今日主播孙昌岳：

　　近日，瑞银集团发布报告将美股配置评级下调至“基准”，建议投资者更多配置全球其他市场股票资产。同期，英伟达交出亮眼财报，业绩大幅增长的情况下股价却遭遇重挫，这一反常表现直接暴露了美股高估值的极端脆弱性，成为瑞银下调美股评级的生动注脚。

　　瑞银此举，既是因美股存在高估值泡沫，更是美国经济多重风险叠加的结果。从宏观层面来看，美国通胀居高不下，1月生产者价格指数涨幅超预期，让美联储货币政策走向更加复杂，加上联邦政府债务高企、关税政策反复，甚至政府停摆风险频发，投资者对美国经济和美元资产的信心显著动摇。资金流向成为市场态度最直观的体现，数据显示，美国投资者过去半年从美股撤资约750亿美元，其中2026年以来流出520亿美元，创2010年以来最快速度。

　　与此同时，新兴市场经济体展现出更强的增长潜力和政策确定性，给投资者明确的市场预期。今年以来，美国投资者已向新兴市场股市投入约260亿美元，资本从美股向新兴市场流动的趋势愈发明显，全球资本配置格局正迎来深刻调整。

　　更多资讯请看今日双语“外企头条”↓

　　伯克希尔公司2025年四季度运营利润跌三成

　　Berkshire’s Operating Earnings Fell nearly 30% in Q4 2025

　　据外媒报道，当地时间2月28日，沃伦·巴菲特旗下的伯克希尔·哈撒韦公司公布的2025年第四季度财报显示，其运营利润为102亿美元，较上年同期的145.6亿美元下降逾29%。

　　According to foreign media reports, on February 28th local time, Berkshire Hathaway, owned by Warren Buffett, released its financial report for the fourth-quarter of 2025, showing an operating earnings of $10.2 billion, a decline of over 29% compared to the $14.56 billion reported in the same period last year.

　　伯克希尔四季度运营利润大幅下滑主要受保险业务表现疲弱拖累。该公司保险承保业务运营利润同比下降54%；保险投资业务运营利润也下滑近25%。

　　Berkshire's sharp decline in operating profit in the fourth-quarter was primarily due to the weak performance of its insurance business. The operating earnings of the company's insurance underwriting business fell by 54% year-on-year, while the operating profit of its insurance investment business also declined by nearly 25%.

　　这是沃伦·巴菲特担任首席执行官的最后一个季度。格雷格·阿贝尔于2026年初接任，他在随公司财报发布的年度致股东信中承诺，将延续巴菲特建立的财务稳健和资本纪律文化。

　　This was the final quarter under Warren Buffett as CEO. Greg Abel took the reins to start 2026 and vowed in Berkshire’s annual letter accompanying results to continue the culture Buffett built of financial strength and capital discipline.

　　OpenAI完成1100亿美元融资轮

　　OpenAI Announces $110 Billion Funding Round

　　据外媒报道，美国开放人工智能研究中心（OpenAI）日前宣布完成最新一轮融资，募资总额达1100亿美元。

　　According to foreign media reports, the US-based OpenAI recently announced the completion of its latest round of financing, raising a total of $110 billion.

　　此次投资使OpenAI投前估值升至7300亿美元，较去年10月二级融资时的5000亿美元估值大幅跃升。

　　The investment has raised OpenAI's pre-money valuation to $730 billion, marking a significant jump from the $500 billion valuation during its secondary financing in October last year.

　　报道称，OpenAI本轮融资创下史上最大规模私募融资纪录。

　　OpenAI's latest funding round has set a record for the largest private equity financing in history, according to reports.

　　报道同时指出，但就在OpenAI此前宣称2030年前将投入1.4万亿美元用于基础设施数月后，该公司目前已下调资金目标至6000亿美元，理由是市场普遍担忧其扩张野心远超潜在收入规模。

　　The report also pointed out that just a few months after OpenAI previously claimed to invest $1.4 trillion in infrastructure by 2030, the company has now lowered its funding target to $600 billion, citing widespread market concerns that its expansion ambitions far exceed its potential revenue scale.

　　来源/经济日报微信

　　主播/孙昌岳

　　双语/朱琳

　　编辑/梁方圆

　　校对/王俊杰

作者：经济日报