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。 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。 会上国内首份《中国家庭养老金融健康指数调研 报告（2025年）》 （以下简称"《报告》"）正式亮相！ 专家热议中国家庭养老金融健康 当前，全球正面临前所未有的人口老龄化浪潮，而中国是全球老年人口规模最大、老龄化速度最快的国 家。因此，养老不仅是中国家庭的"家事"，更是全社会关注的"国事"。 在此次发布会中， 清华大学五道口金融学院讲席教授、清华大学国家金融研究院国际金融与经济研究 中心主任鞠建东 就"老龄化风险下的中国家庭养老金融健康机遇与挑战" ...

以下文章来源于太辉研究 ，作者沈建光、朱太辉 从交易治理来看，这一认识也没有分析稳定币背后的技术差异。 比特币、以太坊等加密资产的发 行交易依赖工作量证明（PoW）、权益证明（PoS）等共识算法，是完全去中心化，价格完全由 太辉研究 . 本平台主要发布朱太辉博士关于金融发展与宏观经济、金融科技与数字经济、金融监管与货币政策等领 域的研究观点。所发成果均为个人学术观点，与任何单位无关！ 文/ 京东集团首席经济学家，中国首席经济学家论坛理事 沈建光 ，京东集 团高级研究总监 朱太辉 2023年下半年以来，稳定币步入了快速增长轨道，但国内对稳定币 的认识还存在不少误区，既涉及稳定币的功能定位、稳定属性，也 涉及稳定币与央行数字货币的关系，更涉及稳定币对货币主权、货 币国际化和非法金融活动的影响，导致在发展离岸或者在岸人民币 稳定币上缺乏政策共识。接下来，应当尽快厘清这些认识误区，全 面客观地认识稳定币的功能属性和战略价值，稳妥推进离岸人民币 稳定币发展，为境内人民币稳定币发展打下基础，同时为人民币国 际化提供新的引擎。 2023年下半年以来，稳定币步入了快速增长轨道，当前市场规模已经超过了2300亿美元，持有的 活 ...

财经杂志 . 文/中国社科院世经政所博士后 谢慧敏、 中国社科院世经政所研究员 杨盼 盼 、中国社科院世经政所研究员 徐奇渊 4月以来，特朗普政府的关税政策经历了剧烈波动与多次重大调整。 特 别 是 针 对 中 国 ， 美 国 先 是 施 加 " 对 等 关 税 " ， 随 后 又 多 次 提 升 关 税 ， 最 终 将 税 率 加 征 至 14 5% ， 这 可 被 视 为 一 次 极 限 关 税 的 压 力 测 试。 在如此高的关税下，4月中国对美出口同比下降21.3%，下降幅度显 著低于此前各类模拟测算的结果。其原因何在？可持续性如何？本 文尝试基于美国进口商提单层面的微观数据做逐一回答。 以下文章来源于财经杂志 ，作者谢慧敏 等 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独 家、独到"的新闻理念，以权威性、公正性、专业性报道见长，是政经学界决策者、研究者、管理者的 必读刊物。 抢进口在"对等关税"早期发挥作用 基于Panjiva数据，4月15日-5月13日，美国从中国海运进口货值同比下降15.5%，这与中国海关总 署公布的4月中国对美出口下降约21%较为 ...

Core Viewpoint - The "2025 China Insurance Competitiveness Research Report" aims to provide insights for the high-quality development of China's insurance industry and to enhance its functional positioning [4][5]. Group 1: Industry Overview - 2024 is a crucial year for achieving the goals of China's "14th Five-Year Plan," with significant reforms and modernization efforts outlined by the 20th Central Committee [4]. - The insurance industry is expected to see continuous premium income growth and improved investment performance in 2024, with advancements in product design, business expansion, and risk management [4][5]. - The "New National Ten Articles" issued by the State Council sets developmental goals for the insurance industry by 2029 and 2035, providing a new framework for reform [4][5]. Group 2: Research Report Structure - The report consists of two main parts: the "2025 China Insurance Competitiveness Ranking" and the "2025 China Insurance Competitiveness Analysis Report" [6]. - The ranking evaluates insurance companies based on ten indicators across five dimensions, including capital strength, profitability, business capability, risk control, and service capability [6][7]. - The analysis report tracks significant changes and events in the insurance industry throughout 2024 and offers recommendations for promoting high-quality development [7][18]. Group 3: Competitiveness Rankings - The "2025 Life Insurance Competitiveness Ranking" includes detailed metrics such as total assets, actual capital, net profit, market share, and solvency ratios for various life insurance companies [9][10]. - The "2025 Property Insurance Competitiveness Ranking" similarly evaluates property insurance companies based on total assets, net profit, market share, and actual capital [14][15]. Group 4: Economic Context - In 2024, China's GDP reached 134.9 trillion yuan, growing by 5%, contributing approximately 30% to global economic growth [18]. - The employment rate remained stable, with 12.56 million new urban jobs created and an average urban unemployment rate of 5.1% [18]. - The broad money supply (M2) increased by 7.3% year-on-year, reaching 313.5 trillion yuan by the end of the year [18].

Core Viewpoint - The recognition of Nongyin Life as the "Annual Outstanding Bank-affiliated Life Insurance Company" reflects its strong development philosophy, excellent performance, and outstanding service quality [1][5]. Group 1: Company Performance - Since its establishment in 2013, Nongyin Life has leveraged the strong financial strength and extensive network of Agricultural Bank of China to provide high-quality insurance and financial planning services [3]. - By the end of 2024, Nongyin Life had developed over 500 products, served 21.44 million customers, and increased total premium income from 7.8 billion to 36.8 billion, with total assets growing from 34.2 billion to over 210 billion [3]. - The company has achieved an AA rating in regulatory risk assessment for four consecutive quarters and has maintained the highest A rating in operational evaluation for five years, demonstrating consistent profitability and strong operational performance [3]. Group 2: Social Responsibility and Innovation - Nongyin Life actively participates in rural revitalization efforts by developing exclusive products for "three rural" customers and donating over 1.5 billion in accident insurance to assist disabled individuals in targeted poverty alleviation [4]. - The company emphasizes financial education in rural areas, conducting offline seminars to enhance financial risk awareness among "three rural" customers [4]. - The introduction of "Nongyin Smart Core" has improved claims processing efficiency, with over 74% of claims processed through this system in 2024, an increase of 8 percentage points from the previous year [4]. Group 3: Future Outlook - The award received is a recognition of Nongyin Life's comprehensive strengths in operational efficiency, service capability, risk control, and social contribution [5]. - The company aims to continue optimizing its products and services to better serve customers and contribute to the modernization of insurance services in China [5].

# 读者福利 ， 欢迎留言互动， 6 月 13 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 《货币与政府》 【英】罗伯特·斯基德尔斯基 著 郭金兴 译 中信出版集团 出版 内容简介 作者简介 罗伯特·斯基德尔斯基（Robert Skidelsky） 英国华威大学政治经济学荣休教授。他撰写的三卷本《凯恩斯传》曾获多项殊 荣，包括莱昂内尔·盖尔伯奖（Lionel Gelber Prize）等。他于1991年被册封为终 身贵族，1994年当选英国国家学术院院士。 02 《科创与中国： 为什么是杭州，如何不仅是杭州》 曹钟雄 郑宇劼 著 主流宏观经济学认为，货币只是笼罩在实体经济之上的"一层面纱"，长期来看对 产出和就业等实际变量没有影响，货币供给的变化只会导致价格水平同比例的变 动；政府不是解决经济问题的方法，而是产生问题的原因，所以经济运行最好留 给市场这只"看不见的手"。但是，从大萧条、滞胀到大衰退，作者戳穿了"自由市 场"的神话，剖析了凯恩斯主义理论与政策如何屡次在危机中被迫登场，却又屡遭 背弃，揭示了主流经济理论的片面性与意识形态底色。 本书作者曾经撰写《凯恩斯传》，是研究凯恩斯思想的 ...

Core Viewpoint - The conference emphasized the importance of the insurance industry in supporting China's modernization and high-quality economic development, focusing on innovation, service improvement, and risk management [2][6][10]. Group 1: Conference Overview - The second "Insurance Family Forum" was held in Beijing, focusing on the theme "Insurance Services for Chinese Modernization" [2]. - The event gathered top scholars and practitioners from the insurance sector to discuss how to enhance the industry's role in economic development [2][6]. Group 2: Key Presentations - Zhang Wei, from Tsinghua University, highlighted the complex external environment affecting the insurance industry and the need for innovation and responsiveness to national strategies [6]. - Liang Tao, former vice chairman of the China Banking and Insurance Regulatory Commission, discussed the new regulatory framework aimed at guiding the industry towards value creation rather than just risk management [9]. - Chen Zhiqiang, president of the Beijing Insurance Industry Association, emphasized the need for innovation and collaboration in the insurance sector to support urban governance and disaster prevention [10]. Group 3: Research Report Insights - The "2025 China Insurance Competitiveness Research Report" was introduced, aiming to reflect the competitive landscape of the insurance industry and provide insights for high-quality development [13][15]. - The report includes a ranking system based on ten evaluation indicators across five dimensions, assessing the comprehensive competitiveness of insurance companies [15]. Group 4: Roundtable Discussion - A roundtable discussion focused on the future of commercial health insurance, emphasizing the need for product innovation, service upgrades, and ecosystem collaboration [16][18]. - Key areas for product innovation include targeting specific demographic needs and expanding coverage to include non-listed medical services [18]. - The discussion highlighted the importance of establishing data-sharing mechanisms and policy collaboration to enhance the insurance ecosystem [18]. Group 5: Future Outlook - Despite short-term growth pressures, the health insurance sector is expected to benefit from aging populations and rising medical consumption, presenting strategic opportunities for sustainable development [19]. - The conference awarded the "Zijing Award" and recognized 31 exemplary cases of innovation in the insurance industry, showcasing the sector's commitment to high-quality development [20].

文/中国联合重型燃气轮机技术有限公司财务与资产部主任 杨龙 近年来，我国支持科技创新的金融政策不断完善，专利融资作为一 种创新融资方式，快速发展，为解决中小科技企业融资难提供了有 效途径。但我国专利市场发展历程较短，专利融资起步相对较晚， 相 较 科 技 创 新 的 巨 大 市 场 规 模 和 融 资 需 求 ， 专 利 融 资 作 用 发 挥 不 足，面临着一些问题和挑战，需要进一步深入研究和探索有效的对 策。 在知识经济时代，科技创新已成为一国参与全球竞争的核心能力。专利作为创新成果的重要体现，不仅 代表着企业的核心竞争能力，也是企业经济价值的重要载体，专利资源的经济价值开发与运用对促进和 支持科技创新具有重要作用。近年来，我国支持科技创新的金融政策不断完善，专利融资作为一种创新 融资方式，快速发展，为解决中小科技企业融资难提供了有效途径。但我国专利市场发展历程较短，专 利融资起步相对较晚，相较科技创新的巨大市场规模和融资需求，专利融资作用发挥不足，面临着一些 问题和挑战，需要进一步深入研究和探索有效的对策。 发展专利融资意义重大 专利融资是科技创新的有效支撑。知识经济时代，新技术、新业态不断涌现，专利等 ...

以下文章来源于中国银河宏观 ，作者中国银河宏观 中国银河宏观 . 中国银河证券宏观经济研究 文/中国银河证券首席宏观分析师 张迪 、 中国银河证券宏观经济分析师 于金潼 、中国银河证券宏观经济分析师助理 铁伟奥 5月22日，美国众议院以215比2 1 4票的微弱优势通过2 0 2 5财年预算 协调法案"The One , Bi g, Be a utif ul Bill "（大美丽法案）。不同机 构估计，该法案将在未来1 0年内使净赤字增加至少3万亿美元。这个 法案究竟会带来什么影响？ 大美丽法案包括什么？ 5月22日，美国众议院以215比214票的微弱优势通过2025财年预算协调法案"The One, Big, Beautiful Bill"（大美丽法案）。不同机构估计，该法案将在未来 10 年内使净赤字增加至少3 万亿美元。主要内容包括延长并永久化2017年《减税和就业法案》的主要条款，并添加额外的税收减免 政策；虽然在农业、教育、能源等领域削减了支出，但在国防和边境安全上扩大了支出，叠加减税政 策，总体上法案让美国政府赤字进一步上行。 其中外国资产税引人注意，法案第899条规定对美国认为 存在税收政策"歧 ...

Core Viewpoint - The credit card industry is undergoing a significant transformation driven by digitalization, with banks shifting from scale expansion to value reconstruction, as evidenced by the closure of off-site credit card centers [1][2]. Group 1: Industry Transformation Pressures - The credit card industry's adjustment is a result of multiple intertwined contradictions, including historical issues from aggressive expansion, leading to increased credit risk and higher non-performing loan rates [3][4]. - Regulatory policies have imposed strict constraints, pushing banks to focus on quality over quantity in their credit card operations, as highlighted by the guidelines issued in July 2022 [4][5]. - The rise of mobile payments and alternative credit products has disrupted traditional credit card usage, necessitating banks to adapt by reducing ineffective operations and focusing on customer value [6][9]. Group 2: Strategic Value of Credit Cards - Despite industry contraction, credit cards remain a vital source of income for banks and play a crucial role in promoting domestic consumption [8][10]. - The transformation emphasizes a shift from scale to quality, focusing on building a customer value-centric operational system [8][10]. Group 3: Product Innovation and Ecosystem Development - Banks are moving from broad offerings to targeted solutions, embedding credit card products into specific consumer scenarios, enhancing user engagement and transaction frequency [9][10]. - The development of a multi-dimensional ecosystem is underway, integrating credit cards with various financial services and consumer experiences, thereby extending customer lifecycle value [11][12]. Group 4: Intelligent Operations and Risk Management - The adoption of AI and big data is reshaping operational efficiency and risk management in the credit card sector, improving user experience and enabling precise risk control [13][14]. - Banks are transitioning to a dynamic risk management system that leverages real-time data for credit assessments and customer segmentation [14]. Group 5: Future Outlook - The credit card industry's evolution signifies a shift from quantity to quality, with a focus on service efficiency and customer value exploration [16][17]. - Future competition will hinge on the ability to integrate financial services into consumer journeys, the depth of technology application, and the level of ecosystem development [16][17].