SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-12-18 05:53Core Viewpoint - The article emphasizes the importance of Shanghai as an international green finance hub, highlighting the role of Shenwan Hongyuan in supporting national strategies and contributing to the development of green finance through various initiatives and services [1][10]. Group 1: Integration into Strategic Framework - The construction of Shanghai's international green finance hub requires collaboration among various market participants, with securities firms playing a crucial role in linking capital and assets [2]. - Shenwan Hongyuan has established a "Green Finance Service Group" to enhance coordination between top-level design and practical implementation, aiming for a comprehensive green finance service model [2]. - The company has provided nearly 100 billion yuan in financing services to green industries in the Yangtze River Delta over the past three years, demonstrating its commitment to corporate responsibility [2][3]. Group 2: Expanding Implementation Pathways - Shenwan Hongyuan leverages its full-license advantage to offer integrated services, including financing, investment, research, and consulting, to support the green industry [4]. - The company has facilitated the listing of multiple green technology firms on various stock exchanges, raising over 20 billion yuan for nearly 20 green enterprises since 2022 [4]. - In the bond financing sector, Shenwan Hongyuan has underwritten over 30 green corporate bonds totaling nearly 40 billion yuan, including a record 10 billion yuan low-carbon transition bond for China Baowu Steel Group [5]. Group 3: Future Layout and Continuous Innovation - Shenwan Hongyuan plans to enhance its service offerings by participating in innovative green financial products such as green REITs and carbon financial derivatives [8]. - The company aims to strengthen cross-border connections to attract more international capital into Shanghai's green assets and facilitate domestic green enterprises' access to global markets [8]. - There is a focus on building a collaborative ecosystem with local government and financial institutions to unify green finance standards and share information [9].