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Core Viewpoint - The recent release of the "Top Ten Green Trust Cases for 2025" by the China Trust Industry Association highlights the industry's shift towards green finance, showcasing successful projects that contribute to low-carbon transformation and the activation of dormant green assets [1][2]. Group 1: Overview of Green Trust Cases - The selected projects include various types of trust services such as asset management and public welfare, demonstrating the diverse applications of green trust in the industry [1]. - Notable projects include the Kunlun Trust's CCUS project, Shandong Guoxin's CCER carbon asset revenue rights project, and the Foreign Trade Trust's household photovoltaic service trust project, among others [1]. Group 2: Industry Insights and Future Directions - Industry experts believe that green trust is essential for the trust sector to return to its core functions, reshape business logic, and find new growth points [2]. - The ten cases serve as replicable models for the industry, indicating a broad future for green trust development [2]. Group 3: Innovative Project Mechanisms - Shandong Guoxin's CCER carbon asset revenue rights project addresses challenges faced by environmental enterprises, utilizing trust structures to convert carbon assets into manageable financial assets [3]. - The project employs innovative mechanisms such as specific carbon asset rights transfer and a dual-layer exit strategy to ensure the safety of trust funds [3]. Group 4: Performance and Impact - The project has shown significant environmental benefits, such as reducing pollutant emissions and preventing the return of waste oil to the food supply chain, thus providing a replicable solution for urban green governance [3]. - As of November 2025, Shandong Guoxin's green trust business had a scale of 8.532 billion yuan, an increase of approximately 3.3 billion yuan from the beginning of the year [4]. Group 5: Policy Environment and Support - The policy environment for green trust has been continuously optimized since 2025, with regulatory bodies encouraging trust institutions to develop green trust initiatives [4]. - The issuance of guidelines and frameworks by the China Trust Industry Association aims to enhance the industry's capacity to engage in green finance and improve ESG governance [4]. Group 6: Future Commitment and Strategy - Industry leaders emphasize the need for increased innovation in green trust to support ecological protection and low-carbon transformation [5]. - Companies are encouraged to leverage their unique advantages in trust structures to provide diverse and sustainable financial solutions that align with national carbon reduction goals [5].

Core Viewpoint - The carbon inclusive mechanism is transforming everyday low-carbon behaviors into tangible economic incentives, thereby integrating green consumption into daily life and promoting a sustainable future [1][2]. Group 1: Carbon Inclusive Mechanism - The carbon inclusive mechanism allows individuals to convert their low-carbon actions, such as public transport usage and energy savings, into quantifiable rewards like discounts and financial incentives [1][2]. - The "Wutan Jianghu" platform in Wuhan has over 2 million users, enabling them to record low-carbon behaviors and trade their carbon reduction amounts for various rewards [2][3]. - The platform has recorded over 34 million low-carbon actions, resulting in more than 50,000 tons of carbon reductions traded [2]. Group 2: Expansion and Standardization - The carbon inclusive practice in Wuhan has evolved from a pilot project to a standardized operation, with plans to expand to more cities and integrate into various platforms like WeChat and Alipay [3][4]. - The next step involves establishing a unified standard system to facilitate cross-regional and cross-platform recognition of carbon inclusivity [1][3][8]. - The carbon inclusive model is being replicated in 12 other cities, indicating a growing trend towards widespread adoption [3]. Group 3: Diverse Applications - The carbon inclusive mechanism is being applied in various sectors, including sports events, ecological damage compensation, and green finance, enhancing its societal impact [4][5][6]. - During the 2022 Beijing Winter Olympics, the carbon inclusive initiative engaged 2.7 million participants, generating 19,000 tons of carbon reductions [4]. - In the financial sector, personal carbon accounts are being used to assess creditworthiness and offer incentives for green loans [6]. Group 4: Challenges and Recommendations - Current challenges include inconsistent regional standards, insufficient inter-departmental collaboration, and limited market channels for carbon reduction trading [7][8]. - Recommendations for improvement include establishing a national standard system, enhancing data sharing among departments, and expanding market channels for carbon reductions [8][9]. - The transition from a government-subsidized model to a sustainable business model is crucial for the long-term viability of the carbon inclusive mechanism [9].

● 本报记者 王舒嫄 1月17日，海关总署署长孙梅君在2026年全国海关工作会议上表示，"十五五"时期，全国海关将在工作 中更加注重统筹协调，既要扩大出口、也要适度扩大进口，拓展国际循环，促进国内国际双循环更加畅 通、内外贸一体化更好发展。 回顾过去五年，孙梅君说，全国海关有效应对风险挑战，年均监管进出口货物52亿吨、42.3万亿元，体 量全球最大，安全总体可控，为实现"十四五"圆满收官提供了有力支撑。 "'十五五'时期，全国海关在工作中要更加注重统筹协调。"孙梅君表示，坚持开放合作、互利共赢是中 国式现代化的必然要求。海关处于国内国际双循环交汇枢纽节点，必须坚持系统观念，统筹好守国门、 促发展，在"守"中做好"促"的文章，在"促"中筑牢"守"的底线；必须协调好便利和安全，既保证"通得 快"、又保证"管得好"；必须平衡好进口和出口，既要把好进口关、也要把好出口关，既要扩大出口、 也要适度扩大进口，拓展国际循环，促进国内国际双循环更加畅通、内外贸一体化更好发展。 2026年是"十五五"开局之年。孙梅君表示，新的一年，全国海关将围绕更好统筹国内经济工作和国际经 贸斗争、更好统筹发展和安全的部署要求，着力在维护国门 ...

这是1月10日拍摄的海南三亚国际免税城（无人机照片）。 1月18日，海南自贸港封关"满月"。受益于封关带来的人气和政策红利，离岛免税消费持续升温。据 悉，自2025年12月18日至2026年1月17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长 46.8%；购物人数74.5万人次，同比增长30.2%；购物件数349.4万件，同比增长14.6%。 新华社图文 ...

Core Insights - In 2025, China-Central Asia trade is expected to achieve significant growth, with total trade reaching $106.3 billion, a year-on-year increase of 12%, marking a 6 percentage point acceleration from the previous year [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade increasing [1] - The structure of goods traded is improving, with exports from China to Central Asia amounting to $71.2 billion (up 11%) and imports from Central Asia totaling $35.1 billion (up 14%) [1] - New business models are emerging, with rapid growth in cross-border e-commerce and ongoing development in logistics and payment cooperation [1] Trade and Investment Integration - The high-quality development of the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green mining, and modern agriculture accelerating, effectively boosting exports to Central Asia and aiding the region's industrial upgrade and economic revitalization [2] - The Ministry of Commerce plans to implement the outcomes of the China-Central Asia Summit, focusing on enhancing trade cooperation, optimizing trade structure, fostering new business models, and promoting integrated trade and investment development [2]

● 本报记者 杨洁 近日记者从全国股转公司获悉，2025年，全国股转公司新增受理挂牌申请318家（含直联15家），出具 同意挂牌函333家（含直联11家），一批质地优良、结构多元的企业通过新三板实现规范发展，八成新 增同意挂牌企业属于制造业，新三板在精准对接国家战略、服务实体经济方面成效显著。同时，新三板 与北交所的协同联动不断深化，为中小企业构建起全周期资本市场服务体系，切实发挥多层次资本市场 塔基作用。 增量企业质效双优 全国股转公司介绍，2025年新三板挂牌审核工作始终坚持质量导向，形成"增量带动存量"的良性发展格 局。数据显示，2025年新增同意挂牌企业最近一年平均营业收入达8.50亿元，平均净利润6072.24万元， 平均研发投入2892.79万元，分别是存量挂牌公司2024年对应指标的2.74倍、4.68倍、2.26倍，盈利能力 与创新能力显著优于存量企业。 2025年，新三板精准对接国家战略，将服务实体经济、普惠金融与专精特新培育紧密结合，形成特色鲜 明的市场定位。2025年新增同意挂牌企业中，50.75%为国家级专精特新"小巨人"企业，33.03%为省级 专精特新企业，新三板通过与工信部专精特 ...

——上市公司质量和投资价值进一步提高。全省上市公司累计实施并购重组136家次、交易金额813亿 元，累计实施股份回购增持283家次、总金额298亿元，累计实施现金分红超2300亿元。全省科创板、创 业板和北交所上市公司数量占比提升至44%。 对于"十五五"时期，四川证监局表示，将继续按照证监会党委和省委、省政府部署，充分发挥资本市场 功能作用，助力地方经济社会高质量发展。主要从四方面发力：聚焦科技创新，更好助力四川新质生产 力发展；凝聚发展合力，推动上市公司做优做强；强化功能发挥，服务区域发展战略；提高监管精准有 效性，守牢风险底线。 拓面增质 辖区资本市场亮点多 过去五年，四川资本市场发展环境和生态体系持续优化，各类市场主体搭乘政策东风，加速发展。 资本市场亮蜀光 资本市场亮 光 星奔川骛，岁聿云暮。回看"十四五"时期，四川资本市场交出了一份"高分答卷"： ——直接融资效能进一步提升。全省新增46家A股上市公司、首发募集资金超360亿元，省内各类市场 主体通过资本市场实现直接融资超2.1万亿元，支持企业发行科创债、绿色债、乡村振兴债等创新品种 债券168只，募集资金超1000亿元。 上市公司总量稳增、赛道更 ...

Core Insights - The Sichuan capital market has shown significant growth during the "14th Five-Year Plan" period, with 46 new A-share listed companies and over 360 billion yuan raised in initial public offerings [1][2] - The quality and investment value of listed companies in Sichuan have improved, with 136 mergers and acquisitions totaling 81.3 billion yuan and cash dividends exceeding 230 billion yuan [1][2] - The Sichuan Securities Regulatory Bureau aims to enhance the capital market's role in supporting high-quality economic development during the "15th Five-Year Plan" by focusing on technology innovation, strengthening listed companies, and improving regulatory effectiveness [1][6] Direct Financing Efficiency - Sichuan has achieved over 21 trillion yuan in direct financing through various market entities, including innovative bond types such as tech bonds and green bonds [1] - The number of listed companies in Sichuan has increased to 179, ranking 8th nationally, with a 32% growth in overall scale since the end of 2020 [2] Industry Structure and Regional Development - Traditional industries remain stable, with four listed liquor companies contributing 10.9% of total revenue and over 40% of profits among A-share companies [2] - Emerging industries like industrial technology and materials are becoming significant drivers of market value growth in Sichuan [2] - Chengdu is the capital market hub, hosting 122 A-share companies with a total market value of 2.12 trillion yuan, accounting for 68.15% of the province's A-share companies [2] Collaborative Efforts and Policy Implementation - The Sichuan Securities Regulatory Bureau has collaborated with various government departments to enhance market participation and compliance among companies [3] - Initiatives to promote venture capital and support the development of private equity funds have led to 349 private fund managers with over 310 billion yuan in managed assets [3] Investor Protection and Market Satisfaction - The Sichuan Securities Regulatory Bureau has implemented measures to improve investor returns and optimize dividend mechanisms, resulting in over 2.3 billion yuan in dividends distributed since 2021 [4] - A new dispute resolution mechanism has been established to enhance investor protection, with successful mediation cases recovering losses for investors [5] Future Development Focus - The Sichuan Securities Regulatory Bureau plans to continue supporting technology innovation and the development of key industries during the "15th Five-Year Plan" [6] - Emphasis will be placed on enhancing the quality of listed companies, improving governance, and facilitating mergers and acquisitions [7] - The bureau aims to strengthen the regional financial center and improve direct financing levels through collaboration with local financial institutions [7]

Group 1 - The core viewpoint emphasizes the importance of maintaining market stability as a foundation for deeper reforms in the capital market, with the China Securities Regulatory Commission (CSRC) prioritizing this in its 2026 development plan [1][2] - The CSRC plans to implement targeted policies to strengthen market monitoring and timely counter-cyclical adjustments, including raising the minimum financing margin ratio from 80% to 100% to stabilize the market [1] - Analysts believe that reducing leverage will help mitigate irrational market speculation and guide investors towards value-driven strategies, enhancing market pricing efficiency [1][2] Group 2 - The CSRC aims to further ensure trading fairness by cracking down on excessive speculation and market manipulation, which is seen as a response to recent irrational price fluctuations in certain stocks [2][3] - There is a focus on addressing new types of illegal activities, such as online stock recommendations and information manipulation, by enhancing legal frameworks and improving enforcement collaboration among regulatory bodies [3] - The long-term strategy includes building a comprehensive regulatory system to maintain a fair trading environment and protect investors, particularly small investors [3][4] Group 3 - The initiative to cultivate a "long money, long investment" market ecosystem is highlighted as a key measure to sustain market stability, with plans to deepen public fund reforms and broaden channels for long-term capital [4] - The regulatory framework aims to facilitate the entry of various long-term funds into the market, ensuring they have suitable investment products and risk management tools [4] - Collaboration among different sectors is essential to enhance the scale of long-term capital entering the market, with recommendations to streamline regulations for pension funds, insurance, and other long-term investment vehicles [4]