Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying efforts to combat financial fraud in the capital market, emphasizing a comprehensive prevention and punishment system involving multiple departments [1][2]. Group 1: Progress in Combating Financial Fraud - Since the implementation of the "Comprehensive Prevention and Punishment Opinions" on July 5, 2024, various departments have strengthened legal frameworks and increased enforcement against financial fraud, including the accountability of third-party accomplices and intermediary institutions [2][3]. - In 2024, the CSRC has handled 159 financial fraud cases, resulting in 111 administrative penalties totaling 8.1 billion yuan [2]. - The CSRC has pursued accountability for major shareholders and actual controllers in 43 cases, and has sent 112 cases of suspected financial fraud to public security authorities for criminal investigation [2]. Group 2: Future Directions and System Enhancements - The meeting highlighted the need for a systematic approach to deepen the construction of the financial fraud prevention system, focusing on problem-oriented strategies and enhancing institutional safeguards [3][4]. - There is a call for further collaboration among administrative, criminal, and civil enforcement to effectively tackle financial fraud and the complicity of third parties [4]. - The CSRC aims to enhance the quality and investment value of listed companies while protecting investors' rights, contributing to the high-quality development of the capital market [4].

Core Viewpoint - The article emphasizes the transition of sustainable development from a strategic concept to a critical measure of high-quality economic growth in China, particularly highlighting 2025 as a pivotal year for deepening practical implementation of sustainability initiatives [3]. Group 1: Policy and Regulatory Framework - The Chinese government has introduced several policies, including the "Central Enterprise ESG Special Action Guidelines (2025)" and the "Management Measures for Information Disclosure of Listed Companies," mandating the integration of sustainable development into corporate governance and shifting from optional to standardized disclosure of non-financial information [3]. - Financial institutions are evolving from advocates of sustainability to key actors, embedding ESG principles into their strategies and business processes, and promoting green finance and responsible investment practices [3]. Group 2: Case Collection Initiative - Tsinghua Financial Review has launched a "2025 Sustainable Development Case Collection" initiative aimed at creating a high-level platform for sharing best practices in green finance and sustainability governance [4]. - The initiative encourages submissions from various sectors, including banks, insurance companies, asset management firms, and listed companies, focusing on innovative and impactful sustainability practices [6]. Group 3: Submission Themes and Requirements - The case collection is organized around three main dimensions: climate change response, social responsibility, and corporate governance, with specific topics such as pollution control, waste management, and supply chain safety [7][8]. - Submissions must reflect the positive contributions of financial institutions and listed companies to sustainable development, with a focus on authenticity and relevance to future industry pathways [8]. Group 4: Selection and Publication - A selection process will be conducted by an expert panel from Tsinghua Financial Review to identify exemplary cases, which will be published across various media platforms [12]. - Selected case representatives will have opportunities to share their experiences at events hosted by Tsinghua Financial Review, enhancing visibility and knowledge sharing within the industry [12].

Core Viewpoint - The People's Bank of China (PBOC) is set to launch an action plan to enhance the management and service system of the digital renminbi, transitioning from the 1.0 era of digital cash to the 2.0 era of digital deposit currency, effective January 1, 2026 [2]. Group 1: China's Digital Currency Leadership - China has been a pioneer in digital currency exploration, having initiated theoretical research and closed testing of the digital renminbi in 2014, with pilot programs starting in 2019 [4]. - The digital renminbi ecosystem has been preliminarily established, showcasing a unique development path led by the central bank, integrating commercial financial institutions and existing payment systems [4]. - The digital renminbi utilizes blockchain technology while maintaining its status as a central bank liability, ensuring it remains equivalent to the fiat renminbi [4]. Group 2: Transition from 1.0 to 2.0 - The transition from digital renminbi 1.0 to 2.0 retains core successful elements, particularly the dual-layer operational structure, which has been recognized globally as a standard for digital currencies [5]. - The action plan emphasizes a separation of management and operational functions to ensure comprehensive regulatory coverage [6]. - The digital renminbi 2.0 will maintain a hybrid architecture that combines account-based management with blockchain efficiency, allowing for lower costs and higher efficiency in digital currency payment services [7]. Group 3: Innovations in Digital Renminbi 2.0 - The digital renminbi will evolve from a non-interest-bearing digital cash to an interest-bearing digital deposit currency, allowing banks to manage digital renminbi wallet balances as part of their asset-liability operations [9]. - The digital renminbi wallet balances will be valued as "renminbi," ensuring consistency and interoperability across different banks and payment institutions [10]. - The integration of digital currency with smart contracts and blockchain technology aims to enhance the digital payment landscape, moving from electronic to digital payments [11]. Group 4: Blockchain and Financial Infrastructure - The application of blockchain technology will support various financial services, including cross-border payments and the digitization of real-world assets [12]. - The establishment of the digital renminbi international operation center in Shanghai will facilitate the development of a cross-border digital payment platform and a blockchain service platform [13]. - The multi-central bank digital currency bridge aims to address jurisdictional issues and enhance regulatory compliance through distributed ledger technology [13].

Core Viewpoint - The article emphasizes the need for innovative reform paths to promote high-quality development in China's capital markets, focusing on multi-level market construction, improving the quality of listed companies, enhancing openness, and protecting investors [3][4]. Group 1: Reform Directions - The core content revolves around four major reform directions: enhancing the inclusiveness of multi-level markets, solidifying the foundation for market stability, expanding high-level institutional openness, and strengthening investor protection [3][4]. Group 2: Establishment of the Capital Market Society - The China Capital Market Society was registered on June 16, 2025, under the Ministry of Civil Affairs, supervised by the China Securities Regulatory Commission, and aims to serve as a high-end think tank for theoretical research, academic exchange, and decision-making consultation in the capital market [3][4]. Group 3: Thematic Focus of Tsinghua Financial Review - The Tsinghua Financial Review plans to explore topics such as the support of capital markets for new productive forces, mechanisms for stabilizing the secondary market, openness of capital markets, and innovations in the bond market, seeking effective paths for capital market reform and innovation [4][5]. Group 4: Call for Contributions - The article outlines 13 specific topics for contributions, including enhancing the inherent stability of capital markets, the role of medium- and long-term funds, effective foreign capital market openness, and the development of the bond market [5].

清华大学五道口金融学院《清华金融评论》编辑部 征集范围 各保险集团公司、人身险公司、财产险公司、再保险公司、保险资产管理公司、保险中介公司、保险科技公司、保 险交易所、康养机构以及相关科研机构等。 2026年是我国"十五五"规划实施的开局之年，也是保险业深化改革、服务现代化建设的关键之年。党的二十届 四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，明确提出"高质量 发展取得显著成效"的核心目标，要求金融体系持续增强服务实体经济能力，防范化解重大风险。保险业作为 经济"减震器"和社会"稳定器"，亟需在长短政策协同中找准定位，为经济社会高质量发展提供坚实保障。 为进一步反映中国保险行业的服务能力、风控水平和竞争实力，并推动中国保险业自身实现高质量发展，《清 华金融评论》将以2025年保险业公开披露数据为研究基础，推出《2026中国保险竞争力研究报告》。同时，将 从保险业落实金融"五篇大文章"，以及乡村振兴、履行社会责任、经营模式、产品创新、消费者权益保护等多 个方面进行专题分析论证，现面向保险机构征集创新发展典型案例。 此外，参评机构还可根据机构经营特色申请 "紫荆奖" ，将由《清 ...

Group 1: Stock Market Performance - The Chinese stock market achieved a "good start" for 2026, with all three major indices rising. The Shanghai Composite Index returned to the 4000-point mark, closing at 4023.42, up 1.38%. The Shenzhen Component rose by 2.24%, and the ChiNext Index increased by 2.85%, with over 4000 stocks rising and a trading volume of approximately 2.57 trillion yuan [7]. - Key factors driving the A-share market's performance include strengthened policy expectations, with a positive macro policy tone and the implementation of industry policies, particularly in commercial aerospace and semiconductor support, boosting market confidence [8]. - The influx of capital played a significant role, with foreign capital returning and the RMB appreciating, attracting over 10 billion yuan in northbound capital. Domestic long-term funds, including insurance and public funds, accelerated their entry, with margin trading balances exceeding 1.8 trillion yuan [8]. Group 2: Tourism Market - The New Year's tourism market also experienced a "good start," with 142 million domestic trips taken during the three-day holiday, generating a total expenditure of 84.789 billion yuan, averaging 597.11 yuan per person. Ticket bookings for domestic scenic spots increased by over four times year-on-year [8]. - The tourism sector is seen as a vital component of service consumption and a reflection of national consumer sentiment, with a strong start in tourism igniting confidence for economic development in 2026 [9]. Group 3: Foreign Debt Situation - The overall foreign debt situation in China is stable, with the total foreign debt balance as of September 30, 2025, being 16.8287 trillion yuan (approximately 2.3684 trillion USD), a decrease of 2.8% from June 2025 [9][10]. - The structure of foreign debt remains stable, with domestic currency debt accounting for 51.9% and medium to long-term foreign debt making up 42.5% of the total, indicating that key indicators are within internationally recognized safety lines [10]. Group 4: Regulatory Developments - The China Securities Regulatory Commission (CSRC) released the "Implementation Measures for Supervision and Management of Securities and Futures Markets" to further standardize the implementation procedures of market supervision, effective from June 30, 2026 [11]. - The China Banking and Insurance Asset Management Association published the "Data Classification and Grading Guidelines for the Insurance Asset Management Industry," effective January 1, 2026, aimed at enhancing data management standards in the industry [12][13]. - The CSRC announced the pilot program for Real Estate Investment Trusts (REITs) in commercial real estate, which is expected to provide new financing channels for real estate companies and enhance the stability of the REITs market [14]. Group 5: Low-altitude Economy in Shanghai - Shanghai aims to achieve a core industry scale of approximately 80 billion yuan in the low-altitude economy by 2028, establishing a complete industrial chain for new low-altitude aircraft and creating a national advanced manufacturing cluster [15][16].

第二，占比方面，美债外国投资者持有比例从34%降至25%，2020年为关键转折点。外国投资者持有美债比例整体趋势可分为两个阶段。2015年3月— 2020年12月：快速下滑阶段。在此期间，外国投资者持有美债占比显著下降，新增发行量主要由国内投资者承接，导致外国资金的相对比重被"稀释"，拉 低外国投资者持有占比。在这一阶段，外国持有美债占比从2015年3月的34.0%下滑至2020年12月的25.5%。仅在2020年一年间，该比例就从29.5%降至 25.5%。2020年12月—2025年3月：低占比稳定阶段。在此时期，外国投资者对美债的配置趋于稳定。2023年9月，外国投资者持有比例降至阶段性低点 22.6%，随后因美债收益率上升和美联储加息预期平稳，占比出现温和回升。 文 / 中国银行研究院国际金融团队主管、中国人民大学国际货币所特约研究员 边卫红 20 15年至20 25年，美债的海外需求不断演变，外国持有美债占比整体呈 下降趋势。在美债规模屡创新高的背景下，美债外国持有者结构变化将对 美国政府债务可持续性、国债市场流动性及美元在国际货币体系中的地位 等方面带来深远影响。 长期以来，美国国债被视为全球最安 ...

Core Viewpoint - The essence of wealth management is to help clients achieve long-term preservation and appreciation of wealth. In the context of increasing global macroeconomic and political uncertainties and declining asset yields, wealth management institutions are undergoing a profound shift from scale-oriented to client allocation-oriented strategies. The future competitiveness of wealth management institutions will depend on three core capabilities: the breadth of fund evaluation dimensions, the depth of allocation service expertise, and the length of client companionship [2][17]. Industry Transformation - The understanding of the wealth management industry has evolved from merely being a sales channel for financial products to a more comprehensive service model. Key events such as the continuous decline in the yield of ten-year government bonds and the reduction of life insurance policy interest rates indicate a systemic downward trend in the risk-free return rate. The era of relying on traditional fixed-income assets for stable appreciation is nearing its end, shifting the focus from obtaining "absolute returns" to managing "relative risks" through scientific allocation [3][4]. Wealth Management Quality - Good wealth management encompasses two levels: asset-liability management and understanding client life cycles. The role of wealth management has transitioned from simply selling products to becoming a critical bridge connecting client needs with asset management. This requires a deep understanding of clients' financial situations, risk preferences, and life stages to create tailored asset allocation strategies that balance safety, returns, and liquidity [4]. Core Challenges - Wealth management institutions face three core challenges: homogenized competition, the urgent need for enhanced professional capabilities, and the conflict between short-term orientation and long-term value. These challenges necessitate profound industry transformation [5]. Regulatory Changes - By 2025, regulatory policies will demand more precise requirements for fund management, sales, and advisory services, marking the beginning of a deep reform phase centered on "investor interests." The wealth management market is undergoing significant structural changes, with the essence of "asset scarcity" being a mismatch between risk and return rather than a reduction in total social wealth [7]. Professional Competence - The professional nature of wealth management extends beyond sales. As investors move away from "guaranteed returns" to a "allocation era," practitioners must possess three core competencies: understanding investments, comprehending product creation and management, and mastering asset allocation across cycles and categories [8]. Fund Evaluation Dimensions - A scientific fund evaluation system is fundamental for wealth management institutions to provide allocation services. This system should encompass four core dimensions: 1. Performance stability, focusing on long-term risk-adjusted returns and consistency across different market conditions [9]. 2. Transparency of investment processes, ensuring objective decision-making and risk control [9]. 3. Stability of management teams, assessing the alignment of incentive mechanisms with long-term performance [9]. 4. Reasonableness of fees, evaluating the match between management fees and actual value creation [9]. Client-Centric Advisory Model - The essence of the buy-side advisory model is to align with client interests through systematic service processes while also addressing human factors. Wealth management institutions should establish systematic business processes to ensure service quality and continuity, avoiding emotional decision-making risks [11]. Client Companionship - Long-term companionship with clients is crucial for mitigating behavioral biases in investment decisions. Research indicates that over 70% of the variance in investor returns is due to behavioral biases rather than product selection. Effective companionship involves timely interventions during market volatility, product value declines, and significant life changes [14]. Future Outlook - The wealth management industry is expected to expand its service scope from mere fund allocation to comprehensive family governance services, leveraging external expert networks for specialized support. Additionally, technological empowerment and global asset allocation will become focal points, alongside integrating social responsibility into wealth management decisions [15][16].

文 /外交学院国际经济学院院长 欧明刚 20 25年以来全球风险事件频发，美元作为传统避险资产不但没有升值， 反而累计回落近8%（截至20 25年11月20日），引发市场广泛关注。短期 汇 率 预 测 存 在 高 度 不 确 定 性 ， 其 准 确 度 甚 至 不 超 过 随 机 游 走 模 型 （ The Me e s e -Rogo ff Puz z l e）。但拉长时间维度看，美元总是在强弱之间循环 往复，表现出明显的周期性律动，而且往往是长周期和大周期。 美国联邦政府虽然结束了长达43天的关门闹剧，但其债务难题将长期存在，原因在于，美国经济社会结构和两党政治体制以及美元的国际储备地位，使得 美国没有足够的动力和压力来解决联邦政府债务问题。这不仅影响美国经济，而且还会对全球产生溢出效应。 持续高企的美国债务 美国联邦政府的债务规模正以惊人的速度一次又一次地创造历史记录。联邦政府债务在2022年1月31日攀升至30万亿美元，2025年8月时触及37万亿美元， 而在此次美国政府关门期间突破38万亿美元。美国国会预算办公室曾在2020年1月预测37万亿美元的债务余额会出现在2030财年后，但事实证明债务上涨 ...

Core Viewpoint - The article emphasizes the importance of integrating finance and technology to support sustainable forestry development, using Chongqing as a model for national implementation [2][3]. Group 1: Background and Strategic Importance - Chongqing is recognized as a crucial ecological barrier in the upper reaches of the Yangtze River and has been designated as a pilot area for collective forest rights reform and green finance innovation [2]. - The central government has tasked Chongqing with exploring solutions to common challenges in national forestry reform, highlighting its strategic role in ecological product value realization [2]. Group 2: Innovations and Practices - The "Finance + Technology" column aims to analyze innovative practices in Chongqing, such as using technology for forest rights assessment and designing green financial products to support carbon sink development [3]. - The goal is to create replicable and scalable models that enhance national attention and support for sustainable forestry through finance and technology [3]. Group 3: Collaborative Efforts and Objectives - The column will feature insights from experts in finance and forestry, focusing on policy interpretation, practical experiences, and problem-solving strategies [4]. - It aims to foster collaboration among the finance, technology, and forestry sectors, enhancing understanding and guiding the provision of effective financial products and sustainable management strategies [4]. Group 4: Support and Industry Integration - The initiative is supported by Manzhai Group, a key national forestry enterprise in Chongqing, which focuses on ecological restoration and integrated development across various industries [4].