买不起房这件事，在美国已经演变成了一场危机，让数百万美国人只能望房兴叹。2022年，美国房价的 中位数是家庭收入中位数的5.81倍，远高于2010年的4.52倍和1984年的3.57倍。而且这还没有算上保险 等也在同步上涨的相关成本。 李承亨和柳永根在论文中警告道，一旦买房看似成了一个不可能完成的任务，人们的行为就会发生变 化，从此不再努力攒钱交首付。而那些坚持买房梦的人，往往在生活中更加精打细算，在工作中也会更 倾向于努力奋斗。也就是说，决定买房与决定不买房的人的行为模式是有很大的不同的。 论文指出："这些区别突显了希望的强大力量。如果你相信买房目标可以实现，那么你在一生之中，就 会去存钱，去努力工作，去进行理性的投资决策，这些都会对社会的长期贫富差距问题产生深远影 响。" 当今社会，很多人奋斗一辈子，就是为了有一天能拥有属于自己的房子。买房问题深刻影响着大多数人 的工作、消费和投资决策。但是现在，越来越多的美国人已经放弃了这个梦想。 根据美国西北大学的李承亨（音）和芝加哥大学的柳永根（音）本月初发表的一篇论文，美国的年轻一 代有的推迟了购房计划，还有越来越多的年轻人甚至根本放弃了购房梦。 到了40岁，很多 ...

在此背景下，12月2日，《财富》在中国澳门美高梅酒店举办了"设计头脑风暴大会"， 这一别具一格的 国际性会议以"未来进行时：塑造明日蓝图"为主题，汇聚了逾三十位来自产品、建筑、游戏等领域的全 球顶级设计师、数字艺术家、未来学家，以及《财富》世界 500强企业中的首席设计官。他们围绕"设 计在科技时代的角色"展开讨论，重点探讨了人工智能时代的设计新范式、人的价值以及未来科技产品 应有的表现形式。 在开场环节，三星电子总裁兼首席设计官毛罗·波尔奇尼（Mauro Porcini）提出，品牌领导力的新时代 取决于一个创新公式："人工智能× (情感智能+人文想象力)"，即AI×（EI+HI）。其中人工智能是放大 器，真正的力量来自人类的情感共情与无限创造力。 来自意大利的波尔奇尼曾先后担任过3M公司、百事公司首席设计官，数月前刚加入三星，成为这家韩 国巨头历史上首位首席设计官。波尔奇尼批评了科技产业长期存在的单一化、极简主义的工业美学，他 认为多样化的形态不仅是技术趋势，也能更好地满足当代用户的自我表达与归属感需求。 焦虑与期盼交织成我们这个时代的底色。人工智能等数字技术的飞跃，正在为我们勾勒一幅瑰丽图景： 医学的革命 ...

Core Insights - The autonomous driving industry is experiencing a significant divide, with idealists failing in a capital winter while pragmatic players are achieving scalable commercial success [1][3] - The competition has shifted from algorithm precision and testing mileage to a comprehensive contest of business capabilities, global vision, and strategic endurance [1] - WeRide's latest Q3 financial report showcases a remarkable growth trajectory, with total revenue increasing by 144.3% to 171 million yuan, gross profit soaring by 1,123.9%, and net loss reduced by 70.5% [1][4] Financial Performance - WeRide's total revenue reached 171 million yuan, driven by a transformative business model [4] - Robotaxi revenue surged to 35.3 million yuan, a year-on-year increase of 761%, now accounting for 20.7% of total revenue [4] - The gross profit margin of 32.9% leads the industry, indicating a potential path to profitability as losses narrow significantly [4][24] Operational Efficiency - In Q3, WeRide's order volume in Guangzhou increased several times, with each vehicle completing up to 25 rides in 24 hours [5][6] - The launch of pure unmanned Robotaxi operations in Abu Dhabi marks a critical commercial milestone, demonstrating the viability of autonomous driving in real-world environments [7] Cost Control and Technology - WeRide's collaboration with Lenovo has led to a 50% reduction in Robotaxi GXR's autonomous driving suite costs, with an 84% decrease in lifecycle costs compared to previous generations [8] - The company plans to expand its fleet in the Middle East to 1,000 vehicles by 2026 and deploy hundreds of thousands globally by 2030 [12] Global Expansion and Licensing - WeRide holds licenses in eight countries, establishing a significant compliance barrier in the autonomous driving sector [13][16] - The recent acquisition of key licenses in the UAE and Switzerland supports WeRide's global commercialization efforts [14][16] Strategic Partnerships and Local Adaptation - WeRide's partnerships with local entities, such as Swiss Federal Railways and ride-hailing giants like Uber and Grab, enhance its market presence and operational efficiency [18] - The integration of a universal autonomous driving platform allows for consistent deployment across different regions, reducing engineering costs and ensuring technology uniformity [17] Future Prospects and Market Position - WeRide is exploring further commercialization opportunities, including autonomous minibuses, with contracts secured in Guangzhou and Shenzhen [20] - The company uniquely combines L4-level autonomous driving with L2+ assisted driving solutions, creating a competitive advantage in the market [22] - Following the release of its financial results, WeRide's stock prices surged, reflecting market confidence in its diversified business model and operational capabilities [24]

Core Insights - OpenAI's CEO Sam Altman is developing a revolutionary AI-centric device, likened to the iPhone, aimed at providing tranquility rather than adding stress to users [1][2] - The device is expected to be released within two years, with initial prototypes already prepared, and its design may differ significantly from conventional devices [1][2] Group 1 - The new device aims to eliminate distractions commonly associated with modern technology, contrasting the chaotic experience of using current devices [2] - Altman envisions the device's user experience to be peaceful, akin to being in a serene lakeside cabin [2] Group 2 - The device will have capabilities similar to the Friend necklace, capturing user context to filter information and seek user input when necessary [4] - Altman emphasizes that over time, users will develop trust in the device due to its remarkable situational awareness [5] - The design philosophy is expected to reflect the simplicity and intuitiveness characteristic of iconic Apple products, as influenced by former Apple design chief Jony Ive [5]

因市场担忧人工智能存在泡沫，英伟达（Nvidia）上月股价下跌近6%。汇丰银行（HSBC）上周早些时 候发布了一份直言不讳的研究报告，称英伟达最重要的客户之一OpenAI需要再获得2070亿美元资金才 能维持运营至2030年。 迈克尔·塞勒（Michael Saylor）的比特币储备公司Strategy上月股价暴跌40%，因加密货币价格暴跌严重 冲击其商业模式。据《金融时报》报道，该公司当前市值已低于其持有的比特币价值。 美联储主席杰罗姆·鲍威尔（Jerome Powell）。图片来源：Photo by Hu Yousong/Xinhua via Getty Images 随着12月假日季来临，投资者有充分理由感到振奋：各项宏观数据似乎正完美配合，推动美联储在年底 最后一次会议上降息。一向预测准确的芝商所（CME）FedWatch利率期货指数显示，目前降息至3.5% 的概率高达85%。 高盛（Goldman Sachs）在致客户报告中总结了增强投资者信心的数据，认为美联储即将开启新一轮货 币宽松（此举通常利好股市）。报告标题为《就业增长放缓和通胀回落》。 当然，支持就业市场和保持低通胀是美联储的两大主要目标。 ...

凭借他数十年的商界经验，他将劳动力生产力分为两个不同的阵营：高仿真工作行为（他认为是"假 性"工作）和已知有价值工作（能促进创新并巩固成功）。 当初创公司发展为大型企业时，"假性"工作如何出现 作为两次创业的创始人，巴特菲尔德目睹了"假性"工作问题往往源于企业的早期阶段。一开始，员工只 是试图让公司起步：开设银行账户、创建用户表、给密码加盐(salting passwords)，以及完成所有对品牌 Slack和Flickr联合创始人斯图尔特·巴特菲尔德表示，即便是首席执行官和董事也会陷入"假性"工作，而确保员工 高效工作是管理者的责任。图片来源：CNBC / Contributor / Getty Images 一些员工会进行"咖啡打卡"(coffee badging)，甚至在远程工作时晃动鼠标来显得忙碌。但即使他们在工 作中效率很高，也有一些任务可能被认为是"假性"工作——至少根据Slack联合创始人兼前首席执行官 斯图尔特·巴特菲尔德的说法是如此。 "我的核心理论是：'高仿真工作行为'(Hyper-realistic worklike activities)与另一个称为'已知有价值工 作'(known v ...

Core Insights - Target is experiencing a significant transformation in retail, integrating AI technologies like ChatGPT to enhance customer shopping experiences as the holiday season approaches, with expectations of U.S. consumer spending exceeding $1 trillion for the first time [1][2] Group 1: AI Integration and Customer Experience - Target's Chief Information and Product Officer, Prat Vemana, recently utilized ChatGPT to purchase pajamas, showcasing the evolving shopping habits of consumers who are now embracing AI as a new shopping method [1] - The company aims to present personalized recommendations through ChatGPT to its 800 million active users weekly, alongside launching an AI-driven gift finder tool on its website and app [1] - Vemana emphasizes the importance of being present in customers' minds when they think of Target, indicating a strategic focus on enhancing brand visibility through AI [1][2] Group 2: Digital Sales Performance - Despite ongoing sales challenges, Target has reported that digital sales remain a bright spot, with comparable digital sales beginning to recover and showing a 2.4% increase in the most recent quarter [2][4] - Vemana's directive from CEO Brian Cornell was to find ways to turn around same-store sales, highlighting the company's focus on improving sales performance [2] Group 3: Internal AI Applications and Employee Training - Target has implemented ChatGPT Enterprise for approximately 18,000 employees, facilitating tasks such as querying, uploading spreadsheets, and summarizing content, with 92% employee satisfaction reported from recent training sessions [4] - The introduction of a generative AI chatbot named "Store Companion" aims to assist in-store operations and enhance customer service by answering queries [4][5] Group 4: Future Investments and Technology Focus - Target plans to invest an additional $1 billion in capital expenditures for the next fiscal year, bringing total planned expenditures for new store openings, renovations, and technology upgrades to around $5 billion [6] - The focus of these investments will be on supporting sales, supply chain, and store operations, with Vemana indicating that more details on spending priorities will be shared in March 2026 [6][7]

图片来源：视觉中国 2025年的资本市场，有色金属板块的强势表现几乎贯穿全年。行至年末，该板块年内涨幅约70%，在全部行业排名第一，甚至力压因AI叙事强劲而大放异 彩的光模块。该板块内，贵金属价格更是屡创新高，国际金价年内涨幅一度接近60%，近期重新站上4200美元，白银价格则单周大涨15%，年内涨幅已近 100%。 然而，正当市场为这份成绩单欢呼时，洪灝、李蓓、付鹏三位知名投资人对黄金前景却发出不一样的声音，引发广泛关注。 对于有色金属板块（包括贵金属、工业金属和稀有金属等）的崛起，市场普遍将美联储降息预期视为重要的"催化剂"，这在近期体现得尤为明显：随着市 场对12月降息的预期明显升温，美元走弱直接推动了以美元计价的有色金属新一轮行情。值得一提的是，11月30日，有海外消息称鲍威尔将在美东时间本 周一晚上7点举行的紧急会议上宣布辞职，如若成真将意味着美联储的政策立场可能在2026年后转向更为鸽派，对有色金属板块尤其是贵金属带来直接刺 激。 但有色金属在金融市场掀起的这股"完美风暴"，关键在于其背后存在着多重坚实逻辑。 除了降息带来的金融属性利好，全球范围内的"再通胀"与温和复 苏预期，为铜、铝等工业金属的 ...

OpenAI首席执行官萨姆·奥尔特曼（Sam Altman）。图片来源：Nathan Howard—Bloomberg/Getty Images OpenAI及其ChatGPT虽然取得了现象级成功，却至今未能盈利。尽管至今仍未上市，但OpenAI的这一 困境在2025年下半年持续困扰着市场。英伟达 (Nvidia) 在11月再次交出亮眼季度财报，但是关于人工智 能存在泡沫的讨论仍未平息。问题依然在于：一方面，ChatGPT对遍布经济各处的数据中心所提供 的"算力"有着看似无止境的需求；另一方面，OpenAI需要将其商业模式扭亏为盈。OpenAI首席执行官 萨姆·奥尔特曼 (Sam Altman) 在最近的一次播客露面中，仅用一个词就回答了这个问题："够了。" OpenAI的生存与其财务支持者和AI生态系统紧密相连。微软和亚马逊不仅是云提供商，也是主要投资 者，而像甲骨文、英伟达和超微半导体 (AMD) 这样的云参与者，其得失都将取决于OpenAI的命运。然 而，风险也相当大：未经证实的营收模式；AI订阅服务的潜在市场饱和；监管审查的威胁；以及必要 资本注入的巨大规模。 汇丰指出，OpenAI可以筹集更多债务来 ...

沃伦 ・ 巴菲特已正式宣告一个时代的终结。这位 95 岁的 " 奥马哈先知 " 本月早些时候向 伯克希尔 - 哈撒 韦 公司 （ Berkshire Hathaway ） 股东发了一封信，简述了其辞去首席执行官一职以及停止撰写其传奇年度报告的决定，此举标志着他历史性任职生涯 的结束。如今，当全美各地的家庭齐聚一堂，共享火鸡，表达感恩之时，投资界却在消化一份特殊的大餐——这位最受赞誉的传奇 人物最终选择 " 归于沉寂 " 。 图片来源：Daniel Zuchnik—WireImage 巴菲特在信中写道："我将不再撰写伯克希尔的年度报告，也不会在年度股东大会上滔滔不绝。用英国人的话说，我要'归于沉寂'了，算 是吧。" 这封日期为11月10日的信函证实，巴菲特长久以来的副手格雷格・阿贝尔将在年底接任首席执行官一职。不过，最令人感慨的变化在于 巴菲特的沟通方式。数十年来，他的年度股东信一直是投资者的"圣经"，既融合了朴实的智慧，又不乏敏锐的财务洞察力与坦诚的态 度。如今，他表示这一传统将画上句号。 这种"算是吧"是典型的巴菲特式委婉表达。尽管他将从管理这家万亿市值集团的繁重职责中退居二线，但仍计划保留一条独特的沟通渠 ...