孙悦萌 本报（chinatimes.net.cn）记者张玫 北京报道 她用数学的尺规丈量市场的波动，将最终的投资答案，写进每一位客户真实的生活场景里。 建信基金数量投资部总经理助理孙悦萌日前接受了《华夏时报》记者的专访。"我们交付的不是模型， 而是与客户生活场景深度匹配的解决方案。"这句话背后，是一位数学背景的基金经理，将冰冷数据转 化为温暖陪伴的长期主义实践。 当数学语言翻译成资产密码 孙悦萌的世界始于数学的纯粹与严谨。本科数学、海外运筹学与金融工程的学术路径，赋予她解构复杂 系统的能力。然而从象牙塔到投资战场，她完成的第一次重要跨越，是认识到"学术追求'点'的深度， 投资更需要'面'的广度"。 她坦言，许多在教科书上优美的模型，例如经典的"均值方差模型"，在真实市场中会因参数过度敏感 而"水土不服"。这教会她的不是放弃量化，而是为理性框架注入现实的弹性。 她建立起"三层调整"的纪律化框架，却不为模型所限制。每个月，她和团队会像检修精密仪器般审视组 合，依据量化信号进行战术调整，但在风格切换上，她更倾向于"均衡中的适度偏离"。 她将基金投顾的角色理解为"解决方案提供者"而非"产品销售者"。在净值化时代，她认 ...

Core Viewpoint - The article draws parallels between the current AI investment frenzy and historical investment booms, particularly the British railway bubble of the 19th century, highlighting both the excitement and the risks involved in such speculative investments [2][3]. Investment Landscape - In 2024, the actual AI investment in the U.S. is projected to be around $160 billion, which is only 0.7% of GDP, significantly lower than the 7% of GDP invested in railways during the peak of that bubble [3]. - The current AI investment trend is compared to past speculative bubbles, with warnings about the accumulation of risks [3]. AI Industry Dynamics - The AI industry is characterized by a mix of enthusiasm and anxiety, with many startups facing high project failure rates and poor profitability [2]. - Major tech companies, including Tencent, are showcasing their AI applications, emphasizing practical implementations rather than just theoretical advancements [5][6]. Tencent's AI Initiatives - Tencent's Global Digital Ecosystem Conference serves as a platform to demonstrate AI application results, focusing on integrating AI into everyday life and business processes [6][8]. - The company has successfully integrated AI into its core business processes, leading to significant revenue increases in advertising and gaming sectors [8][10]. Market Trends - Investment capital is shifting towards AI applications that demonstrate clear monetization potential, particularly in vertical industries with established user demand [11]. - Tencent's extensive product ecosystem provides a testing ground for AI applications, allowing for real-world validation of AI's effectiveness [18][21]. User-Centric AI Development - Tencent emphasizes a user-centered approach to AI, aiming to enhance user experience and address specific needs through practical applications [25][30]. - The goal is to create AI solutions that not only solve problems but also improve human welfare and productivity [32][33]. Conclusion - The article concludes that the journey of AI development is akin to historical industrial revolutions, requiring a focus on user needs and practical applications to ensure sustainable growth and innovation in the sector [33].

Core Insights - The Dongfeng Fengxing Xinghai S7 has emerged as a standout performer in the new energy vehicle market, achieving a remarkable year-on-year sales growth of 358%, transforming the market dynamics for mid-to-large electric sedans [2] - The vehicle's success is attributed to its focus on practical features that address the needs of young and family users, rather than just technical specifications [2] Performance and Technology - The Xinghai S7 boasts the lowest drag coefficient of any mass-produced vehicle globally at 0.191Cd, contributing to an impressive electric range of 650 km, which translates to a cost of just 0.07 CNY per kilometer in urban conditions [3] - The vehicle's energy efficiency is highlighted by its consumption of only 11.9 kWh per 100 km, significantly lower than competitors like the Deep Blue SL03, which consumes 14.5 kWh [3] - The range-extended version features an advanced in-cylinder direct injection system, achieving a thermal efficiency of 43.5% and reducing fuel consumption to 4.89 L per 100 km, outperforming mainstream plug-in hybrids [3] Space and Usability - The Xinghai S7 offers exceptional storage capabilities, with a trunk volume of 513 liters and innovative storage solutions, including a 115L hidden compartment [4] - The rear seats can be transformed into a flat bed in just 10 seconds, enhancing the vehicle's appeal for family outings and camping [5] Driving Experience - The vehicle's handling is enhanced by a unique suspension system derived from Lamborghini technology, improving cornering stability by 42% and providing a comfortable ride [6] - The Xinghai S7 has demonstrated superior performance in tests, achieving a moose test speed of 81.9 km/h, surpassing competitors like the Model Y [6] Safety Features - The vehicle is constructed with 75% ultra-high-strength steel, ensuring robust safety performance, as evidenced by real-world crash test results [6] - The battery system is designed to withstand extreme conditions, with a puncture resistance exceeding industry standards and a high level of waterproofing [6] Customer Engagement and Brand Loyalty - The Xinghai S7 offers a "lifetime contract" for first owners, providing ongoing maintenance and OTA upgrades for 81.8% of its components, fostering a strong sense of belonging among users [9] - The vehicle's innovative features, such as a 3.3 kW external power supply, allow it to serve as a zero-carbon base for outdoor activities, enhancing its appeal to environmentally conscious consumers [9] Market Positioning - The Xinghai S7 represents a shift in the new energy vehicle market, focusing on user-centric design and practical features rather than just technical specifications, positioning it as a potential market disruptor [10] - The vehicle's affordability and functionality challenge traditional perceptions of electric vehicles, aiming to make them more accessible and practical for everyday use [10]