【 $Siren 币安上币投票中...】 一个视频带你了解 $Siren ，BNB链上首个AI Agent One Video to Understand Siren, the First AI Agent on BNB Chain 从Binance Alpha上线到获CZ背书，再到60万流动性扶持，Siren凭什么成为币安生态AI宠儿？ AI姐妹花带你选择保守or激进投资风格，轻松捕捉链上Alpha机会。 @genius_sirenBSC @cz_binance @heyibinance @0xmasiwei #币安alpha# #BNBChain# #siren#

在中国，学校播放建筑和农业等艰苦日常工作的视频，帮助孩子们理解父母的牺牲。 In China, schools show videos of hard daily work like construction and farming to help kids understand their parents' sacrifices

在中国，学校播放建筑和农业等艰苦日常工作的视频，帮助孩子们理解父母的牺牲。 In China, schools show videos of hard daily work like construction and farming to help kids understand their parents' sacrifices

美国政客和精英阶层对中共的了解与认识，仍然远远不够，也始终拿不出真正有效的应对策略。与此同时，美国两党政治对于中共在全球范围内的渗透与扩张野心，长期缺乏足够的前瞻性，其对外政策也缺少持续性与连贯性。正是在这种背景下，中共近年来不动声色地培植了一大批反美、仇美势力，正在对美国的国家安全以及全球地缘政治格局构成越来越严峻的威胁。 American politicians and elites still have a very limited understanding of the Chinese Communist Party (CCP) and have yet to develop truly effective strategies to counter it. At the same time, both major U.S. political parties have long lacked sufficient foresight regarding the CCP’s global infiltration efforts and expansionist ambitions, while America’s foreign policy has also suffered from inconsistency and a lack of continuity. Against this backdrop, the CCP has quietly cultivated a large number of anti-American forces in recent years, posing an increasingly serious threat to U.S. national security and the global geopolitical order.

和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.

感谢大家对香港Web3嘉年华的关注与支持。本次活动参会人数较多，活动期间，发现有个别人员干扰展台秩序，我们郑重提醒大家理性参会，遵守现场秩序。感谢大家的理解与配合。🙏 Thank you for your interest and support in the Web3 Festival. Due to the large number of attendees, we've noticed a few disruptions at exhibition booths. We hereby remind everyone to act responsibly and follow the on-site rules. Thank you for your understanding and cooperation.🙏

因為我從1/1開始得了嚴重的感冒 以及跟其他展場、商業工作交錯的緣故 因此1月份Patreon（如圖下）延遲到2月份發送 非常抱歉及感謝大家之體諒 1月份Patreon內容會以圖包增量之方式進行補償 2月份Patreon會先拍攝及公佈圖透內容 近期12月份與1月份Patreon內容尚未發送之獎勵會盡速處理完畢 感謝大家的體諒與支持 Due to a severe cold starting January 1st and a heavy schedule of exhibitions and commercial projects, the January Patreon rewards (as shown below) will be delayed until February. I sincerely apologize and appreciate your understanding. To make up for the delay, the January Patreon content will include an increased number of images. The February Patreon content will have its previews photographed and posted first. I am also working as quickly as possible to process and distribute the remaining rewards from December and January. Thank you for your patience and support.

【5月T2写真延期更新说明 / May T2 Photo Set Update Delay Notice】 真的很抱歉，5月T2写真这个月可能没办法按原计划更新完成了。 I’m really sorry, but I won’t be able to finish the May T2 photo set updates as originally planned this month. 最近身体状态一直不太好，进度也受到了影响。虽然我本来很想尽量赶上，但现在确实有点勉强，所以决定先把身体恢复好，再继续把内容做好。 I haven’t been feeling well recently, and it has affected my progress. I really wanted to catch up if I could, but it’s honestly been a bit too difficult right now, so I’ve decided to focus on recovering first and then continue working on the content properly. 这个月没来得及完成的部分，我会延期到下个月更新。让大家等这么久，真的非常不好意思。 The content I couldn’t finish this month will be postponed and updated next month. I’m truly sorry for making everyone wait. 如果这个月有需要退款的朋友，可以直接私信联系我，我会尽快处理。 If you would like a refund for this month, please feel free to DM me, and I’ll handle it as soon as I can. 真的很感谢大家一直以来的支持和理解，也很抱歉让大家担心和失望了。我会好好调整状态，尽快回来继续更新。 Thank you so much for your continued support and understanding. I’m really sorry for causing any worry or disappointment. I’ll take care of myself and do my best to come back with updates as soon as possible.