市场还担忧 AI 会加大定价压力并削弱企业护城河。软件企业原有的竞争优势可能被 AI 侵蚀，增长前景更加不确定，这让投资者难以判断合理估值，导致市场情绪偏向“卖出”。Piper Sandler 已经下调了 Adobe、Freshworks、Vertex 等公司的评级，分析师认为“席位压缩”和“氛围编码”趋势可能限制估值上限。
资产质量层面，截至2025年9月末，其不良贷款率为0.94%，在国有大行中处于低位。
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For SAT problems with 10 variables and 200 clauses, sometimes outputted UNSAT because it couldn't find any satisfying assignment, and it would take a lot more time to find one, which is logically sound. I don't consider this as bad reasoning as it is about performance. So I tried it with only 100 clauses and it successfully found valid assignments.
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