▲ 戳蓝 色字关注我们！ 人类的全部历史告诫有智慧的人，不要笃信时运，而应坚信思想。—— 爱默生 当所有人都以为AI只是另一波技术浪潮时。 股市的底层逻辑已经悄然重写。 （本文是杜雨博士内部分享实录，约2万字 ） 破局——颠覆的底层逻辑 信息不对称的终结：股市存在的根基被动摇 各位好，我是杜雨。 在正式开始之前，我想先问在座各位一个问题——你们认为，股票市场究竟是一台什么机器？ 定价机器？财富再分配机器？还是经济晴雨表？ 这些答案都对，但都不够本质。 在我看来，三百年来，股市从始至终只干了一件事：为信息不对称定价。 股市为何而存在：三百年来的"信息差游戏" 时间拨回1602年。 荷兰东印度公司在阿姆斯特丹发行了人类历史上第一支公开股票。 彼时，一艘从东南亚满载香料归来的船只，它究竟装了多少货、能赚多少钱，普通市民根本无从得知。 只有码头的掮客、公司的内部人，才掌握第一手信息。 于是，信息优势变成了定价优势，定价优势变成了财富。 美国SEC规定上市公司必须提交10-K、10-Q等文件。 这个逻辑，从阿姆斯特丹到华尔街，从纸质凭证到纳斯达克的电子撮合系统，本质从未改变。 股市，说穿了，就是一场关于"谁知道得更多、 ...

Core Insights - India and the European Union (EU) have finalized negotiations on financial services under the India-EU Free Trade Agreement (FTA), establishing a framework for bilateral cooperation and market access [1] Group 1: Trade Statistics - Total services trade between India and the EU was approximately $83 billion in 2024, with India exporting around $700 million and importing about $600 million in financial services [2] Group 2: Financial Services Framework - The financial services annex consists of 16 articles and aims to exceed standard General Agreement on Trade in Services (GATS) commitments [2] - The agreement includes provisions for cooperation on electronic payments and real-time transaction infrastructure, focusing on interoperability and cross-border payments [3] Group 3: Fintech Cooperation - India and the EU will collaborate on fintech initiatives, including supervisory technology (SupTech), regulatory technology (RegTech), and central bank digital currency (CBDC) [4] Group 4: Market Access and Treatment - The annex addresses discriminatory treatment in credit assessment, aiming to ensure parity with domestic institutions in the EU market and enhance market access for Indian financial institutions [5] - Specific commitments cover market access and national treatment in banking, insurance, and other financial services, referencing India's recent policy settings, including 100% foreign direct investment (FDI) in insurance and a 74% limit in banking [6] Group 5: Branch Expansion - The framework allows for the establishment of up to 15 bank branches over four years, an increase from the previous limit of 12 branches under GATS commitments [7] - Currently, three Indian banks operate in the EU, with a total of five branches, while the EU has five banks operating in India with 33 branches [7][8]

Industry Events & Discussions - Roundtable discussion on data privacy, RegTech, and SupTech to be held next week [1] - Chris Brummer, CEO of @blupryntco, and Ben Sherwin, General Counsel at @chainlinklabs, will participate in the discussion [1] Key Discussion Topics - Data privacy will be a central theme of the roundtable [1] - RegTech (Regulatory Technology) will be discussed [1] - SupTech (Supervisory Technology) will be discussed [1]