Core Viewpoint - The retail asset business of commercial banks in China is currently underperforming, which is seen as a temporary phenomenon. Strategies are suggested to better understand the business logic of retail assets and to focus on risk management models that emphasize the primary repayment source [1][14]. Summary by Sections Performance of Retail Asset Business - The retail asset business, which includes housing mortgage loans, personal consumption loans, personal business loans, and credit card services, is facing significant pressure in 2024, characterized by a slowdown in personal loan growth, declining yields, and rising non-performing loan (NPL) ratios. The growth rate of personal loans dropped from over 10% before 2021 to 4.89% in 2022 and further to 3.69% in 2024. The average NPL ratio for personal loans increased from below 1% before 2021 to 1.10% in 2022 and 1.51% in 2024, marking a rise of over 65% compared to 2021 [2][3][5]. Characteristics of Retail Asset Business - Retail asset business is characterized by light capital attributes, risk diversification advantages, and weak cyclical features. The light capital nature is reinforced by new regulations effective from 2024, which lower risk weights for various types of retail loans. The risk diversification is due to the broad customer base, minimizing the impact of individual defaults. The weak cyclical nature allows retail assets to provide stability during economic fluctuations, as evidenced by historical data from the U.S. banking sector [8][9][10]. Underperformance as a Temporary Phenomenon - The underperformance of retail asset business since 2022 is attributed to a supply-demand imbalance in the economy. The real estate market's downturn and weak consumer demand have led to reduced consumer confidence and spending. This imbalance has persisted for over a year, affecting the performance of personal business loans and consumption loans, particularly for small and micro enterprises [13][14][16].

Core Viewpoint - The article emphasizes the importance of carbon neutrality and the investment opportunities it presents, particularly in the context of global and Chinese strategies for achieving carbon peak and neutrality [1][2]. Summary by Sections Section 1: Global Perspective on Carbon Peak and Neutrality - The book provides a comprehensive overview of global climate change, energy technologies, and economic transformations related to carbon neutrality [4][7]. Section 2: China's Path to Carbon Peak and Neutrality - It outlines China's specific goals and policies for achieving carbon peak and neutrality, highlighting the legal and institutional frameworks necessary for implementation [5][7]. Section 3: Development of Carbon Markets - The text discusses the construction and evolution of carbon markets, including key points and international participation opportunities [6][7]. Section 4: Carbon Asset Management Theory and Practice - It covers the theoretical foundations and practical applications of carbon asset management, emphasizing the importance of effective management systems [5][7]. Section 5: Investment and Financing Systems for Carbon Neutrality - The book details the investment and financing frameworks that support carbon neutrality initiatives, showcasing typical case studies [6][7]. Section 6: Typical Cases of Carbon Neutrality Investment and Financing - It presents various case studies that illustrate successful investment strategies in the carbon neutrality sector, providing practical insights for stakeholders [6][7].

Core Viewpoint - The article discusses the recent rise in U.S. inflation as indicated by the June CPI data, which shows a year-on-year increase of 2.7%, up from 2.4% in the previous month, primarily driven by a rebound in energy prices. The Federal Reserve may need more time to assess the situation before making further decisions on interest rate cuts, which could significantly impact global financial markets in the second half of the year [1][19]. Inflation Data Summary - The June CPI year-on-year increase is 2.7%, compared to a previous value of 2.4% and market expectations of 2.6%. The month-on-month increase is 0.3%, up from 0.1% previously [2][3]. - Core CPI shows a year-on-year increase of 2.9%, slightly up from 2.8% previously, with a month-on-month increase of 0.2% [5][15]. - The Cleveland Fed's Trimmed Mean CPI increased to 3.17% year-on-year, up from 3.03%, indicating a rise in inflation breadth and stickiness [5][6]. Energy and Food Prices - Energy prices increased by 0.9% month-on-month, with gasoline prices rebounding significantly. The impact of retail gasoline prices, which typically lag behind crude oil price fluctuations, is expected to continue into July [3][5]. - Food prices remained stable with a month-on-month increase of 0.3%, driven by a rise in household food prices [5]. Core Goods and Services - Core goods prices rebounded to a month-on-month increase of 0.2%, with various categories such as furniture and appliances showing significant increases. However, prices for clothing and vehicles remain below trend lines [10][11]. - Core services saw a month-on-month increase of 0.3%, with super core services (excluding housing) also showing a rebound, indicating some recovery in demand [15][16]. Impact of Tariffs - The article highlights that tariffs are beginning to show an impact on inflation, but the effect is currently moderate. The expected overall impact of tariffs on inflation is estimated to be around 80 basis points [17][18]. - Companies are employing various strategies to mitigate tariff costs, including price adjustments, renegotiating with suppliers, and diversifying supply chains [14][18]. Federal Reserve's Position - The Federal Reserve is expected to consider the moderate inflation impact and the weakening job market before making decisions on interest rate cuts. The consensus is leaning towards a potential rate cut in the fourth quarter of the year [17][20]. - Recent comments from key Fed officials suggest a more dovish stance, indicating that even if inflation rises due to tariffs, it may not delay rate cuts [20]. Market Reactions - The U.S. stock market has shown mixed performance, with technology stocks benefiting from certain market expectations, while financial stocks have faced adjustments due to disappointing earnings reports [21].

Core Viewpoint - The article discusses the pressure exerted by President Trump on the Federal Reserve to lower interest rates, highlighting the implications for the Fed's independence and the capital markets [1][2][3]. Group 1: Trump's Visit and Pressure on the Fed - Trump's visit to the Federal Reserve is the first by a sitting president in nearly 20 years, aimed at pressuring Chairman Powell to lower interest rates [3]. - Trump suggested that reducing rates by three percentage points could save the U.S. over $1 trillion [3]. - Market expectations for Fed rate cuts have increased, with traders now anticipating a reduction of 76 basis points in 2026, up from an earlier expectation of 25 basis points [3]. Group 2: Allegations Against Powell - Congressman Luna has accused Powell of perjury regarding the $25 billion renovation of the Fed's headquarters, claiming he misrepresented the project's luxury features and budget adjustments [6]. - The allegations come amid ongoing pressure from Trump and his allies, aiming to undermine Powell's authority and potentially set the stage for his removal [6][9]. - Powell has denied the allegations and initiated an internal review of the renovation project to restore public trust [6]. Group 3: Market Reactions and Long-term Risks - Short-term market reactions show a rise in stock indices like Nasdaq and S&P 500, indicating a focus on corporate earnings rather than political turmoil [7]. - The bond market reflects increased risk aversion, with a decline in the 10-year Treasury yield by approximately 6 basis points [7]. - Long-term risks include challenges to the Fed's independence, which could lead to inflation expectations becoming unanchored and damage the credibility of the U.S. dollar [7][10]. Group 4: Legal and Internal Factors - Legally, removing the Fed Chairman requires "just cause," and if the perjury allegations are not substantiated, it may be difficult to remove Powell [9]. - Internal opposition exists, with moderate figures like Treasury Secretary Mnuchin opposing the removal, citing the current economic stability [9]. Group 5: Conclusion and Investor Guidance - The situation is characterized as a political struggle using moral issues, with limited short-term market impact but potential long-term systemic risks due to the erosion of the Fed's independence [10]. - Investors are advised to monitor the judicial investigation and Trump's policy direction, prioritizing assets that can withstand volatility, such as gold and short-term Treasuries, while being cautious of long-term credit risks associated with dollar assets [10].

Core Viewpoint - The article discusses the trend of Chinese concept stocks (Chinext) returning to the Hong Kong market due to increasing regulatory pressures in the U.S. and the potential for Hong Kong to become a global technology capital hub and a strategic point for integrating Chinese assets into the global market [2][5][10]. Summary by Sections Background of U.S.-China Tensions - The U.S. has long had regulatory tensions regarding Chinese companies listed in the U.S., particularly following the signing of the Holding Foreign Companies Accountable Act (HFCAA) in late 2020, which requires foreign companies to undergo audits or face delisting [4][5]. - In early 2025, the U.S. Treasury Secretary indicated the possibility of delisting Chinese stocks, prompting a response from Hong Kong's financial authorities, who are prepared to welcome these companies back [5][6]. Pathways for Chinext to Return - The Hong Kong Stock Exchange (HKEX) has established three main pathways for Chinext to return: 1. Re-listing in Hong Kong after privatization in the U.S. 2. Secondary listing in Hong Kong through instruments like Depositary Receipts (DR). 3. Dual primary listing, allowing companies to be listed on multiple exchanges while meeting all regulatory requirements [6][8]. Impact on Hong Kong Market - The return of Chinext is expected to significantly increase trading volume in the Hong Kong market, as seen during previous return waves in 2018-2021, where companies like Xiaomi and Alibaba contributed to substantial increases in IPO fundraising [8][9]. - The structure of the Hong Kong market is also anticipated to change, with a shift towards technology and new economy sectors, as traditional sectors like finance and real estate see their weight decrease [9][11]. Global Capital Market Dynamics - The return of Chinext is reshaping the global capital market landscape, reflecting a shift in financial power dynamics between the U.S. and China, and indicating a move towards a multi-polar capital market structure [10][12]. - The trend is also contributing to a "de-dollarization" movement, as global capital seeks alternatives to U.S. assets, with Hong Kong emerging as a strategic exit for capital fleeing from U.S. markets [12][13]. Regulatory and Market Environment - Hong Kong's unique regulatory environment and its position as a bridge between mainland China and international markets provide a favorable backdrop for the return of Chinext, enhancing its appeal to both domestic and international investors [14][15].

文/ 香港金融管理局 总裁 余伟文 一个月前，我在这个栏目谈到如何推动稳定币在香港稳妥、可持续发展， 并提出应为稳定币热潮降降温。观乎一个月来市场和社会上对稳定币的讨 论热度，降温力度仍需加强。今天我想从监管角度再谈谈我们的看法，以 及下一步如何按照稳妥、可持续的原则落实《稳定币条例》。 避免过度炒作 稳定币也是近期各国央行和金融监管当局讨论较多的课题，讨论的焦点集中在稳定币的内在和外溢风 险，包括对传统金融市场和银行的影响，但更大的关注点在于如何避免稳定币被不法分子利用作洗钱工 具，特别是在跨境使用的场景。俗称「央行的央行」的国际清算银行在最新的年度经济报告中，就用了 不少篇幅强调防范稳定币洗钱风险的重要性。 香港是国际金融中心，监管水平一向以稳健见称，在国际上也有良好的声誉。《稳定币条例》通过以 后，我们马上就落实条例的监管和反洗钱两份指引征求市场意见，目前正根据反馈意见适当调整指引的 要求，争取在7月底公布。我们预期最终的定稿与咨询草稿不会有太大的调整，而鉴于国际监管的共同 关注，在反洗钱方面会订立更严谨的要求，尽量减低稳定币成为洗钱工具的风险，务求让香港稳定币市 场有序健康发展。 张弛有度是一种监管艺 ...

金融助力县域高质量发展的作用机制：三个核心功能 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。在中国式现代化建设进程中，金融要立足 县域发展需要，以问题为导向，通过产业助推、风险缓释、治理润滑三大核心功能，深度融入县域经济 社会发展肌理，推动形成"产业升级—风险可控—治理高效"的良性循环，为县域高质量发展提供系统性 支撑。 产业助推功能 县域高质量发展离不开县域产业经济基础的支撑，而金融是推动县域产业转型发展的必要力量。然而， 不少县域经济发展仍未走出传统的粗放经营模式，发展动能和内生需求尚显不足。县域发展过程中如何 组织好各类要素、做好资源配置，重塑产业链的发展逻辑和循环机制就需要金融在其中发挥积极作用。 在县域产业振兴进程中，金融通过数字化手段持续提升服务效率，以信息中介作用促进多元协同，并借 助资源配置能力强化要素整合，建立起了多方位的产业助推功能。近年来，随着数字经济技术不断壮 大，我国数字金融加快发展，以大数据、人工智能等技术为代表的新质生产力和生产要素与金融产品服 务深度融合，成为推动产业发展的催化剂。各类数据要素的价值通过数字金融手段不断放大，信息不对 称程度持续降低，为县域经济社会能级 ...

Core Viewpoint - The article emphasizes the urgent challenges of global sustainable development and the increasing need for investment in ESG (Environmental, Social, and Governance) strategies, highlighting the necessity for deeper research into the definitions and classifications of ESG investments [1]. ESG Investment Definition - ESG investment is defined globally as an investment approach that incorporates social, environmental, and governance factors into decision-making processes, with various organizations providing similar yet distinct definitions [3][4]. - In China, ESG investment is recognized as a long-term investment philosophy that considers not only financial performance but also social responsibility and ESG performance [3]. ESG Investment Characteristics - ESG investment is characterized by its long-term focus, non-negative impact, purpose-driven nature, and the expectation of financial returns while balancing social and environmental benefits [8][9][10]. ESG Investment Classification - There are three main classifications of ESG investments: strategy-based classification, third-party institutional classification, and regulatory-driven classification [12]. - As of the end of 2021, the total ESG investment scale in six countries reached $16.27 trillion, with various strategies like impact investing and negative screening being prominent [13]. ESG Investment Standards - The establishment of ESG investment certification systems in various countries aims to promote ESG investments by providing clear standards and labels for compliant products [22]. - The French Socially Responsible Investment label serves as an example, requiring funds to meet specific ESG criteria and demonstrate their ESG performance [22][23]. Issues and Recommendations - The article identifies several issues in ESG investment, including the lack of standardized terminology, the risk of "greenwashing," insufficient positive impacts, and the comparability of international standards [28]. - Recommendations include enhancing understanding of ESG concepts, optimizing ESG investment classifications and standards, and strengthening the effectiveness of ESG investments through better alignment with sustainable development goals [29][30].

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]. 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 as a comprehensive financial cultural operation platform under Tsinghua University Asset Management Co., Ltd., established in June 2015 [14]. - It aims to integrate academic research with industry practices, providing a financial ecosystem service system [14]. - Key business functions include operating Tsinghua Financial Review, conducting financial policy research, providing industry consulting services, and organizing high-end financial conferences and industry exchange events [14]. Group 3: Recruitment Opportunities - The company is seeking to hire financial research editors, conference activity supervisors, and financial research editor assistants, emphasizing the need for candidates with relevant educational backgrounds and experience in finance and media [5][8][11]. - The roles involve responsibilities such as independent editing, project planning, and client relationship management within the banking sector [5][8][9].

Core Viewpoint - The article emphasizes the historical experience of medieval England in maintaining currency stability through institutional reforms, which provides valuable insights for modern digital currency governance [1][2]. Group 1: Currency Stability in Medieval England - Unlike other European countries that frequently debased their currencies to increase fiscal revenue, the English government adopted a more prudent approach, maintaining currency unity and value stability by not reducing coinage quality [4][6]. - The core of this policy was to uphold currency credit and ensure market trust in currency value, reflecting the government's long-term vision in fiscal management [4][6]. - Centralized minting, the introduction of a pricing system for mints, and periodic devaluation were key strategies that helped maintain currency stability, making English currency one of the most stable in Europe [4][6]. Group 2: Government's Role in Currency Management - The stability of medieval England's currency was a rational choice by the government, balancing short-term interests with long-term credit, avoiding inflation and market trust crises caused by currency devaluation [6]. - Legislative measures were implemented to protect currency from counterfeiting, clipping, and the influx of foreign coins, establishing a stringent currency credit system [6]. - The 1279 Currency Act set clear standards for coin weight and quality, with severe penalties for violations, demonstrating the importance of legal frameworks in ensuring stable currency circulation [6].