Core Insights - The rapid development of artificial intelligence technology has made quantitative trading an essential investment tool in major overseas capital markets, with over 70% of U.S. stock trading driven by algorithms, a figure that continues to rise [2] - Major global quantitative trading firms, such as Millennium, WorldQuant, Two Sigma, Citadel, D.E. Shaw, and Bridgewater, are expanding at an unprecedented pace, with their latest holdings in U.S. stocks for Q3 now disclosed [3][4] Group 1: Millennium - Millennium Management, founded in 1989, has achieved an impressive record of positive returns in 33 out of 34 years, with only one loss during the 2008 financial crisis [3][4] - The firm employs strict drawdown management, reducing allocated funds by half after a 5% drawdown and liquidating strategies after a cumulative 10% drawdown [3] - Millennium is recognized as a "Huangpu Military Academy" for Chinese quantitative private equity, with many prominent fund managers in China having previously worked there [4] Group 2: WorldQuant - WorldQuant, a major player in global quantitative hedge funds, was established in 2007 as a spin-off from Millennium, focusing on global quantitative analysis [7] - The firm has developed a central knowledge base containing 4 million "alphas" to industrialize the generation of excess returns [7][8] - Several notable Chinese fund managers, including the founders of Jiukun Investment, have previously worked at WorldQuant [8] Group 3: Two Sigma - Two Sigma, founded in 2001, is known for its application of data science and advanced technology in investment, managing assets between $50 billion and $100 billion [11] - The firm has established a wholly-owned subsidiary in Shanghai and has been instrumental in training numerous quantitative talents in China [11][12] - Two Sigma's Q3 holdings reached $67.17 billion, a growth of 18.95% from the previous quarter, with major positions in S&P 500 ETF, Financial ETF, and Consumer Discretionary ETF [13][14] Group 4: Citadel - Citadel, founded in 1990, has become the most profitable hedge fund globally, with cumulative net returns exceeding $65.9 billion [15] - The firm processes approximately $410 billion in trades daily, covering over 11,000 U.S. listed securities [15] - Citadel's Q3 holdings amounted to $657.15 billion, reflecting a 14.09% increase from the previous quarter, with significant positions in S&P 500 ETF and Nasdaq 100 ETF [17][21] Group 5: AQR Capital Management - AQR, established in 1998, integrates academic research with quantitative investment strategies, managing $159.2 billion [23][24] - The firm focuses on a diverse range of investment strategies, emphasizing systematic methods and diversification [23] - AQR's Q3 holdings reached $155.99 billion, a 29.05% increase from the previous quarter, with major investments in Nvidia, Microsoft, and Apple [24][28] Group 6: Renaissance Technologies - Renaissance, founded in 1982 by mathematician James Simons, is renowned for its quantitative trading success, managing over $65 billion [30][31] - The firm has consistently achieved high returns, including significant profits during market downturns [30] - Renaissance's Q3 holdings totaled $75.75 billion, with major positions in Palantir, Nvidia, and Roblox, and a notable increase in Google shares [31][35]

一是稳如泰山的欧美市场，美洲贡献42.8%营收，欧洲占26.6%，两大板块支撑起70%业绩；二是服务业务爆发，2025财年服务收入达1091亿美元，毛利率高 达75%，App Store、Apple Music等订阅服务成为利润引擎。 相对而言，沙特阿美也陷入了油价的下行泥潭，其2025年的布伦特原油均价都将跌至63美元/桶，加上全球的需求疲软，其本就已经超1000万桶的原油日产 量都将难以将利润空间挣得更大一些。 全球企业利润榜首迎来一场惊天逆转。2025年10月底，苹果公司公布财报，全年净利润高达1120亿美元（约8000亿人民币），相当于每天净赚22亿元，直接 反超长期霸榜的石油巨头沙特阿美。 沙特阿美受国际油价下跌拖累，全年利润预计缩水至1000-1050亿美元，这是它首次跌下神坛。苹果的利润规模已达阿里巴巴的6倍，甚至超过中国工商银行 和建设银行利润的总和，成为全球最赚钱的企业。 以其两大"印钞机"为依托，苹果的逆袭就更具可持续性了。其一就是持续的技术创新能力,如其近期的5G的布局、自主的芯片的研发等;其二就是其在全球的 经销网络的广泛的覆盖,如其近期与中国的合作等,都使其能更好的把握全球的消费市场 ...

AirDrop 已问世十余年，内置于苹果的软件平台中，可在 iPhone、iPad 和 Mac 之间实现快速的无线文件 传输。谷歌也为安卓系统提供了类似功能，名为"快速共享"(Quick Share)。 谷歌在周四发布的一份出人意料的声明中称："在与家人朋友分享美好时刻时，你使用何种设备不应成 为障碍——分享本该轻而易举。"对此，谷歌一位发言人表示，苹果公司并未参与该功能的开发。 该发言人称："我们是通过自主研发实现这一功能的。"他还补充道，谷歌聘请了一家第三方安全公司， 且整个设置"已接受我们内部隐私与安全团队的全面审查"。 智通财经APP获悉，Alphabet Inc. 旗下的谷歌(GOOGL.US)表示，其已为最新款 Pixel 智能手机开发出一 种方式，可通过苹果公司(AAPL.US)的 AirDrop 协议与 iPhone 交换图像和其他文件，此举意在有力削弱 竞争对手精心维护的封闭生态系统的独占性。 具体来说，若要接收来自安卓手机亲友的文件，iPhone 用户必须将 AirDrop 设置为"对所有人开放 10 分 钟"，这样才会出现在对方的接收者列表中。与常规 AirDrop 传输一样，用户可根据 ...

如果2026年是库克担任苹果CEO的最后一年，他将华丽退场。《金融时报》此前报道称，苹果正在加紧 推进接班人计划。这似乎愈发表明，这家卓越的消费科技巨头很快将迎来新的掌舵人。 以下是文章全文： 凤凰网科技讯 北京时间11月21日，苹果公司CEO蒂姆·库克(Tim Cook)或在明年卸任。《金融时报》编 辑理查德·沃特斯(Richard Waters)发表观点文章称，苹果新任CEO不能安于现状，应该更具冒险精神， 大胆押注AI等新的技术潮流。 过去一个月，iPhone 17的强劲需求一度将苹果的市值推高至4万亿美元以上。加上库克上任之初推动的 大规模股票回购这一强劲助力，苹果股价自2011年他接任以来已上涨20倍。 但是，在AI革命中采取被动跟随姿态显然存在风险。若大语言模型成为创新核心，而苹果仅充当"收租 人"，将定义下一代数字体验的主导权拱手相让，必将使其陷入尴尬境地。 更关键的是，倘若大语言模型演变为实质性的新操作系统，它们将具有战略性重要性。OpenAI近期展 示的ChatGPT内直接调用应用功能，正是对iPhone应用商店模式的直接挑战。 然而，在AI正引发数十年来科技界最深刻变革的当下，库克的离任也 ...

周四，三大指数高低低走，尾盘跌幅加速，最终大幅收跌。道指早间一度上涨超过700点，最高上涨至 46856.75点，此后逐渐转跌，最低下跌至45728.93点，全天振幅超过1100点。纳指盘中最高上涨至 23147.33点，最低降至22043.20点，振幅亦超1100点。 英伟达(NVDA.US)发布了爆炸性盈利结果、美国公布一份确认经济基础依然强劲的就业报告，尽管所 有迹象都指向美国股市应该是"风险偏好"的一天，但交易大厅的乐观情绪并未持续太久。关于这次反转 背后的原因众说纷纭。一些交易员指出，围绕AI是否产生了足够的收入或利润来证明其巨大支出是合 理的担忧重新浮现。另一些人说，加密货币跌至自四月以来的低点是股市暴跌的部分原因。 Susquehanna International衍生品策略联席主管Chris Murphy表示："随着英伟达财报现在尘埃落定，以及 美联储不太可能在12月降息，投资者开始质疑还有什么可以推动年终行情。据报道，CTA仓位在这里仍 然很脆弱，系统性策略仍处于温和净多头状态，更深的回调将触发量化基金的自动平仓机制，可能会迫 使额外的抛售。" 【美股】截至收盘，道指跌386.51点，跌幅为 ...

11月21日早盘，日韩股市早盘出现大幅下挫，此前隔夜的美国股市在大型科技股集体下跌下出现暴跌。 截至收盘，道琼斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌486.18点，跌幅2.15%。大 型科技股集体下挫，AMD跌超7%，甲骨文跌超6%，英伟达跌超3%，亚马逊跌逾2%，微软跌逾1%，特 斯拉跌超2%，谷歌跌超1%，苹果跌近1%，脸书跌0.19%。 导致美股上演"过山车"行情的背后，是美联储官员的鹰派言论和对AI高估值的担忧引发市场风险偏好回 落，这再度触发了美股大规模技术性抛售。 知名投资人、华尔街"大空头"迈克尔·伯里（Michael Burry）则在社交平台再度发文，抨击AI泡沫。他 表示："下面列出的每家公司都存在可疑的收入确认问题。如果把所有交易都算进去，那图表简直难以 辨认。未来人们会把这看作是欺诈，而不是飞轮效应。真正的终端需求少得可怜，几乎所有客户都是靠 经销商出资的。" "认为芯片使用寿命更长（用于折旧）是因为3—4年前的芯片已被预订一空，这种想法混淆了物理利用 率和价值创造。仅仅因为某样东西被使用，并不意味着它就能盈利。"迈克尔·伯里写道。他举例称，通 用会计准则（G ...

Group 1 - The founder of Bawang Tea Ji, Zhang Junjie, is getting married to Gao Haichun, daughter of the founder of Trina Solar, with a combined market value of approximately 613 billion yuan for their respective companies [5][6] - DJI has officially entered the consumer-grade 3D printing market by investing in Smart Pie Technology, indicating a strategic move towards innovative technology [11] - Ant Group's CTO He Zhengyu stated that the Lingguang App and Alibaba's Qianwen App are not competitors but rather allies in the pursuit of AGI [8][9] Group 2 - Xiaomi's 500,000th car has rolled off the production line, achieving this milestone in just 602 days, marking a record for global new energy vehicle companies [15] - Star Motion Era has completed nearly 1 billion yuan in A+ round financing, led by Geely Capital, indicating strong investor confidence in the robotics sector [17][18] - Huawei and GAC have had multiple disputes during their collaboration on the Qijiang project, highlighting the challenges in automotive partnerships [20][21] Group 3 - NetEase reported a Q3 revenue of 28.4 billion yuan, with gaming revenue reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [23] - The new Xiangjie S9 MPV from Huawei's Hongmeng Zhixing will be launched, featuring a price range of 309,800 to 369,800 yuan, with a focus on high-end configurations [24][25] - Meizu Technology has clarified that it will not relocate its headquarters despite a building being listed for sale, emphasizing its commitment to its current location [27][28] Group 4 - Nvidia has warned that its potential $100 billion investment in OpenAI is not guaranteed, reflecting the uncertainties in large-scale tech investments [37][38] - Qualcomm has filed a complaint leading to a raid on Arm's Seoul office by South Korea's antitrust agency, indicating ongoing tensions in the semiconductor industry [38][39] - Google has introduced AI content detection features in its Gemini application, aiming to enhance transparency in AI-generated content [39][40]

Core Viewpoint - The article discusses the retirement of investment legends like Warren Buffett and the emergence of new investment philosophies, highlighting the shift in investment paradigms and the need for self-reliance among investors as traditional masters fade away [2][3][10]. Group 1: Retirement of Investment Legends - Warren Buffett announced his retirement as CEO of Berkshire Hathaway, emphasizing the importance of seizing the moment and not waiting for regret [3][5]. - The article notes the passing of other investment icons, including Wang Guobin and Charlie Munger, marking a significant transition in the investment landscape [10]. Group 2: Investment Strategies and Philosophies - The article highlights the influence of investment masters like Buffett, Munger, and Soros on contemporary investors, with their philosophies shaping investment strategies [14][16]. - It discusses the importance of understanding high-quality companies and the value of patience in investment, as exemplified by figures like Zhang Kexing and Wang Yongqing [15][38]. Group 3: The Changing Investment Landscape - The article points out that financial investments are increasingly favored over real estate, with high-risk assets in China projected to rise from 9% to 15% by Q3 2025 [9]. - It mentions the growing role of artificial intelligence in trading, with 80% of trading volume in the US market being executed by machines [20]. Group 4: Future of Investment Masters - The article speculates on the characteristics of future investment leaders, emphasizing the need for interdisciplinary knowledge, data-driven decision-making, and a deep understanding of corporate structures [30][32]. - It suggests that future investment heroes may emerge from diverse backgrounds, including those who can navigate the complexities of AI and geopolitical changes [40][43].

来源：中国基金报 【导读】美股全线收跌，纳指跌近500点；交易员加大对美联储降息的押注，美联储官员提示三大金融 稳定风险隐患 中国基金报记者 郭玟君 美国三大股指全线收跌，道指跌0.84%，报45752.26点；标普500指数跌1.56%，报6538.76点；纳指跌近 500点，跌幅达2.15%，报22078.05点。 道琼斯工业平均(DJI) W 11-20 16:20:01 45752.26 0.00 昨收 46138.77 成交额 -386.51 -0.84% 今开 46567.51 成交量 0 上涨 0 平盘 0 下跌 0 最高价 46856.75 30.1 市盈率 -2.10% 近20日 8.67 最低价 45728.93 市净率 7.54% 今年来 સ્ત્ર B4 日K 五日 [0] 叠加 1.56% 45420.79 -1.56% 09:30 16:00 | W | | 标普500(SPX) | | | | | --- | --- | --- | --- | --- | --- | | | | 11-20 16:20:01 | | | | | 6538.76 | | 昨收 | 6642.16 ...

【导读】美股全线收跌，纳指跌近500点；交易员加大对美联储降息的押注，美联储官员提示三大金融稳定风险隐患 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 美国三大股指全线收跌，美国科技七巨头全线收跌，中概股普遍下跌。最新数据出炉后，交易员加大对美联储降息的押注。美联储官员提 示资产估值过高等三大金融稳定风险隐患。 美国三大股指全线收跌 美国三大股指全线收跌，道指跌0.84%，报45752.26点；标普500指数跌1.56%，报6538.76点；纳指跌近500点，跌幅达2.15%，报 22078.05点。 | 道琼斯工业平均(DJI) | W | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 11-20 16:20:01 | | | | | | | | 0.00 | | 45752.26 | 昨收 | 46138.77 | 成交额 | | | -386.51 -0.84% | | | 今井 | 46567.51 | 成交量 | 0 | | 上涨 | | 0 | 平盘 | 0 | 下跌 | 0 | | 最高价 | | 46856. ...