Educational equity is the foundation of social equity, and education equalization is one of the serious issues to be solved by the government. This work considers one education equalization reform conducted by Suzhou Industrial Park of China, namely, the comprehensive "five to nine" (CFTN) housing purchase admission qualification adjustment policy, as an example and uses the resold housing transaction data to identify the effect of the equalization policy by the difference-in-differences (DID) method. Based on this natural experiment, the quantitative assessment results show that (1) the CFTN policy has a significantly positive effect on housing prices in nine-year consistent (NYC) school districts that belong to high-quality school districts; (2) the CFTN policy has no significant effect on housing prices in non-NYC consistent school districts that belong to ordinary school districts. These results uncover that the one-size-fits-all CFTN policy can only obtain significant housing price equilibrium effects in school districts above a certain level of education quality. For regions with backward education levels, the policy is ineffective. For these regions, continuously increasing high-quality educational resources and increasing educational service levels are essential solutions to reduce educational inequality.

In recent years, as global climate change intensifies and ESG investment concepts gain prominence, climate risk has become a crucial factor for investors and financial markets. Investigating how climate risk is priced in the Chinese capital market is both theoretically and practically important for promoting the sustainable development of China's capital markets and advancing green finance. This study employs natural language processing (NLP) to quantify the proportion of climate risk-related content in the annual reports of listed companies, creating an indicator to assess their climate risk level. The study uses climate risk of listed companies as the explanatory variable and annual stock returns as the dependent variable, applying a fixed-effects model to empirically examine the impact of climate risk on investment returns. The study finds that: first, the climate risk of listed companies shows a clear trend of change over time; second, there is a significant positive correlation between the climate risk of listed companies and investment returns.