在数字经济深刻改变社会生活方式的今天，一项关键的研究挑战摆在学界面前：那些免费的、零价格数字产品和服务，究竟创造了多少社会价值？清华大 学经济管理学院徐心教授领衔的研究团队，经过一年多的系统性探索，提出了创新的解决方案。 在12月3日举办的2025可持续社会价值创新大会（S大会）"前沿研究"分论坛上，徐心教授代表团队首次公开报告了"数字福祉测度研究"的阶段性成果，展 现了中国学者在这一前沿领域的开创性探索。 从"科技向善"实践出发 重新定义数字经济时代价值内涵 这一设问背后，体现的是徐心教授对数字经济时代价值本质的深刻洞察。在他看来，当价格信号在数字领域逐渐失灵时，学术界需要构建新的框架来理解 价值创造的本质。 GDP-B新框架填补数字福祉测量空白 在徐心教授的带领下，研究团队开展了覆盖全国11个一二线城市、13000名受访者的大规模预调研。这些实证研究得出了具有启发意义的发现：首先，研 究显示中国消费者对数字服务的价值感知显著较高。支付、导航等常用APP的月均估值远超国际同类产品水平。"这表明数字技术在中国产生了深度的社 会融合和价值创造。"其次，团队发现了数字福祉的动态变化特征。徐心教授特别指出："我们发 ...

清科沙丘投研院 . 沙丘投研院——中国投资界的黄埔军校，致力于培育新一代杰出企投家，塑造创投高端人才。我们不仅分 享体系化理论，积极实战，更构筑起"永不毕业"的创投社群，汇聚校友力量，在深度链接与互动中激发合 作，在持续共创与联投中携手向上，一同斩获更大成就。 以下文章来源于清科沙丘投研院 ，作者清科沙丘投研院 为什么说， 东南亚是全球资本与企业的「必争之地」？ 我们不妨看看消费。 相关研究表明，人均GDP达5000美元，是消费升级的分水岭，一旦实现突破，消费水平将迎来质 的飞跃。 2011 年，中国终于跨过这个数字，遍地是黄金的互联网时代也随之开启。 1970 年，美国人均 GDP 触达 5000 大关，服务消费支出首次超过商品消费，消费结构即从生存导向转向 " 享乐至上 " 。 而当下，东南亚也似乎马上迎来黎明。 "预备队伍"印尼、菲律宾、越南均已接近5000美元，资本和企业正赶在黎明前夜，抢滩登陆。 而"老大"新加坡则 高达9.07万美元 ，稳坐全球金融、教育、科技枢纽的头把交椅。 如此丰沃的发展土壤，不亲眼看看怎么行？ 因此，我们决定带队直奔这些地方，掘金南洋！ 这一次，我们选择了 「新加坡」 与 「 ...

Core Viewpoint - The People's Bank of China (PBOC) is enhancing financial support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on advanced industries and technological innovation [1][2] Group 1: Financial Policy and Coordination - The PBOC's coordination mechanism for the Beijing-Tianjin-Hebei region has achieved positive results since its establishment, with improved policy frameworks and work mechanisms [1] - Financing scale in key areas has steadily increased, and the regional financial service system has been continuously improved [1] Group 2: Technological Innovation and Financial Services - The region is home to a significant amount of China's technological innovation achievements, necessitating a focus on technology finance to support high-level self-reliance and the transformation of technological achievements [1] - Financial services will be enhanced in areas such as regional industrial chain collaboration and supply chain integration [1] Group 3: Industry Integration and Financial Support - Industrial integration is identified as a key support for the coordinated development of the region, with a focus on financial support for areas like the decongestion of non-capital functions in Beijing, the construction of Xiong'an New Area, and the integration of transportation [2] - Innovation in financing products such as credit and bonds is encouraged, along with improvements in credit, payment, and digital currency services to facilitate the flow of financial resources within the region [2]

Core Viewpoint - The People's Bank of China (PBOC) is enhancing financial support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on advanced industries and technological innovation [1][2] Group 1: Financial Policy and Coordination - The PBOC's coordination mechanism for the Beijing-Tianjin-Hebei region has achieved positive results since its establishment, with improved policy frameworks and work mechanisms [1] - Financing scale in key areas has steadily increased, and the regional financial service system has been continuously improved [1] Group 2: Technological Innovation and Financial Services - The region is home to a significant amount of China's technological innovation achievements, necessitating a focus on technology finance to support high-level self-reliance and the transformation of technological achievements [1] - Financial services will be enhanced in areas such as regional industrial chain collaboration and supply chain integration [1] Group 3: Industrial Integration and Financial Support - Industrial integration is identified as a key support for the coordinated development of the region, with a focus on financial support for areas like the relocation of non-capital functions from Beijing, the construction of Xiong'an New Area, and the integration of transportation [2] - The PBOC aims to innovate financing products such as credit and bonds, while optimizing financial services in credit reporting, payments, and digital currency [2] - The goal is to facilitate the rational flow of financial resources within the Beijing-Tianjin-Hebei region to promote comprehensive and high-quality development [2]

Core Viewpoint - The meeting held by the People's Bank of China branches in Beijing, Tianjin, and Hebei emphasizes the importance of industrial integration as a key support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on financial support for various key areas [1] Group 1: Financial Support Initiatives - The meeting highlighted the need for continuous financial support in key areas, including the decongestion of non-capital functions in Beijing, the construction of the Xiong'an New Area, and the development of the Beijing urban sub-center [1] - There is a push for innovative financing products such as loans and bonds to enhance financial support for the region [1] Group 2: Financial Services Optimization - The meeting calls for the optimization of financial services in areas such as credit reporting, payment systems, and digital currency to facilitate the reasonable flow of financial resources within the Beijing-Tianjin-Hebei region [1] - The goal is to better support the comprehensive and high-quality advancement of coordinated development in the region [1]

Core Insights - The former governor of the People's Bank of China, Zhou Xiaochuan, emphasized that AI represents a significant marginal change in the financial sector, building on historical advancements in information processing, IT, and automation [1] Group 1: AI's Impact on Banking - The banking system has accumulated vast amounts of data that can be utilized for machine learning and deep learning, transitioning from traditional models to intelligent reasoning models [3] - Unlike other industries, banks have primarily relied on big data analysis and reasoning models, leading to a unique development trajectory in the future [3] - The workforce in the banking sector is expected to be significantly impacted and reduced due to these advancements in AI [3] Group 2: Changing Customer Behavior - Customer interactions with banks are evolving, with more individuals becoming accustomed to engaging with machines rather than human representatives [3] - This shift is profound, as AI plays a crucial role in payments, pricing, risk management, and market promotion within the banking industry [3] Group 3: AI and Central Banking - Zhou noted that the influence of AI on central banking operations requires further observation and research [4] - Discussions at the Bank for International Settlements (BIS) indicated that while AI and machine learning can enhance macroeconomic policy responses, their overall importance remains limited [4] Group 4: Challenges of AI Implementation - The development of AI, particularly machine learning and deep learning, introduces challenges such as model opacity, making it difficult to explain outcomes [4] - There is a concern that AI models trained on high-frequency data may not align with the long-term stability required for financial robustness and macroeconomic control [4] Group 5: International Cooperation on AI - Current international cooperation efforts related to AI are deemed limited, with a focus on enhancing AI infrastructure in the financial sector being a potential area for collaboration [5]

Core Insights - Fidelity National Information Services, Inc. (FIS) has received a price target reduction from Raymond James, decreasing from $95 to $88, while maintaining an Outperform rating following Q2 2025 earnings [1][3] Financial Performance - FIS reported a slight 1% sales beat, with adjusted earnings per share meeting estimates. Adjusted EBITDA margins remained the same as the previous year, falling short of expectations for a 20 basis point increase [2] - The company has a current P/E ratio of 45.33, supported by a 2.92% revenue growth over the past year [2] Margin Guidance - Raymond James highlighted weaker-than-expected margin guidance for Q3, projecting only 60 basis points of growth compared to the anticipated 150 basis points, leading to a downward revision of the full-year margin forecast [3] - Following the price target adjustment, FIS shares experienced an 8% decline, reflecting investor concerns regarding competitive and pricing dynamics [3] Future Outlook - Despite ongoing challenges, Raymond James maintained its Outperform rating, noting that FIS's full-year guidance for FX-adjusted organic revenue and adjusted EPS remains largely intact, aided by minor interest and tax tailwinds [4] - FIS operates as a global financial technology company, providing a range of solutions including banking, payments, risk management, compliance, wealth, and trading [4]

Core Insights - Airwallex plans to prepare for an initial public offering (IPO) next year, contingent on market conditions, despite having sufficient funding and focusing on business development [3][5] - The company has experienced accelerated growth in the Americas and EMEA, with a compound annual growth rate (CAGR) of over 250% in gross profit in both regions [5] - Airwallex aims to expand its global infrastructure and enter new markets with its latest funding round, enhancing its enterprise software [6][13] Business Expansion and Diversification - Airwallex has obtained a payment institution license in Brazil and completed the acquisition of Mexican payment service provider MexPago, planning to launch services in the two largest economies in Latin America [5] - The company has opened a new office in Paris and is hiring senior management in London and Amsterdam, while also expanding its presence in the Middle East with initial recruitment in Abu Dhabi and Dubai [5] - The funding will support the expansion of Airwallex's financial infrastructure into new markets such as Japan, South Korea, the UAE, and Latin America, while accelerating market promotion in Europe, North America, and Southeast Asia [6] Financial Infrastructure Advantages - Airwallex has built a technology-driven global financial infrastructure from scratch, integrating directly with local clearing systems and card networks, and holds one of the most comprehensive licensing portfolios in fintech [8] - The company enables clients to generate local accounts in over 60 countries and conduct transactions in more than 150 countries, with 95% of transactions completed within hours or on the same day, and 68% processed instantly [8][10] Industry Outlook and Competitive Challenges - Despite facing intense competition, Airwallex demonstrates strong competitiveness in the global financial sector through its innovative financial infrastructure, diversified business layout, and robust client base [13] - The company will continue to leverage new funding to expand its global infrastructure into new markets and enhance its software, empowering businesses to operate seamlessly and drive unlimited growth [13][14]