意见领袖 | 刘晓曙 一、"发达国家净息差必将收窄"是伪命题 近年来，我国银行业净息差持续收窄。市场有观点认为，随着社会经济从混乱状态发展到成熟稳定阶 段，企业不确定风险下降，风险定价趋于调低，贷款利率下行，因此净息差收窄是必然趋势，并常以日 本、欧洲等低利率、低息差国家作为参照。然而，这一观点实则存在误区。美国处于高度发达的经济阶 段，净息差却长期保持较高水平，英国的净息差也明显高于其他欧洲国家。由此可见，净息差收窄并非 经济成熟的必然结果。 美国银行业净息差尽管有所波动，但整体上大部分时间都保持在3%以上的相对较高水平。美国银行业 不仅在加息周期保持较高的净息差，如2005-2007年期间的加息周期，净息差保持在3%以上；而且在降 息周期，美国银行业也能维持较高的息差水平，最低值在2.5%以上。 二、市场化成就美国银行业高净息差 （一）高度市场化，经营不善的银行机构即时市场出清。 根据联邦存款保险公司（FDIC）的官方统计数据，2008年全球金融危机至今，美国共倒闭584家商业银 行，其中包括资产规模逾3000亿美元的华盛顿互惠银行，以及投贷联动的行业标杆硅谷银行等知名银 行。 作为反面典型，日本政府的保 ...

Group 1 - Xinjiang Jiaojian Co., Ltd. opened with a significant increase of 10.04% and reached the daily limit [3] - The convertible bond issued by Xinjiang Jiaojian, known as Jiaojian Convertible Bond, saw a remarkable rise of 19.28%, closing at 162.8870 yuan, with a peak increase of 20% during the day [3][4] - The trading volume for Jiaojian Convertible Bond reached 5.269 billion yuan on the same day [3] Group 2 - The newly established Xinjiang Railway Co., Ltd. has a registered capital of 95 billion yuan and is involved in various sectors including construction, railway transportation, and real estate [1] - The company is fully owned by China National Railway Group Co., Ltd., which is a state-owned enterprise with a registered capital of 1.7395 trillion yuan [7][8] - China National Railway Group aims to enhance its market-oriented operations and improve the quality of railway passenger services [8][9]

Core Viewpoint - The control of China Agricultural Reinsurance Co., Ltd. (China Nongzai) has officially changed hands to Central Huijin Investment Ltd. (Central Huijin), which now holds 55.90% of the shares, marking a significant shift in management strategy from a policy-driven approach to a market-oriented one [1][2][10]. Group 1: Shareholding Changes - On July 30, the Financial Regulatory Administration approved Central Huijin's acquisition of 9 billion shares from the Ministry of Finance, making it the controlling shareholder of China Nongzai [1][2]. - Following the transfer, the Ministry of Finance will no longer hold any shares in China Nongzai, which had a registered capital of 16.1 billion yuan [2]. Group 2: Management and Operational Changes - Central Huijin's takeover is expected to lead to a fundamental change in management logic, focusing on risk pricing, capital efficiency, and international operations, as opposed to the previous policy-driven management by the Ministry of Finance [1][5]. - The management will enhance market-oriented operational capabilities, improving profitability and risk resistance [1][5]. Group 3: Financial Performance - In 2024, China Nongzai reported insurance revenue of 27.516 billion yuan and a net profit of 107 million yuan. However, in the first quarter of 2025, it recorded an insurance revenue of 6.649 billion yuan and a net loss of 639.978 million yuan [5]. - As of the end of the first quarter of 2025, China Nongzai's total assets amounted to 36.296 billion yuan, with solvency ratios of 185.96% for both comprehensive and core solvency [5]. Group 4: Strategic Implications - The acquisition signifies a key step in the reform of China Nongzai, reflecting Central Huijin's proactive management strategy, which may include integrating insurance resources to enhance competitiveness [5][10]. - Central Huijin's control will create a "national risk protection network" covering agricultural reinsurance, export credit insurance, and catastrophe reinsurance, thereby improving the management of systemic risks [10].