业绩放榜后，伯克希尔重挫超4%

第一财经03-03

2026.03.03本文字数：1233，阅读时长大约2分钟作者 |第一财经樊志菁周一，伯克希尔・哈撒韦股价重挫4.69%，创自沃伦・巴菲特宣布卸任首席执行官以来的最大单日跌幅。在新CEO格雷格・阿贝尔全面接管之际，这家多元化集团公布的财务业绩不及市场预期，且对其现金的投资态度表达了谨慎立场。去年5月6日，在巴菲特意外宣布阿贝尔将于2026年接任公司管理权后，该股曾一度大跌6.8%。“奥马哈先知”自...

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ACC"},"translate_title":"After the results were released, Berkshire plunged more than 4%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BRKD":0.6,"BRKW":0.6,"BRK.A":1.97,"BRKC":0.6,"BRKU":0.6},"content_text":"2026.03.03本文字数：1233，阅读时长大约2分钟作者 |第一财经樊志菁周一，伯克希尔・哈撒韦股价重挫4.69%，创自沃伦・巴菲特宣布卸任首席执行官以来的最大单日跌幅。在新CEO格雷格・阿贝尔全面接管之际，这家多元化集团公布的财务业绩不及市场预期，且对其现金的投资态度表达了谨慎立场。去年5月6日，在巴菲特意外宣布阿贝尔将于2026年接任公司管理权后，该股曾一度大跌6.8%。“奥马哈先知”自1965年起执掌伯克希尔，从新英格兰一家陷入困境的纺织公司，发展到如今业务涉及铁路、能源、工业和制造业、房地产经纪，以及Dairy Queen众多零售品牌的集团综合体。2024年8月，伯克希尔成为首家实现万亿美元市值的非科技行业美国公司。目前巴菲特仍继续担任公司董事长。伯克希尔上周六公布财报，剔除以苹果为首的普通股损益后，第四季度营业利润下降30%，至102亿美元，其中GEICO及其他保险业务整体下滑38%。公司首席执行官阿贝尔在首封致股东的年度信中表示，由于竞争对手下调汽车保险费率，GEICO在留住客户方面可能持续承压；而随着更多资本进入市场，其他保险及再保险业务也面临定价压力。自1965年以来，伯克希尔・哈撒韦的年化复合回报率为19.7%，几乎是同期标普500指数复合涨幅的两倍。在此期间，伯克希尔总回报率超过6000000%，而标普500指数（含股息）仅上涨46061%。对于业绩压力，阿贝尔试图安抚投资者，强调伯克希尔依然是可靠的投资标的，核心投资原则保持不变。“投资伯克希尔，长期以来都是对我们创始人的一份信任  ——如今这份信任寄托于伯克希尔本身。你们的资本与我们的资金融为一体，但它并不属于我们。我们的角色是受托管理人。这种受托责任塑造了我们的文化，巩固了一套价值观，这些并非成功的结果，而是成功的原因。”尽管阿贝尔称伯克希尔3730亿美元的现金储备并不意味着 “退出投资”，但他并未透露公司计划在暂停股票回购一年半后重启回购，也未提及向股东派发股息。“我们会审慎评估价值，耐心行动，并长期持有——最好是永久持有。”他写道。第一财经记者注意到，在（巴菲特卸任）消息宣布后的近半年里，伯克希尔哈撒韦公司的股价一度下跌逾10%，远不及市场表现。多年来，由于巴菲特负责管理资金，投资者一直愿意为伯克希尔的股票支付溢价。当巴菲特即将离开时，投资者对伯克希尔的信心受挫或许是不可避免的。去年下半年以来，巴菲特采取了一系列安抚措施：他向投资者保证，继任者是更优秀的管理者；自己不会出售所持股票；同时将继续担任公司董事长，且多数时间仍会到岗办公。这些积极表态，再加上阿贝尔承诺 “投资理念不会改变”。投资机构 Keefe,Bruyette & Woods 的分析师迈耶・希尔兹表示，伯克希尔最新业绩 “整体”不及预期，同时也反映出BNSF铁路、能源、制造及零售业务表现疲软。他将2026年盈利预期下调5%，给予伯克希尔 “弱于大盘”评级。微信编辑| 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