机器之心报道 编辑：张倩 思维链里的步骤很重要，但有些步骤比其他步骤更重要，尤其是在一些比较长的思维链中。 找出这些步骤，我们就可以更深入地理解 LLM 的内部推理机制，从而提高模型的可解释性、可调试性和安全性。 但是，这些步骤没有那么好找，因为每个生成的 token 都依赖于之前的所有 token，其计算难以分解。 在最近的一项研究中，来自杜克大学和 Aiphabet 的研究者提出， 在句子层面分析推理痕迹或许是一种有前途的方法 。 作者指出，与 token 相比，句子的连贯性更强，并且往往与 LLM 提取的推理步骤相一致；与段落相比，句子不太可能混淆推理步骤，并且可以作为连接不同步骤 的有效对象。 作者提出了三种互补的方法来分析 LLM 的推理过程，这些方法旨在识别推理过程中的关键步骤，即所谓的「思维锚（thought anchor）」，这些步骤对后续推理过 程具有重大影响。 论文标题：Thought Anchors: Which LLM Reasoning Steps Matter? 论文链接：https://arxiv.org/pdf/2506.19143 第一种是 黑盒方法 。它通过反事实分析衡量句 ...

Summary of Simpson Manufacturing (SSD) 2025 Conference Call Company Overview - **Company**: Simpson Manufacturing (SSD) - **Industry**: Building construction and structural solutions - **Core Products**: Structural connectors, fasteners, anchors, and related components for residential and commercial construction [3][4][5] Key Market Segments - **End Markets**: - Residential construction - Commercial construction (e.g., hotels, restaurants) - OEMs (e.g., sheds, trailers) - National retail - Component manufacturing (trusses and related software) [3][4][6] Business Model and Competitive Advantage - **Innovation Leader**: Over 500 patents and strong relationships with code officials [5][6] - **Customer Service Focus**: 700+ field sales representatives and quick product delivery [6][7] - **Market Share**: Contracts with 26 of the top 30 builders in the U.S. [6][7] - **Volume Performance**: Averaged 300 basis points ahead of U.S. housing starts over the last decade, with recent performance at 600-700 basis points ahead [8][9][75] Macro Economic Insights - **Housing Starts**: Initial expectations for low single-digit growth in housing starts were adjusted to flat to up [15][16] - **Interest Rates**: Desire for lower interest rates to stimulate housing market [17] - **Tariffs and Affordability**: Concerns about tariffs and their impact on housing affordability [17][35] Product Categories and Innovations - **Wood Connectors**: Essential for modern home designs with larger openings, focusing on safety and resilience [22][23] - **Fasteners**: Premium products with a total addressable market of $5 billion; Simpson's fastener business is valued at $500 million [27][28] - **New Facilities**: Expansion in Ohio and Tennessee to enhance production capacity and efficiency [29][30][32] Financial Performance and Goals - **Operating Income Target**: Aim to operate at or above 20% operating income [77] - **Earnings Growth**: Target to grow earnings per share faster than revenue growth [77] - **Capital Allocation**: Focus on organic growth, share repurchase, and maintaining low leverage [78][80] Market Position and Future Outlook - **Unique Business Model**: Strong relationships across the construction supply chain, recognized brand in the industry [82][83] - **Housing Shortage**: Anticipation of a market rebound due to a shortage of housing units [84] - **Repair and Remodel Market**: Expected to perform slightly better than new home starts in the short term [66] Digital Initiatives - **Software Tools**: Development of customer portals and design software to enhance customer experience and efficiency [54][56][58] Off-Site Construction - **Role in Off-Site Construction**: Involvement in truss manufacturing and partnerships to improve efficiency in home building [60][62] Conclusion - **Long-Term Growth**: Commitment to outperforming the market and maintaining strong margins despite economic challenges [84]

Simpson Manufacturing Co., Inc. (NYSE: SSD ) has been around since the mid-20th century, strategically becoming a backbone of the construction business. Its bread and butter are the connectors, fasteners, and anchors that make upI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity markets.Analyst’s Disclosure ...