全文阅读时间约为19分钟。 纵然战略方向精准无误，企业是否具备实现目标的能力？面对日益剧变的时代，最新研究揭示了一套持 续创造价值的动态系统。 每一位雄心勃勃的CEO都会告诉你：制胜之道在于拥有正确的战略。诚然，一个明智、可执行的战略是 企业配置人力、资本、物资等稀缺资源的前提。 但仅有战略远远不够。企业还需要一套精巧设计、切实有效的运营模式，以驱动四大关键成果的达成： 资源权责清晰化、决策执行敏捷化、人才能力专业化、组织协同高效化。唯有如此，方能将战略蓝图转 化为超越市场的实际表现。 很多企业掌舵者早已洞察这一点，因此频繁尝试重构运营模式。在我们的调研中，近三分之二的企业在 过去两年内进行了运营模式重构，半数企业计划在两年内再次启动变革。 这样的比例足以反映一个严峻现实：打造一个稳定创造价值的高效组织，并非易事。麦肯锡研究指出， 即使是表现优异的企业，其战略实现度与潜能之间仍存在高达30%的差距，症结往往出在运营模式的掣 肘上【1】。 正因如此，我们决定更新有关运营模式设计的最佳实践【2】。综合学术研究、与数百位高管的深度访 谈，以及麦肯锡在支持企业转型过程中的实战经验，我们提出了一套全新方法论：一个由12 ...

Core Viewpoint - The strategic cooperation agreement signed between Shanghai Clearing House and Shanghai University of Finance and Economics represents an innovative collaboration between a key national financial infrastructure and a prominent academic institution, aimed at enhancing research in financial technology and cultivating high-quality talent in the financial sector [1] Group 1: Strategic Cooperation - The agreement is seen as a significant milestone for both parties, marking a new starting point for collaboration and mutual development [1] - Both parties aim to align with the goal of building a strong financial nation and actively contribute to the "five major articles" in finance [1] Group 2: Research and Talent Development - The collaboration will focus on joint scientific research that is frontier, strategic, and application-oriented, addressing key technological challenges in the financial industry [1] - There will be a concerted effort to cultivate high-level, interdisciplinary professionals in financial technology and infrastructure [1] Group 3: Knowledge Sharing and Quality Development - The partnership aims to promote knowledge sharing and the transformation of research outcomes, contributing to the establishment of a Chinese financial knowledge system [1] - The ultimate goal is to enhance the service efficiency of financial infrastructure and support the high-quality development of China's financial sector [1]

Core Insights - The conference focused on exploring a credible collaborative model for the resource allocation hub of bulk commodities, highlighting the importance of credit construction and collaborative innovation in the bulk commodity market [1][2] Group 1: Event Overview - The event was supported by the Shanghai Municipal Commission of Commerce and hosted by the National Bulk Commodity Warehouse Receipt Registration Center, featuring over a hundred representatives from various sectors including industry, finance, and media [1] - The conference is part of the 2025 China International Import Expo activities, emphasizing the integration of registration, warehousing, and finance in the bulk commodity sector [1] Group 2: Strategic Developments - The registration scope of the National Bulk Commodity Warehouse Receipt Registration Center has expanded from copper to include other non-ferrous metals such as aluminum, lead, zinc, tin, nickel, and silver, totaling 13 registered spot commodity varieties with over 12.1 million tons of registered weight as of November 9 [3] - The center has awarded licenses to major domestic logistics groups for warehouse management, establishing a credible warehousing network to ensure the safety and ownership of electronic warehouse receipts [3] Group 3: Financial Collaboration - A strategic cooperation agreement was signed between the National Bulk Commodity Warehouse Receipt Registration Center and the Shanghai Clearing House to enhance collaboration in warehouse receipt transfer registration and clearing, aiming for a secure and efficient clearing model [4] - Additional agreements were made with several banks to expand financing scenarios related to warehouse receipt pledges, thereby broadening financing channels for enterprises in the supply chain [4] Group 4: Industry Perspectives - A roundtable forum discussed new trends in the global bulk commodity market and the current state of Shanghai's bulk commodity trade, with participants emphasizing the need for a trade, finance, and data infrastructure centered around warehouse receipt registration to drive market transformation [5] Group 5: Future Directions - The National Bulk Commodity Warehouse Receipt Registration Center aims to continue building a credible trading environment for bulk commodities, supporting Shanghai's development as a global resource allocation hub and contributing to the construction of a unified national market [6]

新华社北京10月26日电（记者乌梦达、赵旭、鲁畅）深秋的北京，金融街两侧的银杏叶正镀上金边。印有"创新、变革、重塑下的全球金融发展"的 道旗迎风舒展，预告着即将启幕的2025金融街论坛年会。 世界的目光，将再次投向金融街。 这条街，不大。西起南礼士路，东至太平桥大街，北接阜成门内大街，南抵长安街，占地面积仅2.59平方公里。 但这条街，又很大。有人说，它是中国金融的"心脏"。 图为北京金融街一角。新华社发 这里，汇聚了国家主要金融管理部门。中央金融办、中国人民银行、国家金融监督管理总局、中国证券监督管理委员会、国家外汇管理局等坐落于 此。每一天，关系国计民生的金融政策从这里酝酿、发出，牵引着亿万市场主体的脉搏。 这里，国家重要金融机构总部齐聚一堂。既有中国工商银行、中国邮储银行等国有大型商业银行，也有国家开发银行、中国进出口银行、中国农业 发展银行等国内开发性、政策性金融机构，不仅构筑了金融街的天际线，更成为中国金融实力的实体注解。 这里，保险力量和金融基础设施同样雄厚。中国人民保险集团股份有限公司、中国人寿保险（集团）公司、中国出口信用保险公司、中国再保险 （集团）股份有限公司等总部林立；北京证券交易所、中 ...

Core Viewpoint - The implementation of the "Financial Infrastructure Supervision and Management Measures" marks a significant improvement in China's financial infrastructure regulatory system, emphasizing centralized regulation, safety prioritization, and international benchmarking [1][2]. Regulatory Framework Reconstruction - The Measures, jointly issued by the People's Bank of China and the China Securities Regulatory Commission, represent the first comprehensive departmental regulation covering financial infrastructure supervision in China [2][3]. - The Measures establish a dual-head regulatory system led by the central bank and the securities regulator, moving away from the previous multi-department governance model [3]. Operational Compliance Adjustments - The Measures require operational institutions to establish clear governance structures and effective accountability mechanisms, including a risk management committee [4]. - Institutions must enhance their risk management frameworks, ensuring robust identification, measurement, monitoring, and management of various risks, alongside stringent data security management [4]. - The scope of data localization has been narrowed from "all data" to "personal information and important data," with disaster recovery centers required to be located within China [4]. Impact on Financial Institutions - The Measures are expected to increase compliance costs and management capabilities for operational institutions, indirectly affecting participants in the financial infrastructure [5]. - Financial institutions, as core participants, will face stricter compliance and risk management standards, as well as more refined operational coordination and settlement efficiency requirements [5].

Group 1: New Regulations Implementation - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, addressing issues like "involution" competition and "brand hijacking" [1] - Starting October 1, 2025, the civil aviation sector will fully transition to electronic invoices, eliminating paper travel itineraries for domestic flights [1][2] - The railway sector will also implement electronic invoices from October 1, 2025, allowing passengers to request electronic invoices within 180 days after their journey [2] Group 2: Financial Infrastructure and Tax Regulations - The Financial Infrastructure Supervision Management Measures will be enacted on October 1, 2025, focusing on the regulation of financial infrastructure operations and risk management [2][4] - Internet platform companies will begin formally reporting tax-related information on October 1, 2025, promoting tax fairness and curbing illegal investment practices [6] - New regulations for internet lending will be implemented, emphasizing strict adherence to existing management rules and cost considerations [9][10] Group 3: Company Registration and Stock Code Changes - The Implementation Measures for Mandatory Company Registration Cancellation will take effect on October 10, 2025, detailing the procedures for forced cancellations [10] - The Beijing Stock Exchange will switch to new stock codes starting October 9, 2025, for existing listed companies [11]

Core Viewpoint - The Shanghai Clearing House recently held a conference on interbank credit derivatives, emphasizing the importance of contract-based credit derivatives in financial markets for pricing, risk management, and credit enhancement [1] Group 1: Conference Overview - The conference included representatives from 14 market institutions, such as the China Interbank Market Dealers Association, commercial banks, and securities companies [1] - Shanghai Clearing House presented on the development of contract-based credit derivatives and clearing services [1] - Representatives from SPDB and Guotai Junan Securities shared practical applications and trading strategies related to credit derivatives [1] Group 2: Importance of Credit Derivatives - Credit derivatives serve as crucial tools for price discovery, risk management, and credit enhancement, significantly impacting bond market pricing and risk management efficiency [1] - The Shanghai Clearing House plays a vital role in providing bilateral and central counterparty clearing services for credit derivatives, enhancing market infrastructure [1] Group 3: Future Directions - The Shanghai Clearing House plans to continue developing the credit derivatives market under the guidance of the People's Bank of China, focusing on market needs and collaboration with various parties [1] - There is an emphasis on product innovation, mechanism optimization, and expanding the business scope to support the high-quality development of the interbank credit derivatives market [1]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have issued the "Financial Infrastructure Supervision Management Measures," which focus on the regulation of financial infrastructure operations, risk management, and corporate governance, aiming for unified regulatory standards in the financial market. The measures will take effect on October 1, 2025 [1][2]. Group 1: Regulatory Framework - The measures consist of six chapters and thirty-seven articles, establishing a comprehensive regulatory framework for financial infrastructure, including operational, risk management, and governance rules [2]. - Financial infrastructure is defined to include systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems. Illegal establishment or operation of financial infrastructure is prohibited [2][3]. - The introduction of these measures is seen as timely, providing a detailed institutional framework for the standardized development of financial infrastructure in response to the increasing complexity and risks in the financial market [2][4]. Group 2: Risk Management and Oversight - The measures aim to enhance risk management and oversight by establishing clear standards for identifying systemically important financial infrastructure and macro-prudential management requirements [4][5]. - The framework includes provisions for inspections, penalties, recovery, and exit strategies, ensuring a complete regulatory loop from entry to operation to exit [4]. - The measures shift risk monitoring from reactive to proactive, allowing for early warnings and reducing the space for regulatory arbitrage, thereby fostering a fair and transparent market environment [4][5]. Group 3: International Alignment and Competitiveness - The measures emphasize the need for financial infrastructure to align with international standards, such as the "Principles for Financial Market Infrastructures (PFMI)," while considering China's specific circumstances [6][7]. - The implementation of these measures is expected to enhance the safety, stability, and efficiency of financial infrastructure, ultimately supporting the development of the real economy and improving China's competitiveness in the international financial market [7][8].

Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The concept of "systemically important financial infrastructure" is introduced, with clear criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, preventing illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Impact on Financial Markets - The implementation of these measures is expected to positively influence financial markets by upgrading core processes such as clearing, settlement, and registration, thereby enhancing market transparency and efficiency [2]. - In the long term, a well-structured and effectively governed financial infrastructure will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].

Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The measures introduce the concept of "systemically important financial infrastructure" and establish criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, with strict prohibitions against illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Long-term Impact - In the short term, the measures are expected to enhance the standardization of core processes such as clearing and settlement, improving market transparency and efficiency [2]. - In the long term, a well-structured and effective financial infrastructure system will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].