作为桥水基金的创始人，瑞·达利欧对投资原则和周期方面有着独到见解。这些见解被深入应用于实际投资 工作中，带领桥水避开了2008年金融危机等大大小小各式危机，并为投资者创造了巨额收益，具有极高的 现实意义和借鉴意义，也深得政策决策者、商界领袖和各领域专家学者的认同。 今年6月，瑞·达利欧在X上发布长文，介绍其新书《国家如何破产：大周期》的核心观点。这位全球宏观投 资者用50余年投资经验，再次系统揭示了国家如何走向债务危机：不是突然爆发，而是一个可以量化、可 监测的"大债务周期"，最终演变为系统性失控，就像"经济心脏病发作"。 在《国家如何破产：大周期》中，达利欧不仅对过去500年的世界历史进行了系统的梳理和研究，还从中提 炼出了一套理论框架，用以解释国家兴衰的周期性规律。达利欧告诫投资者："要想做好投资，就不能只关 注市场。" 我们将这本新书的部分内容整理了出来，分享给各位读者，希望对您有所启发。 01 必须回答却被忽视的问题 一个国家的债务及其增长是否存在极限？ 如果政府债务增长未能放缓，那么利率及其影响将会如何？ 一个拥有主要储备货币的大国（比如美国）是否会破产？倘若会，那又将引发怎样的连锁反应？ 是否存在 ...

9月底召开的中央政治局会议提出，持续增强发展动力和社会活力。这是立足当前着眼长远的科学 谋划，将对未来我国经济社会发展产生深远影响。 企业有活力，发展有动力。当前，我国民营企业90%以上是中小企业，中小企业90%以上是民营企 业。不少中小企业和民营企业经营遇到困难，预期和信心偏弱，相关部门应予以高度重视，有效维护民 营企业、民营企业家的合法权益，为各类经营主体营造安全稳定的发展环境。市场预期是影响经济活动 的重要因素。在宏观经济治理中，必须加强预期管理和引导，提高政策前瞻性、针对性、有效性，实现 稳预期、强信心与稳经济的相互促进、良性循环。 发展的最终目的，是为了造福人民。坚持民生导向，才能增进人民福祉；逐步缩小城乡差距、地区 差距、收入差距，才能让人民群众有更多获得感、幸福感、安全感。要全面释放创新创造潜能，尊重各 类人才意志意愿，营造"勇于探索、允许试错、宽容失败"的社会氛围，充分激发全社会的内生动力和创 新活力。 百舸争流千帆竞，长风万里启新程。越是形势复杂，越要下好先手棋、打好主动仗，以自身发展的 确定性应对形势变化的不确定性。尽管国际环境复杂多变，国内经济结构调整仍有阵痛，但我国经济基 础稳、优势多 ...

Group 1 - The core viewpoint of the article highlights the shift in market capitalization from traditional sectors to the technology sector, reflecting China's economic transition from factor-driven to innovation-driven growth [1][6] - During the "14th Five-Year Plan" period, the market capitalization of the technology sector increased significantly, with its share rising from 19.86% at the end of the "13th Five-Year Plan" to 28.60% [1][4] - The total number of listed companies in the A-share market reached 5,436, with a total market capitalization of 105.85 trillion yuan as of September 30, marking an increase of 1,443 companies and 27.26 trillion yuan compared to the end of the "13th Five-Year Plan" [1][6] Group 2 - Within the technology sector, the electronic industry leads with a total market capitalization of 13.47 trillion yuan, followed by the power equipment industry at 8.23 trillion yuan, and the computer and communication industries at 5.10 trillion yuan and 3.47 trillion yuan, respectively [2][4] - The traditional sectors, including banking, non-bank financials, and real estate, have a combined market capitalization of 18.06 trillion yuan, which is significantly lower than the technology sector's 30.27 trillion yuan [2][4] - The number of technology companies with a market capitalization exceeding 100 billion yuan increased from 28 at the end of the "13th Five-Year Plan" to 44, indicating a growing dominance of technology firms in the market [8][7] Group 3 - The revenue of many technology companies has seen substantial growth, with CATL reporting a total revenue of 178.9 billion yuan in the first half of 2025, a year-on-year increase of 7.3%, and a net profit of 30.5 billion yuan, up 33.3% [9] - The number of technology companies among the top 50 listed companies increased from 5 at the end of the "13th Five-Year Plan" to 13, showcasing the rising prominence of technology firms in the market [8] - The capital market has accelerated its support for technology innovation, with over 90% of newly listed companies being technology-related or having high technological content [6]

Group 1 - The core viewpoint is that the market capitalization of CATL has surpassed that of Kweichow Moutai, reflecting a shift in the capital market and the transition of the Chinese economy from factor-driven to innovation-driven [1] - During the "14th Five-Year Plan" period, the market capitalization structure of A-shares has undergone significant changes, with the technology sector's market capitalization share rising from 19.86% at the end of the "13th Five-Year Plan" to 28.60% [1][6] - The number of technology companies in the top 50 by market capitalization has increased significantly, with the number of technology companies with a market capitalization of over 100 billion rising from 28 to 44 [1][8] Group 2 - As of September 30, the total number of A-share listed companies reached 5,436, with a total market capitalization of 105.85 trillion yuan, an increase of 1,443 companies and 27.26 trillion yuan compared to the end of the "13th Five-Year Plan" [2][4] - The technology sector's total market capitalization is 30.27 trillion yuan, significantly exceeding the combined market capitalization of traditional sectors such as banking, non-bank financials, and real estate, which totals 18.06 trillion yuan [2][4] - The electronic industry leads the technology sector with a market capitalization of 13.47 trillion yuan, followed by the power equipment industry at 8.23 trillion yuan [2][4] Group 3 - The number of companies in the technology sector with a market capitalization exceeding 100 billion has increased from 28 at the end of the "13th Five-Year Plan" to 44, indicating robust growth in the sector [7][8] - The revenue of many technology companies has seen significant increases, with CATL reporting a total revenue of 178.9 billion yuan in the first half of 2025, a year-on-year increase of 7.3% [9]

Core Viewpoint - Quantum computing stocks experienced significant gains, indicating growing investor interest and confidence in the sector [1] Group 1: Stock Performance - Quantum Computing (QUBT.US) surged over 25% - Quantum Machines (QMCO.US) increased by more than 10% - D-Wave Quantum (QBTS.US) rose by over 9% - Rigetti Computing (RGTI.US) and SEALSQ Corp (LAES.US) both saw gains exceeding 8% [1] Group 2: Company Developments - On September 30, Rigetti announced the procurement of two Novera quantum computing systems - The total value of the orders is approximately $5.7 million - This development is seen as a positive signal for a research-focused company, suggesting that quantum technology is moving beyond the experimental phase [1]

原文发表于《科技导报》2025年第16期科技新闻-深度报道 此项更正同样不大可能平息围绕微软赞助的马约拉纳研究的广泛争议，微软已向该领域投入逾10亿美元资金。2025年2月，当微软宣布其号称全球首款基 于马约拉纳的量子处理芯片时，不仅遭到独立专家的质疑，更引来一群坚定批评者的彻底蔑视。美国马里兰大学凝聚态理论家Jay Sau表示："这是科学、 社交媒体和企业相互交织下过度狂热的产物。毫无疑问，所有这些争议已让'马约拉纳'这个词笼罩在有毒的阴云之中。" 与必须设置为0或1的经典比特不同，量子比特可以处于0和1状态共存的"叠加态"。理论上，利用这种特性的设备可以在某些领域（如密码破译和高级化学 模拟）超越经典计算机。 但量子比特本身非常脆弱，任何微小干扰都可能使其精心构建的叠加态坍缩。这正是微软等机构致力于开发拓扑量子比特的原因，该技术通过空间分布量 子态来抵御局部噪声干扰。例如，若研究人员能在超细纳米线的原子晶格内以特定方式排列电子和带正电的"空穴"，单个电子会呈现被撕裂成两半的状 态，并分别向导线两端移动。这种分裂效应应能使这些半电子量子比特表现出自身反粒子的特性（该特性以20世纪初意大利物理学家Ettore ...

作为桥水基金的创始人，瑞·达利欧对投资原则和周期方面有着独到见解。这些见解被深入应用于实际投资 工作中，带领桥水避开了2008年金融危机等大大小小各式危机，并为投资者创造了巨额收益，具有极高的 现实意义和借鉴意义，也深得政策决策者、商界领袖和各领域专家学者的认同。 今年6月，瑞·达利欧在X上发布长文，介绍其新书《国家如何破产：大周期》的核心观点。这位全球宏观投 资者用50余年投资经验，再次系统揭示了国家如何走向债务危机：不是突然爆发，而是一个可以量化、可 监测的"大债务周期"，最终演变为系统性失控，就像"经济心脏病发作"。 在《国家如何破产：大周期》中，达利欧不仅对过去500年的世界历史进行了系统的梳理和研究，还从中提 炼出了一套理论框架，用以解释国家兴衰的周期性规律。达利欧告诫投资者："要想做好投资，就不能只关 注市场。" 我们将这本新书的部分内容整理了出来，分享给各位读者，希望对您有所启发。 01 必须回答却被忽视的问题 一个国家的债务及其增长是否存在极限？ 如果政府债务增长未能放缓，那么利率及其影响将会如何？ 一个拥有主要储备货币的大国（比如美国）是否会破产？倘若会，那又将引发怎样的连锁反应？ 是否存在 ...

智通财经APP获悉，周四，美股量子计算概念股再起升势，Rigetti Computing(RGTI.US)涨超14%， Quantum Computing(QUBT.US)、IonQ Inc(IONQ.US)涨超6%，Quantum Computing(QUBT.US)、 SEALSQ Corp(LAES.US)涨近3%。消息面上，9月30日，Rigetti宣布已获得两台9量子位Novera量子计算 系统的购买订单，总金额约为570万美元。两个系统均可升级，允许客户增加系统量子位数以完成更复 杂的计算和研究。预计两个系统的交付时间将在2026年上半年。 ...

A small group of quantum computers have generated astronomical returns over the past year.Quantum computing has arguably been one of the hottest subsectors of the market over the past year, with a few of these stocks generating jaw-dropping returns. But there's still wide debate among investors over quantum computing's true potential and whether the technology can be commercialized to the masses. One quantum company that has taken the market by storm is Rigetti Computing (RGTI 0.13%), which has seen its sto ...

（文章来源：每日经济新闻） 每经AI快讯，美股量子计算、存储概念股盘前走高，LAES、IONQ、RGTI涨超3%；西部数据涨超 4%，SanDisk Corp涨近3%，希捷科技涨近2%。 ...