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The deep learning tidal wave (the most central part of the “AI revolution”) is now changing every industry. As an example, as a venture capitalist in China, I was a part of a “tiny” side effect: Geoff's 2012 paper and ImageNet result inspired four computer vision companies in China, and today they are collectively worth about $12 billion. Keep in mind, this was just one small field in one country based on one of Geoff's result. Geoff's result also led to deep learning disrupting speech recognition (the area of my Ph.D. work), resulting in super-human accuracy in 2015 by Baidu's Andrew Ng (recruited to Baidu after Geoff joined Google part-time). And much more broadly, every technology monolith (Google, Microsoft, IBM, Facebook, Amazon, Baidu, Tencent, Alibaba) built its platform for deep learning, and re-branding themselves as “AI companies”. And in venture capital, we saw the emergence of many unicorns (in China alone there are over twenty) powered by deep learning. Also, deep learning required much compute power that traditional CPUs could not handle, which led to the use of GPUs, the rise of Nvidia and the re-emergence of semiconductors to handle deep learning work-load. Most importantly, our lives have changed profoundly – from search engines to social networks to e-commerce, from autonomous stores to autonomous vehicles, from finance to healthcare, almost every imaginable domain is either being re-invented or disrupted by the power of machine learning. In any domain with sufficient data, deep learning has led to large improvements in user satisfaction, user retention, revenue, and profit. The central idea behind deep learning (and originally from backpropagation) that an objective function could be used to maximize business metrics has had profound impact on all businesses, and helped the companies that have data and embraced machine learning to become incredibly profitable.

中国社会科学院副院长蔡昉曾表示，中国人口红利的已经消失。劳动力短缺，过快的资本替代劳动导致资本回报率下降。现在不差钱，却找什么项目都赚不到多少钱。这就是总体资本回报率下降，在所有行业中的一个基本表现。以邻为鉴生育对于一国经济的影响会有多大？这从国际上的前车之鉴就可以看出。

2017年的股市是价值投资回归的一年，全年A股呈现出结构性的“慢牛”行情，资本市场呈现二八现象，占市场20%的大盘蓝筹股领涨市场，而占比80%、以往备受股民追捧的中小创股票遭遇下挫，与资本市场走势息息相关的基金业绩也出现明显分化。以成长股为主要投资风格的中邮基金，在去年行情中基金净值遭遇下挫，基金规模也出现较大规模的缩水。年报数据显示，截至2017年末，中邮旗下基金净值总共达441亿元，比2016年末减少约182亿元，规模同比缩水29.21%。

其实，在企业高级管理层造富增长方面，格力所在的制造业在诸多行业中还算不典型。以新兴产业中的互联网行业为例，我国互联网经济在过去近20年的快速发展，诞生了一大批知名互联网公司，从早期的门户网站到后来的BATJ，再到去年的拼多多等，互联网相关行业成为中国诸多行业中知名的“造富机器”。

多方追责：公司、负责人、股东、中介谁都跑不掉如果有保险关联交易链中的任何一方铤而走险怎么办？从《征求意见稿》规定来看，一旦违规，将具体问责到公司及个人。总而言之，保险公司、合规负责人、股东、中介机构谁都跑不掉。根据《征求意见稿》规定，保险公司董事会和关联交易控制委员会对关联交易的合规性承担最终责任。而合规负责人是关联交易管理的直接责任人。

融创中国：公司未来两到三年杠杆率将持续下降谈及负债问题，融创中国行政总裁汪孟德今日在公司2018年业绩会上指出，“公司下一部分是稳健增加的阶段，我们财务指标还会持续释放，未来两到三年杠杆率持续下降是非常确定的。”孙宏斌：我们不想做第一 排名并不重要