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On October 11th, the 2022 Faculty and Staff Autumn Semester Meeting (the Meeting) was held at SAIF. In the previous meeting of the Faculty Council, Guangshao Tu (Executive Director of the SAIF Board) advised on the arrangement of the Meeting and upcoming work for the new semester. The Meeting was hosted by Qigui Zhu (Secretary of the CPC SAIF Committee). Shijun Cheng (Executive Dean), Jiang Wang (Executive Director, Chair of Academic Council at SAIF), and Tan Wang (MF Program Academic Director) delivered speeches. Over 170 SAIF professors and staff attended the conference. Qigui Zhu first conveyed the spirit of the 8th Plenary Session of the 11th CPC SJTU Committee. He said, “In the Spring and Summer semesters, SAIF guarded the health of the faculty and students with epidemic prevention and control while promoting stable developments. In the Fall semester, we should promote the high-quality development of SAIF based on prevention and control of the epidemic, and welcome the 20th Party Congress with practical actions. We will comprehensively enhance the political function and organizational strength of SAIF and accelerate its construction as a world-class financial institute. When reviewing the work of SAIF in the first half of 2022, Shijun Cheng said that although SAIF faced challenges due to the epidemic, with the joint efforts of all faculty and staff, a number of tasks have progressed smoothly, including: teaching tasks, inter-departmental collaboration, talent training, think tank construction and applied research, and external cooperation. In the Fall semester, Cheng pointed out that 1) SAIF should take talent work as the top priority and continuously innovate with initiatives to attract, employ and retain talent; 2) SAIF should continuously improve at the management level, and strive to form a mechanism for efficient collaboration, resource sharing and pairing complementary advantages; and, 3) SAIF should ensure the orderly advancement of key work —such as talent training, think tank construction and international cooperation — and complete annual work goals with high quality. Jiang Wang, on behalf of the Faculty Council, fully affirmed the progress SAIF has made this year. He thanked all the faculty and staff as well for overcoming difficulties in a pandemic environment and for achieving remarkable results in teaching and research, discipline construction, and resource expansion. He pointed out that, facing a constantly changing environment and further intensifying market competition, we should turn challenges into opportunities. For the next phase of work, Wang emphasized, “We should further strengthen the construction and function of the faculty and talent team, continuously improve the quality of each program, accelerate the expansion of the market of non-academic programs, and the integration of industry-academy-research business. We should also deepen communication and cooperation with the government, schools, alumni and external organizations, and promote all the work to successfully complete the tasks assigned by the Council at the beginning of 2022.”

The 2023 International Youth Leadership Finance Summit (IYLFS) will be held online January 13th-15th, 2023. IYLFS is a student competition event hosted by the Master of Finance (MF) Program of the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. IYLFS provides an interactive learning platform for undergraduate students to cultivate their leadership, communication, and organizational skills. We connect the best students from around the world, and offer them a unique learning experience through hands-on study of business cases and face-to-face communication with business leaders and scholars. Background: As the world is facing long-term challenges including climate crisis, environmental pollution and economic downturn, Environmental, Social, and Governance (ESG) Investing has drawn growing attention from the global investment community. This increased awareness has been spurred on by shifts in demand from across the finance ecosystem, driven both by the search for better long-term financial value and the pursuit of better alignment with values. With a theme of "ESG Investing", the summit invites aspiring young people worldwide to share their ideas, and exhibit their team spirit and leadership. • How shall we expand the product supply and the investment scale of ESG investment? • How shall we improve the infrastructure of ESG investment, and promote the formation of universal standards for information disclosure？ • ESG investment is a systematic endeavor. How shall we form a joint force of governments, real economy enterprises, investment institutions, and other entities for ESG investment? Let us find the answers together. Date: January 13th–15th, 2023 Register Here: https://apply.saif.sjtu.edu.cn/user/login/saif/43 *Please complete the application on a PC IYLFS, for You: ● Dive deep into impactful financial topics ● Interact with SAIF faculty and industry leaders ● Meet and compete with the most talented global elite ● Showcase your insights and develop new skills ● Gain international competition experience ● Opportunities to: - Win cash prizes - Get a SAIF MF Admissions Interview Fast Pass - Receive an MF scholarship worth more than 25% of tuition fee* * International participants who win First, Second, or Third Prize in IYLFS and who later enroll in the MF program, can quality for an MF scholarship worth more than 25% of tuition fee. Summit Date: January 13th–15th, 2023 Venue: Online Application and Finalists Selection Procedure: 1. Participants should register and submit applications individually in the IYLFS application system. Eligibility for application: All full-time undergraduate students are welcome; we encourage students from all backgrounds to apply. 2. Participants are to form, on a voluntary basis, teams of 4 to 6 and are encouraged to have team members from different disciplines with diverse academic backgrounds. 3. Each participating team is to choose one of the three topics (listed below) and submit a group research report. The report must be submitted before the deadline. The organizing committee will select the finalists based upon the quality of the reports. Selected teams will present their final reports online. 4. At the final presentation, teams will have a chance to showcase their academic strength and creative thinking in front of a group of experts consisting of professors and industry leaders. A following Q&A session will further provoke thoughts on the topic. * Participating teams are expected to demonstrate unique insights and strong analytical skills. Reports should be written clearly with good quantitative analysis. Topics Topic 1: Financial instruments play an important role in promoting green and sustainable development. Among many green and sustainable financial instruments, Green Bonds and Sustainability-Linked Bonds are favored by investors because of their simple structure. Please conduct a case analysis of either Green Bonds or Sustainability-Linked Bonds. The case analysis may include, but is not limited to, the definition of the bond, its characteristics, its difference from ordinary debt, its importance to ESG, etc. Topic 2: Information disclosure is fundamental to ESG practice. Presently, there have been a number of international standards proposed for ESG information disclosure, and each standard has a different emphasis and characteristics. Please select two disclosure standards which you think are mainstream or important, and elaborate upon and compare the differences and characteristics between the two standards. Topic 3: There is by now a consensus that the carbon emission market plays an important role in helping to reduce carbon emissions and to achieve the temperature control goal of the Paris Agreement. However, the efficient operation of the carbon emission market requires not only a solid theoretical foundation, but also a set of practical protocols for operation. Please take the EU carbon emission market as an example to discuss in detail the protocol of the operation and theoretical foundation of a carbon market. In your discussion, please give particular attention to the accuracy of data and a systematic description of the structure of the market. Language of Report: The research report must be submitted in English. The presentation during the summit will be conducted in English. Application Time: Application period: 21 October – 18 December,2022 Report submission deadline: by 18 December, 2022 at 23:59 Where to apply: https://apply.saif.sjtu.edu.cn/user/login/saif/43 Click the above link or scan the QR code to apply. Please login to the system and apply by using your desktop or laptop web page. Contact Us: No. 211 West Huaihai Road, Shanghai, 200030, China Email: mf.summit@saif.sjtu.edu.cn Tel: 86-21-62934968 WeChat: SAIF-MF Sina Weibo: SAIF_MF Facebook: Saifermaster LinkedIn: SAIF MF Web: http://mf.saif.sjtu.edu.cn

On September 26, 2022, SAIF officially launched its Putuo Center and SAIFR (an applied research platform) also moved in. This marks further strategic cooperation between SAIF and the People’s Government of Shanghai Putuo District. Both sides will start in-depth cooperation in the CGFT Certificate Program, the industry-academia exchange platform, and the science and innovation financial ecosystem. Guangshao Tu (Member of the CPPCC, Executive Director of the SAIF Board) and Dongdong Jiang (Secretary of Shanghai Putuo District Committee) attended the inauguration ceremony and delivered speeches. The ceremony was presided over by Xuan Luo (Associate Dean of SAIF). Hongzhen Li (Member of the Standing Committee of the Putuo District Committee, Minister of the Organization Department, President of the Party School) and Shijun Cheng (Executive Dean, Professor of Accounting at SAIF), Rulin Yao (Standing Committee Member of Putuo District Committee, Vice Mayor, Party Member), Feng Li (Professor of Accounting, Associate Director of CAFR, Co-Director of SAIFR), and Jie Pan (Associate Dean of SAIF) also attended the ceremony. Tu pointed out in his speech that, with the inauguration of the SAIF Putuo Center and the move-in of SAIFR, we now have a strategic cooperation between the institute and the local government. Since its establishment in 2009, SAIF has taken up the intellectual support mantle for the development of Shanghai as an International Financial Center and China's national financial system. SAIF has resource advantages in financial talent training and research platform construction, while Putuo District shoulders the important task of economic and industrial transformation with its own development advantages. Cooperation between the two sides can be both complementary and synergetic. In turn, this can help the upgrading of Shanghai's fintech industry cluster and accelerate the development of new industries. The simultaneous release of the Chartered Global FinTech (CGFT) Level 3 Certificate Program not only reflects the importance of fintech development for the financial system, but also provides talent and intellectual support for financial institutions to enhance service efficiency and reduce costs in their process of digital transformation. On behalf of Putuo District, Dongdong Jiang expressed his congratulations for the inauguration of the SAIF Putuo Center. He said that the Putuo District will further attract finance enterprises to move-in to upgrade their financial, industrial, innovation, and functional layouts. While building itself a financial landmark and optimizing financial ecology, Putuo will also work together with SAIF and SAIFR to hold influential financial brand activities, and promote interactive exchanges for talent, information, and capital. In January of 2020, the People's Government of Shanghai Putuo District, SAIF, and SAIFR reached a strategic cooperation agreement in order to accelerate the economic and social development of the Putuo District. This will help enhance Shanghai's fintech industry cluster, as well as to accelerate the pace of building SAIF as an international first-class finance institute. Furthermore, we expect to provide solutions for the development of the financial industry and to cultivate superb and practical talent. According to the agreement, the three sides will strengthen financial research exploration and practice, carry out all-round talent training, and conduct research on pressing issues of financial industry development in the Putuo District. The inauguration of the SAIF Putuo Center and the official settlement of SAIFR is an important step to deepen strategic cooperation among the three sides. The newly inaugurated SAIF Putuo Center is yet another teaching satellite of SAIF after the Shanghai Xuhui Campus, the Beijing Center, and the Shenzhen Center. Equipped with classrooms, meeting rooms, recording rooms, and offices, it will serve as the main office of SAIFR in the future. At the ceremony, Feng Li officially launched the CGFT Level 3 Certificate Program on behalf of SAIFR. In June 2020, the program was first launched in China to match the development trend of fintech in China and overseas, to further the construction of Shanghai as an International Financial Center, and to meet the urgent demands of the market for fintech talent. The program integrates Finance, Law, and Technology together and provides multi-dimensional courses to cultivate innovative, practical, and professional fintech talent. The CGFT Level 1 course focuses on the cognitive establishment of a complete knowledge system. The CGFT Level 2 course, launched in June of this year, focuses on the in-depth integration of course knowledge with specific application scenarios. The newly released Level 3 course focuses on the expanding breadth of exploration, further realizing the integration of finance and technology. In addition, the program introduces international cutting-edge theoretical research results and leading training system. A large number of application-oriented cases cover whole scenarios of application. Feng Li pointed out that the CGFT program has been widely supported and recognized by regulatory authorities and local governments. In August 2021, CGFT holders were listed in the FinTech Shortage Talent Directory of the 14th Five-Year Shortage Talent Development Directory of Shanghai's Key Fields (Finance). Since its launch, the program has reached strategic cooperation agreements with more than 20 leading financial institutions, covering more than 20 provinces and cities, and more than 100 universities across China.

Recently, SAIF released the Employment Report for MF (Master of Finance) Graduates in 2022. It not only showed that the average annual starting salary hit a record high, but also showed the internationalization and high level of employment compared with previous years — fully demonstrating the strong competitiveness of SAIF MF graduates in the job market. There were 72 SAIF MF graduates in total this year. Apart from two graduates who decided to continue their studies, the placement rate of the other 70 graduates was 100%. As SAIF's flagship program, SAIF MF has been taking the lead in employment data among comparable institutions and universities. According to statistics, SAIF MF domestic graduates of Class 2022 received 2.2 job offers on average, with 90% of them having already determined job intentions six months before graduation. “The demand for talent recruitment in various industries is becoming more and more cautious under the current global economic situation. Under this circumstance, our graduates maintain a high-level employment. It proves that SAIF's ‘International, Market-Oriented, Professional’ teaching philosophy, continuous innovation, and advancing training model that we adhere to have been generally recognized by the society.” said Professor Shijun Cheng (Executive Dean of SAIF). When choosing jobs, many SAIF graduates combine their personal development with the destiny of China itself. Facing multiple job offers, about 18% of MF domestic graduates chose to join key national employment units such as financial regulatory departments and strategic financial institutions instead of pursuing higher income opportunities in the private sector. In addition, more than two-thirds of this year's MF domestic graduates chose to work in Shanghai to serve the national strategy of building Shanghai as an International Financial Center. In terms of specific employment data, the average and median numbers for annual starting salary were RMB 562,000 and RMB 498,000 respectively, hitting a record high. In addition, an increasing trend of internationalization was revealed: one-third of the graduates joined foreign financial institutions after graduation, and more than 11% of the graduates worked in international financial centers such as New York, Singapore, and Hong Kong. Foreign employers included renowned international investment banks (Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse, and Barclays) and traditional banking institutions (JP Morgan Chase Bank, HSBC, and Standard Chartered Bank). Apart from the traditional hot employment industry — the investment banking/securities industry which was chosen by nearly 30% of graduates — asset management institutions attracted about half of the MF domestic graduates this year. The employers included top international asset management institutions (BlackRock, Black Stone Group, and JPMorgan Asset Management), domestic head public funds (Efund, Harvest Fund, Aegon Industrial Fund, Zhong Ou Asset Management), and quantitative private equity institutions with high asset management scale in China (UBI Quant, Investment, Ming Hong Investment, Ming Shi Investment). “SAIF graduates gain recognition of the job market due to three key reasons.” Professor Tan Wang (Professor of Finance at SAIF, Academic Director of the MF program) said. “First is Internationalization, Market-Orientation, and Specialization. SAIF always keeps abreast with the international frontier in terms of school mode, curriculum and faculty construction, and closely integrates with China’s financial talent needs and national strategies. The second is Innovation. In 2019, SAIF first set up its FinTech Track in China, which adds machine learning, computer programming and application courses based on systemic finance courses, allowing students to learn blockchain, big data, and machine learning courses more systematically. Third, SAIF focuses on combining theoretical learning and practical courses, with practical courses accounting for more than 40%.” The MF Program is a full-time flagship program launched by SAIF in 2009. All of its students have graduated from world-class universities, and the average admission rate is below 3%. With all courses taught in English, the SAIF MF Program trains international financial professionals who are proficient with modern financial theory, techniques, and skills — and are familiar with the practices of the financial sector in China and across the world. Compared against other similar programs in China, SAIF MF features world-class faculty from leading international universities, a systematic curriculum design, market-oriented practice programs, and career development counseling. In addition, its modern teaching approaches are supported by a simulation laboratory. Students not only have the opportunity to participate in joint admission programs with world-renowned institutions such as Columbia University or the London School of Economics, but also enjoy access to international resources and exclusive short-term overseas modules from all over the world. In addition to a cutting-edge and diverse curriculum, SAIF also provides students with personal and comprehensive career guidance. To help students achieve better career development, SAIF CDC has created the Career Practical Training Program (CPTP) to cultivate students’ professionalism and ability to solve practical problems. The courses include lectures, seminars, and workshops that improve students’ soft skills and job-seeking skills. A series of professional skills that simulate industry practices, covering different modules — such as LPG courses of foreign investment banks, equity research, quantitative trading, and valuation modeling — are also included. Meanwhile, each MF student will receive personal targeted career counseling at least three times during their study at SAIF, with an average total time of more than 5 hours. “We want to teach students not only traditional financial theories but also cutting-edge skills like Fintech, the ability to think systematically and with a spirit of innovation. This will help SAIF MF students to develop continuously in the next ten years and beyond. MF students can better serve the China's financial development and contribute to the construction of Shanghai as an International Financial Center.” Professor Tan Wang said.

On August 31st, 2022, the China Financial Futures Exchange (CFFEX) and SAIF signed a strategic cooperation agreement. Guangshao Tu (Member of the CPPCC, Executive Director of the SAIF Board), Qingwen He (Secretary of the CPC CFFEX Committee, President of CFFEX), Chunhe Ye (Deputy Secretary of the CPC CFFEX Committee, Chairman of the Supervisory Board of CFFEX), Qigui Zhu (Secretary of the CPC SAIF Committee), Feng Li (Professor of Accounting at SAIF, Associate Director of CAFR), and Xuan Luo (Deputy Dean of SAIF) attended the signing ceremony. The signing ceremony was presided over by Feng Li. Guangshao Tu said that the signing reflects further deepening of cooperation between financial market organizations and financial academic institutions. Over the past ten years, SAIF has achieved remarkable results in talent training and faculty building. In the future, SAIF will deepen the construction of its think tank and further enhance its ability to serve Shanghai as an International Financial Center. Tu pointed out that the cooperation between CFFEX and SAIF is of great significance to both sides. SAIF will provide further talent and intellectual support for the reform and innovation of the financial futures market and the construction of CFFEX. He hoped that both sides would actively promote cooperation to better serve the overall national strategy and the construction of Shanghai as an International Financial Center. Qingwen He pointed out in his speech that the innovative development of financial futures need professional theories and an inclusive environment. The signing of the strategic cooperation agreement will help CFFEX further enhance the cooperation between industry and academia, integrate internal and external resources more systematically, and strengthen talent exchange. Afterwards, Chunhe Ye and Qigui Zhu signed the strategic cooperation agreement on behalf of both sides, as witnessed by Guangshao Tu and Qingwen He. In the future, the two sides will combine actual development demands and resource advantages, strengthen academic research and think tank research, collaborate on post-doctoral workstation construction and other all-around cooperation to promote the construction of Shanghai as an International Financial Center and high-quality development of the capital markets.

On August 25th, 2022, the 2022 China Rising Affluent Financial Well-being Index was released by SAIF and Charles Schwab (a top US financial services institution), our sixth consecutive annual edition. For six years, Charles Schwab and SAIF have continued to focus on the perceptions and investment behavior of China rising affluent. This year's report focused on how affluent Chinese actively adjust their wealth management strategies when facing changing external environments. It also re-highlighted the importance of investment advisory services in advancing the financial well-being of investors. The latest 2022 report shows that the financial well-being of China's rising affluent is steadily improving. In addition, the following findings were made in this year's study. Family wealth management should be decided after a family discussion. Public awareness of retirement financial issues should be aroused through financial education and services. New products and services that better fit investment needs should be made, due to the fading of the housing market. Financial literacy education should be strengthened to help investors better identify financial risks and focus on long-term investments. Professional financial services and investment education should be provided to avoid vulnerability and to ensure long-term financial well-being. Financial institutions should further optimize personalized and high-quality services based on customers'demands. The China Rising Affluent Financial Well-being Index Initiated by SAIF and Charles Schwab, the China Rising Affluent Financial Well-being Index is now being maintained by Nielsen, an international monitoring and data analysis company. This index tracks the shifting perceptions about the financial well-being of people with annual incomes of RMB 125,000 to RMB 1,000,000 and with investable assets of less than RMB 7,000,000. These investors are an increasingly influential cohort within both the Chinese and global economies. The index is derived from the combined assessment of four sub-indexes, namely: wealth confidence, financial planning, asset management, and investment engagement.

Recently, SAIF and the Haas School of Business at the University of California (UC Berkeley) signed a memorandum of understanding on a dual degree for the Master of Financial Engineering Program (MFE). The program has no limit on the number of participants, and students of the SAIF MF Program can submit applications after enrollment. Upon graduation, they will be awarded a Master's degree and the academic certificate of SJTU, the academic certificate of SAIF, and a Master's degree from UC Berkeley. As the flagship program of SAIF, the MF Program cultivates future leaders in the financial industry. It adopts an international and open teaching mode while featuring first-class faculty from world-class universities. In 2019, to meet the development needs of the financial industry, the SAIF MF program was the first to offer a Master's education program with a FinTech track in China. The first batch of FinTech track graduates has since achieved a 100% employment rate. The MFE Program of UC Berkeley benefits from the top financial research resources of the Hass School of Business, which effectively combines modern portfolio theory with computational methods. The program is known globally for its 98% employment rate (Fall 2021) and prestigious curriculum. It is ranked at the top in the 2022 TFE Times Financial Engineering Program Rankings. In addition to the dual degree program with the Hass School of Business, SAIF has also cooperated with top institutions in North America and Europe, such as Columbia University and the London School of Economics and Political Science (LSE). As of 2021, more than 40 SAIF MF students have applied to participate in the dual degree program.

On August 8th, 2022, the report "Metaverse Study: Technology, Applications and Economic Paradigms"was officially released. The report is co-authored by SAIF, CAFR, and the Shanghai Shenyin Wanguo Securities Research Institute Ltd. (SWS Research). The report comprehensively analyzes the new track of the metaverse and the metaverse economy from four aspects: definition and connotation, core technologies, application scenarios, and overseas metaverse economy paradigm. According to the report, the metaverse is a next-generation Internet application and social civilization that integrates a number of new technologies, with digital sensing and blockchain technology as its core. It is generated through a change of identity interaction and an economic paradigm change. The metaverse economy is a series of new economic production and business operation models based on digital production, distribution, exchange, and consumption. The definition, underlying technologies, application scenarios, and business models of the metaverse are still at an early stage. This report helps with the construction of a relevant policy system and a layout of industrial practice, and with the implementation of digital economy strategy. The report also included several SAIF GES alumni and four GES alumni companies (Shanghai Zhiwang Information Technology Co. Ltd., Shanghai Jianjing Shurui Data Technology Co. Ltd., Bowei Technology Co. Ltd., Shanghai Xianhu Investment Management Co. Ltd.), as well as experts and researchers from the Tsinghua University School of Journalism and Communication.

On May 11, 2022, Times Higher Education (THE) released the third edition of its China Subject Ratings. SJTU performed well in this year's ratings, with a total of 41 disciplines being awarded an A+ ranking. Three disciplines co-constructed by SAIF (Industry & Business Administration, Management Science and Engineering, and Applied Economics) regained A+ designation. Based on the discipline classification system by Chinese Ministry of Education, the THE China Subject Ratings provide universities in mainland China with opportunities to compare and demonstrate academic strengths with universities worldwide. This year’s ratings include 1,543 universities worldwide, 91 of which are in mainland China. Using the subject classification system by the Chinese Ministry of Education, they measure performance in 82 subjects on a scale of A+ to C-. The results show that in the vast majority of disciplines, mainland Chinese universities outperformed universities overseas. Overall, mainland China scores an average grade of B+ in the ratings, above the global average of B. The data for the 2022 THE China Subject Ratings come from the 2022 THE World University Rankings, the THE China Reputation Survey for 2021 and 2022, the THE Academic Reputation Survey for 2020 and 2021, and Elsevier bibliometrics. The Times Higher Education China Subject Ratings are the only performance tables that judge Chinese institutions against their global peers based upon the Chinese Ministry of Education's classification of subjects. The ratings measure research-intensive universities' subject performance across five key areas: teaching (the learning environment); research (volume, income, and reputation); citations (research influence); international outlook (staff, students, and research); and industry income (knowledge transfer).

Recently, Zhe Geng, a 2022 PhD graduate from SAIF, received a teaching offer from the School of Management of Fudan University. Two other PhD graduates, Xiaoming Li and Mingmei Liu, also received offers from the University of International Business and Economics and Jinan University, respectively. They all joined the tenure track. In fact, since Chinese universities have tried to implement the tenure track faculty system, most of the newly recruited professors are PhD graduates in relevant fields from famous overseas universities. So, what makes PhD students from SAIF stand out among so many Finance PhD returnees ? Zhe Geng said, “Thanks to the academic training and encouragement from my supervisors, Professors Jun Pan and Tan Wang, during my PhD, as well as the guidance from Professors Jiang Wang and Darrell Duffie, I was able to get the offer from Fudan University. I also want to express my gratitude to SAIF’s international cultivation model and the whole faculty team.” As for the three PhD graduates entering the tenure track of top universities in China this year, Nengjiu Ju (Professor of Finance, PhD Program Academic Director atSAIF) said, “It shows that SAIF PhD graduates basically have the strength to compete with PhD students from famous overseas universities at the same level. It also shows that SAIF PhD program has been recognized by peers.”