和讯·2025-10-14 09:25Core Insights - The report highlights the continuous growth of green finance in China, with green loans reaching a total of 29.22 trillion yuan across 37 listed banks, indicating a robust upward trend in green financing [1][2] - The green bond market showed significant recovery in September, with 104 new bonds issued, totaling approximately 102.77 billion yuan, reflecting increased institutional financing demand [3][4] - The carbon market experienced heightened trading activity, with total transaction volume reaching 32.7 million tons and total transaction value at 2.004 billion yuan, although prices showed a downward trend [5][6] Group 1: Green Loan Expansion - As of the end of Q2 2025, the balance of green loans in China reached 42.39 trillion yuan, showing significant year-on-year and month-on-month growth [2] - The six major state-owned banks accounted for over 70% of the total green loan balance, with Industrial and Commercial Bank of China leading at over 6 trillion yuan [2][30] - The average green loan balance per listed bank was approximately 800 billion yuan, indicating a strong commitment to green financing across the sector [2] Group 2: Green Bond Market Activity - In September, the green bond market saw a total of 104 new issuances, with a total scale of approximately 102.77 billion yuan, marking a 112.24% increase in the number of bonds and a 190.72% increase in total issuance compared to August [3][33] - The average issuance size of new green bonds in September was 9.88 million yuan, up from 7.21 million yuan in August, indicating larger project sizes and stronger financing needs [3][33] - The proportion of bank green financial bonds increased from 35.36% in August to 42.91% in September, while asset-backed securities (ABS) also saw a significant rise in issuance [4][33] Group 3: Carbon Market Dynamics - The carbon market in September exhibited a "volume increase + price decline" characteristic, with total transaction volume reaching 32.7 million tons and total transaction value at 2.004 billion yuan, both showing substantial growth from August [5][39] - The average closing price for carbon emissions allowances (CEA) in September was 62.94 yuan per ton, down 11.5% from August, indicating a downward price trend [5][36] - Predictions suggest that carbon prices may continue to decline, with expected buy and sell prices for October at 55.39 yuan and 60.63 yuan per ton, respectively [5][41] Group 4: Policy and Market Developments - September saw multiple significant policy implementations aimed at enhancing green finance, including guidelines for sustainable corporate disclosures and new energy market regulations [11][12] - Local governments and enterprises are actively innovating in green finance, with notable projects such as the issuance of offshore green bonds and the introduction of biodiversity-linked loans [6][44] - The establishment of various green finance tools and frameworks is facilitating the transition from traditional financing methods to more diversified and innovative approaches [6][44]