Group 1 - The core idea of the article emphasizes that poverty is often a result of one's mindset rather than external circumstances, and that certain thinking patterns can lead to a stable state of poverty [1][18]. Group 2 - Individuals who are resistant to change, referred to as "conservative," often find themselves in economic difficulties due to their inability to adapt to new market conditions [2][3]. - The article cites an example of a hardware store owner who struggles due to a lack of online presence, illustrating the risks of sticking to outdated methods [2]. - The concept of "path dependence" and "fear of risk" are highlighted as key reasons for this conservative mindset, leading to a failure to embrace change [2][3]. Group 3 - The article distinguishes between "calculating" and "planning," noting that those who focus solely on short-term gains often overlook long-term opportunities [5][6]. - An example is provided of a business owner who lost significant future business due to prioritizing immediate profit over quality, demonstrating the pitfalls of a calculating mindset [6][7]. - The notion of "transaction costs" is introduced, emphasizing that hidden costs can accumulate when one focuses too much on short-term savings [6][7]. Group 4 - The article discusses "short-sighted" individuals who prioritize immediate rewards over future potential, leading to missed opportunities [9][10]. - An example of a job seeker choosing a higher immediate salary in a declining industry over a lower salary in a growing sector illustrates this point [9][10]. - The concept of "compound thinking" is introduced, emphasizing the importance of delayed gratification and long-term planning for financial success [12]. Group 5 - The article addresses "resigned" individuals who lack the imagination to envision a better future, attributing their circumstances to external factors rather than their own mindset [14][18]. - It highlights that a negative attitude can be a significant barrier to financial improvement, as those who feel powerless often remain stagnant [14][18]. - The importance of a proactive mindset is emphasized, suggesting that those who actively seek change are more likely to achieve financial success [14][18]. Group 6 - The article concludes with a metaphor about an elephant tied to a small stake, illustrating how limiting beliefs can confine individuals to a state of poverty [16][17]. - It suggests that the key to overcoming poverty lies in changing one's mindset and developing skills to create wealth [18].

（原标题：席春迎：我的香港资本市场十五年） 我的香港资本市场十五年——致敬每一位不畏风浪的中小企业创业者 亲爱的读者： 当您打开这本书时，或许您正站在企业发展的十字路口。您可能在思考：是否该走向香港资本市场？要 不要走出内地，迎接国际化的挑战？也许，您已经踏上了这段征途，却在估值低迷、交易冷清、融资艰 难的现实中感到困惑与挫败。如果您正是如此，那么这本书就是为您而写。 写这本书的初心，源于我十五年来跌宕起伏的香港资本市场历程，这不仅是一段个人经历，更是一堂用 百亿市值的崛起与陨落换来的实践课。我希望通过这段充满希望与创痛的亲身历程，为您带来方法论之 外的收获：一份共鸣，一种勇气，以及一份清醒。 从制造业梦想到资本现实 我与汽车零部件制造业的缘分始于2005年底。当时，我们收购了一家主营汽车减振器的地方国有企业 ——它当时濒临破产、资不抵债。怀揣着"制造业与资本结合"的梦想，我们用了五年时间对这家传统国 企进行脱胎换骨的改造，并最终在2011年11月23日成功登陆香港交易所主板上市。敲响上市锣声的那一 刻，我满怀激动与憧憬，以为我们已经登上了国际资本市场的巅峰舞台。然而，我未曾想到，那其实只 是漫长考验的开始。 ...

Core Viewpoint - The core message emphasizes that AI is not here to replace humans but to eliminate those who cannot adapt to AI technologies, highlighting the importance of self-upgrading and skill transformation in the AI era [4][6]. Group 1: AI's Impact on the Labor Market - AI's influence on the labor market is analyzed through a three-dimensional framework, indicating that the competition between AI's substitution and creation effects hinges on human adaptability to change [4][6]. - The agricultural, industrial, and service sectors are experiencing "AI-filtered upgrades," with new roles such as smart agricultural robots, industrial metaverse engineers, and AI interaction designers emerging as direct products of this transformation [8]. - The concept of "human-machine collaboration" is presented as a current necessity, where failure to collaborate with AI could lead to unemployment [11]. Group 2: Transformation of Job Skills in the AI Era - Data from McKinsey and Goldman Sachs reveals that 46% of tasks in U.S. white-collar jobs can be automated by AI, with the legal sector at 44%, while the arts have a low automation rate of 1%, underscoring that AI can handle processes but not creativity [14]. - The notion of "learning a trade for life" is criticized as outdated in the AI era, with a focus on five skill dimensions: technical skills (STEM), advanced cognitive skills (creativity, critical thinking), and social-emotional skills (empathy, leadership) being essential for resisting AI obsolescence [15][17]. Group 3: Practical Paths for Self-Upgrade - Four key thinking principles are proposed for self-upgrading: 1. Reverse thinking encourages strategic positioning during market fluctuations [18]. 2. Risk thinking challenges the notion of AI as an all-powerful solution, emphasizing the danger of over-reliance on AI [20]. 3. Compound thinking advocates for continuous improvement, suggesting that incremental daily progress can outpace AI advancements [22]. 4. Leverage thinking positions AI as a powerful tool that can either merely illuminate or propel significant advancements, depending on the user's capability [24]. Group 4: Interactive Q&A and Practical Training - During the interactive Q&A, the focus shifts to addressing "AI anxiety," with the advice to shift from "should I learn AI?" to "how can I use AI?" This perspective encourages students from non-technical backgrounds to leverage AI as a tool to enhance their professional capabilities [26]. - The conclusion emphasizes that the essence of the AI competition is a race against time, where the difference between individuals lies in how effectively they utilize AI to save time and deepen their thinking [32].

Core Viewpoint - The article emphasizes the significance of small to medium-sized private fund managers in the industry, highlighting the innovative strategies and risk management systems of Shanghai Sidaxinghui Private Fund Management Co., Ltd. [3] Company Overview - Shanghai Sidaxinghui Private Fund Management Co., Ltd. is a securities private fund company supported by the Shanghai State-owned Assets Supervision and Administration Commission and the China Chief Economist Forum [4] - The company is led by a team of experienced professionals, including Dr. Pang Yang, who has a PhD in Physics from Columbia University and extensive experience in quantitative modeling, and Ms. Cao Qingqing, who has a PhD in Computer Science from Shanghai Jiao Tong University [4][9] - The firm focuses on a classic all-weather strategy and has developed a unique Quantimental fundamental quantitative enhancement system [4] Core Team - The core team is composed of graduates from prestigious universities and aims to achieve long-term absolute return investment value for investors [9] Strategy Overview - The investment philosophy of Sidaxinghui is centered on "crossing cycles, steady and far-reaching," utilizing a quantitative all-weather enhancement strategy [13] - The firm emphasizes a deep understanding of cycles and systematic risk management in its investment approach [13] Core Strategies and Representative Products - The quantitative all-weather enhancement system has been refined since its launch in early 2019, achieving significant returns across different economic phases [17] - The company has launched a series of products, including "Tianji No. 1," which has shown impressive cumulative returns while maintaining strict risk controls [17] - The firm also offers auxiliary strategies that reflect its absolute return philosophy and showcase its multi-dimensional investment capabilities [18] Investment Framework - The investment framework combines Beta and Alpha, with Beta contributing approximately 70% and Alpha about 30% to the risk-return profile [22][23] Advantages - The team possesses a global perspective and local insights, combining international macro allocation with practical experience in the Chinese market [30] - The all-weather enhancement strategy integrates macro, fundamental, volume, and risk factors, achieving a dual-driven structure of risk parity and excess returns [31] - The firm has established a robust compliance and operational system backed by state-owned shareholders and leading custodians [33] - A long-termism and compounding culture is emphasized, focusing on providing investors with a stable investment experience [34] Continuous Evolution Capability - Sidaxinghui recognizes that long-term competitiveness comes from a systematic ability to evolve and adapt to market changes [35] - The company has implemented a data-driven closed-loop system for research, strategy, risk control, and execution [37] - Future plans include expanding global multi-asset layouts and exploring AI-driven asset pricing models [39]

Core Insights - The article emphasizes the necessity for professionals to adapt to the rapid advancements in AI technology, questioning the sustainability of their current expertise in the evolving job market [1][3]. Opportunities - AI is reshaping industries, and early adopters are reaping significant benefits. It is not a matter of choice but a necessity, as AI acts as a "restructuring hammer" impacting all sectors [5]. - AI enhances quality in smart manufacturing, efficiency in financial technology, breakthroughs in healthcare, and redefines experiences in education and training [6]. - Understanding how to leverage AI within one's industry equates to obtaining a "ticket" for career advancement, while those who lag may miss out entirely [8]. Challenges - The job market is undergoing a significant transformation, and failure to keep pace with AI advancements may lead to obsolescence. AI is disrupting traditional job roles, particularly those reliant on repetitive tasks [9][10]. - The competition in the workplace is shifting from a focus on singular skills to a demand for comprehensive abilities and innovative thinking. Those clinging to outdated methods will quickly fall behind [11][12]. Key Strategies for Career Advancement - **Cognitive Upgrade**: The essence of an MBA is a way of thinking. In the AI era, upgrading cognitive frameworks is crucial for achieving career breakthroughs and developing unique core competencies [12]. - **Equity Thinking**: Emphasizing long-termism in career development, akin to investment principles, is vital for navigating industry cycles [14]. - **Reverse Thinking**: Identifying opportunities in emotional blind spots created by AI's data processing capabilities can provide a competitive edge [15]. - **Risk Thinking**: Redefining risk as permanent loss rather than mere volatility shifts focus to capital preservation and sustainable survival [16][17]. - **Compound Thinking**: Emphasizing continuous accumulation of skills and knowledge leads to exponential career growth, contrasting with the linear growth of short-term efforts [18][21]. - **Leverage Thinking**: Utilizing AI as a leverage tool can amplify personal value and capabilities [22][25]. - **Brand Thinking**: In the age of AI, establishing a unique personal brand and influence is essential for standing out in a crowded job market [28]. - **Downhill Thinking**: Setting clear goals and creating diverse paths to achieve them is more effective than relying on predetermined routes [31]. - **Time Investment Thinking**: Managing time strategically to maximize efficiency is crucial in the AI era [35]. - **Lego Thinking**: The ability to deconstruct goals and efficiently assemble resources is key to success in a rapidly changing environment [38]. Actionable Guidelines - Professionals should adopt a mindset of continuous learning and humility, regularly acknowledging gaps in knowledge [47]. - Embracing change and breaking routine can foster innovation and adaptability [48]. - Building relationships across generations can enhance knowledge exchange and perspective [49]. - Long-term vision in decision-making is essential for sustainable career growth [50]. - Taking breaks can enhance productivity and creativity [51]. - Timely action on new ideas is critical to prevent loss of momentum [52]. - Establishing small, manageable habits can lead to significant long-term changes [53]. - Persistence in the face of challenges often leads to success [54]. - Learning probability and statistics can better equip professionals to handle uncertainty [56]. - Cultivating gratitude and positive relationships can enhance personal and professional opportunities [55]. Mastering AI - The essence of competition in the AI landscape is time management. Mastery of AI tools allows professionals to reclaim time, focusing on creative and strategic tasks, thus gaining a competitive advantage in career development [56].

Core Insights - The article presents Yang Zhenning as a strategic investor in human civilization, emphasizing his long-term investment in knowledge, culture, and belief rather than financial assets [3][22]. - Yang's life choices reflect the principles of value investing and long-termism, making him a model for investors [3][26]. Group 1: Early Life and Education - Yang Zhenning's upbringing in Tsinghua University provided him with a strong educational foundation, which can be seen as an investment in high-quality educational assets [5][6]. - His ability to adapt and thrive during turbulent times, such as completing his studies during wartime, showcases his strategic foresight [7]. Group 2: Global Integration and Scientific Contributions - Yang's decision to study in the U.S. in 1945 marked a significant step in his career, akin to an "overseas IPO," allowing him to engage with leading physicists [8][9]. - He made groundbreaking contributions to physics, including the Yang-Mills theory, which laid the groundwork for particle physics, demonstrating the concept of delayed returns on investment in knowledge [10][12]. Group 3: Return to China and Strategic Investments - Yang's return to China in 1971 was not merely a visit but a strategic move to assess and invest in China's scientific potential [19]. - His various initiatives, such as advocating for basic research and establishing educational networks, reflect a long-term vision for China's scientific development [19][20]. Group 4: Legacy and Influence - Yang Zhenning's approach to wealth and influence emphasizes the importance of connecting people and knowledge, rather than merely accumulating financial assets [22][25]. - His actions have significantly raised the profile of Chinese science on the global stage, demonstrating the impact of strategic investments in human capital [25]. Group 5: Lessons for the Future - The article suggests that individuals can adopt a long-term investment mindset, focusing on substance over speed, which is increasingly relevant in today's fast-paced environment [26][28]. - Yang's principles of patience, collective progress, and a focus on enduring value serve as a guide for future generations [26].

Core Insights - The article emphasizes that wealth accumulation is primarily determined by one's understanding of money rather than just ability or opportunity [1][3][8] - It highlights the difference in mindset between the poor, who focus on saving, and the wealthy, who prioritize asset allocation and long-term thinking [3][6][9] Group 1: Understanding Money - Many individuals struggle financially not due to low income but because of a lack of financial understanding [1] - The article states that true wealth comes from recognizing money as a form of control rather than merely a means to spend [3][4] Group 2: Investment Mindset - The mindset of the wealthy involves a focus on long-term investment strategies rather than quick gains, which often leads to financial loss [3][5][7] - Historical examples illustrate that those who took calculated risks, such as investing in real estate or funds, have seen significant returns over time [3][4] Group 3: Future Opportunities - The article identifies emerging trends such as artificial intelligence and digital economy as key areas for future wealth generation [4][5] - It stresses the importance of early understanding and action in these areas to capitalize on potential financial benefits [5][6]

Core Insights - The article emphasizes the importance of genuine learning over superficial knowledge acquisition, highlighting that true growth begins with confronting one's ignorance [2][6][12] - It discusses the psychological challenges associated with learning, particularly the discomfort of feeling inadequate when faced with new concepts [9][10][12] - The piece outlines effective strategies and tools for meaningful learning, including the importance of mindset, material selection, and self-assessment [10][22][29] Mindset - Distinguishing between "real learning" and "pretending to learn" is crucial, as many individuals focus on acquiring superficial knowledge to enhance their social status [4][6] - The article stresses the need for resilience when confronting feelings of ignorance, suggesting that accepting one's limitations is a vital part of the learning process [5][12] - It highlights the psychological difficulty of maintaining a genuine learning mindset due to societal pressures to appear knowledgeable [9][10] Tools - The article recommends using spaced repetition as a powerful learning tool, supported by substantial data [22] - It emphasizes the importance of selecting learning materials that genuinely contribute to understanding rather than those that merely provide a sense of accomplishment [10][26] - Establishing a self-assessment system, such as taking notes and engaging in writing, is suggested as a method to evaluate one's learning progress [32][35]

Core Viewpoint - The accumulation of wealth for ordinary people relies on saving rather than gambling, emphasizing the importance of financial discipline and risk management [2][9]. Group 1: Importance of Saving - Ordinary individuals find it challenging to save money, often succumbing to the temptation of spending as soon as they reach certain savings milestones [3][4]. - The narrative illustrates that having a financial cushion is crucial for facing unexpected life events, such as health emergencies or job loss [14][26]. - The article highlights that saving money provides a sense of security and dignity, allowing individuals to navigate life's uncertainties with confidence [16][25]. Group 2: Real-Life Examples - A story is shared about a high-ranking executive who, despite a good income, faced financial ruin after failing to save adequately, illustrating the risks of overconfidence in financial stability [12][14]. - Another example discusses a person who lived paycheck to paycheck, only to realize the importance of savings after losing their job, leading to a change in financial habits [14][24]. - The experiences of individuals underscore the stark contrast in life outcomes between those who save and those who do not [25][27]. Group 3: Saving Strategies - The article suggests practical saving methods, such as the percentage method (saving 10% of income), the 365 saving method, and the 36-month deposit method, to encourage disciplined saving [28][29]. - Emphasizing the need for a structured approach to saving, it advocates for a mindset shift towards viewing savings as a means to achieve financial freedom rather than merely accumulating numbers [32].

Core Insights - Increasing numbers of young people are becoming addicted to saving money, viewing their savings as a source of satisfaction and motivation for future financial goals [3][5] - The concept of compound interest is gaining traction among young savers, who are shifting from traditional savings accounts to savings insurance products that offer better returns [3][5] - Asset allocation is becoming a crucial strategy for young individuals to maximize their savings and achieve financial security [5][6] Group 1: Saving Behavior - Young individuals are segmenting their savings into different categories such as emergency funds, investment funds, and long-term savings, ensuring each has a specific purpose [3][5] - The trend of using savings insurance products is on the rise, as they provide compound interest benefits that traditional savings accounts do not [3][5][11] - The psychological aspect of saving, where seeing increasing numbers in savings accounts provides a sense of accomplishment, is driving more young people to adopt saving habits [5][15] Group 2: Financial Planning - Young professionals are increasingly using platforms like Alipay to manage their savings and investments, opting for products that offer compound interest [5][8] - Individuals like Lu Yingying are adopting structured saving plans, allocating a portion of their salary to savings insurance, which yields higher returns compared to traditional fixed deposits [8][11] - The importance of financial security is emphasized, with many young people recognizing the need for insurance products to safeguard against future uncertainties [15][19] Group 3: Long-term Financial Security - The trend of purchasing insurance products for long-term savings, such as education funds for children, is becoming common among young families [19][17] - Individuals are increasingly aware of the need to plan for retirement early, with many starting to invest in pension plans to ensure financial stability in later years [21][23] - The concept of leveraging time and compound interest for personal growth and financial security is being embraced, with young people viewing savings as a means to achieve future freedom [25][26]