Core Viewpoint - The rapid development of commercial bank custody services in China is highlighted, emphasizing its role in ensuring asset safety and providing professional services, while also noting the need for improvements in regulation, risk management, and product offerings [2]. Group 1: Overview of Commercial Bank Custody Business Development - The global custody business has a history of nearly 200 years, originating in the UK and maturing in the US, with a definition focusing on handling securities transactions and safeguarding financial assets [4]. - In China, the custody business officially began in 1998 with the issuance of the first closed-end funds, and regulatory frameworks have been established to support its growth [4]. - As of the end of 2023, the custody scale of asset management products in China's banking sector reached 161.75 trillion yuan, reflecting a trend towards specialization and diversification in services [5]. Group 2: Necessity of Strengthening Custody Business Regulation - Custody services are a critical component of financial infrastructure, ensuring the separation of ownership, management, and custody rights, which helps mitigate moral hazards and protect client interests [7]. - The scale of custody assets is a key factor in assessing the importance of banks within the financial system, with significant contributions from major state-owned banks [8]. - Custody services support national strategies and enhance competitiveness by ensuring asset independence and safety, thus attracting financial resources to key development areas [8]. Group 3: Current Issues in Commercial Bank Custody Business - The regulatory framework for custody business is fragmented, with a lack of comprehensive management guidelines and significant differences in rules across various products [12]. - There is insufficient differentiation in service offerings among banks, leading to a lack of innovation and reliance on price competition [13]. - Technical investment in custody services needs to be increased, as the sector is technology-intensive and currently lacks unified security standards [13]. Group 4: Insights from Hong Kong and US Custody Business Development - Hong Kong's custody business features a diverse range of assets and services, including cash management and securities lending, with a focus on meeting client needs [16][17]. - Global custodians in Hong Kong, such as BNY Mellon and State Street, leverage their core custody services to expand into wealth management and other financial services [18]. - The regulatory framework in Hong Kong is multi-layered, with specific laws governing various custody products, ensuring a robust compliance environment [20].

当长寿时代遇上人口老龄化不断加剧的社会现状；当从容养老、品质养老的美好愿景遇上现代家庭养老的种种挑战。那么，我们究竟该如何实 现老有所依、老有所养？又该如何利用保险等金融产品来确保家庭养老金融的健康？ 6月6日，由清华大学五道口金融学院《清华金融评论》携手中美联泰大都会人寿保险有限公司（以下简称"大都会人寿"）联合主办。 本次发 布会汇聚养老金融领域专家学者及三百余企业代表，共同探讨中国养老金融发展现状与未来。 发布会现场，多位嘉宾围绕"多措并举提升中国 家庭养老金融健康"的主题进行了精彩的对话。中央财经大学保险学院中国精算研究院副教授陈辉、中美联泰大都会人寿保险有限公司首席市 场官姚兵、中国政法大学教授，北京银安养老金融研究院副院长胡继晔、中国银行原首席研究员，世界金融论坛高级研究员宗良，以及清华大 学五道口养老金融50人论坛常务副秘书长张栋，多位嘉宾从多元视角就何以提升中国家庭养老金融健康展开深入讨论。 图为圆桌对话 陈辉：中国家庭养老金融的总体发展现状如何？有哪些突出的特点？在人口老龄化加剧的背景下，政府如何进一步发挥养老金融在社会保障 用？ 胡继晔 ：养老金融作为积极应对老龄化国家战略、金融强国战略的 ...

Core Viewpoint - The article emphasizes the urgent need to address the challenges posed by an aging population, highlighting the importance of developing a robust pension finance system to support elderly care and financial security for future generations [1][2]. Group 1: Challenges Faced by the 70s and 80s Generations - The 70s and 80s generations are experiencing dual pressures from supporting their elderly parents while managing their own family financial burdens, often leading to increased economic and emotional stress [4]. - Many in this demographic face insufficient savings for retirement, with high housing costs consuming over 50% of their income, limiting their ability to save for elderly care [5]. - The reliance on children for support is diminishing due to the one-child policy and increasing economic pressures on the younger generation, exacerbating the long-term care risk for the elderly [5]. Group 2: Recommendations for Improving Pension Preparedness - There is a need to enhance personal savings awareness and action, particularly during the critical 40-50 age range, by participating in the "three pillars of pension" system [5]. - Families should optimize their financial structures to avoid excessive debt and incorporate retirement savings into their budgets [5]. - Health management should be prioritized to mitigate future medical expenses, emphasizing the importance of regular health check-ups and insurance [5]. Group 3: Enhancing Acceptance of Pension Financial Products - Strengthening policy guidance and incentive mechanisms is crucial for increasing participation in pension financial products, including tax benefits and subsidies for low-income groups [6]. - Financial institutions should tailor pension products to meet the specific needs of the 70s and 80s generations, offering diverse options that align with their financial situations and risk preferences [8]. Group 4: Demand and Misconceptions Regarding Pension Financial Products - Families primarily seek safety and stability in pension financial products, preferring low-risk options that ensure the security of their retirement funds [9]. - There are common misconceptions, such as neglecting personal needs and risk tolerance, leading to unsuitable product choices [10][11]. - A tendency to pursue high returns without understanding associated risks can result in poor investment decisions [12]. Group 5: Innovations in Pension Financial Products - The "reverse mortgage" model, allowing seniors to leverage their home equity for retirement income, is gaining traction but faces acceptance challenges due to traditional views on inheritance [18][20]. - The valuation of properties for reverse mortgages can be contentious, with both parties often at odds over property worth [21]. - Regulatory frameworks and public trust are essential for the successful implementation of reverse mortgage products, which currently face legal and operational hurdles in China [22][24]. Group 6: International Insights and Best Practices - Successful international models of reverse mortgages highlight the importance of government involvement and legal protections to foster market confidence [23]. - Public acceptance and understanding of reverse mortgage products are critical for their success, necessitating effective communication and education strategies [25]. - A mature industry ecosystem involving finance, real estate, and elder care services is vital for the sustainable development of reverse mortgage products [26].

目前，寿险公司在开展健康险业务方面普遍面临较大挑战，既难以与财险公司抗衡，又 不具备专业健康险机构的高度聚焦能力。尽管我们年年投入大量资源推动健康险业务，但年 终的市场反馈依旧不尽如人意，令人反思"真正的突破口究竟何在"。医保改革带来了深远的 制度性变革。国家医保局最新数据显示，截至2025年3月，我国医保参保人数已达13.5亿，覆 盖率达95%，形成了全球规模最大的基本医疗保障体系。然而这也意味着，商业保险更多作 为医保的补充角色。近期医保支付和医保目录的改革，使得原本覆盖的药品和服务逐步退出 医保范围，表面上看似削弱了保障力度，实则是在为商业保险提供发挥作用的空间。我理 解，未来的医疗保障体系将呈现"基本医保为主体、医疗救助为托底、商业保险为补充"的多 层次架构。这不仅是政策的趋势导向，也是对商业险企提出的新要求：从附属补充者，转变 为制度共建者与服务集成者，承担更大社会责任。 长期思维：以客户为中心重构产品逻辑 2025年6月6日，第二届"保险家论道"研讨会暨中国保险竞争力排行榜发布会在北京成功举 办。本次研讨会由清华大学五道口金融学院《清华金融评论》编辑部主办，会议主题 为："保险服务中国式现代化"。 ...

Core Viewpoint - The article emphasizes the urgent need for optimizing pension finance policies in response to the unprecedented wave of global population aging, highlighting the importance of developing a robust pension finance system to support social security and economic stability [2][3]. Group 1: Current Status of Pension Finance in China - The pension finance system in China is entering a critical phase of quality improvement, with a projected 15.6% of the population aged 65 and above by the end of 2024 [4]. - China has established a three-pillar pension finance system, which includes basic pension insurance, enterprise occupational annuities, and personal pensions, with a growing variety of pension financial products available [4]. - As of June 2024, there are 762 personal pension products available, including 465 savings products, 192 fund products, 82 insurance products, and 23 wealth management products, indicating a rapid increase in product diversity [4]. Group 2: Challenges in Pension Finance Development - The third pillar of personal pension finance needs faster development, as it currently covers less than one-tenth of the national population, with a phenomenon of "hot openings but cold contributions" [5]. - The shift from "intergenerational support" to "self-reliance" in pension finance is evident, with 61.64% of respondents in a survey considering "self-reliance" as the most reliable pension model [6]. - The current pension finance system shows a significant imbalance, with basic pension insurance achieving full coverage while personal pension systems lag behind [7]. Group 3: Government's Role in Pension Finance - The government should strengthen the third pillar by expanding the audience for pension finance, addressing the low coverage of personal pensions, and enhancing the system's multi-tiered development [8]. - There is a need to leverage the long-term and stable advantages of pension funds to reduce risks and increase returns by encouraging pension investments in capital markets [8]. - Establishing a robust risk management system and enhancing transparency in information disclosure are crucial for improving public trust in pension finance [9]. Group 4: Policy Improvements for Family Pension Finance - Current pension finance policies lack coordination and precision, with only 15.9 million employees covered by enterprise annuity plans, representing less than 20% of urban employment [10][11]. - Expanding tax incentives for low- and middle-income families could enhance participation in pension finance, as current tax benefits are limited [11]. - Diversifying pension financial products to meet various family needs and improving market regulation to increase awareness and trust in pension products are essential [12]. Group 5: Regional Development and Support for Underdeveloped Areas - There is a regional imbalance in pension finance, with a need for targeted policies to support underdeveloped areas, including the issuance of special pension bonds [14]. - Differentiated policies should be designed based on regional and urban-rural disparities, such as developing small-scale inclusive pension insurance products for rural areas [14]. Group 6: Integration of Technology and Pension Finance - Promoting the integration of technological innovation with pension finance and the pension industry is essential for optimizing the structure and enhancing development [15]. - The government should encourage social capital participation in the pension service industry, utilizing financial tools to support the development of diverse pension services [15]. - Effective management of pension assets and risk control is vital for ensuring the sustainable growth of the pension industry and meeting diverse social needs [16].

2025年6月6日，第二届"保险家论道"研讨会暨中国保险竞争力排行榜发布会在北京成功举 办。本次研讨会由清华大学五道口金融学院《清华金融评论》编辑部主办，会议主题 为："保险服务中国式现代化"。会议上，多位来自国内保险领域的顶尖学者和资深从业 者，围绕保险行业如何做好五篇大文章，推动经济高质量发展等话题进行交流探讨。现场 座无虚席，受到社会各界人士的广泛关注。 复星联合健康保险股份有限公司总经理赖晓 辉围绕"商业健康险的破局与未来"主题展开深度对话。 赖晓辉表示，商业健康险面临供需矛盾，如重疾险保费保额倒挂、医疗险增长乏力等问题。 他提出从三方面破局：产品创新方面，构建分层保障体系，推动健康管理与保险产品融合， 开发差异化医疗险，改革团体医疗产品。服务升级要关注全病程管理，优化核心服务场景， 借助智能化手段提升运营效率。生态协同则要整合医疗资源，打通数据接口，形成"保障+服 务"一体化解决方案，同时强化内部服务能力。商业健康险行业应聚焦这些核心策略，突破发 展瓶颈，为中国式现代化进程贡献力量。 图为 赖晓辉 分享 以下为嘉宾演讲全文 一、健康险产品创新：需求驱动的分层保障体系构建 当下，健康险的供需矛盾逐渐加 ...

从业务场景方面，可支持 微信、企业微信、工作群、APP、网页 等多种场景融合；用户可通过 语音、文字、图片 等交互方式与智能询价服务进行交互。对于保险保障获取方面，可支持参考续 保客户原保单保障、自定义保险保障、保险保障对比等展示效果供用户选择。 智能询价服务通过AI的赋能，致力于将原有人去操作多个系统，转化为人提出需求，由AI来完成 数据的获取以及各系统的交互操作，最终反馈给用户所需要的结果。 律商风险并非替代保险公司核心系统，而是通过数据+AI的方式赋能原有保险展业场景，实现真 正意义上的"数据即开即用" ，让数据无缝嵌入到保险的实际业务场景中。律商风险所有 AI 解决 方案均可采用私有化部署的方式落地，坚守数据安全的底线，避免信息泄露风险发生，满足客户 最高安全合规要求。 2025年6月6日，在清华五道口《清华金融评论》举办的第二届"保险家论道"研讨会暨2025中国保 险竞争力研究报告发布会上，律商联讯风险信息（简称"律商风险"）凭借 智能询价 解决方案， 从行业竞争中脱颖而出，荣获 "保险业年度数字化转型典型案例" 。这一奖项充分肯定了律商风 险的数据分析及创新能力。律商风险致力于推动车险行业的数字化 ...

# 读者福利 ， 欢迎留言互动， 6 月 20 日前，平台随机从留言中选取 3 位读者获赠本期推 荐新书！ 01 《钱商：投资、决策与财富增长的9大思维》 [美]伊利亚·斯特雷布拉耶夫 [美]亚历克斯·邓 著 中信出版集团 出版 内容简介 一个人要想赚到钱，关键在于形成对投资和财富的正确认知，持续提升自己的钱 商。 作为世界上最成功的财富创造群体之一，风险投资人在资本市场上经历了无数次 探索与试错，逐步形成了一套高回报的思维模式。作为这个群体的一员，本书作 者通过多年的教学与研究将这些投资智慧系统化，帮助上千名学生在财富管理上 取得了实质性进展。基于这一成果，作者总结出风投式思维的九大核心原则，并 将之呈现在本书中。 本书清晰地展现了如何在复杂多变的市场环境中识别机会、规避风险并坚定追求 高回报。书中的九条风投式思维囊括了投资组合发现机会、风险管理、慧眼识人 和长期价值等方方面面每一条原则不仅着眼于财富增值，更帮助读者在面对不确 定性时具备冷静思考的智慧。 无论是刚入门的投资新手，还是期望提升财商的职业人士，这本书都将帮你掌握 金钱运转的核心法则，实现个人跃迁。 作者简介 伊利亚·斯特雷布拉耶夫 斯坦福大学商 ...

孙思毅表示，随着中国社会迈入长寿时代，养老问题日益成为民生焦点。公众对养老的期 待正从基本的"老有所养、老有所依"向"老有所乐"升级，凸显出家庭养老金融需求的多样 化与前瞻性。这一趋势不仅要求家庭及早筹划，更需要政府、市场和社会三方共同推动养 老金融体系的供给侧改革与服务升级。在此背景下，《2025中国家庭养老金融健康指数调 研报告》应运而生。亦标志着大都会人寿进入中国20年来，在服务中国家庭、深耕养老金 融领域所积淀的使命与担当。未来，大都会人寿将继续加强与学界、业界和政策部门的协 同合作，探索更具创新性、普惠性和韧性的养老金融解决方案，助力构建更健全的社会养 老保障体系。 6月6日，由清华大学五道口金融学院《清华金融评论》携手中美联泰大都会人寿保险有限 公司（以下简称"大都会人寿"）联合主办。本次发布会汇聚养老金融领域专家学者及三百 余企业代表，共同探讨中国养老金融发展现状与未来。活动现场，中美联泰大都会人寿保 险有限公司总经理兼首席执行官孙思毅作为报告发起方代表之一，在开场致辞中表明了大 都会人寿在康养生态领域的深度布局和肩负的社会责任。 图为孙思毅 分享 以下为嘉宾演讲全文 尊敬的各位领导、各位来宾， ...

2025年6月6日，第二届"保险家论道"研讨会暨中国保险竞争力排行榜发布会在北京成功举 办。本次研讨会由清华大学五道口金融学院《清华金融评论》编辑部主办，会议主题 为："保险服务中国式现代化"。会议上，多位来自国内保险领域的顶尖学者和资深从业 者，围绕保险行业如何做好五篇大文章，推动经济高质量发展等话题进行交流探讨。现场 座无虚席，受到社会各界人士的广泛关注。 招商信诺人寿高端医疗部总经理匡莉围绕"商 业健康险的破局与未来"主题展开深度对话。 匡莉表示，当前商业健康险面临政策推动和市场需求的双重变化，产品创新需从传统住院保 障向涵盖门诊、院外购药的全链条延伸，紧贴医疗实际场景。支付方式的变革，特别是医保 与商保的结算融合，为行业发展带来新动力。服务方面，线上线下结合的医疗服务体系日益 完善，满足客户从常见病到疑难重症的多层次需求。随着企业国际化进程加快，跨境医疗和 合规服务能力成为新的挑战。未来商业健康险应聚焦产品优化、服务升级与生态协同，推动 行业持续健康发展，更好满足多样化和复杂化的市场需求。 图为 匡莉 分享 三、逐步构建多元协同生态，服务企业全球化 随着中国企业"走出去"的步伐加快，商业健康险面临更复 ...