<p>沃伦·巴菲特管理着 <strong>伯克希尔哈撒韦</strong> 绝大部分的股票投资组合，该公司在第一季度对 <strong>苹果</strong>(AAPL 0.76%) 和 <strong>达美乐比萨</strong>(DPZ -0.23%) 做出了有趣的资本配置决策。</p>
<ul>
<li>伯克希尔继续持有 3 亿股苹果股票。该股票目前占其投资组合的 20% 以上，远远是最大的持仓，这在关税不确定的情况下有些令人惊讶。</li>
<li>伯克希尔购买了 238,613 股达美乐比萨，这是一只在过去 15 年中上涨了 4500% 的餐饮股票。达美乐是伯克希尔在第一季度披露的仅有的七笔股票购买之一，但它仍然占其投资组合的不到 1%。</li>
</ul>
<p>投资者应该了解关于苹果和达美乐比萨的以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMzUvaW52ZXN0b3ItMzMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMzUvaW52ZXN0b3ItMzMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>苹果：伯克希尔在第一季度持有的股票</h2>
<p>苹果在 2025 财年第二季度（截至 3 月）报告了不错的财务业绩。收入增长 5%，达到 950 亿美元，服务销售的两位数增长抵消了 iPhone 销售不足 2% 的增长。根据公认会计原则（GAAP），每股摊薄收益增长 8%，达到 1.65 美元，因为公司继续回购股票。但首席执行官蒂姆·库克警告说，6 月以后的可见性有限，主要是由于关税问题。</p>
<p>苹果的投资论点集中在其在全球智能手机销售中的领导地位以及在个人电脑、智能手表和平板电脑等其他消费电子市场的强大存在。但设备只是其中的一部分。苹果必须通过 App Store 费用、广告、iCloud 存储、Apple Pay 以及 Apple TV+ 等订阅产品来实现其超过 23.5 亿台设备的用户基础的货币化。</p>
<p>该公司在执行这一战略方面表现相当不错，但一些投资者对其货币化人工智能（AI）的能力感到担忧。苹果智能（Apple Intelligence）——一套生成性 AI 能力，自去年 10 月推出以来在消费者中反响平平。许多分析师预测的 iPhone 升级周期并未出现。苹果还推迟了可能是最令人兴奋的功能：改进版的对话助手 Siri。</p>
<p>苹果智能目前是免费的，但许多分析师预计该公司最终会对该平台进行货币化，可能会对最复杂的功能收取费用。但那个未来似乎仍然遥不可及。随着智能手机销售预计到 2029 年每年增长 4%，苹果的收入增长在短期内也不太可能好得多。</p>
<p>与此同时，该公司面临着美国贸易政策最近变化的潜在严重威胁。特朗普政府可能降低了对从中国进口商品的关税，而大多数 iPhone 是在中国制造的，但总统也威胁如果苹果选择在印度而不是美国制造 iPhone，将对其征收 25% 的关税。</p>
<p>就我个人而言，我怀疑特朗普总统会兑现这个威胁，但苹果的未来仍然笼罩在不确定之中。公司能否有效地货币化 AI？关税将对利润造成多大影响？不知道这些问题的答案是个问题，尤其是在股票以 31 倍的市盈率交易，而收益在上个季度仅增长 8% 的情况下。</p>
<p>我认为潜在投资者现在应该避免购买该股票。然而，对苹果有信心的现有股东可以效仿巴菲特的做法，继续持有，只要他们对公司面临的风险感到舒适。</p>
<h2>达美乐比萨：伯克希尔在第一季度购买的股票</h2>
<p>达美乐在第一季度报告了混合的财务业绩。收入增长 2.5%，达到 11 亿美元，略低于市场共识预期。但 GAAP 净收入增长 21%，达到每股摊薄收益 4.33 美元，超出华尔街预期的每股摊薄收益 4.07 美元。尽管结果喜忧参半，但根据首席执行官拉塞尔·维纳的说法，该公司在美国和国际门店的市场份额有所增加。</p>
<p>达美乐的投资论点集中在规模和运营卓越上。它是全球最大的比萨公司。其在技术和菜单创新方面的历史，加上有效的促销周期使用，使我认为该公司能够在未来几年保持甚至扩大其领导地位。</p>
<p>具体来说，达美乐利用人工智能和机器人技术提高业务效率。它在一个配备机器人以控制成本并在各门店保持一致客户体验的集中设施中生产面团。它还利用 AI 对订单进行视觉检查，并从社交媒体上的用户评论中提取见解。</p>
<p>达美乐在 2023 年推出了 “Hungry for More” 战略。该框架在 2028 年前针对三个结果：每年销售增长 7%（不考虑外汇影响）；每年营业收入增长 8%；每年开设 1,100 家新门店。该公司在第一季度未能达到目标：销售增长不足 5%（不考虑外汇影响），营业收入持平，达美乐实际上关闭了净总共八家门店。</p>
<p>华尔街预计该公司的收益将在 2026 年前每年增长 6%。这使得当前 27 倍的市盈率看起来昂贵。我认为投资者现在应该避免这只股票。第一季度的股价更便宜，这可能解释了为什么巴菲特增加了伯克希尔的持股。</p>

苹果

达美乐比萨

伯克希尔哈撒韦-A

<p>沃伦·巴菲特的伯克希尔哈撒韦继续持有 3 亿股苹果股票，这占其投资组合的 20% 以上，尽管面临关税不确定性。在第一季度，伯克希尔还购买了 238,613 股达美乐比萨，这只股票在 15 年内上涨了 4500%。苹果最近的财务业绩显示收入增长了 5%，但对人工智能变现和关税的担忧依然存在。达美乐的业绩表现不一，收入增长了 2.5%，但净收入增长了 21%，得益于其卓越的运营和技术创新</p>

<p>Warren Buffett manages the vast majority of <strong>Berkshire Hathaway</strong>'s stock portfolio, and the company made interesting capital allocation decisions concerning <strong>Apple</strong>(AAPL 0.76%) and <strong>Domino's Pizza</strong>(DPZ -0.23%) in the first quarter.</p>
<div class="lb-trans"><p>沃伦·巴菲特管理着 <strong>伯克希尔哈撒韦</strong> 绝大部分的股票投资组合，该公司在第一季度对 <strong>苹果</strong>(AAPL 0.76%) 和 <strong>达美乐比萨</strong>(DPZ -0.23%) 做出了有趣的资本配置决策。</p>
</div><ul>
<li>Berkshire continued to hold 300 million shares of Apple. The stock currently accounts for more than 20% of its portfolio, the largest position by a wide margin, which is somewhat surprising, given the uncertainty surrounding tariffs.</li>
<li>Berkshire bought 238,613 shares of Domino's Pizza, a restaurant stock up 4,500% in the last 15 years. Domino's was one of only seven stock purchases that Berkshire disclosed in the first quarter, but it still accounts for less than 1% of its portfolio.</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希尔继续持有 3 亿股苹果股票。该股票目前占其投资组合的 20% 以上，远远是最大的持仓，这在关税不确定的情况下有些令人惊讶。</li>
<li>伯克希尔购买了 238,613 股达美乐比萨，这是一只在过去 15 年中上涨了 4500% 的餐饮股票。达美乐是伯克希尔在第一季度披露的仅有的七笔股票购买之一，但它仍然占其投资组合的不到 1%。</li>
</ul>
</div><p>Here's what investors should know about Apple and Domino's Pizza.</p>
<div class="lb-trans"><p>投资者应该了解关于苹果和达美乐比萨的以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMzUvaW52ZXN0b3ItMzMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820035%2Finvestor-33.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Apple: The stock Berkshire held in the first quarter</h2>
<div class="lb-trans"><h2>苹果：伯克希尔在第一季度持有的股票</h2>
</div><p>Apple reported decent financial results in the second quarter of fiscal 2025, which ended in March. Revenue rose 5% to $95 billion, as double-digit growth in services sales offset sub-2% growth in iPhone sales. Generally accepted accounting principles (GAAP) earnings increased 8% to $1.65 per diluted share as the company continued to repurchase stock. But CEO Tim Cook warned visibility beyond June was limited due to tariffs.</p>
<div class="lb-trans"><p>苹果在 2025 财年第二季度（截至 3 月）报告了不错的财务业绩。收入增长 5%，达到 950 亿美元，服务销售的两位数增长抵消了 iPhone 销售不足 2% 的增长。根据公认会计原则（GAAP），每股摊薄收益增长 8%，达到 1.65 美元，因为公司继续回购股票。但首席执行官蒂姆·库克警告说，6 月以后的可见性有限，主要是由于关税问题。</p>
</div><p>The investment thesis for Apple centers on its leadership in global smartphone sales and its strong presence in other consumer electronics markets, including personal computers, smartwatches, and tablets. But devices are only half the equation. Apple must monetize its installed base (which exceeds 2.35 billion devices) with services like App Store fees and advertising, iCloud storage, Apple Pay, and subscription products like Apple TV+.</p>
<div class="lb-trans"><p>苹果的投资论点集中在其在全球智能手机销售中的领导地位以及在个人电脑、智能手表和平板电脑等其他消费电子市场的强大存在。但设备只是其中的一部分。苹果必须通过 App Store 费用、广告、iCloud 存储、Apple Pay 以及 Apple TV+ 等订阅产品来实现其超过 23.5 亿台设备的用户基础的货币化。</p>
</div><p>The company is executing fairly well on that strategy, but some investors are worried about its ability to monetize artificial intelligence (AI). Apple Intelligence -- a suite of generative AI capabilities -- has fallen flat with consumers since its introduction in October. The iPhone upgrade cycle many analysts predicted never materialized. And Apple has delayed what might have been the most exciting features: an improved version of conversational assistant Siri.</p>
<div class="lb-trans"><p>该公司在执行这一战略方面表现相当不错，但一些投资者对其货币化人工智能（AI）的能力感到担忧。苹果智能（Apple Intelligence）——一套生成性 AI 能力，自去年 10 月推出以来在消费者中反响平平。许多分析师预测的 iPhone 升级周期并未出现。苹果还推迟了可能是最令人兴奋的功能：改进版的对话助手 Siri。</p>
</div><p>Apple Intelligence is currently free, but many analysts expect the company to monetize the platform eventually, possibly by charging a fee for the most sophisticated features. But that future still seems far away. And with smartphone sales forecast to increase at 4% annually through 2029, Apple's revenue growth is unlikely to be much better, at least in the near term.</p>
<div class="lb-trans"><p>苹果智能目前是免费的，但许多分析师预计该公司最终会对该平台进行货币化，可能会对最复杂的功能收取费用。但那个未来似乎仍然遥不可及。随着智能手机销售预计到 2029 年每年增长 4%，苹果的收入增长在短期内也不太可能好得多。</p>
</div><p>Meanwhile, the company faces a potentially serious threat in recent changes to U.S. trade policy. The Trump administration may have reduced the tariffs on goods imported from China, which is where most iPhones are manufactured, but the president also threatened Apple with a 25% tariff if it chose to make iPhones in India rather than the United States.</p>
<div class="lb-trans"><p>与此同时，该公司面临着美国贸易政策最近变化的潜在严重威胁。特朗普政府可能降低了对从中国进口商品的关税，而大多数 iPhone 是在中国制造的，但总统也威胁如果苹果选择在印度而不是美国制造 iPhone，将对其征收 25% 的关税。</p>
</div><p>Personally, I doubt President Trump will follow through on that threat, but Apple's future is still clouded by uncertainty. Can the company effectively monetize AI? To what extent will tariffs hurt profits? Not knowing the answer to those questions is a problem, especially when shares trade at 31 times earnings and earnings only increased 8% in the last quarter.</p>
<div class="lb-trans"><p>就我个人而言，我怀疑特朗普总统会兑现这个威胁，但苹果的未来仍然笼罩在不确定之中。公司能否有效地货币化 AI？关税将对利润造成多大影响？不知道这些问题的答案是个问题，尤其是在股票以 31 倍的市盈率交易，而收益在上个季度仅增长 8% 的情况下。</p>
</div><p>I think prospective investors should avoid the stock for now. However, current shareholders with confidence in Apple can follow Buffett's lead and stay invested, provided they are comfortable with the risks the company is facing.</p>
<div class="lb-trans"><p>我认为潜在投资者现在应该避免购买该股票。然而，对苹果有信心的现有股东可以效仿巴菲特的做法，继续持有，只要他们对公司面临的风险感到舒适。</p>
</div><h2>Domino's Pizza: The stock Berkshire bought in the first quarter</h2>
<div class="lb-trans"><h2>达美乐比萨：伯克希尔在第一季度购买的股票</h2>
</div><p>Domino's reported mixed first-quarter financial results. Revenue increased 2.5% to $1.1 billion, which narrowly missed the consensus estimate. But GAAP net income increased 21% to $4.33 per diluted share, beating the $4.07 per diluted share Wall Street expected. Despite mixed results, the company gained market share across its U.S. and international stores, according to CEO Russell Weiner.</p>
<div class="lb-trans"><p>达美乐在第一季度报告了混合的财务业绩。收入增长 2.5%，达到 11 亿美元，略低于市场共识预期。但 GAAP 净收入增长 21%，达到每股摊薄收益 4.33 美元，超出华尔街预期的每股摊薄收益 4.07 美元。尽管结果喜忧参半，但根据首席执行官拉塞尔·维纳的说法，该公司在美国和国际门店的市场份额有所增加。</p>
</div><p>The investment thesis for Domino's centers on scale and operational excellence. It is the largest pizza company in the world. And its history of technology and menu innovation, coupled with its effective use of promotional cycles, makes me think the company can maintain or even expand its leadership in the coming years.</p>
<div class="lb-trans"><p>达美乐的投资论点集中在规模和运营卓越上。它是全球最大的比萨公司。其在技术和菜单创新方面的历史，加上有效的促销周期使用，使我认为该公司能够在未来几年保持甚至扩大其领导地位。</p>
</div><p>To elaborate, Domino's uses artificial intelligence and robotics to improve efficiency across its business. It produces dough in a centralized facility equipped with robots to control costs and maintain a consistent customer experience across stores. It also uses AI to visually inspect orders and surface insights from user comments on social media.</p>
<div class="lb-trans"><p>具体来说，达美乐利用人工智能和机器人技术提高业务效率。它在一个配备机器人以控制成本并在各门店保持一致客户体验的集中设施中生产面团。它还利用 AI 对订单进行视觉检查，并从社交媒体上的用户评论中提取见解。</p>
</div><p>Domino's introduced its &#34;Hungry for More&#34; strategy in 2023. The framework targets three outcomes through 2028: 7% annual sales growth, excluding the impact of foreign currency; 8% annual operating income growth; and 1,100 annual store openings. The company fell short in the first quarter: Sales increased less than 5% excluding foreign currency impact, operating income was flat, and Domino's actually closed a net total of eight stores.</p>
<div class="lb-trans"><p>达美乐在 2023 年推出了 “Hungry for More” 战略。该框架在 2028 年前针对三个结果：每年销售增长 7%（不考虑外汇影响）；每年营业收入增长 8%；每年开设 1,100 家新门店。该公司在第一季度未能达到目标：销售增长不足 5%（不考虑外汇影响），营业收入持平，达美乐实际上关闭了净总共八家门店。</p>
</div><p>Wall Street estimates the company's earnings will increase at 6% annually through 2026. That makes the current valuation of 27 times earnings look expensive. I think investors should avoid this stock right now. Shares were cheaper in the first quarter, which could explain why Buffett added to Berkshire's stake.</p>
<div class="lb-trans"><p>华尔街预计该公司的收益将在 2026 年前每年增长 6%。这使得当前 27 倍的市盈率看起来昂贵。我认为投资者现在应该避免这只股票。第一季度的股价更便宜，这可能解释了为什么巴菲特增加了伯克希尔的持股。</p>
</div>

Warren Buffett Holds Apple Stock Despite Tariffs and Buys a Restaurant Stock Up 4,500% in 15 Years

- 伯克希尔哈撒韦在第一季度持有 3 亿股苹果，约占其投资组合的 20%。
- 苹果第二季度营收增长 5%，但面临关税不确定性和 AI 盈利能力问题。
- 伯克希尔还购买了 238,613 股多米诺披萨，尽管其业绩表现不佳，仍在全球市场中保持领先。

沃伦·巴菲特尽管面临关税，仍持有苹果股票，并购买了一家餐厅股票，该股票在 15 年内上涨了 4500%