<p><strong>伯克希尔哈撒韦</strong>(BRK.A -0.13%) (BRK.B -0.06%) 在八月中旬发布了最新的 13F 文件，为投资者提供了关于首席执行官沃伦·巴菲特公司在第二季度的股票买卖动态的一些政府强制性洞察。值得注意的是，这家投资集团再次选择出售大量的 <strong>苹果</strong>(AAPL 1.21%) 股票。</p>
<p>苹果股票在今年的科技行业中表现不佳，2025 年的交易中股价下跌了大约 10%，而 <strong>标准普尔 500</strong> 指数上涨了 8.4%，<strong>纳斯达克综合指数</strong> 上涨了 9.4%。伯克希尔在第二季度又出售了 2000 万股苹果股票，但推动这一撤资趋势的因素可能远远超出了今年股票普遍看跌的走势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔大幅减少了其苹果股票持有量</h2>
<p>不久前，苹果实际上占据了伯克希尔总公共股票投资组合的一半以上。巴菲特的公司曾拥有超过 9 亿股这家科技巨头的股票。根据投资集团的最新更新，它已将其在苹果的持股削减至 2.8 亿股。</p>
<p>苹果仍然是伯克希尔最大的公共股票持有，截止目前约占其股票投资组合的 21.4%，但自 2023 年第四季度开始出售股票以来，巴菲特的公司迅速削减了其持股。虽然伯克希尔的举动使其现金头寸达到约 3440 亿美元，表明该公司对股市采取相对谨慎的态度，但也可能存在一些特定于业务的动态，推动其撤出苹果。</p>
<h2>苹果的业务业绩最近不稳定</h2>
<p>在七月底，苹果发布了其当前财政年度第三季度的业绩——这一时期截至 6 月 28 日。该期间的销售和收益实际上超出了市场的预期，公司每股利润为 1.57 美元，销售额为 940.4 亿美元，远超分析师平均预期的每股利润 1.43 美元和销售额 895.3 亿美元。</p>
<p>在该期间，iPhone 的收入同比增长了 13%，帮助推动总销售额较去年同期增长了 10%。这一表现标志着苹果自 2021 年底以来最强劲的季度销售增长。值得注意的是，伯克希尔在科技巨头最新季度报告之前就决定再出售 2000 万股苹果股票。</p>
<p>如果巴菲特和投资集团的投资组合经理知道苹果公司正在经历显著的销售增长加速，可能会做出不同的决定。另一方面，科技领头羊的销售扩张在近年来总体上相当缓慢。</p>
<p>苹果过去 12 个月（TTM）的收入在过去三年中仅增长了 4%。与此同时，另一家大型科技公司 <strong>微软</strong> 的 TTM 销售在此期间增长了 39%。虽然苹果的销售在上个季度大幅跃升，但消费者在关税和其他一次性催化剂前的购买可能是这一跃升的重要因素。</p>
<h2>苹果在人工智能领域似乎落后</h2>
<p>与一些其他领先的科技公司相比，苹果在人工智能（AI）竞赛中似乎被甩在了后面。公司的 Apple Intelligence 平台并没有成为一个重要的业绩驱动因素，内部开发问题的报告随后传出消息称其 Siri AI 技术的推出最早要推迟到 2026 年。</p>
<p>这家 iPhone 制造商庞大的用户基础和强大的技术基础在人工智能领域赋予了其一些自然优势，但巴菲特及其顾问可能看到该领域迄今为止缺乏成果的问题。由于苹果在人工智能领域似乎未能取得进展，加上在饱和的移动市场中整体增长疲软，该公司面临着推出热门新产品和服务的压力。</p>
<h2>中国面临大麻烦？</h2>
<p>中国的疲软表现以及与关税和制造相关的问题是苹果最近股票表现不佳的关键因素。尽管在财政第三季度，中国的销售同比增长了 4%，但这一表现部分是由于政府补贴推动了部分设备的购买。相比之下，财政第二季度该国的销售同比下降了 2%，财政第一季度下降了 11%。除了与 Apple Intelligence 推出相关的问题外，中国消费者普遍对本土品牌的偏好也在增加。</p>
<p>新的进口税和其他地缘政治及宏观经济动态也给苹果带来了挑战。尽管该公司承诺投资 6000 亿美元以扩大其美国制造基地，但仍然依赖中国工厂进行大部分生产。因此，苹果面临着与关税相关的一些重大压力。与其他 “七大科技巨头” 相比，如果美中关系继续恶化，该公司面临的风险更高。</p>
<p>虽然没有内部信息很难确切说明伯克希尔为何出售苹果股票，但有多种动态可以帮助解释巴菲特的公司为何在减少其在该股票中的持仓。这并不意味着苹果在长期内不会成功，但伯克希尔的大规模撤资举动在面对科技巨头所面临的挑战时显得尤为引人注目。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>伯克希尔哈撒韦大幅减持了在苹果的股份，在第二季度出售了 2000 万股，目前持有 2.8 亿股，较 900 多万股大幅下降。尽管苹果最近的季度业绩强劲，但对增长乏力、人工智能发展延迟以及中国市场销售疲软的担忧可能影响了巴菲特的减持决策。苹果的股票今年表现不佳，这促使伯克希尔采取谨慎的市场策略，现金头寸达到 3440 亿美元</p>

<p><strong>Berkshire Hathaway</strong>(BRK.A -0.13%) (BRK.B -0.06%) published its latest 13F filing at the middle of August, giving investors some government-mandated insight into the stock buying and selling moves made by CEO Warren Buffett's company in the second quarter. Notably, the investment conglomerate once again moved to sell a substantial number of <strong>Apple</strong>(AAPL 1.21%) shares.</p>
<div class="lb-trans"><p><strong>伯克希尔哈撒韦</strong>(BRK.A -0.13%) (BRK.B -0.06%) 在八月中旬发布了最新的 13F 文件，为投资者提供了关于首席执行官沃伦·巴菲特公司在第二季度的股票买卖动态的一些政府强制性洞察。值得注意的是，这家投资集团再次选择出售大量的 <strong>苹果</strong>(AAPL 1.21%) 股票。</p>
</div><p>Apple stock stands out as a notable underperformer in the tech sector this year, with shares down roughly 10% across 2025's trading despite a gain of 8.4% for the <strong>S&amp;P 500</strong> and a gain of 9.4% for the <strong>Nasdaq Composite</strong> across the stretch. Berkshire moved to sell another 20 million shares of Apple in Q2, but there are likely factors driving the divestment trend that extend far beyond the stock's generally bearish movement this year.</p>
<div class="lb-trans"><p>苹果股票在今年的科技行业中表现不佳，2025 年的交易中股价下跌了大约 10%，而 <strong>标准普尔 500</strong> 指数上涨了 8.4%，<strong>纳斯达克综合指数</strong> 上涨了 9.4%。伯克希尔在第二季度又出售了 2000 万股苹果股票，但推动这一撤资趋势的因素可能远远超出了今年股票普遍看跌的走势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830526%2Fbuffett17-tmf.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>Berkshire dramatically reduced its Apple stock holdings</h2>
<div class="lb-trans"><h2>伯克希尔大幅减少了其苹果股票持有量</h2>
</div><p>Not long ago, Apple actually accounted for over half of Berkshire's total public stock portfolio. Buffett's company once owned more than 900 million shares of the tech giant's stock. As of the investment conglomerate's last update, it had trimmed its position in Apple to 280 million shares.</p>
<div class="lb-trans"><p>不久前，苹果实际上占据了伯克希尔总公共股票投资组合的一半以上。巴菲特的公司曾拥有超过 9 亿股这家科技巨头的股票。根据投资集团的最新更新，它已将其在苹果的持股削减至 2.8 亿股。</p>
</div><p>Apple is still Berkshire's biggest public stock holding and accounts for roughly 21.4% of its stock portfolio as of this writing, but Buffett's company has rapidly cut its holdings since it began selling shares in the fourth quarter of 2023. While Berkshire's move to build up a cash position of approximately $344 billion suggests that the company is taking a relatively cautious approach to the stock market, there are also business-specific dynamics that could be driving its move out of Apple.</p>
<div class="lb-trans"><p>苹果仍然是伯克希尔最大的公共股票持有，截止目前约占其股票投资组合的 21.4%，但自 2023 年第四季度开始出售股票以来，巴菲特的公司迅速削减了其持股。虽然伯克希尔的举动使其现金头寸达到约 3440 亿美元，表明该公司对股市采取相对谨慎的态度，但也可能存在一些特定于业务的动态，推动其撤出苹果。</p>
</div><h2>Apple's business results have been uneven recently</h2>
<div class="lb-trans"><h2>苹果的业务业绩最近不稳定</h2>
</div><p>At the end of July, Apple published results for the third quarter of its current fiscal year -- a period that ended June 28. Sales and earnings in the period actually crushed the market's expectations, with the company's per-share profit of $1.57 on sales of $94.04 billion coming in far ahead of the average analyst estimate's call for a per-share profit of $1.43 on sales of $89.53 billion.</p>
<div class="lb-trans"><p>在七月底，苹果发布了其当前财政年度第三季度的业绩——这一时期截至 6 月 28 日。该期间的销售和收益实际上超出了市场的预期，公司每股利润为 1.57 美元，销售额为 940.4 亿美元，远超分析师平均预期的每股利润 1.43 美元和销售额 895.3 亿美元。</p>
</div><p>iPhone revenue increased 13% year over year in the period, helping to push total sales up 10% compared to the prior-year period. The performance marked Apple's strongest quarterly sales growth since the end of 2021. Notably, Berkshire made its move to sell another 20 million shares of Apple stock before the tech giant's latest quarterly report.</p>
<div class="lb-trans"><p>在该期间，iPhone 的收入同比增长了 13%，帮助推动总销售额较去年同期增长了 10%。这一表现标志着苹果自 2021 年底以来最强劲的季度销售增长。值得注意的是，伯克希尔在科技巨头最新季度报告之前就决定再出售 2000 万股苹果股票。</p>
</div><p>It's possible that Buffett and the investment conglomerate's portfolio managers would have made a different decision with the benefit of knowing that the iPhone company was seeing a substantial sales growth acceleration. On the other hand, the tech leader's sales expansion has generally been pretty sluggish in recent years.</p>
<div class="lb-trans"><p>如果巴菲特和投资集团的投资组合经理知道苹果公司正在经历显著的销售增长加速，可能会做出不同的决定。另一方面，科技领头羊的销售扩张在近年来总体上相当缓慢。</p>
</div><p>Apple's trailing-12-month (TTM) revenue is up just 4% over the last three years. Meanwhile, fellow megacap tech stalwart <strong>Microsoft</strong> has seen its TTM sales increase 39% across the stretch. While Apple's sales saw a big jump last quarter, it's possible that consumer purchasing ahead of tariffs and other one-off catalysts were big contributors to the jump.</p>
<div class="lb-trans"><p>苹果过去 12 个月（TTM）的收入在过去三年中仅增长了 4%。与此同时，另一家大型科技公司 <strong>微软</strong> 的 TTM 销售在此期间增长了 39%。虽然苹果的销售在上个季度大幅跃升，但消费者在关税和其他一次性催化剂前的购买可能是这一跃升的重要因素。</p>
</div><h2>Apple appears to be behind in AI</h2>
<div class="lb-trans"><h2>苹果在人工智能领域似乎落后</h2>
</div><p>Compared to some other leading tech companies, Apple appears to have been caught flatfooted in the artificial intelligence (AI) race. The company's Apple Intelligence platform hasn't been a big performance driver, and reports of internal development issues were followed by news that the launch of its Siri AI technology had been pushed out to 2026 at the earliest.</p>
<div class="lb-trans"><p>与一些其他领先的科技公司相比，苹果在人工智能（AI）竞赛中似乎被甩在了后面。公司的 Apple Intelligence 平台并没有成为一个重要的业绩驱动因素，内部开发问题的报告随后传出消息称其 Siri AI 技术的推出最早要推迟到 2026 年。</p>
</div><p>The iPhone maker's massive user base and strong tech foundations give it some natural strengths in the AI space, but it's possible that Buffett and his advisors are seeing issues with the lack of results in the category so far. With Apple seemingly coming up short on AI thus far and generally weak growth in the saturated mobile market, the company is under pressure to deliver hit new products and services.</p>
<div class="lb-trans"><p>这家 iPhone 制造商庞大的用户基础和强大的技术基础在人工智能领域赋予了其一些自然优势，但巴菲特及其顾问可能看到该领域迄今为止缺乏成果的问题。由于苹果在人工智能领域似乎未能取得进展，加上在饱和的移动市场中整体增长疲软，该公司面临着推出热门新产品和服务的压力。</p>
</div><h2>Big trouble in China?</h2>
<div class="lb-trans"><h2>中国面临大麻烦？</h2>
</div><p>Weak performance in China and issues related to tariffs and manufacturing have been key elements in the story behind Apple's disappointing stock performance lately. While sales in China were up 4% year over year in fiscal Q3, the performance was driven in part by government subsidies that boosted purchases for some of the company's devices. For comparison, sales in the country were down 2% year over year in fiscal Q2 and 11% year over year in fiscal Q1. In addition to issues connected to the rollout of Apple Intelligence, Chinese customers have generally been showing increasing preference for domestic brands.</p>
<div class="lb-trans"><p>中国的疲软表现以及与关税和制造相关的问题是苹果最近股票表现不佳的关键因素。尽管在财政第三季度，中国的销售同比增长了 4%，但这一表现部分是由于政府补贴推动了部分设备的购买。相比之下，财政第二季度该国的销售同比下降了 2%，财政第一季度下降了 11%。除了与 Apple Intelligence 推出相关的问题外，中国消费者普遍对本土品牌的偏好也在增加。</p>
</div><p>New import taxes and other geopolitical and macroeconomic dynamics also present challenges for Apple. While the company has made a commitment to invest $600 billion to build out its U.S. manufacturing base, it still relies on Chinese factories for much of its production. As a result, Apple is facing some significant pressures connected to tariffs. Compared to other &#34;Magnificent Seven&#34; tech players, the company faces higher risks if relations between the U.S. and China continue to worsen.</p>
<div class="lb-trans"><p>新的进口税和其他地缘政治及宏观经济动态也给苹果带来了挑战。尽管该公司承诺投资 6000 亿美元以扩大其美国制造基地，但仍然依赖中国工厂进行大部分生产。因此，苹果面临着与关税相关的一些重大压力。与其他 “七大科技巨头” 相比，如果美中关系继续恶化，该公司面临的风险更高。</p>
</div><p>While it's impossible to state exactly why Berkshire is selling out of Apple without an insider read on the situation, there are multiple dynamics that help explain why Buffett's company has been reducing its position in the stock. That doesn't mean that Apple won't be successful over the long term, but Berkshire's big divestment moves are notable in light of challenges facing the tech giant.</p>
<div class="lb-trans"><p>虽然没有内部信息很难确切说明伯克希尔为何出售苹果股票，但有多种动态可以帮助解释巴菲特的公司为何在减少其在该股票中的持仓。这并不意味着苹果在长期内不会成功，但伯克希尔的大规模撤资举动在面对科技巨头所面临的挑战时显得尤为引人注目。</p>
</div>

Why Is Warren Buffett Dumping Apple Stock Right Now?

- Berkshire Hathaway 在第二季度出售了 2000 万股苹果股票。  
- 苹果股票在 2025 年表现不佳，面临中国市场和 AI 发展挑战。  
- 尽管苹果近期销售增长超预期，Berkshire 仍在减持其股份。  

为什么沃伦·巴菲特现在正在抛售苹果股票？