来源：微积分量化价投 在之前的文章《全网蹲了十年的答案：那个喊"十年十倍"的大V，最终跑输了银行理财？》我复盘了银 行螺丝钉的十年实盘历史业绩。 聊完了卧龙，今天来聊聊凤雏：ETF拯救世界。 今天我要把"ETF拯救世界"（E大）的"长赢指数投资计划-150份"放在手术台上。 我不谈情怀，不谈"亦师亦友"，也不谈那句让人热血沸腾的"12年10倍"。 作为一名量化研究员，我只相信数据。 当我把E大近6年（2019-2025）的实盘数据扒开后，发现了一个尴尬的事实： 这位每天研究宏观、估值、K线，拥有几十万信徒的"教父"，其年化收益不仅跑输了偏股基金指数，甚 至长期跑输了一个没有任何智商、每季度只动一次手指的"股债50/50"傻瓜策略。 你以为你买的是"超额收益"，其实你买的是一份昂贵的"心理按摩"。 我把客观的数据整理好了，获取方式在文末，你也可以拿到数据，自己盘一盘。 实盘戳破神话 谈到E大，就不得不提且慢，提到且慢就不得提到孟岩。 我之前的文章有提到一句：孟岩早期给E大积极背书。有读者跟我说，孟岩并没有承诺收益率。我说 的"背书"并不是承诺收益率，可能大家对于"背书"的理解不太一样，所以我直接贴原文： 原文是 ...

Core Viewpoint - The celestial object "3I/ATLAS" has garnered significant attention due to claims by Harvard professor Abraham Loeb and collaborators that it may be an alien spacecraft, although subsequent evidence suggests it is likely a natural interstellar comet [1][12][52]. Discovery and Characteristics - "3I/ATLAS" was discovered on July 1, 2025, by the Asteroid Terrestrial-impact Last Alert System (ATLAS) in Chile, with a visual magnitude of 18 [3]. - At the time of discovery, it was approximately 3.50 astronomical units from Earth and 4.51 astronomical units from the Sun, traveling at a speed of 61 kilometers per second [4]. - The object was confirmed to be an interstellar body, having been detected earlier by the Transiting Exoplanet Survey Satellite (TESS) on May 7, 2025 [5]. Orbital Dynamics - The trajectory of 3I/ATLAS was calculated, indicating it would pass close to Mars, Venus, and Earth in the coming months, with specific distances of 0.19 AU from Mars and 1.80 AU from Earth [6][14]. - Its hyperbolic orbit, with an eccentricity of 6.14, is atypical compared to the elliptical orbits of solar system bodies [8]. Arguments for Alien Technology - Loeb and collaborators proposed several reasons for considering 3I/ATLAS as a potential alien spacecraft, including its large diameter of approximately 20 kilometers, lack of identifiable chemical signatures, and unusual orbital characteristics [11]. - They suggested that its trajectory could allow for covert maneuvers near the Sun, which they argued might be indicative of advanced technology [15]. Counterarguments and Evidence - Subsequent observations revealed that 3I/ATLAS exhibited cometary features, including a tail and the presence of water ice, which contradicts the initial claims of it being an alien spacecraft [18][19]. - The arguments presented by Loeb were largely discredited, as the object was confirmed to be a natural interstellar comet, with its characteristics explained by existing astronomical knowledge [27][52]. Origin and Future Implications - 3I/ATLAS is believed to have originated from another solar system, potentially ejected by gravitational interactions with a giant planet or nearby star [33]. - The study of such interstellar objects is crucial for understanding the dynamics of celestial bodies and the potential for future discoveries, with estimates suggesting only a limited number of interstellar objects may be detected in the coming years [53].

Core Insights - The article emphasizes the innovative approach of Li Auto in addressing the challenges of long-distance charging for electric vehicles by reinventing the extended-range electric vehicle (EREV) with a large battery [1] Group 1: Technology and Innovation - Li Auto's extended-range electric technology is inspired by Apple's Fusion Drive, combining the advantages of SSD and HDD to enhance the driving experience and performance [1] - The architecture and algorithm complexity of Li Auto's technology are significantly higher than traditional range extenders, integrating power, energy consumption, NVH (noise, vibration, and harshness), and predictive capabilities into a single algorithmic system [1] - The strategy involves reserving a large battery capacity that activates the range extender, allowing for a seamless experience where both battery and fuel advantages are utilized effectively [1] Group 2: Comparisons and Industry Insights - Discussions among group members highlight the differences between various hybrid and electric vehicle technologies, comparing Li Auto's approach to that of competitors like Toyota and Honda [6][7] - The conversation reflects on the efficiency of engines and the role of batteries as energy reservoirs, suggesting that integrating a battery allows engines to operate at maximum efficiency [5] - The critique of traditional hybrid systems, such as Toyota's THS, points out the potential drawbacks of smaller batteries and motors, contrasting them with Li Auto's larger battery strategy [6][7]