近9000亿元！上交所最新发声

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively promoting the development of the green and ESG bond market to support the green transformation of real enterprises and enhance the effectiveness of financing for the real economy [1][3]. Group 1: Market Development and Achievements - As of October 2025, the cumulative issuance scale of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their launch in 2022 [1]. - The market structure of SSE's green and low-carbon transition bonds is characterized by a diversified maturity profile, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance [1][4]. Group 2: Financing Mechanisms and Benefits - The financing mechanisms for green bonds and low-carbon transition bonds on the SSE are considered convenient, effectively meeting companies' financing needs in related fields [3]. - The SSE allows funds raised from green bonds to replace self-funded expenditures on green projects incurred in the previous 12 months, providing greater autonomy in choosing issuance timing and reducing financing costs [3]. Group 3: Secondary Market Innovations - The SSE has lowered the threshold for green bonds to be included as benchmark market-making securities, enhancing liquidity and pricing efficiency in the secondary market [4]. - The introduction of a science and technology innovation bond ETF has effectively reduced financing costs and could further stimulate market activity if similar products are launched in the green bond market [4]. Group 4: Future Directions and Recommendations - Participants at the symposium emphasized the importance of enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [6]. - There is a call for a richer supply of green bonds to broaden investment choices, with expectations for more enterprises to issue green bonds on the SSE [6]. Group 5: Standards and Training - The understanding and application of green bond standards are becoming focal points, with suggestions for increased industry training and communication to enhance market participants' capabilities [7]. - Future innovations in bonds are encouraged to include areas such as biodiversity, climate adaptation, and carbon benefits to promote the development of the green finance system [7].