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].

在政策加持下，A股并购重组活跃度上升，资本市场主渠道功能凸显，推动产业整合升级，助力 新质生产力发展。 政策驱动下A股并购市场持续升温 并购重组作为上市公司注入优质资产、提升价值的重要工具，在政策优化与产业转型推动下市场 显著升温。2024年证监会发布"并购六条"和"科创板八条"，2025年5月修订《上市公司重大资产重 组管理办法》，简化审核程序、创新交易工具、提升监管包容度。在政策支持下，沪深并购案例 同比明显增多，产业协同和新质生产力成为主线，有效引导上市公司通过并购实现产业链整合和 转型升级。 中金公司研究指出，自2024年9月24日到2025年5月23日，A股市场新公告并购重组交易1076例， 同比增长9.6%，其中科创板和创业板并购重组359例，同比增长12.9%。 并购重组与IPO双轮驱动 银华基金管理股份有限公司董事长王珠林在2024腾冲科学家论坛中表示，要充分发挥资本市场服 务实体经济的主渠道作用，特别是并购重组这个重要手段，支持科技创新和产业升级。IPO具有 杠杆效应，能够吸引更多创业资本进入早期市场，因此资本市场始终是扶持科创企业发展的主渠 道。同时，当前阶段需要充分发挥并购重组这一重要手 ...

文/《清华金融评论》 王茅 美 联 储 可 能 按 兵 不 动 ， 继 续 维 持 基 准 利 率 在 4.25%—4 . 5% 不 变 ， 担 心 美 国特朗普政府挑起的关税战会带来通货膨胀上行风险。也有观点认为，关 税政策对通胀带来的影响将是一次性的，但美联储不会冒这种风险。 美联储将于北京时间6月19日（周四）凌晨公布最新的利率决定，市场普遍预计，美联储将继续按兵不 动，将基准的联邦基金利率维持在4.25%—4.5%不变。届时，美联储还将公布最新的经济预测摘要。 而今，美国特朗普政府的关税政策反复，这使得美国的通货膨胀局势更趋复杂。亚特兰大联储主席博斯 蒂克（Raphael Bostic）指出，连续不断的关税谈判和实施会在市场中引发"心理反应"。 与此同时，美联储理事克里斯托弗·沃勒（Christopher Waller）则认为，关税带来的通货膨胀上升可能是 一次性的，不足以造成持续性的通胀压力。 确实，物价数据也并未出现令人担忧的迹象。2025年5月份核心通胀连续第四个月涨幅低于预期。 不过，尽管沃勒的上述观点言之凿凿，但是这不由得让人联想到，2021年美联储对美国通胀为"暂时 性"的误判，当时的误判 ...

Core Views - The 2025 Lujiazui Forum focuses on "Financial Opening Cooperation and High-Quality Development in the Context of Global Economic Changes" [2] - Key speeches were delivered by prominent financial leaders, emphasizing the importance of financial cooperation and reform in response to global economic challenges [19][43] Group 1: Global Financial Governance - The evolution of the international monetary system reflects deep changes in global dynamics, with historical shifts in dominant currencies indicating the need for reform [6][8] - Discussions on the international monetary system are increasingly driven by geopolitical factors, with a focus on reducing reliance on a single sovereign currency and promoting a multipolar currency system [7][8] - The potential for Special Drawing Rights (SDR) to serve as a super-sovereign currency is acknowledged, but challenges remain in achieving international consensus and expanding its use [8] Group 2: Cross-Border Payment Systems - The cross-border payment system is crucial for global financial stability and is evolving towards greater diversification due to technological advancements [9][10] - Traditional cross-border payment methods face challenges such as inefficiency and high costs, prompting calls for improvement and international cooperation [10] - Emerging technologies like blockchain are reshaping cross-border payments, enhancing efficiency while posing regulatory challenges [11] Group 3: Global Financial Stability - The global financial stability framework has been strengthened post-2008 financial crisis, with enhanced crisis response mechanisms and regulatory reforms [12][13] - New challenges include fragmented regulatory frameworks and insufficient oversight of emerging financial sectors, necessitating improved global coordination [14][15] - The importance of a robust IMF in maintaining global financial stability and governance is emphasized, with calls for reform to reflect the changing global economic landscape [16][17] Group 4: Financial Opening and Cooperation - Financial opening is seen as a key driver for China's financial reform and development, with significant foreign investment in the Chinese financial sector [20][21] - China's financial market is positioned as a vital opportunity for global investors, with a growing share of foreign assets and increasing market participation [21][22] - The expansion of financial services and products in China is expected to continue, driven by consumer demand and technological advancements [23][24] Group 5: Capital Market Development - The capital market in China is undergoing structural changes that support the integration of technology and industry, enhancing the financing environment for innovative enterprises [32][34] - The role of the capital market in facilitating technology innovation and industry transformation is highlighted, with a focus on improving service offerings for different stages of enterprise development [33][35] - Continued reforms in the capital market are necessary to enhance its attractiveness and competitiveness, particularly in supporting high-quality development [36][40]

普惠金融作为中央金融工作会议提出的"五篇大文章"之一，是服务实体经济的重要领域。 什么是成功的普惠金融？ 中国人民银行信贷市场司司长彭立峰在2025清华五道口全球金融论坛中指出，成功的普惠金融应 在基础金融服务更加普及、经营主体融资更加便利、金融服务乡村发展更加有力、金融消费者教 育和保护机制更加健全、金融风险防控更加有效以及普惠金融配套机制更加完善等六方面取得明 显进展。 中国人民银行金融研究所《中国金融年鉴》编辑部主任唐晓雪曾在《清华金融评论》撰文指出， 数字科技在普惠金融领域应用前景广阔，特别是针对普惠客户散、小、多、弱的特点，金融科技 手段有助于解决信息不对称、数据基础差、信用风险高等"最后一公里"问题。 当前我国普惠金融发展已进入深化服务质效的阶段，数智化发展成为突破传统服务边界的主要路 径，大数据、人工智能等技术正重塑风险评估、精准获客等核心业务流程。 第14届广州金交会主旨会议前瞻 在普惠金融发展进入提质增效关键阶段的当下，亟需搭建高层次交流平台凝聚各方智慧。值此背 景下，清华大学五道口金融学院受邀于2025年6月27日在广州琶洲举办第14届中国（广州）国际 金融交易·博览会主旨会议，会议的主题 ...