Group 1 - The core viewpoint is that the asset pricing paradigm is undergoing a profound transformation, shifting from a static world based on certainty to a dynamic ecosystem based on uncertainty [1][2] - The financial market is transitioning from a Newtonian mechanical worldview to a quantum characteristic market, where asset prices exhibit both "particle" (real value based on cash flow) and "wave" (narrative value based on consensus) properties [2][3] - The new pricing paradigm emphasizes the importance of technology, new productivity, and collective consensus as key factors in asset valuation [12][16] Group 2 - The three pillars of asset pricing are changing: the curvature of pricing in time and space has been altered, the definition of value is expanding from "atomic value" to "bit value," and the traditional risk-return equation is being rewritten [2][3][10] - Investors need to transition from being "valuation accountants" to "paradigm geographers," utilizing tools beyond financial statements and discount models to include technology roadmaps and narrative networks [4][5] - Traditional valuation models like DCF and DDM are losing their explanatory power due to high uncertainty and sensitivity to assumptions, making them less applicable to high-growth or volatile companies [6][7][8] Group 3 - The classic economic cycle models, such as the Merrill Lynch Clock, have become ineffective due to structural changes in the macroeconomic environment, requiring a shift in asset allocation strategies [8][9] - The concept of "safe assets" is diminishing as traditional safe havens like government bonds face challenges from fiscal credit erosion and the politicization of monetary policy [10][11] - The definition of safety is evolving from unconditional trust in sovereign credit to seeking systemic resilience in extreme situations, with gold and cryptocurrencies emerging as new forms of value storage [10][12] Group 4 - The new asset pricing paradigm should focus on the sources of value creation in the digital economy, including technological advancements, new productivity, and collective consensus [12][13][14] - The A-share market is becoming a battleground for new productivity and valuation reassessment, moving away from traditional macroeconomic cycles towards sectors aligned with national strategic intentions [16] - The U.S. stock market is evolving into a core pricing arena for global technological innovation, with tech giants being valued not just on current cash flows but also on their potential as platform-based options for future infrastructure [16][17] Group 5 - Gold's role is shifting from a simple inflation hedge to a decentralized consensus vehicle, reflecting global capital's distrust in fiat currency systems [17] - Cryptocurrencies represent an extreme experiment in asset pricing, relying on technology architecture and global consensus rather than traditional fundamentals [18] - The asset allocation strategy must evolve from passive tracking of economic cycles to proactive identification of key sectors representing technological progress and new productivity [18][19]

本次活动的核心缘起——《未来》一书，源自牛津大学出版社的"牛津通识读本"系列。该系列涵盖社 会、经济、科学、政治、文学、艺术等多元领域，自2008年由译林出版社引进至今，已累计推出150余 个品种，成为国内读者接触前沿学科和通识知识的重要窗口。作为未来学领域的入门指南，《未来》精 准契合了当下国内对未来认知与实践的需求，系统梳理了过去3000年人类的未来观与相关研究理论，以 通俗的语言解析如何正确理解未来，为普通读者提供了走进未来学的钥匙。 日前，由译林出版社、未来学家俱乐部、上海图书馆阅读推广品牌"上图发布"和《竞争情报》杂志联合 主办的"未来学 中国式答案：如何用教育赢得明天？"主题活动成功举办。 本次活动以澳大利亚未来学家珍妮弗 M. 吉德利所著《未来》中英双语版的推出为契机，汇聚来自未来 学与教育学领域的多位专家，通过主题演讲、跨界对话及现场互动，为公众系统解析未来学的基本理念 与实践路径，共同探讨中国教育应对未来变革的可能方向。 中国未来研究会首席顾问、未来学家秦麟征教授在该书序言中强调，"未来可以通过行动和决策来塑 造"。《未来》的出版为中文读者提供了理解、思考并主动塑造未来的重要文本与思想工具。 ...