原标题：专访清华周道许：AI于金融是一把"双刃剑"，如何握住剑柄？ 21世纪经济报道记者 唐婧 北京报道 当前，人工智能正以前所未有的广度与深度，重塑金融行业的生态与逻辑。从风险定价到普惠信贷，从智能监管到生态构建， AI在赋能金融提质增效的同时，也带来了算法黑箱、数据鸿沟与新型系统性风险等深刻挑战。 2025年8月，国务院发布《关于深入实施"人工智能+"行动的意见》，明确指出要大力推进人工智能的规模化、商业化应用，推 动其与金融等重点领域深度融合。2025年12月召开的中央经济工作会议又提出，要深化拓展"人工智能+"，并完善相关治理。而 金融作为数据密集型行业，正是这一战略部署的关键落点。 在此背景下，金融业与人工智能将碰撞出怎样的火花？其发展的未来空间与治理边界何在？围绕上述问题，21世纪经济报道记 者专访了清华大学五道口金融学院金融安全研究中心主任、北京市"十五五"规划专家咨询委员会专家周道许。 周道许认为，AI在金融领域的应用远未触达天花板，其角色正从辅助工具向协同乃至自主决策演进，并将推动行业从"经验驱 动"迈向"数据驱动+算法驱动"的新范式。正如开车需要交通规则，"AI+金融"的发展也需要清晰、灵 ...

Core Insights - Artificial Intelligence (AI) is reshaping the financial industry by enhancing efficiency and effectiveness while also introducing challenges such as algorithmic opacity and systemic risks [1][4][7] Group 1: AI Integration in Finance - The application of AI in finance is evolving from an auxiliary role to one of collaboration and even autonomous decision-making, transitioning the industry from an "experience-driven" to a "data-driven + algorithm-driven" paradigm [1][6] - The Chinese government is promoting the integration of AI with finance, emphasizing the need for a clear and flexible regulatory framework to guide this development [1][4] Group 2: Governance and Regulation - AI governance in finance should focus on controllability, trustworthiness, and sustainability, with key dimensions including algorithm compliance and transparency, data governance, and privacy protection [4][5] - A dynamic risk monitoring system is essential to address new systemic risks arising from AI, such as model homogeneity and algorithmic resonance [5][7] - Ethical norms and responsibility identification are crucial, advocating for a principle of "human accountability" in AI decision-making processes [5][7] Group 3: Future Potential of AI in Finance - AI's future applications in finance are expected to expand from process optimization to decision reconstruction, playing a critical role in investment decisions and risk management [6][8] - The integration of AI with various data sources will lead to the creation of "scene financial intelligent bodies," enhancing real-time analysis and decision-making capabilities [6][8] Group 4: Addressing New Risks - New risks associated with AI include model risk, data pollution, and ethical issues, necessitating the development of diverse algorithms and robust AI safety defense technologies [7][8] - The rapid evolution of AI technology outpaces regulatory updates, highlighting the need for regulatory technology (RegTech) to monitor AI effectively [8][9] Group 5: Balancing Innovation and Regulation - Achieving a balance between innovation and regulation is essential, with recommendations for regulatory sandboxes and intelligent regulatory platforms to facilitate safe AI experimentation [10][11] - A tiered regulatory approach based on risk levels and technology maturity is advocated to ensure a supportive environment for innovation while maintaining safety [11] Group 6: Talent Development in AI - The financial sector's talent requirements are evolving, necessitating a shift in educational focus towards a blend of finance, technology, and ethics to prepare future professionals [12] - Educational institutions should foster practical experience through collaboration with financial and tech companies, emphasizing critical thinking and innovative leadership skills [12]

A500ETF南方(159352)紧密跟踪的中证A500指数。在行业分布上，中证A500指数展现出极强的均衡 性，既囊括了传统行业中经营稳健的优质企业，为组合提供基础盘支撑，又密集纳入科技创新、先进制 造、绿色低碳、数字经济等新兴产业龙头，精准捕捉新质生产力发展红利，这种均衡配置在市场风格频 繁切换的当下，能有效平滑投资波动，成为资产配置中不可或缺的"压舱石"。不仅如此，中证A500指 数直接承接政策红利，从活跃资本市场的一揽子举措落地，到支持民营经济发展、激励科技创新的专项 政策出台，宏观与产业政策的协同发力，正为指数成分股的盈利修复和估值重塑提供强大支撑，进一步 夯实了其投资价值。 中证A500指数指数前十大权重股分别为宁德时代、贵州茅台、中国平安、中际旭创、紫金矿业、招商 银行、新易盛、美的集团、兴业银行、长江电力。 2026年开年，一系列资本市场关键制度持续升级，释放出深化改革的强烈信号。市场人士预期，2026年 资本市场改革将进一步全面深化，包括服务发展新质生产力、助力长钱长投、全链条织密投保"安全 网"等在内的一系列改革有望加快推进。赋能新质生产力，支撑科技强国战略，是2026年资本市场改革 的着 ...

Group 1: Global Stock Market Performance - The global stock indices in 2025 exhibited a clear "divergent upward" trend, with the South Korean Composite Index leading at 75.6% growth, significantly higher than other markets[4] - The second tier of performance was concentrated in Hong Kong and Northeast Asian markets, including the Hang Seng Index and Nikkei 225, with growth rates ranging from 23.0% to 31.1%[4] - European markets showed moderate performance, while global benchmarks and U.S. tech-related indices remained relatively strong[4] Group 2: Hong Kong Stock Market Insights - The Hong Kong Hang Seng Industry Index displayed a "strong structure, weak diffusion" characteristic, with materials leading at 161.3% growth, while defensive sectors like utilities and telecommunications lagged[6] - In 2025, the Hong Kong IPO market welcomed 117 new listings, raising approximately HKD 285.7 billion, with notable first-day performance from Nobikang (2635.HK) at 363.75%[9] - The largest fundraising project was CATL (3750.HK), which raised around HKD 41 billion, while 685 companies announced additional share placements, expected to raise about HKD 361.8 billion, mainly in TMT and financial sectors[9] Group 3: U.S. Economic Overview - In Q3 2025, the U.S. GDP growth rate was 4.3%, exceeding expectations of 3.3%, driven by resilient private consumption and improved net exports[10] - Personal consumption expenditures contributed 2.4 percentage points to GDP growth, indicating strong consumer resilience despite tariff impacts[10] - Market expectations for interest rate cuts have shifted to April and July 2026, with anticipated reductions of 25 basis points each[10] Group 4: Chinese Economic Trends - Industrial profits in China showed a slight year-on-year increase of 0.1% from January to November 2025, with notable growth in high-tech manufacturing sectors[11] - The solar and semiconductor industries are experiencing a new wave of growth, supported by policy adjustments and rising prices in key materials[11] - The government initiated a venture capital fund of HKD 100 billion to stimulate investment in high-tech sectors, including AI and quantum technology[11]

Group 1: Consumer Trends - During the New Year's holiday, inter-regional mobility increased by 19.62% year-on-year, with a total domestic travel expenditure of CNY 847.89 billion, up 6.35% from 2024, reflecting a compound annual growth rate of 3.12%[1][12] - The average ticket price for domestic flights reached CNY 684.6, a 9.8% increase compared to 2025, indicating a strong recovery in travel demand[16] - Dining consumption showed robust growth, with key provinces reporting increases of 18% in Zhejiang and 36.5% in Nanjing, while overall dining consumption in Guangxi rose by 5.8%[17] Group 2: Economic Indicators - The manufacturing PMI returned to the expansion zone at 50.1%, reflecting a 0.9 percentage point increase, indicating improved economic conditions[2][18] - The construction sector's PMI rose to 52.8%, a 3.2 percentage point increase, benefiting from favorable weather and ongoing policy support[23] - The service sector's PMI was at 49.7%, showing a slight recovery but still below the expansion threshold, indicating mixed performance across industries[24] Group 3: Policy and Market Outlook - The "Two New" policies are expected to provide support for stable consumption, despite a potential mild contraction in funding scale for 2026[26] - International commodity prices are rising, which may pressure corporate profits and indirectly affect employment, potentially limiting demand recovery[26] - The government has initiated a CNY 295 billion investment plan for key projects, including the Guangzhou New Airport, to stabilize investment growth[26]

Group 1 - The technology growth sector showed strong performance, with the Guozheng Growth 100 Index rising by 2.4%, the Guozheng Free Cash Flow Index increasing by 0.6%, and the Guozheng Value 100 Index up by 0.3% as of midday close [1] - Huaxi Securities predicts that 2026 will be a significant year due to multiple positive factors, indicating a solid foundation for a bull market, with early signs of spring rally already observed [1] Group 2 - The Guozheng Growth 100 Index consists of 100 stocks with a strong growth style in the A-share market, with over 65% of its composition in the information technology and materials sectors, and a rolling P/E ratio of 54.1 times [3] - The Guozheng Value 100 Index is made up of 100 stocks with a strong value style, with over 65% in consumer discretionary and financial sectors, and a rolling P/E ratio of 9.5 times [3] - The Guozheng Free Cash Flow Index includes 100 stocks with high free cash flow levels, with over 70% in industrial, materials, and consumer discretionary sectors, and a rolling P/E ratio of 13.6 times [4]

Core Viewpoint - The collaboration between China National Petroleum Corporation (CNPC) and State Grid Corporation of China represents a strategic shift in the energy sector, moving from traditional oil and gas reliance to a comprehensive energy ecosystem that integrates electricity, hydrogen, carbon, and financial tools [1][7]. Group 1: Transaction Insights - CNPC transferred 3% of its stake in China Oil Capital to State Grid's subsidiary, establishing a deeper partnership that transforms their relationship from mere cooperation to a shared interest [1][2]. - China Oil Capital's acquisition of 100% of Yingda Futures for 1.129 billion yuan is crucial for CNPC's entry into the electricity market, allowing it to manage price volatility independently and enhance operational security [2][3]. Group 2: Strategic Implications for CNPC - The transaction serves as a "safety cushion" for CNPC's aggressive transformation strategy, enabling better risk management through financial instruments like futures and options [3][4]. - By securing a stake in State Grid, CNPC gains access to the core electricity ecosystem, facilitating smoother integration in distributed solar, energy storage, and charging networks [3][4]. Group 3: Broader Energy Ecosystem Strategy - The collaboration is part of CNPC's larger strategy to establish a dual-driven approach, combining physical energy production (oil, gas, electricity, hydrogen) with financial capital management to optimize resource allocation and risk control [5][6]. - This shift indicates a transition from point-to-point competition to ecosystem-based competition, where the focus is on building resilient and dynamic industry networks [7]. Group 4: Future Outlook - The partnership signals a new era in the energy sector, where capital and financial tools play a crucial role in addressing common challenges such as investment risks and market pricing [7]. - The essence of this collaboration lies in leveraging financial flexibility to navigate the complexities of industrial transformation, with the potential for significant competitive advantages in the evolving energy landscape [7].

Group 1 - The core viewpoint of the news is the implementation of a green consumption promotion action plan by the Ministry of Commerce and other departments, which includes 20 specific measures across seven areas [1][2] Group 2 - In terms of enriching the supply of green products, the plan encourages the expansion of green food, organic agricultural products, and high-quality goods, as well as the establishment of dedicated sales areas for green agricultural products [1] - The plan promotes green consumption in the automotive sector by supporting the purchase of new energy vehicles and exploring the potential of the used car market and new consumption models such as RV camping and self-driving tours [1] Group 3 - The plan emphasizes the innovation of green consumption models by promoting green supply chains and encouraging the use of environmentally friendly products and packaging [2] - It also calls for increased policy support, including enhanced credit support for green consumption loans and collaboration between financial institutions and trade enterprises [2] - The plan encourages the development of innovative financial products to support green consumption, including insurance and the establishment of a project library for green infrastructure [2]

Group 1 - The Hong Kong stock market experienced a strong start in 2026, with 385 stocks rising over 100% in 2025, including 14 stocks that increased more than tenfold [1][2] - Notable high-performing stocks included Base Champion Group with a 41.64 times increase, Beihai Kangcheng with over 18 times increase, and Zhu Feng Gold benefiting from rising gold prices with over 12 times increase [1] - The number of "red bottom stocks," defined as stocks trading above 100 HKD, increased significantly from 22 at the beginning of 2025 to 45 by the end of the year, indicating a growing recognition of quality leading enterprises [2] Group 2 - The increase in "red bottom stocks" reflects a shift in market sentiment towards high market capitalization and high liquidity assets, with major companies like Tencent, Ctrip, and NIO trading above 500 HKD [2] - The concentration of "red bottom stocks" in leading industries such as internet technology, finance, healthcare, and consumer sectors signifies a re-evaluation of their long-term value by the market [2] - Analysts from various institutions are optimistic about the Hong Kong stock market in 2026, particularly in the technology sector, driven by factors such as price increases in the supply chain and domestic replacements [3]

Core Insights - The Sci-Tech Innovation Board Comprehensive Index (Sci-Tech Index) has become a benchmark for China's innovation sector, reflecting the overall performance of listed companies in the Sci-Tech Innovation Board since its launch on January 20, 2025, with a cumulative increase of approximately 48% by December 31, 2025, significantly outperforming major market indices [1][3] Group 1: Index Overview - The Sci-Tech Index is composed of eligible securities from the Sci-Tech Innovation Board, providing a comprehensive representation of the market, with a sample size of 576 stocks as of December 31, 2025, covering 96% of the total market capitalization exceeding 10 trillion yuan [2][3] - Compared to previously released indices like the Sci-Tech 50, 100, and 200, which cover about 350 stocks, the Sci-Tech Index includes a broader range of companies, including small and medium-sized enterprises that are in high growth phases [2] Group 2: Investment Opportunities - The Sci-Tech Index has facilitated a reevaluation of the value of hard technology assets, with a cumulative increase of 115% since September 24, 2024, indicating strong market interest in these sectors [3] - The index serves as a vital channel for investors looking to allocate resources to core assets in China's hard technology sector, with 78 index funds launched by 46 fund managers, totaling 27.4 billion yuan in assets under management as of December 30, 2025 [4] Group 3: Investor Sentiment - Institutional investors, including insurance funds, brokerages, and bank wealth management, have steadily increased their holdings in the Sci-Tech Index ETF, reflecting confidence in the long-term investment value of the Sci-Tech Innovation Board [5] - The Sci-Tech Index ETF has become a key investment tool for those looking to capitalize on the growth of China's innovation sector, with an average return of 43.7% since its launch, providing a comprehensive and balanced investment option [4][5]