Summary of Bruker (BRKR) 2025 Conference Call Company Overview - **Company**: Bruker Corporation (BRKR) - **Event**: 2025 Conference Call held on June 04, 2025 Key Industry Insights - **Industry**: Mass Spectrometry and Proteomics - **Market Trends**: The mass spectrometry market is experiencing significant innovation, particularly in proteomics and metabolomics, with a focus on high sensitivity and throughput solutions [3][10][12] Core Product Innovations 1. **TIMS Ultra and AIP**: - New product launched to enhance MSMS sensitivity and bandwidth, allowing for more peptides and proteins to be analyzed [5][7] - Significant advancements in single-cell proteomics, enabling analysis of smaller cells than previously possible [8] 2. **TIMS Metabo Instrument**: - Aimed at the high-resolution accurate mass market for small molecules, targeting applications in PFAS research, toxicology, and metabolomics [11][12] - Expected to double the market opportunity for Bruker, potentially reaching a $200 million market share [15] 3. **TIMS Omni**: - A revolutionary mass spectrometer combining TIMS technology with Omni Trap, enabling top-down proteomics and functional proteomics [17][18] - Positioned to create a new category in mass spectrometry with no direct competition [19] Financial Outlook - **Revenue Guidance**: Anticipated moderate growth in 2026, with expectations of organic growth between 6% to 8% [32] - **Cost Management**: Bruker is implementing cost-cutting measures, including reducing operational costs in European sites and optimizing R&D spending [33][35] Market Dynamics - **Academic Market**: Anticipated decline in academic spending by 20-25% due to budget constraints, impacting overall revenue [22][30] - **Defense and Homeland Security**: Notable growth in the detection business for radiological and chemical threats, with potential revenue increases of $20 million next year [38][39] Emerging Markets and Opportunities - **Semiconductor and AI**: Strong demand in metrology for high-performance computing and AI applications, expected to grow from 8% to potentially 12% of total revenue [45][46] - **China Market**: Potential for stimulus-driven growth in high-end research tools, although timing remains uncertain [51][52] Strategic Developments - **Cell Analysis and Diagnostics**: Launch of a new benchtop product aimed at broadening market access for antibody discovery and cell line selection [54][55] - **Spatial Biology**: Continued investment in spatial biology technologies, enhancing capabilities in multi-omics and improving throughput and detection efficiency [61][62] Conclusion - Bruker is positioned for growth through innovative product offerings in mass spectrometry and proteomics, despite facing challenges in academic funding and market uncertainties. The company is strategically focusing on high-growth areas such as biopharma, diagnostics, and advanced manufacturing technologies.

TAE 原名为 Tri Alpha Energy，多年来在"隐身模式"下开发其反应堆设计。该公司最初采用的方案是将 两个等离子体球发射碰撞，然后用粒子束使形成的等离子团旋转。这个等离子团外形像一根中空的雪 茄，可自行产生磁场，与反应堆本身的磁体协同工作，实现对高温等离子体的约束。 今年 4 月，TAE 宣布技术取得重大突破：不再需要发射两个等离子球来启动反应，而是能直接通过粒 子束生成、加热并稳定单个等离子体。TAE 表示，这样可以让反应堆变得更小、更便宜、也更易于运 行。 谷歌已参与 TAE 两轮融资，上一轮是在 2022 年，当时筹资 2.5 亿美元。事实上，谷歌与 TAE 的合作 可以追溯到 2014 年，谷歌的计算机科学家与 TAE 工程师合作，利用机器学习（AI）寻找聚变装置的最 佳运行参数。 TAE 首席执行官 米歇尔·宾德鲍尔（Michl Binderbauer）曾在 2022 年对媒体表示，在使用 AI 之前，优 化反应堆参数需要约 两个月时间、1000 次实验。而 AI 技术的引入将实验次数减少了两个数量级，仅 需几小时即可完成。 商业化核聚变能源，从来不是件便宜或快速的事。 本周，TAE ...

AQR曾在2018到2020年经历量化寒冬，多种核心因子表现不佳，导致资产规模从高峰期的2260亿美 元，一度缩水到2023年的980亿美元。不过，随着策略回暖，AQR的表现明显改善。 Asness开玩笑说："现在最激励我的是，要向那些质疑我们的人复仇。我要证明我们不仅是对的，而且 能做得更好。" 在全球量化基金越来越"信机器"的当下，曾多年以谨慎著称的AQR资本管理公司，如今也选择彻底转向 采用AI和机器学习技术来做交易决策。 6月4日，据媒体报道，这家总部位于美国康涅狄格州、管理资产规模达1360亿美元的对冲基金，已经更 彻底地把决策交给了机器。创始人Cliff Asness表示： "当你把决策权交给机器，其实就是让数据来做决定。" 从人主导到机器主导 长期以来，AQR一直坚持"人主导、规则驱动"的传统量化风格。他们依靠人类研究员设计规则模型，基 于可解释的市场逻辑进行资产配置，这与Two Sigma等"机器主导派"明显不同。 其实早在2018年，AQR就已尝试引入机器学习，但真正大规模应用是在最近。如今，它们不仅在股票 资产之外也使用这套系统，还进一步让机器学习算法动态调整因子权重，甚至直接根据数据发现 ...

- The report systematically reviews 80 new quantitative finance-related research papers in May 2025, covering areas such as equity research, fixed income, fund studies, asset allocation, machine learning applications, and ESG-related studies [1][2][3] - Equity research includes studies on fundamental factors, price-volume and alternative factors, factor research, active quantitative strategies, and other categories, exploring investor behavior biases, asset pricing models, market structure distortions, prediction model innovations, and corporate resilience mechanisms [2][10] - Fixed income research focuses on high-frequency inflation forecasting, sovereign risk premium decomposition, and stochastic interest rate model innovations, with findings such as weekly online inflation rates predicting yield curve slope factors and semi-Markov-modulated Hull-White/CIR models achieving semi-analytical pricing for zero-coupon bonds [22][23] - Fund studies investigate fund selection factors, fund style evaluation, and behavioral biases, revealing strategies like liquidity picking driving excess returns and public pension funds underperforming benchmarks due to alternative investment errors post-2008 [28][30] - Asset allocation research explores multi-asset portfolio management paradigm shifts, systematic currency management, and volatility connectedness constraints, demonstrating dynamic adaptation mechanisms and enhanced performance during crises [32][33][35] - Machine learning applications in finance include innovations in volatility forecasting, credit risk prediction using GraphSAGE models, and long-memory stochastic interval models, significantly improving prediction accuracy and economic value [36][38][40] - ESG-related studies analyze green innovation drivers, ESG evaluation distortions, and corporate environmental response strategies, highlighting mechanisms like family business constraints on green innovation and AI-driven manufacturing green transformation [42][43][45]

以下文章来源于东四十条资本 ，作者张雪 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 这也是英伟达首次直接投资量子计算的硬件公司。 作者丨张雪 来源丨东四十条资本 今年1月，英伟达CEO黄仁勋在CES展会上抛出一颗"深水炸弹"："非常有用的量子计算机可能还需20 年。" 话音未落，当时美股量子概念股应声崩盘——Rigetti一日暴跌45%，D-Wave重挫36%，市场信心瞬 间冰封。随后行业领袖们开始了激烈的反击，D-Wave CEO艾伦·巴拉茨怒斥："不是20年，而是今 天！"。 然而，戏剧性转折在四个月内接连上演：3月，黄仁勋在GTC 2025"量子日"公开道歉，承认"对时间 表判断有误"，并宣布成立量子研究中心NVAQC12； 5月，他于Computex展上高调预言："未来所有超级计算机都将融合量子加速单元（QPU）"，并启动 量子AI研发中心G-QuAT2。 最近，一笔秘密的投资又浮出水面，意味着英伟达在量子计算领域又向前推进了一步。据报道，英伟 达正在推进对光量子公司PsiQuantum ...

分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 主要观点： [Table_StockNameRptType] 金融工程 月报 "学海拾珠"系列之跟踪月报 202505 [Table_RptDate] 报告日期：2025-06-04 Table_Author] 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com 5. 《资产与因子风险预算：一种均衡 策略 ——"学海拾珠"系列之二百三 十二》 6. 《年报中的叙述式披露对公司价值 的多维度影响 ——"学海拾珠"系列 之二百三十一》 7. 《"知识"嵌入型深度强化学习在多 元资产配置中的应用 ——"学海拾 珠"系列之二百三十》 ⚫ "学海拾珠"系列文献数据库 我们建立了系统的学术文献追踪机制，持续关注 30 余本国际权威 金融与量化研究期刊及顶级学术会议。每月定期汇总整理这些平台最新 收录的量化相关研究成果，确保研究团队能够及时把握学术前沿动态。 [Table_Summary] 本月新增量化金融相关的研究文献共计 80 篇，研究领域分布如下：权 益类研究 31 篇、基金 ...

内容概要：近年来，随着国民收入水平不断提高，消费者对珠宝首饰的需求逐渐增加，不仅注重产品的 实用性，更追求品牌、设计和个性化，电子商务平台为消费者提供了丰富多样的珠宝选择，满足了不同 层次消费者的需求，此外，随着互联网的普及和电子商务的发展，消费者越来越习惯在线上购物，尤其 是年轻一代消费者，他们更倾向于通过网络购买珠宝首饰，享受便捷的购物体验，在此背景下，我国珠 宝电子商务市场迅速崛起，据中国珠宝玉石首饰行业协会数据显示，2023年我国珠宝电子商务零售额达 3397.5亿元，同比增长26.21%，2024年，在我国商品零售市场增速放缓的不利背景下，金银珠宝作为非 必需品，与整体市场走势同频共振，其降幅居所统计的全部商品类别的首位，据中国珠宝玉石首饰行业 协会数据显示，2024年中国珠宝电子商务零售额降至2982.6亿元。 上市企业：曼卡龙（300945）、迪阿股份（301177）、老凤祥（600612）、中国黄金（600916）、航民 股份（600987）、菜百股份（605599）、豫园股份（600655）、萃华珠宝（002731）、周生生 （00116.HK）、潮宏基（002345）、明牌珠宝（00257 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 pcwatch 。 在2025 IEEE第17届国际存储器研讨会（IMW 2025）上，美光科技（以下简称"美光"）讲解了最 新的第九代（G9）3D NAND闪存技术，并展望了下一代第十代（G10）及之后的3D NAND闪存 技术（演讲编号及论文编号1.1）。我们将为您汇报此次演讲的概要。 第九代（G9）3D NAND闪存每硅片的存储容量为1Tbit，与上一代第八代（G8）产品相同，但存 储单元阵列的存储密度显著提高了40%，硅片的存储密度提高了30%，而最大数据传输速度则提高 了1.5倍。 第九代（G9）3D NAND闪存的有趣之处在于，字线层数为276层，仅比上一代（G8）的232层增 加了19%。简单的计算意味着存储单元阵列的存储密度只会增加19%。由此可见，除了层数增加之 外，通过其他创新，存储单元阵列的存储密度提升了40%。 美光存储单元阵列的存储密度（每平方毫米的位数）从第七代（ G7 ）的 17 Gbit/ 平方毫米增加到第八代 （ G8 ）的 25 Gbit/ 平方毫米，再增加到第九代（ G9 ）的 35 Gbit/ 平方毫米。 除 ...

Upstart (UPST) 2025 Conference Summary Company Overview - **Company**: Upstart (UPST) - **Industry**: Consumer Finance and Payments Key Points and Arguments AI and Machine Learning - Upstart has been utilizing AI and machine learning techniques for many years, distinguishing itself from other lenders who have recently adopted similar technologies [5][6] - The competitive advantage of Upstart lies in its speed and the extensive investment in a specialized technology team of approximately 70 machine learning researchers [8][9] - Upstart's models are continuously improved, achieving a 2-3% enhancement in model accuracy each month through investments in model architecture, new consumer data, and computational resources [21][22][23] Macro Resilience and Calibration - Upstart's models have been adjusted to be more macro-aware, allowing them to respond to current economic conditions rather than relying solely on historical data [27][28] - The introduction of the Upstart Macro Index (UMI) helps assess the likelihood of defaults based on current macro conditions, improving the model's calibration speed from eight quarters to as little as two quarters [29][32] Financial Performance and Credit Risk - Credit performance is the key performance indicator (KPI) for Upstart, directly influencing capital market confidence and borrower approvals [36] - The company has established forward flow agreements with private funds, which involve extensive due diligence to ensure credit performance during economic stress [39][40] - Upstart manages risk by creating a macro insurance layer, where overperformance in benign periods compensates for underperformance during economic downturns [61][62] Product Diversification - Upstart is expanding its product offerings to include auto loans, HELOCs, and small dollar loans, driven by borrower needs and market opportunities [42][43] - The strategy aims to serve borrowers throughout their credit lifecycle, leveraging existing data to enhance underwriting accuracy across various products [46][48] Market Conditions and Economic Outlook - The current economic environment shows a disconnect between consumer spending and financial security, with many Americans relying on cash flow products to manage expenses [66][71] - Despite a resilient labor market, there is a significant portion of the population that feels financially insecure, which could impact future credit performance [70][71] Additional Important Insights - Upstart's focus on continuous improvement in its models and the ability to adapt to macroeconomic changes positions it favorably for future challenges [12][30] - The company has made strategic decisions to protect its core product offerings during economic stress, which are now showing positive momentum [50][51] - The leadership team expresses excitement about the potential of new products and their ability to meet diverse consumer needs [52][56]

"汽车正在从纯粹的机械设备，转变为某种像是'装上轮子的计算机'。" 点击阅读：《 巨头Baillie Gifford旗舰基金掌舵人的年度信：在不确定环境中，韧性并不是次要美德， 而是长期成功的核心…… 》 "没有哪个电动车市场像中国这样：极其拥挤，竞争激烈，但它也有望以良好的品质和极低的价格，引 领全球电动车行业。" 地平线是成立于 2015 年的中国 AI 芯片独角兽，专注于为自动驾驶、智能驾驶和通用机器人提供软硬 件一体化的计算平台。 2024 年 10 月 24 日，地平线登陆港股主板市场，成为港股当年最大科技 IPO 。今年 2 月底其股价 曾一度超 10 港元，目前最新市值近千亿港元。 2024 年公司收入 23.84 亿元，同比增长 53.6% ；授权及服务收入增长 70.9% ，毛利率高达 92% ，这意味着公司不仅在卖芯片，还在往更高附加值的软件授权、全栈解决方案转型。 Baillie Gifford 是地平线的主要机构投资者之一。早在私募融资阶段，该公司即已投资地平线，并在 IPO 中认购约 5.07 亿股，投资约 2.6 亿美元，成为最大基石投资者之一。截至 2025 年 4 月，贝利 · ...