为何是730天？根据专家的预测，AI在代码生成、测试与部署领域的速度曲线，正以3.4倍的季度增速逼近人类开发极限。这意味着，仅两年 后，人工岗位数量或将迎来首次负增长拐点。 立即点击 ▲ 观看视频 如果我告诉你，24个月后，你所在的岗位很可能就被AI取代，你的第一反应会是什么？ 这并非危言耸听。在不久前的硅谷论坛上，几位AI专家达成了一个共识——未来730天（即两年内），8类岗位或将被AI取代。 ◎ 第三，你能否在变化中保留一个安静的自己。 那是哪8类岗位会优先被取代呢？几位专家的观点是，初级开发、销售助理、客服支持、内容编辑、招聘筛选、项目协调、报表制作及基础数据 分析这8个类别。这些岗位具备共同特征：可结构化、可流程化、可预测与可衡量。 此外，几位专家在论坛中还提出几个颇具启发的观点。 ◎ 其一 ，人 类认知进化和AI进化存在"错位"。AI的决策判断往往快速、清晰且结构化，而人类判断多偏模糊、情绪化，依靠经验积累，二者 形成"不对称竞争"。AI的诞生，恰似闯入人类生态系统的外来物种，无天敌制约，人类大脑对AI也没有任何的免疫系统。今天，我们或许将自 身所有认知漏洞和盘托出，交付给这一黑盒系统。 ◎ 其 二 ...

Core Viewpoint - The president of Sciences Po, Luis Vassy, emphasizes the importance of "excellence" over "elite," advocating for a commitment to doing one's best to reduce social divisions [1][9]. Group 1: Background of Sciences Po - Founded in 1872, Sciences Po is known as a breeding ground for French political elites, having produced numerous national leaders, including President Emmanuel Macron [3]. - Vassy, a graduate of Sciences Po, previously served as a diplomat and chief of staff for two French foreign ministers, highlighting the importance of international communication in both diplomacy and education [4]. Group 2: Impact of AI on Education - Vassy acknowledges the challenges posed by AI but does not view it as a crisis, noting that the first affected areas are primarily technical fields like programming [7]. - He believes that social sciences and humanities have a unique opportunity to thrive, as human contributions in strategic judgment and critical thinking surpass technical knowledge [7][8]. Group 3: Responsibility of Students - Vassy stresses that students at Sciences Po, which admits only the top 2% of high school graduates in France, have a responsibility to society, as their actions will influence future leaders [8][9]. - He emphasizes the need for students to maintain their ambition and effort, ensuring they can contribute meaningfully even without technological tools [8]. Group 4: European Strategic Autonomy - Vassy discusses the importance of understanding Europe and its operations, especially in light of current geopolitical tensions, and plans to introduce a mandatory course on Europe for all students [10][11]. - He believes that the concept of "strategic autonomy" for Europe is gaining traction, with a growing commitment to independence and the ability to defend its interests [11]. Group 5: Academic Freedom - Vassy advocates for academic and intellectual freedom, arguing that a competitive society relies on well-functioning universities and the ability to conduct research freely [12].

Core Insights - The article highlights the significant growth and development of the quantitative investment sector in China, particularly focusing on the achievements of Bodao Fund's quantitative product, which has delivered a cumulative return of over 144% since its inception in August 2018, with an annualized return exceeding 13% [1] - Bodao Fund's quantitative management scale has reached approximately 27 billion yuan, placing it among the top three in the industry, reflecting the rapid expansion of the public quantitative product market, which has surpassed 400 billion yuan as of Q3 2025 [1] - The firm emphasizes a balanced approach in its investment strategy, integrating traditional multi-factor models with AI-driven frameworks to ensure sustainable excess returns across different market cycles [5][6] Group 1: AI Integration and Development - Bodao Fund began exploring AI in quantitative investment as early as 2017, evolving its approach to include AI price-volume factors by 2019, which contributed to strong performance in 2020 and 2021 [2] - In Q1 2023, the quantitative team upgraded its AI framework to an "AI full-process investment framework," allowing for end-to-end learning and prediction from raw data [2] - The team has conducted thousands of trials on AI models, resulting in several sub-strategy models ready for real-world application, showcasing a commitment to continuous evolution and practical implementation [3] Group 2: Team Structure and Collaboration - The quantitative team at Bodao Fund operates under a "collaborative research and investment integration" model, ensuring that each member specializes in a specific research area, which enhances the uniqueness and competitiveness of their strategies [3][4] - The team consists of eight internally trained members, focusing solely on research while systematizing the processes of portfolio generation, trade execution, and attribution analysis to maintain high discipline and consistency in investment [3] Group 3: Balanced Investment Strategy - Bodao Fund adopts a "double balance" strategy, combining traditional multi-factor models and AI frameworks, each contributing 50% to the investment process, which allows for complementary information extraction [6] - The strategy also includes a balanced factor weighting approach, ensuring that stock return predictions are derived equally from fundamental analysis and valuation/technical factors, which helps stabilize performance across varying market conditions [6][7] Group 4: Product Offerings and Market Positioning - Bodao Fund has developed a clear and structured "index+" product matrix to cater to diverse investor needs, including standard index enhancement, flexible index enhancement, Smart Beta enhancement, and quantitative fixed income series [8][9] - Each product is designed with specific investment scenarios in mind, addressing common investor challenges such as the difficulty of selecting funds, thereby providing systematic solutions to outperform average active fund performance [9][10] Group 5: Long-term Vision and Market Adaptation - The firm maintains a long-term vision focused on sustainable excess returns, recognizing that the financial market is primarily driven by human participation and historical patterns cannot be perfectly applied to the future [5][10] - Bodao Fund's commitment to a balanced strategy and continuous adaptation to market changes positions it favorably for long-term success, aiming to provide investors with stable returns and a better holding experience [7][10]

Core Viewpoint - The article highlights the beauty and artistic design of Suzhou gardens, emphasizing their unique "picture-like" quality that captivates visitors, especially students experiencing them firsthand during their autumn break [2][4][12]. Group 1: Artistic Design and Experience - Suzhou gardens are characterized by their scenic artistry, with elements like windows and pavilions serving as "viewing frames" that capture different beautiful scenes [4]. - Students express that visiting the gardens provides a deeper understanding of their layout and beauty compared to reading about them in textbooks [6][8]. - The design of the gardens encourages a gradual reveal of the best views, enhancing the experience of exploration rather than presenting everything at once [10]. Group 2: Technological Integration and Visitor Engagement - The experience of visiting Suzhou gardens is evolving with the integration of high-precision digital collection, VR, and AI technologies, creating a more immersive and interactive environment [16]. - From January to October of this year, visitor numbers have increased by approximately 10% compared to the same period last year, indicating a growing interest in these cultural sites [18].

- The SAR indicator shows that the Wind All A Index broke below the reversal point on November 17, indicating a bearish signal for the market[3][10][13] - The moving average strength index, calculated using Wind secondary industry indices, scored 80, placing it at the 25.9% percentile since 2023, suggesting further downside potential in the market[3][10][13] - The sentiment model, constructed using factors related to limit-up and limit-down board data, scored 0 out of 5, indicating weak market sentiment. Both the trend model and weighted model signals are negative[3][10][13] Sentiment Model Construction - **Name**: Sentiment Model - **Construction Idea**: The model uses limit-up and limit-down board data to measure market sentiment strength[10][13] - **Detailed Process**: Factors such as net limit-up ratio, next-day return after limit-down, limit-up board ratio, limit-down board ratio, and high-frequency board trading returns are calculated to derive the sentiment score[13] - **Evaluation**: The sentiment model indicates weak market sentiment, with a score of 0 out of 5[10][13] Sentiment Model Backtest Results - **Sentiment Model**: Sentiment score = 0[13] Factor Crowding Observations - **Name**: Factor Crowding Metrics - **Construction Idea**: Factor crowding is measured to predict potential factor failure due to excessive capital tracking or investing in specific factors[14] - **Detailed Process**: Metrics such as valuation spread, pairwise correlation, long-term return reversal, and factor volatility are used to calculate crowding levels for common factors like small-cap, low valuation, high profitability, and high growth[14][15] - **Evaluation**: Low valuation factor shows the highest negative crowding score (-0.69), indicating potential instability, while small-cap factor has a positive crowding score (0.39), suggesting moderate stability[15][17] Factor Crowding Backtest Results - **Small-cap Factor**: Crowding score = 0.39[15][17] - **Low Valuation Factor**: Crowding score = -0.69[15][17] - **High Profitability Factor**: Crowding score = -0.02[15][17] - **High Growth Factor**: Crowding score = 0.05[15][17]

Core Insights - The Indian IT industry is facing significant challenges due to the impact of artificial intelligence (AI) and geopolitical tensions, highlighted by Tata Consultancy Services (TCS) announcing a major layoff plan of 12,000 positions by March 2026, which is about 2% of its workforce [2][14] - The rise of AI technologies, such as ChatGPT and Claude, threatens the traditional low-cost labor advantage that India has relied on for decades, leading to potential structural unemployment in the IT sector [14][15] - India's IT sector, while historically successful, has been criticized for lacking innovation and primarily serving as a low-cost service provider rather than a leader in technological advancements [8][12] Historical Context - India's IT industry has evolved over the past 30 years, transitioning from a service-oriented economy to a global leader in IT services, particularly after the Y2K crisis in the late 1990s [4][5] - The sector has experienced a compound annual growth rate of 14% in service exports from 1993 to 2022, making India the second-largest IT service exporter globally, with a 15% market share [5][6] Current Challenges - The Indian IT industry's reliance on low-cost labor has created a "resource curse," where the focus on human capital over innovation has left it vulnerable to AI advancements [6][12] - Despite a large pool of IT talent, India has not produced globally recognized software products or brands, limiting its role in the innovation landscape [8][9] - The lack of investment in research and development (R&D) is evident, with India's R&D spending at only 0.65% of GDP, compared to 2.68% in China and 3.3% in the U.S. [10][11] Impact of AI and Geopolitical Factors - The rapid advancement of AI is eroding the cost advantage that Indian IT firms have enjoyed, as AI tools can perform many tasks previously handled by human labor at a lower cost [14][16] - U.S. protectionist policies, including tariffs on Indian goods and proposed taxes on outsourcing, pose additional risks to the Indian IT sector, which heavily relies on the U.S. market for revenue [15][17] Future Strategies - In response to these challenges, the Indian government and industry leaders are initiating measures to pivot towards AI and innovation, including a national AI plan and increased investment in R&D [19][20] - Major IT firms are recognizing the need to transition from low-cost outsourcing to more value-added services, with companies like Infosys and Wipro planning to enhance their AI capabilities and employee training [20][21] - The establishment of Global Capability Centers (GCCs) by multinational companies in India may provide opportunities for skill enhancement and knowledge transfer, potentially helping to overcome the current low-end service lock-in [20]

【11月23日苏姿丰看好AI市场，称投资不足比过度更危险】11月23日，苏姿丰称不断增长的人工智能 (AI)市场是"巨大机会"，不担心AI泡沫，认为愿"大胆下重注"者正获回报，投资不够较危险。 她相信算 力需"永无止境"，随着AI市场成长，提供优质可靠AI基础设施的公司将蓬勃发展，这构成其战略内核。 苏姿丰表示不担心AI泡沫，觉得持此想法者短视，没看到技术能耐，还认为科技公司对AI用途探索仅 触及皮毛。 她指出现在不是隔岸观火、担心投资过度的时候，投资不足比过度更危险，并预计到2030 年，AI和数据中心运算市场规模将达每年1万亿美元。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 扫码查看原文 FOG hexun.com 和讯财经 和而不同 迅达天下 ...

应对方式有三:倾向持有股票、布局更广、极度精 选，低配或不碰未证明实力的大市值公司。 本文由 Al 算法生成，仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 【11月23日东方汇理资管发布2026投资展望，对AI投资给出多元建议】当日，东方汇理资产管理亚洲 相关人员在2026投资展望发布会发言，认为从技术整体发展看，AI并非泡沫，目前对美国GDP贡献约 2.5%，仍处早期阶段。 他们担心美国股市后半段极高的估值集中度，指出AI投资要采取多元化策略， 关注股权估值、流动性指标等。 早期企业用自有现金储备支应资本开支，如今部分美股七巨头开始进 入债券市场融资，AI相关企业成投资级美元债市场最大发债主体。 过去两个月，七巨头类公司在投资 级债券市场发行约1600亿美元债券，其CDS利差上升，发债成本变高，但发债规模/市值比例仍合理。 管理组合的"焦虑感"源于发债、砸钱热度汹涌，应对方式有三：倾向持有股票、布局更广、极度精选， 低配或不碰未证明实力的大市值公司。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 扫码查看原文 ...

Core Viewpoint - Bitcoin price has dropped below $82,000, a decline of over 30% from the peak of $126,000 in October, marking a new low since April. Analysts attribute this decline primarily to tightening dollar liquidity [1]. Group 1: Dollar Liquidity and Market Conditions - Since the end of October, dollar liquidity has noticeably tightened, although recent factors such as the reopening of the U.S. government have provided some relief [1]. - The significant increase in the Treasury General Account (TGA) balance during the government shutdown has led to a liquidity withdrawal of approximately $700 billion from the market, exacerbating monetary market tensions [2]. - The Federal Reserve's ongoing balance sheet reduction has also contributed to the tightening of market liquidity, with total assets decreasing from $8.9 trillion to $6.6 trillion since June 2022 [4]. Group 2: Federal Reserve's Monetary Policy - The FOMC meeting minutes revealed a significant divide among policymakers regarding the potential for further rate cuts in December, with some members noting that inflation is close to target while others emphasize persistent inflation above the target [5]. - Recent employment data has alleviated concerns about labor market downturns, leading to expectations that the Fed's next rate cut may be delayed until January [5]. - The Fed's decision to halt balance sheet reduction starting December 1 and reinvest maturing MBS into Treasury securities may further ease market pressures [6]. Group 3: Market Reactions and Future Outlook - The liquidity crisis has not fully materialized, remaining confined to specific areas of the repo market without widespread impact on the real economy or sectors like AI [6]. - Following dovish comments from the New York Fed President, market expectations for a December rate cut have surged, with the probability of a 25 basis point cut rising to 71% [7]. - The dollar index closed at 100.22, reflecting a 2.5% increase since the end of September, indicating a potential for a slight rebound in the dollar in Q4 [8].

最近两日震荡的美股走势显示，英伟达没能拯救美股，一位美联储高官看来却做到了。 英伟达本周三盘后公布的季度业绩和指引亮眼，却未能阻止美股大跌。周四美股高开低走，盘中大跳水，标普500指数早盘涨1.9%后收跌近1.6%。但在美联 储"三把手"、纽约联储主席威廉姆斯(John Williams)暗示联储可能12月再次降息后，美股周五反弹，三大股指午盘均涨超1%。美债价格则加速上涨，收益率连 续第二日下行。 威廉姆斯的表态被视为美联储最高领导层的政策信号，为市场注入了关键信心，及时阻止了市场可能出现的再次暴跌。 威廉姆斯此番表态对美股来说堪称及时雨。截至本周四收盘，标普500指数进入11月以来已累跌4.4%，势将录得3月以来最差月度表现、以及2008年来最差11 月表现。Nationwide的首席市场策略师Mark Hackett评论称：" 更广泛的叙事并未破裂，只是正在经受考验。" 2026"股神版"投资日历！硬核金融人的行情手册 威廉姆斯周五表示，他认为"近期内"有进一步调整利率的空间。投资者迅速将此解读为12月降息的强烈信号，市场对美联储12月降息的预期概率从威廉姆斯讲 话前的约40%跃升至超过70%。 评论称 ...