在进入到2025年之后，房地产市场调整的趋势仍未改变。数据显示，2025年第一季度，全国70个大中城市新建商品住宅价格环比下降城市数量达到58个，二 手住宅价格环比下降城市数量更是高达63个。 与此同时，2025年一季度，全国百城住宅均价环比下降1.7%，同比下降3.8%，这已经是连续第九个季度出现环比下降。而为了能把手里的房子卖出去，现 在很多开发商采取了"买房送装修"、"买房送车位"，甚至"买房零首付"等促销手段。以上这些数据和现象都已经说明了房地产市场迎来"寒冬期"。 首先，开发商之所以不愿意大幅降价促销的原因，主要有三个：①不少地方给开发商卖房设置了"限跌令"，开发商不敢大幅降价销售，否则会被要求整改。 ②开发商担心如果大幅降价促销，之前的购房者会大闹售楼处，这样房子反而更买不出去。③开发商担心，如果房价大幅降价了，潜在购房者都会选择观 望，那去库存就没希望了。 再者，地方政府不愿意看到房价大降。因为，如果房价大幅下降，开发商拿地积极性会大减。届时，土地市场出让金就会减少，这将会影响到地方政府的财 政收入和偿债能力。有研究表明，全国超过80%的城市依赖于土地财政。显然，地方政府出于自身利益的考虑，也不 ...

各位老铁们，今天帮主带你们看看桥水基金的大动作！全球最大对冲基金最近玩了一手漂亮的乾坤大挪移——减持科技股就像在抛售烫手山芋，转头却把黄 金ETF买到手软。这背后到底藏着什么玄机？作为20年财经老炮，帮主今天必须给你们盘个明明白白。 第一，科技股别盲目追高。桥水减持的谷歌、英伟达这些，都是之前被炒上天的AI概念股。科创板现在市盈率七八十倍，人性贪婪让大家总觉得"这次不一 样"，但历史告诉我们，科技泡沫早晚要破。不过像微软、苹果这种有硬实力的公司，反而可以关注回调机会。 我是帮主郑重，20年财经老司机，关注我，带你看透市场背后的逻辑。下期见！ 第二，黄金该适当配置点。现在金价都快摸到3500美元/盎司了，虽然短期可能有波动，但长期看，美联储降息预期、地缘风险溢价都是支撑金价的硬逻 辑。可以买点黄金ETF，或者直接买实物黄金，进可攻退可守。 第三，中国资产别忽视。桥水爆买阿里巴巴，不是心血来潮。中国经济现在处于政策底+估值底+业绩拐点的三重共振期，像电商、云计算这些板块，长期 增长潜力巨大。但要注意避开那些有合规风险的公司，ESG报告一定要看仔细。 最后帮主想说，投资就像下棋，得有全局观。桥水这波操作，表面上是减 ...

Core Insights - The book "The Money Trap: Lost Illusions Inside the Tech Bubble" by Alok Sama offers a unique perspective on the tech industry and investment banking, blending personal anecdotes with broader cultural references [1][3][4] - Sama's narrative style is likened to a novel, incorporating elements of existential reflection and humor, which sets it apart from typical non-fiction works in the finance genre [4][9][10] Summary by Sections Author Background - Alok Sama, an investment banker with a background from Wharton, shares his experiences in the tech bubble, providing insights into the world of high finance and its cultural implications [1][4] - Despite his significant career, Sama is relatively unknown, lacking a personal Wikipedia entry, which highlights the contrast between his professional achievements and public recognition [4][7] Book Themes - The book explores the allure and pitfalls of wealth, using personal stories to illustrate the existential dilemmas faced by investment bankers [6][9] - It contrasts the lives of tech moguls like Masayoshi Son and Mark Zuckerberg with Sama's own experiences, suggesting that wealth accumulation often results from luck rather than extraordinary talent [8][9] Narrative Style - Sama's writing is described as engaging and rich in cultural references, drawing comparisons to literary figures like Saul Bellow and Salman Rushdie [4][5] - The narrative includes vivid scenes, such as meetings in luxurious settings, which serve to highlight the absurdities of the high-stakes finance world [3][5] Key Events and Characters - The book recounts significant events from Sama's career, including his time at Morgan Stanley and SoftBank, where he witnessed the rise and fall of major companies [6][7] - Notable figures in the book include Nikesh Arora, who serves as a mentor to Sama, and the various tech leaders who embody the contradictions of wealth and success [7][8] Philosophical Reflections - Sama reflects on the nature of ambition and the relentless pursuit of money, questioning the true value of success in a competitive environment [9][10] - The book concludes with a philosophical exploration of personal agency and destiny, drawing on literary influences to frame his narrative [9][10]

截至3月31日，桥水基金总规模为215.5亿美元。今年一季度，桥水对美股资产持谨慎态度，大幅度减持其第一大持仓SPDR标普500ETF近六成，却爆买逾 540万股阿里巴巴，使其成为组合持仓市值最大的个股。此外，桥水还大手笔建仓黄金ETF，显现出对避险资产的青睐。 【环球网财经综合报道】北京时间5月15日凌晨，全球最大对冲基金桥水基金截至今年一季度末的持仓报告揭晓，展现出其在当前全球经济波动和不确定性 增加的环境下的投资策略。 与减持美股形成鲜明对比的是，桥水在一季度大幅加仓中国资产。最引人注目的是爆买逾540万股阿里巴巴，持仓量环比增幅高达21倍，成为其最大重仓个 股。今年一季度，阿里巴巴美股累计涨逾50%，这无疑为桥水带来了丰厚的投资回报。此外，桥水还加仓百度、拼多多，并新进京东。 值得注意的是，桥水在今年一季度还大手笔买入黄金ETF。截至一季度末，桥水持有110.6万股SPDR黄金ETF，使其成为组合第六大持仓。今年一季度，黄 金价格一路走高，为桥水的投资组合贡献了不俗的收益。（文馨） 具体来看，桥水在一季度对美股进行了显著调整。其减持SPDR标普500ETF，使其市值占组合资产规模的比例从去年四季度末的 ...

这一观点来自法国兴业银行的策略师阿尔伯特·爱德华兹，他以预测互联网泡沫而闻名。 如今，华尔街许多人或许有兴趣听听反对意见，尤其是在白宫四月初公布关税计划后，他们经历了这番市场波动。 11月5日大选后市场确实飙升，因为人们相信新总统唐纳德·特朗普会对商业更为友好。 当然，任何记得特朗普首个任期内关税动荡的人都会质疑这些乐观的涨幅，但许多策略师迅速找出了总统不会兑现竞选承诺的理由。 不过现在，爱德华兹很可能拥有了一批愿意倾听他逆势观点的投资者听众。毕竞，特朗普上任头100天，道琼斯工业平均指数和标普500指数 均下跌超过4%,纳斯达克综合指数跌幅近8%。 爱德华兹指出，他通常不信任共识，认为不确定性实际上对市场是件好事，当前环境可能导致特朗普实施非常不利于商业的政策。 就爱德华兹的第一点而言，不确定性是众所周知的股市克星，但由于特朗普关税政策，它无处不在。CEO们在财报电话会议上也讨论过这个 问题。在美联储主席杰罗姆·鲍威尔三月份一次新闻发布会上使用了近二十次这个词后，它无疑成为年度词汇的有力竞争者。 特朗普第二任期的开端对股市而言可谓动荡不安——至少可以这么说。但这完全不是什么问题。 爱德华兹表示，经济衰退一直 ...

最近北京西城的一套三居室，从巅峰时期的1020万跌到620万，直接蒸发了400万，跌幅高达40%。这数字乍一看，确实让人倒吸一口凉气——这不是跌，这 是"跳楼"啊！但冷静下来想想，这背后到底是市场规律的回归，还是楼市泡沫的破裂？今天咱就来聊聊。 先说这套房子吧，白广路6号院，97平米，三居室。2021年最高点成交价1020万，现在620万，三年时间缩水了整整400万。这可是北京二环内的房子啊！二 环内的房子，怎么也算是"黄金地段"吧？但这次的暴跌，直接打脸了那些曾经吹嘘"北京房价永远涨"的人。 有人说，这房子本身就不值那么多钱。评论区里有句话很扎心："白广路就那破地，白给我我都嫌烂。"虽然话糙，但理不糙。白广路虽然在二环，但位置偏 西南，周边配套一般，学区也没啥亮点，硬要说优势，可能就是"二环"这块牌子了。但现在看来，牌子再亮，也挡不住市场的冷风。 这次房价大跌，背后有几个原因： 第三，楼市泡沫的挤压。有人说，当初房价从几十万涨到上千万的时候，怎么没人喊"不可思议"？这话确实戳中了很多人的痛点。过去十几年，北京的房价 涨得太离谱了，很多房子根本就不是因为价值，而是因为炒作。现在政策收紧，市场冷静下来，那些虚高 ...

邮币市场，曾经一度风光无限，如今却陷入萧条。 邮票和纪念币的价格屡屡破发，市场人气不断消散，曾经的辉煌仿佛遥不可及。 无论是新邮的打折潮，还是纪念币的面值跌落，都在印证着这个市场的颓势。 电子盘的阴霾 邮币电子盘本是借助互联网的便利，想让交易更加便捷、高效，却成了不少违规操作的温床。 价格操纵、虚假交易，甚至自买自卖制造活跃假象，成为了部分平台的惯用手段。 究竟是什么让邮币市场走到了今天的地步？是市场过度炒作的后遗症？还是现代投资方式的多样化竞争？这些问 题的答案或许是邮币市场想要复兴的关键。 市场泡沫的毒瘤 邮币市场曾经因为过度炒作而迅速膨胀。 一些不法分子和投机者利用民众的从众心理，把本不稀缺的邮票炒作成天价。 记得当时，一些价格虚高的邮票和纪念币，成为了热衷于短期盈利的投资者眼中的"香饽饽"。 然而，随着泡沫的破裂，市场信心崩塌，许多投资者因损失惨重而选择退出。 如今，很多人早已对邮币市场敬而远之，市场需求的锐减直接导致了价格的跌落和人气的消散。 年轻消费观念的转型 为了方便大家交流，我们特别成立了邮票俱乐部群 另外，欢迎大家点击下方的名片，关注【邮票收藏家】公众号，我们会在上面提供更聚焦的集邮信息。 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 动脉粥样硬化 （ Atherosclerosis， AS） 已被证实是 血管性认知障碍 （VCI） 的一个独立危险因素，但其机制尚不明确。 2025 年 5 月 8 日，华中科技大学同济医学院附属同济医院 秦川 教授、 田代实 教授、 王伟 教授等在 Cell 子刊 Cell Metabolism 上发表了题为： The foam cell-derived exosomes exacerbate ischemic white matter injury via transmitting metabolic defects to microglia 的研究论文。 该研究发现， 动脉粥样硬化 斑块中 巨噬细胞来源的泡沫细胞 产生的 外泌体 ，可传递氧化还原失衡和代谢缺陷至中枢神经系统中的 小胶质细胞 ，从而加剧 缺 血性白质损伤 和 血管性认知障碍 。 这项研究揭示了外周巨噬细胞与大脑内小胶质细胞之间存在远距离联系，为动脉粥样硬化诱导的血管性认知障碍提供了新见解和潜在治疗靶点。 在这项最新研究中，研究团队发现， 动脉粥样硬化 （ AS） 患者循环系统中的 外泌体 （exos ...

Group 1 - The core discussion revolves around the potential bubble in the humanoid robot industry, sparked by comments from investor Zhu Xiaohu about the need for mass exits from humanoid robot companies [2] - The debate includes various perspectives from entrepreneurs and investors, questioning the existence and definition of a bubble in the humanoid robot sector [2] - The article suggests that the discourse on bubbles should extend beyond the humanoid robot industry to consider the broader implications of bubbles on business and technology [2] Group 2 - The term "bubble" has historical roots, originating from the Latin word "bulla," and was first applied to economic phenomena during the 16th-century Dutch tulip mania [3] - Historical analysis of bubbles shows a pattern of collective cognitive bias leading to inflated asset prices, culminating in significant financial collapses [3] - The article emphasizes that while bubbles often result in wealth destruction and social upheaval, they are also a reflection of human nature's pursuit of speculative gains [3] Group 3 - The significance of bubbles in technology asset valuation differs from traditional asset bubbles, as technological bubbles can lead to substantial advancements despite initial failures [4] - The internet bubble of the late 1990s, for instance, resulted in the emergence of foundational technologies that shaped the digital economy, despite many startups failing [5] - Similarly, the solar energy bubble led to a concentration of patents among leading firms, accelerating technological development in the sector [5] Group 4 - Investors in venture capital face the dual challenge of supporting technological advancements while guarding against speculative excesses that can inflate asset prices [6] - The article outlines the need for venture capitalists to identify and manage bubble risks through various indicators and metrics [6] Group 5 - A set of eight indicators has been developed to assess the emergence of bubbles in industries, including growth rates of company numbers and financing amounts [7] - For example, a significant increase in the number of companies in a sector, such as a 200% annual growth rate, may signal irrational exuberance [8] Group 6 - The financing heat indicator reflects the growth rate of total financing in a sector, which can lead to a rapid increase in asset values [9] - Historical examples illustrate how spikes in financing correlate with the emergence of bubbles, such as the shared economy bubble in 2015 [9] Group 7 - Non-rational pricing indicators, such as price-to-sales (PS) ratios, can highlight discrepancies between startup valuations and established industry leaders, signaling potential bubbles [12] - The article cites instances where PS ratios for unprofitable companies reached unsustainable levels, indicating a bubble [12] Group 8 - Exit channel indicators, such as the high rate of SPACs trading below their initial public offering prices, can signal the onset of a bubble [13] - The influx of traditional industry players into emerging sectors often precedes significant valuation distortions, indicating bubble conditions [13] Group 9 - Talent acquisition indicators, such as inflated salary levels in emerging sectors, can also signal bubble conditions, as seen during the ICO boom [14] - The article notes that excessive salary growth relative to industry revenue can foreshadow a bubble's collapse [14] Group 10 - Media attention and narrative heat can act as accelerators for bubbles, with spikes in media coverage often preceding market corrections [15] - Regulatory behaviors, such as increased scrutiny and guidance, can also indicate the presence of a bubble in certain sectors [16] Group 11 - The article concludes that while historical data can provide insights into bubble dynamics, the unique context of each industry must be considered [17] - The ability to adapt to changing economic conditions and recognize the fluidity of bubble indicators is crucial for investors [17]