文/ 《清华金融评论》 王茅 美 国 对 伊 朗 核 设 施 采 取 军事 行 动 后 ，伊 朗议 会 随后 提 议 关 闭 霍 尔 木 兹 海 峡，此言一出，油价、金价应声大涨。伊朗关闭霍尔木兹海峡的潜在行动 将通过能源价格、供应链和通胀传导至全球资本市场，短期内加剧市场波 动，中长期则可能推动美联储在货币政策上陷入"通胀与衰退"的两难。 美国对伊朗核设施采取军事行动，伊朗议会提议关闭霍尔木兹海峡 中东地缘冲突愈演愈烈。美国对伊朗核设施的军事行动代号为"午夜之锤"（Operation Midnight Hammer）。该行动于2025年6月21日夜间至22日凌晨实施，美军出动超过125架飞机，包括7架B-2隐形 战略轰炸机，投下75枚精确制导弹药（含14枚GBU-57巨型钻地炸弹），并发射24枚"战斧"导弹，对伊 朗的福尔多、纳坦兹和伊斯法罕三处核设施发动打击。 美国总统特朗普22日表示，伊朗三处核设施遭到美军"正中靶心"的打击，已被"毁灭"。伊朗国家电视台 一名负责人则在网络直播中表示，伊朗在一段时间之前已经转移了三个核设施中的材料，美方袭击应未 造成重大损失。伊朗官方通讯社援引伊朗国家电视台负责人的话报 ...

Core Viewpoint - The article emphasizes the necessity of fully implementing the new development concept as a key to achieving high-quality development and realizing Chinese-style modernization, amidst various new challenges and contradictions in the new journey ahead [2][3][20]. Group 1: New Development Concept - The new development concept is identified as the most important theoretical innovation in the political economy of socialism with Chinese characteristics, guiding the direction and focus of development in the new era [2][3]. - It is crucial for addressing external pressures and challenges, particularly in the context of rising unilateralism and protectionism from Western countries [4][5]. Group 2: High-Quality Development - High-quality development is deemed the primary task in building a modern socialist country, with the new development concept serving as the guiding principle [3][6]. - By 2035, it is projected that China's per capita GDP will reach the level of moderately developed countries, highlighting the need for significant advancements in economic strength and technological capabilities [3]. Group 3: Reform and Opening Up - The implementation of the new development concept is essential for deepening reforms and expanding high-level opening up, which involves adjusting various interest relationships and overcoming resistance [5][6]. - A comprehensive reform framework is necessary to support the new development concept, ensuring that it is integrated into the design of reform plans [5]. Group 4: Common Prosperity - The article stresses that shared development is a fundamental requirement of socialism, aiming to ensure that all people benefit from development and move towards common prosperity [6][14]. - The focus is on addressing disparities in wealth and ensuring that development outcomes are equitably distributed among the population [6]. Group 5: Risk Prevention - The need to prevent and mitigate major risks is highlighted, with the new development concept seen as a means to enhance economic stability and resilience against systemic risks [7][15]. - The article points out that risks often stem from low-quality development practices, underscoring the importance of high-quality development in risk management [7]. Group 6: Innovation and Coordination - Innovation is identified as the primary driving force for development, with a call for a modern industrial system supported by high-level technological independence [8][11]. - Coordinated development is emphasized as a strategy to address imbalances and promote sustainable growth across regions and sectors [11][12]. Group 7: Green Development - The article advocates for a comprehensive green transformation of economic and social development, aligning with ecological sustainability goals [12][13]. - It stresses the importance of integrating environmental considerations into economic planning and development strategies [12]. Group 8: Open Development - Open development is framed as a distinctive feature of Chinese-style modernization, with a focus on enhancing international cooperation and market access [13][14]. - The article calls for a balanced approach to utilizing both domestic and international resources to improve the quality of international circulation [13]. Group 9: Correct Performance View - The necessity of establishing a correct performance view is highlighted, advocating for a pragmatic approach to economic development that prioritizes stability and quality over speed [18][19]. - The article warns against superficial achievements and emphasizes the importance of addressing real economic conditions and needs [18][19].

Core Viewpoint - The rapid aging population and increasing healthcare expenditures have made commercial health insurance a key solution to alleviate the financial burden on both the government and individuals [1]. Industry Challenges - From 2021 to 2023, the average annual growth rate of health insurance in China was only 3.4%, significantly lower than the 6.03% growth rate of life insurance during the same period [2]. - There is a severe product homogeneity issue, creating a sharp contradiction with the layered demand for coverage, such as for pre-existing conditions and high-end medical services [2]. - The development of innovative drugs and medical devices highlights the urgent need for a diversified payment system [2]. - The new national policies emphasize the integration of "medicine + drugs + insurance" and the collaboration between health insurance and the health industry chain, shifting focus from mere claims to comprehensive health management [2]. Solutions for Health Insurance - At a recent seminar, experts discussed the future of commercial health insurance, emphasizing the need for product innovation focused on mid-tier medical services and the segmentation of critical illness insurance to meet diverse customer needs [3]. - There is a call to enhance health management concepts, promote disease prevention, and integrate products with services to improve customer understanding and acceptance [3]. - Underwriting processes should evolve alongside medical technology advancements to enhance risk identification and underwriting capabilities [3]. - The future of commercial health insurance relies on the tight integration of product innovation, service upgrades, and ecological collaboration to address industry challenges and optimize insurance protection [3][4]. Ecological Cooperation - Ecological cooperation is seen as vital for transforming health insurance through precise protection, service integration, and risk collaboration, playing a key role in innovative breakthroughs and collaborative development within the multi-tiered medical security system [5]. - The integration of medical resources and data interfaces is essential to create a "protection + service" solution, enhancing internal service capabilities [5]. Upcoming Events - The 14th China (Guangzhou) International Financial Trading Expo will focus on the deep integration of "medicine + drugs + insurance + data" to address structural supply-demand contradictions in the health insurance sector [6]. - The event will feature discussions on innovative models for collaboration between health insurance and the healthcare industry, exploring the role of data-driven approaches, service integration, and technological innovation in industry transformation [6].

文/十二届全国政协副主席、中国人民银行原行长 周小川 按照目前对美元稳定币的设想，其主要作用可能体现在两个方面：一是提 高交易和汇款的效率，二是活跃对其他资产（包括数字资产和加密资产） 的购买。然而，这种设计也可能带来一个需要警惕的问题，即它可能会进 一步推动美元化现象。 美元稳定币或推动美元化，必须时刻保持警惕 6月18日，在2025陆家嘴论坛"全体大会二：增强全球货币政策的协调性"上， 十二届全国政协副主席、 中国人民银行原行长周小川表示，目前市场上已经出现了许多美元稳定币，同时也有其他地区开始考虑 开发基于本币的稳定币。 "这些本币稳定币是否能够在全球范围内发挥作用，目前还难以确定。相比之下，美元稳定币由于其背 后强大的美元体系支持，更有可能产生全球性的影响。"周小川说。 周小川进一步表示，按照目前对美元稳定币的设想，其主要作用可能体现在两个方面：一是提高交易和 汇款的效率，二是活跃对其他资产（包括数字资产和加密资产）的购买。然而，这种设计也可能带来一 个需要警惕的问题，即它可能会进一步推动美元化现象。目前可以看到，在中美洲以及一些经济转型国 家，不同程度的美元化现象已经存在。"美元化对经济的影响一直是 ...

Core Viewpoint - The article analyzes the internal logic of the integration of the securities industry under the strategy of a "unified capital market," drawing on international experiences and China's practices, and proposes suggestions for promoting high-quality integration from both regulatory and financial institution perspectives [1]. Group 1: Internal Logic of Securities Industry Integration - The "unified capital market" strategy aims to accelerate the development of a unified capital market in China, similar to the experiences of developed markets like the US and Europe, which have implemented measures such as nurturing leading institutions and integrating trading platforms [3]. - Securities firms play a crucial role in facilitating the cross-regional flow of capital, breaking information asymmetry, and enhancing market risk identification and mitigation [3]. - The integration of the securities industry is essential for the evolution of the financial industry structure, leading to efficiency, concentration, and internationalization [3][4]. Group 2: International Experience in Securities Industry Integration - The integration of the securities industry in developed markets has primarily occurred through mergers and acquisitions, which have helped create leading investment banks and asset management institutions [7]. - Diversified mergers can quickly fill business gaps and enhance overall strength, as demonstrated by Morgan Stanley's various acquisitions to strengthen its business segments [8]. - External mergers can achieve economies of scale and expand business scope, exemplified by Charles Schwab's expansion into asset management through strategic acquisitions [9]. - Consolidation within niche markets can enhance specialization, as seen with Evercore's strategic acquisitions in the advisory sector [10]. - Overseas mergers and acquisitions serve as a high-level strategy for enhancing international influence, illustrated by UBS's global expansion efforts [11]. Group 3: Role of Commercial Banks in Securities Industry Integration - In contrast to China, developed markets often adopt a mixed operation model where commercial banks actively participate in securities mergers, leading to the formation of large integrated financial groups [12]. - Historical experiences show that large banking groups possess significant capital strength and extensive client bases, which can facilitate the growth of investment banking and asset management businesses [13]. Group 4: Current Practices of Securities Industry Integration in China - China's securities industry is entering a new wave of integration, characterized by four main models, including strategic integration among leading securities firms and regional integration led by local state-owned enterprises [14]. - The merger of major firms like Guotai Junan and Haitong Securities signifies a shift towards large-scale, intensive development in the industry, enhancing capital strength and service capabilities [14].

编 者 按 当前，全球正面临前所未有的人口老龄化浪潮，这一趋势正在迅速重塑各国的经济和社会结构，可能带来经济 增长潜力减弱、社会保障压力加剧等深远影响。近年来，党和政府高度关注人口老龄化问题。党的二十大报告提 出：实施积极应对人口老龄化国家战略，发展养老事业和养老产业，优化孤寡老人服务，推动实现全体老年人享有 基本养老服务。 2023 年中央金融工作会议明确指出要做好养老金融等"五篇大文章"。 作为金融健康的重要组成部分，养老金融健康建设，是社会经济发展、深化金融改革与构建和谐社会的客观要 求；是金融消费者、证券投资者和市场参与者权益保护的重要基础；是增加个人及家庭金融韧性的重要手段。为提 升国民养老金融教育水平， 清华大学五道口金融学院《清华金融评论》联合中美联泰大都会人寿保险有限公司（以 下简称"大都会人寿"）策划系列研究及访谈，旨在为政府制定养老金融政策、金融机构优化养老金融产品与服务、 中国家庭进行养老金融规划等提供参考借鉴。 本文专访中美联泰大都会人寿保险有限公司首席顾问行销官于健，探讨养老金融市场及保险如何与养老产业合 作提供一站式养老综合解决方案。 Q 目前中国养老市场的典型特征是 ？ Q 目前 ...

内容简介 以金融视角深入阐释乡村振兴根本和重大问题 系统解读乡村金融的内涵、意义与路径 本书以公共风险为逻辑起点，突破传统 本书指出乡村发展的本质以及乡村发展挑战在全球的普遍性——即便是城乡收入 差距较小的发达国家，也仍在通过发展战略和专门政策持续地关注、支持乡村发 展。 在此基础上，本书以乡村经济和乡村金融为主线，探讨和解答了乡村振兴与乡村 金融发展中一系列根本和重大问题：乡村振兴到底是要振兴什么？乡村经济的主 体是农民吗？什么是乡村金融？与农村金融有何区别？乡村金融及其在乡村振兴 中的使命是什么？乡村金融难在哪里？乡村金融发展可以完全靠市场力量吗？乡 村金融改革要怎么做？另外，借鉴美国、德国、日本、荷兰等发达经济体乡村金 融的先进实践经验，提出构建完善的乡村金融生态体系、提高乡村韧性的具体方 法与路径，为乡村振兴提供充足的动力。 本书通过深入研究和系统解读，帮助读者深刻理解和把握乡村振兴与乡村金融的 实质，抓住乡村振兴与乡村金融发展变革的重要机遇。 # 读者福利 ， 欢迎留言互动， 6 月 27 日前，平台随机从留言中选取 1 位读者获赠本期推 荐好书！ 《读懂乡村振兴与乡村金融》 贝多广 曾恋云 著 中 ...

新产业 新技术 新模式 新动能 ——数智金融助力高质量发展 第14届中国（广州）国际金融交易 · 博览会 主旨会议 6月27日 期待您的到来！ 基本信息 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 主办单位 清华大学五道口金融学院 承办单位 北京清控金媒文化科技有限公司 广州金交会投资管理有限公司 报名参会 扫描二维码或点击文末"阅读原文"报名 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携带身份证原件备查，门票二维码严禁转让或给予他人使用。 会议议程 09:30 会议开始 主持人： 吴 荻 广东卫视主持人 09:30-10:00 开幕式 《清华金融评论》编辑部 ·主办方致辞 ·领导致辞 ·领导讲话 10:00-10:50 主旨演讲 欧阳卫民 中国金融学会副会长，广东省原副省长，国家开发银行原行长 王忠民 全国社保基金理事会原副理事长 10:50-11:20 高端对话 对话嘉宾： 欧阳 ...

Core Viewpoint - Tsinghua Financial Review is a think tank media platform focused on economic and financial policy interpretation and recommendations, aiming to provide advisory services to policymakers and consulting services to business decision-makers [12][14]. Group 1: Company Overview - Tsinghua Financial Review is managed by the Ministry of Education and hosted by Tsinghua University, specifically by the Tsinghua University Wudaokou School of Finance [12]. - The platform was officially launched in November 2013 and publishes monthly on the 5th [12]. - The publication adheres to principles of being academically rigorous and policy-oriented, focusing on analyzing economic and financial situations, interpreting policies, and providing practical recommendations [12]. Group 2: Core Business Functions - The company operates the Tsinghua Financial Review magazine, aiming to create an internationally influential academic exchange platform in finance [14]. - It conducts financial policy research and industry consulting, providing professional decision-making support to government departments and market entities [14]. - The company organizes high-end financial conferences and industry exchange meetings to promote collaboration within the financial sector [14]. Group 3: Recruitment Information - The company is seeking to hire financial research editors, meeting activity supervisors, and financial research editor assistants, emphasizing the need for candidates with relevant educational backgrounds and experience in finance and media [5][7][9]. - The positions require strong writing skills, political sensitivity, and a deep understanding of economic and financial issues [7][11]. - Competitive compensation packages are offered, including project commissions with no upper limit [12].

Core Viewpoint - The introduction of the "Science and Technology Innovation Board Opinions" by the China Securities Regulatory Commission (CSRC) aims to address the long-standing issue of unprofitable technology companies being forced to list abroad, potentially allowing A-shares to cultivate their own high-tech "unicorns" [1][2]. Summary by Sections Policy Introduction - The CSRC has formulated the "Opinions on Setting Up a Science and Technology Innovation Growth Tier," which opens the door for unprofitable hard technology companies to go public [2]. - The key aspect of the policy is the establishment of a growth tier that permits companies with technological breakthroughs and high R&D investments, but without profits, to list [2]. Market Dynamics - The policy addresses the dilemma faced by A-shares, where high-potential tech companies often choose to list in Hong Kong or the U.S. due to the lack of suitable pathways in the domestic market [2]. - The introduction of the growth tier is seen as a solution to the challenge of allowing innovative companies to access capital while managing the inherent risks associated with technology investments [2]. Investment Opportunities - Companies in the growth tier will initially carry a "U" designation, indicating they are unprofitable, but can still raise funds through public offerings [3]. - Investors who buy shares in these "U" companies may see substantial returns if the companies achieve profitability and graduate from the growth tier [4]. Implementation Timeline - The consultation period for the "Science and Technology Innovation Board Opinions" is set for just seven days, from June 18 to June 25, 2025, with plans for implementation by early July [4]. Historical Context - The article references previous discussions and analyses regarding the development of the Science and Technology Innovation Board since its inception in June 2019, highlighting its role in promoting technological innovation and capital market inclusivity [5].