Market Overview - The stock market in 2025 was solid but volatile, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The summer rally was driven by AI-related spending and economic resiliency, while the fourth quarter experienced volatility due to valuation pressures and macro uncertainty [1] - The S&P 500 Index rose by 2.66% in Q4 2025, with large-cap technology and communication services sectors leading the market [1] Fenimore Asset Management Performance - Fenimore Small Cap Strategy returned -4.12% in Q4 2025, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined -4.41% in Q4 compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy declined -1.17% in Q4, also underperforming against the Russell Midcap Index's 0.16% return [1] - The underperformance in these strategies was attributed to underweight exposure to low-quality stocks and investments in the financial and industrial sectors [1] CDW Corporation Analysis - CDW Corporation (NASDAQ:CDW) was highlighted as a detractor to Fenimore Dividend Focus Strategy's performance [2] - As of January 15, 2026, CDW's stock closed at $132.29 per share, with a one-month return of -5.94% and a 52-week loss of 29.91% [2] - CDW Corporation has a market capitalization of $17.338 billion [2] - The IT industry faced challenges due to the pull forward of spending during COVID, although CDW experienced solid growth in most business lines except for education [3] - Overall earnings growth for CDW exhibited only modest improvement despite some momentum from the Windows 11 refresh [3] Future Outlook - The firm anticipates mixed market conditions in 2026, with many AI-related stocks appearing expensive while high-quality companies are trading at multi-year lows, presenting potential investment opportunities [1]

Coming from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in my investment decisions. My hands-on experience shaped deep understanding of risk, reward and the delicate balance between these two variables. Driven by a desire to share my insights and contribute to the inv ...

Coming from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident in my investment decisions. My hands-on experience shaped deep understanding of risk, reward and the delicate balance between these two variables. Driven by a desire to share my insights and contribute to the inv ...

Core Viewpoint - The article emphasizes the importance of joining the "2026 Software Examination Success Study Group" to enhance preparation for the upcoming software examination, highlighting the benefits of structured guidance and resources for candidates aiming to pass the exam on their first attempt [1][10]. Group 1: Examination Challenges - Candidates face various challenges such as a lack of focus in study materials, excessive content beyond the syllabus, and insufficient exam techniques [1]. - The examination content is becoming increasingly difficult, particularly with the inclusion of new technologies like AI and embedded systems [1][7]. Group 2: Study Group Benefits - The study group offers a free two-day live course featuring industry experts who will reveal examination trends, key focus areas, and effective study plans [1][8]. - Participants will gain access to a wealth of resources, including high-frequency exam points, a vast question bank, and a comprehensive internal resource package valued at 1599 [1][8]. Group 3: Target Audience - The program is designed for various candidates, including those with weak foundational knowledge, individuals with limited study time, and those aiming for a single attempt to pass the exam [1][7]. - Specific roles such as programmers, IT professionals seeking skill enhancement, and individuals aiming for promotions or certifications are encouraged to join [24]. Group 4: Preparation Tools - The study group provides practical tools such as an intelligent question-answering platform and access to over 5GB of successful candidates' study materials, including past exam questions and recommended templates [17][19]. - A personalized 1-on-1 study plan will be developed for participants to ensure effective preparation and timely completion of the course [13][15].

2024 年的某个时候，我煞费苦心地写了 一些 关于人工智能未来的文章，大谈人工智能原生公司的崛起。现在——大约一年后——我 正深入研究，看看当初的预言是否成真，还是只是我一厢情愿的空谈。于是，我花了几个星期的时间研究那些无需人工干预就能运营 的公司，然后我意识到，我的工作可能也岌岌可危了。 这种讽刺令人感到苦涩，就像一杯冰冷的咖啡，还夹杂着一丝恐慌。 问题在于，几乎没人愿意承认我们已经生活在后人类经济时代。像我这样的人喜欢争论人工智能何时会抢走我们的工作， 有 无数篇 分析文章来证明这一点，而与此同时，成千上万家公司已经缩减了员工规模，甚至完全放弃了人类员工。 问题是，大多数人要么根本不知道这是有可能的，要么震惊得不敢大声说出来。 黑灯工厂和人工智能原生公司已经在夜间高速运转，无需任何人监督其机械运作。这些零员工公司已经赚得盆满钵满，而它们的"创 始人"们却在迪拜悠闲地喝着玛格丽塔。 于是，我像个合格的写作机器人一样，开始着手报道这个故事，深入未知领域，原本以为会在深圳找到一些极端案例，在硅谷找到一 些。但出乎意料的是，我发现了一个完整的经济生态系统。在这个系统中，我们传统的以人为本的商业模式看起来就像是古 ...

IT行业有望引领增长。在各行业板块中，预计只有科技板块的每股收益将实现两位数增长(同比增长约26%)，而金融、工业和公用事业板块的普遍预期则意 味着增长放缓幅度最大。工业板块增长放缓可能主要受运输板块大幅下滑的影响，而公用事业板块的疲软可能集中在部分大型公司。金融板块面临更严峻的 基数比较，但基本面依然乐观。总体而言，普遍预期利润率将保持稳定，同比小幅增长约10个基点，主要由信息技术板块带动。 智通财经APP获悉，美股即将迎来最新的财报季，由本周华尔街大型银行首先公布业绩拉开序幕，汇丰与花旗发布研报对标普500指数第四季度盈利情况进 行了前瞻分析。 汇丰指出，市场普遍预期每股收益增长将放缓，但第四季度财报有望像近期一样带来惊喜;利润率预计将小幅上升，增速为2023年第二季度以来最低——市 场普遍预期只有科技板块的每股收益将实现两位数增长;消费品和公用事业板块预计表现最弱。 与此同时，花旗则预计标普500指数2025年第四季度每股收益将超出预期约4%，全年盈利将达到275美元。投资者关注的重点将是前瞻性评论，尤其是2026 年及以后的每股收益走势。花旗预计2026年标普500指数每股收益为320美元，高于底部向 ...

最近刷到条挺实在的新闻——脑机接口领域的"独角兽"强脑科技刚完成20亿融资，投资方里有IDG、华登国际这种老牌机构，还有蓝思科技、三七互娱这些 上市公司。其实这行政策一直给劲，十五五规划明确要布局，2024年第一次被列为未来产业，2025年出了专项意见，目标2030年产业实力进世界前列。开源 证券说这行现在是"高增蓄势期"，到2034年全球市场能到124亿美元，每年增速17%。很多人问这会不会影响A股？其实新闻只是个"引子"，真正决定股价 的，是藏在走势背后的资金动作——就像去年2025年那些突然涨起来的股票，背后早有资金在"偷偷干活"。 其实随着大数据技术进步，机构和游资的交易行为早就能被归纳出来。我用的量化系统里，有个"资金全景"数据，能看游资和机构的活跃情况。比如刚才那 只股票的量化图（看图2），图里标了六个位置，都是"游资抢筹"——就是游资和机构资金同时活跃的时刻。前五次抢筹时股价没怎么动，但第六次一出 现，股价直接起飞，半个月涨了900%。 一、那些"突然涨"的股票 藏着没被看见的资金 想起2025年行情里的事——热点换得比翻书还快，很多人追热点追成"接盘侠"。看着钢铁、电网设备、IT这些不搭边的股 ...

Core Viewpoint - The company, Jiechuang Intelligent (301248), announced on January 8 that it plans to procure IT equipment and components from multiple suppliers for a total amount not exceeding 40 billion yuan to advance its artificial intelligence strategy and business transformation [1] Group 1 - The procurement is aimed at developing cloud computing business and related technology products [1] - The expected delivery time for the procured equipment is June 2026 [1]

Core Insights - The article discusses the common misconceptions IT professionals have regarding job changes, emphasizing the need for careful consideration of new opportunities and the potential risks involved. Group 1: Misconceptions About Job Change Motivations - Many IT professionals mistakenly believe that changing jobs will resolve their career bottlenecks, often viewing a new environment as a "safe haven" without analyzing the root causes of their dissatisfaction [1][4] - Impulsive job changes driven by dissatisfaction can lead to repeating the same issues in a new role, as seen in the example of an IT manager who moved from a traditional company to a tech firm only to face similar challenges [1][4] Group 2: Misconceptions About Self-Assessment - IT professionals often fall into the trap of "technical omnipotence," overestimating their technical skills while neglecting the importance of soft skills such as business understanding and communication [3] - A common sentiment among IT professionals is the feeling of being undervalued in their current roles, leading to a strong desire to prove their worth in a new position without adequate research [4] Group 3: Misconceptions About Evaluating New Opportunities - Many IT professionals are easily swayed by superficial promises from potential employers regarding their commitment to digital transformation, failing to investigate the company's actual digital strategy and culture [5] - New hires often overlook the "legacy issues" they may inherit, such as disorganized technical frameworks and low team morale, which can hinder their ability to implement strategic initiatives [6] Group 4: Misconceptions About Survival Strategies After Job Change - New employees often misunderstand the concept of "slow is fast," mistakenly believing that technical skills alone will secure their position without building trust and understanding organizational dynamics [8] - Some IT professionals continue to operate independently after joining a new company, neglecting to build alliances with key stakeholders, which can lead to challenges in executing digital projects [9] Group 5: Misconceptions About Long-Term Career Development - Frequent job changes can damage an IT professional's reputation, making it difficult to secure higher-level positions due to perceived lack of stability and loyalty [11] - Many IT professionals mistakenly believe that changing jobs will solve all their problems, overlooking the importance of internal solutions and continuous skill development [12][14]

Group 1 - The article discusses the importance of maintaining a proper mindset when engaging in freelance work, particularly in the context of compensation and relationships with colleagues [2] - It emphasizes that freelancers should evaluate their own costs and the fairness of the compensation received, rather than focusing on how much their colleagues earn from the same project [2] - The article suggests that maintaining good relationships with colleagues can lead to more opportunities for freelance work in the future [2] Group 2 - The article provides an analogy comparing freelance work to a company project, highlighting that employees typically do not expect to receive a large share of profits from a project completed for their employer [2] - It points out that the colleague who referred the freelance opportunity may have incurred costs or invested effort that is not immediately visible to the freelancer [2] - The overall message encourages freelancers to appreciate the opportunities provided by others and to foster positive professional relationships [2]