"date":"2026-05-25T01:16:01","date_gmt":"2026-05-25T08:16:01","guid":{"rendered":"https:\/\/nai500.com\/?p=639303"},"modified":"2026-05-25T01:16:01","modified_gmt":"2026-05-25T08:16:01","slug":"%e8%93%8b%e8%8c%a8-%e5%9f%ba%e9%87%91%e6%9c%83-%e8%b3%a3%e5%87%ba-%e5%be%ae%e8%bb%9f-%e8%82%a1%e7%a5%a8-%e5%85%a9%e5%8f%aa-%e9%87%8d%e5%80%89%e8%82%a1-%e6%83%85%e6%9c%89-%e7%8d%a8%e9%90%98","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/05\/%e8%93%8b%e8%8c%a8-%e5%9f%ba%e9%87%91%e6%9c%83-%e8%b3%a3%e5%87%ba-%e5%be%ae%e8%bb%9f-%e8%82%a1%e7%a5%a8-%e5%85%a9%e5%8f%aa-%e9%87%8d%e5%80%89%e8%82%a1-%e6%83%85%e6%9c%89-%e7%8d%a8%e9%90%98\/","title":{"rendered":"\u84cb\u8328\u57fa\u91d1\u6703\u8ce3\u51fa\u5fae\u8edf\u80a1\u7968\uff0c\u4f46\u662f\u5c0d\u9019\u5169\u53ea\u91cd\u5009\u80a1\u60c5\u6709\u7368\u9418"},"content":{"rendered":"

\u6700\u65b0\u62ab\u9732\u7684\u6587\u4ef6\u986f\u793a\uff0c<\/span>\u6bd4\u723e<\/span>\u00b7<\/span>\u84cb\u8328\u57fa\u91d1\u6703\u4fe1\u6258\u57fa\u91d1\u5df2\u5728\u4e0a\u4e00\u5b63\u5ea6\u6e05\u5009\u4e86\u6700\u8fd1\u4e00\u6b21\u7372\u8d08\u7684\u5fae\u8edf\u80a1\u7968\u3002\u76ee\u524d\uff0c\u8a72\u57fa\u91d1\u6703\u7d04<\/span>33\u5104\u7f8e\u5143\u7684\u7f8e\u80a1\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u6709<\/span>43%<\/span>\u96c6\u4e2d\u62bc\u6ce8\u65bc\u5169\u53ea\u80a1\u7968<\/span>\u2014\u2014<\/span>\u4f2f\u514b\u5e0c\u723e<\/span>\u00b7<\/span>\u54c8\u6492\u97cb<\/span>Berkshire Hathaway<\/span><\/b> (<\/b>BRKA<\/span><\/u><\/b><\/a>)<\/b>\u8207\u5ee2\u7269\u7ba1\u7406\u516c\u53f8<\/span>WM<\/span><\/b> (<\/b>WM<\/span><\/u><\/b><\/a>)<\/b>\u3002<\/span><\/p>\n

\u5f9e\u6210\u9577\u5230\u50f9\u503c\uff1a\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u54f2\u5b78<\/span><\/b><\/p>\n

\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u7ba1\u7406\u98a8\u683c\u504f\u5411\u50f9\u503c\u80a1\uff0c\u901a\u5e38\u662f\u90a3\u4e9b\u5177\u5099\u5bec\u5ee3\u8b77\u57ce\u6cb3\u3001\u696d\u52d9\u6210\u719f\u751a\u81f3\u7565\u986f<\/span>\u201c\u67af\u71e5<\/span>\u201d\u7684\u4f01\u696d\u3002\u6210\u9577\u80a1\u5728\u7d44\u5408\u4e2d\u5360\u6bd4\u5f88\u5c0f\u3002\u5fae\u8edf\u66c6\u4f86\u662f\u6700\u5927\u7684\u4f8b\u5916<\/span>\u2014\u2014<\/span>\u4f46\u9019\u4e00\u4f8b\u5916\u5982\u4eca\u5df2\u4e0d\u8907\u5b58\u5728\u3002<\/span><\/p>\n

\u6e05\u5009\u5fae\u8edf\u4e26\u975e\u4e0d\u770b\u597d\u516c\u53f8\u524d\u666f\u3002\u84cb\u8328\u672c\u4eba\u4ecd\u6301\u6709\u7d04<\/span>1.03\u5104\u80a1\u5fae\u8edf\u80a1\u7968\uff0c\u50f9\u503c\u7d04<\/span>430<\/span>\u5104\u7f8e\u5143\uff0c\u4e26\u8a08\u5283\u5728\u672a\u4f86<\/span>20<\/span>\u5e74\u5167\u5c07\u5e7e\u4e4e\u5168\u90e8\u8ca1\u5bcc\u6350\u8d08\u7d66\u57fa\u91d1\u6703\u3002\u56e0\u6b64\uff0c\u4fe1\u6258\u57fa\u91d1\u63d0\u524d\u964d\u4f4e\u5fae\u8edf\u655e\u53e3\u662f\u5408\u7406\u7684\u8ca1\u52d9\u5b89\u6392\u3002\u5f9e\u57fa\u672c\u9762\u770b\uff0c\u5fae\u8edf\u96f2\u8a08\u7b97\u548c\u8edf\u4ef6\u696d\u52d9\u589e\u9577\u8fc5\u901f\uff0c\u4eba\u5de5\u667a\u80fd\u9700\u6c42\u672a\u898b\u653e\u7de9\uff0c\u9060\u671f\u5e02\u76c8\u7387\u7d04<\/span>25<\/span>\u500d\uff0c\u5c0d\u4e00\u5bb6\u9ad8\u589e\u9577\u4f01\u696d\u800c\u8a00\u4ecd\u5177\u5438\u5f15\u529b\u3002<\/span><\/p>\n

\u7b2c\u4e00\u5927\u91cd\u5009\uff1a\u4f2f\u514b\u5e0c\u723e<\/span>\u00b7<\/span>\u54c8\u6492\u97cb<\/span><\/b><\/p>\n

\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u54f2\u5b78\u6df1\u53d7\u6c83\u502b<\/span>\u00b7<\/span>\u5df4\u83f2\u7279\u5f71\u97ff<\/span>\u2014\u2014<\/span>\u5df4\u83f2\u7279\u9577\u671f\u5411\u57fa\u91d1\u6703\u6350\u8d08\u80a1\u7968\uff0c\u552f\u4e00\u689d\u4ef6\u662f\u57fa\u91d1\u6703\u6bcf\u5e74\u9808\u82b1\u6389\u5176\u6350\u8d08\u7684\u5168\u90e8\u50f9\u503c\u52a0\u4e0a\u5269\u9918\u8cc7\u7522\u7684<\/span>5%<\/span>\u3002\u96a8\u8457\u4f2f\u514b\u5e0c\u723e\u80a1\u50f9\u6500\u5347\uff0c\u9019\u4e00\u9580\u6abb\u8d8a\u4f86\u8d8a\u9ad8\uff0c\u4f46\u6295\u8cc7\u7d93\u7406\u4ecd\u4fdd\u7559\u4e86\u53ef\u89c0\u5009\u4f4d\u3002<\/span><\/p>\n

\u76ee\u524d\u4f2f\u514b\u5e0c\u723e<\/span>B\u985e\u80a1\u7d04\u5360\u57fa\u91d1\u6703\u7d44\u5408\u7684<\/span>25%<\/span>\u3002\u5728\u65b0<\/span>CEO<\/span>\u683c\u96f7\u683c<\/span>\u00b7<\/span>\u963f\u8c9d\u723e\u9818\u5c0e\u4e0b\uff0c\u516c\u53f8\u4e00\u5b63\u5ea6\u4ea4\u51fa\u4e86\u7a69\u5065\u7b54\u5377\uff1a\u4fdd\u96aa\u627f\u4fdd\u696d\u52d9\u5728\u52a0\u5dde\u5c71\u706b\u5f8c\u6539\u5584\uff0c\u9435\u8def\u904b\u71df\u5229\u6f64\u7387\u9010\u6b65\u63d0\u5347\u3002\u963f\u8c9d\u723e\u5728\u6295\u8cc7\u7d44\u5408\u4e0a\u4e5f\u6709\u5927\u52d5\u4f5c\uff0c\u4f46\u7d93\u71df\u6027\u73fe\u91d1\u6d41\u5f37\u52c1\uff0c\u8cec\u9762\u73fe\u91d1\u4ecd\u5728\u589e\u9577\u3002<\/span><\/p>\n

\u4f2f\u514b\u5e0c\u723e\u7576\u524d\u5e02\u6de8\u7387\u50c5<\/span>1.4\u500d\uff0c\u8655\u65bc\u8fd1\u4e09\u5e74\u4f4e\u4f4d\u3002\u963f\u8c9d\u723e\u4e00\u5b63\u5ea6\u9032\u884c\u4e86\u5c11\u91cf\u56de\u8cfc\uff0c\u4f46\u898f\u6a21\u4e0d\u5927\uff0c\u9019\u53ef\u80fd\u6697\u793a\u4ed6\u8a8d\u70ba\u5927\u90e8\u5206\u53ef\u4ea4\u6613\u80a1\u7968\u4ecd\u88ab\u9ad8\u4f30\u3002\u4e0d\u904e\u5c0d\u65bc\u666e\u901a\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u9019\u500b\u50f9\u4f4d\u5df2\u5177\u5099\u5438\u5f15\u529b\u3002<\/span><\/p>\n

\u7b2c\u4e8c<\/b>\u5927\u91cd\u5009\uff1a<\/span>WM\uff08\u5ee2\u7269\u7ba1\u7406\uff09<\/span><\/b><\/p>\n

WM\u662f\u84cb\u8328\u57fa\u91d1\u6703\u6301\u6709\u6578\u5341\u5e74\u7684\u8001\u724c\u516c\u53f8\uff0c\u76ee\u524d\u5360\u7d44\u5408\u7d04<\/span>18%<\/span>\u3002\u9019\u662f\u4e00\u5bb6\u5178\u578b\u7684\u84cb\u8328\u6216\u5df4\u83f2\u7279\u504f\u611b\u7684\u4f01\u696d<\/span>\u2014\u2014<\/span>\u898f\u6a21\u9f90\u5927\u3001\u5360\u64da\u4e3b\u5c0e\u3001\u8b77\u57ce\u6cb3\u6975\u5bec\u3002\u5176\u8b77\u57ce\u6cb3\u4f86\u81ea\u65bc\u5168\u7f8e<\/span>262<\/span>\u500b\u6d3b\u8e8d\u5783\u573e\u586b\u57cb\u5834\u7684\u7db2\u7d61\uff0c\u4ee5\u53ca<\/span>18<\/span>\u5ea7\u91ab\u7642\u5ee2\u7269\u711a\u71d2\u7210\u3002\u5de8\u5927\u7684\u898f\u6a21\u4f7f\u5176\u80fd\u5920\u512a\u5316\u8def\u7dda\uff0c\u7528\u66f4\u5c11\u5361\u8eca\u670d\u52d9\u66f4\u591a\u5bb6\u5ead\u3002<\/span><\/p>\n

\u516c\u53f8\u5b9a\u50f9\u6b0a\u5f37\u5927\uff0c\u6210\u672c\u512a\u5316\u548c\u53ef\u518d\u751f\u5929\u7136\u6c23\u696d\u52d9\u63a8\u52d5\u5229\u6f64\u7387\u6301\u7e8c\u64f4\u5f35\u3002\u4e0a\u5b63\u5ea6<\/span>EBITDA\u5229\u6f64\u7387\u5347\u81f3<\/span>29.8%<\/span>\uff0c\u540c\u6bd4\u63d0\u5347<\/span>70<\/span>\u500b\u57fa\u9ede\u3002\u96d6\u7136<\/span>WM<\/span>\u7684\u9060\u671f\u5e02\u76c8\u7387\u63a5\u8fd1<\/span>27<\/span>\u500d\uff0c\u5c0d\u4e00\u5bb6\u589e\u9577\u76f8\u5c0d\u7de9\u6162\u7684\u516c\u53f8\u4f86\u8aaa\u4e0d\u7b97\u4fbf\u5b9c\uff0c\u4f46\u76f8\u6bd4\u5176\u4ed6\u5ee2\u7269\u904b\u8f38\u5546\u4ecd\u6709\u6298\u50f9\u3002\u53ef\u9810\u6e2c\u7684\u6536\u5165\u548c\u81ea\u7531\u73fe\u91d1\u6d41\uff0c\u70ba\u672a\u4f86\u6210\u9577\u63d0\u4f9b\u4e86\u57fa\u790e\u3002<\/span><\/p>\n

\u555f\u793a<\/span><\/b><\/p>\n

\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6301\u5009\u8b8a\u5316\u4e26\u975e\u64cd\u4f5c\u4fe1\u865f\uff0c\u800c\u662f\u6148\u5584\u898f\u5283\u8207\u50f9\u503c\u6295\u8cc7\u54f2\u5b78\u7684\u9ad4\u73fe\u3002\u5c0d\u65bc\u666e\u901a\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u4f2f\u514b\u5e0c\u723e\u7684\u4f4e\u5e02\u6de8\u7387\u548c<\/span>WM\u7684\u8b77\u57ce\u6cb3\u6ea2\u50f9\uff0c\u6216\u8a31\u6bd4<\/span>\u201c\u6284\u4f5c\u696d<\/span>\u201d\u672c\u8eab\u66f4\u503c\u5f97\u601d\u8003\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u6700\u65b0\u62ab\u9732\u7684\u6587\u4ef6\u986f\u793a\uff0c\u6bd4\u723e\u00b7\u84cb\u8328\u57fa\u91d1\u6703\u4fe1\u6258\u57fa\u91d1\u5df2\u5728\u4e0a\u4e00\u5b63\u5ea6\u6e05\u5009\u4e86\u6700\u8fd1\u4e00\u6b21\u7372\u8d08\u7684\u5fae\u8edf\u80a1\u7968\u3002\u76ee\u524d\uff0c\u8a72\u57fa\u91d1\u6703\u7d0433\u5104\u7f8e […]<\/p>\n","protected":false},"author":31,"featured_media":639298,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426,1654],"tags":[675,2126,1677],"class_list":{"0":"post-639303","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-market-news-zh-hant","8":"category-insights-zh-hant","9":"tag--zh-hant","11":"tag-technology-zh-hant","12":"sectors-technology-zh-hant","13":"locations-us-zh-hant","14":"exchange-nyse-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/639303","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=639303"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/639303\/revisions"}],"predecessor-version":[{"id":639306,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/639303\/revisions\/639306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/639298"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=639303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=639303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=639303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}