Core Viewpoint - Technology is the primary productive force, and better integration of technology and capital can activate new engines of economic growth, build an efficient financial ecosystem, and strengthen national strategic security [2][4]. Submission Directions - The article invites contributions on the theme of "Integration of Technology and Capital," marking the 6th anniversary of the Science and Technology Innovation Board (科创板) in 2025 [4]. - The editorial team aims to provide a platform for policy makers, business decision-makers, researchers, and investors through analysis of economic and financial conditions, commentary on policies, and practical recommendations [4]. Suggested Topics for Submission 1. Achievements and future development directions of the Science and Technology Innovation Board [5]. 2. Impact and prospects of new policies on the financing environment for technology enterprises [6]. 3. Mechanisms for nurturing patient capital under the deepening of the registration system [6]. 4. Regulatory collaborative innovation in the integration of technology and capital [6]. 5. Upgrading the low-altitude economy industrial chain driven by patient capital [6]. 6. Support logic for unprofitable enterprises under the tiered design of the Science and Technology Innovation Board [6]. 7. Institutional optimization for enhancing the patient attributes of state-owned capital [6]. 8. Artificial intelligence reshaping the full-cycle management of patient capital [6]. 9. Actual promotion of industries by the expansion of the fifth set of standards of the Science and Technology Innovation Board [6]. 10. Capital pathways in frontier fields [6]. 11. Addressing the pain points of "raising, investing, managing, and exiting" for enterprises on the Science and Technology Innovation Board [6]. 12. International experience in further integrating technology and capital [6]. Submission Requirements - Original submissions that have not been published on any platform [7]. - Suggested word count of 4000 to 6000 words, including charts [7]. - Plagiarism check limit of 8% on CNKI [7]. - Submission format includes a Word document, author biography, contact information, and academic resume [7]. - Submission deadline is October 18, 2025, with the email provided for submissions [7].

Core Insights - Digital assets have transitioned from "marginal innovation" to "mainstream allocation," becoming a focal point in global financial markets due to advancements in digital technology, financial inclusivity, and clearer regulations [3][10] - Major economies are strategically positioning themselves in the digital asset space, making it a frontier for the reconstruction of financial systems and geopolitical competition [3][10] Digital Asset Overview - Digital assets generally consist of central bank digital currencies (CBDCs) and crypto assets, which include stablecoins, real-world assets (RWAs), and virtual assets [4] - As of August 2025, the total market capitalization of global crypto assets reached $3.9 trillion, with Bitcoin accounting for over 56% [4] - The U.S. is accelerating the establishment of a regulatory framework through various legislations, while the EU's Markets in Crypto-Assets (MiCA) regulation has come into full effect [4][10] Challenges in Digital Asset Development - Technological challenges include security vulnerabilities, interoperability issues, and the need for unified communication standards [5] - Regulatory challenges stem from fragmented rules and cross-border enforcement disputes, leading to high compliance costs [5] - Market challenges include insufficient liquidity in secondary markets and uncertainties regarding asset ownership and bankruptcy isolation [5] Future Directions for Digital Assets - The significance of developing digital assets lies in their potential to enhance economic efficiency and reduce transaction costs, particularly in facilitating data sharing and cross-border payments [6] - The value foundation of digital assets varies, with CBDCs having a clear value basis, while the stability of stablecoins depends on the market value and liquidity of their collateral [6] - The role of stablecoins in reshaping cross-border payment systems and the international monetary framework is under scrutiny, with challenges related to liquidity management and regulatory uncertainties [6] Global Monetary System Evolution - The international monetary system is showing signs of fragmentation due to geopolitical competition and technological changes, presenting opportunities for other reserve currencies [7] - Strengthening institutional frameworks and further opening capital accounts are essential for leveraging the advantages of digital assets [7] Thematic Exploration in Digital Assets - The October issue of Tsinghua Financial Review features a cover topic on global digital assets, inviting experts to discuss the interaction between digital assets and the monetary financial system from multiple dimensions [12]

Core Viewpoint - The green industry is experiencing a slight recovery in September 2025, with continued expansion and positive indicators in various sectors [6][7]. Group 1: Green Industry Performance - The Green Prosperity Index (GPI) for September 2025 is 50.94%, reflecting a slight increase of 0.3 percentage points from the previous month [7]. - The new orders index remains above the critical point, while the export index has risen to a one-year high, increasing by 5.7 percentage points [10]. - Production and capacity utilization indices have improved, indicating a recovery in supply, with production index up by 1.4 percentage points and capacity utilization index up by 4.6 percentage points [10]. - The procurement index has increased by 10.8 percentage points, showing heightened purchasing activity in the green industry [10]. Group 2: Cost Pressures and Financial Conditions - The cost index has risen by 2.5 percentage points, indicating increased cost pressures primarily due to rising prices of raw materials, transportation costs, and labor supply issues [10]. - Despite the cost pressures, the overall cost index remains at a relatively low historical level, consistent with recent trends in the Producer Price Index (PPI) [10]. Group 3: Sector-Specific Insights - The green manufacturing and renewable energy generation sectors are both experiencing a simultaneous increase in their prosperity indices, with green manufacturing up by 5.5 percentage points and renewable energy generation up by 6.3 percentage points [15]. - Policies supporting the development of green high-end energy equipment and promoting the consumption of renewable energy are contributing to the recovery in these sectors [19]. Group 4: Small and Medium Enterprises - The prosperity index for small and medium-sized green environmental enterprises has improved to 54.2%, an increase of 3.4 percentage points from the previous month [21]. - In contrast, larger green environmental enterprises have shown a decline in their prosperity indices, although they remain above the threshold of expansion [21].

文/国金宏观 宋雪涛 此 次新型政策性金融工具的出台更多为了长期目标，与2 0 2 2年相比，在 投向、资金来源和经济影响等方面并不相同。 9月29日，国家发改委在新闻发布会上表示："推进新型政策性金融工具有关工作，规模共5000亿元，全部用于补充项目资本金"。新型政策性 金融工具最早于今年4月政治局会议提出，最终在基数较高、同比增速压力较大的四季度落地，符合此前市场预期。 早在2022年，央行曾支持国开行、农发行和进出口银行设立类似的政策性开发性金融工具，当时为了托底投资，主要投向交通水利能源等基 础设施和信息科技物流的产业升级，投放7399亿元，带动当年基建投资增速从上半年的9.3%提升至11.5%。对比2022年，这一次的政策性金 融工具有三个不同之处。 出台背景和投向不同 与2022年稳增长压力较大的背景相比，今年实现全年5%的 国内生产总值（GDP） 增长目标压力并不大，此次出台新型政策性金融工具更多 是为了支持扩大内需和科技创新的长远目标，这也符合"十五五"规划的两条主线。因此，新型政策性金融工具在支持项目方面，更加聚焦新 质生产力，重点支持数字经济、人工智能、低空经济、消费基础设施、绿色低碳、农 ...

Core Viewpoint - The September economic data indicates a seasonal improvement, aligning with other soft indicators like EPMI and BCI, suggesting a positive trend in the economy during the autumn peak season [4][5]. Group 1: Economic Indicators - The September EPMI rose by 4.6 points to 52.4, reflecting seasonal characteristics of the autumn peak, with the increase aligning with seasonal averages [5]. - The BCI index rebounded from 46.9 to 51.1 in September, exceeding expectations after a slowdown in the previous months [5]. - The PMI for September was reported at 49.8, slightly above the previous value of 49.4, indicating a stabilization in economic activity [5]. Group 2: Production and Demand - Production outpaced demand, with the production index at 51.9 and new orders at 49.7, resulting in a production-new orders differential of 2.2 points, the highest since January 2024 [8]. - The export index remained stable, with new export orders at 47.8, indicating resilience in external demand despite global economic challenges [8]. Group 3: Business Size Impact - Large enterprises showed higher PMI at 51.0, while small enterprises improved significantly by 1.6 points, contrasting with a decline in medium-sized enterprises [9]. - The disparity suggests that large firms benefit from more substantial projects, while small firms gain from exports and emerging sectors [9]. Group 4: Price Trends - Price indices showed fluctuations, with the purchasing price index at 53.2 and the factory price index at 48.2, indicating ongoing price pressures despite some initial improvements [10]. - The short-term price trends need reinforcement, as production levels exceed demand, affecting pricing stability [10]. Group 5: Business Expectations - The production and business activity expectation index rose to 54.1, reflecting improved business sentiment due to factors like debt clearance and market activity [10]. - The equipment manufacturing sector showed the highest PMI at 51.9, while consumer goods manufacturing also improved, driven by seasonal factors [10]. Group 6: Construction Sector - The construction sector's PMI was at 49.3, indicating a low level of activity historically for September, with investment in real estate and infrastructure showing signs of weakness [11]. - The need for policy measures to stimulate investment in construction is highlighted to prevent further economic slowdown [13].

文/兴业研究外汇商品部高级研究员 蒋冬英， 兴业研究外汇商品部首席研究员 郭嘉 沂 海 外园区是指政府或企业在境外建设的，具有对外产业集聚和对外经济 合作功能的园区，是推动"一带一路"共建的重要平台。据此，本文就"一 带一路"海外园区分布特征及其影响因素进行分析。 "一带一路"海外园区分布 20世纪90年年代，我国企业"走出去"战略正处于起步阶段，企业开始探索建设海外园区。1999年，为进军全球最大的家电消费市场，海尔集团在美国南卡 罗来纳州卡姆登市（Camden）兴建了工业园；随后，我国在巴基斯坦、阿联酋先后兴建了拉合尔工业园和"龙市场"贸易中心，海外园区建设正式进入起 步阶段。2008年金融危机后政府支持设立国家级海外经贸合作区，2008年中国-埃及苏伊士经贸合作区正式启动，为中国商务部和埃及政府共同推动的国 家级境外经贸合作区。2013年"一带一路"倡议正式提出，海外园区建设与"一带一路"倡议全面挂钩，成为推进国际产能合作的重要平台。截至2022年底， 我国已经在亚洲、非洲、欧洲、美洲设立了125家海外园区，其中112家位于"一带一路"沿线国家，累计投资3979亿元，为当地创造了42.1万个就业岗位。 ...

Group 1: Key Events and Policies - The 20th Central Committee's Fourth Plenary Session will be held from October 20 to 23 in Beijing, focusing on the 15th Five-Year Plan for national economic and social development [8][9]. - The Ministry of Finance and the Ministry of Commerce will launch pilot projects for new consumption formats, models, and scenarios in about 50 cities, aimed at enhancing high-quality consumption supply and stimulating consumption potential [9][10]. - The State Council issued a notice regarding the implementation of domestic product standards in government procurement, effective from January 1, 2026, which aims to establish a standard system for domestic products in procurement [11][12]. Group 2: Economic Indicators - The price of gold reached a new historical high, surpassing $3,900 per ounce, driven by factors such as the de-dollarization trend and expectations of further interest rate cuts by the Federal Reserve [13][14]. - The Ministry of Commerce estimates that the scale of digital consumption in China will reach 23.8 trillion yuan in 2024, accounting for 44.2% of total resident consumption [13][14]. - During the first half of the National Day and Mid-Autumn Festival holiday, the cross-regional movement of people reached a record high of approximately 1.243 billion trips, reflecting strong travel activity [15].

Core Viewpoint - The article emphasizes that while macroeconomic policies have some effectiveness in stabilizing the economy, relying solely on these policies is insufficient to resolve the current economic challenges. It suggests that a multifaceted approach is necessary to stimulate demand and stabilize prices, particularly focusing on income stability, employment, and the real estate market [2][3][7]. Demand Analysis - The persistent low demand is attributed to insufficient effective demand rather than mere willingness to consume. Effective demand, a key concept in Keynesian economics, refers to demand backed by purchasing power, which is influenced by income levels and employment quality [4]. - The decline in disposable income is primarily due to high unemployment rates among the youth and deteriorating job quality, leading to reduced consumption capacity. This is exacerbated by falling real estate prices, which negatively impact household balance sheets and increase savings rates, further suppressing consumption [5]. Investment Demand - Investment demand is also weak, reflected in reduced corporate investments and declining local government investment capabilities. Factors such as market downturns, increased competition, and deteriorating financial conditions have led to a decrease in corporate investment appetite. Local governments face fiscal constraints due to reduced land sales and tax revenues, limiting their ability to invest [6]. Supply-Side Analysis - The article highlights that overcapacity is a significant issue, driven by the phenomenon of "involution," which indicates a lack of effective market clearing mechanisms. This results in persistent overcapacity and price declines, as the market fails to eliminate excess supply effectively [6][10]. Policy Recommendations - To stabilize prices, the article suggests that income stability is crucial, which in turn relies on stable employment and robust corporate performance. It advocates for a shift in fiscal policy focus from "heavy investment" to "heavy consumption," emphasizing direct support for consumer spending and social security for low-income groups [7]. - The stabilization of the real estate market is deemed essential, as falling property prices adversely affect the financial health of households, businesses, and local governments. The article calls for proactive policies to support the real estate sector to restore economic balance [8]. Market Clearing Mechanism - The article stresses the need to reconstruct the market clearing mechanism to address the issues of overcapacity and "involution." This involves ensuring that enterprises can exit the market effectively, particularly state-owned enterprises that may be propped up by soft budget constraints [10][12]. - It suggests that reforms should include clarifying property rights for state-owned enterprises, aligning local government fiscal responsibilities, and introducing competition policies to facilitate market entry and exit [12]. Conclusion - The article concludes that while expansionary policies can mitigate short-term shocks, structural reforms are essential for long-term stability. It emphasizes the importance of restoring supply-demand balance and achieving a moderate price increase to support potential economic growth [12].

Core Insights - The article emphasizes the role of Tsinghua Financial Review as a think tank and media platform focused on economic and financial policy interpretation and recommendations [12] - It highlights the integration of academic resources from Tsinghua University and the Wudaokou School of Finance to provide comprehensive financial services [13] Recruitment Opportunities - The company is seeking a Financial Research Editor who can independently conduct interviews, write, edit, and manage editorial quality [4] - A Conference and Event Supervisor is also being recruited to organize and execute various banking-related meetings and maintain client relationships [6] - A Financial Research Editor Assistant position is available for recent graduates with a strong interest in financial research and editing [8] Company Overview - Tsinghua Financial Review was established in November 2013 and publishes monthly, aiming to provide analytical insights into economic and financial situations [12] - The company operates under Beijing Qingkong Jinmei Cultural Technology Co., Ltd., which is fully owned by Tsinghua University Asset Management Co., Ltd. [13] - The platform aims to support policy makers, business decision-makers, and researchers by offering consulting services and facilitating communication [12][13]

Economic Issues - The current economic hotspots include persistently low prices, employment and income issues, ongoing adjustments in the real estate market, and severe "involution" competition in certain industries [2][3]. Price Trends - The Consumer Price Index (CPI) has been below 1% for consecutive years, while the Producer Price Index (PPI) has experienced 34 months of negative growth. The GDP deflator has also been negative for nine consecutive months [6]. - Factors contributing to low prices include oversupply in certain industries, low capacity utilization, and declining prices in key CPI categories such as pork, fresh vegetables, and fruits. Additionally, the drop in international oil prices has increased downward pressure on PPI [6][7]. Employment and Income - The employment situation faces significant challenges due to structural employment pains from economic transformation and frictional unemployment from emerging technologies. However, stable economic growth and the development of new industries are expected to create new job opportunities [9]. - Wage income remains the primary source of residents' income, accounting for nearly 60% of per capita disposable income in the first half of the year. The government is implementing employment-first strategies to support job creation and income growth [9]. Real Estate Market - Following the Central Political Bureau's decision to stabilize the real estate market, various policies have been implemented, leading to a generally stable market. However, the market is still undergoing adjustments due to significant changes in supply-demand relationships and previous high inventory levels [11][12]. - In the first half of the year, new residential sales decreased by 3.5% in area and 5.5% in value year-on-year, but there are signs of improvement in core cities with high-priced projects [11]. Involution Competition - Industries such as new energy vehicles, photovoltaics, lithium batteries, and petrochemicals are experiencing severe "involution" competition characterized by homogeneous capacity expansion and price wars. For instance, the number of discounted passenger car models reached 227 in 2024, and the price of polysilicon has been below the industry average cost for over a year [14]. - This low-price competition has led to declining profit margins, with the automotive industry's profit rate dropping from 8% in 2017 to 3.9% in the first quarter of 2025, below the manufacturing average of 6% [14][15]. - The government is focusing on comprehensive measures to address "involution" competition, emphasizing the need for collaboration among government, enterprises, and industry associations to maintain fair competition and promote high-quality development [15].