人工智能革命被视为人类社会的最后一次技术革命，这一观点由华为首席执行官任正非提出，他认为人 工智能发展将经历数十年乃至数百年，并可能伴随能源核聚变的突破。在这一革命进程中，技术突破往 往伴随着牺牲，具体表现为科研人员在推动前沿应用时承担的风险。 人工智能革命中具体的牺牲案例：在推动人工智能技术（尤其是国防应用）时，已有专家因公牺牲。代 表性的案例是冯旸赫副教授：冯旸赫的牺牲：他是中国著名指挥控制和人工智能领域专家，任职于国防 科技大学，专注于兵棋推演、智能辅助决策等军事人工智能研究。2023年7月1日，他在北京执行任务期 间因车祸不幸因公牺牲，年仅38岁。官方通报称其为"因公牺牲"，强调其在人工智能军事应用领域的贡 献，例如提升国防系统的智能决策能力。 尽管有猜测（如境外势力干预或保护国家机密），但这些未被证实；官方与可信来源均以突发事故定 性，未指向外部阴谋。人工智能革命作为潜在的最后一次技术革命，其发展依赖于无数科研工作者的奉 献与风险承担。冯旸赫的牺牲是这一进程中已知的突出案例，凸显了技术前沿探索的代价。未来，随着 人工智能在国防等领域深化应用，确保科研人员的伦理保护与技术安全至关重要 人工智能革命作为 ...

格隆汇9月29日丨SIS INT'L(00529.HK)发布公告，截至2025年6月30日止六个月，营业额上升11%至 43.39亿港元；毛利上升15%至4.02亿港元；公司拥有人应占溢利上升174%至9100万港元；基本每股盈 利为32.89港仙。报告期间，分销业务继续成为主要增长动力来源，该期间的营业额上升11%及分类溢 利上升20%。于泰国市场的商业及消费者产品业务的表现尤其卓越。此外，公司欣然拥抱目前的人工智 能革命、数码转型以及对科技解决方案及服务(包括网络保安)日益增长的需求。公司积极采取策略措 施，从而掌握这些新兴的机遇。 ...

前言 特朗普政府为缓解美国36万亿美元的国债压力，他开始将个人商业时期的"破产重组"思路融入国策，以 降息打开债务续命窗口， 但明眼人都能看出来，这是美国借对等关税构建掠夺性贸易格局，吸食全球的血供养美国，这种事他也 敢想出来。 而这场看似周密的豪赌正遭遇盟友反噬，欧盟、日本、韩国对美投资承诺相继缩水，昔日"买单者"更重 协议可行性与互利本质。 美国现在内部分裂加剧，外部盟友背刺，如今美联储降息化债，究竟能成功吗？ 翻版"破产重组" 美联储九月降息消息落地时，市场多将其解读为常规货币宽松，实则是特朗普将三十余年前的个人生意 经搬入白宫。 1990年经济衰退期间，他旗下泰姬陵赌场背负30亿美元高利贷濒临破产，最终靠申请破产保护逼迫债主 降息重组才得以存续。 如今面对36万亿美元国债压力，他沿用的仍是旧有思路：先制造危机，再倒逼政策让步。 但美联储并非当年的赌场债主，作为美国货币体系的"压舱石"，其独立性是美元信用的核心根基。 历史上尼克松施压美联储降息引发十年滞胀的教训，至今仍是业内警钟。 最初鲍威尔态度强硬，以"通胀居高不下"回绝所有降息诉求。 此时特朗普的"非常规操作"随之展开：先公开嘲讽鲍威尔办公室奢华、 ...

Group 1 - The recent 25 basis point rate cut by the Federal Reserve is seen as a potential historical turning point that could reshape wealth distribution globally, with predictions of a cumulative 175 basis points of cuts in the next 12 months [1][3] - The Fed Chairman's acknowledgment of balanced inflation risks signals the end of a two-year tightening cycle, coinciding with critical events such as the U.S. election, severe yield curve inversion, and record high gold purchases by global central banks [3][5] - Following the rate cut, significant market reactions were observed, including a surge in gold prices to historical highs, Bitcoin breaking key resistance levels, and a notable appreciation of the offshore RMB, indicating that institutional investors are already positioning themselves for these changes [5][7] Group 2 - The current rate cut cycle differs from previous ones, as it occurs at a time of technological and energy transitions, leading to a focus on growth-oriented and defensive assets rather than traditional safe havens [7][8] - For Chinese investors, this global capital shift presents historic opportunities, with increasing attractiveness of RMB assets and foreign capital inflows, particularly in strategic sectors like renewable energy, semiconductors, and biomedicine [7][8] - Major asset management firms are adjusting their portfolios by increasing holdings in long-term bonds, gold, and quality growth assets, indicating a proactive approach to the changing market landscape [8]

来源|华尔街见闻 在美联储降息与AI热潮的强力助推下，全球金融市场正经历着一场自2021年投机狂潮以来最广泛的跨资产飙升。 从股票到信贷，各类风险资产价格正被推向历史新高，市场的乐观情绪几乎毫无死角。 美国市场上，蓝筹股标普500指数与科技股主导的纳斯达克综合指数本周双双刷新历史高点，年内涨幅分别高达14%和17%。美联储降息后，以小盘 股为主的罗素2000指数也突破了2024年11月的高点。 这股热潮已然全球化，追踪全球发达及新兴市场的MSCI全球所有国家指数同样触及历史新高，新兴市场股票今年的表现甚至超越了全球股指，成为 投资者风险偏好急剧提升的明确信号。 信用债市场也同步上演着的乐观行情。衡量美国高评级公司借贷成本与国债之差的信用利差，已收窄至0.8个百分点以下，创下自1998年以来的最低 水平。 资产管理公司TCW的全球利率联席主管Jamie Patton对此评价称： "可以说，你为承担风险所获得的回报从未如此之低。" 这种现象甚至蔓延至欧洲，部分法国公司的借贷成本已低于其主权政府，这意味着投资者已不再要求为企业信贷风险提供额外补偿。 资产管理公司GMO的资产配置联席主管Ben Inker将此归因于" ...

资产管理公司TCW的全球利率联席主管Jamie Patton对此评价称： 在美联储降息与AI热潮的强力助推下，全球金融市场正经历着一场自2021年投机狂潮以来最广泛的跨 资产飙升。 从股票到信贷，各类风险资产价格正被推向历史新高，市场的乐观情绪几乎毫无死角。 美国市场上，蓝筹股标普500指数与科技股主导的纳斯达克综合指数本周双双刷新历史高点，年内涨幅 分别高达14%和17%。美联储降息后，以小盘股为主的罗素2000指数也突破了2024年11月的高点。 这股热潮已然全球化，追踪全球发达及新兴市场的MSCI全球所有国家指数同样触及历史新高，新兴市 场股票今年的表现甚至超越了全球股指，成为投资者风险偏好急剧提升的明确信号。 信用债市场也同步上演着的乐观行情。衡量美国高评级公司借贷成本与国债之差的信用利差，已收窄至 0.8个百分点以下，创下自1998年以来的最低水平。 "可以说，你为承担风险所获得的回报从未如此之低。" 这种现象甚至蔓延至欧洲，部分法国公司的借贷成本已低于其主权政府，这意味着投资者已不再要求为 企业信贷风险提供额外补偿。 资产管理公司GMO的资产配置联席主管Ben Inker将此归因于"害怕错过"（F ...

All right, joining us now, great pleasure, newly confirmed Federal Reserve Governor, Mr. . Steven Myron. Steve, thank you for coming on this set.And you know, uh, I said yesterday, I thought you were a hero for dissenting and pushing for a 50 basis point cut. On the disscent 50 basis point uh cut, just tell us your thinking. Tell us why we needed 50.Thanks, Larry. It's great to be here. Um look, you know, my view is that there's a number of disinflationary forces in the in the works that are I would say uh ...

What do you make of all four indices, the three major ones in the Russell hitting highs at the exact same time on the day after the Fed rate cut when the day of the rate cut the indices actually closed lower with the exception of the Russell I should say. >> Historically over this cycle particularly we have seen some very mixed results on the actual day of trading followed by sort of a decisive result. It was a strange SEP and I think that a lot of what happened on Wednesday's trading was trying to decipher ...

Core Insights - The AI revolution is expected to create a value of $10 trillion, with only $20 billion of the service industry currently automated by AI, indicating 99.8% of the market remains untapped [1][5][31] Group 1: Historical Context and Comparison - The development of AI is compared to the Industrial Revolution, highlighting key milestones such as the invention of the steam engine and the establishment of modern factory systems [3][4] - The first GPU by NVIDIA in 1999 is likened to the steam engine, while the first AI factory in 2016 represents the modern factory system [4] Group 2: Market Opportunities - The U.S. service industry is valued at $10 trillion, with only about $20 billion currently automated by AI, presenting a significant opportunity for growth [5][6] - The potential for AI to expand the market is compared to the early days of cloud computing, where SaaS grew from a small share to a substantial market presence [7] Group 3: Investment Focus Areas - Sequoia Capital has identified five key investment themes for the next 12-18 months, which include persistent memory, seamless communication protocols, AI voice technology, AI security, and open-source AI [21][24][25][26][29] - The need for a solution to the memory problem in AI is emphasized, as it is crucial for the large-scale application of AI agents [21][23] Group 4: Trends in AI Development - Five significant trends are identified that indicate the industrialization of AI, including the shift from certainty to leverage in work paradigms, real-world validation of AI, and the integration of AI into the physical world [9][10][11][12][16] - The prediction that computational power for knowledge workers will increase significantly, potentially by 10 to 10,000 times, is highlighted as a transformative factor [18][19][20] Group 5: Future Implications - The advancements in AI are expected to compress the timeline of industrial evolution from a century to just a few years, marking a profound cognitive revolution that will change human thinking and working methods [31][32]

Group 1 - The current market trend is characterized as a slow bull market rather than a fast bull market, driven by policy support and capital influx [1] - The market has seen a significant increase in investor confidence, with a notable improvement in the wealth effect compared to earlier in the year [1][2] - The anticipated duration of this bull market is expected to last two to three years, allowing for better investment returns through careful research and asset allocation [1] Group 2 - The slow bull market is expected to positively impact consumer spending, which is crucial for economic growth [2] - The strategy to boost consumption includes initiatives like trade-in programs, which have already led to a 30% year-on-year increase in sales for certain products [2] Group 3 - Five major sources of capital are driving the current market rally: 1. The transfer of household savings from low-interest bank deposits to the capital market, with an expected total shift of 20 to 30 trillion yuan over the next two to three years [3] 2. Increased institutional investment, particularly from insurance funds [3] 3. Funds moving from the real estate market due to changing expectations [3] 4. Capital flowing from the bond market to equities [3] 5. Investment from traditional industries seeking new opportunities [3] Group 4 - The current market is identified as a "technology bull," with a shift in investor focus towards technology stocks over traditional sectors [4] - The performance of technology stocks has outpaced that of traditional sectors, indicating a significant change in market dynamics [4] Group 5 - The Hang Seng Technology Index has underperformed due to slowing growth in major internet companies, while the focus is shifting towards sectors benefiting from the fourth industrial revolution, such as AI and semiconductor industries [5] - Investors are encouraged to focus on technology growth stocks and conduct thorough industry research to identify potential winners in the evolving market landscape [5]