文｜康路 "城堡投资的肯·格里芬觉得黄金如今比美元更安全。你同意吗？" "是的。当然。" 2025年10月7日，全球最大对冲基金桥水基金（Bridgewater Associates）的创始人达利 欧（Ray Dalio）在格林尼治经济论坛发言时表示，在政府债务负担加重时期，黄金成为关 键保值手段。 "现在的时代非常像70年代初。"达利欧指出。20 世纪 70 年代，通胀高企和政府债务压 力，削弱了投资人对美元的信心。 投资人应比平时持有更多黄金 达利欧建议，投资者在资产配置中应持有约15%的黄金比例，以应对未来货币体系潜在的 贬值与信用风险。他表示，"黄金在其他资产下跌时表现良好。" 达利欧回忆起1971 年 8 月，当尼克松宣布美元和黄金脱钩时的情景，"我在纽约证券交易 所当实习生。我以为股市会暴跌，结果相反。股市大涨。这让我去研究历史，结果发现 1933 年罗斯福也做过同样的事。通过贬值货币重启经济。这让我明白，我们习惯从货币角 度看世界，但实际上货币本身也在波动。黄金作为真实价值的储藏手段，依旧有它的逻 辑。"演讲当日，黄金价格突破4000美元/盎司，今年以来涨幅超过50%。 达利欧并不是近期唯一一个 ...

文/康路 发自格林威治 "城堡投资的肯·格里芬觉得黄金如今比美元更安全。你同意吗？" "是的。当然。" 2025年10月7日，全球最大对冲基金桥水基金（Bridgewater Associates）的创始人达利欧（Ray Dalio） 在格林尼治经济论坛发言时表示，在政府债务负担加重时期，黄金成为关键保值手段。 "现在的时代非常像70年代初。"达利欧指出。20 世纪 70 年代，通胀高企和政府债务压力，削弱了投资 人对美元的信心。 投资人应比平时持有更多黄金 达利欧建议，投资者在资产配置中应持有约15%的黄金比例，以应对未来货币体系潜在的贬值与信用风 险。他表示，"黄金在其他资产下跌时表现良好。" 达利欧回忆起1971 年 8 月，当尼克松宣布美元和黄金脱钩时的情景，"我在纽约证券交易所当实习生。 我以为股市会暴跌，结果相反。股市大涨。这让我去研究历史，结果发现 1933 年罗斯福也做过同样的 事。通过贬值货币重启经济。这让我明白，我们习惯从货币角度看世界，但实际上货币本身也在波动。 黄金作为真实价值的储藏手段，依旧有它的逻辑。"演讲当日，黄金价格突破4000美元/盎司，今年以来 涨幅超过50%。 达利欧并不 ...

在汽车市场的分类体系中，D级SUV，也被广泛称作大型SUV或全尺寸SUV。以其庞大的身躯和卓越的性能，在汽车家族中 占据着独特的地位。这类车型通常拥有超过5米的车身长度，配备豪华舒适的座椅和顶级内饰。 原本，大型SUV在汽车市场中属于小众车型。一方面，其高昂的价格让许多消费者望而却步，选择这样一辆车往往意味着要 付出比普通SUV多出数倍的价钱。另一方面，较大的车身尺寸在城市道路行驶和停车时带来诸多不便，对于生活在交通拥 堵、停车位紧张的大城市消费者来说，选择大型SUV需要更大的勇气。 2025年大型SUV销量排名 2025年1-8月，大型SUV销量6-10名：乐道L90、深蓝S09、哈弗H5、蔚来ES8以及昊铂HL。排在第6位的乐道L90，上市不到 一个月，销量便突破1万辆，创造了纯电大三排SUV上市交付破万的最快纪录。品牌将蔚来在服务、换电和智能化方面的优 势，以一个更亲民的价格进行下放。 大型SUV销量1-5名：问界M9、问界M8、理想L9、领克900以及腾势N9。排在榜首位置的问界M9，今年1-8月累计零售量达 到82599辆。精准击中了高端家庭用户对科技奢华的全部想象，问界M9是当前国内销量最好，热度 ...

禁止展出培育钻石？ 近期，美国宝石贸易协会（AGTA）的一纸禁令，引得全球珠宝行业关注——该协会决议停止展出培育 钻石，并宣称，此举旨在"维护市场稳定"、倡导"自然之美"。 然而，稍作分析便可看出，这不过是传统钻石巨头在应对中国培育钻石产业迅猛发展时的慌乱应对之 举。这场看似名正言顺的"自然捍卫行动"，实则是西方百年天价神话走向崩塌的最后反抗。 自2024年4月起，在美国珠宝零售市场，培育钻石的占比已超过56.8%，首次超过天然钻石。 这样的体验，正在全球引发一系列连锁反应：2024年天然钻石价格指数大幅下跌34%，戴比尔斯不得不 将开采量削减至本世纪最低水平。 这一数据反映出市场发生了巨大转变：当一颗具备D色、VVS净度、3EX切工的1克拉培育钻戒，价格 仅约8000元，且化学、物理属性与天然钻石分毫不差时，依靠"物以稀为贵"所构筑的百年钻石神话便难 以为继了。 更让西方坐立难安的是，培育钻热潮根源在于河南柘城。这里凭借每年600万克拉的培育钻石产量，占 据全球44%的产能份额，被业界称为"钻石之都"。 这里产出的柘光钻石，采用高温高压（HTHP）技术实现了D色级大颗粒钻石的量产。在淘宝、京东、 官网还推出 ...

以下文章来源于超越 J Curve ，作者杨博宇 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 今年，国内创投市场已经诞生了多笔重量级 IPO 。 3 月 3 日登陆港交所的蜜雪冰城； 4 月 17 日在纳斯达克上市的霸王茶姬； 6 月 11 日成功挂牌 科创板的影石创新。这些项目不仅在二级市场表现亮眼，更为一级投资人创造了不菲的账面回报。 最新数据或许又将刷新创投圈的回报榜单 ——即将登陆资本市场的摩尔线程，有望成为 2025 年创 投市场回报最高的项目。 按照摩尔线程 Pre-IPO 轮投后估值计算，最早的投资人——一家名为"沛县乾曜"的基金，已经获得 了 667 倍的回报；按照拟发行市值 400 亿计算，其账面回报倍数超过 700 倍。如果在二级市场牛 市情形，且半导体、算力持续走热的趋势下，摩尔线程或许将为最早的投资人创造超过 3000 倍的 回报。 这样的成绩，或许是人民币基金创造的最高退出倍数之一，即使与过去25年美元基金在互联网时代 创造的神话相比，也毫不逊色。"沛县乾曜"不仅创造了财务奇迹，更创造了本土投资人在"技术变 革"与"国产替代"双重叙事中 ...

今年，国内创投市场已经诞生了多笔重量级IPO。 3月3日登陆港交所的蜜雪冰城；4月17日在纳斯达克上市的霸王茶姬；6月11日成功挂牌科创板的影石创新。这些项目不仅在二级市场表现亮眼，更为一级 投资人创造了不菲的账面回报。 最新数据或许又将刷新创投圈的回报榜单——即将登陆资本市场的摩尔线程，有望成为2025年创投市场回报最高的项目。 按照摩尔线程Pre-IPO轮投后估值计算，最早的投资人——一家名为"沛县乾曜"的基金，已经获得了667倍的回报；按照拟发行市值400亿计算，其账面回 报倍数超过700倍。如果在二级市场牛市情形，且半导体、算力持续走热的趋势下，摩尔线程或许将为最早的投资人创造超过3000倍的回报。 这样的成绩，或许是人民币基金创造的最高退出倍数之一，即使与过去25年美元基金在互联网时代创造的神话相比，也毫不逊色。"沛县乾曜"不仅创造了 财务奇迹，更创造了本土投资人在"技术变革"与"国产替代"双重叙事中的投资上限。 那么沛县乾曜到底是谁？ 01.谁是摩尔第一个投资人 2020年9月，摩尔线程成立3个月后完成了首轮融资。投资方是"沛县乾曜"和"深圳明皓"。工商信息显示，"沛县乾曜"注册资本190.48万 ...

新华社联合国9月22日电（记者徐静 夏林）第80届联合国大会22日进入高级别周。联合国秘书长古特雷 斯当天在"可持续发展目标时刻"活动上发表讲话，呼吁各方加大努力以实现可持续发展目标。 古特雷斯指出，实现可持续发展目标的路径包括改革全球金融架构、将应对气候变化行动置于核心地位 以及为技术变革做好准备。鉴于2024年全球军事开支是官方发展援助的13倍，古特雷斯强调，一切工 作"都必须将和平置于优先地位"。 贝尔伯克强调，必须为那些因气候危机失去家园或生计的人们解决他们所受损失与损害问题；在逐步摆 脱化石燃料的过程中，要保护相关产业的劳动者和城镇，能源转型必须秉持公平原则；必须恢复生态系 统。"只有为那些经常被忽视的声音留出空间，只有我们共同努力、彼此团结，才能实现公平和可持续 的发展。" 2015年9月，联合国通过以17个可持续发展目标为核心的2030年可持续发展议程，分为169个细项，致力 于在2030年前消除贫困、促进平等和应对气候变化等。联合国今年7月14日发布的《2025年可持续发展 目标报告》显示，目前进度不足以在2030年实现所有可持续发展目标：全球尚有超过8亿人处于绝对贫 困状态；数十亿人缺乏安全 ...

Summary of Home Appliance Industry Research Conference Call Industry Overview - The home appliance industry is characterized by a dual nature of manufacturing and consumer goods, with a long supply chain that includes upstream raw materials and intermediate component manufacturing, as well as downstream channel sales and brand operations [2][3][9] Key Insights and Arguments - The white goods market is nearing saturation, with growth relying on overseas markets; the black goods market is experiencing a global volume decrease but price increase, with domestic brands showing significant technological advantages [1][3] - Kitchen appliances are influenced by real estate fluctuations, but emerging categories like dishwashers are seeing increased penetration rates [1][3] - Small appliances are diversifying as household income rises, with increased penetration rates and brand diversity [1][4] - Investment styles can be matched with different segments of the home appliance industry: white goods for stable investors, black goods for those seeking inflection point opportunities, kitchen appliances for post-real estate cycle investors, and small appliances for growth-oriented investors [1][5] Market Size Analysis - Market size can be estimated through household numbers, average ownership rates, and product prices. For instance, with approximately 500 million households in China, if each household owns three air conditioners, the total stock would be around 1.5 billion units, leading to an annual sales estimate of 150 million units [6][10] Technological Changes and Market Dynamics - Technological innovations significantly impact market dynamics, such as the iteration of robotic vacuum cleaners and changes in black goods technology paths, enhancing the global competitiveness of Chinese companies [1][7] - High functional recognition categories (e.g., air conditioners) require significant R&D investment, while low recognition categories (e.g., refrigerators) rely more on marketing and distribution [8][11] Production Cost Characteristics - The production cost chain in the home appliance industry is extensive, with raw material costs (steel, copper, aluminum) constituting 60-70% of production costs, which can significantly affect profitability [9][14] - Price fluctuations in raw materials, such as steel and panel prices, directly impact the gross margins of companies like Gree and Hisense [9][14] Competitive Landscape - Brand loyalty, reputation, and awareness are crucial in determining the competitive landscape of home appliance categories. High recognition products like air conditioners benefit from brand loyalty, while low recognition products depend more on marketing [11][12] - Price wars, particularly in the air conditioning sector, have significantly influenced competitive dynamics, with historical price reductions leading to shifts in market share among key players [12][13] Future Trends - The home appliance industry is expected to face a decline in domestic sales due to subsidy adjustments, while overseas demand will drive growth in white goods. Companies are exploring diversification into robotics, B2B businesses, and new energy sectors [15][16] Data Tracking and Analysis - The home appliance industry has a robust data tracking system that includes online and offline sources, allowing for comprehensive monitoring of sales and market trends [17][18][19] - Ensuring data consistency with actual company performance involves using various data sources and regular communication with companies to validate information [20] Support for Investors - Longjiang Home Appliances offers detailed databases and continuous updates on market segments, providing support for investors seeking in-depth analysis and discussions [21]

Core Insights - AI is expected to have a profound impact on the job market, with 40 occupations identified as at risk of being replaced by AI. However, this perspective is overly pessimistic and one-sided, as AI is more likely to enhance these jobs rather than replace them [2] - Historical trends indicate that technological advancements lead to job transformation rather than elimination, with previous revolutions creating higher-value jobs and improving efficiency [2] - The current influence of AI on jobs is primarily seen in workflow restructuring and productivity enhancement, with significant efficiency gains in content creation, data analysis, and customer service [2] Job Transformation - AI's ability to generate initial drafts can increase the productivity of writers and journalists by 300-500%, while automation in data analysis can reduce analysis cycles by 60-80% [2] - In customer service, AI's capability to handle routine inquiries allows human agents to focus on more complex problem-solving [2] - This transformation represents a redistribution of work value rather than simple job replacement [2] Future Workforce Dynamics - The real risk of job elimination lies not in the occupations themselves but in the professionals who resist adapting to technological changes [3] - Future job winners will be those who can effectively use AI tools and focus on uniquely human skills such as creativity, emotional intelligence, and complex decision-making [3] - Companies like Microsoft, despite laying off 15,000 employees, are actively training their workforce to master AI collaboration skills [3] Opportunities Created by AI - While AI will change employment structures, it will also create numerous new opportunities [3] - Professionals can evolve into roles such as quality controllers for AI-generated content, cultural adaptation experts in translation, and strategic advisors in data analysis, thus revitalizing their careers [3] - The AI era marks not the end of professions but the beginning of a redefined professional value [3]

Group 1 - The "Starry Navigation Plan" is actively promoting mutual empowerment between the private equity industry and technology innovation enterprises, aiming to support the implementation of the financial "Five Articles" [2][3] - China Galaxy Securities is committed to building an effective communication platform within the industry ecosystem, connecting investors, technology experts, compliance personnel, and service institutions through events like salons [2] - The plan aims to enhance the comprehensive capabilities of managers in operational management, strategy trading, and research support through various initiatives such as the Starry Manager Club and honor system [3] Group 2 - The quant investment industry is evolving from a focus on tools to an upgrade in cognition, requiring managers to provide more valuable services than products [4] - China Galaxy Securities has developed the "Qirui Strategy Center" platform to provide comprehensive research and trading support for quantitative managers, featuring high-quality data sources and advanced functionalities [4][5] - The company has established an algorithm center centered around the "Qiming iTrade System," ensuring robust risk control and algorithmic trading capabilities for private equity institutions [5] Group 3 - DolphinDB focuses on addressing core pain points for brokers and private equity institutions, offering integrated quantitative research and investment solutions [6][7] - The collaboration with legal service providers aims to offer compliance interpretation, risk control setup, and training for private equity institutions, enhancing their service capabilities [7] - The salon showcased the latest achievements in quantitative technology and private equity service ecosystems, facilitating deep connections among industry participants [7]