Group 1: Private Equity Industry Overview - The private equity industry is projected to exceed 22 trillion yuan by 2025, with the number of billion-yuan private equity firms increasing to 113, of which 55 are quantitative firms, marking a significant shift in the industry landscape [1] - In the past five years, the leading quantitative private equity firms have seen dramatic changes, with the "Four Kings" managing over 70 billion yuan each, and Century Frontier adding over 30 billion yuan in net scale in one year [1] - The competition among quantitative private equity firms has intensified, with AI becoming a core engine and a fierce talent competition emerging, while the top firms are actively promoting investor education [1] Group 2: Product Registration and Market Dynamics - The number of registered private equity securities products is expected to surge to 12,645 in 2025, nearly doubling from 2024, with a growth rate of 99.54% [2] - Quantitative investment products have seen a remarkable increase, with 5,617 products registered, a growth rate of 114.31%, accounting for 44.42% of the total [2] - The market structure is evolving, with a rise in multi-asset, futures, and derivative strategies, while stock strategies remain dominant [2] Group 3: Popularity Rankings and Performance - In 2025, 14 out of the top 20 popular private equity firms are quantitative, with Ningbo Huansheng Quantitative leading in popularity, achieving an average return of 58.52% across three products [3] - The top fund managers include Dan Bin, who has an average return of 150.26% over three years, and Liang Wenfeng, who ranks second in popularity among fund managers [3] - The popularity rankings highlight a significant presence of subjective private equity firms, with 14 out of the top 20 fund managers being from this category [3] Group 4: Custody Market Landscape - The private equity fund custody market is increasingly dominated by brokerage firms, with a custody market share of 98.52% for brokerages compared to only 1.48% for banks [4] - Guotai Junan leads the market with 3,067 new custody products and a 25.17% market share, followed by CITIC Securities and China Merchants Securities [4] - The concentration in the industry is strengthening, with the top three brokerages accounting for nearly 60% of new custody products [4] Group 5: Investment Strategies and Future Outlook - The investment focus for 2026 includes sectors such as brain-computer interfaces and commercial aerospace, with significant interest from private equity giants [6] - The market for brain-computer interfaces is expanding, with companies like Xiangyu Medical seeing stock price increases of up to 86.39% due to their products being adopted by major hospitals [6] - The outlook for 2026 suggests a continued bullish trend in A-shares, driven by liquidity and fundamental factors, with a potential "water buffalo" market expected [12]

以下文章来源于那个NG ，作者那个NG 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 那个NG 本文首发于虎嗅青年文化公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 打出溜滑，是很多人对21世纪前20年人类文明状态的总结。 除了长期存在的社会问题、经济问题，以及近期特朗普生擒马杜罗所象征的旧国际秩序崩坏之外，这 种感觉，已经渗透到人们最日常的感知层面。 比如说，这两年全世界人民群众对照片的审美，就体现了这种动势。从胶片、CCD，到 iPhone 4和 SE，再到如今老人机审美： 人们的审美品味越来越糊。 所谓的老人机审美，就是拿千禧年搭载180万像素镜头的手机摄像的美学。 其特点主要有俩，其一，画面极其模糊，像是苏联保密局在上世纪流传出来的偷拍纪录；其二是音质 完全有损，听起来就像是拿在柬埔寨密林中放了3年的锈锯切割红木的声音，颗粒感满满。 现在，在社交平台上老人机审美成了某种意义上的爆款选题，拿着老人机拍点，就能赢得流量世界的 哐哐点赞： "拍得像法治进行时里，贪污犯回忆当年风光的感觉。" "不知道的以为是哪家特工，用针孔摄像机顶着数据干扰器 ...

2025年，中国资本市场在深度改革与科技创新的双轮驱动下，展现出显著的结构性繁荣，全年亮点纷 呈、主线清晰，A股总市值历史性突破100万亿元大关，全年成交额突破400万亿元，市场规模与活力均 达到新高度。主要股指全年涨幅悉数超10%，成长风格显著占优，创业板指、北证50、科创50涨幅更是 超过30%。 2025年人工智能为引领的行情和2013至2015年以移动互联网为主导的行情相比，有何异同？泓德基金表 示，从宏观经济基本面观察，2013年以来我国GDP增速逐渐回落，2014年后地产等主要指标回落，人民 银行多次降准降息，为市场注入流动性，无风险利率持续走低。反观2025年，自2022年疫情结束以来， 房地产行业深度调整尚未结束，人民银行同样采取了多轮降准降息的宽松货币政策操作。 从产业趋势角度观察，iPhone 4手机的问世，宣告了智能手机时代的开启，随着核心部件订单向中国转 移，国内消费电子产业链迅速建成，国产手机借势崛起，中国智能手机出货量在2011年至2015年上涨 382%，同时伴随着大规模3G/4G网络建设，为移动互联网的最终落地铺平了道路。而2025年，随着英 伟达高性能GPU的不断迭代，Cha ...

近日，段永平晒出他管理的一个账户成绩单。该账户持仓全部是苹果公司，最早的一笔是2011年11月18 日买入，耗资180.26万美元，截至2025年12月31日，盈利3392.08万美元，总回报1881.8%。 来源：上海证券报 2026年元旦，段永平在社交平台晒出所持账户的持仓。截图显示，该账户持仓全部是苹果公司，2011年 11月买入，耗资180万美元，持有至今，盈利近3400万美元，总回报18倍多。 这只是段永平所管的一个小账户。而其核心账户的苹果持仓，则高达八九十亿美元。 持有14年回报1881.8% 第二次是2022年12月30日买入，耗资30.79万美元，截至2025年12月31日，盈利34.27万美元，总回报 111.3%。 段永平表示："这是我管的一个账号上的苹果。这么多年几乎没怎么动过，全靠打球赚的钱哈。" 从苹果公司的股价走势看，自段永平买入之后的市场走势如下： | | Stock History | | Shares Held | Market Value | % of | Previous % of | Rank | Change in | % | | --- | --- | --- | ...

Core Viewpoint - The article highlights the impressive investment performance of Duan Yongping in Apple Inc., showcasing significant returns from his long-term holdings in the company, emphasizing the importance of understanding business models and market trends in investment decisions [1][3][6]. Investment Performance - Duan Yongping's small account, which holds only Apple shares, was purchased for $1.8026 million in November 2011 and has generated a profit of approximately $33.92 million, resulting in a total return of 1881.8% by December 31, 2025 [2][3]. - The core account's Apple holdings are valued at around $8.69 billion, representing 60.42% of the total portfolio [4][7]. Investment Logic - The initial investment in Apple was based on the company's strong product offerings, particularly after the launch of the iPhone 4, which Duan recognized as a significant market opportunity [6][10]. - Duan emphasizes the importance of understanding a company's business model, stating that good companies should have strong commercial strategies and user-oriented cultures [8][6]. Market Insights - Duan's investment strategy includes buying stocks during periods of company challenges, with over 80% of his Apple shares acquired during a time of market uncertainty following the leadership change at Apple in 2011 [10][9]. - He has made accurate predictions about Apple's product developments, such as the introduction of larger screen phones and the decision not to enter the automotive market [9][10]. Future Outlook - Duan expresses a keen interest in learning about AI technologies and their potential impact on the investment landscape, indicating a shift in focus towards AI-related companies in his portfolio [12][15]. - The portfolio has seen an increase in AI-related investments, including companies like Nvidia and TSMC, reflecting a strategic pivot towards emerging technologies [15].

2026年元旦，段永平在社交平台晒出所持账户的持仓。截图显示，该账户持仓全部是苹果公司，2011年11月买入，耗资180万美元，持有至今，盈利近 3400万美元，总回报18倍多。 这只是段永平所管的一个小账户。而其核心账户的苹果持仓，则高达八九十亿美元。 持有14年回报1881.8% 近日，段永平晒出他管理的一个账户成绩单。该账户持仓全部是苹果公司，最早的一笔是2011年11月18日买入，耗资180.26万美元，截至2025年12月31 日，盈利3392.08万美元，总回报1881.8%。 事实上，苹果一直是段永平的绝对重仓股。根据美股机构投资者13F持仓披露情况，截至2025年三季度末，段永平管理的H&H International Investment持仓 总市值约147亿美元，其中苹果公司的持仓市值为88.69亿美元。 | Stock | History | | Shares Held | Market Value | % of | Previous % of | Rank | Change in | % | | --- | --- | --- | --- | --- | --- | --- | --- ...

你或许听说过"视错觉"实验：两个一样大的小球，看起来却一大一小；明明静止的图像，看起来却在在动。这些现象都在证明，想骗过眼睛和大脑，还挺 简单的。 作为人眼最敏锐的视觉参数之一，分辨率一直都是科技公司关注的焦点。2010年，乔布斯在苹果发布会上发布了搭载 "视网膜屏"（Retina Display）的 iPhone 4，宣称其像素密度之高，已超出人眼识别极限。但这场发布会并没有终结"分辨率比赛"。十几年后的今天，从手机到平板，从电脑到电视，数码 设备的分辨率依然在不断被刷新。 而最近的一项研究发现：在分辨率这条赛道上，手机厂商可以接着"卷"，但电视厂商或许可以准备躺平了。 但在"分辨率"这件事上，想糊弄人眼，恐怕就没那么容易了。 326ppi的视网膜屏，拿近点再看看呢？ 当年的iPhone 4，搭载的是一块326ppi的屏幕，也就是每英寸包含326个像素点。苹果之所以有勇气称其为"视网膜屏"，是因为人眼能够识别的极限像素密 度为300ppi，而326ppi显然超过了这一数值。 但这有一个前提，乔布斯在发布会上也提到了这一点：你需要把屏幕拿到距离眼睛10到12英寸（约25～30厘米）远的地方。 这是因为当距离变 ...

because somebody sent Steve Jobs an email basically being like this is a problem. Are you aware of it. And Jobs replies and he says, uh, not you're holding it wrong, which is how everybody remembers.This is like a weird Mandela effect thing. He doesn't say you're, he never says, as far as I can tell, you're holding it wrong. What he says is just avoid holding it that way.And this becomes like an admission of guilt. >> Right. Because he's saying it it happens.>> Yeah, it is broken. just don't don't hold it l ...

Every single detail of this was a huge deal. >> Yeah. >> Like Apple was famous for its secrecy.Apple stuff didn't leak. A software engineer at Apple who's at a bar in Redwood City. He leaves the phone on a bar stool and the person next to him picks up the phone, ends up just like taking the phone with him and going home.The next morning, wakes up, sees that this phone uh has is is actually not a 3GS. it's something else disguised to look like a 3GS and discovers it's it's a completely different phone. Gizmo ...

Core Viewpoint - The investment landscape has shifted significantly, requiring new strategies and approaches to identify and capitalize on opportunities, particularly in the AI sector [5][10][30]. Group 1: Investment Philosophy - The essence of good investment is akin to recognizing lightning; it is rare and difficult to articulate, yet instinctively understood when encountered [4][24]. - The new fund Monolith aims to be one of the best GPs in Asia, focusing on both primary and secondary markets, reflecting a shift in the investment paradigm [5][7]. - The investment strategy emphasizes betting on the best companies within the largest changes, particularly in AI, while maintaining a concentrated portfolio [48][49]. Group 2: Market Dynamics - The market has transitioned from a period of excess liquidity to a more cautious environment, with a significant reduction in the scale of investments [30][31]. - The previous decade saw a 100-fold increase in the scale of capital in China's primary market, but this has now contracted by approximately 70% [30][31]. - The current investment climate allows for more thorough evaluations of projects, as time has become cheaper and capital more expensive [30][31]. Group 3: Fundraising and Investor Relations - Monolith successfully raised $488 million, exceeding its initial target by 60%, indicating renewed interest in Chinese investments [7][9]. - The fund's early investors include notable CEOs, reflecting a strong network built on trust and past relationships [8][9]. - The current generation of entrepreneurs is more financially equipped and willing to support the next wave of startups, contributing to the fund's success [9][10]. Group 4: Entrepreneurial Insights - Successful entrepreneurs often exhibit resilience and a unique ability to see the essence of their business, which is crucial for long-term success [45][41]. - The new generation of entrepreneurs, particularly those born in the 1990s, is characterized by a more balanced and rational approach, shaped by a stable economic environment [52][53]. - The investment community is increasingly recognizing the importance of understanding an entrepreneur's background and personal story as indicators of their potential [54][55].