一份行业重磅报告，再次印证了大疆在手持影像市场的王者地位。 2025年"双十一"电商大促中，大疆凭借手持影像新品交出了一份亮眼的成绩单 ， 在多 家电商平台的运动相机和全景相机销量榜上，全面领跑。 其中，旗舰运动相机 Osmo Action 5 Pro月销量超过5万台，金榜评分高达99.2，稳居运动相机榜首。紧随其后的Osmo Nano可穿戴相机和Osmo Action 4共同包揽榜单前三名。 更引人注目的是，今年 7月发布的大疆首款全景相机Osmo 360在京东「户外全景运动相机」热卖榜中登顶，更引人注目的是，当年7月发布的大疆首款全 景相机Osmo 360在京东「户外全景运动相机」热卖榜中登顶，并悄悄在榜首横霸超50天。凭借"8K一英寸全景影像+轻巧机身"的硬核配置，它在"双十 一"期间热销超过2000台。 大疆用两场战役，重塑了手持影像市场的权力版图 ，获得了其在无人机领域达成的成就。 第一场是闪电战。 2025年第三季度，大疆Osmo 360全景相机发布即巅峰， 根据 权威咨询公司 久谦咨询数据 显示 ： 其 首个季度便斩获全球全景相机 市场 43 %的 市场 份额 ，在中国国内电商市场，GMV占比更 ...

Core Viewpoint - The article discusses the wealth estimation of Zhao Changpeng, the founder of Binance, as reported in the 2025 Hurun Rich List, highlighting the controversy surrounding the accuracy of this estimation and the implications for the cryptocurrency industry [3][8][10]. Group 1: Wealth Estimation and Rankings - Zhao Changpeng ranks 13th on the 2025 Hurun Rich List with an estimated wealth of 190 billion RMB, which has increased by 41% [3][4]. - The list includes other notable figures, with the top position held by Zhong Teng Teng at 530 billion RMB, reflecting significant wealth growth among the top earners [4]. - Zhao's wealth estimation has sparked debate, with some in the crypto community suggesting it is significantly underestimated [7][10]. Group 2: Controversy and Response - Zhao Changpeng publicly disputed the wealth estimation, suggesting it should be divided by 100, which would drastically alter perceptions of his financial status [6][9]. - The controversy has led to discussions about the transparency and accuracy of the Hurun Rich List, particularly for private companies like Binance [8][21]. Group 3: Profitability and Valuation - Analysis from the crypto community suggests that Binance's profits may be underestimated, with claims that the company's family office manages around 10 billion USD and projected revenues for 2024 reaching 16.8 billion USD [14]. - Binance's recent token burn, valued at approximately 1.208 billion USD, implies a quarterly profit of around 6.4 billion USD, surpassing Alibaba's reported profit of 4.678 billion USD for the same period [15][16]. - However, the methodology linking token burn value to profit has been questioned, as Binance may have altered its token burn rules, complicating accurate profit estimations [19][20].

Core Insights - NVIDIA's CEO Jensen Huang emphasized the importance of accelerated computing and GPU technology as core drivers of technological advancement, especially as Moore's Law becomes less effective [2][6] - The company announced significant partnerships and investments, including a $1 billion investment in Nokia to develop AI-native 6G networks [3][20] - NVIDIA is transitioning from a chip manufacturer to a full-stack AI infrastructure provider, showcasing its next-generation Vera Rubin super GPU and various collaborations across industries [5][6][42] Group 1: AI and 6G Collaboration - NVIDIA and Nokia are collaborating to launch the Aerial RAN Computer (ARC) to facilitate the transition to 6G networks, integrating AI capabilities into their offerings [20][21] - The AI-RAN market is projected to exceed $200 billion by 2030, highlighting the growth potential of this collaboration [21] - T-Mobile will also partner with Nokia and NVIDIA to test and develop AI-RAN technology, focusing on performance and efficiency improvements [22] Group 2: Quantum Computing and Supercomputing - NVIDIA introduced NVQLink technology, which connects quantum processors with GPU supercomputers, aiming to enhance quantum computing capabilities [4][23] - The company is collaborating with the U.S. Department of Energy to build the largest AI supercomputer, equipped with 100,000 NVIDIA Blackwell GPUs, to support advanced scientific research [28] - NVIDIA's Vera Rubin supercomputer architecture boasts significant performance improvements, achieving up to 3.6 Exaflops in inference performance [10][11] Group 3: AI in Various Industries - NVIDIA's BlueField-4 processor is designed to support AI factory operations, enhancing data processing capabilities for AI infrastructure [30][31] - The company is partnering with CrowdStrike to develop AI-driven cybersecurity solutions, integrating NVIDIA's computing power with CrowdStrike's Falcon platform [32][35] - NVIDIA and Palantir are working together to optimize supply chain processes using AI, with Lowe's as one of the first adopters of this integrated technology [42][43] Group 4: Autonomous Vehicles - NVIDIA announced a partnership with Uber to deploy a fleet of 100,000 Robotaxi vehicles by 2027, utilizing NVIDIA's DRIVE AGX Hyperion platform [36][38] - The DRIVE AGX Hyperion platform enables manufacturers to develop vehicles equipped for Level 4 autonomous driving, marking a significant step in the evolution of transportation [40] - Stellantis and other automotive manufacturers are collaborating with NVIDIA to enhance their autonomous vehicle capabilities [41] Group 5: Pharmaceutical Advancements - Eli Lilly is building a supercomputer powered by over 1,000 Blackwell Ultra GPUs to accelerate drug discovery and development processes [44][45] - The collaboration aims to leverage AI models to significantly reduce the time required for drug development, with potential benefits expected by 2030 [46] - The partnership will utilize federated learning to allow biotech companies to access AI models without sharing sensitive data directly [46]

金融人必备！股神思维 + 专属助手 亚马逊正计划实施公司历史上最大规模的裁员，此举旨在削减成本、储备现金，以便将更多资源投入到关乎其未来竞争力的核心领域——人工智能（AI）。 当地时间周一，据媒体援引知情人士透露， 亚马逊计划裁减多达30000名员工，最早可能于本周二开始 。 此次裁员规模相当于其公司白领员工总数的约 10%，将波及人力资源、云计算和广告等多个业务部门。 （亚马逊目前约有155万名仓库和配送员工，若裁员至80万名以下将引发恐慌情绪） 媒体称，亚马逊预计将在周二上午通过电子邮件通知受影响员工，如此规模的裁员将是亚马逊历史上规模最大的一次企业员工削减。 面对云计算业务日益激烈的竞争，亚马逊首席执行官Andy Jassy正带领公司大力投资AI，并明确表示，生成式AI的应用将改变公司运营方式，并最终减少对部 分岗位的需求。 例如，名为Blue Jay的机器人手臂有望使亚马逊在 ранее无法运营的城市区域建立更小型的仓库。同时，公司还在试验使用AI工具预测客户的购物意图，以提 高销售转化。 Jassy的AI蓝图，生成式AI将重塑岗位 Jassy当时在一份内部备忘录中写道： 亚马逊此次裁员是首席执行官J ...

金融人必备！股神思维 + 专属助手 华尔街的豪赌：构建巨额关税退款索赔市场 一场可能迫使美国政府退还数百亿美元关税的法律对决，正在催生一个独特的投机市场。 美国财政部长贝森特近日在接受媒体采访时公开承认， 如果最高法院裁定特朗普政府的部分关税为非法，美国财政部可能将不得不退还"大约一半的关税"，他 将此形容为对财政部的"可怕"打击。 当被问及政府是否准备好退款时，贝森特回应称："如果法院这么说，我们就必须这么做。" 这一表态的背景，是两家下级法院已裁定特朗普政府援引《国际紧急经济权力法》征收部分关税缺乏法律授权。目前，此案已上诉至最高法院，定于11月5日 举行口头辩论。 据美国海关与边境保护局数据，截至今年8月， 争议关税已征收超过700亿美元 ，而如果裁决最终推翻该政策，其引发的连锁反应将对美国财政和进口企业产 生深远影响。 面对巨大的不确定性，市场并未等待。 从华尔街投行的结构化产品到线上预测平台，一个围绕关税裁决结果的"定价"机制已然形成。投资者正用真金白银押注 美国财政部是否会执行一次史无前例的"关税大退款"。 散户的算盘：预测市场上微小的赌注 与机构投资者动辄数百万美元的定制化交易不同，个人投资者则 ...

Core Viewpoint - Zhang Kun's latest quarterly report presents a contrarian view on China's domestic demand and consumption growth, arguing that the market has overemphasized short-term negative factors while neglecting long-term structural advantages [4][20]. Group 1: Market Predictions - Zhang Kun believes that the most likely scenario is that "China's consumption growth > China's GDP growth > global GDP growth" [23]. - He emphasizes the significant scale effects from a unified market of 1.4 billion people, which can amplify the advantages of excellent companies [4][25]. - The report suggests that the market has underestimated the potential of domestic demand and consumption in China [20]. Group 2: Fund Performance - Zhang Kun's representative fund, "E Fund Quality Enterprises," surged by 15.81% in Q3, outperforming its benchmark by 2.56 percentage points [6][8]. - This performance marks a turnaround from previous quarters where several funds managed by Zhang Kun underperformed their benchmarks [7]. Group 3: Key Holdings - Key stocks such as Tencent, Alibaba, and JD Health saw significant gains of 32% to 61% in the last quarter, contributing positively to the fund's performance [10][11]. - Zhang Kun has also shown a positive outlook on liquor stocks, with some experiencing over 10% growth in Q3 [12]. Group 4: Investment Philosophy - Zhang Kun maintains a long-term investment strategy, focusing on companies with excellent business models, significant competitive advantages, and sustainable growth potential [14][16]. - He warns investors to resist the influence of "Mr. Market," who may overreact to short-term fluctuations [18][24]. Group 5: Portfolio Adjustments - The fund's stock positions remain stable, with adjustments made in sectors like pharmaceuticals, consumer goods, and technology [28]. - Notably, the media company Focus Media has entered the top holdings for the first time, indicating a shift in focus towards domestic consumption [30][32]. Group 6: Technology Sector Shift - The E Fund Asia Select has seen a shift in its top holdings, moving away from semiconductor companies to more stable AI software and service firms like Google [34][36].

金融人必备！股神思维 + 专属助手 黄金跌破每盎司4000美元，业内普遍认为此前的涨势已变得不可持续，市场正在挤出"泡沫"。 周一，国际金价最低跌至每盎司3980美元，此前刚刚在短短七周内飙升27%，于10月20日触及4381美元的高点。一周之内， 金价较近期高点已下跌超过9% ，行业人士将早前的涨势归咎于投资者的"投机性"持仓。 业内高管预计金价将在未来几周进入更深度的回调。 世界黄金协会市场策略师John Reade在伦敦金银市场协会京都年会间隙表示：" 我认为行业内很多人实际 上会欢迎比目前更深的回调 。" 一家大型黄金交易银行的高级主管则更直言不讳："只有疯子才会认为黄金会涨到这么高。" 尽管汇丰、美银和法国兴业银行等机构仍 维持明年金价5000美元的目标，但即便是看涨者也对近期的下跌感到紧张 。眼下，黄金市场面临的问题包括零售投 资者需求的可持续性，以及央行是否会因高价放缓购金步伐。 业内欢迎"健康回调" 10月28日，据媒体报道，在本周黄金行业最大的年度会议上，与会者的乐观情绪被意外的警告所打断—— 金价可能需要进一步下跌才能恢复上涨。 业内高管将这轮下跌视为对过热涨势的"健康回调"。 代表黄金矿 ...

Core Viewpoint - Short-term investment in gold is no longer considered wise due to high volatility and crowded trades, while medium to long-term outlook remains positive with projected price increases [1][2][18]. Short-term vs Long-term Strategies - For short-term trading funds, the best strategy is to remain on the sidelines and wait for a significant drop in volatility before entering the market, as trading in a high-volatility environment yields low returns [4][7]. - For long-term investment funds, the current strategy should be to wait for buying opportunities in the 3800-3900 USD/oz range, which is identified as a key support level for 2025 [5][13]. Volatility and Market Trends - Historical analysis indicates that a return to low volatility is a prerequisite for the initiation of new market trends, whether upward or downward [6][8]. - The current high volatility environment makes it difficult for new trends to form, necessitating patience from investors [7][8]. Price Projections - The quantitative model from Shenwan Hongyuan predicts that the gold price will stabilize at 4814 USD/oz by 2026, supported by factors such as rising global fiscal deficits and continued central bank purchases [14][15]. - Morgan Stanley expresses a contrasting view, favoring U.S. Treasury bonds over gold, citing that gold has underperformed U.S. Treasuries over the past 50 years [2]. Market Sentiment and Buying Trends - Despite recent price declines, major financial institutions like Morgan Stanley and Goldman Sachs maintain a bullish outlook on gold, with Goldman Sachs suggesting a target price of 4900 USD/oz, indicating potential upward risks [18][20]. - Reports from gold dealers indicate a surge in retail buying, as investors view the price drop as an opportunity to purchase gold at lower prices [21][22][23]. Conclusion - The overall sentiment in the gold market remains cautiously optimistic for the long term, with significant buying interest from both institutional and retail investors, despite short-term volatility challenges [19][24].

一年前还在监狱服刑的币安创始人赵长鹏，如今获得了美国总统特朗普的赦免。 这一戏剧性转折不仅为这位因允许洗钱者使用其加密货币交易平台而获罪的企业家开启了新篇章，也成为特朗普政府华盛顿权力运作的最新注脚——只要能雇得 起合适的说客。 华尔街见闻此前文章写道，特朗普上周四（10月23日）表示：" 我相信我从未见过他，但很多人告诉我他获得了大量支持。他们说他所做的甚至不是犯罪，他是 被拜登政府迫害的，所以应很多好人的请求，我赦免了他。" 10月25日，据美国媒体Politico报道， 这些"好人"中的关键人物，包括特朗普长子的狩猎伙伴Ches McDowell，以及曾被特朗普考虑担任SEC主席的加密货币 律师Teresa Goody Guillén。 对促成赦免的说客们来说，这是一次实力展示，体现了 华盛顿K街权力（K街是美国政治中"游说"的代名词）向与白宫有直接联系的公司转移的趋势。 这次赦免是赵长鹏和币安近一年来积极靠近特朗普政府努力的结果。除了游说攻势外，币安还与特朗普家族利润丰厚的加密货币项目World Liberty Financial建 立了业务联系。 天价游说：一个月45万美元 McDowell的北卡罗 ...

来源：证券时报 2025金融街论坛年会今日（10月27日）开幕，中国人民银行行长潘功胜、金融监管总局局长李云 泽、中国证监会主席吴清将出席2025金融街论坛年会并作主题演讲。 潘功胜：探索在特定情景下向非银机构提供流动性的机制安排 潘功胜在2025金融街论坛年会上表示，针对金融市场，人民银行正在考虑的一个问题是，综合平衡维护 金融市场稳定运行和防范金融市场道德风险，探索在特定情景下向非银机构提供流动性的机制安排。 潘功胜：继续坚持支持性的货币政策立场，实施好适度宽松的货币政策 潘功胜在2025金融街论坛年会上表示，人民银行将继续坚持支持性的货币政策立场，实施好适度宽 松的货币政策，综合运用多种货币政策工具，提供短期、中期、长期流动性安排，保持社会融资条件 相对宽松。同时，继续完善货币政策框架，强化货币政策执行和传导。 潘功胜：将研究实施支持个人修复信用的政策措施 潘功胜在2025金融街论坛年会上表示，人民银行将研究实施支持个人修复信用的政策措施。过去几 年，受新冠疫情等不可抗力影响，一些个人发生了债务逾期，虽然事后全额偿还，但相关信用记录仍 持续影响其经济生活。为帮助个人加快修复信用记录，同时发挥违约信用记录 ...