2025年全国高考报名人数为1335万人 "考证对找工作有用吗？" …… 这些问题，困扰着不少即将迈入高考考场和填报志愿的考生，也让许多金融专业的在读生感到迷茫，此 前我们在《考研400分学霸考公失败后，开始"卷"银行？》一文中了解了金融应届毕业生的心声。 曾几何时，金融专业因其过往的"高薪"光环吸引无数人投身其中。如今，金融行业历经变革，诸多因素 交织让行业的人才需求标准、岗位分布结构乃至整个专业的就业生态发生了不小的变化。 从实用性人才培养与学习就业角度出发，《金融时报》记者与国内财经院校教授学者以及金融机构人力 资源部门负责人进行了深入交流，我们发现…… 金融专业老师说： 有多少学子会选择报考金融学专业？ "金融专业难学吗？" "金融专业毕业好找工作吗？" "金融行业'卷'吗？" 北京大学经济学院金融学系副主任、长聘副教授王熙 "中国金融学只有新生力量的加入，才能成长得更加多彩和茂盛" 我国高校对金融专业学生的培养有许多积极变化，能根据市场需求调整所教授课程。比如课程体系方 面，尝试将数据科学、环境科学、公共治理等学科深度融入人才培养全链条，增设如机器学习与资产定 价、碳市场机制、ESG投资等课程。同时 ...

Market Performance - The A-share market experienced a pullback, with the CSI 300 index down by 1.08%, the ESG 300 index down by 1.31%, and the CSI ESG 100 index down by 0.45% during the week of May 26 to May 30, 2025[5] - The average daily trading volume for the entire A-share market was approximately 1.10 trillion RMB, indicating a contraction in liquidity[5] ESG Fund Issuance and Performance - No new ESG fund products were issued in June 2025; however, 143 ESG public fund products were issued in the past year, totaling 1,296.39 million units[8] - As of June 3, 2025, there are 666 existing ESG fund products, with the largest share being ESG strategy funds at 47.52% of the total net asset value of 823.88 billion RMB[10] Fund Returns - The top-performing fund for the week of May 26 to June 3, 2025, was Dongfanghong Medical Upgrade A, with a weekly return of 6.16% and a year-to-date return of 46.04%[11] - Other notable funds include Huatai-PineBridge Health Life One-Year Hold A and ICBC Health Industry A, which also showed strong returns[11] Green Bond Issuance - A total of 21 green bonds were issued in the interbank and exchange markets from May 26 to May 31, 2025, with a planned issuance scale of approximately 15.564 billion RMB[14] - In June 2025, 8 ESG bonds were issued, amounting to 500 million RMB, while a total of 921 ESG bonds were issued in the past year, totaling 1,035.2 billion RMB[14] Market Trading Activity - The total trading volume of ESG green bonds for the week of May 26 to May 30, 2025, was 474.62 billion RMB, with the interbank bond market accounting for 73.62% of the total trading volume[17] - Repo transactions dominated the trading methods, comprising 95.25% of the total trading volume[17] Bank Wealth Management Products - No new ESG bank wealth management products were issued in June 2025; however, there are 769 existing ESG bank wealth management products, with pure ESG products making up 62.68% of the total[20] Risk Factors - Potential risks include weaker-than-expected ESG policy enforcement, lack of standardized data reporting, and lower-than-expected product issuance scales[25]

Group 1: Macro Insights - The "Big Beautiful Bill" passed by the US House of Representatives is expected to increase the net deficit by at least $3 trillion over the next decade, with a focus on extending and making permanent tax cuts from the 2017 Tax Cuts and Jobs Act while increasing spending in defense and border security [2][3][6] - The short-term economic impact of the bill is limited, with a potential slight boost to economic growth in the coming years, but it is unlikely to accelerate the growth trend [7] - The projected deficit rate, even under optimistic scenarios considering tariff revenues, is expected to remain around 6.5% [5][7] Group 2: Digital Economy and Technology - The digital transformation implementation plan for the electronic information manufacturing industry aims to enhance core digital technologies, promote integrated digital transformation, and solidify a diversified transformation foundation [11][12] - The plan includes 15 typical scenarios and emphasizes a collaborative mechanism involving government guidance and market leadership to expand the depth and breadth of digital upgrades in the electronic information sector [12] - The focus on digital transformation is expected to strengthen the internal growth momentum of the electronic information manufacturing industry and enhance its capacity to support the digital transformation of other sectors [12] Group 3: ESG Strategies - The ESG screening strategy for central state-owned enterprises yielded an excess return of 1.23% in May, with a Sharpe ratio of 6.92 and an absolute return of 3.24% [17][19] - The strategy effectively identified stable stocks within central state-owned enterprises, outperforming both pure central state-owned and pure ESG strategies [19] - The overall performance of ESG strategies indicates a robust ability to manage risks while enhancing returns, with cumulative returns significantly higher than the broader market indices [19][20] Group 4: Chemical Industry - Brent and WTI oil prices averaged $64.0 and $60.9 per barrel in May, respectively, with expectations of fluctuating between $60 and $70 per barrel due to supply and demand dynamics [30][32] - The chemical industry is anticipated to see structural opportunities driven by domestic economic stimulus policies, despite ongoing global trade tensions [32] - The report highlights the importance of monitoring global trade disputes and OPEC+ production policies as key factors influencing the chemical sector's performance [32]

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 article emphasizes the establishment and enhancement of a market-oriented resource and environmental element allocation system, aiming for a more active and efficient trading market by 2027, particularly focusing on carbon emissions, water rights, and pollution rights [34]. Group 1: Market Mechanisms and Regulations - By 2027, the trading systems for carbon emissions rights, water rights, and pollution rights will be fundamentally improved, enhancing the market's ability to allocate resources efficiently and effectively [3]. - The article outlines the need to optimize the allocation and transfer systems for resource and environmental elements, including carbon emissions rights and water rights, to promote market liquidity [34]. - It highlights the importance of integrating various trading systems, such as carbon emissions trading and pollution permits, to facilitate smoother transactions and better resource management [9][35]. Group 2: Financial Support and Green Finance - The article discusses the establishment of a financial support system to encourage the development of green financial products, such as green credit and insurance, which will support the trading of carbon emissions rights and water rights [38][26]. - It suggests that the value of carbon assets will become more prominent, leading to the potential introduction of carbon financial products like carbon futures and carbon pledge loans, which could enhance market liquidity [38]. Group 3: Industry Impacts - The renewable energy sector, particularly wind, solar, and energy storage companies, is expected to benefit from the integration of carbon markets and green electricity trading [40]. - The demand for water-saving technologies, such as efficient irrigation and water recycling, is anticipated to experience significant growth due to the new policies [41]. - The environmental monitoring industry is likely to see a surge in demand for carbon emission accounting and pollution monitoring services, presenting opportunities for third-party service providers [42].

主持人： 张强 中国社会企业与影响力投资论坛理事长、北京师范大学政府管理学院教授，中国管理科学学会可持续发展管理专业委员会执行主任 方巍 禹闳资本执行董事 高传捷 中国慈善联合会慈善信托委员会荣誉顾问 姜燕 盛世投资首席可持续发展官、合伙人 Wechayachia Fai GSG Impact市场开发部负责人 张咏 嘉宾（姓氏音序排列）： 德裕世家创始人、董事长 张强（主持人） 各位伙伴， 我是今天下午的主持人张强。金融不仅是财富传承，今天金融工具更需要温暖更多的人。到底在未来十年间到底有多少万亿来传承，这里有 很多变数，中国也进入了老龄化，财富传承的意义都在改变。不变的是，商业价值怎么样融通，像过去讲影响力只是一个工具，一定可以改变对于传统商 业问题的看法。那我们在影响力投资背后，讲的不仅仅是物质财富，还有赖以生存的商业精神财富。 今天有三个问题，从各自机构看一下怎么看待投资机构传承，同时各自的挑战和展望未来。 方巍 大家好，我来自禹闳资本，它是一家影响力投资机构，目前管理两只基金，一支是早期，一支是中后期，投资方向关注于循环经济、养老、残疾人福祉提 升等。投资阶段之前有涉足成长期为主，现在开始转向早期创业 ...

Core Insights - The report focuses on the performance of three categories of wealth management products: cash management products, pure fixed income products, and "fixed income + options" products [1] Group 1: Cash Management Products - As of May 22, only 68 RMB public cash management products had a seven-day annualized yield exceeding 2%, accounting for 1.62% of the total [9] - The highest seven-day annualized yield among cash management products is 2.511% for "交银理财稳享现金添利(惠享版)52号理财产品C" [10] - The overall trend for cash management product yields is downward due to declining funding and deposit rates [9] Group 2: Pure Fixed Income Products - The average net value growth rate for RMB public pure fixed income products over the past six months is 1.3%, a slight decline of 4 basis points from April 10 [5] - 73.22% of pure fixed income products achieved positive monthly returns over the past six months, with only two products exceeding a net value growth rate of 3% [5] - Notable ESG products include "兴银理财稳添利陆盈ESG201号" and "信银理财安盈象固收稳健青绿共绘ESG六个月持有期1号", both with annualized yields over 5% [5][6] Group 3: "Fixed Income + Options" Products - The top-performing product in this category is "招睿全球资产动量两年定开8号固定收益类理财计划A款" with a net value growth rate of 2.75% over the past six months [15] - The second and third positions are held by "招睿全球资产动量十四月定开8号固定收益类理财计划A款" at 2.17% and "招睿全球资产动量一年定开8号固定收益类理财计划A" at 1.94% respectively [15] - The investment characteristics of these products primarily focus on global asset allocation [15]

Core Viewpoint - The introduction of the "Rules" by the Asset Management Association of China is a timely measure that provides systematic guidance for public funds to engage in corporate governance, enhancing the role of institutional investors in the capital market [1][2]. Group 1: Regulatory Framework - The "Rules" establish new requirements for public funds regarding their participation in corporate governance, including mechanisms for exercising voting rights, internal controls, information disclosure, and self-regulation [1]. - The "Rules" serve as a self-regulatory framework that clarifies the role of public funds as "active shareholders," filling existing regulatory gaps and promoting long-term investment and value creation [2][3]. Group 2: Industry Transformation - The implementation of the "Rules" is expected to shift the focus of the public fund industry from short-term performance and scale growth to long-term returns and value creation, aligning with national strategies for high-quality economic development [2]. - Enhanced transparency in information disclosure will standardize the actions of fund managers and increase accountability, fostering a healthier investment culture and boosting investor confidence in public funds [2]. Group 3: Company Initiatives - The company has a strong foundation in governance and responsibility management, supported by its parent organizations, which emphasize corporate governance and ESG issues [4]. - Prior to the "Rules," the company had already integrated ESG principles into its strategy and established a comprehensive framework for responsible management, aiming to become a leader in the domestic ESG investment field [4][5]. Group 4: Future Outlook - Moving forward, the company plans to fully integrate the "Rules" into its strategic planning and daily operations, enhancing its research capabilities, decision-making processes, and communication with listed companies [6]. - The collective efforts of the public fund industry and the effective implementation of the "Rules" are anticipated to create a healthier, more transparent, and vibrant capital market ecosystem, ultimately benefiting investors with sustainable and high-quality long-term returns [6].

监管部门通过一系列政策文件引导资本市场建立起"长钱长投"的市场生态，中长期资金所具备的多项特点，使其能够充分发挥资本市场的"稳定器"和"助推 器"的作用，通过改善市场生态、服务实体经济、应对社会长期需求，最终实现经济与金融的良性循环。 "期限长、风险偏好高、注重长期价值回报是长期资本和耐心资本的核心特点"南开大学金融学教授田利辉表示："长期资本和耐心资本有三大优势：一是能 够跨越周期，通过逆周期布局平滑市场波动；二是可以共创价值，通过投后管理来参与和提升企业治理；三是能够稳定市场，长期持有减少投机行为，增强 市场韧性。" 基于此，中长期资金入市对资本市场良性发展具备重要意义。田利辉认为，长期资本、耐心资本入市后可以优化市场结构，降低散户占比，提升机构投资者 话语权。增强市场稳定性，长期资金长期持有优质股，减少"羊群效应"引发的剧烈震荡。同时引导价值投资，推动市场从"炒题材"转向"看基本面"，支持优 质企业成长。 向资本市场注入长期资金 中长期资金入市对资本市场的影响深远，它不仅是资本市场重要的资金来源，还能够通过长期投资、价值投资策略以及资金配置降低市场波动、优化投资者 结构、增强市场韧性，营造稳定的市场环境 ...

Core Viewpoint - The asset management industry in China is transitioning towards high-quality development amidst low interest rates and stringent regulations, with a focus on shifting from "scale-driven" to "quality-led" growth [1] Group 1: Current Industry Landscape - As of the end of 2024, the total scale of China's asset management industry is expected to exceed 140 trillion yuan, becoming a significant force in wealth management and capital market resource allocation [1] - The industry faces both transformation pressures and opportunities, necessitating a profound shift in operational strategies [1] Group 2: Key Insights from Industry Leaders - The high-quality development of asset management institutions should focus on enhancing investment research capabilities and optimizing product offerings to meet diverse client needs [2][3] - The public fund industry has seen significant growth over the past 20 years, driven by high-level opening-up policies, which should continue to be pursued for further development [3][4] - Private equity firms must emphasize compliance and innovation to enhance their risk management capabilities and competitive edge [4] Group 3: Market Trends and Client Preferences - There is a notable shift in residents' asset allocation preferences, with a polarization in risk appetite: some investors are seeking safety while others are more willing to take risks due to policy influences [3][16] - The market is experiencing a structural challenge where quality assets are becoming increasingly scarce despite ample liquidity [3][16] Group 4: Strategies for High-Quality Development - Asset management institutions should prioritize value creation for clients, focusing on effective investment strategies and robust research capabilities [8][12] - Embracing digital transformation and integrating AI into investment processes are essential for enhancing operational efficiency and client service [12][35] - The development of diversified product lines that cater to varying risk appetites is crucial for meeting evolving client demands [18] Group 5: Regulatory and Policy Recommendations - There is a call for unified standards in performance benchmarks for financial products to foster a sustainable investment environment [30] - Continued support for international cooperation and knowledge exchange is vital for cultivating competitive asset management institutions [32][19]