Core Viewpoint - The article emphasizes the critical role of innovative pharmaceuticals as a new productive force for human health, driven by the increasing global population and healthcare demands, particularly in the context of China's evolving pharmaceutical landscape [4][5]. Group 1: Financial Support for Innovative Pharmaceuticals - The innovative pharmaceutical industry is characterized by advanced multidisciplinary knowledge, high-end talent aggregation, and significant capital intensity with long cycles, making it a clear growth sector [8]. - By 2050, the global market share of Chinese innovative pharmaceuticals is expected to increase from less than 5% to 30-35%, potentially generating an industry output value of 30-40 trillion RMB [6]. - The financial system in China needs to upgrade to better understand the intrinsic rules of innovative pharmaceuticals, focusing on a systematic, layered, and tool-based financial support approach throughout the drug lifecycle [6][7]. Group 2: Key Aspects of Innovative Drug Development - Precise and scientific project initiation is crucial for ensuring resource allocation to the most promising projects, thereby enhancing R&D success rates and reducing failure risks [9]. - Intellectual property protection serves as a sustainable competitive advantage for innovative pharmaceutical companies, helping them establish a "moat" against competitors [10]. - The Chemistry, Manufacturing, and Controls (CMC) process is essential for efficiently transitioning innovative drugs from the laboratory to commercialization, encompassing all critical steps from raw material selection to final product quality control [11]. Group 3: Clinical Trials and Market Strategies - Innovative clinical trial centers should enhance trial quality and efficiency while safeguarding participant rights, and improve communication with international regulatory bodies [13][14]. - A new product launch strategy based on value creation and delivery is necessary to navigate the challenges faced by pharmaceutical companies amid a wave of upcoming product launches [15]. - Out-licensing has become a vital bridge connecting local innovations with global markets, highlighting the strategic pathways for Chinese pharmaceutical companies [15]. Group 4: Investment and Financing Mechanisms - Angel investment plays a significant role in supporting early-stage biotech companies, while venture capital needs to refine its evaluation mechanisms for intellectual property and CMC transitions [16][17]. - The IPO journey for innovative pharmaceutical companies is fraught with challenges, including high R&D costs and market competition, necessitating robust financial strategies [18]. - Mergers and acquisitions are key for enriching technology and product pipelines, expanding markets, and integrating resources within the innovative pharmaceutical sector [19]. Group 5: Payment Systems and Global Perspectives - The core goal of the innovative drug payment system is to balance patient accessibility, corporate returns, and stable fund operations, marking the completion of the value transformation loop in pharmaceuticals [21]. - Learning from the U.S. financial support system for innovative pharmaceuticals can provide insights for developing a tailored financial support framework in China [22].

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards enhancing the internationalization of the digital renminbi, aiming to improve its global circulation and acceptance in international markets [3][12]. Group 1: Digital Renminbi International Operation Center - The Digital Renminbi International Operation Center has officially commenced operations, following the plan announced by the People's Bank of China (PBOC) during the Lujiazui Forum in June [3][4]. - The center features three main platforms: cross-border payment, blockchain infrastructure, and digital asset services, which are designed to enhance the operational capabilities of the digital renminbi in international markets [4][12]. Group 2: Cross-Border Payment Platform - The cross-border payment platform aims to address pain points in traditional cross-border payment models, focusing on technological integration, ecosystem reconstruction, and regulatory innovation [6]. - The goal is to create a secure, efficient, and inclusive global payment network, providing a "China solution" for a new ecosystem of cross-border payments that is "lossless, interoperable, and compliant" [6]. Group 3: Blockchain Service Platform - The blockchain service platform serves as a key hub for on-chain digital renminbi payment services and standardized blockchain transaction information transfer [8]. - It aims to enhance interoperability and transaction efficiency across various industry blockchain networks, reducing integration costs for participants [8]. Group 4: Digital Asset Platform - The digital asset platform focuses on the compliant operation of assets on the blockchain, supporting various asset types such as bonds, bills, electronic vouchers, and carbon credits [9]. - It aims to digitize the entire process of issuance, registration, custody, and trading while ensuring compliance and preventing financial risks like fictitious transactions and double pledges [9]. Group 5: Global Payment System Improvement - The PBOC is actively promoting improvements in the global cross-border payment system, adhering to the principles of "lossless, compliant, and interoperable" as foundational guidelines for the construction of cross-border infrastructure for legal digital currencies [11]. - The center is expected to play a crucial role in forming global central bank digital currency standards, addressing potential fragmentation in digital currency development [11]. Group 6: Internationalization Strategy - The core value of the Digital Renminbi International Operation Center lies in significantly expanding the network effect of the digital renminbi, enhancing its global liquidity and acceptance [13]. - The strategic focus has shifted from domestic retail testing to exploring applications in cross-border trade and international financial services, aiming to increase the global market share and competitiveness of the digital renminbi [13].

当全球经济格局深度调整，香港作为联结世界的战略枢纽，成为企业家把握新机遇的关键锚点。 清华五道口 首个布局香港与全球化的旗舰课程 "紫荆计划"项目 正以清晰的确定性与卓越价值 迎来开班倒计时 1 2月4日开学日期已定！ 集结的同学均为各领域顶尖力量：既有上市公司核心决策者，也有AI、生物科技赛道的领军者，以 及深耕跨境支付、数字资产的先行者，覆盖资本市场、科技创新、全球化布局等关键领域。 作为依托清华五道口顶尖学术资源与香港政商核心网络打造的课程，"紫荆计划"以"系统讲授+深度 对谈+实地探访"三维体系为基石：带你直通香港特区政府机构、联交所、金管局等核心平台，在联 席学术顾问李剑阁、梁定邦等国家智囊的带领下，从理解香港社会文化、融入本地商业生态，到洞 悉AI与Web3变革、布局亚太及"一带一路"机遇，每一环均指向"融入香港、走向世界"的实战价值。 如果你是有志以香港为支点拓展全球版图的企业决策者，若您渴望与优质同窗并肩，在再全球化浪 潮中抢占先机，在顶尖高校赋能下打通香港资源脉络、实现企业跨越发展，欢迎加入"紫荆计划"， 共赴这场扎根香港、走向世界的进阶之旅！ 0985 JIII PROGRAM 融入香港商 ...

TsINGHUA Financial Review 清华金融坪论 P73 对低利率环境下国有大型 商业银行净息差管理的思考 张明哲: 半导体产业链变局下的 商业银行金融服务模式 P95 中国支付的发展变革 在第10期 总额143期 中元前 487 CN 10-1189/F 线出版物号 ISSN 2095-6738 TSINGHUA Financial Review 清华金融评论 封面专题 何东: P02 小专题 曹光群: P55 做好金融消费者权益保护, 助力经济金融高质量发展 以下期为例 前瞻全球数字资产 当前，随着经济发展、市场环境变化和技术进步，金融消费者权益保护也被赋予新的时代内涵，因此，进一步加强金融消费者权益保护工作既是回 应群众关切的必然要求，也是金融行业坚持以人民为中心价值取向的重要体现，基于此，《清华金融评论》推出"建立健全基本制度，加强金融消费者权 益保护"系列文章，共同探讨金融消费者保护的理论创新、实践路径与制度完善方向。 做好普惠金融教育制度与标准研究，助力国民金融素养提升 143 前瞻全球数字资产,把握金融秩序重构机遇 P16 张健华 等: 数字人民币推动产业链协同的价值、应用与生态 ...

Core Viewpoint - The article discusses the transformation of physical gold into on-chain digital assets through Real World Asset (RWA) products, highlighting its role as a bridge between traditional finance and the digital economy, while exploring the international development models, challenges, and future prospects of gold RWA [2][3]. International Development Models of Gold RWA - The global gold RWA market exhibits diverse development patterns, shaped by the financial infrastructure, regulatory environment, and market characteristics of different countries and regions [5]. - In the United States, the market is driven by strict regulatory frameworks, with the SEC classifying most RWAs as securities, leading to a market-driven model where private innovation precedes regulatory guidelines [6]. - Europe adopts a legislative-led approach, balancing innovation and regulation, with initiatives like DORA and MiCA to standardize crypto and token businesses, fostering an innovation-friendly environment [7]. - Japan employs a pragmatic regulatory strategy, gradually amending laws to create space for gold RWA development, focusing on compliance and risk control rather than rapid innovation [8]. - Hong Kong aims to become an Asian hub for gold RWA through proactive policies, promoting tokenized gold investment products and enhancing its position as a digital financial center [9]. Challenges Facing Gold RWA Development - Gold RWA faces multiple challenges, primarily in regulatory compliance, technical risks, and market acceptance [11]. - Regulatory and compliance challenges include ensuring clear ownership of physical gold, legal recognition of gold RWA, and adherence to various jurisdictional regulations, complicating cross-border transactions [12]. - Technical risks involve ensuring data security, accurate rights mapping on the blockchain, and addressing vulnerabilities in smart contracts and private key management [13]. - Market acceptance is growing, with a compound annual growth rate exceeding 30%, but liquidity remains a significant issue, as the market lacks a robust liquidity structure to support trading activities [15].

做好金融"五篇大文章"是金融服务实体经济高质量发展的重要着力点，也 是深化金融供给侧结构性改革的重要内容。"十四五"期间，中国人民银行 持续引导金融体系提升服务实体经济能力，围绕做好金融"五篇大文章"以 及支持扩大内需等要求，把更多金融资源投向国民经济重大战略、重点领 "十四五"期间，中国人民银行在做好金融"五篇大文章"方面进展和成效如何？ 近年来，人民银行系统推进金融"五篇大文章"工作，加强制度和市场建设，初步建成以金融"五篇大文章"制度体系为引领、政策工具和统计考核体系为驱 动，部门协调机制和信贷市场管理系统为支撑的政策框架体系，不断提升金融"五篇大文章"融资比重和服务质效。金融"五篇大文章"制度体系可以概括 为"1+5"，"1"指的是《国务院办公厅关于做好金融"五篇大文章"的指导意见》。"5"指的是人民银行牵头出台的科技金融、绿色金融、普惠金融、养老金 融、数字金融五篇大文章各分领域的专项指导文件。 总体看，"十四五"期间，金融支持力度持续加大。截至2025年8月末，金融"五篇大文章"贷款余额105.6万亿元，占各项贷款的比重达到38.7%，同比增长 13.2%，增速比各项贷款平均增速高6.6个百分点； ...

Core Viewpoint - The recent surge in gold prices, surpassing $4200 per ounce, is driven by several underlying factors, including the Triffin Dilemma and the intertwining of political and financial dynamics, leading to a trend of "de-dollarization" [2][3][10]. Group 1: Factors Influencing Gold Prices - Gold has seen a significant increase of nearly $1600 per ounce this year, representing a rise of approximately 60% [3]. - The four main factors affecting gold prices are: 1. The weakening of the US dollar due to global de-dollarization trends [3]. 2. Expectations of lower US interest rates, which enhance gold's appeal [3]. 3. Increased market risk appetite due to escalating geopolitical conflicts [3]. 4. Central banks' ongoing purchases of gold for safety reasons [3]. Group 2: Political and Economic Context - The recent rise in gold prices is partly attributed to renewed tariff threats from the Trump administration against Chinese goods, which has created market volatility [5]. - The US government shutdown has heightened concerns about economic growth, leading to increased expectations for interest rate cuts by the Federal Reserve [7]. - The ongoing geopolitical tensions and trade wars have prompted countries to reduce their reliance on the US dollar, further supporting gold's attractiveness as a safe-haven asset [10]. Group 3: The Triffin Dilemma - The Triffin Dilemma highlights the conflict faced by a country whose currency serves as a global reserve, where it must balance trade deficits to provide liquidity while maintaining currency stability [9]. - As US debt continues to grow, confidence in the dollar is waning, contributing to the rise in gold prices [10]. Group 4: Investment Strategies - The TACO trading strategy, which capitalizes on the cyclical nature of Trump's tariff threats, has gained attention as a method for investors to buy assets during market downturns and sell when conditions improve [5]. - Bridgewater Associates' founder Ray Dalio suggests that investors should allocate up to 15% of their portfolios to gold, emphasizing its superior safe-haven qualities compared to the dollar [10].

今年是"十四五"规划的收官之年。五年来，在党中央坚强领导下，我国金 融体制改革全面深化，金融服务实体经济质效大幅提升，重点领域金融风 险有序化解，金融业改革开放持续推进，金融事业取得新的重大成就。近 日，《金融时报》记者专访中国人民银行货币政策司负责人，围绕"十四 五"时期，中国人民银行在推动货币政策框架转型、利率市场化改革等方 面的工作和成果进行深入交流。 "坚持支持性的货币政策立场，中国特色现代货币政策框架初步形成，实施和传导更为有效，助力'十四五'经济社会发展主要目标顺利完成。"2025年9月， 中国人民银行行长潘功胜在国新办"高质量完成'十四五'规划"系列主题新闻发布会上介绍。 从9次降准释放7万亿元长期流动性到结构性工具覆盖金融"五篇大文章"，从明确7天期逆回购操作利率为政策利率到建立制度化的货币政策沟通机制，一 系列扎实举措共同勾勒出现代中央银行制度的建设轨迹，交出了一份"总量稳、结构优、成本降、预期稳"的亮眼答卷。近日，《金融时报》记者专访中国 人民银行货币政策司负责人，围绕"十四五"时期，中国人民银行在推动货币政策框架转型、利率市场化改革等方面的工作和成果进行深入交流。 "十四五"规划纲要提出 ...

根据国家统计局最新公布显示， 2025年9月份，全国居民消费价格同比下降0.3%。其中，城市下降0.2%，农村下降0.5%；食品价格下降 4.4%，非食品价格上涨0.7%；消费品价格下降0.8%，服务价格上涨0.6%。1—9月平均，全国居民消费价格比上年同期下降0.1%。 环比来看， 9月份，食品烟酒类价格环比上涨0.5%，影响CPI上涨约0.13个百分点。食品中，鲜菜价格上涨6.1%，影响CPI上涨约0.13个百分 点；蛋类价格上涨2.7%，影响CPI上涨约0.02个百分点；鲜果价格上涨1.7%，影响CPI上涨约0.03个百分点；水产品价格下降1.8%，影响CPI下 降约0.04个百分点；猪肉价格下降0.7%，影响CPI下降约0.01个百分点。 其他七大类价格环比四涨一平两降。其中，其他用品及服务、衣着价格分别上涨1.3%和0.7%，生活用品及服务、医疗保健价格分别上涨0.3% 和0.2%；居住价格持平；交通通信、教育文化娱乐价格分别下降0.9%和0.4%。 此外，2025 年 9 月份，全国工业生产者出厂价格同比下降 2.3% ，降幅比上月收窄 0.6 个百分点，环比继续持平。工业生产者购进价格同比 下降 ...

活动现场 2025年10月12日，由清华五道口与中邮保险联合主办、《清华金融评论》编辑部承办的第二届 "中邮保险・紫荆杯" 全国高校金融普及教育辩论赛全国 总决赛，在清华大学圆满落下帷幕。本赛事自8月推出以来，共收到全国48所高校报名参赛，围绕普惠金融、养老金融、科技金融等议题开展了51场辩 论赛，吸引了逾400人次的辩手同台竞技、角逐荣誉。最终，决赛两支队伍凭借扎实的专业功底与出色的思辨能力，中央财经大学辩论队斩获全国总冠 军，北京交通大学辩论队拿下全国亚军。首届"紫荆杯"辩论赛冠军叶铖浩和清华大学"白杨计划"主持人王雪莱主持本场活动。 清华大学五道口金融学院党委委员、院长助理，《清华金融评论》执行主编张伟 代表主办方致辞。他指出，金融普及教育是践行金融人民性的重要举 措。通过辩论赛形式，可将复杂金融知识转化为通俗易懂的内容，实现"有深度、有广度、有温度"的传播效果，既提升公众金融素养，防范金融风 险，又助力个人财富管理，推动金融业高质量发展。活动展现了高校在金融知识普及与人才培养方面的社会责任与创新实践。清华大学五道口金融学 院的前身为1981年的中国人民银行研究生部，学院传承五道口办学特色，扎根中国、融 ...