金融

资金是主要驱动力；下一个驱动力寄望7月

Funding is the main driver; the next driver looks forward to July

伴随国债收益率的全面下行，险企开始在逆周期监管下减少保险责任准备金的计提，继而应对亏损局面，但财技上的调整仅能解一时之需

With the overall decline in the rate of return on national debt, the insurers began to reduce the provision for insurance liability under countercyclical regulation and then responded to the deficit situation, but the financial and technological adjustments were only temporary.

上市公司雇员人数变化反映劳动力市场的走向

Changes in the number of employees in listed companies reflect trends in the labour market

包括这次减税在内的刺激政策能否有效缓解家庭因通胀带来的痛苦，实现物价和工资双涨的良性循环，仍需拭目以待

It remains to be seen whether stimulus policies, including this tax cut, will be effective in alleviating the pain and suffering of households caused by inflation and achieve a virtuous cycle of price and wage increases.

曾是重要收入来源的融资类业务压降；与无牌第三方财富公司的“合作”实则出借通道；创新业务仍处于模式验证阶段，转型还在深水区

Financing-type operations that used to be an important source of revenue have declined; “cooperative” with third-party wealth companies is a loan route; innovative business is still in the mode validation phase and transformation is in deep water.

铜逼仓事件并不是纯粹的宏观事件，而是多层次视角共振带来的；系统化地整合微观、中观和宏观视角，才能构建出一套系统化决策的框架

The copper silo incident was not a purely macro-event, but a multilayered resonance; a systematic integration of micro, meso and macro perspectives would allow a framework for systematic decision-making

短期回流多依赖于政策加码或指数探底回升，而长期流入仍需经济基本面支撑

Short-term return flows are largely dependent on policy additions or bottom-up indices, while long-term inflows still need to be underpinned by economic fundamentals

政策指向降低居民购房负担、消化存量住房库存、改善在建项目融资、推动房地产企业压降债务等，针对性松绑相关金融政策；落地实施还需保障房、财税等政策配合

Policies aimed at reducing the housing burden for residents, digesting stock of housing stock, improving financing of construction projects, promoting debt relief for real estate enterprises, etc., and targeting related financial policies; and securing housing, fiscal and other policies in place.

这得益于中国的货币政策摆脱稳汇率带来的约束，优先级转向稳定国内增长和物价预期

This is a result of China's monetary policy moving away from the constraints imposed by stable exchange rates and shifting priority to stabilization of domestic growth and price expectations

超百份罚单令券商纷纷提升内控等级，弱市场环境中，新一轮行业整合正在酝酿

Over 100 tickets have led to the upgrading of internal controls, and a new round of industrial integration is under way in a weak market environment.

中国经济的外患是跟贸易伙伴的冲突加剧，内忧则是通缩压力加大，这两种风险是制定下一步经济政策时必须关注的

The external causes of China's economy are the intensification of conflicts with trading partners, and internal concerns are the rise in deflationary pressures, both of which must be taken into account in the formulation of the next economic policy.

超长期特别国债发行、财政发力能否有效提振社融？货币政策该如何与财政政策协同配合？

How can monetary policy work in tandem with fiscal policy?

年报和一季报数据显示，A股上市公司增收不增利，经营承压、投资收缩、融资低迷，盈利能力持续下滑

Data from the annual and quarterly reports show that A stock listings have seen no gains, operating pressures, investment contractions, low levels of financing and declining profitability.

监管思路日渐清晰，在保护投资者利益和市场发展中努力寻求平衡

Regulatory thinking is becoming clearer and seeking a balance between protecting investors'interests and market development

虽然日本财务省多次表示将在必要时入市干预，但对于时机的把握需要十分谨慎，因为它很难承受失败的风险

Although the Ministry of Finance of Japan has repeatedly indicated that it will intervene in the city as necessary, it will need to be very cautious about timing, as it is difficult to withstand the risk of failure

低利率环境下，保险业投资端与负债端持续存在平衡难局

In a low interest rate environment, there is a persistent balance between the investment and liability ends of the insurance industry

监管部门对银行手工补息、高息揽储零容忍，剑指企业资金空转；短期整治之后，还有待经济转型升级、有效需求恢复、社会预期改善

The regulatory sector has zero tolerance for hand-held interest collection, high interest collection by banks, and the sword refers to the emptiness of corporate capital; after short-term remediation, economic transformation has to be upgraded, effective demand restored and social expectations improved

由于市场具有学习效应，无论主观投资还是量化投资，均不可能出现持续大规模的超额收益；谁更适应系统环境，谁就可以成为成功者

Because of the learning effects of the market, there can be no substantial and sustained excess returns, both subjective and quantitative, and who can be successful when more adapted to the system environment

“车主喊贵、险企喊亏”，新能源车险尴尬局面如何破解，放宽定价范围作用有多大

"The owner of the car yells expensive, the owner says bad." How does the new energy truck's awkward situation break and how does it ease the price range?

信用卡业务挣扎转型，消费贷和个人经营贷成为银行零售贷款转型的新赛道，但难以弥补按揭贷款下滑的缺口，且不良率有抬升的趋势。零售业务究竟是希望还是负累？

Credit card operations struggled to transform, and consumer and personal lending became a new track for the transformation of bank retail loans, but it was difficult to bridge the shortfall in mortgage lending and there was an upward trend in poor rates.

只要美国财政赤字率高企的状态不改变，黄金上涨的长期逻辑依然成立；但短期而言，当原油开始走弱时，黄金大概率也很难再走出独立性的上涨行情

The long-term logic of a rise in gold remains valid as long as the fiscal deficit in the United States remains high; but in the short term, when crude oil starts to weaken, it will be difficult for gold to get out of the rise of independence.

“铁娘子”退下一线

Iron Lady, back off the line.

如何看待中美竞争、先进科技、中国竞争力及进入中国市场

How to view Chinese-American competition, advanced technology, Chinese competitiveness and access to Chinese markets

推动资本市场高质量发展，既要解决长期积累的深层矛盾，也要更尊重市场规律，真正把选择权交给市场

Promoting high-quality capital market development that addresses long-standing deep-seated contradictions and is more respectful of market rules and genuinely leaves the option to the market

未来几个月，中央政府还是必须安排政策来推动消费和房地产两方面的需求增长

In the coming months, the central Government will still have to put in place policies to drive demand growth in both consumption and real estate.

近期黄金交易转向交易避险和储备属性；急涨一个多月后，未来走势更多受美联储货币政策走向、主要央行增持黄金储备势头等影响

The recent gold trade has shifted to trade avoidance and reserve attributes; more than a month after the surge, future trends have been more influenced by the Fed's monetary policy direction and the momentum of major central banks to build up their gold reserves.

持续震荡市中，公募基金赚钱效应不佳、产品发行遇冷，叠加降费让利改革、“降薪裁员”的氛围愈浓，全行业阵痛期来临

In the face of continuing shocks, public fund-raising has become less profitable, the distribution of products has become colder, and there has been an increased atmosphere of cost-reducing reform and “retrenchment” in the marketplace.

日本央行勇于创新，然而长期以来效果往往并不尽如人意；此次货币政策框架的整体转变，有可能成为其摆脱边缘化的一次契机

The central bank of Japan has been innovative, but its long-standing effects have not always been satisfactory; this overall shift in the monetary policy framework has the potential to be an opportunity to emerge from marginalization.

市场波动，投资端承压，长期投资收益率假设值影响深远。上市险企纷纷在年报中发布了基于两种投资收益假设的业务数据，两者差距巨大

Market volatility, investment-side pressure, and long-term investment rate return assumptions have far-reaching implications. Business data based on two investment-revenue assumptions are published in the annual reports by listed risk companies, and there is a wide gap between the two.

除了营收、利润的下滑，曾经的“金领”行业开始全面降薪裁员

In addition to the fall in revenue and profits, the once-gold industry began to cut down completely.

过去一年不少银行营收同比下滑，净利润增速放缓，对公房地产贷款不良率仍处高位；2024年盈利和风控压力未减，需统筹现金分红与中长期资本积累之间的关系

During the past year, a number of banks registered a year-on-year decline, net profit growth slowed and poor performance on public real estate loans remained high; profit and wind pressure remained constant in 2024, requiring a balance between cash dividends and medium- and long-term capital accumulation

系统化投资的框架以适应环境为目标，而非相信某个历史经验一定再现

The framework for systematic investment is aimed at adapting to the environment, rather than believing that some historical experience must be repeated

地方金交所历经多轮整顿，为何乱象不止，成为非法集资的温床？

Why, after many rounds of clean-up, does the local gold bank become a hotbed for illegal fund-raising?

虽然中国经济增长中枢下行是不争的事实，但2023年名义GDP增速仍有4.6%，似乎30年期国债对中国经济给予了过于悲观的定价

Although it is true that China's economic growth has gone down, the nominal GDP growth rate in 2023 was 4.6 per cent, and it seems that the 30-year national debt is too pessimistic for China's economy

违规“套码”终结后，拓展真实商户、转向海外市场，以及在支付服务之外向商户提供科技服务等，是目前多数中小支付机构正在探索的新赛道

Upon the end of the non-compliance “sets”, the expansion of real businesses, the shift to overseas markets and the provision of technical and technological services beyond payment services are the new lanes currently being explored by most small and medium-sized payers.

各级政府应更加重视“烂尾楼”问题，如果解决这一问题能让房地产不再拖整体经济的后腿，也是很值得的

Governments at all levels should pay greater attention to the issue of “bad tailings”, which would also be worthwhile if it were addressed in such a way that real estate was no longer a drag on the economy as a whole.

过去三个月的债券牛市中，除了相对稳定的配置盘，博取波段收益的交易过热；需关注长期国债收益率波动对农村金融机构和公募基金等的影响

In the past three months, the bond and cow market, apart from a relatively stable distribution board, has overheated transactions for wave earnings; attention needs to be paid to the impact of fluctuations in the rate of return on long-term public debt on rural financial institutions and public funds, etc.

美元基金通道受阻、人民币基金不好拿，中国VC/PE纷纷转向中东募资，但现实远比想象复杂和艰难

The dollar fund access was blocked, the renminbi fund was difficult, and China's VC/PE turned to the Middle East to raise money, but the reality was much more complex and difficult than it thought.

货币、信贷增量指标究竟如何变化？涵盖“直接融资”的社会融资规模和拉长时间观察的“累计增量、余额增速”呈现怎样的势头？这些问题将成为一段时间内各方关注的焦点

How does the monetary and credit incremental indicators change? What is the momentum for the scale of social finance covering “direct financing” and the “cumulative incremental, balance-increasing” observed over time? These issues will be the focus of attention for some time.

多家中小险企放弃行使资本补充债的赎回选择权，虽然不涉及违约，但利率跳升的同时，传递了明显的问题险企信号

Multiple home-based micro-risk companies have given up on the option of foreclosure of capital replenishment, although it does not involve default, but the interest rate hikes are accompanied by a clear signal of risk.

“白名单”机制将在边际上改善部分项目的融资，但也不宜夸大实际效果；面对房地产销售没有显著改善、房价下行未结束的现状，银行风险偏好很难单方面改善

The “white list” mechanism would improve the financing of some projects on a marginal basis, but it would not be appropriate to exaggerate the practical effects; bank risk preferences would be difficult to improve unilaterally in the face of the lack of significant improvements in real estate sales and the fact that house prices remain uncompleted

投资能赚到的收益只会在认知范围内，若以赌徒的心态投资，最终只能接受赌场的规律

The gains that can be made from investment will only be in the realm of perception. If you invest with a gambler's mind, it will end up under the rules of the casino.

在A股交易制度限制下，量化私募本应具备的技术与策略演化为与机构合作的衍生品业务，DMA收益互换成为重要入场路径，但始终走不出冲规模、加杠杆、因子同质化的怪圈

Quantification of the technology and strategy that should be available for private fundraising has evolved into a collaborative derivative business under the A share trading system, and DMA revenue swaps have become an important entry path, but have never been able to walk through the circle of scale, leverage, factor homogenization.

美国通胀超预期回升，实际利率上行，叠加集中度过高的脆弱市场结构以及美联储持续缩表，美股调整的时机越来越近

In the United States, inflation rebounded faster than expected, real interest rates went up, top-heavily concentrated fragile market structures and the Fed's continuous contractions, and the timing of the US stock adjustment was getting closer and closer.

高佣带动人拉人、挪新钱补旧债，陈旧套路加上了“玄学”外衣，变身“禅易投资”，造成至少数百亿资金黑洞

High-servant leads people, new money to pay off old debts, old tweaks with “scientific” coats, turns into “single investment”, creating a black hole of at least tens of billions of dollars.

长端LPR降幅超预期，意在促进投资和消费复苏；在当前社会总需求不足的大环境下，后续宏观调控政策可期待

The long-end LPR drop is higher than expected and is intended to boost investment and consumption recovery; follow-up macro-regulation policies can be expected in the current context of inadequate aggregate social demand

中央汇金认购600亿股，山东省政府仍是恒丰银行的实际控制人；清理问题股权、重塑组织架构和重建风险防线等，“刮骨疗毒”正在进行

60 billion shares in central remittances, and the Shandong provincial government remains the actual controller of HSBC; clean-up issues, reshaping organizational structures and rebuilding risk lines, etc., are under way

金融业的“守夜人”再整合，如何在完善现代金融监管的同时强化内部治理、权力制衡，打造监管铁军？

How can the consolidation of the “night watchers” in the financial sector strengthen internal governance, checks and balances of power and build a regulatory force while improving modern financial regulation?

从较微观的角度看，搞活互联网企业，或是一个让中国股市在中短期变得更有吸引力的方法

In a microscopic sense, it could be a way to make the Chinese stock market more attractive in the short and medium term.

在市场波动收益率下行的背景下，“安全第一”的保险资金近几年一直希望借助另类投资增厚投资收益，然而不断出现的地产及地方债风险令一些险企不得不放弃债权投资计划

In the context of falling rates of return on market fluctuations, “safety first” insurance funds have in recent years been hoping to increase investment returns through alternative investments, yet the emerging real estate and local debt risks have forced some risk companies to abandon their creditor investment plans.

策略行情差异导致的私募收益分化在2023年加剧，国内私募的多资产配置能力仍待提高

The division of private proceeds due to differences in strategies increased in 2023, and the capacity of domestic private multi-assets is still to be improved

常年牢牢占据所有行业年平均工资头部位置的金融行业迎来了全行业的降薪潮

The financial sector, which is locked up in the head of average annual wages in all sectors of the economy, has experienced a whole-of-the-business pay drop.

田惠宇在招行任内被认为最成功的投贷联动案例，为何导致了他个人的巨祸与职业生涯的覆灭？

Why did Tan Hye-woo's loan association, which was considered the most successful during his recruitment campaign, lead to his personal catastrophe and the demise of his career?

在围棋的道理中，有一条是“当你不完全确定下一手该下在哪里时，那么把棋下在有‘目’的地方总是不会差的”

In the logic of chess, there's one thing: "When you don't know exactly where to go next, it's always good to put it where there's a "see."

信贷投放的总体思路是规模稳定增长，节奏更加均衡，避免季末年末波动过大；降息稳经济与维持银行净息差的金融均衡之间应该如何权衡？

The overall idea of credit delivery is to achieve a steady growth in size and a more balanced pace that avoids excessive fluctuations at the end of the season; how should the balance be struck between a stable interest-reduction economy and a financial balance that maintains bank net differences?

历时19个月的清盘案暂告段落，“博弈”仍在持续中；清盘令仅针对中国恒大，不会对其旗下附属公司的运作造成直接影响，特别是在中国内地营运的附属公司

The 19-month liquidation is pending, and the game is still going on; the clearance order is directed only at China's Hengjiang and will not have a direct impact on the operations of its subsidiaries, particularly those operating in China and the Mainland.

历史估值区间可能已不可靠，如果不回到第一性，历史直观经验可能把我们带到深渊

The historical valuation zone may no longer be reliable, and if it does not return to the first, the historical intuitive experience may lead us to the abyss.

自2022年11月债市调整引发赎回风波以来，理财客户对低波动、短期限产品更加青睐，理财公司在此类产品上的竞争日趋激烈，不乏“擦边球”行为

Since the November 2022 debt-market restructuring triggered the foreclosure boom, financial clients have become more interested in low-volatility, short-term products, and financial companies have become increasingly competitive about such products.

A股将短期“阵痛”过于线性外推并长期化定价，可能忽视了中国经济的韧性和潜力

Unit A pushes short-term “strike pains” too linearly and pricing them over a long period of time, possibly ignoring the resilience and potential of the Chinese economy

复杂产品结构下管理成本高企、各方职责边界不清，突破性推进的公募REITs在遇到治理难题后如何发展

High management costs under complex product structures, unclear boundaries of responsibility, and how breakthrough public fund-raising REITs develop in the face of governance challenges

2023年12月开始大规模投放PSL，可能出于传递积极信号、提振市场信心的考虑；未来还需要观察PSL投放的时间和力度，以及财政政策的配合度

The launch of the large-scale PSL launch in December 2023 may be motivated by positive signals and confidence-building in the market; future observation of the timing and intensity of the PSL launch and the coherence of fiscal policy is also needed

“IPO卧倒、并购吃饱”——A股历史上反复上演的“跷跷板”效应减弱，并购狂热或难再现

“IPO lie down, buy and eat” — the “slab” effect, which has been repeated in the history of Unit A, has been weakened, and the M&A has become feverish or difficult to re-emerge

央行提出“大额刷卡、小额扫码、现金兜底”，相关各方正积极探索解决方案，仍有一些堵点待疏通

The central bank has proposed “big brush cards, small sweeps, cash checkers”, and the parties are actively exploring solutions, and there are still some points to be worked out.

基于近乎同样的理由，IMF上调经济预测而穆迪下调评级展望，正说明形势的复杂性，也可解释“预期差”现象为何在日益频繁地上演

For almost the same reason, the Fund's upward revision of economic forecasts and Moody's downward revision of rating prospects are indicative of the complexity of the situation and explain why the phenomenon of “optimal poor” is playing an increasingly frequent role.

在利率下行、权益市场波动的大背景下，收益稳健的储蓄型保险产品受到青睐；不过预定利率下调、监管趋严、个险代理人持续收缩等一系列挑战，又让各家险企对新年“开门红”的体感冷热不均

In the broader context of falling interest rates and interest market volatility, well-earned savings insurance products are favoured; however, a series of challenges, such as lower scheduled interest rates, tighter regulation and the continued contraction of risk agents, have caused risk companies to be indifferent to the new year's “open door” crisis.

全球经济软着陆可能是当下短尺度上的“小确幸”，而长尺度上的问题一直悬在空中

A soft landing in the global economy may be a “small chance” on the short scale of the moment, while problems on the long scale remain in the air.

结构性牛市中成长起来的明星基金经理更偏好成长风格股票，即使行业下跌也坚定持有

Star fund managers who grew up in the structural cattle market prefer growth-style stocks and hold firm even when the industry falls.

主要银行存款挂牌利率下调，为贷款利率进一步下行打开了空间，但力度应该多大？

The downward adjustment of the listed interest rate for major bank deposits opens the way for further downs in loan interest rates, but how much should it be?

2023年前三季度推动美债收益率重新回升的三个驱动力目前都难以形成，2024年波动中逐步下行应是趋势的主基调

The three drivers driving the recovery in US debt in the first three quarters of 2023 are currently difficult to shape, and the downward trend in the 2024 volatility should be the main tone of the trend

越发严格的减持规则看上去限制了抛售、维护了股价，但实际反而增加了机构投资者的投资风险，抑制了购买欲望

The increasingly stringent rules of holding appear to limit the sale and maintenance of stock prices, but in fact increase the investment risk of institutional investors and discourage the desire to buy.

在美国利率下行的背景下，港股应可避免连续四年下跌，但中国经济和中美关系现状尚不足以支持港股或A股跑赢美国股市

In the context of falling United States interest rates, the Hong Kong stock should avoid falling for four consecutive years, but the current state of China's economy and relations between China and the United States is not enough to support the Hong Kong stock or the A share to win the United States stock market.

市场对2024年的走势预判是“回稳”，而不是“大幅反弹”

The market prognostic of 2024 is a “background” rather than a “big rebound”

在PE/VC退出大年的2023年，因为A股IPO阶段性收紧，以上市为条件的回购对赌一触即发

In 2023, in the year of PE/VC withdrawal, because of the tightness of the A share IPO phase, the above-mentioned municipalities conditioned buybacks to bets.

一是全球金融周期，二是主导货币范式，三是以产业回流与友岸外包为主要特征的再全球化

The first is the global financial cycle, the second is the dominant currency paradigm, and the third is the reglobalization of industry flows and friendly offshoring, which are the main features.

“2024年1月起，将公开披露所有投资的每一笔底层资产细节，也愿意配合各界监管”

“As of January 2024, the details of every bottom asset for all investments will be publicly disclosed and will be willing to cooperate with the various parties to regulate”.

中国的房地产业在三四年内陷入严重“超调”之后，金融业和监管层如何应对？

How can China's real estate industry be dealt with at the financial and regulatory levels after three or four years of severe “over-regulation”?

金融资本的核心是“风险收益”，收益风险比下降，货币就会湮灭或“不转”

At the heart of financial capital is the “risk gain”, where the risk of return falls and the currency extinguishes or “does not turn”

私募信贷是一项在中国市场尚处于禁区的业务，全球最大玩家Ares会如何扫清障碍，说服中国的监管者和市场敞开大门？

Private credit is a business that is still restricted in the Chinese market, and how will the world's largest player, Ares, clear the barriers and convince China's regulators and markets to open their doors?

新的监管评级办法全面调整评级框架，更加注重信托公司风险防控和行为管理，并通过差异化监管引导信托公司业务转型

The new regulatory rating scheme overhauls the rating framework, increases the focus on risk prevention and behaviour management for trust companies and guides the transformation of trust operations through differentiated regulation

如果美国经济开始放缓，即使中国经济没有出现显著改善，人民币贬值压力也会大大减轻

If the United States economy starts to slow down, even if there is no significant improvement in the Chinese economy, the pressure on the renminbi to depreciate will be greatly reduced.

鼓励并购重组打造一流投行的表态，让市场对券商间“强强联合”充满幻想，然而实际操作难度巨大

Encouraging M & As to create a state-of-the-art attitude that allows markets to fantasize about “strength and strength” of coupons, but it is very difficult to operate in practice

资本新规是引导银行业“脱虚向实、择优弃劣”的指挥棒；建议银行在组合管理、资本配置和绩效考核中提前安排，向“轻资本、精细化”发展模式转变

The new capital code is the baton that guides the banking sector to “get out of business and choose for good” and recommends that banks move forward in portfolio management, capital allocation and performance appraisals to a “light capital, fine-tuning” development model.

基建和房地产不能再带动银行业贷款增长，如何控制这两个行业的不良率是一大挑战；短期内大幅增加制造业贷款或造成未来的不良贷款风险

Capital and real estate can no longer drive bank lending growth, and how to control the poor rates in both sectors is a major challenge; significant increases in manufacturing lending in the short term or risks of future non-performing lending

IMF还进一步预测2024年底核心通胀将升至2.1%；这一预测可谓十分大胆，若得以实现，则将为一段时间以来有关“中国是否会陷入通缩”的激烈争论画上句号

The IMF further projected that core inflation would rise to 2.1 per cent by the end of 2024; this forecast would be bold and, if realized, would end with a period of intense debate about whether China would contract into deflation.

监管设置银保渠道费用上限，费率大降30%，银行、险企签约无价可议，银行接受现实，险企分化

Supervising caps on the cost of silver insurance channels, a 30 per cent reduction in the rate, unarguable contracts between banks and insurance companies, bank acceptance of reality, risk diversification

多家险企三季度净利润大幅下滑，源于权益市场走低及新会计准则的实施。财政部将考核周期从一年调整为三年

The three-quarter net profits of a number of risk companies have declined significantly, as a result of the low equity market and the implementation of new accounting standards.

增长时代的策略管理架构已经明显不适应转型时代的市场环境；可以借鉴“全天候”策略的视角，积极管理风险来源

The strategic management architecture of the growth era is clearly not adapted to the market environment of the transition era; the sources of risk can be actively managed from the perspective of the “all-weather” strategy

公募基金三季度亏损3500亿元，个人养老基金产品几乎全军尽墨；权益产品发行降至近四年冰点，加之全行业降费改革，基金公司营收亦遭重创

The public fund lost 350 billion yuan in three quarters, while the personal pension fund product was almost exhausted; the distribution of equity products fell to almost four years of ice, together with the industry-wide cost reduction reform, and the fund company revenue was severely damaged.

本次中央金融工作会议的核心主题，是在强化党管金融基础上的强监管、防风险和促发展

The central theme of this Central Financial Work Conference is strong regulation, risk prevention and development on the basis of strengthened party financial governance

相较于美债收益率，美元指数更具前瞻性、更能代表资金在全球市场的流动，因此美元指数对A股和港股的拐点判断更重要

The dollar index is more forward-looking and representative of the flow of capital in the global market than the rate of return on US debt, and therefore the dollar index is more important to the netting of A and Port shares.

直接IPO被认为是北交所弯道超车的重要举措，希望差异化竞争带给北交所不同于沪深交易所的优质资产，继而拉动市场流动性

Direct IPOs are considered to be an important move to overcarriage the North Crossing, hoping that differential competition will lead to high-quality assets that are different from the North Crossing Exchange, followed by market liquidity.

中国不将汇率作为促进出口的主要政策工具的关键原因是，政府一直将维护金融体系稳定作为首要任务之一，而汇率稳定是金融稳定的重要一环

The key reason why China does not use exchange rates as the main policy instrument for export promotion is that the Government has always made maintaining the stability of the financial system one of its top priorities, and that exchange rate stability is an important part of financial stability

险企发行永续债不仅可以补充核心二级资本，还能撬动核心的保单盈余，带来核心资本的杠杆式增加；潜在投资者预计将以保险机构为主

In addition to supplementing core second-tier capital, insurers can leverage core policy surpluses, resulting in increased leverage of core capital; potential investors are expected to focus on insurance institutions

特殊再融资债券密集发行，银行参与化债即将落地，央行设立应急流动性支持计划；解燃眉之急后，如何建立可持续的央地财政关系，从根本上堵住地方违法违规举债的口子

The intensive issuance of special refinancing bonds, the involvement of banks in the impending liquidation of debt, and the establishment of an emergency liquidity support plan by central banks; and the urgent need to establish sustainable fiscal relations that would fundamentally block local illegitimate debt collection

此次降准几被淡忘，但原本非同寻常；备受期待的“金九银十”期间中国经济究竟表现如何，即便身处国庆长假，仍牵动所有人的神经

This time, while forgotten, it was unusual; how did the Chinese economy perform during the much-awaited “Golden 9 silver 10” period, even on the long holiday of the Fourth of July, still haunt everyone's nerves?

金融投资的收益和风险波动周期相对较短，回流相对容易；但外商直接投资作为“长钱”，更多受全球供应链重新布局、中国经济自身转型升级影响，如何找到吸引外资的新增长点

Foreign direct investment, as “long money”, is more affected by the global supply chain reconfiguration and the upgrading of the Chinese economy itself, and how to find new growth points to attract foreign investment.

生成式AI落地银行业，短期靠创新能力，中期靠独有的数据将大模型调节得更加精准可靠，长期则需要依靠人才培养

Generating AI-based banking, relying on innovation in the short term, using unique data to make large models more precise and reliable in the medium term and on talent development in the long term

愈加严苛的股份限售、减持制度让原本正常的市场交易制度成为众矢之的，限售减持规则缘何变成调控工具

The more stringent the system of stock restrictions and reductions has made the formerly normal market trading system a target, and how the rules of restrictions on sales have become a regulatory tool.

理解产业资本与金融资本的特性，就能以制度设计和必要的干预管理好二者的“爱恨情仇”

Understanding the characteristics of industrial and financial capital makes it possible to design and manage the “hate” of both with the necessary intervention.

当前A股和商品的背离不会持续，未来股票大概率以补涨的方式完成修复

The current departures from shares A and commodities will not continue, and future stock ratios will be restored in the form of replenishments

监管部门一方面放松“偿二代”二期部分规则，一方面放行险企发行永续债补充核心资本，紧绷的偿付能力充足率正在缓解

Regulators, while relaxing the “second-generation” partial rules and releasing long-term debt to supplement core capital, are easing the tight solvency rate.

中国今天仍有很大追赶空间，通过改善而非创新已能保持一定增长，这是中国相比当年日本最大的优势

China still has a lot of catch-up room today and has been able to sustain some growth through improvement rather than innovation, which is China's greatest advantage over Japan.

银行业围绕优质客群的价格战是否可持续，如何服务长尾客群，如何应对不良贷款上升并加强助贷监管，是监管和业界都关注的焦点

The sustainability of price wars around high-quality customers, how to service long-tailed populations, how to cope with the rise in non-performing loans and how to strengthen lending regulation are the focus of both regulatory and industry attention

政策“组合拳”效果有限，市场回暖动能不足，监管如何保持定力、寻求市场稳定的根本之策？

Policy “combined boxing” is of limited effect, market reheating energy is inadequate, and how can regulation maintain a certain degree of certainty and seek the fundamentals of market stability?

存量按揭降息的操作细节基本明晰，对激发购房需求更有效的降低首付比例和房贷利率，如何在四大一线城市落地，仍存不确定性

The operational details of the stock mortgage reduction are generally clear, there is still uncertainty as to how the down payment ratio and mortgage rates will be more effective in stimulating demand for housing, and how to land in the four largest cities.

实际利率已远高于中性政策利率，因此美联储不希望再加息；但因有两大谜团待解，故仍存进一步紧缩的可能

Real interest rates are already well above neutral policy rates, so the Fed does not want to raise interest rates; but there is still a possibility of further contraction due to two major puzzles to be solved.

寿险产品预定利率下调前的销量暴增让险企上半年业绩大幅提升，不过马上迎来了利率下行，资金配置压力凸显

The surge in sales before the reduction of the scheduled interest rate for life insurance products led to a significant improvement in the performance of the insurers in the first half of the year, but immediately the interest rate fell, and the pressure on the allocation of funds was highlighted.

公募基金股票持仓环比回落，社保基金大量减持“中特估”，外资、公募、社保基金、私募机构等机构投资者在二季度末的持仓情况真实还原市场心态

The PGF stock holds back its stock, the SWF maintains a significant “medium overestimate”, and institutional investors such as foreign investors, public funds, social funds, private fund-raising agencies, etc., have returned to a real market mentality at the end of the second quarter.

大型券商探索自营客需业务，向衍生品等非方向投资转型，弱市之中收入确定性也相应增加

Large bond dealers explore self-employment and move towards non-directional investments such as derivatives, with a corresponding increase in income certainty in weak municipalities

息差收窄的趋势下，银行业面临分化，各大银行的掌舵者开始重新思考战略发展方向，关键在于提高精细化管理水平

In the light of the trend towards narrow interest differentials, the banking sector is faced with fragmentation, and those at the helm of the major banks are beginning to rethink their strategic development. The key is to improve the level of precision management.

随着中国经济从增量时代进入转型时代，“转型主线”将成为投资的主要收益来源

As the Chinese economy moves from an era of growth to an era of transformation, the “prime line of transition” will be the main source of revenue for investment.

投资端、融资端、交易端三方出招，证监会发力活跃资本市场，但市场需要的不只是这些

The SEC is active in capital markets, but the market needs more than that.

通胀和就业数据呈回落趋势，意味着美联储本轮加息周期很可能已经结束；高利率也开始对美国财政产生明显付息压力，美债收益率大概率接近顶部

The downward trend in inflation and employment data means that the Fed’s interest-raising cycle for the current round is likely to be over; high interest rates are also beginning to exert clear interest-pay pressure on the United States fiscal system, and the rate of return on US debt is likely to be close to the top.

全面注册制及全球最严减持规则同步，不设涨跌幅限制的A股IPO因为缺乏卖盘，买方可用极低成本拉抬股价，炒小炒新再现市场

Full registration is synchronized with the most stringent global rules, and the A share IPO, which has no upward or drop limit, can raise stock prices at a very low cost and sell new re-emerging markets because of a lack of sales plates.

稳增长、支持民企发展和鼓励消费，从方向上来说肯定是对的，但能否稳定预期和提振信心则尚待观察

Steady growth, support for private development and consumption incentives are certainly in the right direction, but it remains to be seen whether they can stabilize expectations and boost confidence.

港股长期前景在何方？

Where are the long-term prospects of the Hong Kong stock?

险企上半年资产端、投资端双双回暖，但从严从实加强资本约束的“偿二代”令行业偿付能力整体下滑

During the first half of the year, the equity and investment ends were both warmer, but the “second generation” of capital restrictions were tightened to reduce the overall solvency of the industry.

延迟反馈叠加，在2023年上半年带来似乎一切都恢复正常的假象，但一旦拐点来临，波动率将会急剧放大

Delayed feedback overlaps, giving the impression that everything is back to normal in the first half of 2023, but once the turning point arrives, the volatility will increase dramatically.

A股全面注册制不断调整，重提动态平衡，亏损企业IPO申报停滞

The full A share registration system continues to be adjusted, the dynamic balance is rebalanced and the lost enterprise IPO claims are stagnant

中国在去杠杆主体及成因、汇率政策应对和产业竞争力方面，与上世纪90年代的日本存在较大差异

China differs significantly from Japan in the 1990s in deleveraging subjects and factors, exchange rate policy responses and industrial competitiveness

募资和退出“两头在外”的时代已经过去；向“两头在内”转型的过程中，私募股权基金运作难度提升

The era of fund-raising and withdrawal from the “two sides outside” has passed; the transition to the “two sides inside” has made the operation of private equity funds more difficult.

货币政策保持稳健、中性，做出世界各国应对疫情下的最优答卷

Monetary policy remains robust and neutral, providing the best response to the epidemic in all countries of the world.

有针对性地下调存款准备金率或推出专项结构性货币政策工具予以支持，或可解决商业银行动力不足这一关键问题

Targeted under-deposit reserve ratios or the introduction of dedicated structural monetary policy instruments to support them may address the critical issue of weak commercial banking power

银行首先需评估存量房贷利率下降对净息差、盈利和不良率等的影响；在市场化、法治化的原则下，预计将采取差异化的调降规则

Banks first have to assess the impact of declining interest rates on stock mortgages on net spreads, profitability and bad rates; differentiated downward rules are expected under the principles of marketization and rule of law

最有效的刺激计划，应该是以增强国内消费者和私营企业信心为重点的一系列措施

The most effective stimulus package should be a series of measures focused on enhancing the confidence of domestic consumers and private enterprises

2023年上半年寿险新单保费规模爆发，到底是疫情后的销售回暖，还是“炒停售”3.5%利率产品的推动？

In the first half of 2023, the scale of the new policy premium for life insurance broke out, whether it was a return to sales after the outbreak, or a boost to the “cut-off” of 3.5 per cent interest rate of products?

作为行政法规的《私募投资基金监督管理条例》以监管原则和框架为主，具体细节落实还有待监管部门进一步完善部门规章、规范性文件和自律规则

The Regulation on the Supervision of Private Funds for Investment, as an administrative regulation, is based on the principles and framework of regulation, the details of which are yet to be further refined by the regulatory authorities in terms of sectoral regulations, regulatory documents and self-regulation rules

从流量上提高收入，或是从存量上改变资产负债结构

Increase revenue from flows or change asset and liability structure from stock

开局交易虽不活跃，但平台成功搭建，可助推人民币国际化

The start-up trade was not active, but the platform was successfully set up to facilitate the internationalization of the renminbi.

基金业绩分化严重，过半权益类产品收益为负，收益靠前的基金规模较小，基民赚钱效应平平

The Fund's performance was highly fragmented, with negative returns on products of the semi-equity type, lower returns on the front fund, and a balanced profit-making effect on the base.

持续的“基金持有人巨亏、基金公司稳赚”怪现状最终令监管下定决心出手干涉

The persistence of the “fund holder's huge deficit, fund company's steady profits” has led to a determined regulatory intervention.

在美国财政部大规模发债和美联储缩表的共同影响下，美国银行业的准备金规模预计在三季度会明显回落

The size of reserves in the United States banking sector is expected to fall noticeably in the third quarter, under the combined influence of the United States Treasury Department's large-scale debt payments and the Fed's contractions.

缺乏透明度的“黑箱”式AI投资，以及潜在的新型AI化市场操纵，给监管和市场各方提出了新的难题

The lack of transparency of “black box” AI investments, as well as potential new types of AI market manipulation, pose new challenges for regulatory and market parties

作为理财产品发行的新主体，银行理财子公司从发展定位、内部治理到外部监管等需进一步理顺，重点包括如何补上财富管理的这个轮子

As a new subject of property distribution, bank finance subsidiaries need to be further rationalized from development positioning, internal governance to external regulation, with a focus on how to make up for the cycle of wealth management

需密切关注资管产品净值大幅波动可能引发的负面影响；在保护投资人利益的同时，避免对金融稳定运行构成挑战

Close attention needs to be paid to the possible negative impact of large fluctuations in net prices of managed products; while protecting the interests of investors, avoiding challenges to the operation of financial stability

境内权益市场波动、利率下行、银行理财破净，内地居民兴起跨境理财

Domestic equity market fluctuations, lower interest rates, bank failures and the rise of residents of the Mainland to manage cross-border assets

问题险企的处理需要坚持市场化导向、完善法人治理结构、市场风险由市场消化的同时，化解风险需要有时间表并强化合规意识

Dealing with risk management requires a market-oriented approach, improved corporate governance structures and market risks absorbed by the market, while risk mitigation requires timelines and enhanced compliance awareness

过去20多年各国靠着货物和部分服务的自由流动、互通有无所造就的经济调节机制已消失大半

Over the past 20 years or so, countries have lost more than half of their economic regulation mechanisms based on the free movement of goods and services and the existence or absence of interconnectivity.

房地产企业深陷资金困局，再融资市场冷热不均，面值强制退市加速出清

Real estate companies are caught in a financial trap, refinancing markets are cold and hot, and face value is forced out of the market to speed up clean-up.

中介机构责任如何认定赔偿责任的纠纷背后，折射出ABS市场诸多主体的行为扭曲

The distortion of the behaviour of the ABS market's many subjects behind the dispute over how the intermediary's liability is to be held liable

政策利率全线下调，释放了货币政策强化逆周期调节、稳定市场预期的信号；当前促进经济修复，还需财政、产业等其他政策跟进，更需给民间投资以信心

The downswing of policy interest rates has released signs of monetary policy strengthening countercyclical regulation and stabilizing market expectations; the current promotion of economic recovery requires fiscal, industrial and other policy follow-up and greater confidence in private investment

政策或许需要在经济增速回落至稳定区间下沿附近发力，但针对消费和投资的政策大概率也是结构性的

Policies may need to slow down to a stable zone, but policies targeting consumption and investment are also likely to be structural.

整体规模越来越大、产品数量越来越多，低质量重复“内卷”致单只ETF越来越小，甚至沦为迷你基金惨淡离场

The size of the whole, the volume of products, the low-quality repetition of the “inner volume” is getting smaller and even the mini-fund is getting out of sight.

存贷差急剧扩大并对净息差形成挤压，不仅使银行体系支持实体经济的能力受限，还不利于化解久已存在的中小银行的金融风险

The sharp increase in credit spreads and the squeeze on net interest differentials not only limits the ability of the banking system to support the real economy, but also discourages long-established financial risks for small and medium-sized banks

不断抬升的渠道销售费用成为寿险业负债端的沉重负担，如何有效压降费用率？

How can the rising costs of channel sales be effectively reduced when they become a heavy burden on the liabilities of the life insurance industry?

东盟是未来一段时间中国最有希望的出口市场，新能源汽车和相关产品应是中国出口的最强动力

ASEAN is China's most promising export market for some time to come, and new energy vehicles and related products should be China's most powerful engine of exports.

险企负债成本压力持续增加，市场手段作用甚微，行政指导下的价格调节，治标还是治本？

(b) The continued increase in the cost pressures on the liability of insurance companies, the marginal impact of market instruments, the administratively guided regulation of prices, the prescription or the cure?

最初的紧急风险处置之后，美国国会围绕银行倒闭事件召开了一系列听证会，复盘风险是如何发生的，并公开问责银行高管和监管部门等相关各方

Following the initial emergency risk management, the United States Congress held a series of hearings on bank failures, how the risk of recycling occurred, and publicly held relevant parties, such as bank managers and regulators, accountable.

今年国内经济的主线是“转型中的复苏”——战略转型、战术复苏，“内外双循环”的政策表达是重要的战略性视角

“Recovery in transition” — strategic transformation, tactical recovery — is the backbone of the domestic economy this year, and the policy expression of the “internal and external two-cycle” is an important strategic perspective

公募REITs二级市场价格迎来爆炒后的回归，监管出手公允定价、合规风控和审核标准

Re-entry of the second-tier market price of ReITs through public fund-raising and regulation of fair pricing, compliance and auditing standards

尽管从长期看中国将进入低利率时代，但今年利率继续下行的空间并不大，未来半年需警惕国债的调整风险

Although China will enter the era of low interest rates in the long run, there is little room for interest rates to continue down this year, and there is a need to be vigilant about the risk of adjustment of national debt over the next six months.

私募行业的监管风向已然转变，强化监管、防控风险大势所趋，但应如何兼顾私募固有的灵活性？

There has been a shift in the regulatory climate in the private sector towards stronger regulation and risk control, but how should the flexibility inherent in private fundraising be accommodated?

信托业经营压力加大、风险持续暴露，追责进行中；信托业务分类新规下亟待找到新的增长点

Increased pressure on trust operations, continued exposure to risks and ongoing accountability; new growth points under the new rules for classification of trust operations are urgently needed

货币需求下降，导致货币供给扩张对经济动能的提升效果有限，由此抑制了物价上行；这意味着宏观调控政策在支持经济方面应持续发力

The fall in currency demand, which led to a limited increase in the power of the expansion of the money supply to the economy, discouraged price upswings; this meant that macro-regulation policies should continue to work in support of the economy

公募基金投资者看到的净值是扣除了管理费、高换手率导致的巨额交易费用以及销售分佣等层层收费后的数据，这些合同上的隐形持有成本已接近3.5%

The net value seen by PGF investors is after deduction of management fees, large transaction costs due to high turnover rates, and sales of sub-commissions, where hidden holding costs are close to 3.5 per cent.

中国扩大科研投入有两点值得注意：首先，现有体制是否为配置资源的最有效途径；其次，还须尽量与尽可能多的国家保持合作

China's expansion of scientific and research inputs is noteworthy in two respects: first, whether the existing system is the most effective way of allocating resources; and second, the need to maintain cooperation with as many countries as possible.

险企2022年资产负债两端同时承压，导致92家人身险公司中，有超过三分之一使用了“财务再保险”这一最隐秘的手段维持偿付能力

The simultaneous pressure on the asset and liability side of the company in 2022 resulted in more than one third of the 92 personal insurance companies using the most covert means of “financial reinsurance” to maintain solvency

随着卖方供给增多，个人贷款不良资产批量转让的一级市场将全面启动；多家地方AMC加码布局，寄望通过科技手段解决定价难、处置效率低等痛点

As sellers increase their supply, the primary market for bulk transfers of non-performing personal loan assets will become fully operational; several local AMC-coded layouts are expected to address the pains of difficult pricing and inefficient disposal through scientific and technological means

尽管目前“中特估”整体仍体现为高红利的价值特征，但内外循环中的价值链生态重构已为其打开成长空间

While the current “medium-specialized” as a whole is still characterized by high dividend values, the ecological re-engineering of value chains in the internal and external cycles has opened up room for growth.

在私募基金准入门槛提高的同时，加码托管机构履责，发力持续监管

While the threshold for private fund-raising access has been raised, the plus trustees have assumed responsibility and continue to monitor it.

今年更可能像2019年那样风格相对均衡，无论是价值和成长，还是大盘和小盘，全年来看涨幅差异并不大

It's more likely this year to be the year of relative balance of style as it was in 2019, in terms of value and growth, as well as big and small, and not so different from year to year.

地缘政治因素在近期的人民币国际化中扮演了重要角色；未来还需要从需求、配套、投资等方面为人民币国际化的制度框架、基础设施和金融环境“添砖加瓦”

Geopolitical factors have played an important role in the recent internationalization of the renminbi; the future also requires “building blocks” for the institutional framework, infrastructure and financial environment for the internationalization of the renminbi in terms of demand, matching, investment, etc.

短短一周内，三家颇具特色的美国商业银行因遭遇存款挤兑而瞬间崩塌，凸显出资产负债管理在急剧变化的货币、金融环境下的极端重要性

In just one week, three distinctive United States commercial banks collapsed as a result of a run-off of deposits, highlighting the critical importance of asset and liability management in a rapidly changing monetary and financial environment.

规模空前之年遭遇亏损最多，管理费率、尾随佣金占比仍然居高不下，中国公募行业如何平衡业绩与规模

The largest losses occurred in an unprecedented year, while the ratio of management rates and tail commissions remained high, and how the Chinese public fund-raising industry balanced its performance against its size

一线10家券商包揽全行业六成净利润，同质格局难改，“靠天吃饭”处境依旧

Ten coupons on the first line cover 60% of the industry's net profits, homogeneity patterns are hard to change, and “food by heaven” is in the same position.

过去十多年，政府对银行贷款活动的参与程度有所增加，在促进金融服务实体经济的背景下，这一趋势将不断持续

Government involvement in bank lending activities has increased over the past decade, and this trend will continue in the context of the promotion of the financial services real economy

踩雷中资地产商美元债，冲击了2022年中资香港券商的年报表现

The annual report of Hong Kong Bonders in mid-2022 was hit by the dollar debt of middle-income landowners.

预定利率的降低有助于降低人身险公司负债成本；对低迷的寿险业来说，既是机遇，也是挑战

Lower projected interest rates help to reduce the cost of personal insurance companies'liabilities; both opportunities and challenges for the depressed life insurance industry

此前十几年支撑银行业快速发展的红利已发生逆转，商业银行转向轻资本模式面临哪些挑战

The dividends that supported the rapid growth of the banking sector over the past decade or so have been reversed, and what challenges have commercial banks faced in moving to a light capital model?

“胜通债”虚假陈述诉讼案一审判决，在揭露日认定、如何定损以及排除系统性风险等方面引发争论，是否标志着中国债券虚假陈述损失的司法认定思路出现了变化？

Did the first-instance judgement in the “successful bond” false representation, which provoked controversy over the disclosure of the day's findings, how to fix the damage and the removal of systemic risks, mark a change in the approach to judicial determination of the loss of the false statement of Chinese bonds?

欧美利率风险正在向更大的信用风险过渡；“君子不立于危墙之下”是最基本的防范，最好是调整自己的位置，让“黑天鹅”成为利润来源

Euro-American interest rate risk is transitioning to greater credit risk; “Girl not under the Wall” is the most basic precaution, and it is better to reposition itself so that the Black Swan becomes a source of profit.

中小银行危机将加剧美国货币的收缩速度，通胀虽然仍保持韧性，但不应成为进一步收紧的理由

The crisis in small and medium-sized banks will exacerbate the contraction of the United States currency, and inflation, while still resilient, should not be a reason for further tightening.

中国债市为何发展出了“货币经纪+报价系统”的模式，出路何在？

Why have China's debt markets developed the model of a “currency broker plus quotation system” and where is the way out?

如果把从2008年到2016年10月加入SDR视为人民币国际化的第一个机遇期，那么当前正步入第二个机遇期；此时，人民币国际化已具备了一些新的有利条件

If accession to the SDR from 2008 to October 2016 is considered the first opportunity period for the internationalization of the renminbi, it is now entering the second opportunity period; at this time, the internationalization of the renminbi has acquired some new advantages

在合格投资者制度滞后、管理人规范水平亟待提高、政策法规体系有待完善的现状下，适度监管对野蛮生长多年的中国私募行业是否行得通？

In the context of the lagging system of qualified investors, the urgent need to improve the regulatory standards of managers and the need to improve the system of policy and regulatory frameworks, is it possible to regulate appropriately the brutal private sector in China, which has been growing for many years?

欧美需求的回暖难以形成稳态趋势，需求与金融环境形成强烈的负反馈回归型关系；中国经济回暖的置信度很高

The warming of demand in Europe and the United States is difficult to establish a steady trend, and demand has a strong negative feedback regression relationship with the financial environment; China has a high level of confidence in the warming of its economy

股债比放开、杠杆比放宽等诸多私募股权基金的差异化安排，更符合不动产行业的投资特征

Equity debt is more in line with the investment characteristics of the real estate industry than liberalization, leverage, and different arrangements for many private equity funds, such as liberalization.

新规构建差异化资本监管体系，并进一步细化银行资产风险暴露的分类和计量，或将推动银行经营思路从“规模先行”转向“资本集约”

New regulations to construct differentiated capital regulatory systems and further refine classification and measurement of exposure to bank assets, or to promote a shift in bank thinking from “scale ahead” to “capitalization”

单从货物贸易的变化看，中美脱钩的速度远远快于中欧贸易脱钩，且不少美国的订单转到越南等国家

From the evolution of trade in goods alone, the rate of decoupling is much faster than in Central Europe, and a number of orders from the United States are transferred to countries like Viet Nam.

做市商制度、两融业务等举措相继落地，北交所个股活跃度有所提升

Initiatives such as the market system, blending operations, etc., have led to an increase in the activity of the North Bank shareholdings.

黄达的重大贡献在于为中国上世纪80年代以来的经济理论转型和90年代后的金融改革，打开了对世界的眼界，奠定了知识基础，培养了数以十万计的金融专业人才

Huang Da's major contribution to China's economic theory transition since the 1980s and financial reforms since the 1990s has opened its eyes to the world, laid a knowledge base and built hundreds of thousands of financial professionals.

经济复苏仍是大概率事件，A股在经历短暂的休整之后，有望继续上行

The economic recovery is still an approximate event, and Unit A is expected to continue after a short break.

“企业旺而居民弱”是2023年开年信贷投放的基本格局；信用扩张的主要动力来自政策支持的大型项目，私人部门投融资动能仍待恢复

“Business with weak residents” is the basic pattern of credit delivery in 2023; credit expansion is driven mainly by large-scale projects supported by policies, and private sector financing initiatives have yet to recover

后疫情时代，居民、企业和政府的资产负债表都面临压力；想方设法修复受损的资产负债表，是重新焕发经济活力的关键

In the post-epidemiological era, the balance sheets of residents, businesses and governments are under pressure; finding ways to repair damaged balance sheets is key to re-energizing the economy

与现有分类监管体系有所区别，新的分类监管侧重于“机构监管”和“非现场监管”，在监管的具体范围、措施和频率上均有所加强，增加了监管“抓手”

In contrast to the existing classification regulatory system, the new classification regulation focuses on “institutional regulation” and “off-site regulation”, strengthening the specific scope, measures and frequency of regulation and increasing the regulatory “catch-up”

近期居民提前还房贷，是为了节约利息支出、主动降低负债、收缩家庭资产负债表，但也对银行资产负债管理和管理适时优化提出了挑战

The recent early repayment of mortgages by residents was intended to save interest payments, reduce liabilities and shrink household balance sheets, but also posed a challenge to the timely optimization of the management and management of bank assets and liabilities

改变股票发行中政府与市场的关系，让市场在资源配置中起决定作用

Change government-market relations in equity issuance to allow markets to play a decisive role in resource allocation

审慎监管与行为监管相分离的“双峰”之下，审慎监管更多向央行回归、危机防范与风险处置相分离，并强调监管机构间的信息分享与协作

Under a “double peak” between prudential and behavioural regulation, prudential regulation is increasingly going back to central banks, crisis preparedness and risk management, and emphasis is placed on information sharing and collaboration among regulatory agencies

中国经济新的发动机制已逐渐清晰，可称为“制造业升级的举国体制”；要想让这个循环不断做大，金融机制必不可少

The new launching mechanism for the Chinese economy has become increasingly clear and can be termed the “national system of manufacturing upgrading”; financial mechanisms are essential if the cycle is to continue to grow.

监管新规出台后，大型险企因具备相应的资质和实力获得正式入场券，而部分中小型险企或将出局

With the introduction of the new regulations, large-scale venturers have obtained formal entry tickets because of their qualifications and capabilities, while some small- and medium-sized venturers may be out of the game.

迈入以净值化管理为主要特征的2.0时代，银行理财产品体系应如何更精准地与投资者需求相匹配？理财子公司应如何优化资产配置？

How should the banking property system more accurately match investors’ needs? How should financial subsidiaries optimize asset allocation?

美元和美债收益率双降格局有望持续；历史上这种双降组合发生时，港股会有20%—50%的上涨

The pattern of double-dipping of the dollar and US debt is expected to continue; the historical combination of double-dipling will result in a 20-50 per cent increase in the stock of the port.

以类金融机构监管方式设定私募行业准入门槛，有助于加速不良机构和行业风险出清，引导私募回归本源、高质量发展

Setting entry thresholds in the private sector in the form of regulation of financial institutions helps to accelerate the identification of risks in bad institutions and industries and to guide private fundraising back to its source and quality development

美国国债规模再创新高，并逼近31.4万亿美元的法定上限，需警惕它对全球经济和金融市场可能产生的溢出效应

Re-innovation of the size of the United States national debt and nearing the legal ceiling of $31.4 trillion need to be warned of its possible spillover effects on the global economy and financial markets

2022年的市场下跌，不但令投资者获得感极低，也让各类基金管理人面临窘迫之境

The fall in the market in 2022 not only left investors with an extremely low sense of ownership, but also placed various fund managers in a difficult position.

在消费带动和基数较低的情况下，2023年经济增长达到5%左右还是有希望的，但中国的长期增速应在此水平以下

With consumption-led and low base, economic growth of around 5 per cent in 2023 is promising, but China's long-term growth rate should be below that level

退市公司数量创历史新高，岁末年初再现花式保壳，但新规之下各种“自救”闯关难度越来越大，风险公司将加速出清

The number of defunct companies is at an all-time high, and flower-like shields are re-emerging at the beginning of the year, but the new regulations are becoming increasingly difficult to break through and risk companies will speed up clearance.

河南省政府将出资设立省级农商联合银行，形成“省控市、市控县”的三级管理架构；此番改革能否从根本上改变农信社内部人控制和外部监管不力等痼疾

The Henan provincial government will finance the establishment of the Provincial Farmers' Union Bank, which will form a three-tier management structure for “provincial and municipally controlled counties”; and whether this reform will fundamentally change the weaknesses of internal and external control of the ACS, among others

解冻“发动机”，理顺内需链条上的五大环节，我们才能重回高质量发展之路

Unfreezing the engine and streamlining the five links in the internal need chain will enable us to return to the path of high-quality development.

全方位的产品和服务供应以及向以客户为中心的资产管理模式转变，将是中国公募基金行业实现更稳定发展的关键

A full-scale supply of products and services and a shift towards a client-centred asset management model will be key to a more stable development of the Chinese public fund-raising industry

一方面，要防止财政赤字货币化；另一方面，在央行承担更多金融稳定职能的背景下，也需要考虑完善央行的财务预算管理制度，充实准备金和资本

On the one hand, there is a need to prevent the monetization of fiscal deficits; on the other hand, in the context of the increased role of central banks in financial stability, there is also a need to consider improving the central bank's financial and budgetary management system to augment reserves and capital.

未来一段时间居民贷款增速出现显著回升的难度较大，货币市场利率不具有持续上行的基础

It will be more difficult for the population to recover significantly in the coming period, and the currency market interest rate will not have the basis for a sustained upswing

净值化转型后的理财产品首次直面债市震荡，客户赎回与净值下跌形成一定程度的负反馈，理财子公司、投资者和债市参与者分别应如何应对

For the first time, after the transformation of net worth, the financial assets face a shock in the debt market, with a degree of negative feedback from the client foreclosures and the decline in net worth, and how the financial subsidiaries, investors and creditors should respond, respectively.

货币与财政政策需协调配合，但并无既定模式；各国做法迥异，而同一经济体不同时期采取的方式也不尽相同

Monetary and fiscal policies need to be coordinated, but there are no established models; practices vary widely across countries and over time in the same economy.

中国香港、新加坡最近齐齐发力，离岸人民币市场交易变得更为活跃

Hong Kong, China and Singapore have recently come together to make the offshore renminbi market more active.

资本市场的松绑，让房企更容易获得真金白银、有效盘活资产，但认可这一风险—收益的投资者在哪里？

The untying of capital markets has made it easier for housing companies to obtain real silver and silver, and to use their assets effectively, but where are the investors who recognize this risk - returns?

2023年中国经济增长出现一定程度的反弹绝不奇怪，但反弹强度能有多大，防疫政策的走向无疑是一个重要因素

It's not surprising that China's economic growth rebounded to some degree in 2023, but how strong it can be, and the course of immunization policy is undoubtedly an important factor.

锁定期长达十年以上的万亿资金引来了商业银行、理财子公司、公募基金、保险公司的同台竞争，将有效引导市场重估配置，优化久期结构，更给沉迷的资本市场带来长期资金愿景

The locking-up of over a decade of trillions of money has led to competition among commercial banks, financial subsidiaries, public funds and insurance companies, which will effectively guide market re-allocation, optimize long-term structures and bring a long-term financial vision to the troubled capital markets.

结合疫情管控态度变化与对房地产经营主体的大力救助启动，可以判断中国经济周期即将进入复苏前半期，这一阶段的特征是春寒料峭

In conjunction with the change in attitude to control the epidemic and the start of intensive assistance to real estate operators, it can be judged that the Chinese economic cycle is about to enter the first half of recovery, a period characterized by a chilly spring.

债市的波动，引发了全市场配置机构的全面反馈，继而引发从银行理财产品到公募债券基金的大额赎回，并继续打压价格，形成“踩踏”

Volatility in debt markets triggered comprehensive feedback from market-wide configuration agencies, which in turn triggered large-scale redemptions, ranging from bank property management to publicly funded bond funds, and continued to press prices and form “stamps”

本轮出口大幅下滑后，中国货币条件的宽松将更多依靠人民币有效汇率贬值而非利率大幅下降，但股市的上涨力度将弱于前三轮

After the sharp decline in the current round of exports, China's monetary conditions will be more dependent on the devaluation of the effective RMB rather than on a sharp decline in interest rates, but the stock market will rise less than in the previous three rounds.

代理人大量流失造成销售难畅，消费型保险冲击大病重疾产品，投资端收益率持续低迷，险企如何应对多重挑战

The large loss of agents results in unsophisticated sales, consumer-type insurance shocks, highly ill products, continued low returns at the investment end, and exposure to multiple challenges

征信“断直连”的落实，牵涉个人信息保护、持牌征信机构的服务能力、互联网平台利益博弈，以及中小银行能否真正做到自主风控等复杂因素

The implementation of the letter “break-down” involves complex factors such as the protection of personal information, the service capacity of card-holders, Internet platform interest games, and the ability of small and medium-sized banks to truly exercise autonomous control.

现代债务管理的观点认为，债务管理既要平衡债务风险与融资成本，同时也是管理总需求、促进金融稳定的重要工具，而这要求加强财政部与央行的分工协作

Modern debt management views debt management as both a balance between debt risk and financing costs and an important tool for managing aggregate demand and promoting financial stability, which requires a stronger division of labour between ministries of finance and central banks

个人养老金肩负弥补养老金缺口和助力资本市场发展的双重使命，税优力度和投资范围仍有较大提升空间

Individual pensions have the dual mission of bridging pension gaps and contributing to capital market development, and there is still much room for tax excellence and investment.

如果外汇市场认为人民币汇率能够在这一轮美元走强周期中保持相对稳定，人民币的储备货币地位将可能得到提升

If the foreign exchange market believes that the RMB exchange rate can remain relatively stable during this cycle of strengthening the dollar, the RMB’s reserve currency position may be upgraded

A股板块轮番下跌，“赛道化”特征明显的公募基金让投资者获得感不佳

The A-shares are falling, and the "tracking" feature of the public fund makes investors feel bad.

A股市场特有的结构性行情，让指数基金走入过度细分的歧途，基金公司低质量冲规模竞争加剧，基民频繁申赎“追涨杀跌”不减

The structural dynamics that characterize the A-share market have led index funds into an over-several divide, increased competition for low-quality hedges among fund companies, and frequent foreclosures for “ups and downs”

不同经济体之间的错位与互动带来更多冲击，资产管理只有积极地适应环境变迁，才能获得长期价值

Differences and interactions between different economies generate more shocks, and asset management can only gain long-term value if it is actively adapted to environmental change

个人养老金账户在十年后的体量将超过万亿元、覆盖上千万人。如何保证个人养老金及年金的安全？账户的投资会出现亏损吗？

In 10 years’ time, personal pension accounts will exceed trillion yuan and cover tens of millions of people. How can personal pension and annuity security be guaranteed?

中国经济确实面临下行压力，基本面也对人民币构成利空，但由于外汇供需关系较疫情前有明显改善，人民币内生性贬值的压力并不大

It is true that the Chinese economy is under downward pressure, and the fundamentals are an asset to the renminbi, but the pressure to depreciate the renminbi is modest because of the apparent improvement in foreign exchange supply and demand compared to the pre-epidemic situation.

近40年前对银行和金融危机的研究，借助简单的模型，便于全球决策者理解，能给下一次危机应对带来哪些启示？

The study of the banking and financial crisis nearly 40 years ago, using simple models, makes it easier for global decision makers to understand what the next crisis response can offer.

曾为中国企业走出去立下汗马功劳的四大会计师事务所本土化改制后，如今又面临换审困境

The four major accounting firms that worked for Chinese businesses are now in a difficult situation of re-examination after being home-grown.

资管行业费率改革箭在弦上，既要优化投资者持有体验，又要支持行业高质量发展，各方利益如何权衡

The reform of industry tariffs is on the line, both to optimize investor ownership and to support high-quality industry development, and how the interests of all parties are weighed against each other

美联储为了应对通胀的激进加息，引发全球陷入某种加息“竞赛”，将导致资本市场降温、经济衰退、融资环境收紧，令部分国家的债务问题雪上加霜

In response to a radical increase in interest rates on inflation, the Fed triggered a global “race” of interest hikes, which would lead to a cooling of capital markets, recession and a tightening of the financing environment, adding to the debt problems of some countries.

对“成长”行业存在的乐观偏差仍在持续，这一乐观偏差也增加了“成长”行业表现不及预期的可能性

The optimistic bias towards the “growth” sector, which continues, also increases the likelihood that the “growth” sector will perform less than expected

总经理王燕之谈服务支持“一带一路”建设的直接投资机构丝路基金八年来的成长历程

General Manager Wang Yin's talk service supports the eight years of growth of the direct investment agency Silk Road Fund.

财富管理与资产管理的本质是服务，而不是消费品；对“服务”的生产和销售讲究的是过程控制与客户体验

The essence of wealth management and asset management is service rather than consumer goods; the production and sale of “services” is about process control and client experience

一边是负债端的进退维谷，另一边是长期投资收益率预期的不断下降，险企如何面对激进产品的退保与利差损风险

On the one hand, there is a downward spiral at the end of the debt, and on the other hand, there is a steady decline in the expected return on long-term investments, and how risk-taking companies face the risk of reinsurance and profit spreads from radical products.

中小企业与不具有法定贴现资质主体之间的民间票据贴现，一定程度满足了实际融资需求，但资金空转以及潜在风险不容忽视。如何“开正门”？

The discounting of private instruments between small and medium-sized enterprises and non-statutoryly discounted subjects meets, to a certain extent, the actual financing needs, but the financial run-off and potential risks cannot be ignored. How can we “open the door”?

银行增持政府债券、加大对非银金融机构的信用扩张、外汇占款恢复三个因素，推动M2增速持续高于社融增速

Increased bank ownership of government bonds, increased credit expansion for non-banking financial institutions, and a recovery in foreign exchange earnings contributed to the continued higher M2 growth rate than the growth rate in the social sector

已满周岁的北交所，上市公司数量和市场影响力有待提升，需要推进高质量扩容

The number of listed companies and the market influence need to be raised and a high-quality expansion needs to be promoted.

在代理人规模快速下降、销售承压、投资端收益大幅下滑的背景下，寿险公司发布了“难看”的半年报

In the context of the rapid decline in the size of agents, the pressure on sales and the sharp drop in returns at the end of the investment, the Life Insurance Corporation issued its semi-annual report, "Sexual"

“靠天吃饭”难以为继，自营业绩大起大落，国际业务“拖后腿”，已经启动的波动风险较低的非方向性投资“蓝海”竞争激烈

“Food by heaven” is difficult to sustain, self-sustained performance is high, international operations are “drawn back” and non-directional investment “Blue Sea”, which has been launched with low volatility risks, is highly competitive

净息差收窄、居民信贷需求低迷、房地产行业风险待解，下半年商业银行仍面临重重挑战

Shortening net income spreads, low credit demand for residents, unresolved real estate sector risks and remaining challenges for commercial banks in the second half of the year

2023年实际EPS会高于还是低于当前预测，取决于中国的宏观经济状况，其中三个方面最为重要

The actual EPS in 2023 will be higher or lower than current projections, depending on China's macroeconomic situation, three of which are most important

“马太效应”愈加明显的公募行业，基金公司躺赢、基民赔钱，基金公司如何坚守以投资者利益为核心的初衷

The “Mather effect” is becoming more evident in the public sector, the foundation companies are winning, the funders are paying for it, and the foundation companies are committed to what is at the heart of the investor's interests.

整体信用危机严重影响了境内外地产融资。如何增信支持民企发债融资，破解流动性困境？

The overall credit crisis has had a serious impact on domestic finance for the field. How can we increase trust to support private-sector debt financing and break liquidity constraints?

随着长期支撑中国经济的基建和房地产面临更多约束，此前熟悉的通过银行扩张信贷来传导货币政策的路径是否仍然有效？如何探寻中性利率？

As infrastructure and real estate, which have long underpinned China’s economy, face additional constraints, does the previously familiar path of channelling monetary policy through bank expansion credit still remain valid? How to find neutral interest rates?

只要使用包含不确定性的风险思维，在某些趋势不明的环境下，是不难做出适应性预案的

With the use of risk thinking with uncertainty, it is not difficult to make adaptive planning in certain situations where trends are uncertain

普通的商业带病体保险获客艰难、保费规模有限，产品开发“吃力不讨好”，需要承担很大的不确定性

Common commercial pathogen insurance is difficult for clients, limited coverage, and product development is “unattended” and requires a great deal of uncertainty.

企业和居民真实的融资需求并不强劲，因而回购利率并不具备大幅上行的基础，流动性尚未进入拐点

The real financing needs of businesses and residents are not strong, so repurchase interest rates do not have a substantial up-to-date basis, and liquidity has not yet reached the turning point

一年多的自查、整改下来，被视为业界风向标的蚂蚁集团，业绩、战略、行为有何调整？监管态度如何？

What has been the change in performance, strategy, behaviour of ant groups that have been self-checked and modified for over a year and are considered industry-oriented? What is the regulatory attitude?

在A股4月末开启的反弹中，公募基金重启了扎堆投资模式，而债市的波动又让“固收+”避风港难言安全

In a rebound that started at the end of April with the A share, the Public Fund relaunched its investment model, while the volatility of the debt market made it difficult to secure the “consolidated +” safe havens.

扩大汇率避险业务覆盖面，需要企业树立汇率风险中性原则，也需要监管部门、地方政府、金融机构等多方发挥合力

Expanding the coverage of exchange-rate risk avoidance operations requires enterprises to establish the principle of exchange-rate risk neutrality, as well as synergies among regulators, local governments, financial institutions, etc.

最大的短板为房地产与消费，未来半年中国经济的主要动力将主要集中于出口和基建，但2023年后又如何？

The biggest shortboard is real estate and consumption, and the main driving forces of the Chinese economy will be concentrated in exports and infrastructure over the next six months, but what happens after 2023?

商业银行信用卡业务正从“跑马圈地”的增量扩张转向“精耕细作”的存量时代，如何在合规经营的前提下探索创新

The commercial bank credit card business is moving from an incremental expansion of “run-by” to a “finished-out” stock age, and how to explore innovation in the context of compliance

破局的关键在于“保交楼”，需要监管部门、地方政府、金融机构和房企协同推进，地方政府的纾困决心和财力较为重要

The key to the break-up was the “survival building”, which required concerted efforts by regulators, local governments, financial institutions and housing enterprises, and local governments' commitment to relief and financial resources were important.

随着“偿二代”二期新规的推进，人身险公司加快增资步伐，地方国资或成为本轮险企增资的主力

As the “two generation” of the new rules advanced, personal risk companies accelerated the pace of the replenishment, local state capital or became the backbone of the current portfolio replenishment.

美国市场SPAC空前火热后遭遇强监管与资产荒，并购失败沦为空壳而到期清盘；中国香港和新加坡方兴未艾的SPAC亦放慢了脚步

After the unprecedented heat of SPAC in the United States market, strong regulation and asset waste, the failure of M & As became an empty shell and expired, and the growing SPAC in Hong Kong, China, and Singapore slowed down.

“周期震荡中的滞胀”，作为时代主题依然持续

“Stagnation in cyclical shocks”, as the theme of the era, continues

历史经验显示，当美联储在一年内累计加息幅度达到300个基点以上时，更容易引发经济衰退，所以美元往往在加息初期就开始走弱

History shows that when the Fed accumulates interest increases of more than 300 basis points in one year, it is more likely to trigger a recession, so the dollar often starts to weaken in the early stages of the hike.

无论谁接任，坚守国际准则、独立监管对香港证监会乃至香港未来的发展都至关重要

Whoever takes over, adherence to international standards and independent supervision are essential to the future development of the CSRC and Hong Kong.

赴港双重主要上市渐成中概股应对摘牌风险的“安全垫”，而尚未满足港股IPO标准的中概股亦能从港股研究亏损科企IPO中受益

A “security cushion” to deal with loss-of-soldier risks, which has not yet met the IPO standards of the Hong Kong Unit, can also benefit from the Hong Kong Unit's study of loss-of-loss IPOs.

注册制下，上市排队数量创下新高，如何在IPO数量与质量之间取得平衡

Under the registration system, the number of listed queues is so high as to strike a balance between the quantity and quality of IPOs

继增加信贷额度之后，一个月之内开发性、政策性金融工具再扩围，主要用作补充项目资本金，与2015年的专项建设基金有何异同？能在多大程度上稳经济？

Following the increase in credit lines, development and policy-oriented financial instruments have been expanded within a month, mainly for supplementary project capital, in line with the 2015 special-purpose construction fund, and to what extent can economic stability be achieved?

在不断变化的世界格局中，ESG投资目标被扭曲并产生了一些副作用

In a changing world pattern, ESG investment targets are distorted and have some side effects

如果全球通胀长期停留在一个高水平而中国未能幸免，那么债券跑赢股票、股票市盈率下降和企业债跑赢国债的情况，将可能在中国出现

If global inflation stays at a high level for a long time and China is not spared, then there will be a situation in China where bonds win over equities, stock-market surpluses fall and corporate debts win over State debt.

美联储缩表、监管政策收紧等多重因素叠加引发加密货币大跌；比特币等加密货币强烈的投机属性与结构性缺陷，再度证明它是现行货币政策效果的放大器而非对冲工具

The multiplicity of factors, such as the Fed's contractions, tightening of regulatory policies and so forth, triggered a sharp fall in encrypted currencies; the strong speculative attributes and structural weaknesses of encrypted currencies, such as bitcoins, proved once again that it was a magnifying tool for the effects of current monetary policies rather than a hedging tool.

成交额和换手率双双下滑、“大非”解禁之际，科创板如何发展

How does it go when the turnover and the turnover drops and the “Foundation” is lifted?

新增信贷主要投向基建领域，资金来源主要靠政策性开发性银行发债募集，将如何助力稳经济？

What can be done to stabilize the economy when new credit flows are directed mainly to the capital sector and financed mainly by policy-oriented development banks?

一级市场的大型私募基金来到二级市场公开上市，传递出怎样的市场信号？

What kind of market signals are the major private fund-raising funds of the first market coming to the second market for public access?

试点一年之际，扩募规则和限售解禁同时到来，普遍高溢价的公募REITs将被市场重新定价

During the year of the pilot, expanded collection rules and a ban on sales have arrived at the same time, and the general high premium of REITs will be re-pricing the market

当市场高度脆弱时，使用收益风险不对称的工具，将可能出现的巨震转化为盈利，这就是“反脆弱策略”的原理

When markets are highly vulnerable, the use of tools that are asymmetrical as earnings risks translates the potential shock into profit, which is the rationale of the “anti-vulnerability strategy”

仅仅因为美联储加息预期的减弱，并不能改变实际利率维持在高位的特征；对中国成长股而言意味着有反弹的机会，但非反转

The weakening of the Fed's interest increase expectations alone does not change the fact that real interest rates remain high; for China's growth stock, it means a rebound, but not a reversal.

目前风险较大的险企多归属于“金控系”或是“地产系”，存在公司治理风险及资金运用风险，并集中体现在不当关联交易上

Current high-risk risk exposures are mostly attributed to the “gold system” or “property system”, have corporate governance risks and financial use risks, and are concentrated in inappropriate associated transactions

国际环境、国内监管政策和防疫进展叠加的情况如果不从根本改变，A股和港股只可能有反弹，很难持续回升

Without a fundamental change in the international environment, domestic regulatory policies and advances in immunization, the A and Ports Units may only rebound and it is difficult to recover.

地方政府隐性债务管控未松口，城投反腐升级，城投的贷款、发债、非标等融资渠道均在收窄，弱资质城投如何“续命”？

Local governments’ hidden debt control efforts, the city's anti-corruption campaign, the city's narrow access to credit, debt and non-standard financing, and how does the weak city “continue” its investment?

不看前路、只顾防守是守不住财富的，我们需要有策略地积极拥抱新的时代

We can't keep our wealth without looking ahead. We need to be strategic and aggressive in embracing a new era.

“一参一控多牌”放开，各路资本曾竞相争抢的公募牌照今后将不再是稀缺资源的同时，需避免不当竞争与利益输送

Unlocking the “one-by-one-man” license plate, which has competed for capital on all roads, will no longer be a scarce resource in the future, while avoiding undue competition and the flow of benefits

信托业传统业务持续压降，证券类和服务信托等新业务增长尚不足以支撑盈利，风险资产处置依然艰难

The traditional operations of the trust industry continued to subside, new business growth, such as securities and service trusts, was not sufficient to support profitability, and the disposal of risk assets remained difficult

可双管齐下，发放1万亿元现金与消费券；现在不是过分担心财政负担的恰当时机，因只有经济大盘稳、民生托底，才会有真正的财政安全边界

A combination of $1 trillion in cash and consumer vouchers; this is not the right time to worry too much about the financial burden, because real financial security borders can only be achieved if the economy is stable and the population is well established

居民和小微企业融资需求受疫情冲击最为严重；制造业和基建为主的对公贷款投放较平稳，未来进一步加码的空间还有多大？

The financial needs of residents and micro-enterprises are hardest hit by the epidemic; manufacturing and capital-led investment in public loans is relatively smooth, and how much room is there for further additions in the future?

Terra USD的挤兑潮致使Luna和UST两个原始代币陷入死亡螺旋并被交易所下架，400亿美元市值灰飞烟灭，整个加密货币市场同步受到影响

The run-off of Terra U.S.D. caused Luna and U.S.T.'s original tokens to spiral to death and to be taken down by the exchange, with $40 billion in market value extinguished and the entire crypto-currency market synchronized.

私人部门融资需求低迷的状况难以改变，债券收益率易下难上，A股大概率将处于不断磨底的过程中

The low demand for private sector financing is difficult to change, bond yields are difficult and the A share margin will be in the process of being exhausted.

作为民营保险公司，阳光保险复杂的股权结构首次全面披露；在市场普遍疲弱的时机选择登陆H股，或为未来登陆A股打前站

As a private insurance company, for the first time, the complex equity structure of Sunshine Insurance was fully disclosed; at a time when the market was generally weak, it was chosen to land on the H stock, or to take the lead for the A share in the future.

注册制下的首个退市潮，保壳手段层出不穷。重组规则让一级市场壳价降温，但二级市场仍然热衷于爆炒壳股

The first wave of de-marketing under the registration system, the shell shielding system, has grown. The restructuring rules have cooled the price of the first-stage market shell, but the second-tier market is still interested in blowing up the shell stock.

这一机制意在推动银行参考更加市场化的贷款利率，自主调整存款利率；但短期内，可能仍较依赖利率自律机制的引导

This mechanism is intended to encourage banks to adjust deposit rates autonomously by reference to more market-based loan rates; however, in the short term, it may still be more dependent on the guidance of interest rate self-regulation mechanisms

过去一二十年间，最有可能与纽约和伦敦相媲美的亚洲金融中心城市，不外乎中国上海、香港以及新加坡；但从2019年起，对新加坡发展有利的因素在增加

Over the past one or two decades, the cities of Asian financial centres, most likely comparable to New York and London, were in Shanghai, China, Hong Kong and Singapore; however, since 2019, there has been an increase in the number of factors conducive to Singapore's development.

做难而正确的事，自下而上积极改革、打破“内卷”，不仅需要监管的引导，更需要从业者的长远眼光

To do hard and right, to actively reform from the bottom up and break the “introduction” requires not only regulatory guidance, but also a long-term vision on the part of practitioners.

国内疫情及宏观经济状况，是影响未来一段时间汇率和资本流动的根本因素

Domestic epidemics and macroeconomic conditions are fundamental factors affecting exchange rates and capital flows for some time to come

现在业内提供的投顾服务大部分都只是“产品选择”，缺失“资产配置”和“投后管理”，而这两个环节正是避免最近两年股票类产品投资损失的关键

Most of the investment services provided in the industry are now “product choices”, missing “asset allocation” and “post-investment management”, which are the key to avoiding the loss of equity-type investment in the last two years.

不到十年间两次爆发重大经营风险，一把手“前赴后继”，在重大项目决策、选人用人和自身廉洁等方面屡屡失足

Two major business risks erupted in less than a decade, with one “go and follow” and repeated failures in terms of major project decision-making, selection of people and their own integrity.

汲取2008年的教训，美联储2020年初动作迅速、果决大胆，不仅实施零利率和无上限量宽，且疾风骤雨般新创设了一连串紧急信贷工具，借其巨大的“宣示效应”，一举扭转了预期

Drawing on the lessons of 2008, the Fed was quick and bold at the beginning of 2020, not only implementing zero interest rates and zero ceilings, but also creating a series of new emergency credit instruments, with their huge “declare effect”, to reverse expectations.

“偿二代”二期工程对资本的严格认定让险企偿付能力普遍下降，多家险企启动增资扩股或发债来应对

The strict determination of capital for the “second generation” of projects has led to a general decline in the solvency of risk companies, with multiple risk firms starting to raise equity or debt to deal with it.

A股破发并非洪水猛兽，恰恰体现了注册制改革要求下的市场化定价

The A-shares are not flood beasts. They reflect marketized pricing as required by the registration reform.

中国人民银行正牵头制定《金融领域科技伦理指引》，拟对算法歧视、大数据杀熟、信息泄露、数字鸿沟、无序竞争等痛点，提出规范标准

The People's Bank of China is leading the development of the Code of Ethics for Science and Technology in the Financial Area, which proposes normative standards for arithmetic discrimination, big data cutting, information disclosure, digital divide, disorderly competition, etc.

关键并不取决于人民币汇率的走势，而是中国经济下行的趋势能否得到扭转

The key is not depending on the currency exchange rate, but whether the downward trend in the Chinese economy can be reversed.

一季度投资业绩公布后，公募私募纷纷自购和致歉，目前均已完成调仓，静待A股修复行情

After a quarterly investment performance announcement, public and private fund-raising purchased and apologized, all of which have now been stunned and are waiting to be repaired by Unit A.

对金融稳定法律制度作出顶层设计，希望就此构建市场化、法治化的处置机制

Development of a top-level design of the legal regime of financial stability, with a view to developing a market-based and rule-of-law disposal mechanism

如果没有新冠疫情重燃这一风险，中国要达到5.5%的经济增长预期还需一定努力；出现新一波疫情后，变数则更大

Without the risk of a new coronary outbreak rekindling, China will have to make some effort to meet 5.5 per cent of its economic growth expectations; with a new outbreak, the variables are even greater.

保费增速跑输同期GDP增长，寿险代理人大规模脱落，保险股全年跌幅超36%，市值缩水超万亿元

During the same period of GDP growth over the premium boom, life insurance agents fell off on a massive scale, insurance shares fell by more than 36 per cent a year, and the market value contracted by more than trillion yuan.

前十大券商垄断了行业70%的业绩，中小券商忙于生存

The top ten franchise monopolizes 70% of the industry's performance, and the middle- and middle-couplers are busy with survival.

系统性风险大爆发让系统化投资的整体视角大显身手，前瞻性的风险预算、系统性的知识融合、科技化的路标监测、多元化的策略应对，让风险成为你最华丽的舞伴

Systemic risk surges bring to the fore the holistic perspective of systematic investment, forward-looking risk budgeting, systematic knowledge convergence, technology-based signage monitoring, multi-dimensional strategic responses, and make risk your most gorgeous partner.

从不公布薪酬水平的公募基金管理公司一直是资本市场中的“旱涝保收者”，单一的规模考核激励机制反映了公募行业普遍存在的利益分配问题

Public fund management companies that have not published remuneration levels have been “drought and flood receivers” in capital markets, and a single scale assessment incentive mechanism reflects the widespread distribution of benefits in the public fund-raising sector

利息收入和非利息收入均面临挑战，同时还要防范应对多方面风险，银行业2022年能否保住此前成绩

Both interest and non-interest income face challenges, while also addressing multiple risks and the ability of the banking sector to sustain its previous performance in 2022

部分券商所理解的数字化转型仍然是传统IT转型，以优化工具效率、优化系统架构、引入新工具进行科技应用为主要目的，而非由业务战略驱动、与业务有机结合的数字化转型

Digital transformation as understood by some coupons continues to be the traditional IT transformation with the main aim of optimizing tool efficiency, optimizing system architecture and introducing new tools for scientific and technological applications, rather than a digital transformation driven by business strategies and organically linked to business

不到四年获3100万元保险理赔款，全行业半数财险公司踩坑；到底是大型“薅羊毛”还是金融诈骗，行业、社会、法理层面争议不断

Less than 31 million yuan in insurance claims for less than four years, half of the industry's financial companies stepping on the pit; large-scale “sheep wool” or financial fraud, with ongoing disputes at the industrial, social and legal levels

美股SPAC热度开始下滑，亚洲SPAC市场刚刚破土，新机制能否成功，既看市场也看监管

The US share of SPAC heat has started to decline, Asian SPAC markets have just collapsed, and the success of the new mechanism depends on both the market and regulation.

政策的“宣示效应”可迅速稳定预期，但之后还必须将具体有效措施扎实落地，以保持可信度，因为下一个“德拉吉时刻”正是建立在高度信任的基础之上

The “declared effect” of the policy can quickly stabilize expectations, but it must be followed by concrete and effective measures to maintain credibility, as the next “Draghi moment” is based on a high degree of trust.

俄乌冲突对商品供给格局产生的破坏难以逆转，全球面临的高通胀压力将常态化；美元储备货币的地位可能动摇，黄金将因此受益

The damage to commodity supply patterns caused by the Russian-Ukrainian conflict will be irreversible, and the high inflationary pressures facing the world will normalize; the position of the dollar reserve currency may be shaken and gold will benefit from this.

《条例》为监管地方金融组织提供了法律依据，强化属地风险处置责任；但原则上不得跨省展业、加重股东责任等条款尚存争议

The Ordinance provides a legal basis for the regulation of local financial organizations and strengthens liability for territorial risk disposal; however, in principle, there is a dispute over provisions that do not extend to provincial exhibitions, increase shareholder liability, etc.

美欧对俄罗斯商业银行的制裁，可能给全球金融系统带来一定风险，未来数月需密切留意货币和短期债市的波动

The sanctions imposed by the United States and Europe on Russian commercial banks could pose a risk to the global financial system and require close attention in the coming months to the volatility of currency and short-term debt markets.

微观流动性不足、资金面承压，外资、公募、私募谁在助跌？量化资金又扮演了什么角色？

Weak micro-liquidity, pressure on capital, foreign investment, public fund-raising, private fund-raising, who's helping to fall? What role does quantitative funding play?

央行依法上缴利润并非首次，但绝对额创了纪录；财政和货币政策如何各就其位，符合国家治理现代化的要求，是为关键

Not for the first time, but in absolute terms, the central bank paid its profits legally, and how fiscal and monetary policies came into line with the requirements of modernizing governance was crucial.

《政府工作报告》中与货币政策相关的措辞，显示出货币政策加码的可能性，降准降息仍有空间；但现在货币政策发力，还需要包括财政政策在内的其他政策配合，才能达到最优效果

The wording in the Report on the Work of the Government relating to monetary policy shows that there is scope for monetary policy add-ons and interest rate reduction; however, there is still room for monetary policy strength and other policy synergies, including fiscal policy, are needed to achieve optimal results

选基金首先要选“好赛道”，然后才是赛道之上的“超能力者”；如果对赛道一片茫然，对投资也一窍不通，那么你或许需要的是多策略配置型产品

The fund first has to choose a “good track” and then a “superpower” on the track; if there's a lot of confusion about the track and you don't know much about investment, then what you might need is a multi-strategy configuration product.

追求稳定收益的“固收+”产品在遇到市场波动后，秒变“固收-”

“Stand-back-plus” products that seek to achieve stable returns, in seconds, become “stamp-back” after market fluctuations.

寿险惨淡，财险乐观，肩负全年业绩重任的“开门红”彻底熄火

Life's down, money's up and money's down, and the "open door" that's taking over the year's performance is out.

随着又一轮金融周期开启，全球各经济体不仅利率分化，汇率也表现迥异

As another round of financial cycles began, global economies not only divided interest rates, but also different exchange rates.

用炒股票的方式来炒公募REITs，是一种脱离产品本源的投机，风险极大

The use of stock-breeding for RITs is a kind of speculation away from the origin of the product, and it's very risky.

年初以来的大跌并不是宏观流动性因素造成的，而是股市的微观结构出现了流动性问题

The decline since the beginning of the year was not caused by macro-mobility factors, but rather by liquidity problems in the microstructure of the stock market.

互联网基金代销渠道的“榜单销售”等流量变现模式问题不断，持牌机构与非持牌平台合作的边界在哪里？

The issue of flow realization patterns, such as “list sales” of Internet funds' sales channels, continues, and where is the border between a licensed institution and a non-owned platform?

原信托业保障基金拟拆分为“流动性互助基金”和“保障基金”；但信保基金存在的基本逻辑，似乎仍然未能厘清

The original trust guarantee fund was to be split into “mobility mutual funds” and “assurance funds”; however, the underlying logic of the existence of the guarantee fund still seems to be unclear

纵使政府有稳定经济的意愿，且政策亦有所放松，但2022年中国GDP增速还是会比较慢；主要看基建和制造业投资反弹能否抵消房地产和消费的负面影响

Despite the willingness of the Government to stabilize the economy and the easing of its policies, China's GDP growth in 2022 will be slower; it will depend mainly on whether the rebound in capital and manufacturing investment offsets the negative impact of real estate and consumption

最新的监管指引强调风险防范、金融科技治理和伦理建设，重在解决金融科技发展不平衡不充分等问题，促进金融与科技在安全合规的前提下更深度融合

The latest regulatory guidelines emphasize risk prevention, financial science and technology governance and ethics, focusing on addressing the imbalance in the development of financial science and technology and promoting deeper integration of finance and technology in the context of security compliance

影响人民币和美元的诸多力量均将呈动态博弈之势，加之潜在的地缘政治和局部冲突干扰，2022年的汇率注定悬念丛生

Many forces affecting the renminbi and the United States dollar will play a dynamic game, with potential geopolitical and localized conflict disrupting, and exchange rates will be set to suspense in 2022.

全球排名靠前的高频交易巨头均以贸易公司模式进入了中国期货市场，先进的软硬件促成了巨量成交，获利颇丰，也对监管提出挑战

The world's top high-frequency trading giants have entered China's futures market in the form of trading companies, and advanced hardware and software have contributed to large-scale transactions with high profitability and regulatory challenges.

制度惯性与证券市场发展仍存落差，“小而美”的修订确立“追首恶”与“打帮凶”的裁判取向

Institutional inertia and stock market development remain poor, and the “small and beautiful” revision establishes a “trigger” and “associate” approach.

核心企业通过搭建的供应链金融平台，签发被俗称为“信单”的电子债权凭证，以“应收账款多级流转”融资形式，游离于监管约束之外

Core firms, through supply chain financial platforms, issue electronic claims, commonly referred to as “letters”, in the form of “moderate flow of receivables” financing outside regulatory constraints

限制银行承兑汇票的规模占比、强调承兑和贴现需基于真实贸易关系，新规将打击流行数年的“套利票”“融资票”，对银行、票据中介、企业等参与者都有较大影响

Limiting the size of bank exchange notes, emphasizing the need for acceptances and discounts to be based on real trading relationships, and the new regulation will counter the popular years of arbitrage arbitrage “financing notes”, which will have a greater impact on participants such as banks, paper brokers, businesses, etc.

坚持做难而正确的事，并在投资决策之前问自己三个问题：胜算高不高？盈亏比高不高？拥挤度高不高？

Do what's hard and right and ask yourself three questions before investment decisions are made: is the odds high? Is the profit and loss high? Is the overcrowding high?

当“偿二代新规”正式启动后，险企全面调整资产配置，首先就是降低投资性房地产和长期股权投资比例，提高低资本消耗的高信用等级固收资产占比

After the formal launch of the Second Generation of New Regulations, the risk enterprise overhauled its asset allocation, starting with a reduction in the proportion of investment-related real estate and long-term equity investments and an increase in the ratio of high credit ratings for low capital consumption

中国香港和新加坡作为亚洲两大财富管理中心，是中国“新贵”开设境外家族办公室的首选地

Hong Kong, China, and Singapore, as the two major wealth management centres in Asia, are the preferred places for China's “New Guis” to open their offshore family offices.

各个行业广泛撒网，“押中”赛道的“绩优基金”被渠道猛推，规模、业绩相互驱动，还能走多远？

A wide range of industries is spreading, and how far can the “performance fund” of the track be pushed by channels, driven by each other's size and performance?

市场和银行对于一季度的基建融资托底期待较高；房地产融资的预期仍然较弱；普惠小微、涉农、绿色、科创等重点领域的信贷投放，面临市场环境、有效需求的现实约束

Markets and banks have high expectations for a quarter of capital finance; real estate finance expectations remain weak; credit delivery in priority areas such as micro, small, agricultural, green and innovation is subject to a market environment and effective demand

低利率环境使得居民更愿意将部分资金从理财产品转向股市，尤其是具有“类固收”属性的股票对于保守型投资者可能更具有吸引力

The low interest rate environment has increased the willingness of residents to shift part of their funds away from property management to the stock market, especially where shares with a “fixed income” character may be more attractive to conservative investors

10家专业养老保险公司在主业难做大、副业被清减的情况下，如何转型

How the 10 professional pension insurance companies have been transformed in the face of major difficulties and reductions in the number of employees

中美市场利差收窄预计不可避免，将对人民币汇率造成一定压力；A股有可能大幅收窄与美股的表现差距，甚至在未来12个月内跑赢美股

Inevitably, a narrow forecast of interest spreads in the Central American market would put some pressure on the renminbi exchange rate; the A share could significantly narrow the performance gap between the United States and the United States share and even win over the next 12 months.

2021年的港股表现，并不能完全用市场因素解释

Port stock performance in 2021 is not fully explained by market factors

伴随可销售产品范围缩窄与销售资质提高，中小险企展业将在短期内面临困境，部分高风险保险公司只能退出市场

With a narrow range of marketable products and improved marketing qualifications, the small and medium-sized venture industry will face difficulties in the short term and some high-risk insurance companies will have to withdraw from the market.

运转三年，会员数千万人，受助人数几万人，最终难逃逆向选择的困境，在监管要求下关停

After three years of operation, with tens of millions of members and tens of thousands of beneficiaries, there was no way to escape the dilemma of reverse choices and to stop under regulatory requirements.

境内企业直接和间接上市统一实施备案管理，设置“红绿灯”明确禁止境外上市的情形，VIE公司何去何从？

Where does the company VIE go when it has a single record management of direct and indirect listing of enterprises in the country, and when it has a “green red light” that explicitly prohibits listing outside the country?

在理财产品净值波动加大的背景下，如何在充分保护投资者合法权益的前提下做好投资者教育，抵制“按闹分配”，十分关键

In the context of the increased volatility of the net value of property, it is critical that investors be educated in a manner that fully protects their legitimate rights and interests and resists “distribution on the basis of rash”.

利率大分化且悬念丛生，正为新一轮全球金融周期烙下鲜明印记。在此复杂环境下，中国如何根据形势变化妥善应对，意义重大

In this complex environment, it is important that China respond appropriately to changing circumstances.

资产端踩雷、负债端承压，管理制度有效性受质疑，民生银行改革转型之路可谓荆棘丛生

The path to transformation through the reform of the HSBC is a thorny one when assets are stomping on mines, liabilities are under pressure, and the effectiveness of the regulatory system is questioned.

难以从正规交易场所融资的弱质城投公司、地产商，与屡禁不止的地方交易平台一拍即合，上演了一出或透支地方政府信用、或企业自担自融的集资大戏

Weak city investors, real estate providers who have difficulty financing from formal trading places, collided with an unstoppable local trading platform and staged a major fund-raising show, either over and above local government credit, or business self-financing.

财富管理应该为客户的决策提供专业支持；作为投顾服务的基础，必须搭建一个可以和客户有效沟通的框架

Wealth management should provide professional support for client decision-making; as a basis for client service, a framework for effective communication with clients must be in place

资本市场一系列运作事非人愿，个人行为失据，落得上市公司控制权不保、官司缠身、泥足深陷

A series of undesired capital market operations, individual behavior, corporate control, lawsuits, muddyness.

人口结构、居民购房能力和长期预期的变化，导致地产销售面积及居民贷款增量，更有可能是在2017年至2019年的中枢附近止跌企稳，而非重拾升势

Changes in population structure, housing acquisition capacity and long-term expectations, resulting in an increase in real estate sales and loans from residents, are more likely to be stable near the hub from 2017 to 2019, rather than regaining momentum.

经济和市场还将深受新冠疫情变化的影响，存在很大不确定性；让形势更复杂的是，中国的房地产和新经济领域的规管或未见终章

The economy and the market will also be deeply affected by the changes in the new crown epidemic, with great uncertainty; what complicates the situation is that China's real estate and new economic areas are regulated or not finished

保险代理人流失严重，保险销售规则面临调整，越来越提前的险企“开门红”能“红”吗

There's a serious loss of insurance agents, the rules of insurance sales are being adjusted.

经营性个人收款码需转为商户码，利于网络支付回归“四方模式”，或引发收单市场“烧钱”抢单；POS机“一机一商户”要求冲击违规信用卡套现，中小支付机构面临阵痛

The business personal collection code needs to be converted to a commercial account code to facilitate the return of the network payments to the “quadre model” or to trigger a “burning of money” in the billing market; the POS machine “one-stop shop” requires that the default credit card set-up be hit and small and medium-sized payment agencies are in a state of shock.

中国是一个举足轻重的国际债权人，同时还有高达2.7万亿美元的外债，如何妥善管理其对外资产和偿债风险，责任重大

China is a significant international creditor, with an external debt of up to $2.7 trillion, and is responsible for the proper management of its external assets and debt-servicing risks.

作为公募产品，公募REITs是否适合普通投资者？如何解决政策性与逐利性、公募基金治理与基建资产管理的冲突？

Is RITs suitable for ordinary investors as a public fund-raising product? How can conflicts between policy and profit-making, fund-raising governance and capital asset management be resolved?

房地产变局到来，22万亿元保险资金全面启动风险排查整改

The real estate changer's office, 22 trillion yuan in insurance funds to start a full risk check.

人民币的强势或将持续到2021年年末；展望2022年，出口、中美贸易关系和美联储货币政策的不确定性，都暗示人民币将遇劲风

The strength of the renminbi may continue until the end of 2021; looking ahead to 2022, uncertainty about exports, trade relations between China and the United States and the Federal Reserve monetary policy suggests that the renminbi will be in a mood.

提升财富管理的专业能力，必须走系统赋能人的路线，还必须拆除财富管理和资产管理之间那堵“看不见的墙”

Enhancing the professional capacity of wealth management requires a system-enabling route, as well as the removal of the “invisible wall” between wealth management and asset management

巨额民事赔偿让造假者承担了责任，也让中小投资者看到了抱团取暖的希望

The huge civil compensation gives the counterfeiter responsibility and gives small and medium-sized investors hope for warmth.

疫情凸显了中国产业链和出口竞争力的优势，即使疫情完全消退，出口份额也不会回落到疫情前的水平，人民币长期强势的逻辑依然成立；中美货币政策取向的差异亦支持人民币长期走强

The epidemic has highlighted the advantages of China's industrial chain and export competitiveness. Even if the epidemic were to subside completely, the share of exports would not fall back to pre-epidemiological levels. The logic of the long-term strength of the renminbi remains valid. The difference in monetary policy orientation between China and the United States also supports the long-term strengthening of the renminbi.

互联网存贷款等各项监管政策收紧，民营银行过去几年依赖的消费贷扩张模式难以为继。业务转向何方、如何建立自营能力，仍在艰难摸索

Regulatory policies, such as Internet-based lending, have tightened, and private banks have relied on a pattern of expansion in consumer lending over the past few years. Where and how to build self-employment are still hard to figure out.

引进外资后，如何真正留得住并使其持续投资，需要从思想上提升市场化理念

How to really stay and sustain investment after the introduction of foreign capital requires an intellectual upgrading of the concept of marketization

股市在很大程度上是内外资对未来经济信心的晴雨表；政府应该做的是尽量把想做的事讲清楚，避免市场有太多猜想

The stock market is, to a large extent, a barometer of domestic and foreign confidence in the future economy; what the government should do is try to be clear about what it wants to do and to avoid too much speculation in the market.

八个交易日，47%的首日破发率，A股能否就此挤出投机资金，寻求市场均衡？

On eight trading days, with 47 per cent of the first-day break rate, could Unit A push up speculative funds in search of market balance?

揭开“地下”资金市场的江湖，哪些人参与了这场共谋？

Who was involved in the conspiracy to unlock the “underground” financial market?

美联储有可能在11月初召开的决策会上宣布缩减购债规模，从而迈出货币政策退出的第一步吗？理清其路线图，是充分评估其可能溢出效应的前提

Is it possible that the Fed, at its decision-making session in early November, could announce a reduction in the size of its purchase debt, thereby taking the first step out of monetary policy? Clearing its road map is a prerequisite for a full assessment of its possible spillover effects.

如何摆脱渠道思维，从“卖方代理”向“买方投顾”转型，不仅需要监管的引导，更需要行业的自我革命

How to get out of channel thinking and move from “seller agent” to “buyer” requires not only regulatory guidance but also a self-revolution of the industry

违约攀升，抵质押资产处置难度大，保刚兑能力有限，高度与房地产业相关的信托业面临严峻考验，房地产权重高的信托公司尤甚

The rise in default, the difficulty in disposing of pledged assets, the limited ability to confirm assets, the severe test of highly related trust industries, especially trust companies with high real estate rights

如今，做价值投资已经不能仅靠经济视角的惯性，必须回溯到价值观，ESG投资是典型代表

Today, value investments can no longer be made on the basis of the inertia of an economic perspective alone, but must be traced back to values that are typical of ESG investments.

多元化和国际化成为REITs市场的发展大势

Diversification and internationalization as major developments in REITs markets

询价新规出台一个月，抱团压价明显改善，注册制改革的下一步是持续推进市场化

One month after the introduction of the new request for proposals, with marked improvement in the price of the convocations, the next step in the reform of the registration system is to keep the market open.

中央高层及相关金融监管部门近日密集发声，意在稳定预期，防止风险蔓延；金融机构的短期应激反应正在矫正中，按揭贷款或有松动，但多数银行对开发贷审核仍谨慎

In recent times, the central hierarchy and the relevant financial regulators have made intense noises aimed at stabilizing expectations and preventing the spread of risk; short-term stress in financial institutions is being corrected and mortgage lending may have been relaxed, but most banks remain cautious in their review of development loans.

过去几年狂飙突进的联合贷和助贷遭遇严监管，此前依赖互联网贷款的中小银行需回归本地、提高自营获客能力，小微经营贷或取代消费贷成为转型方向

Over the past few years, massive co-lending and loan lending have been severely regulated, with small and medium-sized banks dependent on Internet lending having to return to their home countries, improve their self-employment capacity, and micro-lending or substitution of consumer loans becoming the transition direction.

中国持续数年、备受诟病的大数据“裸奔时代”终结；金融大数据行业将面临严苛的合规挑战和大洗牌

China's big data for several years and ailment is at the end of the Nakba era; the financial big data industry will face severe compliance challenges and major shuffling.

未来京东的金融业务如何在新监管环境下定位发展方向？转型科技公司的京东科技营收能否持续增长？金融云能否成为新的“利润奶牛”？

How can future financial operations in Kyoto be oriented in a new regulatory environment? Will the technology companies in transition continue to grow?

到期无人投标，大家保险“引战”再次无果而终，保险保障基金短期退出无望

There is no bid due, everyone's insurance has failed again, and the Insurance Guarantee Fund has been withdrawn for a short period of time.

CPI和PPI“剪刀差”在以往并非企业越不过的坎，但当中国的发展阶段从高增长转向中高速增长、营收增长放慢后，则会是个严重得多的问题

The CPI and PPI “scissors gap” was not the best for businesses in the past, but it would be a much more serious problem when China's development phase shifted from high growth to high-middle-high growth and growth slowed down.

寿险遭遇断崖式的低迷。建立保险“生态圈”、将医养作为寿险转型的抓手是否就是出路？对于产业链的纵向延伸，应如何做好风险隔离？

Is establishing an insurance “eco-circle” and treating health care as a life-sovereager? How can risk isolation be done for the vertical extension of the industrial chain?

“南向通”对缺乏境外直接投资渠道的中小银行有吸引力，具有跨境多元化配置资产的价值；短期内离岸人民币点心债、港币债券和中资美元债较受关注

“Southwards” are attractive to small and medium-sized banks that lack direct foreign investment channels and have the value of cross-border diversification of asset allocation; short-term offshore renminbi dodging, Hong Kong currency bonds and Chinese dollar debt receive more attention

“开源放水”“建路修渠”和“强化纽带”，是中国债市开放的三条主线，且仍有相当多可进一步拓展的空间

“Open-source water” “building road canals” and “enhanced bonds” are the three main lines open to China's debt markets, and there is still considerable scope for further expansion

量化私募“注水”成交额的猜测无法直接通过数据证实或证伪，存量公募基金调仓的贡献更大

Presuming to quantify the amount of “water-filled” transactions cannot be confirmed directly by data or perjury, and the stock collection fund has made a greater contribution.

在“多策略资管工厂”的框架下，各策略都有自己的风险敞口，而且它们之间是平等的，不再有安全资产和风险资产之分，只有风险收益特征的不同

Within the framework of “multi-strategy facilities”, strategies have their own exposure to risk, and they are equal, with no more security assets and no more risk assets, except for risk-benefit characteristics.

香港的私募基金市场长期存在制度短板，特区政府拟通过修订多项法律将香港打造成国际资产管理中心

The Hong Kong private fund market has a long-standing system, and the HKSAR Government intends to make Hong Kong an international asset management centre by amending a number of laws

作为中国市场创新品种的公募FOF，囿于投资范围而未能实现真正意义上的资产配置，终究难逃“靠天吃饭”的宿命；而私募FOF虽然资产配置空间更大，但透明度又成为硬伤

The public fund-raising fund, an innovative product of the Chinese market, has been unable to achieve real asset allocation in the sense of investing in the future, and the private fund-raising fund, despite its greater space for asset allocation, has become a hard one.

目前中国PMI下行趋势已确认，美国PMI也有高位见顶迹象，因此需要警惕未来美股开始下跌时，A股中的强势股也会面临补跌的风险

The current downward trend in China's PMI has confirmed that the U.S.P.M. also has high marks, so there is a need to be wary of the possibility that strong shares in the A Unit will be at risk of retrenchment as the US shares begin to fall in the future.

作为公司制交易所，打造服务创新型中小企业主阵地，吸引“专精特新”企业挂牌，每日涨跌幅30%，建立退市制度

Created, as a corporate exchange, the position of the owner of innovative small and medium-sized enterprises (SMEs) for services, attracted the listing of “specialized and new” enterprises, increased by 30 per cent per day, and established a de-market system

虽然整体投资端表现不错，但寿险业压降代理人规模，财险业车险赔付增加，保险行业从业绩到股价都表现不佳

While the overall investment end performed well, the life insurance industry pushed down agent size, the insurance industry increased vehicle liability payments, and the insurance industry performed poorly from performance to equity prices.

房企债券违约多发，金融机构对房地产行业的预期开始改变，融资全面收紧；除了金融严监管，调控也需关注稳地价、改变土地财政等各项配套改革措施

The high incidence of defaults on housing bonds and the beginning of changes in the expectations of financial institutions for the real estate sector and the overall tightening of financing; in addition to stringent financial regulations, regulation needs to be accompanied by reforms such as stabilization of land prices and changes in land finances

基数低是净利润同比回升的重要原因；净息差下行压力下，非利息收入能否成为银行盈利增长的新引擎

The low base figure is an important reason for the increase in net profit on a year-on-year basis; and whether non-interest income can be a new engine of growth in bank profitability under downward pressure of net interest differentials

中国应更留意高疫苗接种率的国家在放宽防疫政策后的一些转变，研判哪些政策可以作出一定调整，为提振消费做准备，以弥补即将放慢的出口增长

China should pay more attention to the changes that have taken place in countries with high vaccination rates following the easing of immunization policies, and develop policies that can be adjusted to boost consumption in order to compensate for the impending slowdown in export growth.

政府能够给予第三支柱什么样的优惠政策？机构本身能够建立起何种投资能力？

What kind of preferential policies can Governments give to pillar III? What kind of investment capacity can institutions themselves build?

投资机构富贵险中求，赌信仰、博刚兑，催生内幕交易和变种结构化发行

It's a very expensive venture for investment agencies to bet on faith, on Bremen, on insider trading and on a structured distribution of mutants.

原因有三：第一，系统性下调存款准备金率的条件并未改变；第二，目前金融机构平均存款准备金率为8.9%，仍有空间；第三，货币、信贷增速放缓，经济降温

Three reasons are: first, the conditions for the systematic downward adjustment of the reserve rate have not changed; second, the current average deposit reserve rate for financial institutions is 8.9 per cent and there is still room for it; and third, currency and credit growth have slowed and the economy has cooled down

由川入滇、由民企变国企控股并打出“区块链第一股”概念的易见股份爆雷，逾百亿损失背后，云南两大国企为何入局？

Why did Yunnan and the other two countries enter the market after more than 10 billion dollars of losses?

两年时间，注册制从增量市场推向存量市场；市场化改革不断推进的同时也带来种种新的挑战

In two years, the registration system moved from the incremental to the stock market; the market-based reforms are moving forward with new challenges

1500亿元的银行理财新蛋糕

A $150 billion bank change cake.

六部委联合发布的《意见》是公司信用类债券市场高质量发展的纲领性文件；对三类信用债按“分类趋同”原则管理，严禁结构化发债，规范发展高收益债

The Opinion, issued jointly by the six ministries, is a framework document for the high-quality development of the corporate credit bond market; the three types of credit debt are governed by the principle of “classification convergence”, the structuralization of debt creation and the regulation of the development of high-yield debt

无论是股票产品还是商品策略产品，都属于波动率较高的风险资产，对投资者和财富管理者提出了更高的要求

Both stock and commodity strategy products are high-prevalence risk assets with higher demands on investors and wealth managers

有理论基础，实践上也完全可行

It's theoretical and practical.

美股爆发SPAC热潮，全球交易所争抢市场机遇，中国SPAC前途未定

There's been a wave of SPAC between the US and the US, global exchanges fighting for market opportunities, and China's future of SPAC is uncertain.

新规弱化债券发行和投资对评级的过度依赖，倒逼评级回归揭示信用风险、促进债券合理定价的本源

New regulations weaken the excessive reliance of bond issuances and investments on ratings and push back ratings to reveal credit risk and promote the source of reasonable pricing of bonds

如果把降准视为对利率和经济增长中枢下行的确认，一定程度上可以解释为什么这次降准没有带来股票上涨

To some extent, it would explain why this reduction did not lead to an increase in stocks if it were seen as recognition of interest rates and the downside of economic growth.

下一步的改革重点和难点是如何定义政策性业务，并厘清其与商业性业务的界限，强化资本约束和监管，避免业务混同导致的道德风险

The next reform focus and challenge is how to define policy business and clarify its boundaries with commercial business, strengthen capital discipline and regulation, and avoid moral hazard associated with business mixing

当前资本市场面临内部和外部的不确定性，但双向开放的格局从未改变

Current capital markets face internal and external uncertainties, but the pattern of two-way openness has never changed

这场对平台企业的监管“风暴”可能才刚刚开始，更多企业会被牵涉其中，而且还需要相当一段时间才能找到监管与创新的平衡点

This “storm of regulation” of platform enterprises may be just beginning, more companies will be involved, and it will take quite some time to find a balance between regulation and innovation.

草案再过关键时点，市场环境已然大变，各方意见难以统一，年内出台希望渺茫

After a critical moment in the draft, the market environment has changed so much that it is difficult to reconcile views, and there is little hope that it will come in the course of the year.

河南灾情将使财险行业的赔付规模达百亿元以上，或将成为中国有史以来最大规模的自然灾害赔偿，其中车险和企财险占比最大

Henan's disaster will result in more than $10 billion in compensation for the financial sector, or the largest natural disaster in China's history, with the largest share of vehicle and corporate risk.

重视前瞻性和正视不确定性，强调跨周期政策设计，或是看待此次降准应具备的一个重要视角；此次降准显示货币政策开始换挡

Focusing on forward looking and looking at uncertainty, emphasizing cross-cyclical policy design, or looking at an important perspective that should emerge from this decline, shows that monetary policy is beginning to shift.

隐私计算技术火热，既有数据合规的迫切需求，也有相当程度的炒作和泡沫；打破数据孤岛，需要技术，更需要各方的意愿和决心、法律法规的完善

There is a high demand for data compliance, as well as a considerable amount of manoeuvring and foam; breaking down the data silo requires technology, and more so the will and determination of all parties, and the improvement of laws and regulations.

转板制度启动后，新三板成为进入公开市场的重要通道，但“鸭子养熟一只飞一只”，下一步如何错位竞争、功能互补

With the launch of the turnboard system, the new three plates became an important gateway to the open market, but “ducks grow up to fly one by one”, and how the next step would be to change competition and complementarities.

权益与固收的财富比赛可能不再向过去的趋势回归，而将在周期震荡中出现新的趋势分离，原因是中国的经济金融环境已发生趋势性变化

Rights and interests may not return to the trend of the past, but will separate new trends in cyclical shocks due to changes in the economic and financial environment in China

定位于加工替代性数据、强调科技加持的朴道征信，如何探索出合规且商业可持续的个人征信公司模式？

How can the model of a compliant and commercially sustainable individual letter firm be explored, based on a pokdo letter that is oriented towards the processing of alternative data with an emphasis on technology?

社会融资增速目前下行的持续时间以及幅度，参照过去规律都难言到位；在没有经历一轮债券牛市之前，不太可能出现社融的重新回升

The duration and extent of the current downswing in social financing is difficult to say by reference to past patterns; a resurgence of socialization is unlikely to occur without a round of bovine markets.

经营稳健、低波动、高股息的金融股，在A股不被散户看好，公募机构因考核标准问题也配置不多；不过，被称为“聪明钱”的北上资金、社保基金等资金持续大比例配置

A robust, low-volatile, high-equity financial unit is not well-placed in A, and public fund-raising institutions are poorly allocated to test criteria; however, the funding of such funds as “smart money” in the North, the Social Security Fund, etc., continues to be heavily allocated

中长期存款利率下降将在一定程度上影响客户资产配置；银行提升负债质量，需在做好客户全量资金管理的基础上，获取低成本且稳定的负债来源

Lower interest rates on medium- and long-term deposits will have some impact on client asset allocation; banks will need to improve the quality of their liabilities to obtain low-cost and stable sources of liability based on full fund management by clients

在2020年新冠疫情对经济产生巨大负面影响的背景下，为何中国政府可以避免一次大规模经济刺激政策？

Why could the Chinese Government avoid a large-scale economic stimulus in the context of the enormous negative impact on the economy of the new crown epidemic in 2020?

针对银保机构股东所谓的“合理合法关联交易”套取资金行为，监管在持续整治多年之后，再从制度上立规，希望补齐制度漏洞

In response to so-called “reasonable and legal association transactions” by the shareholders of the silver insurance institutions, the regulatory regime was established after many years of continuous correction, with the hope of filling the gaps in the system.

虽然美联储仍将尽可能保持货币政策宽松以确保就业市场回归正常，但通胀的超预期上涨已促使其发出放缓扩表的信号，由此可能导致的溢出效应不容忽视

While the Federal Reserve will maintain monetary policy easing to the extent possible to ensure a return to normality in the job market, the higher-than-anticipated rise in inflation has prompted it to signal a slowdown in the scale, and the spillover effects that may result from it cannot be ignored

两年时间，科创板在一个新的市场上尝试了多角度改革与创新。制度突破与市场博弈持续互相牵引、相互均衡，市场化改革任重道远

In two years, the board has tried to reform and innovate from many angles in a new market. System breakthroughs and market games continue to be drawn and balanced, and market-based reforms have a long way to go.

制定恢复和处置计划，可以压实机构主体责任和股东责任，防止过度依赖公共救助带来的道德风险，但实践中还面临一些难题和挑战

Recovery and disposal plans can put pressure on institutional corporate and shareholder responsibilities to prevent moral hazard arising from over-reliance on public assistance, but in practice there are some challenges and challenges

供应链混乱的影响将长期并深入到社会各个毛细血管中，若各国自扫门前雪，供应链秩序重建的进程将是曲折的

The effects of the disruption of the supply chain will be long-term and deep into the fine veins of society, and the process of re-establishing the order of the supply chain will be incorruptible if countries clean their own doors.

A股与汇率的因果关系，从逻辑和数据上都难以找到支持；经济景气度的变化同时驱动了股市与汇率，使二者呈现高相关性

The causal relationship between shares A and exchange rates is difficult to find support in both logic and data; changes in the economic landscape drive both stock markets and exchange rates, making them highly relevant

“惠民保”未来保费上涨，以及理赔争议将不可避免地大幅上升，将给地方政府和保险公司带来巨大压力。如果获取的流量最终无法转化或者远低于预期，“惠民保”或将难以持续

Inevitably, the increase in the future premium for HSN, and the inevitable sharp rise in the settlement dispute, will put enormous pressure on local governments and insurance companies. If the flow acquired is ultimately not transformed or far below expectations, it will be difficult to sustain it.

通过比较中国与美国在三个影响通胀因素上的异同可看出，相较主要发达国家，中国在未来一两年内的消费品通胀风险不算严重

By comparing the differences between China and the United States in the three factors affecting inflation, it can be seen that China has less risk of consumer inflation in the coming year or two than the major developed countries.

大宗商品市场剧烈波动，生产企业的套保需求与投资机构的逐利需求快速提升，期货市场悄然升温

High volatility in commodity markets, rapid rise in demand for hedging by producing firms and interest-driven demand by investment agencies, and a sudden rise in futures markets

目前人民法院尚未有一例认可境外破产的判决

The People's Court has yet to approve an offshore bankruptcy decision.

需求拉动、成本推动及供应链瓶颈，是导致美国物价上涨超预期的主要因素；而美联储的再通胀努力，加之大力度的财政刺激，使通胀前景难测

Demand pull, cost push and supply chain bottlenecks are among the main factors contributing to higher than expected price increases in the United States, while the Fed's re-inflationary efforts, coupled with strong fiscal stimulus, make inflation prospects unpredictable

近期中美金融监管部门相继发出强监管信号，但现有的监管能力是否足以应对虚拟货币带来的挑战？

In recent times, US and US financial regulators have been sending strong regulatory signals, but is the existing regulatory capacity adequate to meet the challenges posed by virtual currency?

当面向普通投资者的产品发行后，项目治理的透明度、运营效率、收益稳定性都将面临市场检验

When products are issued to ordinary investors, transparency in project governance, operational efficiency and revenue stability will be subject to market tests

如果想摆脱费率的价格战，卖方销售的模式就需要向顾问的模式升级；卖方投顾模式对原有客户经理团队的要求不像买方投顾那么高，是比较现实的过渡方案

If you want to move away from price wars at the rate, the seller's sales model needs to be upgraded to that of a consultant; the seller's investment model is less demanding than the buyer's investment in the original customer manager's team and is a more realistic transition.

监管部门的整改思路很明确，金融的归金融、科技的归科技，不能再嵌套金融业务；目前先由13家平台企业自查整改，上报整改方案

Regulatory reform is clear: finance is financial, technology-related and financial operations are no longer embedded; 13 platform enterprises are now self-reconciliating and reporting on the restructuring programme.

随着信托风险资产处置过程中诉讼的增多，信托公司各类银行账户在名称上未做细分的技术性漏洞随之凸显，信托财产独立性这一行业立足的根基何在？

With the increase in litigation in the disposal of fiduciary risk assets, the technical gaps in the names of the various bank accounts of a trust company that are not broken down, and where is the foundation of the industry based on the independence of trust property?

常见的市场操纵和内幕交易行为被叶飞举报现形，但证据是否充分成为下一步处罚的关键要素

Common market manipulation and insider trading are reported by Ye Fei, but the adequacy of the evidence is a key element in the next penalty

本质上是债券市场率先开始反映需求见顶回落，而商品价格仍在演绎成本推动；参照历史经验，这一情形最终将以商品价格和利率回落而终结

Essentially, bond markets are beginning to reflect a fall in demand, while commodity prices are still driving costs; this will eventually end with a fall in commodity prices and interest rates, based on historical experience.

国有资本控股与现代公司治理结构，或存在政策导向与商业利益的冲突；如何通过法律法规予以规范，需要在实践中逐渐磨合

State-owned capital holdings and modern corporate governance structures, or conflict between policy orientation and business interests; how they are regulated through laws and regulations needs to be gradually reconciled in practice

从过去十多年的发展看，民众在很多领域对资本（特别是跨国资本）已持有更加怀疑的态度

Over the past 10 years of development, people have become more sceptical about capital, especially transnational capital, in many areas.

作为当前市场最热销的创新场外衍生投资产品，“雪球”结构产品实际上是投资者向券商卖出看跌期权，收取权利金，一旦下跌，亏损敞口无限

As the most popular in the current market for innovative off-the-ground derivatives, the structure of Snowball is actually an investor selling down options to coupons, collecting royalties and, if it falls, losing unlimited exposure.

昔日在资本市场与房地产业取得成功的戴志康“证大系”，在并无挪用资金和自融的情况下，为何还是一败涂地，令2.65万名投资者损失75亿元？

Why, in the absence of misappropriation of funds and self-satisfaction, did the “System of Evidence”, which had been successful in the capital market and real estate industries in the past lose 7.5 billion yuan to 26.5 million investors?

得益于县域经济发达和坚守初衷，浙江农信整体发展较好；本轮改革不必“大改”、只需“微调”，省联社适当增加专业服务职能

As a result of the economic development and commitment of the district, Zhejiang Nobu has developed better as a whole; this round of reforms does not have to be “reform” or “moderate” and the provincial association has to increase its professional service functions appropriately

由于新能源汽车与传统车辆存在较大差异，统一的车险产品难以满足消费者和险企对新能源汽车的保障需求，需要调整传统定价模式、开发专属险种

Owing to the large differences between new and traditional vehicles, harmonized car insurance products are difficult to meet the security needs of consumers and risk companies for new energy vehicles, requiring adjustments to traditional pricing models and the development of exclusive insurance schemes

实现碳达峰碳中和目标需要百万亿元投资，市场参与者摩拳擦掌，各种碳中和金融产品涌现，但亟须明确和统一标准、提出监管要求

The achievement of carbon peaks and targets will require investment of millions of yuan, with market participants fracturing hands, carbon neutrals and financial products emerging, but with clear and uniform standards and regulatory requirements as a matter of urgency

结合供需情况分析，中国至少在未来一到两个季度面临物价上行压力；国内市场预计将面临逐步加剧的信用紧缩

Combined with supply and demand analysis, China faces upward price pressures in at least the next one to two quarters; domestic markets are expected to face a deepening credit crunch

从几年前的几百亿规模急速扩张到现在的8000亿规模，量化私募基金的高频策略所获得的超额收益出现大幅回撤，基本面量化投资短期还有待市场认可

From the tens of billions a few years ago to the current 800 billion, the excess gains from the HF strategy to quantify private funds have been substantially reversed, and basic quantitative investments have yet to be recognized by the market in the short term.

中证500相对于沪深300的走强，预示了下一阶段风格切换的方向；盈利和估值两个层面都支持中盘股继续跑赢大盘股

The strength of the Chinese 500 versus the depth of 300 foresaw the next stage of style switching; both the profitability and valuation dimensions supported the Chinese to continue to win the big shares.

疫情催化了美国支付方式的变革，基于电子钱包的“先买后付”潮涌，聚合支付兴起，加密货币被更多支付机构接受，这些变化将给美国支付基础设施和监管带来哪些挑战？

What are the challenges that will be posed by changes in the way the United States pays, the surge in “buy first, pay first” based on electronic wallets, the rise of aggregate payments and the acceptance of encrypted currencies by more paying agencies?

整体申设金融控股公司、支付宝与金融产品断连接、花呗借呗纳入消金公司、个人征信持牌经营，蚂蚁集团主要业务被纳入监管轨道，对平台企业开展金融业务影响深远

The overall establishment of financial holding companies, the disconnection of payment treasures and financial products, the inclusion of flowers in cash removal companies, individual credit card operations, and the mainstreaming of ant groups into the regulatory track have far-reaching implications for the financial operations of platform enterprises

对平台企业应当作出适当监管，特别是要防止它们变成后来者的障碍；但监管应依据两大原则： 第一是公平，第二是依法

Platform enterprises should be properly regulated, especially in order to prevent them from becoming latecomers; however, regulation should be based on two main principles: first, equity and second, the rule of law.

对冲基金Archegos爆仓，牵连一众国际投行，“这绝不是第一次发生这种事情，也不会是最后一次”

The hedge fund Archegos blew up and implicated a group of international investors. “This is not the first time this has happened, nor will it be the last time”.

市场活跃大背景下，经纪、自营业务业绩暴增，同质化经营框架依旧，新增量将来自场外衍生品及两融等资本中介业务

In the broader context of market activity, the performance of brokering, self-employment and homogenous business frameworks continue to grow, with additional amounts coming from off-site derivatives and capital intermediation such as blending.

市场迫切的需求客观存在，有意无意的“擦边球”规模巨大，“房间里的大象”不能无视

The market's pressing needs exist objectively, the deliberate and unwitting “curve ball” is huge, and the elephants in the room cannot be ignored.

受疫情及税收新政影响，各家保险公司的净利润都有所下滑，但其营运利润或是扣除非经常性损益后的净利大多上涨

As a result of the epidemic and the new tax deal, the net profits of insurance companies have declined, but their operating profits, or net gains after deducting non-recurring gains and losses, have mostly increased.

疫情冲击导致上市银行净利润增速下降、资产质量承压，并推动战略方向调整，数字化和财富管理是未来的发力点

The impact of the epidemic has led to a decline in net profits from listed banks, a pressure on asset quality and a shift in strategic direction, with digitization and wealth management as the driving points for the future.

广东最新一轮农信社改革，既有对农合机构市场体系的重构，又包括对省联社自身的改革，具体方案尚待多部委会商后定夺

The latest round of reform of the ACS in Guangdong, both on the restructuring of the ACS market system and on the provincial association itself, has yet to be finalized with multi-ministerial consultations

资本中介业务虽然当前规模小、品种少，但多家券商已经把未来十年的战略转向锚定于此

Capital intermediaries, although currently small in size and variety, have shifted their strategies to anchor over the next 10 years.

为提高审计质量，香港财务汇报局作为独立调查执法机构，努力摆脱“无牙老虎宝宝”的形象，获突破性进展，取得首批七家上市公司存放内地的审计底稿

To improve the quality of the audit, the Hong Kong Financial Reporting Authority, as an independent investigative law enforcement agency, managed to get rid of the “toothless tiger baby” and made breakthrough progress in obtaining the audit drafts of the first seven listed companies in the Mainland.

如果还是走规模驱动、营销驱动的老路，赎旧买新、基金赚钱基民不赚钱等怪状仍会长期存在，行业也会加速步入歧途

If it's the old scale-driven, marketing-driven way, the old buyout, the non-profits of the fund, and so on, there's still a long way to go, and the industry's fast-tracking.

新一轮1.9万亿美元的财政救助规模之大，几乎超出所有人的预期。这是过去40年来最不负责任的宏观经济政策吗？高通胀会否因之卷土重来？

A new round of 1.9 trillion dollars in fiscal relief is much larger than everyone expected. Is this the most irresponsible macroeconomic policy in the last 40 years? Is high inflation going back?

没有人可以在时空坐标系中作出准确预测，但在风险收益坐标系中，预测——描述未来的样子是可行的

No one can make an accurate prediction in the time-space coordinate system, but in the risk-benefit coordinate system, it is possible to describe the future.

华夏幸福兴起于产业新城模式，受挫于环京限购，死死卡在了巨额应收款与巨额债务之间

Happiness in summer grew out of the new urban model of industry, frustrated by the capricious purchase of Kyoto and stuck between huge receivables and huge debts.

首批个贷不良资产包竞拍是否“赔本赚吆喝”，资产估值和后续处置面临挑战；未来批量转让能否成为银行处置个人不良贷款的主要渠道，还要看是否便捷及成本收益如何

Whether the first bad-performing asset packs are “win-win” and asset valuation and subsequent disposal are challenged; whether future bulk transfers will be the main channel through which banks dispose of non-performing personal loans, and whether they will be easy and cost-effective

本次通胀回升与过去两次的最大不同在于，被“热”商品掩盖的“冷”服务，导致央行对商品上涨的容忍度更高，货币政策进一步收紧的迫切性更低

The biggest difference between this recovery in inflation and the last two is that “cold” services masked by “hot” goods have led central banks to have a higher tolerance for commodity increases and a lower urgency for further tightening of monetary policy.

人保寿险上市前为冲规模的“团险个做”违规销售方式，给日后各地爆发的假保单风波埋下了种子

The non-sales of “groups” of size before life insurance is on the market have planted seeds for future pseudonym surges around the country.

数字化转型不是技术的堆砌，是对银行产品、服务、流程的数字化重塑，适配的组织架构、体制机制是转型落地的根本保障

Digital transformation is not a build-up of technology. It is a digital re-engineering of banking products, services, processes. Appropriate organizational structures, institutional mechanisms are fundamental to the transition.

央行数字货币不太可能对第三方支付和银行存款造成太大冲击；在反贪和精准扶贫等领域，或有立竿见影的效果，具有探索空间

Central bank digital currencies are unlikely to have a disproportionate impact on third-party payments and bank deposits; in areas such as anti-corruption and precision poverty alleviation, there is scope for exploration

20家随机抽中现场检查的在审企业，16家选择了主动撤回；在审企业是否“带病闯关”，并挑战A股注册制底线？

Twenty randomly selected on-site inspection enterprises, and 16 opting to withdraw; are they “carried through” and challenging the A share registration bottom line?

2.5万美元撬动千倍杠杆，吸引“各路大神”争当发起人设立SPAC，被呼作“大佬的盲盒来了”

Twenty-five thousand dollars to pull a thousand times of leverage to attract the Greats of the Roads to create the SPAC by calling it the Big Man's Blind Box.

英镑的地位虽然再也比不上美元，但英国外汇市场依旧傲然挺立，日均交易量居全球首位

The British foreign exchange market is still very strong, and the average daily turnover is the highest in the world.

防范和处置非法集资是一项长期、复杂、艰巨的系统性工程，还需要充实地方金融监管力量，并充分应用监管科技，提升监管效率和能力

Preventing and disposing of illegal fund-raising is a long-term, complex and demanding systemic undertaking that also requires the strengthening of local financial regulatory capacities and the full application of regulatory technologies to enhance regulatory efficiency and capacity

主要发达国家主权债利率过低，以及市场对成长股的极度乐观，将驱动2021年全球金融市场的演化

The evolution of global financial markets in 2021 will be driven by low interest rates on sovereign debt of the major developed countries and by extreme market optimism about growth shares

踩雷保证保险、受挫于车险改革、发展前景不明，财险公司的股权逐步有价无市甚至无人问津

Mines guaranteed insurance, frustrated by car risk reforms, uncertain prospects for development, and the equity of financial companies gradually became unmarketed or unattractive.

央行收紧资金面的意图更多在于“警示”，而非真正需要通过短期利率的大幅上升来抑制资产价格泡沫和实体融资增速

The central bank's intention to tighten the financial situation is more in the form of “alerts” than in the real need to curb asset price bubbles and real financing through large increases in short-term interest rates.

散户是真的主角吗？抑或被利用、被收割？推波助澜的网络论坛是否会被追责？

Is the diaspora really the protagonist? Or is it being used, harvested? Will the Internet forum, which fuels it, be held accountable?

市场已积累相当大的风险，若出现市场预测不到的因素，如经济复苏未达预期、通胀上升或利率转向，美股、A股和港股的调整风险很大

Markets have accumulated considerable risks, and there is a high risk of adjustment in United States, A and Port shares in the event of factors that are not predicted by the market, such as economic recovery falling short of expectations, rising inflation or interest rate shifts

对于比特币是否泡沫化，市场观点出现分化；未来全球主要央行尤其是美联储的货币政策，以及金融监管部门对加密货币投机性和风险的关注，都将影响比特币的走势

Market views are polarized on whether Bitcoins are bubbled; future monetary policies of major global central banks, particularly the Federal Reserve, and concerns of financial regulators about the speculative and risky nature of encrypted currencies will influence the direction of Bitcoins.

战投参与的锁价定增方案纷纷折戟，使得资金转向上市公司子公司战略投资，退出则选择分拆上市

The folding of the locked-priced increases involved in the war led to the transfer of funds to strategic investments by listed companies and the opting out of the market.

近期政策将跨境人民币“落后”于外汇的一些政策“拉平”；如何让市场主体更“喜欢”用人民币，应是人民币国际化下一步的重点

Some of the policies in the recent past that “lower” the cross-border renminbi than the foreign exchange have been “ levelled”; how to make the main players of the market more “like” to use the renminbi should be the focus of the next internationalization of the renminbi.

提高准入门槛，重申支付回归本源，按照功能监管的理念对支付业务重新分类，新增反垄断监管措施——酝酿中的支付机构条例或将全面重塑支付业

Increasing access thresholds, reaffirming the return of payments to source, reclassification of payment operations in line with the concept of functional regulation, introduction of new antimonopoly regulatory measures - regulations of the payment agency under development or full re-engineering of the payment industry

风险基本被控制、不良清收效果明显，山西省农信社正在回归正轨；推进改革、提质增效是下一步的主要任务

Risks are largely under control, poor harvest results are evident, and ACS is back on track in Shanxi Province; moving forward with reforms and efficiency gains is the main task ahead

车险改革已经出现保费规模下降，还会面临行业性承保亏损、中小财险公司经营困难的情形，最终目的是要有机构退出市场

Car insurance reforms have seen a decrease in the size of the premium and are also faced with industry insurance losses and small and medium-sized insurance companies operating in difficult circumstances, with the ultimate aim of having institutions out of the market

没有永远占优的策略；市场的优势策略常常会吸引大量资金学习和复制，加速这一策略的成长和灭亡

There is no strategy that is always superior; market advantage strategies often attract large amounts of money to learn and replicate and accelerate the growth and demise of this strategy.

随着新一届总统拜登就职，预计又一轮财政救助谈判行将展开，新一轮纾困计划推出的时间或在2021年3月中旬

With the inauguration of the new President, Biden, another round of fiscal bailout negotiations is expected to commence, with a new round of relief plans to be launched or in mid-March 2021

羊群行为引发市场争议，机构投资者集中资金于蓝筹优质公司，会引领市场走向价值投资，还是加速价格波动？

The behaviour of sheep breeds market controversy, and will institutional investors concentrate their funds on blue-basing high-quality companies, leading markets to value investments or accelerating price volatility?

《征信业务管理办法》拟将以“信用评分”等名义对外提供征信功能服务的活动，都纳入管理，并首次明确“信用信息”范围，这对征信机构和数据服务商影响深远

Activities to provide external credit function services in the name of “credit rating” are integrated into management and, for the first time, the scope of “credit information” is clarified, which has far-reaching implications for both the letter collection agency and the data service provider.

一方面，加速了中国制造业龙头企业走向全球的进程；另一方面，超常规货币财政双宽松政策叠加美国地产周期的开启，海外资产价格将进入高波动状态

On the one hand, it has accelerated the global movement of China's leading manufacturing firms; on the other hand, the policy of hyperconventional monetary fiscal easing has been combined with the opening of the real estate cycle in the United States, with high volatility in overseas asset prices.

比提高权益投资上限更为迫切的是，完善年金基金的大类资产配置、理顺治理机制，走出“囿于保值、难以升值”的怪圈

More pressing than the cap on equity investment is the need to improve the broad asset allocation of the annuity fund, to streamline governance mechanisms and to move out of the circle of “preservation, hard to appreciate”

推动提升居民收入政策的同时，政府应考虑如何在向劳动力倾斜时不损害企业竞争力

While promoting income-enhancing policies, Governments should consider how to favour the labour force without compromising the competitiveness of enterprises

试点项目已进入最后审批环节，但复杂的产品结构和专业的治理要求，尚待制度明确

Pilot projects are in the final approval phase, but complex product structures and professional governance requirements are yet to be institutionalized

即将挂牌的广期所将引入民营股东，能否突破中国交易所强监管现状？能否开启市场化之路？

Will the forthcoming roll-out of private shareholders make it possible to break through with China’s strong exchange regulations? Will it open the way to marketization?

破解评级虚高、区分度不够等问题，需强化对评级机构的监管和问责；也需要完善制度环境，改善债市分割、隐性行政干预等缺陷

Dismantling of poor ratings and inadequate differentiation requires enhanced regulation and accountability of rating agencies; and improving the institutional environment for weaknesses such as municipal segmentation of debt, hidden administrative interventions, etc.

这不是全面的通货膨胀环境，更不是需求过热主导的全面通胀，而是部分商品供给紧缩或供需节奏错配引发的价值重估

This is not a comprehensive inflationary environment, much less a global inflation dominated by overheating demand, but rather a revaluation of values arising from a contraction in the supply of some commodities or from a mismatch between supply and demand.

从“原油宝”到贵金属交易风波，暴露出商业银行代客开展“类期货”商品衍生品交易的风控疏漏。未来如何管理代客环节？衍生品交易怎样实质性监管？

From the “oil treasures” to the precious metals trade winds reveal the leakage of commercial banks trading derivatives of “class futures” commodities on behalf of their customers. How do you manage the surrogate chain in the future?

短期的集中下架之后，此类“业务”何去何从？监管规则将如何明确？

Where does this type of “business” go after a short period of concentration? How will the regulatory rules be clear?

应对疫情冲击之后，社会融资规模增速触顶回落。下一年信用是紧是松？货币政策何去何从？

In response to the impact of the epidemic, the scale of social financing has stagnated. Credit is tight or loose next year. Where does monetary policy go?

此轮退市制度改革仍被认为形式重于实质，威慑力不够。监管在有效优胜劣汰与不过分损害投资者利益之间艰难寻找平衡

This round of de-market reform is still considered to be more substantive and less deterrent. Regulation struggles to strike a balance between an effective victory and a poor return that does not unduly harm the interests of investors.

尽调难、估值难、专业中介服务机构缺乏，私募二级市场转让平台如何满足定制化的交易需求？

Difficulty, difficult valuation, lack of professional intermediaries, and how can private second-tier market transfer platforms meet customized transaction needs?

划清明确界限，强调持牌经营，以自营网络平台为抓手，非持牌“杂牌军”面临整改

Clear lines, emphasis on card-holding, self-employed network platforms, non-portfolio “mixed army” facing rectification

尚未发展出一个高度发达的金融市场、缺少以本币定值的安全金融资产，是人民币国际化的最大短板；需要提高市场的深度、广度和流动性，并让汇率机制更富弹性

The lack of a highly developed financial market and of safe financial assets valued in local currency is the biggest short cut in the internationalization of the renminbi; there is a need to increase the depth, breadth and liquidity of the market and to make exchange-rate mechanisms more flexible

在私人部门融资需求不强、政府财政扩张力度下降、外需强劲带动名义GDP增速明显回升的情况下，2021年实现稳杠杆的难度并不大，不必通过“紧货币”来实现“紧信用”

In a context of weak private sector financing needs, declining government fiscal expansion and strong external demand-led a marked recovery in nominal GDP growth, steady leverage in 2021 will be less difficult to achieve without “tight currency” to achieve “tight credit”

外资普遍长期看好中国结构性转型，对股市持乐观态度，但对2021年的涨幅有所保留

External investment generally favored the structural transformation of China for a long time and was optimistic about the stock market, but had some reservations about the increase in 2021.

主要有三个有利因素：2020年的超低基数；中国比其他国家更成功地控制疫情，居民和企业信心上升；中美关系很可能出现一段较缓和的时间

There are three main enabling factors: the ultra-low base by 2020; China's more successful control of the epidemic than other countries, with rising population and business confidence; and the likelihood of a more moderate period of inter-American relations.

信用债违约引发债券基金净值大跌、大额赎回，公募基金信用研究体系、风险管理机制现短板，信用下沉博取超额收益难以为继

Credit defaults have led to a sharp drop in the net value of bond funds, large foreclosures, a public fund credit research system, and a short risk management mechanism.

注册制下，上市条件的放松让企业蜂拥而至，然而严控上市公司质量又让注册速度步步放缓

Under the registration system, the easing of listing conditions has led to a crowding up of businesses, but the strict control of the quality of listed companies has slowed down the pace of registration.

两法修订颇具历史意义，主要是“查漏补缺”，为现行规章制度和做法提供法律支持；但金融风险处置如何厘清职责等疑问，尚需进一步研究

The amendments to the two Acts are historic, mainly “closing gaps”, and provide legal support for existing regulations and practices; however, questions about how to clarify responsibilities for financial risk management require further study

固定收益产品改名为利率资管产品或信用资管产品更合适。以风险敞口为名，提醒投资者实际并非“固定收益”

In the name of risk exposure, investors are reminded that they are not actually “fixed returns”

除了引进市场主体，还要制度、规则、标准、基础设施对接

In addition to the introduction of market subjects, there are systems, rules, standards, infrastructure interfaces.

升值过头对出口企业影响几何？疫情结束后，主要贸易国会否再生反弹？币值较高时，是增加对重要商品进口的好时机吗？在人民币升值动能未减之时，启动货币政策退出进程是否过早？

When the currency is higher, is it a good time to increase imports of important commodities? Is it too early to launch a monetary-policy exit process when the renminbi’s appreciation momentum continues?

数据确权与数据定价，已成为数据要素市场改革亟待解决的基础性问题

Data validation and data pricing have become fundamental issues that need to be addressed in the context of data factor market reform

全球央行拥抱数字货币的主要目的不是颠覆性革命，而是尽可能地维持货币职能和金融稳定；央行数字货币的未来前景可期，但还充满不确定性

The main purpose of the Global Central Bank's embrace of digital money is not to destabilize the revolution, but to maintain monetary functions and financial stability as much as possible; the future prospects of central banks' digital currencies are promising, but they are fraught with uncertainty.

在经济边际改善动能减弱、房价上涨压力可控时，债券不会立即转入“熊市下半场”；如果地产下行的长周期拐点确立，债市“反弹”有望演变为“反转”

Bonds are not immediately transferred to the “lower half of Bear City” when the power of the marginal improvement is reduced and the pressure of rising housing prices is manageable; if long-cycle turning points are established below the property, the “rewind” of the debt market is expected to evolve into a “reverse”

DVP制度改革酝酿14年，仍为渐进模式；新一轮改革将小步推进，改变A股结算模式下始终存在的证券和资金交收未挂钩问题

The reform of the DVP system was conceived for 14 years and remains a gradual model; the new round of reform will be a small step forward to change the persistent bond-and-fund-for-money linkage problem under the A share settlement model

当前人民币升值主要是基本面驱动，应让市场自发调整；借机继续深化外汇市场改革，探索跨境资金流动管理的新思路

The current appreciation of the renminbi is largely fundamental and should allow markets to adjust spontaneously; it should take the opportunity to continue deepening foreign exchange market reforms and explore new approaches to managing cross-border financial flows

若拜登当选，2021年对中美长期关系将有深远影响；中美若互动顺利，双方有可能找到务实的平衡点；但若不顺利，对立加剧也有可能

If Biden were elected, the year 2021 would have far-reaching implications for the long-term relationship between the United States and the United States; if China and the United States interacted well, it would be possible for both sides to find a pragmatic balance; but if not, there would also be a risk of increased confrontation.

告别“喝酒吃药”行情，机构投资者A股配置普遍开始转向低估值顺周期板块，集中持股、抱团取暖趋势明显

Good-bye to “drinking and taking drugs”, institutional investor A share configurations have generally begun to shift to low-value procyclical plates, and there is a clear trend towards concentration, conglomerate and heating

如果总以历史收益决定未来的投资，必然陷入追涨杀跌、高位接盘的窘境；经验长期预期收益率，或可让我们更加理性地看待资产的潜在价值

If future investments are always determined by historical returns, they will inevitably fall into the trap of catching up and falling, high-place connections; experience will predict rates of return over the long term, which may give us a more rational view of the potential value of assets

超低价医疗险攻城略地，“惠民保”的下一步将如何发展？

What will be the next steps in the “Hong Kong People's Security” in the face of an extremely low-cost medical risk?

穿着高科技外衣的蚂蚁集团登陆资本市场；冲高之日，是否会是此轮金融科技概念见顶之时？

An ant group in high-tech coats has landed on the capital market; will it be the time when the concept of financial technology comes to an end?

多渠道化解两家高风险银行300亿元存量不良资产、引入28家新股东，即将开业的四川银行能否轻装上阵？

Can Sichuan Bank, which is about to open, be lightened by multiple channels to address the 30 billion yuan in bad assets of two high-risk banks, and by introducing 28 new shareholders?

从负债端到资产端，从代理人制度到产品，寿险行业结构性矛盾倒逼转型加速

From the end of the liability to the end of the asset, from the agent system to the product, the structural contradictions in the life insurance industry are accelerating the transition

央行不希望人民币过快升值，要么通过买入美元直接干预汇率，要么加大公开市场操作等政策工具的投放力度，通过压低利率间接调控，最终结果都是央行资产负债表的重新扩张

The central bank does not want the renminbi to appreciate too fast, either by directly intervening in the exchange rate by buying the dollar or by increasing the investment of policy instruments such as open market operations, and indirectly by lowering interest rates, with the result that the central bank's balance sheet has been re-expansioned

核心企业缺乏动力和意愿向供应链上下游的中小企业分享信用，导致应收账款或预付账款确权不到位，埋下风险隐患，如何调动和约束核心企业是关键

Lack of motivation and willingness on the part of core firms to share credit with SMEs upstream and downstream of the supply chain, leading to a lack of authority over accounts receivable or advances, risk exposure, and how to mobilize and discipline core enterprises are key

私募基金管理人工商注册地和经营地要求合一、不得设立分支机构募资、控制两家及以上私募要说明合理性等要求，行业争议巨大

The requirements of the private fund manager's place of business registration and operation, the requirement that there should be a joint, non-establishment of branches to raise funds, and the need to justify the control of private collection by two or more individuals, are highly controversial in the industry.

选择不参与最后的一波升浪，转而去寻找另一个被低估的投资机会，并不是一件坏事

It's not a bad thing to choose not to be involved in the last wave, instead of looking for another undervalued investment opportunity.

从国内外的实践看开发性金融的趋势，如何确定政策性金融机构的改革方向

Trends in financial development in terms of domestic and foreign practices, and how to set the direction for reform of policy-based financial institutions

安邦集团解散、大家保险新生，重组一波三折，引入战略投资者的行动需等待明年从头再来

The Ambang Group is dissolved, everyone is insured, a wave of restructuring is completed, and the introduction of strategic investors is expected to start again next year.

爆款产品赢在深刻地理解了客户的认知锚点和心理需求；环境变化后，需要及时调整产品组合

The product was won with a deep understanding of the client's cognitive anchors and psychological needs; the changing environment required a timely adjustment of the product mix

酝酿讨论多年的新一轮农信社改革，即将迎来实质性进展，部分省份或将率先试点；尽可能保持县域法人地位、统筹机制改革和风险化解是关键

The development of a new round of reform of the organization, which has been under discussion for many years, is about to usher in substantial progress, with some provinces taking the lead in piloting; as far as possible, it is critical to preserve the legal personality of the district, integrate institutional reform and risk resolution

最重要的突破是实施市场准入管理，强调资本金约束和并表监管；未来有多少家公司会获得金控牌照，蚂蚁集团等互金金控如何监管，尚待观察

The most important breakthrough was the implementation of market access management, with emphasis on capital constraints and regulation; it remained to be seen how many companies in the future would receive a gold license, and how mutual funds such as the ant group would be regulated.

近期出台的房企融资新规，不仅包括通过“三道红线”限制融资，还将全口径统计房企表内外负债，或将改变房地产行业的运行逻辑、房企的竞争策略和行为

The new housing finance regulations recently introduced, not only to limit financing through the “triple red line”, but also to provide full-calibre statistics of housing stock and external liabilities, or to change the operating logic of the real estate industry, the competitive strategies and behaviour of housing companies

注册制改革在交易层面和市场干预上，仍带有浓厚的核准制色彩，交易制度急需改革

The reform of the registration system, both at the level of transactions and in the context of market intervention, continues to be characterized by a strong approval system, and the trading system is in urgent need of reform

在扭曲的打新制度作用下，“新股不败”神话持续上演；被寄予厚望、承担市场定价责任的机构投资者无法发挥定价功能，转而追逐中签，造成“闭眼”打新、串通报价、抱团压价，陷入逐利短炒循环

Under a distorted new system, the myth of “new shares won't lose” continues; institutional investors placed with high expectations and with market pricing responsibilities are unable to perform the pricing function and turn to middle-picking, resulting in a “eye-opening” of new, string-calling, concussioning cycle.

新框架将此前“对称性的2%的长期通货膨胀目标”，转换为“有弹性的2%的平均通货膨胀目标”，以推升通胀预期，这意味着货币政策将更具扩张性

The new framework converts the former “symmetric 2 per cent long-term inflation target” to “elastic 2 per cent average inflation target” to boost inflation expectations, which means that monetary policy will be more expansionary

随着中国出口占全球份额再次企稳回升，人民币有望再次恢复强势；美国大选结束后，中美关系可能出现阶段性缓和，人民币将迎来升值的窗口期

As China's share of global exports recovers steadily again, the renminbi is expected to regain its strength; after the United States general elections, there may be a gradual easing of relations between China and the United States, and the renminbi will approach the window of appreciation.

将利率的司法保护上限与LPR挂钩，具有灵活性和进步性；但降低后的司法保护上限，是否符合中国民间借贷市场的实际？是否反而会造成小微企业融资难？

Linking the upper limit of judicial protection of interest rates to the LPR is flexible and progressive; but does lowering the upper limit of judicial protection be consistent with the reality of the Chinese private lending market? Is it more likely that it will be difficult to finance micro-enterprises?

未来一段时间，在中国与西方国家关系变冷和疫情影响下，服务贸易特别是交通与旅游逆差将收窄，或导致外汇储备重新上升，带来人民币升值压力

In the coming period, trade in services, especially transport and tourism deficits, will narrow or lead to a re-emergence of foreign exchange reserves, under the influence of the colder relations between China and Western countries and the epidemic, leading to pressure on the renminbi to appreciate.

受疫情影响，上半年保险行业整体发展速度放缓。各家保险公司拿出了差异化的应对方式，业绩出现分化

As a result of the epidemic, the insurance sector as a whole slowed down in the first half of the year.

公募基金仓位创新高、外资大进大出、社保基金大幅换仓、险资加仓食品饮料龙头股，机构投资者二季度调仓抢反弹

Innovative public fund positions, large inflows of foreign capital, large shifts in social security funds, venture capital and stock of food beverages, and second-quarter recovery by institutional investors

大幅增提拨备是净利润同比负增长的主要原因，一方面是银行应对潜在不良反弹压力、未雨绸缪，另一方面缘于监管部门的“指导”

A significant increase in the provision is the main reason for the negative growth in net profit on the one hand, by banks responding to potential negative rebound pressures, proactiveness and, on the other hand, by the “direction” of the regulatory sector.

京东白条、蚂蚁花呗等信用付业务的实质是，以第三方支付账户为入口，通过互联网小贷公司开展的类信用卡消费分期，但基本未纳入监管

The essence of credit payments such as the Kyoto white strips, antflowers, etc., is the use of third-party payment accounts as an entry point for credit card-type consumption phased out through Internet microlending companies, but largely unsupervised.

一直没能摆脱“靠天吃饭”魔咒的券商，今年依旧“靠天”赚了个“盆满钵满”；全行业集体追求“大而美”，一边大手笔再融资，另一边谈着并购重组

I've never been able to get rid of the valedictorian. This year, I'm still getting rich in the sky. The whole industry is after the Great and Beautiful, and we're refinancing it, and we're talking about M & As.

公募基金销售牌照展业范围正式明确，独立基金销售机构不可销售私募股权基金和非标债权，针对独销机构及其背后第三方财富平台的整顿逐步加码

The scope of the public fund sales license exhibition was formalized, private equity funds and non-proprietary claims could not be sold by an independent fund sales agency, and the consolidation of the exclusive sales agency and the third-party wealth platform behind it was gradually increased.

即将登陆A股、H股的蚂蚁集团，在神速走过各种流程之后，正式披露了招股书，股权架构、业务情况、财务数据全面公开

The ant group, which is about to land on Unit A, Unit H, has officially disclosed the offer, the stock structure, the business situation, and the financial data, after the great speed with which it has gone through the various processes.

贵金属的长期趋势或未结束，但简单的ETF配置已然不够；在贵金属市场保持上涨趋势或出现转折时，使用较好盈利能力的管理期货策略，效果或许更好

Long-term trends in precious metals are not over, but simple ETF configurations are not enough; better-profit futures management strategies may be more effective when the precious metals market is on the rise or turns.

主要原则是压实各方责任、遵循市场规律、坚持分类施策、防范道德风险；地方政府注资、稳住金融风险之后，强化中小银行股权管理和公司治理，并建立退出机制，是关键

The main principles are to exert pressure on all parties'responsibilities, to follow market rules, to insist on classification advice, to guard against moral hazard; to strengthen equity management and corporate governance in small and medium-sized banks and to establish exit mechanisms after local governments invest and stabilize financial risks are key

美国新一轮财政纾困谈判陷入僵局，而总统不惜签署行政令强行推动。这个2.5万亿美元的博弈结局，不仅影响美国，也波及全球

A new round of fiscal relief negotiations in the United States is at an impasse, and the President is willing to sign an executive order to push it. The outcome of this $2.5 trillion game will affect not only the United States, but also the world.

高处不胜寒，还能牛多久

It's too high to be cold. How long can it be?

没留“后路”的铁发基金在利率进入下行通道后，财务成本成为包袱，欲提前九年清算，却遭投资者拒绝

After the “backward” funds entered the lower-rate route, the financial cost became a burden to settle nine years ahead of schedule, and the investors refused to do so.

居民部门的需求乏力，将成为通胀预期兑现的最大阻碍

Poor demand in the residential sector will be the biggest obstacle to meeting inflation expectations

一边是不断创新高的公募基金募集规模，另一边是市场增量资金并未大幅增加，背后的秘密在于中国市场特有的“赎旧买新”，不但制造虚假繁荣，更让基金公司陷入追求短期规模、投资行为散户化的“死循环”

On the one hand, the scale of innovative public fund-raising and, on the other hand, the fact that market incremental capital has not increased significantly, the secret behind this is that China's market-specific “buy-for-old” not only creates a false boom, but also traps the fund company into a “dead circle” of short-term size and fragmentation of investment behaviour.

行情向好，定增套利又被市场诟病，监管也在压力下收紧锁价定增标准

Good behavior, increased arbitrage and market hysteria, and tight lock price increases under the pressure of regulation.

禁止直保公司分支机构开展再保险分入业务，强调再保险业务专业化运营并确定多层次指标

Direct insurance companies are prohibited from reinsurance sub-units, emphasizing the professionalization of re-insurance operations and identifying multi-level indicators

1998年中国推动了影响20年发展的重要改革，转危为机；2020年的这次危机过后，中国将会走向何处？

In 1998, China had promoted important reforms that had affected 20 years of development, making a difference; where would China go after the crisis of 2020?

理财产品的设计与管理面临两个挑战，一是需要提供动态解决方案的综合能力，二是需要多策略协作整合能力

Two challenges to the design and management of property are the need for an integrated capacity to provide dynamic solutions and the need for a multi-strategy and collaborative integration capacity

发牌一年多，仅两家开业，改变业态的同时，也要考虑如何在竞争中存活

Dealing cards for over a year, only two openings, changing business patterns, and thinking about how to survive in competition.

一定规模以下的PE/VC将交由地方证监局指导的私募基金行业协会登记备案，分而治之的方案能否有效治理私募乱象？

Under a certain size, the PE/VC will be placed on the register of private fund-raising industry associations under the direction of the local certification authority, and will the programme be able to effectively manage private fund-raising?

国内疫情基本得到控制，监管再提做实资产风险分类；迟迟未发布的分类新规则或有所放松，但细化资产分类、强化风险控制的大方向不变

In-country outbreaks are largely under control and regulation of re-classification of real-asset risk; new classification rules are delayed or relaxed, but the general direction of refining asset classification and enhancing risk control remains unchanged

当今全球普遍存在现金囤积现象，反映了强烈的预防性需求；其可能产生的经济后果，将视疫情受控程度呈现极不均衡的区域分布

The current global prevalence of cash accumulation reflects a strong demand for prevention; its potential economic consequences will present a highly uneven regional distribution depending on the degree of control of the epidemic

脉络清晰的新增入市资金规模与巨额成交量难以匹配

It's hard to match the size of a well-connected new entry fund with a huge turnover.

推出科创板并试点注册制，是为了支持科创型企业上市融资，更是为了理顺政府与市场的关系，积累可复制推广的改革经验，开创全新的资本市场生态。经过一年多的实践，一线监管者对于搞什么样的注册制，有了更清晰的答案

The roll-out and pilot registration system is designed to support the listing of innovative enterprises, and more so to streamline government-market relations, build up replicable and replicable reform experiences, and create a new capital market ecology. After more than a year of practice, first-line regulators have a clearer answer to what kind of registration is going on.

正式运作一周年的科创板体现了良好的包容度，行政部门也未干预市场定价。但能否培育出一批好公司，还需要时间检验

The first year of full operation of the science and innovation board reflects good tolerance, and the administration has not interfered with market pricing. But it will take time to test whether or not a good group of companies can be nurtured.

居民融资增速没有回升迹象、地产销售远不到“过热”标准，均不支持货币政策的趋势性紧缩

The lack of signs of an upswing in residential finance and the fact that real estate sales are far below the “overheat” standard do not support the trend of tightening monetary policy

问题信托公司和大量中小金融机构之间巨量的资金往来和违规兜底函，使得相关风险处置变得棘手且道德风险巨大

Large amounts of financial transactions and irregularities between problem trust companies and a large number of small and medium-sized financial institutions make the handling of related risks difficult and ethically risky

牛市根基是否筑牢，市场各方尚存分歧；新冠肺炎疫情影响下，或将面临一个无法用传统价值投资和基本面分析来理解的市场

Whether the roots of the cow market are firmly entrenched and the market parties are divided; under the influence of the new crown pneumonia epidemic, there will be a market that cannot be understood by traditional value investments and fundamentals analysis

对于QFII进入中国资本市场的监管，正在走出从严监管、严防风险的惯性思维，从资金进出到结算规则，都在不断调整制度以适应境外机构的不同需求

Regulation of QFII's access to China's capital markets is moving away from the inertia of strict regulation and risk-proofing, from money entry and exit to settlement rules, and is constantly adapting the system to the different needs of offshore agencies

在公平的背景下提高公共服务的效率，并兼顾不同地方居民的不同需要，将是中国的下一个重要议题

Improving the efficiency of public services in a context of equity, taking into account the different needs of different local residents, will be the next major issue for China.

为防范利差损风险，早在2019年初监管部门就逐步收紧相关产品的发行和销售。目前市面上已难看到预定利率为4.025%的终身年金险，仅存的少数限定在10年、20年的定期非终身产品

As early as early as 2019, the regulatory authorities stepped up the distribution and sale of the relevant products.

后来者能否复制阿里和腾讯的路径？在经济下行、不良攀升的后疫情时代，随着监管趋严、个人信息保护升级，各家小巨头的金融之路向何处去？

Can anyone later replicate the path of Ali and Stewardship? In the post-epidemiology era, when the economy is going down, where is the financial path of the small giants as regulation and personal information protection rises?

辅助投资者对投资机会的理解和意义建构，是净值型财富管理中最重要的任务，也是未来投顾的主要作用

Supporting investors'understanding of investment opportunities and meaningful construction is the most important task in net-value wealth management and the primary role of future investors

一方面是完成监管部门的存量、增量考核目标；一方面需要真正在普惠金融领域做深、做细、做精

On the one hand, it is necessary to fulfil the objectives of stock-taking and stock-taking in the regulatory sector; on the other hand, it is necessary to really deepen, fine-tune and refine the area of inclusive finance.

阔别五年，证监会重提向商业银行放开券商牌照计划，希望打造“航母级”券商，以应对金融开放

Five years apart, the CSRC renewed its plan to free commercial banks of their coupons, hoping to create “carrier-class” bonds to deal with financial openness.

发卡行取消部分支付机构信用卡交易积分，央行强化支付终端管理，中小支付机构如何应对？合理的套现融资需求如何阳光化？

How can small and medium-sized paying institutions cope with the partial cancellation of credit card transactions by the issuing bank, enhanced payment terminal management by central banks? How sunny is the need for reasonable liquidity?

从2016年问题被曝光、纠正，到2017年11月蔡国华被查落马，再到2019年12月，国家为救助恒丰银行付出了千亿代价，到底谁该为此负责？如何负责？

From 2016, when the problem was brought to light and corrected, to November 2017, when Chei Guofang was found dead, to December 2019, when the State paid hundreds of billions of dollars to rescue the Bank, who was responsible for it?

发行策略应包括如下要素：选择有利窗口，避开敏感时点，并尽量错峰排期；在发行时，加大公开市场操作力度，创造宽松环境；必要时降息，视降准为最后一道屏障

Distribution strategies should include the following elements: selection of enabling windows to avoid sensitive points and to miss peaks as much as possible; increased operation of open markets at the time of issuance to create a relaxed environment; interest reduction, if necessary, as the last barrier.

一个容易被忽略的事实是：即使没有疫情发生，中美也很可能都正处于去杠杆的拐点上，疫情只是催化剂，加速了这一进程

One easy to ignore is the fact that, even without the outbreak, Central America is likely to be at a point of deleveraging, and the epidemic is only a catalyst that accelerates the process.

中概股回归，在A股各种制度性障碍中，给暮气沉沉的港股带来了历史性的机会

The return of the Central Panorama presents a historic opportunity for the Twilight Port Unit among the various institutional obstacles of Unit A.

香港财政司司长陈茂波表示，“没有必要对联系汇率制度进行任何评估”

Chen Maobo, Director of Finance, Hong Kong, stated that “there is no need for any assessment of the linkage exchange rate system”.

估值折价的精选层公司质量如何？公开发行改革即将落地，各类资金寻找哪些投资机会？

What is the quality of the elite companies that value the discounts? Public release reforms are about to come to an end, and what are the investment opportunities for the various types of funds?

如何保证市场化、法治化操作，以防范道德风险，既要救助“坏银行”，又要杠杆“好银行”，关键是激励中小银行改革和完善公司治理

How to ensure marketization and the rule of law in order to guard against moral hazard, both by bailing out “bad banks” and leveraging “good banks”, the key being to motivate small and medium-sized banks to reform and improve corporate governance

需防止这次疫情加速以“去中国化”为特征的“去全球化”，并引发中国自身的“去工业化”

The “de-globalization” characterized by “de-Chinaization” needs to be prevented from accelerating the epidemic and triggering China's own “de-industrialization”

新的开放理念需要从上至下调整思路，走出父爱主义，只有将隐形门槛公开化、公平化，才能真正促进竞争，提升能力

The new concept of openness requires a top-down adjustment of thinking and a move away from paternalism, which can only be truly competitive and empowering if hidden thresholds are open and fair.

两个新工具更具“直达性”，强调对商业银行的激励和约束，是特别时期的特别监管政策安排，也有望创新货币政策与财政政策的配合方式

The two new instruments are more “direct” by emphasizing incentives and constraints on commercial banks as special regulatory policy arrangements for special periods and are expected to innovate in the way monetary and fiscal policies work together

从要素市场、劳动力市场和资本市场、群体和阶层间以及国际关系中，都看到了极化趋势，各国政策被短期压力驱使，正在加剧长期失衡

In factor markets, labour and capital markets, groups and classes, as well as in international relations, a trend of polarization has been observed, with national policies driven by short-term pressures that are exacerbating long-term imbalances

对美国监管要求提供会计底稿的要求，应从法律依据与互惠合作出发，智慧化解中概股被集体摘牌的风险

Requirements for United States regulatory requirements for accounting manuscripts should be based on a legal basis in cooperation with reciprocity, so as to mitigate the risk of collective de-listing

1.5亿人参与，非持牌保险机构运作，金融、经营、信息等风险隐现，这一中国独有的商业模式该如何监管？

How should this unique Chinese business model be regulated when 150 million people are involved, non-licensed insurance institutions operate, and financial, operational, information and other risks are present?

牌照发放或将再度开闸。中国个人征信市场再次站到十字路口，未来能否真正走向专业化、市场化？

The license plate will be issued or will be opened again. Once again, China’s personal mail market stands at a crossroads, can it truly become professional and marketable in the future?

历史上的诸多案例表明，即使是临时性的危机举措，有时也会带来长期后果；在走向赤字货币化之前，除了现有的政策空间，还有诸多替代方案可供选择

History has shown that even ad hoc crisis initiatives sometimes have long-term consequences; there are alternatives to existing policy space before moving to monetization of deficits

疫情推了ESG进程一把，相关投资是未来的大势所趋，还是会变成又一个被过度吹捧的概念泡沫？

Does the epidemic push the ESG process to the point where the investment in it is the trend of the future or is it turning into yet another overstretched conceptual bubble?

随着监管持续优化审核标准，精简发行手续，优化定价和锁定期，聚焦关键发行条件，再融资市场迎来新机会

As regulations continue to optimize audit standards, streamline issuance procedures, optimize pricing and locking up on a regular basis, focus on key issuance conditions, and refinance the market for new opportunities

债市对流动性宽松这一相对确定的主题已挖掘得比较充分，估值洼地越来越少；短期内，A股估值处于相对低位又受益于疫情后经济反弹的行业，有望迎来估值修复的机会

The relatively well-developed subject of liquidity easing in debt markets, with fewer valuation sites, and in the short term, the industry where the A share is at a relatively low level and benefits from a post-epidemiological rebound is expected to open up the opportunity for valuation repairs

根据金融委的要求，监管已经启动了对原油宝的现场专项调查。中国银行业究竟能从此案中汲取哪些教训？

At the request of the Financial Services Commission, supervision has initiated an on-site investigation into crude oil treasures. What are the lessons that the Chinese banking sector can learn from this case?

从债性到股性、从私募到公募，中国版REITs拟双重突破一步到位；公募基金管理人左手卖方右手买方，如何解决利益冲突？

From debt to equity, from private fundraising to public fund-raising, the Chinese version of REITs proposes a two-step breakthrough; how can a right-hand buyer, left-hand seller, a fund-raiser, resolve a conflict of interest?

多数信托公司需对存量资金信托业务作出整改，压缩非标业务，拓展服务信托等，信托业分化或进一步加剧

Most trust companies need to restructure their stock funds trust operations, compress untied operations, expand service trusts, etc., and divide or further intensify their trust operations

疫情冲击下，政府支出应以实际需求为要，主要以保就业为目标，不必拘泥于3%的财政赤字率红线

Given the impact of the epidemic, government spending should be based on real demand, primarily aimed at securing employment and not tied to a 3 per cent fiscal deficit.

这种香港和新加坡等自由港十分成熟的贸易模式，在上海自贸区迎头撞上外汇监管难题

This well-developed trade model in free ports such as Hong Kong and Singapore hit the foreign exchange regulatory challenge head-on in the Shanghai Free Trade Zone

公募加仓、外资撤离，面对疫情下的A股市场，机构投资者纷纷调整策略危中寻机

In the face of the A-share market in the epidemic, institutional investors have adapted their strategies to the crisis.

目前技术验证中，网联和银联采取了不同的技术路径；一年后，将评估考量市场公平、信息透明传送等因素，确定统一的技术标准、业务规范

In the current technology validation process, the Internet and the Federation have adopted different technological paths; in one year, the considerations of market fairness and transparency in the transmission of information will be assessed and harmonized technical standards, operational norms established.

不知道经济前景和政策效果如何，可以通过平衡配置权益、债券、贵金属三类风险敞口，应对经济逐步复苏、经济陷入滞胀、经济持续下跌伴随通缩的三种可能情景

Ignoring the economic outlook and policy effectiveness, three scenarios of gradual economic recovery, stagnating and continuing economic decline accompanied by deflation can be addressed by balancing three types of risk exposures: equity, bonds, precious metals

内外竞争的加剧，促使“靠天吃饭”的券商加速转型，但如何离开业务同质化和依赖行情的老路？

Increased internal and external competition has accelerated the transformation of “food by heaven” coupons, but how can we get away from business homogenization and dependence?

在存量市场进行注册制改革，创业板改革中的亮点、难点并存

The bright spots and difficulties of the reform of the entrepreneurship board are coupled with the reform of the registration system in the stock market

美国的小企业救助计划设计精细、力度大、速度快，但也远非完美，其经验和教训均值得汲取

Small business rescue programmes in the United States are well designed, strong and fast, but they are far from perfect, and their experiences and lessons are worth learning.

增权益、投另类、挪海外、拉久期是增厚资产端收益的策略；但关键还是要逐步下调产品收益率，推进负债端降成本

Increasing equity, investing in alternatives, moving overseas, stretching out of time is a strategy to increase asset end gains; but it is still crucial to move down product yields and drive down the cost of liabilities.

信保业务赔付风险暴露，股东与管理层矛盾激化，公司治理无序，获互联网保险四张牌照之一的易安财险如何翻身

Visible exposure to pay-for-service risks, increased conflict between shareholders and management, disorderly corporate governance, and how the security risk of one of the four Internet security license plates could be reversed.

本次财政和货币双扩张，相当于主要发达国家都进入了债务货币化实验和实施现代货币理论实验的阶段

This fiscal and monetary expansion, which is equivalent to that of major developed countries, has entered the phase of debt monetization experiments and the implementation of modern monetary theory experiments.

市场关注的是，低利率环境会持续多久？对企业、金融机构等微观主体行为有何影响？可能带来哪些新风险？

The market is concerned about how long will the low interest rate environment last? What are the implications for the behaviour of micro-entities, such as enterprises, financial institutions, etc.? What are the possible new risks?

六年来第四次改革，“商车费改”是否能彻底攻坚；监管希望步步细化各项规章，控制价格战，稳定市场，但险企自主定价空间不断缩小，市场化改革受制

For the fourth time in six years, whether a “merchant-car-reform” can be completely combated; regulation is expected to fine-tune regulations, control price wars, stabilize markets, but risk-free pricing space is shrinking and market-based reforms are under control.

疫情之下避险情绪加重，投资更偏谨慎，募资端和投资端向头部机构聚拢的趋势更为明显

Increased risk avoidance under the epidemic, more prudent investment, and a more pronounced tendency to gather funds and investments towards head offices

各级财政部门集中统一履行国有金融资本出资人职责，如何把握市场化的改革方向，确保不走回头路？

How can marketized reforms be taken to ensure that there is no turning back?

金融机构的风险根源，多在公司治理上——大股东占款、内部人控制，甚至形成“内部人+腐败官员+不良企业”的“黑三角”，应及时识别、及早预案

The root causes of risk in financial institutions, mostly in corporate governance — large shareholders, insider control, and even the “black triangle” of “internal + corrupt officials + bad business”, should be identified in a timely manner and planned at an early stage.

“聪明钱”造成了愚蠢的市场行为，这样的系统状态非常脆弱，直到遭遇当头棒喝

Smart money creates stupid market behavior, and the system is in a very fragile state until it's hit with a stick.

如果不改变过往销售产品的卖方思路，投顾业务必将沦为新的产品销售渠道

If you don't change the seller's mind for past sales, you're going to have to turn into a new product sales channel.

虽然安全垫较厚，但资产质量下滑、净利润承压已成定局；疫情之下，上市银行如何接招？

Although the security cushions are thick, the decline in the quality of assets, the net profit burden and, in the case of the epidemic, how do the listed banks take over?

银保监会2018年“三定”之后的最大一轮人事调整，涉及强制轮岗交流等机制性建设，以继续贯彻治理乱象为目的的严监管，防范系统性金融风险

The largest round of personnel adjustments after the “triple” in 2018 of the Silver Insurance Supervisory Board involved institutional development, such as mandatory mobility exchanges, in order to continue to exercise strict supervision in order to prevent systemic financial risks.

一旦流动性危机转化为清偿危机，便很容易发生传染，导致恐慌与挤兑，爆发金融危机

Once a liquidity crisis is transformed into a liquidity crisis, it becomes easily contagious, leading to panic and a run-off and a financial crisis.

标准化票据将提升票据的融资功能；但其未来发展前景，还取决于创设效率和交易成本、能否被认定为“标”以及收益率对投资人的吸引力等

Standardized instruments will enhance the financing function of instruments; but their future development will also depend on the efficiency of creation and transaction costs, whether they can be identified as “targets” and the attractiveness of the rate of return to investors.

美股两周四次熔断，指数跌去30%，股债双杀，流动性枯竭，波及全球金融市场

The dollar melted four times a week, the index fell by 30 per cent, the equity debt was killed, liquidity was depleted and global financial markets were affected.

降低存款基准利率需权衡利弊和实际效果；可通过自律机制规范存款市场，抑制高息揽储；部分监管指标是否可调整值得讨论

Lowering deposit benchmark interest rates requires trade-offs and practical effects; deposit markets can be regulated through self-regulatory mechanisms that discourage high interest collections; and whether some regulatory indicators can be adjusted to warrant discussion

监管时松时紧的政策调整难以让市场发挥约束作用，需要从信息披露、融资渠道、市场监督、司法介入等方面全面配合

Tighter regulatory policy adjustments make it difficult for markets to play a binding role and need to be fully coordinated in terms of information disclosure, access to finance, market supervision, judicial intervention, etc.

A股表现出的“淡定”恐怕只是在巨大的不确定性面前的迷茫和呆滞

The A Unit's display of “deepness” is, I'm afraid, a lack of clarity and dilatoryness in the face of great uncertainty.

波动性前所未有，投资者恐慌抛售，资金无处安放

Volatility is unprecedented. Investors panic and sell their money. There's no place to put it.

随着各类金融机构加入，以个人为主导的第三支柱养老市场，将形成混业竞争的格局

With the participation of various financial institutions, an individual-led third-pillar pension market will create a pattern of mixed competition

第一支柱缺口增加，第二支柱覆盖有限，第三支柱艰难起步，中国养老金体系如何走出制度性困境？

The first pillar gap had increased, the second pillar had limited coverage, the third pillar had begun to struggle, and how did China's pension system get out of institutional difficulties?

我们只需要以全局的视角，用主要矛盾驱动系统演化，在安全边际高的位置上，完全可以前瞻性地应对动荡的时局

All we need is a global perspective, a major conflict-driven system evolution, and a very forward-looking response to a volatile state of affairs at a very high security margin.

邓普顿并购美盛的这类资管业合并案层出不穷，大背景是被动投资蚕食市场，量化投资方兴未艾，主动基金疲于招架大规模资金外流

This kind of merger of the Templeton merger with the United States of America takes place against a background of passive investment encroaching on the market, Quantification of the boom, and active funds are tired of attracting large-scale capital outflows.

A股放行分拆上市，如何防范母公司“空壳化”、关联交易和内幕交易

Release of A shares on the market, how to protect the parent company from “hulling”, related transactions and insider trading

这一平台打破信息孤岛、破解跨境贸易融资痛点，在推动政府公共治理层面足以立下标杆；但囿于机制束缚和资金实力，在技术突破和商业推广等领域面临挑战

This platform, which breaks the information divide, breaks the cross-border trade finance gap and is sufficient to set the standard at the level of government public governance; but with institutional constraints and financial strength, it faces challenges in areas such as technology breakthroughs and business diffusion.

资金难募集、预期收益不高、股权投资退出不畅等因素，导致债转股落地率不足20%，近期七部委出台的新政策能否打破瓶颈？

The difficulty of raising funds, the lack of expected returns, and the poor exit of equity investments have led to less than 20 per cent debt-to-equity drops, and could the new policies introduced by the seven ministries in the recent past break the bottlenecks?

在各项举措多管齐下的同时，也要考虑疫情过后如何收场；2003年“非典”结束后，经济、市场曾出现大起大落，教训值得汲取

Together with the initiatives, consideration must be given to how the epidemic ends; after the end of SARS in 2003, the economy and the market had fallen and the lessons learned were worth learning.

共债风险、催收矛盾、网贷行业整治出清等，与疫情冲击叠加，考验着中国消费信贷市场的韧性；各类金融机构如何应对？线上化转型能否破局？

The risk of co-indebtedness, the conflict of collection, the clean-up of the mortgage sector, etc., add up to the impact of the epidemic and test the resilience of China’s consumer credit market; how do financial institutions respond?

本轮行情更多由资金面主导，央行宽松的货币政策成为推动市场上涨的重要动力；无论节奏还是结构，都显示并非基本面驱动

The current round was more dominated by the financial side, and the monetary policy of central banks had become an important driver of market growth; both rhythm and structure had shown that it was not fundamental.

对比当前居民、企业、政府和国外四大部门与2003年的差异，新冠肺炎疫情对经济的负面影响可能持续时间较长，恢复力度也会偏弱

The negative impact of the new coronary pneumonia epidemic on the economy is likely to be longer and recovery weak compared to the current differences between the four main sectors of the population, business, government and abroad in 2003

发行端政策红利下，市场也担心浑水摸鱼的情况

With the end-of-the-art policy dividend, the market is worried about fishing.

3000亿元央行专项再贷款，如何投向新冠肺炎疫情防控最急需资金的企业，如何防范利益博弈和道德风险，阳光化运作最关键

Three hundred billion yuan in re-loans from the Central Bank, how to invest in the firms most in need of funds to prevent and control the new coronary pneumonia epidemic, and how to protect against profit games and moral hazard. Sunny operations are the most critical.

过去十年，中国股市越来越向微观指导方向靠拢，宏观经济增长的适度放慢或加速，对市场的影响越来越小

Over the past decade, China's stock markets have become increasingly oriented towards microdirection, and macroeconomic growth has slowed or accelerated modestly, with less and less impact on the market

交易要做，资金要结算，金融机构IT系统直面空前挑战，“战时状态”的金融机构如何做好合规风控管理？

Transactions are to be settled, financial institutions IT face unprecedented challenges, and how do “war-state” financial institutions manage compliance?

事前应对的方法主要是关注市场脆弱性；事后应等市场拥挤度下降至较低水平，市场情绪基本出清

The approach to ex ante response is primarily to focus on market vulnerability; after-effects, market congestion is reduced to lower levels and market moods are largely cleared up

在政府保底的背景下，意外险、疾病险纷纷扩展保险责任，监管明令不得开发专属产品，全行业赔付压力不大

In the context of government insurance, insurance coverage has been expanded by accident and sickness insurance, and regulation has prevented the development of exclusive products, with little pressure on the industry to pay for them.

疫情对金融市场的短期冲击已基本释放，下一步信贷倾斜政策如何落实是关键，银行业亦需防范信用风险和道德风险

The short-term impact of the epidemic on financial markets has been largely released, and the implementation of the next credit-favour policy is key, and the banking sector needs to guard against credit and moral hazard.

在中美第一阶段经贸协议文本中，“金融服务”占据了整整一章的篇幅，说明在双方的谈判中，金融开放或许发挥了举足轻重的作用

“Financial services” occupied an entire chapter in the Chinese-American first phase of the FTA text, suggesting that financial openness might play a significant role in the negotiations between the two sides.

短期内，伴随着LPR下行，贷款利率大概率将下行；长期看，更频繁波动的贷款定价基准，无疑将给银行的利率风险管理带来挑战

In the short term, with the LPR going down, loan interest rates will probably drop; in the long run, more volatile lending pricing benchmarks will undoubtedly pose a challenge to bank interest rate risk management

A股上半年依然是结构性行情为主，机会更多体现在盈利趋势性回升的行业，或预期差带来的估值修复行业

The first half of the A share continued to be dominated by structural dynamics, with opportunities more evident in the profit-motivated industry, or in the valuation restoration industry resulting from poor expectations

呼吁多年的公募基金入市终于放行，新三板流动性问题能否迎刃而解？专户上损失惨重的公募基金，如何重拾信心？

Will the issue of the new three-board liquidity be resolved? How can confidence be restored by the loss of a public fund on a trust account?

安信永发起并管理的斯玛特（Smart）客户保护行动，从产品设计和提供、监测到投诉的全流程，提出规范和认证要求，并推动机构把原则转化为行动

The Smart Client Protection Initiative, initiated and managed by Ansinyong, is a full process from product design and delivery, monitoring to complaints, setting norms and certification requirements, and promoting institutional translation of principles into action

面向贫困地区农户贷款，不靠补贴、不靠低息、不靠政府担保、不靠抵押，中和农信如何实现商业可持续并引入资本？

How can lending to farmers in poor areas be commercially sustainable and capital-intensive without subsidies, low interest rates, government guarantees, mortgages?

只要把时空坐标系转换为风险收益坐标系，预测就完全可以指导行动

As long as the time and space coordinate is converted to the risk-benefit coordinate, the predictions are fully operational.

国企混改模式稍作这样的调整，就是提高国企混改社会获得感、深度优化市场环境、迅速改善民营企业家预期的有效渠道

A slight adjustment to the model of State entrepreneurship is an effective way to increase the sense of access of State entrepreneurship to the society, to deepen and optimize the market environment, and to rapidly improve the expectations of private entrepreneurs.

这一中国独创的并购基金模式，背后是独特的发行审核体制和紊乱的估值体系；模式饱受争议，为何仍流行？

This innovative Chinese M & As model is backed by a unique distribution and auditing system and a dysfunctional valuation system; the model is controversial and why is it still popular?

“去杠杆”将是长期任务，2020年不是终点；面对经济下行压力，存量问题可以适当变通，但宏观杠杆率一定要稳住

“Deleveraging” will be a long-term task, and 2020 will not be the end point; in the face of economic downside pressures, stocks can be adapted, but macro-leveraging will have to be stabilized

被认为“亮点频现”的新《证券法》也留有诸多遗憾，新的审视已经开始

The new Securities Act, which is considered to be “highlight” also leaves many regrets, and a new review has begun.

面对不断升级的贸易战，曾经似乎只能作壁上观的WTO，如今自身也陷入生存危机。WTO会有怎样的结局？我们是否正步入后WTO时代？

In the face of escalating trade wars, the World Trade Organization (WTO), which once seemed to be the only thing to look at, is itself in a crisis of survival. What will happen to the World Trade Organization? Are we on the way to the post-World Trade Organization era?

私募基金39条新规出台，“募投管退”全方位收紧，跨部门监管细节问题仍待解决

A new 39 regulations for private fund-raising have been put in place, the whole spectrum of “refund-raising” has been tightened, and the details of cross-sectoral regulation remain to be resolved.

原定的过渡期仅剩一年，存量资产处置不力，叠加产品整改进度远未达预期，政策制定者该如何在微调中保持初衷

The original transition period was only one year away, stock assets were poorly disposed of, product consolidation was far from being improved and policymakers were expected to maintain their original purpose in fine-tuning.

这轮回暖只是“阶段性的”，2020年中国经济走势更有可能是前高后低，房地产新开工项目见顶回落对经济的拖累，在下半年才会开始显现

This round of warming is only “phased” and the trend in China's economy in 2020 is more likely to be high and low, and the new start-up of real estate projects will only begin to show up in the second half of the year.

双边本币结算有良好基础，也有利于中日两国的贸易投资便利化

Bilateral currency settlements have a good basis and are also conducive to trade and investment facilitation between China and Japan

最新修订的《证券法》将扩大证券定义，引入资管产品，并确定注册制改革目标

The recently revised Securities Act will expand the definition of securities, introduce regulatory products and define the objectives of the reform of the registration system

并购标的业绩对赌失败后，上市公司开始琢磨资产出售和出表的招数，看上去“皆大欢喜”的局面却在挑战监管边界

After the M & As failed, the listed companies began to figure out how to sell and show their assets, and the situation seemed to be “all happy” challenging the regulatory boundaries.

任何投资策略都可以被还原为未来收益性和不确定性，不同的是时间尺度和视角

Any investment strategy can be reversed as future profitability and uncertainty, with different time scales and perspectives.

当前备案的痛点是差异化监管不足、服务不到位、效率不高，如何在便利会员与防范风险中寻求平衡

The pain of the current record is how to strike a balance between facilitating membership and protecting against risk through inadequate differential regulation, insufficiency of services and inefficiency.

支持和鼓励“硬科技”企业科创板上市，交易所与市场面对同样的定性难题

Support and encourage the listing of “hard technology” business initiatives, with exchanges facing the same characterization challenges as markets

市场规模尚小，多数高收益债券投资者是在单个项目机会中“赌”兑付，但很难形成高效稳健的投资策略；二级市场有套利空间，但对企业的帮助和影响有限

Market size is small, most high-yield bond investors are “bringing” on individual project opportunities, but it is difficult to develop efficient and robust investment strategies; secondary markets have arbitrage but have limited help and impact on enterprises

雅高从一家超小盘股摇身一变成为国际指数的成分股，香港资本市场的新玩法是怎样的

What's the new game in Hong Kong's capital market?

重要的结构性问题当尽早着手，以确保长期增长潜力可以最大程度实现；如果为短期达标燃起虚火，可能得不偿失

Important structural issues should be addressed as early as possible to ensure that the potential for long-term growth can be maximized; there is a risk of loss if a fire is ignited to meet short-term targets

政策制定者应使用现代货币理论框架去实施更加激进的赤字政策吗？中央银行有可能被置于从属地位吗？这将在很长时间里成为争论的焦点

Should policymakers use the modern monetary theory framework to implement more radical deficit policies? Is central banks likely to be subordinated? This will be the focus of debate for a long time.

在快速开放市场、吸引外资流入的同时，能否提供丰富的对冲工具是当前A股市场面临的挑战

Rapid opening of markets to attract FDI inflows while providing a wealth of hedging tools is a challenge for the current A share market

央行更在意的是政策利率对贷款利率的牵引；未来一段时间内主动引导货币市场利率中枢下行的可能性不大

The central bank is more concerned about the policy interest rate as to the interest rate on loans; there is little chance that it will be proactive in steering down interest rates in the currency market for some time to come

公司治理属于上市公司的合规成本，监管如何在推进中把握好力度和节奏？

Corporate governance is a compliance cost for listed companies, and how can regulation capture the strength and rhythm of the drive?

“牵马河边易，强马饮水难”，逆周期调节引导银行加大信贷投放、降低融资成本，问题是实体经济有效需求如何？现实贷款风险加大如何弥补？

The problem is how effective the real economy needs to be. How can the increased risk of real lending be met?

需要从“固定收益+”这个特殊的风险配置方法，走向更为全面的风险配置方案，动态地评估和前瞻性地配置组合风险，且需要让投资者理解这一策略

There is a need to move from the special risk allocation approach of `fixed returns plus' to a more comprehensive risk allocation, to a dynamic assessment and forward-looking configuration of portfolio risk, and for investors to understand this strategy

新政确立了“充分市场博弈”的政策组合，强调支持战略投资者

The New Deal establishes a policy mix of “adequate market games”, with an emphasis on supporting strategic investors

政府和保险公司共同分担风险的模式有待完善，生猪保险产品亟待创新，补贴及贷款优惠等金融支持政策尚难惠及中小养猪场及散户

The model of shared risk sharing between the Government and insurance companies needs to be refined, and innovations are needed in the production of pig safety products. Financial support policies, such as subsidies and loan concessions, have not yet been able to reach small and medium-sized pig farms and silos.

不论是在资产价格暴涨而消费价格稳定的过往，还是消费价格陡增而整体经济偏弱、不确定性较高的当下，不应让CPI这个单一因素束缚货币政策的作为

The single CPI should not be allowed to constrain monetary policy at a time when asset prices have surged and consumer prices have stabilized, or when consumer prices have soared and the economy as a whole is weak and uncertain.

资本市场的加速开放，令中国与国际金融市场联系不断紧密，评选过程公正、结果可信的卖方分析师榜单存在的意义重大

The accelerated opening of capital markets has kept China in close contact with international financial markets, and it is significant that the selection process is fair and credible in terms of the existence of a list of seller analysts.

退市、重组还是破产重整，“披星戴帽”已有时日的康得新有着15万股东和众多债权人，博弈仍在持续

De-marketing, reorganization or bankruptcy, with 150,000 shareholders and a large number of creditors in “star-hatting” for the time being, the game is still going on.

短期数据的快速增长与市场的高度关注并不代表产品的成功，合理有效地均衡各方利益与诉求才是产品发展的关键

Rapid growth of short-term data and high market interest do not represent product success, and a reasonable and effective balance of interests and demands is key to product development

曾被纾困过的企业，有些借力纾困成功上岸，有的还在负重跋涉。纾困政策不能忽视市场规律，金融机构不可偏离审慎原则

Some of the businesses that have been rescued have managed to make their way to shore, while others are still struggling. The policy must not ignore market rules, and financial institutions must not deviate from the precautionary principle.

任欧央行行长八年，他使用一切可能手段，将欧洲经济拉出了危机泥潭；如果没有他，欧元区或许早已不复存在

Eight years as President of the ECB, he used every possible means to pull the European economy out of a crisis; without him, the eurozone might have ceased to exist.

首批试点五家公募基金，投资顾问如何从买方利益出发，摆脱同一老板的基金管理公司追求规模、流量的卖方诉求？

How can an investment consultant, in the interest of the buyer, get rid of the size and flow of sellers who are pursuing the same boss's fund management firm?

冲了20年规模的中国公募基金行业能否在新一轮改革中洗心革面，以持有人利益为先，主动提升管理能力，真正回归资产管理本源？

Will China's 20-year-old public fund-raising industry be able to change its mind in a new round of reforms, advance the interests of its holders, take the initiative to upgrade its management capacity, and return to the very source of asset management?

央行金融科技规划涉及人工智能、大数据等底层技术，也指出监管沙盒、数据治理、金融标准化等机制设计方向；金融科技能否走上守正创新、安全可控之路？

Central Bank financial science and technology planning involves low-level technologies such as artificial intelligence, big data, and also points to the design orientation of mechanisms to regulate sandboxes, data governance, financial standardization, etc.; can financial science and technology be placed on the right and manageable path of innovation?

流动性增加只是必要条件，哪一类风险资产更受益，仍取决于其基本面趋势和估值水平

Increased liquidity is only a necessary condition, and which risk types of assets benefit more will still depend on their underlying trends and valuation levels

提炼精选层、引入连续竞价交易、对标沪深交易所匹配基础制度、建立直接转板机制，新三板需要在不同交易所的动态竞争中找到自己的位置

Refinement of niches, introduction of successive competitive bidding transactions, matching of base systems for deep-deck exchanges, establishment of direct turn-over mechanisms, and new three sets need to find their place in dynamic competition in different exchanges

真假结构性存款都面临更高的监管合规成本，对中小银行影响更大；预计银行负债将回归大额存单和一般性存款，有利于压降负债端资金成本

Real and structured deposits face higher regulatory compliance costs, which have a greater impact on small and medium-sized banks; bank liabilities are expected to return to large bills of deposit and general deposits, contributing to reducing the cost of funds on the liabilities

连接客户和产品的投顾服务，将是产业链竞争的焦点；投顾的重点是帮客户构建和维护产品投资组合

Investment services linking customers and products will be the focus of competition in the industrial chain; the focus of investment will be to help clients construct and maintain the product portfolio

美国市场零佣金的铺开提升了中国券商向财富管理转型的意愿，但经纪收入占比居高不下、缺乏在财富管理领域的创收能力又让中国券商底气不足

The opening of zero commissions in the United States market has increased China's willingness to make a transition to wealth management, but the high share of brokers'revenues and the lack of revenue-generating capacity in the area of wealth management have left China's bond dealers undervalued

正快马加鞭推进的创业板注册制改革，年底前或可成行，需参与各方冷静面对

The change in the registration of the entrepreneurship board, which is being promoted by fast-tracking, may take place before the end of the year and require all parties involved to face it calmly.

认定从严，此前属性模糊的“非非标”都被归为“非标”，存量“非标”转“标”路径变窄，ABS等标准化资产吸引力上升

“Non-target” with previously vague properties were classified as “non-target”, the inventory “non-target” to “mark” path became narrower and standardized assets such as ABS became more attractive

未来几个月，政府可能会出台另一拨基建刺激政策，将给固定资产投资和企业盈利都带来积极的变化

In the coming months, the Government may introduce another infrastructure stimulus that will bring about positive changes in both fixed-asset investment and corporate profitability

港交所收购伦交所失败，折射出全球主要交易所各自寻找进化的方向

The Hong Kong Trade Office failed in its acquisition, reflecting the way major global exchanges are looking for evolution.

超七成的保险中介上半年净利同比下降甚至净亏损，从车险转向寿险销售的道路并不平坦

Over 70 per cent of insurance intermediaries had a year-on-year net profit decline or even a net loss, and the road from car insurance to life insurance sales was not easy.

创投基金虽有减持便利和税收优惠政策，但落实起来困难重重

Innovation funds have reduced facilities and tax incentives, but they are difficult to implement.

交易所“黑科技”专业应对违规行为——利用关联账户操纵股价、“黑嘴”拉抬股价，违规程序化交易、分仓交易衍生品等招数成为重点监管对象

Exchange “black technology” professionals respond to irregularities - manipulation of stock prices using associated accounts, promotion of stock prices by “black mouths”, and targeting of irregularities in procedural transactions, silo trading derivatives, etc.

银行理财兴起于资金池模式，此前估值方法粗放甚至不估值。现在的估值指引也存在一定争议和执行难度，但从行业长期健康发展来看，统一标准迫在眉睫

Bank finance has emerged from the pool model, where valuation methods were rough and unvalued. The current valuation guidelines are somewhat controversial and difficult to implement, but there is an urgent need to harmonize standards in terms of the long-term health of the industry.

在香港大手笔融资的同时，管理层分批掏空香港上市公司资产，低价出售给内地关联方，暗中控制A股标的董事会，预谋变相借壳上市

At the same time as Hong Kong's large-scale financing, management emptied the assets of Hong Kong's listed companies, sold them at a low price to mainland parties, secretly controlled the board of directors of the A shares, premeditated to go to the market.

市场本已充分预期到会降息，但宣布前令人意外地出现资金紧张、利率暴涨的局面，表明美联储一度失去了对短期利率的有效控制

The market had fully anticipated a reduction in interest rates, but the unexpected financial constraints and interest rate booms before the announcement showed that the Fed had lost effective control over short-term interest rates.

当前从中期借贷便利到实际贷款利率的传导机制尚待理顺，坚持以改革的方式降低企业融资成本，“降息”或不急于一时

Current transmission mechanisms from medium-term lending facilitation to real loan interest rates have yet to be rationalized, insisting on a reformed approach to reducing the cost of enterprise financing, “interest reduction” or short-lived time

香港已成为全球最大的绿色债券市场之一。不过，市场对参与绿色金融仍处观望，需要更清晰的监管框架和更深入的投资者教育

Hong Kong has become one of the largest green bond markets in the world. However, markets still look forward to participating in green finance, requiring clearer regulatory frameworks and deeper investor education.

最重要的变化是人民币汇率的“置之死地而后生”

The most important change is that the RMB's exchange rate is "dead and raised."

在净值化时代，“理解”是取代“授信”成为投资者心理依托的关键

In the era of net worth, “understanding” is the key to replacing “granting” as the psychological support of investors.

推出一年，市场反应平平，长线产品难以吸引以短线风格为主的投资群体，基金经理对考核激励机制不满，养老目标基金该如何走出困境？

In a year of flat market responses, long-line products are difficult to attract investment groups dominated by short-line styles, fund managers are not satisfied with the validation incentive mechanisms, and how should pension target funds get out of the way?

伴随LP断供和GP缩募，政府引导基金也面临募资难和退出难的困境

With the LP cut-off and the GP bailout, the government-led fund also faced difficulties in raising funds and withdrawing from it.

质押“火药桶”在各类纾困基金及弹性监管的配合下，伴随A股的回升，整体规模略有下降，风险也略微缓和，不过仍旧是一枚“定时炸弹”

The pledge of “powder drums”, in conjunction with various relief funds and flexible supervision, accompanied by the recovery of the A share, has slightly reduced its overall size and its risks, although it is still a “time bomb”

政策导向是全口径收紧涉房地产贷款，加大对制造业和小微企业的贷款；银行面临的最大挑战，来自宏观经济形势的不确定性

Policy orientation is to tighten real estate lending on a full-calibre basis and to increase lending to manufacturing and micro-enterprises; banks face the greatest challenge, owing to uncertainties in the macroeconomic situation

如何应对定价体系调整带来的资产负债波动、如何平衡好资金效率和金融稳定，对货币当局和整个银行体系而言都将是一个巨大考验

Managing asset and liability volatility, balancing financial efficiency and financial stability as a result of adjustment to the pricing system will be a great test for monetary authorities and the banking system as a whole

信用卡业务告别高增长，是部分银行主动调整和监管收紧共同作用的结果；进入下半场，如何经营好存量客户，解决“共债”风险，是各家银行正在思考的问题

The high rate of credit card activity is the result of a combination of proactive adjustment and tightening of supervision by some banks; moving into the second half, how to manage the stock of customers and how to address the “community” risk is a matter that banks are thinking about.

一方面上市公司有重大违法行为需要严惩，另一方面法制不健全、具体操作分歧巨大，加之投资者、地方政府纷纷反对，执行退市成为三公原则与法制、投资者的多方博弈

On the one hand, serious violations by listed companies require severe punishment, and on the other hand, the rule of law is inadequate and operational differences are so great that investors and local governments are opposed to the idea that the implementation of defunct markets becomes a triad of principles and the rule of law and a multi-party game for investors.

制定贸易政策与美联储无关，但贸易政策若影响到就业和通胀前景，便可能改变货币政策取向

Trade policy formulation has nothing to do with the Fed, but trade policy may change monetary policy orientation if it affects employment and inflation prospects

从变相保底向浮动净值转型，降低流动性风险，代价是收益率下滑、净值波动，还要面对银行理财分流，新型货币基金对个人投资者吸引力有限

Transitioning from a disguised bottom to a floating net value, reducing liquidity risk at the expense of declining rates of return, fluctuations in net value, and facing bank transfers, the new IMF has limited attractiveness for individual investors

400多亿的循环经济一体化投资为何拖垮了钾肥之王？公司主业现金流健康，尚未资不抵债，为何提起债务重整？

Why did more than 40 billion dollars of circular economic integration investment take away the King of Potassium Fertilizers? Why did the company owner raise the debt for a healthy cash flow that had not yet been able to pay off the debt?

该案“一夜爆红”之后，金融机构、投资者和监管部门如何从中有所反省？

How can financial institutions, investors and regulators reflect on this case after the “one-night boom”?

暗示银行的资金需求正在逐渐放缓；由于银行没有足够的优质资产可以选择，只能降低负债扩张速度

Indications that the bank's funding needs are slowing down; as banks do not have enough high-quality assets to choose from, they can only reduce the rate of debt expansion

参照成熟市场的发展路径，未来人民币私募投资市场势必会出现一些平台型的综合性另类资产管理机构

In line with the development path of the mature market, a number of platform-based alternative asset management agencies will emerge in the future.

部分保险公司为抢占银行销售渠道不惜踩上红线。未来如何阳光化？

Some insurance companies try to take advantage of the bank's sales channels by stepping on the red line. How does the sun shine in the future?

瞄准影子银行治理的资管新规，自起草到出台再到现在已经三年多，经历了什么样的博弈？该取消过渡期吗？

What game have you been through since the drafting and introduction of the new rules governing the governance of shadow banks, and should the transition period be cancelled?

作为贷款定价新基准的LPR挂钩MLF，只是利率并轨的第一步；后续还需推进同业负债占比、银行内部资金转移定价机制等配套改革，考验银行的定价能力和资产负债管理能力

LPR, which is the new benchmark for the pricing of loans, is only the first step towards the harmonization of interest rates; follow-up will need to be accompanied by reforms such as peer debt ratios, intra-bank money transfer pricing mechanisms and testing of bank pricing capacity and asset liability management capacity

面对净值化产品，财富管理的关键在于帮助客户认知投资过程，而不是替客户选择

In the face of net value-added products, the key to wealth management is to help clients understand the investment process rather than choose for them.

从P2P到金交所，直至转型到财富管理平台、消费金融，战略方向一变再变，陆金所IPO一再难产后将怎么办？

From the P2P to the Golden Junction, to the transition to a wealth management platform and consumer finance, what happens when strategic directions change again and again?

在资产质量、授信集中度和对同业融资依赖等几个方面，中国的小型银行包含巨大的尾部风险

Small banks in China have significant tail risks in terms of asset quality, credit concentration and reliance on peer financing.

资金、牌照，是格莱珉中国对尤努斯此行的期待；合影、签名、发朋友圈，是不少想要见到尤努斯的人的期待；但尤努斯的期待，是什么？

The money, the license plate, is the expectation of Gretchen China for Yunus; the expectation of many who want to see Yunus, for photographs, signatures, and circulation of friends; but what is the expectation of Yunus?

“解决问题要从长远着手，标本兼治，注意区分长期政策和短期对策，把握好度，谨防引起多方叠加共振，导致单点风险外溢为系统性风险”

“The problem must be addressed from a long-term perspective, addressing both the symptoms and the root causes, taking care to distinguish between long-term policies and short-term policy responses, taking advantage of good practices and avoiding multiple and resonances leading to single-point risk spillovers as systemic risks”.

多家A股上市公司分拆子公司备战科创板，同业竞争、关联交易难以监管，天然隐藏着不易发现的利益输送

A number of companies listed in the A stock split up their subsidiaries to prepare for war, competed with their counterparts, linked transactions were difficult to regulate, and the undetectable flow of benefits was naturally hidden.

高明的财技，难取代真正的产业并购，一时精巧的资本运作或许能带来短暂的狂欢，但没有基本面支撑，最终落入危局

Smart financial skills can never replace real industrial mergers and acquisitions, and a once-in-a-lifetime capital operation may lead to short-lived festivities, but without basics, they end up in danger.

企业债务增速过快且集中在少数风险最高的企业，而股票、房地产和公司债务估值均处历史高位；一旦经济下滑、信用利差扩大、贷款标准提高，风险便可能爆发

Corporate debt is growing too fast and concentrated in a few of the highest-risk enterprises, while stock, real estate and corporate debt valuations are historically high; risks are likely to erupt once the economy declines, credit spreads expand and lending standards rise

内地客赴港投保，保险公司、保险经纪、保险顾问、投保人各自扮演什么角色？出了大风险，究竟谁之过？

What are the respective roles of insurance companies, insurance brokers, insurance consultants, insurance providers and insurance providers in Hong Kong? Who is at great risk?

中国金融业对外开放政策频出，外资机构兴奋不已的同时，亦有不少进场隐忧

China's financial sector has a high rate of open foreign policies, while foreign institutions are excited, and there's a lot to worry about.

股票投资风格切换背后的宏观驱动力，是地产周期的冷热交替；一旦地产再次进入全面下行周期，价值股无论从盈利还是从估值角度，都难以继续占据上风

The macro-driven driving force behind the stock investment style is the cold heat of the real estate cycle; once property re-enters the full downward cycle, it is difficult for the value share to continue to prevail, both in terms of profitability and valuation.

这位90岁的香港企业家错过了香港地产业的黄金发展时期但并不后悔，却选择成为取代何鸿燊的澳门新赌王，为什么？

Why did the 90-year-old Hong Kong entrepreneur miss the period of gold development in Hong Kong's real estate without regret and choose to be the new king of Macao who replaced Ho Hongjing?

美国是否会禁止Libra？Libra对法定货币、货币政策的冲击和影响究竟是什么？央行和监管当局应该如何监管Libra？

Will the US ban Libra? What is the impact and impact of Libra on legal currency, monetary policy? How should central banks and regulatory authorities regulate Libra?

此番房企融资全方位收紧，或将导致个别资金链紧张的小型房企承压；不过，海外债市投资者对于中国房企海外债的兑付并不特别担心

All aspects of housing finance have been tightened, or small-scale housing enterprises that will strain individual financial chains are under pressure; however, foreign investors in China have not been particularly concerned about the payment of China's foreign debt.

“存贷款利率要分开走。”中国人民银行行长易纲近日对财新记者谈到此次利率并轨改革的主要思路：存款基准利率仍将保留相当长的时间，以免出现存款大战；贷款利率定价机制要进一步改革，贷款基准利率淡出，由市场化报价利率来取代贷款基准利率，同时参考中期借贷便利（MLF）等一系列市场化利率

“The interest rate on the loan is to be separated.” The Governor of the People's Bank of China recently spoke to finance and new journalists on the main lines of the reform of the interest rate on the track: the deposit benchmark rate will remain for a considerable period of time in order to avoid a deposit war; the loan rate pricing mechanism will be further reformed, the loan benchmark rate will fade and the loan benchmark rate will be replaced by a marketized bid rate, taking into account a range of marketized interest rates, such as the Medium-Term Lending Facility (MLF).

一桩看似普通的并购交易为何会一波三折？在搁置一年半后，何以突然重启审查程序？并购重组委工作会议召开前一天，上市公司又为何主动撤回？

Why would a seemingly ordinary M & As deal suddenly reopen the review process after a year and a half? Why would the listed company withdraw on its own initiative the day before the M & A Committee’s working session?

造假多年，环环失控，但最终仅是无关痛痒的行政、刑事处罚，债权人、投资者追索无门

For years, the ring was out of control, but in the end it was just a painless administration, a criminal punishment, creditors, investors.

货币政策回归中性，而财政政策保持积极；未来国内的政策导向会对企业部门整体有利，并加剧企业部门内部的分化，这未必不是一件好事

Monetary policy has returned to neutrality, while fiscal policy remains positive; it may not be a good thing that future domestic policy orientation will benefit the corporate sector as a whole and exacerbate divisions within the enterprise sector.

若贸易战无法速战速决，我们恐怕要有在今后一段时间容忍较低增长的心理准备

If the trade fight doesn't end quickly, we're afraid we'll have to be prepared to tolerate lower growth for some time to come.

理财子公司初出茅庐，存量产品处置转型艰难，过渡期内双线并行如何统筹协调，银行理财业务正处于去旧推新、不破不立的关键期

The financial subsidiary is in a state of decline, stock product disposal is in a difficult transition, there is coherence between the two lines during the transition period, and the banking sector is in a critical period of rejuvenating and unbroken business.

A股再次尝试市场化定价，不仅考验公募基金等机构投资者的专业水准，更考验监管层的定力

Unit A tries again to market the price, not only to test the professional standards of institutional investors, such as public funds, but also to test the rigidity of the regulatory hierarchy.

此轮地产融资收紧，并非仅针对少数信托公司的违规“输血”，而是全面落实中央“房住不炒”的宏观调控要求，房地产贷款和发债融资均悄然紧缩

This round of real estate finance has been tightened, not just in response to irregular “blood transfusions” by a small number of trust companies, but in full implementation of the central “household-in-work” macro-regulation requirements, with both real estate loans and debt financing stagnating.

视经济学为致力于公共政策的一种召唤；让供给经济学家喻户晓；凝聚并影响了几代学者和政治精英

Economics as a call for commitment to public policy; informing supply economists; congregating and influencing generations of scholars and political elites

Libra创造的是跨境自由流动的可兑换数字货币。这类稳定币的出现和发展，无论是从对货币政策的执行，还是宏观审慎管理的角度，都离不开央行的支持和监管，以及各国央行及国际组织的监管合作

Libra creates convertible digital currencies that move freely across borders. The emergence and development of such stable currencies, both in terms of monetary policy enforcement and macroprudential management, depend on central bank support and supervision, as well as regulatory cooperation between central banks and international organizations.

融资平台战术破产与险企收益率不断下滑，加之监管持续收紧，让一心想进入这一行业的资金犹豫了

The strategic bankruptcy of the financing platform and the declining rate of return on risk companies, coupled with the continued tightening of regulations, have hesitant money to enter the industry.

中国证券行业迎来新一轮兼并整合潮，头部证券公司强者恒强的竞争格局正在形成

The Chinese securities industry is in the midst of a new wave of mergers and mergers, and a consistent pattern of competition among the strong of the leading securities companies is emerging.

近期发生变化的两个因素是：房地产市场调控政策加码，中小金融机构支持信用扩张的意愿或能力下降

Two factors that have changed in the recent past are the increase in the policy of regulation in the real estate market and the decline in the willingness or ability of small and medium-sized financial institutions to support credit expansion.

五大行在政策要求和激励之下，小微贷款陡增；中小银行被动跟进，贷款定价走低，但是低定价能否覆盖成本与风险？

With policy requirements and incentives, there has been a sharp increase in micro-lending; small and medium-sized banks have been passively followed by low loan pricing, but can low pricing cover both costs and risks?

证监会第四次修订并购重组规则，创业板首度允许借壳、重组上市配套融资恢复，这是否会带来壳股再狂欢？如何预防“高估值、高商誉、高业绩承诺”后遗症？

For the fourth time, the CSRC revised the M & As restructuring rules, allowing for the first time the start-up of the business board to borrow the shell and re-organize the re-marketed finance. Is this going to lead to a re-joicing of the shell? How to prevent the after-effects of “high valuation, goodwill, high performance commitment”?

终端客户将承担投资风险；资产配置服务将成为整个资管产业链的流量入口，基于风险配置的投顾服务将成为提高客户转化率的重要抓手

The end-user will assume investment risk; asset allocation services will become the flow entrance to the entire chain of the asset management industry, and risk-based investment services will become important players in improving client conversion rates

科创板成功的关键不在于千方百计保证挂牌企业没有造假、业绩稳定，而在于充分发挥市场机制，做到优胜劣汰，投资者风险自担

The key to the success of the board is not to do everything in its power to ensure that listed companies do not fake and perform in a stable manner, but rather to take full advantage of market mechanisms, to be successful and to be at risk to investors.

从长远看，接管包商行后，市场监管强化，严肃市场纪律，打破金融机构和同业业务的刚性兑付后，过去一些激进甚至疯狂的经营模式逐步暴露，市场因此发生了一系列调整和变化

In the long run, a series of adjustments and changes in the market have occurred as a result of the increased market regulation and serious market discipline following the takeover of the subcontractor, and the gradual exposure of some of the radical and even crazy business models of the past following the break-up of financial institutions and business practices.

第三方销售机构将获准试点，收费模式从交易佣金模式转向按资产管理规模收费

Third-party sales agencies will be allowed to pilot and the fee model will shift from a transaction commission model to a charge based on the size of asset management

加大获客力度、提升用户黏性，是银联在移动支付市场扳回一城的主要着力点；在快速转型中，银联如何处理与银行的微妙关系、避免与银行争利、获得银行的合力支持，也是关键

Greater clientization and user stickyness are the main points of focus of the Federation in bringing back a city in the mobile payment market; and how the Federation deals with the delicate relationship with banks, avoids profiting from banks, and obtains the combined support of banks in a rapid transition is also crucial.

如果中国真的被迫要从全球产业链中脱钩，中国经济和企业的转圜余地则很小，因此中国仍需尽最大努力留在全球产业链中；在科技上达到自力更生需时仍久，中国要赢得这些时间

If China is really forced to delink from the global industrial chain, there is little room for China's economy and enterprises, so China still has to do its utmost to remain in the global industrial chain; it takes a long time for technology to become self-reliant, and China has to win this time.

面对政治上的极限施压，及曾被视为异端的现代货币理论影响力的日渐增大，中央银行亟须早日摆脱困局，否则将有进一步丧失独立性的风险

Faced with political constraints and the growing influence of modern monetary theories that were once seen as heresy, there is an urgent need for central banks to get out of the trap before there is a risk of further loss of independence.

不能管得太严，否则市场将失去活力；又不能管得太松，否则将埋下危机的伏线，令发展没法持续

You can't get too tight, you can't lose the market, you can't get too loose, you can't get through the crisis, you can't keep development going.

欧洲与中国有共同的目标，即维护开放的贸易体系和多边秩序；在全球层面无法达成一致共识、多边体系无法为继的情况下，一个替代方案是尽力拓展区域化的诸边体系

Europe and China share the objective of maintaining an open trading system and a multilateral order; an alternative is to try to expand the plurilateral system of regionalization in the absence of a consensus at the global level and a multilateral system that cannot be sustained

优化存量挂牌公司和交易机制、改革增量渠道引入更多资金，新三板流动性顽疾能否化解？

Can the new three sets of liquidity treacherous problems be addressed by optimizing stock listings and trading mechanisms, reforming incremental channels to introduce more funds?

如果形势所迫，政府对人民币贬值的容忍度可以大幅提高，但并不表示会轻易让人民币“破7”；只有在失业率显著上升时，人民币才有持续贬值的基础

The government's tolerance for the devaluation of the renminbi can be significantly increased if the situation is under pressure, but does not mean that it would be easy to “break 7”; only when unemployment rises significantly will the renminbi have a basis for continuous devaluation

二级市场回暖后加速减持，积极寻求与上市公司合作，寄望从科创板退出

The second-tier market is warming up faster, actively seeking cooperation with listed companies, and looking out for exits from science and innovation.

对于中国20年来第一家被监管接管的商业银行，市场关注的是，有限打破同业刚兑之后，会带来什么样的深远影响？

With regard to China's first regulated-taking commercial bank in 20 years, the market is concerned about the far-reaching implications of a limited break-up in trade unions.

存款造假的整个链条牵涉到上市公司、大股东、会计师事务所、银行、券商等各个环节

The entire chain of counterfeiting of deposits involves listed companies, major shareholders, accounting firms, banks, bond dealers, etc.

巨额资金以复杂隐秘的手段流入大股东口袋，随之而来的巨大风险留给了上市公司与投资者。这次的主角换成了民营企业

Large amounts of money flowed into large shareholders’ pockets by sophisticated and subtle means, leaving the huge risks to listed companies and investors.

造假几十亿元、罚款仅60万元的困局如何破？“示范判决+调解”能否成为中国改良版的集体诉讼？

How can you break the dilemma of falsifying billions of yuan and fined just $600,000? Can the Model Judgement + Mediation be a collective lawsuit in China?

对于投资者而言，应对远远比预测更重要

For investors, response is far more important than prediction.

由于过去几年研发投入的增长，将会看到更多立足“硬科技”优势而不是商业模式创新的“独角兽”企业

As a result of the growth in R & D inputs over the past few years, more “unicorn” enterprises based on “hard technology” advantages rather than business model innovations will be seen

A股国际化进程加速，外资持有A股市值直逼公募基金，谁将主导话语权？

Who will take the lead when the process of internationalization of A shares accelerates, and foreign holdings of A shares of market value drive the public fund?

上市公司财务报表中几百亿元银行存款说没就没，除了会计差错、大股东占款，还有什么见不得光的隐情？

The bank deposits of tens of billions of dollars in the financial statements of listed companies say so, except for accounting errors and large shareholders.

准备金利率由此前的2.4%降至2.35%，虽只有5个基点的下调，但其传递的信号不容忽视

The reserve interest rate was reduced from 2.4 per cent to 2.35 per cent, and although only 5 basis points were lowered, the signal it sent could not be ignored

本应主要作为支付结算工具的票据，被部分财务公司用来过度融资加杠杆，导致规模和风险失控。监管应如何补位？

An instrument that should be used primarily as a payment settlement tool is used by some financial companies to leverage excessive financing, leading to a loss of scale and risk. How should regulation be replaced?

如果货币政策不进一步放松，财政托底政策又逐步退出，经济复苏是否会就此中断？从前两次政策“观察期”来看，不必过于杞人忧天

Will the economic recovery be interrupted if monetary policy is not further relaxed and fiscal bottom-up is phased out?

本应作为基础投资品种的ETF，在A股市场被赋予越来越多的非投资工具属性

ETFs, which should be the basic type of investment, are increasingly attached to non-investment instruments in the A share market

“黄牛”打通人身伤害司法鉴定环节骗保，危害经年，在上海尤甚，暴露司法鉴定行业痼疾。抓捕“黄牛”与整顿行业正同步进行

The search for the "yellow cow" is proceeding in tandem with the reorganization of the industry.

当系统性风险敞口对环境具有更好的适应度，以及更高的风险溢价时，这个“贝塔”是具备盈利前景的风险敞口

This “Betta” is a risk exposure with profit prospects when systemic risk exposures are better adapted to the environment and higher risk premiums

管住券商接口，交易所时刻检查，调查、问询、控制账户多管齐下

Control the coupon interface, exchange check, investigation, enquiry, control of accounts multi-pronged

降低贷款利率，或非长久之策，也非监管鼓励的行为；基于互联网大数据技术的线上信用贷模式，能否为小微融资插翅？

Lower interest rates on loans, or non-permanent solutions, and non-regulatory incentives; and whether online credit models based on Internet-based big data technologies can intrude on microfinancing?

按评分高低实施差异化监管，会否出现强者更强、弱者更弱的两极分化格局

Is there a polarized pattern of more powerful and weaker with differential regulation based on a high rating and a low rating?

4月以来公布的多项数据显示经济正逐步向好，但货币宽松能否有效传导到实体经济、是否会发生转向、世界经济走弱的大背景下出口能否持续增长、消费能否稳住，仍应持续观察

While many of the data released since April show that the economy is gradually improving, it remains to be seen whether monetary easing is effectively transmitted to the real economy, whether there will be a shift, whether exports will continue to grow and whether consumption will stabilize in the larger context of the weakening of the world economy

通过谈判解决贸易争端、切实改善外商投资环境、下调中间投入品进口关税、采取措施实现产业升级，是中国应对全球产业链变局的治本之策

The resolution of trade disputes through negotiations, the effective improvement of the foreign investment climate, the lowering of tariffs on the import of intermediate inputs and the adoption of measures to achieve industrial upgrading are among China's solutions to the global industrial chain transformations.

监管部门亟待用“实质重于形式”的方法穿透归纳，厘清互联网贷款、联合贷款、助贷等概念；在此基础上讨论联合贷款出资比例、合作机构的风控分担、区域性银行借此异地展业利弊等问题

Regulators urgently need to penetrate the concept of Internet lending, co-lending, loan lending, etc. by “substantively over form”; on this basis, discuss issues such as the ratio of co-financing, the role of cooperating agencies in sharing financial resources, and the advantages and disadvantages of regional banks using this approach

回顾过去，金融开放是中国自身发展的需要，全面提升了中国金融业的发展水平和金融机构的竞争力；展望未来，扩大金融开放是深化金融改革、融入全球经济的必然选择

Looking back, financial openness is a need for China's own development, which has comprehensively enhanced the level of development of China's financial sector and the competitiveness of financial institutions; looking ahead, expanding financial openness is a necessary option for deepening financial reform and integrating into the global economy

监管面临政策松紧的再平衡，正在酝酿再次修订实施两年的定增新规，从定价到发行规模或将全面放松

In the face of a tight policy rebalancing, regulation is in the process of re-engineering and implementation of two-year additions, ranging from pricing to issue size or overall relaxation.

至少有两大层面因素不支持国内利率水平进一步下降：首先是融资、PMI等经济领先指标的改善，二是整体通胀中枢将明显抬升

At least two major factors do not support further declines in domestic interest rate levels: first, improvements in economic leadership indicators such as finance, PMI, and, second, a clear rise in the overall inflation hub

多数银行净利润增速不及营收，与加大不良贷款核销、不良确认标准趋严及增提拨备有关；2019年面临净息差收窄和不良贷款反弹压力

Most banks'net profits increased at a slower rate than harvests, related to increased write-off of non-performing loans, tighter criteria for bad recognition and increased provision for transfers; under pressure from narrow net interest spreads and a rebound in non-performing loans in 2019

国家发改委、外汇局、央行“几龙治水”，中企境外发债融资遭遇备案尴尬。《企业发行外债登记管理办法》将如何平衡多方矛盾？

The National Development and Reform Commission, the Foreign Exchange Bureau, and the central bank, “Standing Water,” have faced an awkward record of external debt financing. How will the Management of Corporate External Debt Registers balance multiple contradictions?

18年后，严格的市场监管者，终于为金融创新打开了一扇小窗。中资科技企业热情如潮，本地传统银行业却反应各异

Eighteen years later, strict market regulators finally opened a small window for financial innovation.

除了引入规模可观的境外资金，债市“入指”更深远的意义是随之而来的改革动力；信用债和ABS市场的制度规则都有待进一步完善

In addition to the introduction of sizeable offshore funds, the more far-reaching meaning of the debt market's “accessor” is the driving force behind the reforms; both the credit debt and the ABS market's institutional rules need to be further refined

在降低融资成本的背景下，利率市场化改革可能的选项包括：减少存贷款基准利率的期限档次；将LPR与政策利率挂钩，以更好地传导政策意图

Possible options for market-based reform of interest rates in the context of lower financing costs include: reducing the time slot of the benchmark interest rate on loan deposits; and linking LPR to policy interest rates to better communicate policy intentions

面向主板市场的IPO新50条全面公开，对标科创板，放松审核限制，过去的窗口指导有望变为更透明的审核标尺，朝着注册制方向迈进

The new 50 IPOs for the main-board market are fully open, standard-setting and review restrictions are relaxed, and past window guidance is expected to become a more transparent audit rule and move towards a registration system.

“择时”只有在发生后才可以被观察和评估；谁能适应变幻万千的环境，谁就能胜出。投资需要理性的观察与理解，而不是盲目崇拜

"Choose time" can be observed and evaluated only after it happens; whoever adapts to a changing environment can win. Investment requires rational observation and understanding, not blind worship.

解决贫富差距问题需要更大范围的政策设计，央行以一己之力难以企及如此精确的目标；但阻止资产价格过快上涨在央行能力范围内，应该纳入货币政策的考虑范畴

Addressing the gap between the rich and the poor requires a broader policy design, with central banks struggling to reach such precise targets on their own; but stopping asset prices from rising too fast is within central bank capacity and should be taken into account in monetary policy

证监会鼓励定向可转债支付并购交易，但无现成规则可循，市场和监管试探创新边界

The SEC encourages targeted swap payments and M & As transactions, but there are no available rules, markets and regulations to explore innovative boundaries

市场回暖，各路游资“重出江湖”；交易所变换策略，施压券商端，加大异常交易监控

Market warmer, travel capital “back out of the river”; exchange change strategy, pressurized coupons, increased control of unusual transactions

在贸易谈判和WTO改革的讨论中，有若干关键的技术问题始终萦绕不去，其是非曲直，也并不总是那么显而易见

In the discussions on trade negotiations and WTO reform, there are a number of key technical issues that remain elusive and whose merits are not always so obvious.

在以信用申购为原则的可转债市场，证券公司动用上百个账户顶格打新，加剧了网下配售的不公平

In the tradable market, which is based on credit requisitions, securities companies use hundreds of top-of-the-accounts to re-engineer, exacerbating the inequity of net distribution.

结合名义GDP增速和M2走势，A股确实具备进入牛市的潜力，但短期内并没有确定的信号出现；未来需要密切关注商品价格、汇率走势和融资增速等方面的变化

In combination with the nominal GDP growth rate and M2 movement, A shares do have the potential to enter the cattle market, but no firm signal emerges in the short term; changes in commodity prices, exchange rate movements and financing speed need to be closely monitored in the future

监管加班确定规则、中介加点“跑马圈地”，最终如何估值，企业与市场面临双向选择

Regulating overtime rules, brokering plus `rounding grounds', and ultimately valuation, businesses and markets face a two-way choice

基金销售牌照监管全面清理，牌照只发给公募基金销售机构，并要求日均10亿元非货币公募基金销售规模；那些以销售私募基金为生的独立第三方基金销售机构将陷入困境

Fund sales license plates are subject to comprehensive clean-up, issued only to public fund sales agencies, and require an average of $1 billion a day in the size of non-monetary public fund sales; independent third-party fund sales agencies that make a living selling private fund will be in trouble.

未来的主要任务，一是提高直接融资比重，二是逐步调整优化间接融资体系，三是调整金融机构内部的机制体制，最终达到提升配置效率的目的

The main tasks for the future are, first, to increase the share of direct financing, secondly, to gradually adjust the system of optimized indirect financing, and thirdly, to restructure the institutional structure within financial institutions, ultimately with the aim of increasing the efficiency of allocation.

投资的理性认知第一步，就是要积极面对风险。对中国市场而言，应用简洁的风险配置方法，应对当前高度不确定的市场环境

The first step in the rational understanding of investment is to actively face risks. For the Chinese market, a simple approach to risk allocation should be applied in response to the current highly uncertain market environment.

要留住长期资金，A股仍需不断改革，包括全面推进注册制的发行体制改革、交易制度变革等多个方面

In order to retain long-term funding, Unit A still needs to be continuously reformed, including through a comprehensive roll-out reform of the registration system and changes in the trading system

“结构性去杠杆达到预期目标”的判断备受市场关注。宏观杠杆率趋稳之后，防范化解金融风险的政策重心发生了什么变化？

The judgement of “structural deleveraging to meet expectations” is of great interest to the market. What has changed in the policy focus against financial risk after macro-leveraging has stabilized?

要推动供给端自发创新，政府需要减少不必要的干预、放松市场控制，为市场的创造性和活力提供条件，鼓励供给端自由满足消费者需求

To promote spontaneous innovation on the supply side, Governments need to reduce unnecessary interventions, relax market controls, provide conditions for the creativity and dynamism of markets, and encourage free supply-side responses to consumer demand

规模井喷后遭遇集中到期，资管新规加速资金提前离场，引导基金退出难题待破解

After the scale well blow-out, the concentration expired, the new regulations accelerated the early release of funds, and the challenge of leading the Fund out was solved.

面对投资渠道的狭窄，收益率的下行，保险公司过于依赖利差收益的风格被迫转型

In the face of narrow investment channels and lower rates of return, insurance companies were forced to transform their style of relying too much on spreads.

不管是银行要冲贷款规模、拉存款还是企业套利，近期票据融资的火爆都有些不寻常，未来是否可以持续？

Whether the size of the loan, the lifting of the deposit or the arbitrage of the business by the bank is such that recent booms in instrument financing are somewhat unusual and will be sustainable in the future?

经历了半年风风雨雨，在上海市政府的协调下，中民投处置了核心资产上海董家渡地块之后，能走出当下的危局吗？

After six months of wind and rain, under the coordination of the Shanghai City Government, could the Chinese people come out of the current crisis by disposing of the core assets of the Shanghai Dong family?

证监寄予厚望的养老目标基金经过半年仅募集54亿元，涉及投资者75万户，作为一种个人商业养老方式仅仅开了个头。宏观上的政策支持和微观上的投资工具短板皆待补齐

The high-visibility pension target fund raised only $5.4 billion over a six-month period, involving 750,000 investors, as a form of personal commercial retirement. Both macro-level policy support and micro investment tools will need to be filled.

规模骤降、业绩下滑、“踩雷”不断，证券公司资管业务面临前所未有的挑战

Unprecedented challenges faced by securities companies in managing their operations as a result of sharp decline in size, declining performance, constant “strikes”

中美贸易谈判吸引了几乎所有人的目光，而对美国几项拟议中的贸易法案似乎少有关注，但其影响可能极为深远，牵涉到国会和总统贸易决策权的重新分配

The US-China trade negotiations have attracted the attention of almost all, while there seems to be little attention to several proposed United States trade bills, but their impact may be far-reaching and involve the redistribution of trade decision-making powers between Congress and the President.

信用收缩基本进入尾声；财政扩张已悄然发力；美联储的加息空间或被关闭

Credit contractions have largely ended; fiscal expansion has stagnated; and the Fed's interest-added space has been closed.

在机构和业务均不得跨县、增加“三农”和小微信贷的监管导向之下，不良贷款攀升、资本充足承压的中小农商行，该如何回归本源

Small- and medium-scale farmers' comptoirs with high levels of non-performing loans and well-capitalized businesses that are not subject to regulation that cuts across counties and increases the number of “3 farmers” and micro-credits, how to return to their source

破产管理人应代表、维护谁的利益？如何提高专业性？行政干预的边界何在？要让破产“去污名化”，这些问题亟待厘清

Who should the insolvency representative represent and defend? How can professionalism be enhanced? Where is the border of executive intervention? The need to “de-stigma” bankruptcy needs to be clarified.

方案跨度长达十年，分为钢铁主业和非钢主业两个平台：前者“现金清偿+留债+债转股”，引入民营钢企德龙做战投；后者拟通过信达资管、建信信托等盘活处置

The programme spans over a period of 10 years and is divided into two platforms, namely, the “cash settlement + debt retention + debt conversion” and the introduction of private steel Delong to combat; and the proposed disposal through trust funds, trust-building, etc.

货币政策框架转型中，逐渐转向更多依赖国债市场建立货币发行和利率传导机制，或为未来方向；此时的财政政策和货币政策如何衔接配合？

How can fiscal and monetary policies be aligned in the transition to a monetary policy framework that increasingly relies on national debt markets for money issuance and interest rate transmission mechanisms, or for the future?

QDII与QFII大幅扩容、外资控股券商、各类“通”推进市场融合

QDII and QFII have expanded significantly, foreign stockholders, various types of “access” to facilitate market integration

当前总需求稳定只能更加依赖财政；但由于不清楚潜在GDP应该是多少，很容易出现过度的财政补偿，产生黏性较大的通胀趋势

Current aggregate demand stability can only be more fiscally dependent; however, because it is not clear how much potential GDP should be, excessive fiscal compensation can easily occur, leading to a more sticky inflationary trend

中国劳动力数量和资本的贡献下行的趋势难以避免，创造更高增长的条件不复存在，不如彻底废除增长目标，同时将市场化改革做得更为彻底，让经济主体自行适应调整

The downward trend in the size of China's labour force and the contribution of capital is inevitable. The creation of conditions for higher growth no longer exists. It would be better to eliminate growth targets altogether, while making market-based reforms more thorough and allowing economic agents to adapt themselves to adjustment.

支付巨头失去了携巨额沉淀资金与银行谈判的强势议价能力；中小支付机构或转向科技服务公司，或回归收单市场

The payment of giants lost their strong bargaining power to negotiate with banks with massive deposit funds; small and medium-sized payers either turned to technology service companies or returned to the bill market

世界沟壑丛生，全球化和全球合作的成果正遭遇严峻挑战，此时更需要世界银行这样的布雷顿森林机构能真正发挥效用，帮助世界各国实现结构性改革，真正消除极端贫困。因此选谁当世行行长，重要性可能超过以往任何时候

At a time when the fruits of globalization and global cooperation are facing serious challenges, it is all the more important that the Bretton Woods institutions, such as the World Bank, be truly effective in helping the countries of the world to achieve structural change and truly eradicate extreme poverty. The choice of the President of the World Bank may therefore be more important than ever.

这位世行成立75年来的首位亚裔行长，任内启动了世行22年来的内部重大改革，完成了130亿美元增资，但为什么遭到了争议与诟病，选择提前离任？

The Bank's first Asian president in 75 years of existence, who had initiated 22 years of major internal reforms, had completed a $13 billion replenishment, but why had it been controversial and ill and had chosen to leave early?

经济数据强劲，货币政策收紧的节奏却同时放缓，形成极大反差，凸显形势的扑朔迷离和错综复杂

Economic data are strong, but monetary policy tightening slows at the same time, creating a huge contrast, highlighting the uncertainty and complexity of the situation.

上市公司风生水起的保壳游戏，再次凸显出中国A股市场的制度缺陷

Once again, the institutional flaws of the Chinese A-share market were highlighted by the well-established shell game of listed companies.

民企股权融资支持工具意在拓展民企的直接融资渠道，强调市场化、法治化原则，最终方案尚未有定论；难点在于央行怎么介入、何处募集社会资金、如何选择民企、最后如何退出

The purpose of the private equity financing support tool is to expand direct access to finance for private enterprises, emphasizing the principles of marketization, rule of law, and the final options are not yet conclusive; the challenge is how central banks intervene, where they raise social funds, how they choose private enterprises, and how they exit.

居民融资需求下降，将倒逼银行对企业投放更多资金，M1同比增速有望企稳回升，股票和商品可能出现阶段性反弹

Declining demand for residential financing will force banks to invest more in businesses, M1 growth is expected to rebound steadily, and stocks and commodities are likely to rebound in a phased manner.

中国可借鉴法国、德国和日本等已经达成的合作模式，进一步争取中方主导的联合检查模式，以有效维护双方的利益

China could build on the cooperation modalities that have been agreed upon by France, Germany and Japan and further seek a joint inspection model led by China in order to effectively safeguard the interests of both sides

争取金融领域强制性国家标准零的突破，推动金融标准化立法立规，并实现中国金融标准从政府单一供给向“政府+市场”多元供给转变

A breakthrough towards zero mandatory national standards in the financial sector, promotion of regulatory provisions in financial standardization legislation, and a shift in Chinese financial standards from a single government supply to a “government + market” supply mix

用永续债来有效补充其他一级资本，能给银行带来什么？首批试点发行的四大行，为何比较着急？

What does it bring to banks to effectively replenish other levels of capital with long-term debt? Why is it urgent for the first four pilot firms to be released?

监管积极推动的回购制度面临利益输送、内幕交易挑战，如何让一次性“兴奋剂”变成长效“维生素”

Regulation of a actively driven buy-back system faces the challenge of profit transmission, insider trading, and how to turn a one-time “doping” into a long-lived “vitamin”

2018年美股回购接近万亿美元，拉动上市公司盈利增长2个百分点

In 2018, US stock buybacks were close to trillion dollars, which boosted the growth of 2 percentage points in the profits of listed companies.

大批境外挂牌公司遭遇破发，前期投资估值泡沫显现，市场预期明显调整

A large number of offshore listed companies have suffered disruptions, prior-investment valuation bubbles have emerged and markets are expected to adjust significantly

人的固执、特别是有成功经验的管理人的固执，常常会把产品带向深渊；系统性的积极风险应对策略才能让你最终胜出

Human obstinacy, especially that of successful managers, often leads the product to the abyss; a systemic proactive risk response strategy allows you to finally win.

中美关系悬而未决，是最大的单一不确定性因素，如果双方达成根本性的和解，对市场信心将是极大的提振

The unresolved relationship between China and the United States is the single greatest uncertainty, and confidence in the market would be greatly boosted if the two sides reached a fundamental reconciliation.

首次明确单一创投基金可以作为纳税核算单位；焦点在于如何落实

For the first time, it was clear that a single venture fund could be used as a tax accounting unit; the focus was on how to implement it.

除了其操作是否合规、是否扰乱市场，“智能存款”背后的根本问题是，存款利率并轨还有多远，应如何推进

In addition to compliance with its operations and disruption of the market, the fundamental question behind “smart deposits” is how far the deposit rate goes and how it should go.

贸易战冲击的最坏情景下，长期受影响最大的是美国，短期受影响最大的是中国，全球长期经济增速平均下降0.4个百分点；为避免苦果，各经济体必须通过合作化解分歧

In the worst-case scenario of the impact of the trade war, the United States was the most affected in the long term, China being the most affected in the short term, with a global long-term economic growth decline of 0.4 percentage points on average; in order to avoid the bitter consequences, economies had to work together to resolve their differences.

原计划“弯道超车”，却出了“车祸”。保险公司开发的互金平台履约险，难以应对集中爆发的风险

The original plan was to overturn, but it was a car accident. The swap platform performance insurance developed by the insurance company was difficult to cope with the risk of a concentrated outbreak.

小微金融十年路并不平坦，过度追求规模扩张换来的是昂贵的学费和行业前车之鉴；站在下个十年的起点，路向何方

The decade of micro-finance has not been smooth, and the excessive pursuit of scale expansion has resulted in expensive tuition fees and industry front-loading; from the beginning of the next decade, where to go.

商品价格恐怕难以走出弱势格局；国债供给量增加不会改变利率向下的趋势；股市的弱势格局要出现改变，需更加依赖风险溢价的回落

Commodity prices are feared to be difficult to break out of vulnerable patterns; increased supply of public debt will not change the downward trend in interest rates; and the market's weak patterns will need to be changed and more dependent on the decline of risk premiums

大批项目已经上报；能否发动真正有“硬科技”的企业挂牌潮？

A large number of projects have been reported; can a real “hard technology” business roll-out be launched?

理财子公司不是天然的“万能牌照”，但如果银行用得好，确实能起到“万能牌照”的作用；要想避免其野蛮生长，资管立法是关键

A financial subsidiary is not a natural “one-size-fits-all” license, but if a bank works well, it does play the role of a “one-size-fits-all” license; to avoid its barbarous growth, regulation is key.

作为救急之策，如何防止道德风险，以防形成政府新一轮负担，市场化运作是关键

As a matter of urgency, how to prevent moral hazard in order to prevent a new cycle of government burden, market-based operations are key

零门槛、后付费、低成本，“相互保险”以物美价廉快速走红互联网；但不到两个月被监管叫停，脱下商业保险的外衣，被打回网络互助的原形

Zero threshold, post-payment, low cost, “mutual insurance” to fast-track the Internet at a good price; but less than two months of regulation to stop, take off the clothes of the commercial insurance, and get hit back into the form of network mutual aid

募资难、资产荒、清盘数量创新高、市场行情悲观，总规模下降

Lack of fund-raising, waste of assets, innovative clearing, market pessimism and overall decline in scale

只要有监管和制度套利空间存在，内地访客赴港购险的趋势就会保持甚至增长

As long as regulatory and institutional arbitrage exists, the trend of inland visitors to the port to buy insurance will be maintained or even increased

无数次喧嚣之后，最新版退市制度能否与试点注册制形成有效正循环

Will the latest version of the de-market system be an effective and positive cycle with the pilot registration system after countless noises?

在放松借壳管制和为民企纾困解难的背景下，游资再次炒作壳股。这是旧周期轮回，还是一时的回光返照？

In the context of the easing of mortgage controls and the alleviation of problems for the population, travel capital is re-hacked again. Is this the old cycle coming back, or is it a flashback?

如果不幸出现居民部门缩表的趋势，那毫不犹豫地买债券吧

If, unfortunately, there's a tendency to shrink the population sector, then buy bonds without hesitation.

经济下行中引导预期和稳定信心很重要，但要找对原因和方法；长期来看，社会信心源自法治的完善和公平的改善，来自对产权的保护，而不是无波动的GDP增长率

It was important to steer expectations and stabilize confidence in the economy, but to look for reasons and methods; in the long run, social confidence stemmed from improvements in the rule of law and equity, from the protection of property rights, rather than from volatile GDP growth rates

证券行业是否能借开放契机刺激出新的活力，“麦子店高盛”们是否能就此真正成长为具有独立风控能力、独立创新精神的国际投行？

Can the securities industry use the opportunity of opening up to stimulate new dynamism, and can the “wheat shops” truly grow up to be an international investment with independent wind control and an independent spirit of innovation?

如何确定？如何监管？为什么蚂蚁金服被同时纳入了金控试点和国内系统重要性金融机构？

How is it determined? How is it regulated? Why is the ant gold suit integrated into both the gold-controlled pilot and the domestic system-critical financial institutions?

WTO只有改革才能生存，但留下的时间窗口已然不多；中国一方面要积极谋划和参与WTO改革，同时强化区域贸易协议的谈判进程，这较任何时候都更为重要

WTO can only survive through reform, but there is not much window of time left; it is more important than ever that China actively plan and participate in the WTO reform process while strengthening the negotiation process of regional trade agreements

委外资金抽离、销售渠道挤压、投研人才流失，公募基金如何应对银行理财子公司的冲击？

How does a public fund deal with the impact of a bank's financial subsidiary when extra-budgetary funds are drained, sales channels are squeezed, investment skills are drained?

市场期待已久的注册制将在新设立的科创板开始试点，如何定义注册制及如何定价将成为关键

The long-awaited registration system will begin to be piloted on the new start-up panel, and how registration will be defined and priced will be key

如果美股真正进入下行通道，反而能对A股产生“解绑”的效果

If the U.S. shares actually enter the lower route, it'll have the effect of untying Unit A.