【导读】 联博全球经验在本土市场的又一实践 正值联博基金正在发行旗下第一只指数增强策略的基金——联博中证500指数增强型基金（基金代码 A类026059/C类026060），拟任基金经理朱良和杨光通过直播给投资者分享了近期市场观点、投 资策略及联博的全球优势。 以下整理了直播中的精华内容，与大家一一分享。 金句摘要： • 中证500指数的一个显著特点是民营经济占比接近50%。民营经济对中国的贡献有一个"56789"， 随着促进民营经济发展壮大的相关政策举措陆续出台，民营企业家的信心得到提振，资本性支出意愿 增强，为中证500指数注入了活力。 • 联博采用一套成熟的系统性方法，来辨别、识别市场模式，从而力争在中盘股领域构建更持续的超 额收益能力。这也是看好中证500指数增强策略长期价值的重要原因。 • 历史不会简单地重复，但是它会押韵。联博发现境外投资者在中国能做好投资，正是因为他们善于 捕捉这种全球共通的"韵"，并灵活运用于本土实践。 • 不断努力战胜基准、创造超额收益，最终是为了给投资者带来更稳定、更优质的投资体验——这一 切的坚持，都赋予了主动管理产品存在的意义。 • 我们产品策略的Alpha主要来自非市 ...

困扰数学界30多年的塔 拉格兰卷积猜想，被90后华人数学家攻破了！ 苏黎世联邦理工学院Yuansi Chen，刚刚在arXiv上发布了自己的最新研究成果： $\mathbb{P}_{x\sim\mu}\left(P_{\tau}f(X)>\eta\int fd\mu\right)\leq c_{\tau}\frac{\log\log\eta}{\eta\sqrt{\log\eta}}$. 这个结果引发了大量关注，简单来说，是因为这为理解高维离散空间中的平滑化提供了数学论证。 另外，这项研究也与机器学习息息相关： 从理论上支撑了机器学习中的正则化概念； 为开发处理离散数据的生成式AI模型提供了直接的数学工具和物理直觉。 破解30年数学难题 塔 拉格兰卷积猜想由"数学界诺奖"——阿贝尔奖得主Michel Talagrand在1989年提出。 我们先来了解两个概念，其一，是"加热平滑"： 想象一个非常高维的空间，比如一个巨大的多维棋盘，其中每个方格的状态都是二元选择。其中有一个函数，这个函数可能非常"尖锐"，有的地方数值特 别大，有的地方数值特别小。 论文证明了布尔超立方体上的塔 拉格兰卷积猜想（Talagrand ...

Core Viewpoint - The article discusses a significant mathematical breakthrough by Yuansi Chen, who solved the Talagrand convolution conjecture, a problem that has remained open for 36 years, with implications for modern computer science and machine learning [3][10]. Group 1: Background and Importance - The Talagrand convolution conjecture, proposed in 1989, is one of the most important open problems in probability theory and functional analysis, focusing on the regularization properties of the heat semigroup applied to L₁ functions on the Boolean hypercube [10]. - The conjecture predicts that applying a smoothing operator to any L₁ function will significantly improve tail decay, which is crucial for theoretical computer science, discrete mathematics, and statistical physics [10][21]. Group 2: Key Findings - Chen's proof shows that for any non-negative function f on the Boolean hypercube, the probability of the smoothed function exceeding a certain threshold decays at a rate better than the Markov inequality, specifically with a bound involving a log log factor [6][11]. - The result provides a positive answer to whether the tail probability disappears as η approaches infinity, marking a significant improvement over previous methods [13][21]. Group 3: Methodology - The core of Chen's method involves constructing a coupling between two Markov jump processes through a "perturbed reverse heat process," representing a major methodological advancement in discrete stochastic analysis [15][20]. - The proof combines several innovative techniques, including total variation control and a multi-stage Duhamel formula, to achieve dimension-free bounds [20][21]. Group 4: Implications for Future Research - The remaining log log η factor presents a clear target for future research, with potential improvements in coupling distance or alternative perturbation designs that could eliminate this factor [21][25]. - The work enhances the toolbox for handling high-dimensional discrete space probability distributions and connects to current AI trends, particularly in score-based generative models [23][24].

鱼羊 发自 凹非寺 量子位 | 公众号 QbitAI 困扰数学界30多年的 塔拉格兰卷积猜想 ，被90后华人数学家攻破了！ 苏黎世联邦理工学院Yuansi Chen，刚刚在arXiv上发布了自己的最新研究成果： $$\mathbb{P}_{X\sim\mu}\left(P_{\tau}f(X)>\eta\int f d\mu\right)\leq c_{\tau}{\frac{\log\log\eta}{\eta\sqrt{\log\eta}}},$$ 论文证明了布尔超立方体上的塔拉格兰卷积猜想（Talagrand's convolution conjecture），结果精确到一个log log η因子。 这个结果引发了大量关注，简单来说，是因为这为 理解高维离散空间中的平滑化提供了数学论证 。 另外，这项研究也与机器学习息息相关： 从理论上支撑了机器学习中的正则化概念； 为开发处理离散数据的生成式AI模型提供了直接的数学工具和物理直觉。 破解30年数学难题 塔拉格兰卷积猜想由"数学界诺奖"——阿贝尔奖得主Michel Talagrand在1989年提出。 我们先来了解两个概念，其一，是"加热平滑"： 想象一 ...

Core Insights - The competition for global AI dominance is intensifying, with China rapidly closing the gap with the United States, as highlighted by NVIDIA CEO Jensen Huang [1] - Tsinghua University is emerging as a significant player in AI research, producing the highest number of highly cited AI papers globally and filing more AI-related patents than several top U.S. universities combined [1] - Despite China's advancements, the U.S. still holds a lead in influential AI patents and has developed more significant AI models compared to China [1] Group 1: AI Research and Development - Tsinghua University has applied for a total of 4,986 AI and machine learning patents from 2005 to the end of 2024, with over 900 applications in the last year alone [1] - The U.S. has launched 40 "important AI models," significantly outpacing China's 15 models, although the quality gap is narrowing [1] Group 2: Talent Acquisition and Education - The Chinese government is heavily investing in AI talent acquisition, with a focus on capital and support for scientific research, as noted by Professor Liu Jun from Tsinghua University [2] - AI education is being integrated into primary school curricula in Beijing, with at least 8 hours of AI-related courses each academic year, fostering a large pool of tech talent [3] - In 2020, China produced 3.57 million STEM graduates, compared to 820,000 in the U.S., with projections suggesting this number will exceed 5 million annually [3] Group 3: Global Talent Dynamics - A significant portion of top AI scientists globally are of Chinese nationality, with many working in U.S. institutions, despite geopolitical tensions [4] - Research indicates that 87% of Chinese AI researchers in the U.S. choose to continue their work there, highlighting the U.S. as a major beneficiary of China's talent pool [4]

Core Insights - The article highlights the innovative applications of AI large models and machine learning in financial risk control and intelligent investment advisory, demonstrating value through efficiency improvements and cost reductions, serving as a model for AI innovation in the industry [2] Awarded Institutions - China Bank Shenzhen Branch has developed an intelligent technology system covering core financial scenarios, enhancing risk management and operational efficiency through AI-driven solutions [3] - Ping An Insurance Group has significantly increased its investment in digitalization and AI, achieving core competitiveness in computing power, data, algorithms, and application scenarios, with over 2 billion customer service interactions handled by AI annually [3] - WeBank's AI capabilities span infrastructure, applications, and governance, featuring a self-developed AI engineering platform and intelligent wealth management services [4] - Ningbo Bank Shenzhen Branch plans to launch "Bobo Zhiliao" 2.0 in 2025, offering over 20 AI marketing services, including AI-generated short videos for enterprises [5] - Bosera Fund Management established an AI laboratory in 2023 and hosted the first financial industry large model competition, with its intelligent quantitative investment system receiving multiple awards [5] - Ant Consumer Finance pioneered an interactive self-proofing feature to identify fraud techniques, maintaining leading capabilities in fraud prevention accuracy and coverage [5]

Core Viewpoint - The article highlights the participation of Ant Group at NeurIPS 2025, emphasizing its commitment to advancing AI and machine learning through various presentations and networking opportunities [4][6][15]. Group 1: Event Details - NeurIPS 2025 will take place from December 2 to December 7 in San Diego, USA, with a satellite venue in Mexico City [4]. - Ant Group will host a booth at the conference, inviting attendees to engage in discussions and share insights on cutting-edge research and practical experiences [6][7]. Group 2: Technical Presentations - Ant Group will present its self-developed general model, the "Ant Ling Model," on December 2 from 16:00 to 17:00, showcasing its latest technological breakthroughs [9][10]. - The Ling 2.0 model series includes reasoning-based language models and multimodal models, with parameter counts ranging from 16 billion to 1 trillion, demonstrating strong performance across various benchmarks [9][10]. Group 3: Networking Opportunities - The "Academic Coastline · Ant Starlight Technology Party" will be held, providing a platform for deep conversations between Ant Group's technical leaders and industry experts [15]. - Attendees will enjoy a seaside American dinner and receive a winter warmth package, enhancing the networking experience [20].

对于to B的科技企业而言，体育赛事场景下单纯的品牌露出所面向的终端客户显然难以转化成企业的直接目标客户，转化效率将大打折扣。通 过大型赛事、体育场馆深度合作以塑造品牌专业形象、提升行业影响力才是B端科技企业参与体育营销的有效打法。 北京时间11月22日，在福地特夫摩尔球场斩获7连胜后，蓝军切尔西以一波联赛3连胜，强势进占英超积分榜次席，为迎来带队50场里程碑的主帅马雷斯卡 送上贺礼。与场上的强势表现相映成趣的，则是球队胸前广告赞助谈判的柳暗花明：《切尔西记事报》率先披露，科技巨头甲骨文公司已与切尔西达成合 作协议，蓝军有望在今年内摘掉英超唯一胸前"裸奔"球队的名号。截至发稿时，甲骨文市值高达5666亿美元，创始人拉里·埃里森（全球第二大富豪）身 价达约2749亿美元。 不过据报道，甲骨文的报价"远低于"切尔西方面期望的6000-6500万英镑。尽管BBC体育记者Nizaar Kinsella随后跟进报道，切尔西球衣的胸前"空地"归属 仍未最终确定，俱乐部仍在考虑其他选项，一份不低于5500万英镑的长期协议依然是俱乐部追求的目标。不过从切尔西新近官宣甲骨文的合作伙伴、数字 技术解决方案提供商FPT成为球队袖口 ...

Core Points - The 2025 election results for academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering have been officially announced, with a total of 144 new academicians elected: 73 from the Chinese Academy of Sciences and 71 from the Chinese Academy of Engineering [1][43]. - Additionally, 27 foreign academicians were added to the Chinese Academy of Sciences and 24 to the Chinese Academy of Engineering [2]. Group 1: New Academicians - Notable election includes Professor Zhou Zhihua from Nanjing University, who specializes in artificial intelligence and machine learning [3][7]. - Zhou Zhihua, born in 1973, has a strong academic background, having obtained his bachelor's, master's, and doctoral degrees from Nanjing University between 1996 and 2000 [5][6]. - He has held various academic positions, including being appointed as a professor in 2003 and later as a doctoral supervisor in 2004 [9][10]. Group 2: Achievements and Contributions - Zhou Zhihua has received significant recognition in the AI field, including being elected as a fellow of several prestigious organizations and serving as the president of the IJCAI council in 2023 [12][18][22]. - His research impact is notable, with over 110,000 citations and an h-index of 133, indicating a high level of influence in his field [23][25]. - His book "Machine Learning" (often referred to as the "Watermelon Book") is widely used as a textbook in over 500 institutions globally [26][27]. Group 3: Total Academicians - Following this election, the total number of academicians in the Chinese Academy of Sciences reaches 908, with 173 foreign academicians, while the Chinese Academy of Engineering now has 1002 academicians, including 148 foreign academicians [57].

Core Insights - The company reported strong performance for the third quarter ending September 30, 2025, with revenue of $532 million, a year-on-year increase of 27.6% [1] - Gross profit reached $111 million, reflecting a 26.4% year-on-year growth, while adjusted EBITDA surged to $47.05 million, marking a significant increase of 37.3% compared to the same period in 2024 [1] - The core business segment, particularly the programmatic platform Mintegral, showed robust revenue growth, contributing $508 million, which is 95.5% of total revenue and a 26.2% increase year-on-year [1] Business Structure - The company has diversified its advertising client base, achieving notable breakthroughs in multi-vertical development strategies, leading to a more balanced business layout [2] - Revenue from the gaming category reached $384 million, accounting for 75.7% of Mintegral's total revenue, with a year-on-year growth of 30.5%, while non-gaming revenue was $124 million, up 14.5% year-on-year [2] - The introduction of four AI and machine learning-based smart bidding products since May 2023 has significantly optimized advertising effectiveness, with over 80% of Mintegral's revenue now coming from these products, driving business growth [1][2] Future Outlook - The company is expected to further solidify its leading position in the programmatic advertising sector as AI and machine learning technologies continue to be integrated into advertising strategies, enhancing market recognition and driving high-quality growth [2]