巴菲特价值投资的“科技适配”

证券日报01-05

当地时间2025年12月31日，著名投资人沃伦·巴菲特正式退休，从知名投资机构伯克希尔-哈撒韦公司（以下简称“伯克希尔”）的首席执行官岗位上卸任。巴菲特职业生涯的正式谢幕，也让市场目光再次聚焦于这位价值投资代表人物的持仓轨迹。　　2025年11月份，伯克希尔发布第三季度的13F报告，这也是巴菲特任内披露的最后一份持仓报告。其中，苹果占整体仓位的22.69%，稳坐伯克希尔股票持仓的“头把交椅”，同时...

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href=http://finance.eastmoney.com/a/202601053608038311.html><strong>证券日报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当地时间2025年12月31日，著名投资人沃伦·巴菲特正式退休，从知名投资机构伯克希尔-哈撒韦公司（以下简称“伯克希尔”）的首席执行官岗位上卸任。巴菲特职业生涯的正式谢幕，也让市场目光再次聚焦于这位价值投资代表人物的持仓轨迹。　　2025年11月份，伯克希尔发布第三季度的13F报告，这也是巴菲特任内披露的最后一份持仓报告。其中，苹果占整体仓位的22.69%，稳坐伯克希尔股票持仓的“头把交椅”，同时...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202601053608038311.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0683600562.USD","symbol_name":"AB SELECT US EQUITY \"A\" (USD) 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Investing","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":1.87,"BRK.B":1.94},"content_text":"当地时间2025年12月31日，著名投资人沃伦·巴菲特正式退休，从知名投资机构伯克希尔-哈撒韦公司（以下简称“伯克希尔”）的首席执行官岗位上卸任。巴菲特职业生涯的正式谢幕，也让市场目光再次聚焦于这位价值投资代表人物的持仓轨迹。　　2025年11月份，伯克希尔发布第三季度的13F报告，这也是巴菲特任内披露的最后一份持仓报告。其中，苹果占整体仓位的22.69%，稳坐伯克希尔股票持仓的“头把交椅”，同时，伯克希尔首次建仓谷歌母公司Alphabet股票，使之一跃成为公司持仓的第十大股票。　　曾坚持不投资自己“无法理解”的科技或互联网公司的巴菲特，却在退休前大举加仓谷歌，在笔者看来，这给了我们两方面启示。　　一方面，从早期对科技股的回避，到后续的择机布局，再到近期的持仓转变，巴菲特用真金白银的投资，辨明了“价值投资与科技股天然对立”这种认知的误区。　　客观而言，曾经一段时间内，科技企业、互联网企业早期发展中面临的盈利模式不确定、“护城河”边界模糊、太过依赖未来产品价值等问题，都与巴菲特的价值投资准则格格不入。早期他对此类企业持观望态度，也使其成功避开了美股互联网泡沫导致的科技股市值大幅下跌潮。彼时一度有声音认为，秉承“长期主义”的价值投资与“日新月异”的科技股无法兼容。　　但实际上，伯克希尔近20年来投资组合结构的变化恰恰驳斥了这样的观点。2006年第四季度，伯克希尔最大单一持仓是可口可乐，宝洁占比也达到12.18%，二者占比合计超三成，科技股几乎缺席。但从2011年开始，巴菲特逐渐改变了对科技股的谨慎态度，首次买入IBM（国际商用机器公司），2017年，巴菲特和查理·芒格甚至公开承认错过了购入谷歌和亚马逊的投资机会，并开始大量买入苹果公司股票，苹果在其投资组合中的比重一度高达51%。　　可以看出，巴菲特的价值投资理念并非无法适配科技股。比如，苹果品牌的用户黏性、持续可预测的盈利、较高的竞争壁垒等，均符合价值投资的核心标准，这也是巴菲特选择重仓的原因。同时，近期对Alphabet这一更“纯粹”科技股的建仓，也与价值投资逻辑保持一致。Alphabet拥有覆盖广告、云业务、搜索等核心板块的多元盈利模式，“护城河”深厚，人工智能业务增长确定性也较高，这皆是其获得巴菲特青睐的因素。　　另一方面，巴菲特退休前的持仓调整，也为AI时代的价值投资树立了标杆，重新定义了科技领域“护城河”的内涵，更为科技公司发展提出了更高要求。　　毫无疑问，在AI浪潮席卷全球的背景下，科技股成为市场关注的焦点。传统的价值投资如何适配新的AI时代，巴菲特退休前的调仓给出了答案。　　在技术迭代更快、竞争更加复杂的情况下，真正的价值投资内核仍未改变，科技企业的投资价值蕴含于其技术、品牌的深厚“护城河”，可预测的盈利模式以及优良的企业管理等。　　由此，对于全球投资者而言，巴菲特的调仓为价值投资与AI时代的“科技适配”提供了范本——投资者或可不再纠结于“是否是科技股”，而是回归可预测现金流、深厚竞争壁垒、优良管理模式的本质，在持续演进的技术革命中，寻找恒久不变的价值内核。（文章来源：证券日报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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