Page 4 - CCFA Journal - Third Issue

加中金融
加中金融

编辑寄语 Editor’s Message

多种疫苗在全球供应令我们看到了战胜疫情的曙光。同时，新冠疫情正在加
速经济体及社会运作模式的重大转变。

去年 12 月 12 日，加中金融协会成功主办了“新格局新机遇-2020 加中金融论
坛”。本次论坛聚焦“跨境投资”、“机器学习”和“金融职场发展”三大主题，汇
集了中加美三地行业领袖、十多位专家学者和 230 多位来自不同国家和地区的
金融专业人士相聚“云端”。以思想的碰撞和知识的交流让大家从喧嚣中抽离，
在掷地有声的长谈中探析行业发展趋势和动向。本刊已将精彩内容汇编成文
章，详情请参阅《跨境投资对话-中国与世界》，《机器学习在金融机构中的
应用》和《职场探索》。

随着美债飙升，10 年期美国国债的收益率已高于标普 500 成分股的股息率。资本市场的泡沫化趋势加剧了另类通
胀的担忧。快快一带一路控股有限公司和上海亚厚资产管理有限公司董事长吴雅楠博士在《结构化通胀下的投资
风格切换》一文中，就结构化通胀的新格局将会如何改变资本市场的投资风格的切换进行了探讨。疫情给全球造
成了巨大损失，也带来了改善社会共识、经济条件、商业行为和投资规范的独特机遇，促使越来越多投资者将目
光聚焦永续投资(ESG)。Honeytree Investment 的创始人之一 Paula Glick 女士在《永续投资概览》一文中，探讨
ESG 如何成长为投资的主导力量，研究 ESG 与财务绩效之间的联系,确定 ESG 投资的驱动力,定义主要的 ESG 投
资策略,以及了解 ESG 全球国际标准的最新发展和各类公司的动态。

2012 年,巴塞尔协会开发了一个更新更健全的框架(即交易账户根本审查),以设定应对市场风险的最低资本要求。
加拿大皇家银行董事总经理和多伦多大学客座教授的袁俊博士在《交易账户根本审查》一文中，对交易账户根本
审查的框架，以及未来机会与挑战进行了探究。中国人民大学财政金融学院和重阳金融研究院高级研究员陈忠阳
教授在《系统性风险在中国的特点及应对策略》一文中，探讨了两种系统性风险之间的区别,及其在中国的特征
和管理方法。

冬已尽，春可期。庚子大坎，牛转乾坤，祝大家在逆境中从容求生，在顺境中蓬勃发展，迎来一个丰盛的新十
年！

陈益龙

With many vaccines ready to be distributed across the globe, 2021 looks to hold the light near the end of the tunnel. The
pandemic, however, would have long-lasting effects on both the economic and social development.

The Canadian Chinese Finance Association (CCFA) successfully organized the 2020 Canada Finance Forum (CCFF) – A
New Dynamic: Opportunities from China and the West – on December 12th, 2020. The forum focused on three themes,
represented by industry leaders from China, Canada, and the U.S. with a turnout of over 230 people on a virtual platform.
The contents of the panel discussions were condensed and summarized into three articles: “Cross-Border Investment
Dialog – China and the World”, “Applied Machine Learning in Financial Institutions”, and “Career Trends”.
As the U.S. debt yield soars, the 10-year U.S. treasury yield has recently eclipsed the S&P 500 dividend yield. In
“Investment Style Shifts under Structural Inflation”, Dr. Yanan Wu, the Chairman of Kuai Kuai Belt and Road Holdings
Pte & Shanghai Yahou Asset Management Inc., discusses the effect of structural inflation on investment style shift. In
“ESG Investing Overview”, Paula Glick, Co-founder of Honeytree Investment, examines the connection between ESG
and financial performance, identifies the drivers of ESG investing and major strategies, and discusses recent developments
in global international standards for ESG and corporate governance.

In 2012, Basel developed a new, more robust framework (Fundamental Review of Trading Book) to establish minimum
capital requirements for market risk. In “Fundamental Review of Trading Book (FRTB)”, Dr. Jun Yuan, Managing
Director at RBC and Adjunct Professor at University of Toronto, explores this framework and identifies its opportunities
and challenges. In “The Characteristics and Response Strategies of Systemic Risk in China”, Dr. Zhongyang Chen, a
professor in the Renmin (People’s) University of China and a senior researcher at the Chongyang Institute for Financial
Studies, addresses the differences between systemic risk and systematic risk, and talks about characteristics and
management of systemic risk in China.

In Year of the Ox, we wish everyone happiness and good health, a better tomorrow is just around the corner.
Yicent Chen

CCFA JOURNAL OF FINANCE MARCH 2021
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