Core Viewpoint - The article highlights significant regulatory issues within Vietnam's financial system, particularly focusing on the violations by major banks and real estate companies, especially Novaland, which has led to a sharp decline in the stock market and raised concerns about the overall stability of the financial sector [5][10][12]. Group 1: Regulatory Findings - The Vietnamese government has confirmed serious violations in the financial system, particularly in bond issuance by several large banks and real estate companies, leading to a 5.6% drop in the stock market, the largest single-day decline in six months [5][6]. - A report covering bond issuance from January 2015 to June 2023 revealed multiple violations, including fund misappropriation and overdue payments, affecting major players like Novaland [5][6][12]. - Novaland, as the second-largest listed real estate company in Vietnam, is under scrutiny for issuing 1.5 trillion VND in corporate bonds and misusing the funds, which were ultimately funneled to related companies [7][8][9]. Group 2: Impact on Market and Companies - The investigation has led to a deterioration in investor sentiment, with Novaland's announcement of its inability to meet convertible bond payment obligations exacerbating market pressures [10][11]. - As of mid-2023, nearly 16.9 trillion VND in bonds related to 20 issuers associated with Novaland remain unpaid, with several companies facing overdue principal and interest payments [12][17]. - The report also identified three major banks that misused bond proceeds for short-term loans instead of the intended long-term investments, highlighting regulatory failures in the banking sector [13][14]. Group 3: Specific Company Violations - Novaland's financial practices involved transferring bond proceeds through multiple intermediaries, raising concerns about the legitimacy of the transactions and the existence of registered capital [9]. - Other companies linked to Novaland, such as GreenWich and BNP Global, have also been flagged for significant overdue payments, indicating a broader issue of solvency within the sector [17].

互联网的造富神话虽然不多了，但一些独角兽还提供着这样的机会。 近日， 小红书宣布再次上调员工期权价格，授予价调整为 25 美元/股，行权价保持2美元/股，每股收益 达23美元。 小红书此次期权调整并非孤立事件，而是年内一系列价值重估的最新一环。 回顾 2025 年，小红书在3月份首次将期权授予价从初始水平调整为13.5美元/股。短短三个月后，6月再 度提升至18美元/股，行权价保持2美元/股不变，使每股收益达到16美元。 而 10 月的最新调整，将授予价进一步提升至25美元/股。 从增长幅度来看，年内期权价值实现翻倍， 这样的增长幅度在一级市场中颇为罕见。 更引人关注的是， 小红书同时上调了在职与离职员工的期权回购价格。离职员工期权回购价由 10 美元 提升至17.5美元，增幅高达75%。 这一举措实现了全员身价上涨，无论在职还是离职员工都从中受益 。另外，小红书还在今年 4 月推出 了年终奖兑换期权的机制。入职满一年且绩效评分3.5及以上的员工，可以按"内部优惠价"将年终奖兑换 成期权。 小红书大方激励员工的背后，是其估值的大幅上涨。 作为互联网企业中少数还未上市的独角兽公司，小红书的资本化进程一直备受关注 ...

Core Viewpoint - Ray Dalio, founder of Bridgewater Associates, has introduced an AI clone named "Digital Ray" that encapsulates his investment principles and decision-making framework, aiming to provide a digital thought partner for a broader audience [1][2][5]. Group 1: AI Clone Technology - The AI clone represents a natural extension of Dalio's work over the past 40 years, designed to execute decisions aligned with his values and principles [2][8]. - "Digital Ray" has achieved an 80% effectiveness in discussing markets, investments, and economics, and a 95% effectiveness in discussing life and work principles [2][18]. Group 2: Distinction from General AI Models - Dalio distinguishes his AI clone from general large language models (LLMs), emphasizing that the clone replicates specific individual values, perspectives, and preferences, making it a reliable decision-making guide [4][10]. - LLMs are seen as general products lacking the philosophical wisdom and imagination that a personalized AI clone can provide [4][10]. Group 3: Purpose and Impact - The primary goal of launching the AI clone is to facilitate unlimited dialogue with individuals who may not have had the opportunity for in-depth discussions with Dalio due to time constraints [8][19]. - This initiative may signify a transformation in how financial expertise is disseminated, offering an interactive and personalized channel for individuals to explore the thought processes of a successful investor [5][19]. Group 4: Development and Future Prospects - The AI clone is currently in its early stages, with ongoing testing and improvements to enhance its conversational quality and knowledge base [13][18]. - Dalio anticipates that through further training, "Digital Ray" will become more knowledgeable and capable of processing complex considerations faster than he can [18][20].

（苹果市值接近4万亿美元） 根据披露， 截至今年6月30日，伯克希尔的苹果持股已从2023年底的9.06亿股骤降至2.8亿股，其中大部分出售发生在2024年第二季度，当季减持了近400万 股。 据估算，伯克希尔出售三分之二苹果持仓的决定，使公司少赚约500亿美元。 当时这一大规模减持显得有些出人意料，因为巴菲特曾将苹果与伯克希尔的保险、公用事业和铁路业务（BNSF）并列，称其为公司价值的四大"支柱"之一，这 曾暗示苹果可能像美国运通和可口可乐一样，是伯克希尔的"永久持股"。 巴菲特的伯克希尔·哈撒韦在2024年及2025年大举减持苹果股票的决定，已让这家投资巨头错失约500亿美元的账面收益。 随着市场对iPhone前景重燃乐观情绪，本周一苹果股价涨近4%，市值涨至3.89万亿美元，超越微软成为全美市值第二大企业。这轮强劲上涨，让伯克希尔此 前的减持决策显得尤为瞩目。 鉴于苹果股价的强势表现，不能排除巴菲特在第三季度进一步减持的可能性， 相关数据将在11月中旬公布。 高昂的"机会成本" 根据巴菲特在2021年股东信中的披露，伯克希尔最初买入约10亿股苹果股票的平均成本约为每股35美元。 据估算， 伯克希尔出售苹 ...

Core Viewpoint - DeepSeek has introduced a groundbreaking model called DeepSeek-OCR, which utilizes a novel approach of "contextual optical compression" to efficiently process long texts by compressing textual information into visual tokens, significantly reducing computational costs while maintaining high accuracy in document parsing [5][13][14]. Summary by Sections Model Overview - DeepSeek-OCR is designed to tackle the computational challenges associated with processing long texts, achieving a high accuracy of 97% when the compression ratio is below 10 times, and maintaining around 60% accuracy even at a 20 times compression ratio [6][15]. - The model has gained significant attention, quickly accumulating 3.3K stars on GitHub and ranking second on HuggingFace's hot list [7]. Technical Innovations - The model comprises two core components: the DeepEncoder, which converts images into highly compressed visual tokens, and the DeepSeek3B-MoE-A570M decoder, which reconstructs text from these tokens [19][20]. - The DeepEncoder employs a serial design that processes high-resolution images in three stages: local feature extraction, token compression, and global understanding, allowing it to produce a minimal number of high-density visual tokens [21][22]. Performance Metrics - DeepSeek-OCR outperforms existing models by using only 100 visual tokens to exceed the performance of GOT-OCR2.0, which uses 256 tokens per page [18][19]. - The model supports various input modes, allowing it to adapt its compression strength based on specific tasks, ranging from "Tiny" (64 tokens) to "Gundam" (up to 800 tokens) [23][25]. Future Implications - The research suggests that the unified approach of visual and textual processing may be a pathway toward achieving Artificial General Intelligence (AGI) [11]. - The team has also proposed a concept of simulating human memory's forgetting mechanism through optical compression, potentially enabling models to allocate computational resources dynamically based on the context's temporal relevance [34][37][38].

开始正文前，见闻君先通告一个 福利活动 ： 一年一度的见闻历上新2026版了，这次是 股神纪念版，99元早鸟价，不光得价值 139 元日历，还送大礼包 （Alpha 私享会 + VIP 月卡 + 大师课 抵用金） 。点击下方图片抢购！ 另外，见闻君回馈粉丝，在本文 留言评论还有机会免费抽中一本 ，共三本。 本文首发于"见闻VIP"作者乐鸣，为见闻付费会员文章，现作为粉丝福利免费试读，欢迎订阅"见闻VIP"。 最近， 国际货币基金组织（IMF） 的一把手和二把手 接连发声警告"灰犀牛" ： IMF 总裁"一把手"格奥尔基耶娃表示，私募信贷市场规模已突破2.3万亿美元，远超监管与数据监测能力，是她 "夜不能寐的风险之一" 。IMF报告指出，私 募信贷基金的高杠杆、低透明度，可能成为下一轮信用紧缩的触发点。 同时IMF的"二把手"第一副总裁、前首席经济学家吉塔·戈皮纳特（Gita Gopinath）称美国股市如果崩盘，将可能引发比2000年互联网泡沫更严重、更全球 化的经济危机。并称 如果出现类似2000年的崩盘，美国家庭可能损失超20万亿美元，外国投资者损失约15万亿美元。 这两个看似独立的警告，实则指向同一条暗 ...

Group 1 - The core viewpoint of the article is that the current scale of AI investment is sustainable and not overheated, indicating a robust macro story for AI infrastructure development [1][3][6] - Goldman Sachs' latest report suggests that AI-related investments currently account for less than 1% of the US GDP, which is significantly lower than historical peaks in other technology cycles [7] - The report anticipates that productivity gains from AI will generate $8 trillion in capital income for US companies, far exceeding the total current and foreseeable AI investment [2][7] Group 2 - Since mid-2023, there has been a significant acceleration in AI infrastructure investment, with an estimated $300 billion in revenue growth for US companies in AI-related infrastructure by 2025 [4] - The report highlights two main reasons supporting continued AI capital expenditure: significant productivity improvements and increasing demand for computing power [5] - It is projected that the application of generative AI will enhance US labor productivity by 15% over the next decade, with AI applications showing potential productivity increases of 25-30% [5]

Core Viewpoint - The current investment landscape is challenging due to anticipated interest rate cuts by central banks, high government debt levels, narrow credit spreads, and elevated stock valuations, leading to a complex decision-making environment for investors [2][11]. Group 1: Market Conditions - The U.S. government debt has reached $38 trillion, diminishing the appeal of sovereign bonds as a safe haven [1][2]. - Credit spreads are at a 20-year low, providing insufficient risk compensation for corporate bonds [2]. - The CAPE ratio for stocks is at a high of 40, indicating significant potential for market corrections [1][2]. Group 2: Fund Flows - There has been a substantial outflow from cash assets, totaling $24.6 billion, with $28.1 billion flowing into the stock market, particularly technology stocks which saw a record inflow of $10.4 billion in one week [3][5]. - The gold market has also experienced a surge, with a cumulative inflow of $34.2 billion over the past 10 weeks, marking a historical high [5]. - The Chinese stock market recorded its largest weekly inflow since April 2025, amounting to $13.4 billion, reflecting a strong risk appetite among investors [8]. Group 3: Global Economic Trends - The global stock market capitalization has increased by $20.8 trillion this year, driven by a wave of liquidity from the global interest rate cuts [10]. - There are emerging risks in the market, with potential impacts on the wealthy class if asset prices decline, leading to economic deterioration [11]. Group 4: Investment Strategies - The strategy proposed by Hartnett includes maintaining a long position in long-term U.S. Treasuries, with expectations that the 30-year Treasury yield will fall below 4% [13]. - Hartnett is optimistic about international markets, predicting the Hang Seng Index will rise above 33,000 points, and expects a 9% growth in global EPS over the next 12 months [15]. - For gold, Hartnett maintains a bullish outlook, forecasting prices could exceed $6,000 per ounce by spring next year, despite current high positioning among fund managers [17][19].

以下文章来源于见闻历 ，作者见闻君 见闻历 . 每天多看我一眼，投资赚的多一点。 A STEP TO WEALTH A 国历 HEM E =M 花城出版社 早鸟价 早鸟时间 : 10.15~10.24 原价139 立即抢购 1份日历 = 3重价值 实体日历 价值￥139 2026 见闻历 · 知识礼包详情及领取方式 请见实物日历内页说明 线上 专属日历助手 超值 这不是一本普通的日历 它是你的 7×24小时专属日历助手 -本日历 知识礼包 島价值超￥1000 12:18 你会获得实时更新: 数据财报大事件 · 帮你划出重点 大事趋势不错过 • 投资快人一步 • 这不是一本普通的日历 更是你的 送礼「硬通货」 te problement of 网红日历 一份放在对方桌上 365 天的心意 把股神的智慧 变成你的思维资产 更是值得 每天翻阅的 智慧集 12段传奇投资之路 365日智慧沉淀 每个案例,都是一次实战复盘 每句箴言, 都是一次投资顿悟 认知资产 站式搞定 每日启迪 365条投资箴言,每天一句 触发投资视角与决策灵感 市场提醒 财经日历+实时推送 不错过财经大事 FEBRUARY . 2月 资讯订阅 9/ ...

Core Viewpoint - Wall Street is underestimating the disruptive potential of AI on traditional business models and market structures, as highlighted by Blackstone's president Jonathan Gray [1][4]. Group 1: AI Disruption Risks - Blackstone has elevated AI risk assessment to the highest priority in investment decisions, requiring all deal teams to address AI impacts in investment memorandums [2][3]. - Gray emphasized that rule-based industries such as law, accounting, transaction processing, and claims processing will face profound disruptions due to AI [2][4]. - The company has decided against acquiring software and call center companies that are seen as vulnerable to AI risks [2][3]. Group 2: Investment Strategy Adjustments - Despite assessing AI risks, Blackstone's private credit business has provided billions in loans to enterprise software companies that may lose clients to AI-driven competitors [4][5]. - Blackstone is actively positioning itself to capitalize on AI opportunities, investing heavily in utility companies that power data centers and repositioning industrial portfolio companies to sell products to AI infrastructure providers [4][5]. Group 3: Economic Impact of AI - Gray acknowledged that while AI may cause negative economic disruptions, it could also yield underestimated productivity gains for large enterprises and create trillions in new wealth [5]. - He urged deal teams not to overlook AI-related opportunities, stating that AI's impact must be a primary topic in discussions [5].