持续发力，前三季度新增贷款超四成流向这个领域

Core Insights - China's green finance is transitioning from "scale expansion" to a new phase characterized by "structural differentiation and functional deepening" across multiple sectors [2][20]. Group 1: Green Credit - Green loans have become the main engine of credit growth, with a total balance of 43.51 trillion yuan as of Q3 2025, reflecting a 17.5% increase from the beginning of the year, and accounting for 43.9% of all loan increments during the same period [3][44]. - Major state-owned banks, including ICBC, CCB, ABC, and BOC, maintain green loan balances between 4 trillion and 6 trillion yuan, with growth rates between 14% and 20% [3][5]. - Regional banks like Beijing Bank and Qilu Bank have shown remarkable growth rates of 26.2% and 35%, respectively, indicating a shift towards supporting local green manufacturing and clean energy projects [3][5]. Group 2: Green Bonds - In November, the green bond market saw a significant rebound, with 94 new bonds issued, totaling 137.39 billion yuan, marking a 51.6% increase in the number of bonds and a 157.8% increase in total issuance compared to October [6][44]. - Financial bonds dominated the market, accounting for nearly 60% of the total issuance in November, highlighting the pivotal role of financial institutions in the green financing ecosystem [6][46]. Group 3: Carbon Market - The national carbon market experienced a "volume and price increase" in November, with an average carbon price of 57.73 yuan per ton, up 20.7% month-on-month, and a transaction volume of 47.75 million tons, totaling 2.757 billion yuan [7][51]. - The cumulative transaction volume for the year has surpassed 187 million tons, indicating a significant increase in market activity and the establishment of the carbon market as a crucial component of China's green finance system [8][51]. Group 4: Green Electricity and Certificates - In October, the issuance of renewable energy green power certificates (green certificates) reached 370 million, a substantial increase, although the number of tradable certificates did not rise correspondingly, leading to a decrease in their market share [9][52]. - The average price of green certificates for 2025 production year saw a significant drop of 19.14%, indicating market volatility influenced by supply-demand dynamics [9][56]. Group 5: Secondary Market - The secondary market for green financial assets displayed a clear divergence, with the Green Finance 100 Index declining by 3.52%, while the China Green Bond Index only slightly adjusted by 0.12%, reflecting a shift towards fundamental valuation and risk aversion among investors [10][41].