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].

Core Viewpoint - The article discusses the rapid development and regulatory changes surrounding fiat stablecoins, particularly in the context of recent legislative actions in the US and Hong Kong, which are expected to significantly impact the cryptocurrency market and the role of stablecoins in the financial system [3][13]. Summary by Sections Development of Dollar Stablecoins - The emergence of dollar stablecoins, such as USDT and USDC, has been pivotal in bridging the gap between cryptocurrency and fiat currency, enabling 24/7 global transactions [8][10]. - USDT, issued by Tether, has been operational for over 10 years, but concerns about its reserve transparency and regulatory oversight persist [9][10]. Regulatory Changes and Implications - Recent legislative actions, including the US Senate's passage of the Stablecoin Innovation Act and Hong Kong's Stablecoin Ordinance, are accelerating the regulatory framework for fiat stablecoins globally [13][14]. - The regulation aims to prevent the over-issuance of stablecoins, ensuring they are backed by sufficient fiat reserves and subject to independent audits [14][15]. Market Impact and Future Trends - The market capitalization of dollar stablecoins has rapidly increased, with projections indicating that by April 2025, it could exceed $240 billion, accounting for over 99% of the global fiat stablecoin market [15]. - The rise of stablecoins is reshaping payment systems, potentially leading to a shift towards a distributed ledger technology-based financial infrastructure [15][16]. Strategic Considerations for China - The rapid development of dollar stablecoins poses challenges for the internationalization of the Chinese yuan, necessitating adjustments in policies regarding cryptocurrency and stablecoin development [19][20]. - The article suggests that China should leverage its advancements in digital identity and digital currency to enhance its competitive position in the global digital finance landscape [20].

Core Viewpoint - The article discusses the Government Pension Fund Global (GPFG) of Norway, highlighting its status as the largest sovereign wealth fund globally, its investment strategies, governance mechanisms, and its approach to managing currency risk and sustainable investments [2][3]. Investment Strategy and Governance Mechanism - GPFG is managed by the Norwegian Central Bank's Investment Management Department (NBIM) under a transparent governance framework, focusing on a benchmark investment portfolio primarily composed of equities and fixed income [3][4]. - The fund's governance structure includes oversight from the Norwegian Parliament, the Ministry of Finance, and NBIM, ensuring accountability and transparency in its operations [6][15]. - The strategic benchmark for GPFG is composed of 70% FTSE Global All Cap Index and 30% Bloomberg Global Aggregate Bond Index, allowing for effective asset allocation and risk management [11][8]. Asset Allocation and Diversification - As of the end of 2023, GPFG's asset allocation is primarily in equities (70%), with bonds (27.1%), and increasing investments in real estate (1.9%) and renewable energy infrastructure (0.1%) [13]. - The fund employs a reference portfolio strategy that allows for flexibility in investment decisions, enabling it to hold non-traditional asset classes and optimize asset allocation [12][11]. Currency Risk Management - GPFG has a strategic decision to invest entirely in international markets to manage currency risk, allowing it to diversify and mitigate the impact of fluctuations in the Norwegian krone [19][20]. - Unlike other sovereign wealth funds, GPFG does not hedge against currency fluctuations, focusing instead on long-term wealth accumulation without short-term liquidity pressures [19][20]. Commitment to Sustainability and Ethical Investment - GPFG emphasizes responsible investment principles, actively excluding companies involved in coal mining, tobacco production, or severe environmental damage, reflecting its commitment to sustainable development [17][16]. - The fund's ethical guidelines are enforced by an ethics council established in 2004, ensuring that investment activities align with its sustainability goals [16][17].

Core Viewpoint - The Chinese economy is expected to maintain a relatively good performance in the short term, primarily due to backlog orders in the export sector and the positive impact of the "trade-in" policy on retail [2][3][5]. Short-term Economic Analysis - In the next couple of months, China's export growth is likely to remain high, potentially close to April's 8% growth, driven by backlog orders and the upcoming trade negotiations [3][5]. - The GDP growth for the second quarter is projected to be around 4.8%, but challenges are anticipated in the second half of the year due to several factors [3][5]. - The increase in tariffs on Chinese products by the U.S. has risen by approximately 35 percentage points, significantly impacting exports, especially with the tariff on small packages rising to about 54% [5][6]. - The positive effects of the "trade-in" policies for durable goods are expected to diminish in the latter half of the year, leading to potential negative effects on consumption [6]. - The real estate sector, crucial for domestic demand, is in its fifth year of decline, with new housing starts down by 22% year-on-year, complicating efforts to stabilize domestic demand [6]. Policy Recommendations - The Chinese government has effectively intervened in the stock market and maintained the stability of the RMB against the USD, which is crucial for economic stability [9][10]. - Further fiscal policies should be considered to accelerate spending and debt issuance, especially in light of anticipated declines in export growth [10]. - Stabilizing the real estate market is critical, requiring measures beyond traditional tools like interest rate cuts, including allowing necessary bankruptcies and ensuring the completion of pre-sold properties [10][11]. - Structural reforms in the social security system are needed to enhance the income levels of the elderly, which could improve consumption capacity and alleviate burdens on migrant workers [11]. - Fiscal reform is essential to improve local government finances and create independent revenue sources beyond real estate, which is vital for enhancing the business environment and stimulating domestic demand [12].

Focus - Zhang Guoqing emphasized the importance of platform economy in promoting innovation and strengthening domestic circulation, urging platform enterprises to utilize resources for high-quality products and services, achieving mutual benefits with stakeholders [3]. Policies - The Central Committee and the State Council issued opinions on improving the modern enterprise system with 19 specific measures aimed at enhancing corporate governance, management levels, and social responsibility [5][6]. - The opinions mark a transition from "tangible governance" to "high-quality governance," aiming to reduce transaction costs and promote efficient resource allocation [7]. Events - The People's Bank of China and Bank Indonesia signed a memorandum to promote bilateral currency settlement, expanding cooperation to include capital and financial accounts, which supports the internationalization of the Renminbi [4][5]. - The EU expressed regret over the US's decision to raise tariffs on steel and aluminum, indicating readiness to implement countermeasures, which could escalate trade tensions and increase global economic uncertainty [8]. Economic Indicators - In May, the manufacturing Purchasing Managers' Index (PMI) was reported at 49.5%, indicating a slight improvement in manufacturing sentiment, with large enterprises showing a PMI of 50.7% [9]. - The non-manufacturing business activity index was at 50.3%, indicating continued expansion, with specific sectors like construction and services showing varied performance [9].