9月30日 ， 香港首批稳定币发行人牌照申请截止。 有专家 预计 ， 审核通过后，首批牌照将于 2026年正式发放。 此举标志着香港正积极拥抱稳定币这一新兴金融业态，也意味着在总规模已超过2500亿美元的稳定 币市场中，香港有望占据一席之地。 2025年9月22日，中关村互联网金融研究院院长、中关村金融科技产业发展联盟秘书长刘勇 对 和 讯网 表示 ， 香港开放稳定币市场，旨在吸引全球发行机构落户，增强其国际金融竞争力，同时也 为人民币国际化探索新的路径与实践场景。 近期， 美元稳定币市场已出现一系列动向。全球最大稳定币发行商Tether计划出让3%股权融资约 200亿美元，若交易达成，其估值将攀升至5000亿美元，与Open A I估值 相当。 针对这些问题，刘勇在与和讯网的对话中给出了部分见解。作为长期研究金融科技、区块链与稳定币 的专家，刘勇与沈建光、朱太辉、郭大治合著的《稳定币：重塑全球金融新秩序》近期由中信出版社 出版。 书中建议，应 " 尽快试点、循序渐进 " 地发展离岸人民币稳定币，优先在香港开展发行与 交易，再逐步推广至内地自贸区与自贸港，使用场景上可 " 先跨境支付，后金融投资 " 。 9月 ...

Core Viewpoint - The recent administrative penalties imposed on five banks in Beijing highlight the ongoing regulatory focus on compliance in credit operations, particularly regarding the "three checks" system in loan management [1][2][5]. Group 1: Regulatory Actions - Five banks, including major state-owned banks and joint-stock banks, were fined 350,000 yuan each for violations related to loan management, specifically the "three checks" system [1][2][4]. - The "three checks" system, which includes pre-loan investigation, in-process review, and post-loan inspection, is crucial for managing loan risks and ensuring asset quality [2][3]. Group 2: Systemic Risks and Challenges - Inadequate management of working capital loans can lead to misuse of funds and potential systemic financial risks if multiple banks face similar issues [3][4]. - The penalties reflect a broader industry challenge, indicating that loan management problems are not isolated incidents but rather a common issue across the banking sector [4]. Group 3: Regulatory Environment and Future Directions - The regulatory authority has emphasized the importance of compliance and risk management in credit operations, with a focus on enhancing internal controls within banks [5][6]. - Future regulatory measures are expected to diversify, incorporating tools like window guidance and stress testing to create a multi-layered regulatory framework [5]. Group 4: Cultural and Mechanism Reforms - The penalties serve as a catalyst for banks to rethink their internal assessment criteria, ensuring that compliance and asset quality are prioritized alongside growth metrics [6]. - The adoption of advanced technologies such as big data and artificial intelligence is necessary to improve the efficiency and effectiveness of the "three checks" system [6].

防范化解金融风险是金融工作的永恒主题。从一定程度上看，金融是经济的镜像，经济领域的很多问题 往往通过金融的端口显现并向外溢出，与金融风险相互交织、彼此传导。因此，防范化解金融风险既是 维护国家金融安全的应有之义，也是实现经济高质量发展的重要一环。 目前，我国金融体系总体稳健，金融机构整体健康，金融市场运行平稳。中国人民银行行长潘功胜9月 22日在国务院新闻办公室举行的新闻发布会上表示，按照中央部署，要有序处置金融领域一批突出风险 点，有效防范化解外部风险对我国金融市场的外溢和冲击，有力保护广大储户、中小投资者利益。 完善公司治理机制是化解重点领域风险、整治金融乱象的关键抓手。观察个别金融机构此前的出险案例 不难发现，公司治理机制不完善是主因。与个人独资、合伙企业相比，公司制企业的一个普遍特征是所 有权与控制权分离，股东将部分经营决策权授予管理者，二者形成委托代理关系。但由于二者信息不对 称，后者可能为了自身利益作出有损股东与公司利益的决策。代理问题也普遍存在于大股东与中小股东 之间，后者难以对前者开展有效监督。由此，大股东操纵、内部人员控制等问题便产生了，引发诸多金 融乱象。公司治理机制就是为了防范、缓解上述 ...

智通财经APP获悉，随着美国国会民主党与共和党就联邦政府后续资金拨付方案陷入僵局，美国政府部 门下周开始部分停摆的风险正持续上升。如果政府停摆，这可能通过限制金融监管机构的运作、推迟关 键经济数据的发布等方式对市场产生影响。 市场可能作何反应? 从历史经验来看，市场往往对政府停摆不以为意。但这一次，情况或许会有所不同。 野村证券分析师在本周报告中指出，若停摆持续时间较长，可能导致投资者评估宏观经济趋势所需的关 键数据延迟发布甚至取消，例如月度就业报告与通胀数据。 分析师进一步表示，这将使美联储陷入"盲目决策"的境地，从而更有可能坚持其原有的2025年剩余时间 内两次降息25个基点的经济预测。 道明证券在一份报告中提到，由于投资者无法判断美国经济放缓的程度，市场对降息的预期将更加坚 定，进而可能导致美国国债收益率曲线进一步陡峭化，短期与长期国债收益率的差距也会随之扩大。 此外，长期政府停摆还可能影响部分市场参与者开展复杂交易的能力——这类交易往往需要监管机构提 供指导支持。 根据美国证券交易委员会(SEC)2024年10月制定的政府资金中断应急预案，若停摆启动，该机构或将大 幅缩减人员规模，仅保留核心骨干团队。 ...

Group 1 - The seminar held in Nanning, Guangxi, focused on financial regulatory cooperation among ASEAN and China, Japan, and South Korea, with over 20 representatives from eight countries and regions attending [1][2] - China has been ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for five years, highlighting the importance of trade relations [1] - The upcoming signing of the China-ASEAN Free Trade Area upgrade protocol is expected to boost regional economic integration and stability amid increasing global trade uncertainties [1] Group 2 - The discussions at the seminar included topics such as regional financial vulnerabilities, sustainable financial development, and cross-border financial data flow and privacy protection [2] - The seminar enhanced understanding of China's economic and financial development among foreign representatives and fostered mutual trust and consensus among regulatory agencies from ASEAN and the 10+3 countries [2] - The Financial Regulatory Bureau plans to strengthen cross-border regulatory cooperation with ASEAN and 10+3 member countries, promoting the development of both domestic and foreign financial institutions [2]

国家外汇局：外汇储备稳定在3万亿美元以上 央视网消息：9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会。中国证监会主席吴清介绍，今年8月，A 股市场总市值首次突破100万亿元，交易所债券市场产品日趋丰富，资本市场含"科"量进一步提升。 中国证监会主席 吴清：近年来，新上市企业中九成以上都是科技企业或者科技含量比较高的企业。目前A股科技板块市值占比超过1/4， 已明显高于银行、非银金融、房地产行业市值合计占比。上市公司主动回报投资者的意识明显增强，这5年上市公司通过分红、回购派发"红 包"合计达到10.6万亿元，比"十三五"增长超过8成，相当于同期股票IPO和再融资金额的2.07倍。 中国证监会：公平公正市场环境进一步形成 中国证监会主席吴清昨天介绍，"十四五"期间，公平公正的市场环境进一步形成。 中国证监会主席 吴清：坚持监管"长牙带刺"、有棱有角，不断完善全链条监管体系，坚决打击违法违规行为。"十四五"期间对财务造 假、操纵市场、内幕交易等案件作出行政处罚2214份，罚没414亿元，较"十三五"分别增长58%和30%，执法震慑进一步增强，透明度进一步 提高，市场生态进一步净化。 ...

Summary of Conference Call on Bond Market Dynamics Industry Overview - The conference call primarily discusses the bond market dynamics in the context of current financial regulations and macroeconomic conditions, particularly focusing on the impacts of U.S.-China negotiations and seasonal factors affecting market performance [1][4]. Key Points and Arguments - **Market Performance in September**: The bond market in September was negatively impacted by seasonal factors and two significant "black swan" events: regulatory changes leading to low market sentiment and unexpected progress in U.S.-China negotiations [1][4]. - **Comparison with Historical Context**: The current financial regulatory environment is compared to 2013, where GDP growth was below expectations, but infrastructure and real estate investments were high. Unlike 2013, current financial leverage is concentrated in standard bonds rather than non-standard assets [1][5][6]. - **Monetary Policy Outlook**: The monetary policy for 2025 is expected to be slightly tighter than in 2024, but overall remains accommodative. The first quarter is anticipated to have a loose funding environment, with limited pressure on the bond market due to inconsistent directions from the central bank and regulators [1][7]. - **Impact of U.S.-China Negotiations**: The unexpected progress in U.S.-China negotiations may reduce the domestic monetary policy stimulus, lowering the probability of rate cuts in the fourth quarter. However, there may still be easing measures in 2026 [1][8]. - **Interest Rate Trends**: The bond market may experience a final decline in the short term, with a potential rebound in the medium term. The 10-year government bond yield is currently above 1.8%, which is considered attractive [3][8]. Additional Important Insights - **Investment Recommendations**: Institutions are advised to seize current left-side opportunities and not miss the timing before the end of the year, with a medium-term bullish outlook [2][9]. - **Technical Market Analysis**: The technical shape of the bond market suggests continued volatility in the short term, but a positive outlook remains for the medium term [3][9]. This summary encapsulates the essential insights from the conference call, highlighting the bond market's current state, historical comparisons, and future expectations.

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【英国央行行长呼吁用AI加强监管并重申金融业风险警示】英国央行行长贝利周一表示，他和其他负 责金融服务行业监管的机构应借助人工智能，助力发现所监管企业存在的问题。他指出，"我认为我们 都得在数据、数据科学及相关技术方面进行大量投入"。他还称，央行和其他监管机构收集了海量数 据，但"我觉得没人能拍着胸脯保证我们对这些数据进行了最优利用……这同样给监管机构带来风险： 你掌握了证据却未加以利用，事后才发现系统里早就有'关键线索'"。此外，贝利重申，他认为要求削 减金融监管的呼声不应让金融服务行业重蹈可能危及更广泛领域的高风险行为覆辙。 ...

Core Insights - The banking and insurance sectors in China have total assets exceeding 500 trillion yuan, with an average annual growth rate of 9% over the past five years, solidifying their position as the largest credit and second-largest insurance market globally [1] - The financial regulatory authority has emphasized high-quality development during the "14th Five-Year Plan" period, enhancing financial services and regulatory frameworks [1] Group 1: Industry Strength and Growth - The comprehensive strength of the industry has significantly improved, with trust, wealth management, and insurance asset management institutions managing nearly 100 trillion yuan, doubling since the end of the "13th Five-Year Plan" [2] - Chinese banks hold six out of the top ten positions in the global top 1,000 banks, with 143 Chinese banks listed [2] - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy through various financing methods [2] Group 2: Financial Resource Allocation - The financial regulatory authority has focused on optimizing financial resource allocation, summarized as "increase supply, optimize structure, and fill gaps" [2] - Infrastructure loan balances reached 54.5 trillion yuan, reflecting a 62% increase since the end of the "13th Five-Year Plan" [2] - Loans to high-tech enterprises have reached nearly 19 trillion yuan, with an average annual growth rate exceeding 20% [2] - A mechanism to support financing for small and micro enterprises has been established, resulting in 22 trillion yuan in loans issued [2] Group 3: Risk Management - The primary responsibility of the financial regulatory authority is to prevent and resolve financial risks, with a focus on managing risks in small and medium-sized financial institutions [4] - A tailored approach has been adopted for high-risk institutions, employing strategies such as mergers, online repairs, and market exits [4] - The regulatory authority has actively worked to mitigate risks in the real estate sector and local government debt, establishing a financing coordination mechanism for urban real estate [4] - Loans for "white list" projects have exceeded 7 trillion yuan, supporting the construction and delivery of nearly 2 million housing units [4] Group 4: Regulatory Developments - The revision of the insurance law is being accelerated, with ongoing improvements to regulatory frameworks [5]

Financial Sector - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; the stock and bond market sizes are second in the world [2] - The total assets of the banking and insurance sectors exceed 500 trillion yuan, with an average annual growth of 9% over the past five years [2] - The A-share technology sector now accounts for over 25% of the total market capitalization, with long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase since the end of the 13th Five-Year Plan [2] Military and Defense - The Chinese Navy's J-15T, J-35, and KJ-600 carrier-based aircraft have successfully completed their first catapult launches and landings on the Fujian aircraft carrier, marking a significant milestone in naval development [3] Economic Policy and Regulation - The People's Bank of China has maintained the 1-year LPR at 3% and the 5-year LPR at 3.5% for four consecutive months, with potential for new interest rate cuts in the fourth quarter [4] - The Ministry of Finance is guiding local governments to implement a series of policies to support debt management and financing platform reforms [4] Capital Markets - The China Securities Regulatory Commission is accelerating the implementation of comprehensive capital market reforms, including improvements to the Sci-Tech Innovation Board and the Growth Enterprise Market [5] - A-shares saw collective gains, with the Shanghai Composite Index rising 0.22% to 3828.58 points, and the ChiNext Index increasing by 0.55% [5] Real Estate - The real estate sector is experiencing a decline in inventory value, with a total of 8.14 trillion yuan reported for major developers in the first half of 2025, down 4.6% from the end of 2024 [9] Steel Industry - The steel industry aims for an average annual growth of around 4% over the next two years, focusing on precise capacity control and prohibiting new capacity additions [8] Technology and Innovation - OpenAI is reportedly collaborating with companies like Luxshare Precision to develop consumer-grade AI devices, although specific details remain unconfirmed [11] - Media reports indicate that MediaTek has launched the Dimensity 9500 chip, which boasts a 33% performance increase and a 42% reduction in power consumption compared to its predecessor [11] International Relations - The U.S. and China are maintaining close communication between their leaders, with discussions ongoing regarding various issues [4]