Core Viewpoint - China is gradually entering a low-interest-rate environment, which typically leads to asset price bubbles; however, Japan's experience suggests that the effectiveness of low-interest policies in stabilizing the real estate market depends on the speed of interest rate cuts, financial institution support, and fiscal policy coordination [2][3]. Group 1: Causes of Low-Interest Rate Environment - The global low-interest-rate environment is influenced by factors such as declining birth rates in developed economies, aging populations, and changes in risk preferences among investors, which have led to increased demand for safe assets [5][6][8]. - In China, the transition to a low-interest-rate environment is driven by technological advancements reaching their peak and a demographic shift towards negative population growth, with a decrease of 850,000 in 2022 and projected declines in subsequent years [7][8]. Group 2: Comparison of Low-Interest Rate Policies in Japan and the U.S. - Japan's approach to stabilizing its real estate market post-bubble involved solely lowering interest rates without significant fiscal intervention, resulting in a prolonged decline in property prices from 1991 to 2013 [12][13]. - In contrast, the U.S. implemented a comprehensive strategy during the 2008 financial crisis, including aggressive interest rate cuts, government takeovers of key financial institutions, and large-scale asset purchase programs, which quickly stabilized housing prices [14][15]. Group 3: Implications for China's Real Estate Market - The effectiveness of low-interest-rate policies in China for achieving "stop falling and stabilize" in the real estate market remains uncertain, as recent rate cuts have not significantly impacted asset prices or market stability [3][10]. - The comparison with Japan and the U.S. highlights the importance of a multifaceted approach, including fiscal measures and support for financial institutions, to avoid the pitfalls experienced by Japan [11][12].

Group 1 - The core theme of the event is "Embracing AI Technology Transformation, Serving the Real Economy - Enhancing Financial Quality and Efficiency to Support High-Quality Economic Development" [3][10] - The event will feature the release of the "China Banking Industry Top 200 Ranking" and "Outstanding Cases of Innovation in the Banking Industry," providing insights into the latest industry trends and best practices [5] - The event aims to create a multi-dimensional communication platform for the banking industry, facilitating cross-sector collaboration and innovative synergy [4][9] Group 2 - The event will gather top experts from policy regulation, senior bankers, and scholars in banking research to deeply interpret and discuss pressing domestic and international topics in the banking sector [6] - There will be in-depth discussions on banking operational logic, focusing on five key areas: fintech, green finance, inclusive finance, pension finance, and digital finance, to derive practical methodologies for serving national strategic initiatives [7] - The event will include authoritative experts sharing insights on the application, challenges, and future landscape of artificial intelligence in core banking scenarios such as risk control, marketing, operations, and product innovation [8] Group 3 - The event is organized by Tsinghua University Wudaokou School of Finance and the editorial department of "Tsinghua Financial Review," with the aim of promoting high-quality development in the banking sector [10][18] - The agenda includes a keynote speech on banking operational logic and practical exploration, the release of the 2025 China Banking Industry Top 200 Ranking research report, and a high-level dialogue on banking management in the AI era [14]

Core Viewpoint - The article discusses the recent trend of declining deposit interest rates in various regions of China, highlighting the implications of a low interest rate environment on the banking sector and the broader economy [3][5][6]. Summary by Sections Deposit Rate Adjustments - Several village banks in regions such as Zhejiang, Guizhou, and Jilin have announced reductions in deposit interest rates, with decreases ranging from 10 to 20 basis points [3]. - For instance, Jilin Longtan Huayi Village Bank adjusted its interest rates for various deposit types, including a reduction of the annual interest rate for demand deposits from 0.20% to 0.15% and for 1-day notice deposits from 0.65% to 0.55% [3]. - Similarly, other banks like Jilin Baishan Hunjiang Hengtai Village Bank and Shengzhou Ruifeng Village Bank have also lowered their rates for different term deposits, with reductions of 10 to 20 basis points [5]. Current Interest Rate Trends - As of July 2025, the average interest rates for various term deposits have shown a downward trend, with the 3-month rate at 0.943% and the 1-year rate at 1.278%, reflecting a decrease compared to the previous month [6]. - The article suggests that the decline in deposit rates is not a short-term trend but may become a long-term norm due to structural and cyclical factors affecting the economy [6][9]. Low Interest Rate Environment - The low interest rate scenario is attributed to both structural constraints, such as declining potential economic growth and demographic changes, and cyclical factors like output and inflation gaps [7][9]. - The article emphasizes that the current low interest rates may persist for an extended period, influenced by global trends and domestic economic conditions [9]. Financial Sector Response - The financial sector is encouraged to focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to adapt to the low interest rate environment [8]. - The article highlights the need for banks to enhance their financial services and product offerings to meet the evolving demands of the economy [8][14]. Challenges and Opportunities - The low interest rate environment presents both challenges and opportunities for various financial institutions, including the need for banks to innovate in asset-liability management and risk control [11][14]. - The article discusses the importance of policy coordination and the need for financial institutions to adapt to the changing landscape to ensure sustainable growth [12][14].

党的二十大报告明确指出，高质量发展是全面建设社会主义现代化国家的首要任务。商业 银行是服务实体经济发展的主力军，也是维护金融稳定的压舱石，商业银行的高质量发展 是推动经济高质量发展的重要支撑。做好商业银行的经营管理是确保银行机构稳健运行的 基础，更是推动银行业务创新、更好服务实体的关键。 本期好书推荐栏目特别推荐 中国金融学会副会长、国家开发银行原行长欧阳卫民 先生的两 本 银行经营管理著作，为读者深入剖析商业银行业务内涵、规律与逻辑，启发银行经营管 理智慧，助力商业银行高质量发展。 《银行哲学大纲》 欧阳卫民 著 人民出版社 出版 《银行经营逻辑》 欧阳卫民 著 人民出版社 出版 内容简介 01 逻辑是研究理念自在自为的科学。银行经营逻辑是研究银行经营理念自在自为亦 即理所当然的学问。银行已有数百年历史，一些想法和做法完全地或部分地消失 了，因为其内在合理性和外在适应性完全地或部分地消失了。现存的银行一言一 行、一举一动或多或少具有时代性、合理性与适应性。实践与认知的关系是辩证 的、相辅相成的。银行经营逻辑是在实践过程中形成和完善的，反过来又指导新 的实践。本书是作者担任国家开发银行行长期间，思考和践行银行 ...

Core Viewpoint - The article discusses the successful completion of the second national college financial education debate competition, highlighting the importance of financial knowledge and its application in real-world scenarios [1][2]. Group 1: Debate Topics and Perspectives - The debate topics included: prioritizing loan interest subsidies for consumer demand versus service operators, the effectiveness of fiscal interest subsidies compared to market-based loan rates for rural financing, and whether insurance should focus more on economic compensation or risk prevention [2][3][4]. - The affirmative side of the first topic argued for immediate economic stimulation through consumer demand, while the opposing side emphasized the long-term benefits of supporting service operators [3]. - In the second topic, the affirmative side highlighted the fairness and stability of fiscal subsidies, while the opposing side pointed out the efficiency of market-based rates in fostering rural economic growth [3][10]. - The debate on insurance focused on the necessity of economic compensation versus the innovative potential of risk prevention strategies [4][5]. Group 2: Insights from Participants - Participants expressed that the debate provided a platform for deepening their understanding of financial concepts and policies, reflecting on the relevance of the topics to current economic conditions [3]. - The discussions emphasized that insurance should not only focus on compensation after risks occur but also prioritize preventive measures to mitigate risks before they happen [5][7]. - The importance of fiscal policies in addressing rural financing challenges was highlighted, with arguments supporting the role of fiscal interest subsidies in directing resources to underfunded agricultural sectors [10][11].

Core Viewpoint - The article discusses the high-quality development path of Chinese commercial banks in the context of a complex macro environment, emphasizing the importance of digital finance and technological transformation in enhancing service to the real economy [2]. Group 1: Digital Finance Initiatives - The bank emphasizes a return to serving the real economy, advocating for a "good finance" approach and exploring a new financial paradigm with Chinese characteristics [4]. - Key initiatives include strengthening organizational leadership by incorporating the "Five Major Articles" into annual tasks and establishing a dedicated task force led by the chairman [5]. - The bank is enhancing incentive mechanisms by integrating the "Five Major Articles" into performance evaluations and piloting differentiated assessment mechanisms for innovation teams [5]. Group 2: Digital Transformation Achievements - The digital transformation of commercial banks is advancing towards an intelligent phase, achieving significant results in enhancing financial digital infrastructure and upgrading service models [8]. - Automation and intelligence in financial digital infrastructure have been widely adopted, utilizing AI, blockchain, and big data to streamline processes and improve efficiency [8]. - Financial services are becoming more scenario-based and digitalized, integrating financial products with social and economic contexts to better serve small and micro enterprises [9]. Group 3: Challenges in Digital Transformation - The digital transformation faces challenges such as the need for richer data resources, deeper AI application, and stronger digital talent development [12]. - There is a significant gap in the availability of composite talents who understand technology, business, and market dynamics, particularly in cutting-edge fields like AI and big data [12]. Group 4: New Opportunities from Technological Changes - Digital technology is reshaping financial service scenarios, making access more convenient and enhancing service experiences through AI and big data [14]. - The bank is focusing on deepening AI applications to transform from traditional service providers to AI-driven banks, enhancing customer service and risk assessment capabilities [16]. Group 5: Personalized Financial Services - By leveraging big data and AI, banks can gain insights into customer behavior and needs, providing tailored financing solutions to meet diverse customer demands [18]. - The bank is developing a digital inclusive finance service system that offers personalized services to small and micro enterprises, utilizing various data sources for credit assessment [19]. Group 6: Impact of Large Models - The emergence of large models like DeepSeek and ChatGPT is revolutionizing customer interaction and enhancing operational efficiency in financial services [20]. - However, challenges such as algorithm bias, data security, and talent shortages need to be addressed to fully leverage these technologies [21].

Core Viewpoint - The article emphasizes the significance of Real World Assets (RWA) in linking physical assets with digital assets, facilitating the digital transformation of the real economy and innovation in financial services. It highlights Hong Kong's pioneering role in RWA practices, creating opportunities for mainland Chinese enterprises to utilize offshore financial centers for RWA token issuance [4][10]. Summary by Sections RWA Overview - RWA represents a new asset form that connects tangible and intangible assets from the real world to the digital realm through blockchain technology, enabling more transparent, efficient, and secure asset management and transactions in the digital economy [4][6]. Advantages of RWA - **Transparency and Trust**: RWA ensures asset authenticity and compliance, enhancing investor confidence through real-time tracking of asset operations and returns via blockchain technology [7]. - **Liquidity Improvement**: RWA tokens can be traded globally, overcoming geographical and procedural limitations, thus significantly enhancing asset liquidity and market participation [7]. - **Cost Reduction**: By minimizing intermediary roles and automating processes, RWA reduces transaction costs and increases financing efficiency [7]. - **Risk Management**: RWA leverages blockchain's characteristics for real-time data recording, improving risk assessment and management through smart contracts [8]. Disadvantages of RWA - **Regulatory Gaps**: The legal framework surrounding RWA is still developing, leading to potential disputes regarding asset ownership and transaction rules [9]. - **Technical Risks**: RWA's reliance on blockchain and smart contracts introduces security vulnerabilities, including potential network attacks and coding errors [9]. - **Valuation Challenges**: The diversity of RWA types complicates standardized valuation methods, making accurate asset pricing difficult [9]. - **Market Awareness**: RWA's recognition and acceptance in financial markets remain low, which may hinder market depth and trading activity [9]. Case Studies - **RWA in Renewable Energy**: Companies like Langxin Group and Xiexin Energy are utilizing RWA tokens for financing renewable energy projects, enhancing asset management efficiency and reducing operational risks [11][12]. - **Agricultural RWA Model**: The Malu Grape project explores RWA financing through agricultural data assets, ensuring transparency and traceability while complying with existing regulations [13][15].

Core Viewpoint - The article emphasizes the importance of the banking sector in supporting the "Five Major Articles" outlined in China's financial strategy, particularly in the context of the 2025 goals for high-quality economic development [2][3]. Group 1: Event Background - The year 2025 marks the end of the "14th Five-Year Plan" and is crucial for laying the foundation for the "15th Five-Year Plan" [2]. - The central financial work meeting has set the goal of building a financial powerhouse, leading to multiple regulatory documents aimed at enhancing the banking sector's support for national strategies [2]. - The "China Banking Industry Top 200" ranking and research reports have been published since 2021 to analyze industry trends and showcase best practices [2]. Group 2: Event Highlights - The event will serve as a platform for multi-dimensional communication within the banking industry [4]. - The "China Banking Industry Top 200" and "Outstanding Cases of Innovation in the Banking Industry" will be released, providing insights into the latest industry trends and best practices [5]. Group 3: Key Discussions - The event will gather top experts from policy regulation, senior bankers, and scholars to discuss pressing domestic and international topics in the banking sector [6]. - In-depth discussions will focus on banking operational logic, exploring areas such as fintech, green finance, inclusive finance, pension finance, and digital finance [7]. - Experts will share insights on the application of artificial intelligence in core banking functions, including risk control, marketing, operations, and product innovation [8]. Group 4: Networking Opportunities - The event aims to facilitate efficient communication and resource matching among banks and industry representatives, promoting cross-industry collaboration and innovation [9].

Core Viewpoint - The article emphasizes the need for a regulatory framework to address the chaotic state of online stock recommendations, highlighting the blurred boundaries of administrative regulation, weak deterrent effects of penalties, and unclear collaboration among regulatory bodies [5][9][17]. Summary by Sections Online Stock Recommendation Chaos - Since late September 2024, a surge in retail investor accounts has been observed, driven by a new ecosystem in the A-share market, significantly influenced by online stock recommendations [5]. - The current landscape of online stock recommendations is mixed, involving licensed securities consulting firms and unlicensed influential online figures, with methods ranging from factual analysis to spreading false information for profit [6]. Regulatory Dilemmas - The article identifies three main regulatory challenges: 1. **Ambiguity in Administrative Regulation**: The distinction between securities investment consulting activities and businesses is unclear, leading to regulatory gaps [10][11]. 2. **Weak Deterrent Effect of Penalties**: Many licensed investment consulting firms continue to violate regulations, with low penalties for misconduct, resulting in a culture of non-compliance [12][13]. 3. **Unclear Collaboration Among Regulatory Bodies**: Multiple agencies are involved in regulating online stock recommendations, but lack clear coordination, making comprehensive oversight difficult [15][16]. Platform Responsibility - The article argues for recognizing the dual role of large online platforms as both market competitors and self-regulatory managers, suggesting that effective regulation of online stock recommendations requires a focus on platform responsibility within a framework that includes administrative bodies and recommendation entities [17][19]. - It advocates for adaptive regulation that allows for flexibility and innovation in regulatory approaches, emphasizing the importance of self-regulation by platforms to balance efficiency and safety in the financial market [19][20].

Core Viewpoint - The article discusses the paradox of China's commercial banks experiencing pressure on performance due to low interest rates while their stock prices continue to reach new highs. It proposes a strategic thinking framework to understand the underlying logic of the valuation recovery of commercial banks and explores the sustainability of this recovery process [3]. Group 1: Low Interest Rate Environment - Since 2019, interest rates in China have been on a downward trend, leading to a continuous narrowing of net interest margins. As of June 30, 2025, the 1-year and 5-year LPR were 3.00% and 3.50%, respectively, down 125 basis points and 135 basis points from August 2019 [5]. - The asset side of banks faces competitive pressure to lower loan rates, while the liability side has rigid deposit rates, resulting in a faster decline in asset yields compared to liability costs. By Q1 2025, the net interest margin of commercial banks was 1.43%, a decrease of 74 basis points from 2019 [5]. - Interest income constitutes a significant portion of banks' revenue, averaging 79% from 2019 to 2024. The compound growth rate of interest income for 42 listed banks over the past five years was 2.9%, while the growth rate of interest-earning assets was 8.1%, indicating a clear trend of "volume compensating for price" [6]. Group 2: Performance vs. Stock Price - Despite a significant slowdown in profit growth and overall performance pressure for listed banks in 2023, their stock prices have reached new highs. The average growth rate of net profit attributable to shareholders for listed banks from 2023 to mid-2024 was 1.9%, a decline of about 5.0% compared to the average from 2019 to 2022 [8]. - The banking sector's performance ranked 13th among 31 secondary industries in terms of net profit growth from 2023 to 2024, indicating that it did not outperform other sectors. However, the banking sector's cumulative stock price increase was 88%, ranking 4th among the same industries [8]. - Individual banks such as ICBC, Bank of China, and Agricultural Bank of China saw cumulative stock price increases exceeding 100%, despite their average net profit growth being similar to the sector average [8]. Group 3: Strategic Perspective on Bank Stock Performance - A fundamental analysis of commercial banks does not adequately explain the stock price increases over the past two years. A strategic perspective is suggested to analyze factors that have altered investor expectations, leading to changes in value [10]. - The current bull market for bank stocks is driven by multiple factors, including a decline in the risk-free rate, improved risk assessment, and decreased risk appetite among investors. These factors have a more significant impact than the pressure on performance [10]. - The decline in the risk-free rate enhances the overall valuation of banks. As of now, the yield on 10-year government bonds has dropped to 1.6% to 1.7%, making bank stocks more attractive compared to their dividend yield of around 4.5% [11]. - Improved risk assessment and decreased risk appetite also contribute to the rise in bank stock prices. The current economic policies and stabilization measures have led to a more favorable risk environment for banks, particularly concerning credit and liquidity risks [12].