国有大行大涨，金融资源持续流向这一领域

Core Insights - The article highlights the significant progress in green finance in China, particularly in August, coinciding with the 20th anniversary of the "Two Mountains" concept and the third National Ecological Day, indicating a structural shift in financial resources towards green and transitional sectors [2][10]. Market Data - In August, there was a notable increase in green credit and green equity assets, while green bond issuance showed caution. The issuance of green bonds dropped significantly, with 49 new bonds totaling approximately 35.35 billion yuan, a decrease of 43.7% in quantity and 70.6% in total scale compared to July [3][29]. - The green loan balances of major state-owned banks increased significantly, with Industrial and Commercial Bank of China (ICBC) growing by 16.4%, Agricultural Bank of China (ABC) by 14.6%, and others showing similar growth rates [3][34]. - The national carbon market saw a 29.5% increase in transaction volume in August, with a total transaction volume of approximately 15.11 million tons and a total transaction value of 1.042 billion yuan, although the average price per ton decreased by 5.9% [3][36]. Green Certificate Trading - In July, the issuance of green power certificates decreased by about 15.1%, with 236 million certificates issued, while trading volume increased by approximately 11.9%, indicating continued trading activity [4][40]. Corporate Innovations - August witnessed a surge in corporate activities in green finance, with several innovative financing and green asset securitization cases emerging across various sectors, including energy, manufacturing, and forestry [5][44]. - Notable cases included the first public REITs for natural gas power generation by a central enterprise, the first green appliance ABS by JD Technology, and the first "green + rural revitalization" bond by Guangxi Forestry Group [6][45][47]. Policy Developments - Central and local governments collaborated to enhance the green finance policy framework, with new guidelines issued to support green low-carbon transitions and the establishment of a carbon market [11][12]. - Various provinces, including Guangdong and Zhejiang, introduced new policies covering green credit, green bonds, and carbon trading, reflecting a multi-layered policy system aimed at supporting green industries [11][17]. Focus Events - The third National Ecological Day and the 20th anniversary of the "Two Mountains" concept prompted a series of events and meetings aimed at promoting green finance, including the Beijing Green Exchange participant conference and the UK-China Transition Finance Working Group meeting [57][60].