On October 31, 2025, the "Workshop on Financial Mathematics and Actuarial Science: From Asset Allocation and Optimal Insurance to Risk Measure Joint Workshop on Risk, Insurance, and the Economics of Uncertainty", hosted by the China Center for Insurance and Risk Management of School of Economics and Management, Tsinghua University, was successfully held. This workshop adopted a combined online and offline format, attracting experts, scholars, teachers, and students from universities such as Tsinghua University, Peking University, University of Waterloo, Central University of Finance and Economics, Renmin University of China, and Nankai University. The symposium conducted in - depth exchanges around the cutting - edge topics of financial mathematics and actuarial science.

At the beginning of the workshop, Professor FENG Runhuan, Chair Professor at Tsinghua University School of Economics and Management, delivered the opening speech. He briefly introduced Tsinghua University's exploration process in financial engineering and actuarial education, and emphasized that in the current complex and ever - changing economic environment, the cross - integration of mathematics and finance is of great significance for promoting the development of risk management theory and practice.

（Speech by FENG Runhuan）

This workshop invited four internationally renowned scholars to give special reports, covering hot topics such as portfolio management, reinsurance strategies, investment decisions under belief - dependent utility, and stochastic risk measurement.

Professor CAI Jun from the Department of Statistics and Actuarial Science at the University of Waterloo first gave a report titled "Conditional value-at-risk under reward-penalty mechanism with applications to robust portfolio management". He proposed a new robust portfolio selection model. By introducing a reward - penalty mechanism, the model minimizes the conditional value - at - risk (CVaR) under the worst - case scenario, and demonstrated the superior performance of this method in actual market data.

(Report by Jun Cai)

Subsequently, Professor David Landriault from the University of Waterloo shared the research results titled "Exploratory Optimal Reinsurance under the Mean-Variance Criterion". He adopted the reinforcement learning method to explore the optimal reinsurance strategy of insurance companies under the uncertainty of claim distribution, and proposed the policy iteration and martingale orthogonality theorem, which provided new theoretical support for reinsurance decisions.

(Report by David Landriault)

Professor LIANG Zongxia from the Department of Mathematical Sciences at Tsinghua University conducted an analysis focusing on "Equilibrium Portfolio Selection under Beliefs-Dependent Utilities". He studied how investors make equilibrium investment decisions under belief - dependent utility in a market environment driven by state switching and Markov chains, and presented the closed - form solutions and numerical experiment results.

(Report by LIANG Zongxia)

Finally, Professor YANG Jingping from the School of Mathematical Sciences at Peking University introduced "Random risk measures on the order statistics of correlated risks". He proposed a type of stochastic risk measure based on order statistics (RRM - OS), described the correlation between risks through the Copula model, and empirically showed that this method has higher accuracy and robustness in value - at - risk (VaR) estimation.

(Report by YANG Jingping)

Professor ZHU Yingzi, Chair of the Department of Finance at Tsinghua University School of Economics and Management, delivered the closing speech. She stated that the topics of this symposium cover multiple key directions such as dynamic strategies for asset allocation, cutting - edge models for optimal insurance design, and in - depth theories of stochastic risk measurement. These extensive and in - depth discussions not only demonstrate the vitality of the discipline but also point out many possibilities for future research, promoting in - depth cross - university and interdisciplinary cooperation. She expressed the hope that such high - level communication platforms can be continuously built in the future to promote continuous cooperation between scholars and the integrated development of disciplines, jointly explore new issues in finance and mathematics, and work together to push the entire field to a new height.

(Speech by ZHU Yingzi）

This workshop not only provides a platform for domestic and foreign scholars to share the latest research results but also promotes the exchange of ideas between researchers with different academic backgrounds, laying a solid foundation for further exploration in the field of financial mathematics and actuarial science in the future.

(Group Photo of the workshop)