<p>在一个常常被短暂趋势吸引的市场中，伯克希尔哈撒韦（Berkshire Hathaway）纽约证券交易所代码：BRK.A（BRK.B）做出了数十亿美元的意图声明。该公司宣布达成一项最终协议，以 97 亿美元现金收购西方石油（Occidental Petroleum）纽约证券交易所代码：OXY 的化学部门 OxyChem。这笔交易是其三年来最大的一笔，不仅是伯克希尔的下一个重大收购，更是对公司基础战略的强有力重申。</p>
<p>在许多投资者追逐高增长势头的时刻，伯克希尔正在利用其巨额现金储备购买一个盈利的、现实世界的工业资产。这一果断的举动表明了对长期价值创造的深刻信心，超越了短期市场情绪，为投资者提供了关于公司未来发展方向的明确信号。</p>
<p>获取 <strong>伯克希尔哈撒韦</strong> 的提醒：</p>
<h2>解读 97 亿美元交易</h2>
<p>要理解此次收购的战略重要性，必须关注交易的核心组成部分。该交易简单明了，完美契合伯克希尔购买强大、易于理解的业务的历史，这些业务在各自领域中都是领导者。</p>
<ul>
<li><strong>目标公司：</strong> 伯克希尔正在收购 OxyChem，这是一家全球重要的基础化学品生产商。这些化学品是水处理、制药和医疗等重要行业的基础材料。该商业模式提供了稳定的需求基础。该部门表现稳定，仅在 2025 年第二季度就报告了 2.13 亿美元的税前收入。</li>
<li><strong>价格：</strong> 收购价格为 97 亿美元，全部以现金支付。该交易预计将在 2025 年第四季度完成，待监管批准。</li>
<li><strong>资金来源：</strong> 该收购将由伯克希尔近 3400 亿美元的巨额现金储备和短期美国国债资金支持。</li>
<li><strong>双重收益：</strong> 此交易还在伯克希尔的投资组合中创造了积极的反馈循环。卖方西方石油计划将 65 亿美元的收益用于减债。这一举动显著增强了伯克希尔已经是最大股东的公司的资产负债表，提高了现有投资的价值。</li>
</ul>
<h2>支出背后的战略</h2>
<p>此次收购是伯克希尔哈撒韦数十年来战略的经典执行。公司的主要挑战并不是产生现金，而是寻找智能的方式来部署这些现金。虽然巨额现金储备是安全的，但可能会对整体回报造成现金拖累，因为这些资金的收益远低于成功运营的企业所能产生的收益。通过将近 100 亿美元的低收益现金转化为一个盈利的全资企业，伯克希尔正在将一个沉睡的资产转变为一个活跃的收益引擎。</p>
<p>这一举动代表了价值投资的典范。伯克希尔没有进入高估值的科技领域，而是购买了一个耐用的、非投机性的业务，具有明确的经济目的。这进一步强化了公司对其能力圈的关注，投资于其深刻理解的行业。</p>
<p>此外，公告还清晰地传达了领导层的连续性。副董事长 Greg Abel 是沃伦·巴菲特的指定接班人，他是此次交易中被引用的关键高管，强调了他在重大资本配置决策中的重要角色。</p>
<p>这向投资者展示了构建伯克希尔的核心理念在其下一个篇章中依然牢固。该决定还值得注意的是它对其他潜在资本用途的影响。在今年上半年没有进行股票回购的情况下，这项收购表明管理层识别出一个外部机会，认为这将为股东创造比以当前价格回购自身股票更大的长期价值，这也是其严谨财务方法的标志。</p>
<h2>在动荡世界中的稳定性</h2>
<p>对于评估伯克希尔哈撒韦股票的投资者来说，OxyChem 交易为其近期表现和当前估值提供了重要背景。今年迄今，伯克希尔的股票已实现约 10% 的稳健增长。尽管这落后于标准普尔 500 指数约 14% 的回报，但这一表现差距反映了一个深思熟虑的战略选择。该指数的涨幅主要由少数高动量科技和人工智能（AI）股票推动，而伯克希尔传统上对此持谨慎态度。对于长期投资者而言，公司的纪律性为抵御特定行业的波动提供了一定的稳定性。</p>
<p>公司的估值仍然合理，并得到了强劲基本面的支持。其市盈率（P/E）约为 17，表明该股票相对于其收益并未被高估。此外，其市净率（P/B）为 1.65，意味着投资者为公司每一美元的净资产支付 1.65 美元。这是对伯克希尔这样质量和盈利能力企业的常见且合理的溢价。市销率（P/S）为 2.89，突显了公司相对于其市值的可观收入生成能力。</p>
<p>当然，任何投资都不是没有风险。伯克希尔的财务报告始终强调其子公司 PacifiCorp 因过去的野火面临的重大法律和财务责任。然而，这一风险必须在母公司庞大而多元化的收益基础的背景下来看待。伯克希尔的财务堡垒完全能够管理这一问题，而不会威胁其整体财务健康或长期增长轨迹。</p>
<h2>长期投资的明确选择</h2>
<p>OxyChem 的收购是一个明确而果断的行动，强化了伯克希尔哈撒韦的基础实力。通过将闲置现金转化为生产性资产，公司优先考虑稳定收益而非投机性收益。这种有纪律的方法巩固了伯克希尔作为关注长期价值和财务实力的投资基石的地位。</p>
<h2>你现在应该投资 1,000 美元到伯克希尔哈撒韦吗？</h2>
<p>在考虑伯克希尔哈撒韦之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而伯克希尔哈撒韦并不在名单上。</p>
<p>虽然伯克希尔哈撒韦目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

西方石油

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦宣布以 97 亿美元收购西方石油的化学部门 OxyChem，这标志着其三年来最大的收购。这一战略举措反映了伯克希尔对长期价值创造的承诺，专注于稳定的工业资产而非高增长趋势。此次收购将通过伯克希尔的丰厚现金储备进行融资，预计将在 2025 年第四季度完成。该交易不仅增强了伯克希尔的投资组合，还改善了西方石油的资产负债表，而伯克希尔是其最大股东。这一交易凸显了伯克希尔的严谨投资策略以及在副董事长 Greg Abel 的领导下的持续性</p>

<p>In a market often captivated by fleeting trends, Berkshire Hathaway NYSE: BRK.A (BRK.B) has made a multi-billion-dollar statement of intent. The company announced a definitive agreement to acquire Occidental Petroleum’s NYSE: OXY chemical division, OxyChem, for $9.7 billion in cash. This transaction, its largest in three years, is more than Berkshire’s next major purchase; it is a powerful reaffirmation of the company's foundational strategy.</p>
<div class="lb-trans"><p>在一个常常被短暂趋势吸引的市场中，伯克希尔哈撒韦（Berkshire Hathaway）纽约证券交易所代码：BRK.A（BRK.B）做出了数十亿美元的意图声明。该公司宣布达成一项最终协议，以 97 亿美元现金收购西方石油（Occidental Petroleum）纽约证券交易所代码：OXY 的化学部门 OxyChem。这笔交易是其三年来最大的一笔，不仅是伯克希尔的下一个重大收购，更是对公司基础战略的强有力重申。</p>
</div><p>At a time when many investors are chasing high-growth momentum, Berkshire is using its massive cash pile to buy a profitable, real-world industrial asset. This decisive move signals a deep confidence in long-term value creation over short-term market sentiment, offering a clear signal to investors about the company's path forward.</p>
<div class="lb-trans"><p>在许多投资者追逐高增长势头的时刻，伯克希尔正在利用其巨额现金储备购买一个盈利的、现实世界的工业资产。这一果断的举动表明了对长期价值创造的深刻信心，超越了短期市场情绪，为投资者提供了关于公司未来发展方向的明确信号。</p>
</div><p>Get <strong>Berkshire Hathaway</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>伯克希尔哈撒韦</strong> 的提醒：</p>
</div><h2>Unpacking the $9.7 Billion Transaction</h2>
<div class="lb-trans"><h2>解读 97 亿美元交易</h2>
</div><p>To understand the strategic importance of this acquisition, it is essential to look at the core components of the transaction. The deal is straightforward and aligns perfectly with Berkshire’s history of purchasing robust, understandable businesses that are leaders in their respective fields.</p>
<div class="lb-trans"><p>要理解此次收购的战略重要性，必须关注交易的核心组成部分。该交易简单明了，完美契合伯克希尔购买强大、易于理解的业务的历史，这些业务在各自领域中都是领导者。</p>
</div><ul>
<li><strong>The Target:</strong> Berkshire is acquiring OxyChem, a global producer of essential commodity chemicals. These are foundational materials for vital industries, including water treatment, pharmaceuticals, and healthcare. This business model provides a stable demand base. The division is a consistent performer, reporting a pre-tax income of $213 million for the second quarter of 2025 alone.</li>
<li><strong>The Price:</strong> The acquisition comes with a $9.7 billion price tag, to be paid entirely in cash. The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals.</li>
<li><strong>The Capital Source:</strong> The purchase will be funded from Berkshire's immense reserves of cash and short-term U.S. Treasury bills, which stood at nearly $340 billion at the end of the last quarter.</li>
<li><strong>The Dual Benefit:</strong> The transaction also creates a positive feedback loop within Berkshire’s portfolio. Occidental Petroleum, the seller, plans to use $6.5 billion of the proceeds for debt reduction. This move significantly strengthens the balance sheet of a company in which Berkshire Hathaway is already the largest shareholder, enhancing the value of that existing investment.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>目标公司：</strong> 伯克希尔正在收购 OxyChem，这是一家全球重要的基础化学品生产商。这些化学品是水处理、制药和医疗等重要行业的基础材料。该商业模式提供了稳定的需求基础。该部门表现稳定，仅在 2025 年第二季度就报告了 2.13 亿美元的税前收入。</li>
<li><strong>价格：</strong> 收购价格为 97 亿美元，全部以现金支付。该交易预计将在 2025 年第四季度完成，待监管批准。</li>
<li><strong>资金来源：</strong> 该收购将由伯克希尔近 3400 亿美元的巨额现金储备和短期美国国债资金支持。</li>
<li><strong>双重收益：</strong> 此交易还在伯克希尔的投资组合中创造了积极的反馈循环。卖方西方石油计划将 65 亿美元的收益用于减债。这一举动显著增强了伯克希尔已经是最大股东的公司的资产负债表，提高了现有投资的价值。</li>
</ul>
</div><h2>The Strategy Behind the Spending</h2>
<div class="lb-trans"><h2>支出背后的战略</h2>
</div><p>This acquisition is a classic execution of the strategy that has defined Berkshire Hathaway for decades. The company’s primary challenge has not been generating cash, but instead finding intelligent ways to deploy it. A massive cash pile, while safe, can create a cash drag on overall returns, as those funds earn very little compared to what a successful operating business can generate. By converting nearly $10 billion of this low-yielding cash into a profitable, wholly owned business, Berkshire is transforming a dormant asset into an active earnings engine.</p>
<div class="lb-trans"><p>此次收购是伯克希尔哈撒韦数十年来战略的经典执行。公司的主要挑战并不是产生现金，而是寻找智能的方式来部署这些现金。虽然巨额现金储备是安全的，但可能会对整体回报造成现金拖累，因为这些资金的收益远低于成功运营的企业所能产生的收益。通过将近 100 亿美元的低收益现金转化为一个盈利的全资企业，伯克希尔正在将一个沉睡的资产转变为一个活跃的收益引擎。</p>
</div><p>The move represents a masterclass in value investing. Instead of venturing into the high-valuation technology sector, Berkshire is purchasing a durable, non-speculative business with a clear economic purpose. This reinforces the company’s focus on its circle of competence by investing in industries it understands deeply.</p>
<div class="lb-trans"><p>这一举动代表了价值投资的典范。伯克希尔没有进入高估值的科技领域，而是购买了一个耐用的、非投机性的业务，具有明确的经济目的。这进一步强化了公司对其能力圈的关注，投资于其深刻理解的行业。</p>
</div><p>Furthermore, the announcement provides a clear signal about leadership continuity. Vice Chairman Greg Abel, the designated successor to Warren Buffett, was the key executive quoted on the transaction, underscoring his integral role in major capital allocation decisions.</p>
<div class="lb-trans"><p>此外，公告还清晰地传达了领导层的连续性。副董事长 Greg Abel 是沃伦·巴菲特的指定接班人，他是此次交易中被引用的关键高管，强调了他在重大资本配置决策中的重要角色。</p>
</div><p>This demonstrates to investors that the core philosophy that built Berkshire is firmly in place for its next chapter. The decision is also notable for what it says about other potential uses of capital. With no share repurchases in the first half of the year, this acquisition demonstrates that management identified an external opportunity that it believed would create more long-term value for shareholders than repurchasing its own stock at current prices, a hallmark of its disciplined financial approach.</p>
<div class="lb-trans"><p>这向投资者展示了构建伯克希尔的核心理念在其下一个篇章中依然牢固。该决定还值得注意的是它对其他潜在资本用途的影响。在今年上半年没有进行股票回购的情况下，这项收购表明管理层识别出一个外部机会，认为这将为股东创造比以当前价格回购自身股票更大的长期价值，这也是其严谨财务方法的标志。</p>
</div><h2>Stability in a Volatile World</h2>
<div class="lb-trans"><h2>在动荡世界中的稳定性</h2>
</div><p>For investors assessing Berkshire Hathaway stock, the OxyChem deal provides essential context for its recent performance and current valuation. Year-to-date, Berkshire’s shares have delivered a solid gain of approximately 10%. While this trails the S&amp;P 500's return of around 14%, this performance gap reflects a deliberate strategic choice. The index's gains have been primarily driven by a handful of high-momentum technology and artificial intelligence (AI) stocks, an area Berkshire has traditionally viewed with caution. For long-term investors, the company's discipline provides a measure of stability against sector-specific volatility.</p>
<div class="lb-trans"><p>对于评估伯克希尔哈撒韦股票的投资者来说，OxyChem 交易为其近期表现和当前估值提供了重要背景。今年迄今，伯克希尔的股票已实现约 10% 的稳健增长。尽管这落后于标准普尔 500 指数约 14% 的回报，但这一表现差距反映了一个深思熟虑的战略选择。该指数的涨幅主要由少数高动量科技和人工智能（AI）股票推动，而伯克希尔传统上对此持谨慎态度。对于长期投资者而言，公司的纪律性为抵御特定行业的波动提供了一定的稳定性。</p>
</div><p>The company’s valuation remains reasonable and is supported by strong fundamentals. Its price-to-earnings ratio (P/E) of approximately 17 suggests the stock is not overvalued relative to its earnings. Furthermore, its price-to-book ratio (P/B) stands at 1.65, meaning investors are paying $1.65 for every dollar of the company's net assets. This is a common and justifiable premium for a business of Berkshire's quality and profitability. The price-to-sales ratio (P/S) of 2.89 highlights the company's substantial revenue-generating capacity in relation to its market capitalization.</p>
<div class="lb-trans"><p>公司的估值仍然合理，并得到了强劲基本面的支持。其市盈率（P/E）约为 17，表明该股票相对于其收益并未被高估。此外，其市净率（P/B）为 1.65，意味着投资者为公司每一美元的净资产支付 1.65 美元。这是对伯克希尔这样质量和盈利能力企业的常见且合理的溢价。市销率（P/S）为 2.89，突显了公司相对于其市值的可观收入生成能力。</p>
</div><p>Of course, no investment is without risk. Berkshire’s financial reports consistently highlight the significant legal and financial liabilities its subsidiary, PacifiCorp, faces from past wildfires. However, this risk must be viewed in the context of the parent company’s immense and diversified earnings base. Berkshire’s financial fortress is more than capable of managing this issue without threatening its overall financial health or long-term growth trajectory.</p>
<div class="lb-trans"><p>当然，任何投资都不是没有风险。伯克希尔的财务报告始终强调其子公司 PacifiCorp 因过去的野火面临的重大法律和财务责任。然而，这一风险必须在母公司庞大而多元化的收益基础的背景下来看待。伯克希尔的财务堡垒完全能够管理这一问题，而不会威胁其整体财务健康或长期增长轨迹。</p>
</div><h2>A Clear Choice for the Long Haul</h2>
<div class="lb-trans"><h2>长期投资的明确选择</h2>
</div><p>The OxyChem acquisition is a clear and decisive action that reinforces the foundational strengths of Berkshire Hathaway. By converting idle cash into a productive asset, the company is prioritizing stable earnings over speculative gains. This disciplined approach solidifies Berkshire's status as a cornerstone investment for those focused on long-term value and financial strength.</p>
<div class="lb-trans"><p>OxyChem 的收购是一个明确而果断的行动，强化了伯克希尔哈撒韦的基础实力。通过将闲置现金转化为生产性资产，公司优先考虑稳定收益而非投机性收益。这种有纪律的方法巩固了伯克希尔作为关注长期价值和财务实力的投资基石的地位。</p>
</div><h2>Should You Invest $1,000 in Berkshire Hathaway Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元到伯克希尔哈撒韦吗？</h2>
</div><p>Before you consider Berkshire Hathaway, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑伯克希尔哈撒韦之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Berkshire Hathaway wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师悄悄建议客户现在购买的股票，以便在更广泛的市场注意到之前……而伯克希尔哈撒韦并不在名单上。</p>
</div><p>While Berkshire Hathaway currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然伯克希尔哈撒韦目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

How Berkshire's OxyChem Buy Cements Its Long-Term Strength

- 伯克希尔哈撒韦以 97 亿美元收购 Occidental Petroleum 的化学部门 OxyChem。  
- 此交易是其三年来最大的一笔，显示出对长期价值创造的信心。  
- 收购将通过其近 3400 亿美元的现金储备完成，预计于 2025 年第四季度关闭。  

伯克希尔收购 OxyChem 如何巩固其长期实力