<p>梅西百貨公司（M）在週一早晨備受關注，因為伯克希爾哈撒韋最新的文件披露其在這家標誌性零售連鎖店的新投資，價值約 5500 萬美元。</p>
<p>來自全球最受尊敬的企業集團之一的戰略投資提升了對梅西的關注，截至撰寫時，該公司的股價上漲了近 4%。</p>
<p>儘管面臨嚴峻的宏觀經濟環境，伯克希爾的披露仍然到來，梅西的股票目前較今年初下跌了約 17%。</p>
<p><strong>伯克希爾哈撒韋為何投資梅西的股票</strong></p>
<p>伯克希爾的文件具有重要意義，因為這是該公司自 1966 年以來首次直接進入百貨商店行業。</p>
<p>其前首席執行官和傳奇投資者沃倫·巴菲特在幾十年裏對實體零售持謹慎態度，這使得新任首席執行官格雷格·阿貝爾下的這一突然增持對市場參與者來説更加引人注目。</p>
<p>吸引該企業集團的原因在於梅西股票的深度價值主張和穩健的基本面。</p>
<p>梅西的前瞻性市盈率相對壓縮為 8 倍，擁有廣泛的房地產組合和約 230 億美元的銷售額（過去十二個月），代表了典型的巴菲特價值投資。</p>
<p>伯克希爾可能還受到梅西嚴格的成本控制和穩固的股東回報的吸引；其當前的股息收益率高達 4.03%。</p>
<p><strong>伯克希爾持股對梅西股票的意義</strong></p>
<p>伯克希爾的公告為梅西正在進行的企業轉型注入了巨大的機構信譽，為該股票在 2026 年剩餘時間內點亮了看漲的道路。</p>
<p>這家百貨巨頭目前正在執行其雄心勃勃的 “大膽新篇章” 戰略，專注於關閉約 150 家表現不佳的門店，同時對其 350 家 “未來” 門店進行現代化改造和投資。</p>
<p>預計這些門店關閉將導致梅西即將於 6 月初發布的第一季度收益同比下降近 4%，與管理層對因這些門店關閉而對收入造成壓力的預期一致。</p>
<p>對投資者而言，更重要的是，早期試點店的轉型已經顯示出巨大潛力，捕獲了強勁的可比銷售。</p>
<p>總的來説，伯克希爾的突然支持提供了強大的穩定力量，可能會加速零售和機構資金流入梅西的股票，隨着年份的推移。</p>
<p><strong>如何在當前水平上投資梅西</strong></p>
<p>梅西預期的高股息收益率超過 4% 為零售業務轉型提供了有吸引力的收入緩衝。</p>
<p>此外，其估值倍數也表明，許多存在的零售風險已經反映在股價中。</p>
<p>然而，投資者應注意，伯克希爾的投資相對於其總現金儲備而言相對較小，更像是對成功轉型的一個計算性選擇，而不是對高增長的明確押注。</p>
<p>雖然梅西在當前水平上呈現出引人注目的風險回報比，但市場參與者必須在完全投入之前權衡持續的宏觀經濟逆風與 “大膽新篇章” 戰略的結構性順風。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

梅西百貨

<p>伯克希爾哈撒韋收購了梅西百貨公司 5500 萬美元的股份，這是自 1966 年以來首次在百貨商店行業的投資。這一戰略性收購使梅西百貨的股價上漲了近 4%，儘管該股票今年下跌了 17%。這項投資突顯了梅西百貨強勁的基本面和 4.03% 的吸引人股息收益率。隨着梅西百貨實施其 “大膽新篇章” 戰略，伯克希爾的支持預計將增強機構投資者的興趣並穩定股票表現</p>

<p>Macy’s Inc (M) is in focus on Monday morning after Berkshire Hathaway’s latest filing disclosed a new position worth roughly $55 million in the iconic retail chain.</p>
<div class="lb-trans"><p>梅西百貨公司（M）在週一早晨備受關注，因為伯克希爾哈撒韋最新的文件披露其在這家標誌性零售連鎖店的新投資，價值約 5500 萬美元。</p>
</div><p>The strategic buy-in from one of the world’s most revered conglomerates has boosted interest in M, with the company’s share price up nearly 4% at the time of writing.</p>
<div class="lb-trans"><p>來自全球最受尊敬的企業集團之一的戰略投資提升了對梅西的關注，截至撰寫時，該公司的股價上漲了近 4%。</p>
</div><p>Berkshire’s revelation arrives despite a challenging macroeconomic backdrop, with Macy’s stock currently down some 17% versus the start of this year.</p>
<div class="lb-trans"><p>儘管面臨嚴峻的宏觀經濟環境，伯克希爾的披露仍然到來，梅西的股票目前較今年初下跌了約 17%。</p>
</div><p><strong>Why Berkshire Hathaway invested in Macy’s stock</strong></p>
<div class="lb-trans"><p><strong>伯克希爾哈撒韋為何投資梅西的股票</strong></p>
</div><p>Berkshire’s filing is monumental, given that it marks the firm’s first direct venture into the department store sector since 1966.</p>
<div class="lb-trans"><p>伯克希爾的文件具有重要意義，因為這是該公司自 1966 年以來首次直接進入百貨商店行業。</p>
</div><p>Its former chief executive and legendary investor, Warren Buffett, remained cautious on brick-and-mortar retail for decades, making this sudden accumulation under new CEO Greg Abel even more interesting for market participants.</p>
<div class="lb-trans"><p>其前首席執行官和傳奇投資者沃倫·巴菲特在幾十年裏對實體零售持謹慎態度，這使得新任首席執行官格雷格·阿貝爾下的這一突然增持對市場參與者來説更加引人注目。</p>
</div><p>What attracted the conglomerate was M shares' deep value proposition and solid fundamentals.</p>
<div class="lb-trans"><p>吸引該企業集團的原因在於梅西股票的深度價值主張和穩健的基本面。</p>
</div><p>Trading at a rather compressed 8x forward earnings, with an extensive real estate portfolio and some $23 billion in sales (trailing twelve months), Macy’s represents a quintessential Buffett value play.</p>
<div class="lb-trans"><p>梅西的前瞻性市盈率相對壓縮為 8 倍，擁有廣泛的房地產組合和約 230 億美元的銷售額（過去十二個月），代表了典型的巴菲特價值投資。</p>
</div><p>Berkshire may also have been compelled due to Macy’s disciplined cost controls and its rock-solid shareholder returns; its dividend yield currently sits at a super lucrative 4.03%.</p>
<div class="lb-trans"><p>伯克希爾可能還受到梅西嚴格的成本控制和穩固的股東回報的吸引；其當前的股息收益率高達 4.03%。</p>
</div><p><strong>Significance of Berkshire’s stake for M shares</strong></p>
<div class="lb-trans"><p><strong>伯克希爾持股對梅西股票的意義</strong></p>
</div><p>The Berkshire announcement injects immense institutional credibility into M’s ongoing corporate turnaround – lighting a bullish path for the stock through the remainder of 2026.</p>
<div class="lb-trans"><p>伯克希爾的公告為梅西正在進行的企業轉型注入了巨大的機構信譽，為該股票在 2026 年剩餘時間內點亮了看漲的道路。</p>
</div><p>The department store giant is currently executing its ambitious Bold New Chapter strategy, focused on closing about 150 underperforming locations, while modernizing and investing in its 350-strong “go-forward” locations.</p>
<div class="lb-trans"><p>這家百貨巨頭目前正在執行其雄心勃勃的 “大膽新篇章” 戰略，專注於關閉約 150 家表現不佳的門店，同時對其 350 家 “未來” 門店進行現代化改造和投資。</p>
</div><p>These store closures are expected to result in a near 4% year-on-year decline in Macy’s upcoming Q1 earnings scheduled for early June, in line with management’s expectations of pressure on the top-line due to these store closures.</p>
<div class="lb-trans"><p>預計這些門店關閉將導致梅西即將於 6 月初發布的第一季度收益同比下降近 4%，與管理層對因這些門店關閉而對收入造成壓力的預期一致。</p>
</div><p>For investors, what’s more important is that the early pilot store transformations have already shown big promise, capturing strong comparable sales.</p>
<div class="lb-trans"><p>對投資者而言，更重要的是，早期試點店的轉型已經顯示出巨大潛力，捕獲了強勁的可比銷售。</p>
</div><p>All in all, the sudden endorsement from Berkshire offers a powerful stabilizing force, which could accelerate both retail and institutional flows into Macy’s shares as the year unfolds.</p>
<div class="lb-trans"><p>總的來説，伯克希爾的突然支持提供了強大的穩定力量，可能會加速零售和機構資金流入梅西的股票，隨着年份的推移。</p>
</div><p><strong>How to play Macy’s at current levels</strong></p>
<div class="lb-trans"><p><strong>如何在當前水平上投資梅西</strong></p>
</div><p>Macy's high expected dividend yield of more than 4% provides an attractive income cushion while the retail business transforms.</p>
<div class="lb-trans"><p>梅西預期的高股息收益率超過 4% 為零售業務轉型提供了有吸引力的收入緩衝。</p>
</div><p>Plus, its valuation multiple also signals that much of the existential retail risk is already baked into the stock price.</p>
<div class="lb-trans"><p>此外，其估值倍數也表明，許多存在的零售風險已經反映在股價中。</p>
</div><p>However, investors should note that Berkshire’s entry is relatively small compared to its total cash pile, acting more as a calculated option on a successful turnaround rather than a definitive bet on high growth.</p>
<div class="lb-trans"><p>然而，投資者應注意，伯克希爾的投資相對於其總現金儲備而言相對較小，更像是對成功轉型的一個計算性選擇，而不是對高增長的明確押注。</p>
</div><p>While Macy's presents a compelling risk-to-reward ratio at current levels, market participants must weigh the persistent macroeconomic headwinds against the structural tailwinds of the “Bold New Chapter” strategy before fully committing.</p>
<div class="lb-trans"><p>雖然梅西在當前水平上呈現出引人注目的風險回報比，但市場參與者必須在完全投入之前權衡持續的宏觀經濟逆風與 “大膽新篇章” 戰略的結構性順風。</p>
</div>

Berkshire just loaded up on Macy's stock: should you too?

- Macy’s Inc 受到 Berkshire Hathaway 新增 5500 萬美元投資的關注，股價上漲近 4%。  
- 投資標誌着 Berkshire 自 1966 年以來首次進入百貨零售領域，顯示出其價值吸引力。  
- 儘管面臨宏觀經濟壓力，Berkshire 的支持可能加速 Macy’s 的企業轉型及股價回升。

伯克希爾剛剛增持了梅西百貨的股票：你是否也應該跟進呢？