# 读者福利 ， 欢迎留言互动， 10 月 17 日前，平台随机从留言中选取 2 位读者获赠本期推 荐新书！ 01 《智能简史：进化、AI与人脑的突破》 [美]麦克斯·班尼特 （Max Bennett）著 中译出版社 出版 内容简介 我们的大脑蕴藏着待解的进化密码，而人工智能的未来或许正系于此 过去10年间，曾属科幻范畴的AI能力已悄然成为现实。AI如今能模仿莎士比亚的 文风作诗，能自动驾驶汽车，甚至通过司法考试。然而，现代AI系统仍存在巨大 局限——人类大脑轻而易举完成的认知壮举，AI至今无法复现。为何AI能击败国 际象棋大师，却摆不好洗碗机中的餐具？AI企业家麦克斯·班尼特提出了令人信服 的论断：答案深藏于人脑进化的10亿年历史中，而这段历程充斥着无数试错、灾 难与精妙的创新。我们的大脑蕴藏着待解的进化密码——AI的未来或许正系于 此。 在本书中，班尼特架起神经科学与AI的桥梁，讲述大脑的进化史诗，并揭示这一 历程如何塑造下一代AI革新。通过独创性框架，他将庞杂的进化史凝练为"五次突 破"，每次突破都标志着人脑进化的重要跃迁，并为人类智能的核心谜题注入全新 解读。结合AI科学的前沿进展，班尼特指出了当前A ...

清华大学五道口金融学院绿色金融研究中心（CGFR）将于 2025年10月10日（周五）举办第六十三期 " 清华五道口绿色金融讲座 "。 本期讲座邀请到了中国科学院科技战略咨询研究院学部学科研究支撑中心执行主任姬强，围绕" 气候金 融研究进展 "主题进行观点分享。 讲座背景 可持续发展和应对气候变化是当今世界发展的主流方向，绿色金融在其中扮演着重要角色。如何平衡环境保护、应对气候变化和经济发展的关系， 如何利用市场机制和政策激励来推动可持续发展目标的实现，以及有哪些可借鉴的低碳转型路径，引发了社会各界的热烈讨论。为探索绿色金融的 发展方向，清华大学五道口金融学院主办、绿色金融研究中心（CGFR）承办"清华五道口绿色金融讲座"系列活动。邀请国内外杰出的专家学者， 就"碳中和"、绿色金融、ESG、气候风险等前沿问题开展专题讲座，促进前沿学术与政策研究和行业实践探索的交流对话。 主办：清华大学五道口金融学院 承办：清华大学五道口金融学院绿色金融研究中心(CGFR) 本期主题 气候金融研究进展 讲座议程 2025年10月10日 15:00-16:00 主旨演讲 16:00-16:30 问答讨论 本期嘉宾 观看方式 扫描 ...

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。 ...

十届四中全会将于10月20日 238 | 财政部、商务部将开展消费新 业态新模式新场景试点工作 Finance al 每周金融评论 .. Financial Weekly 每周金融评论 | 目录 CONTENTS 热点 美国政府"停摆"，美联储进一步降息预期升温 01 2025年9月29日，特朗普政府与国会就拨款法案协商未果，美联储警告停摆将冲击经济；9月30日参议院两党领袖公开辩论未达 共识，最终于10月1日0时1分触发近七年首次停摆。停摆期间美国国家公园、签证办理等非必要服务中断，核心部门如军队、执 法机构维持运转。10月3日，美参议院否决两党临时拨款法案，政府停摆持续。 《清华金融评论》观察 在美国政府"停摆"的背景下，特朗普政府正酝酿推进第二轮大规模联邦雇员裁减计划，这可能会使得美国就业市场面临进一步恶 化风险。在缺乏基准经济数据的情况下，美联储或将面临更大的降息压力。目前来看，市场几乎完全定价（概率超过95%）美联 储将在10月的议息会议上降息，同时12月份降息的概率也定价在86%左右。（观察员/王茅） 热点聚焦 FOCUS 十四年代五日本日本 《中也》 甘女因壮 。 UA PBCSF 2025年第 ...

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].