Based on the monthly data of 45 listed financial institutions from January 2015 to March 2020, this paper first selects an indicator from the level of extreme risk and contagion effect of the institution, namely ΔCoVaR and ΔAbs , and uses web crawlers and text analysis to construct the network public opinion index of various financial institutions. Then we use static and dynamic panels to empirically analyze the relationship between economic policy uncertainty, network public opinion and systemic financial risk, and analyzes the intermediate effects of network public opinion. Finally, we analyze the heterogeneity from different levels of financial institutions. The results show that: (i)The economic policy uncertainty has a significant positive impact on systemic financial risks, while network public opinion has an asymmetric impact on systemic financial risk. (ii) Network public opinion is a potential contagion channel for economic policy uncertainty. (iii) The potential transmission channel of network public opinion is heterogeneous among different financial institutions.