国开行资金部有关负责人表示，下一步，将深入贯彻落实党的二十届四中全会精神，认真贯彻落实 习近平生态文明思想，大力发展绿色金融，用好绿色债券融资渠道，为助力构建现代化基础设施体系， 协同推进降碳、减污、扩绿、增长提供金融支持。 本报讯 记者左希报道 记者从国家开发银行获悉，11月27日，该行在上海清算所发行90亿元3年期绿 色金融债券，发行利率为1.52%，认购倍数2.46倍，获得了河南农商银行、上海农商银行、中国工商银 行、南京银行等各类投资者的踊跃认购。 据介绍，本次发行严格按照《绿色金融支持项目目录（2025年版）》挑选项目，绿色等级为G1 （最高级别），募集资金将主要用于基础设施绿色升级、能源绿色低碳转型、环境保护产业、资源循环 利用产业等领域，相关项目建成后预计年均可节约标准煤8.9万吨，减少二氧化碳排放量约20万吨。 责任编辑：袁浩 ...

国开行发行 90 亿元绿色金融债券，欧盟将发布《工业脱碳加速器法案》立法 提案 [Table_Industry] ESG 周报 [Table_R 2025 年 1eportDate] 1 月 30 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] ESG | | | --- | --- | | 投资评级 | —— | | 上次评级 | —— | 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 本期内容提要: [Table_S [Table_Summary 热点聚焦 ummary]：] 国内：国开行发行 90 亿元绿色金融债券，重点支持基础设施绿色升级。国 家开发银行日前在上海清算所成功发行 90 亿元 3 年期绿色金融债券，发行 利率为 1.52%，认购倍数 2.46 倍。截至 11 月 28 日，国开行已累计发行绿 色金融债券 2295 亿元。本次发行严格 ...

Core Viewpoint - The issuance of green financial bonds in China has significantly increased in 2023, driven by supportive policies and a diverse range of issuing institutions, including small and medium-sized banks, which have become new growth points in the market [2][3][9]. Group 1: Green Bond Issuance - On November 27, the National Development Bank successfully issued 9 billion yuan of 3-year green financial bonds with an interest rate of 1.52%, achieving a subscription multiple of 2.46 times [1]. - Since the implementation of the "Green Bond Support Project Directory (2025 Edition)" in October, financial institutions have entered a "fast track" for green bond issuance, with 14 bank green bonds issued in November alone, marking the highest issuance density of the year [2]. - In November, various banks issued a total of 110.7 billion yuan in green financial bonds, setting a new monthly record for 2023 [3]. Group 2: Diverse Issuers - The issuance of green bonds has expanded beyond state-owned banks to include small and medium-sized banks and non-bank financial institutions, indicating a diversification of issuers [4][9]. - In November, several small banks issued green bonds ranging from 700 million yuan to 3.5 billion yuan, with specific examples including Tangshan Bank and Chongqing Three Gorges Bank [5][6][7]. Group 3: Policy Support and Market Growth - The explosive growth in green bond issuance is attributed to continuous policy support, particularly following the launch of the new project directory, which has unified various green financial products and reduced identification costs for financial institutions [9]. - As of November 28, over 240 green bonds have been issued by financial institutions, with a total issuance scale exceeding 640 billion yuan, doubling the issuance scale from 2024 [9]. Group 4: Cost Optimization and Innovation - The average issuance cost of bank green bonds has improved, decreasing from 1.94% in 2024 to 1.74% in 2023, enhancing the financing cost-effectiveness [3]. - There has been a notable increase in product innovation within the green bond market, with various financial institutions exploring new mechanisms, including floating rate bonds and thematic bonds focused on specific sectors like green manufacturing [11][13].

宏观与金融衍生品分册 中国期货衍生品市场年报 宏观继续稳增长，利率延续震荡市 ——2025 年市场回顾与 2026 年展望 格林大华期货研究院 刘 洋 交易咨询资格：Z0016580 摘要 1 证监许可【2011】1288 号 2025 年国债期货主力品种在 1 月和 2 月初创出高点，然后连续下跌至 3 月中旬止跌反 弹。4 月上旬，因美方宣布加征对等关税消息国债期货上涨，随后横向震荡。7、8 月 A 股强势连续上涨，推动资本市场风险偏好上升，国债期货合约价格整体回落。9 月 国债期货主力合约中短期品种宽幅震荡，超长期 30 年期国债期货主力合约继续较大 幅度下跌。国庆节后，A 股股指在高位震荡缓步回落，国债期货反弹。央行行长 10 月 27 日在金融街论坛年会上宣布，将恢复公开市场国债买卖操作，助力国债期货反弹， 进入 11 月国债期货有所回落。 2025 年前三季度中国 GDP 累计同比增长 5.2%，预期全年增长大概率可以实现全年目标 5%。5 月央行宣布，下调金融机构存款准备金率 0.5 个百分点，同时将公开市场 7 天 逆回购利率调降 10 个基点，降至 1.4%，全年货币政策总体保持流动性宽松。 ...

国开行资金部有关负责人表示，下一步，将大力发展绿色金融，用好绿色债券融资渠道，为助力构 建现代化基础设施体系和协同推进降碳、减污、扩绿、增长提供金融支持。（记者 张千千） 【纠错】 【责任编辑:赵文涵】 记者11月28日从国家开发银行获悉，该行日前在上海清算所成功发行90亿元3年期绿色金融债券， 发行利率为1.52%。截至目前，国开行已累计发行绿色金融债券2295亿元。 据介绍，本次发行的债券所募集资金将主要用于基础设施绿色升级、能源绿色低碳转型、环境保护 产业、资源循环利用产业等领域，相关项目建成后预计年均可节约标准煤8.9万吨，减少二氧化碳排放 量约20万吨。 ...

Core Viewpoint - The Shandong Provincial Government is actively promoting financial services for the elderly care industry and the silver economy, with significant loan disbursements and policy initiatives aimed at enhancing support for this sector [1][2][3] Group 1: Loan Disbursement and Policy Initiatives - As of the end of October, Shandong Province has issued a total of 36.42 billion yuan in loans for service consumption and the elderly care industry, with 7.78 billion yuan in re-loan applications [1] - The total loans specifically for the elderly care industry reached 6.18 billion yuan, with 2.11 billion yuan in re-loan applications [1] - The People's Bank of China established re-loans for service consumption and elderly care in May to encourage financial institutions to increase support for key areas [1] Group 2: Addressing Industry Challenges - The government is addressing barriers in communication between enterprises and banks by compiling a financing demand list for 336 key enterprises and projects in the elderly care industry, resulting in cooperation agreements with 94 enterprises totaling 10.59 billion yuan [2] - Financial institutions are being guided to innovate loan products tailored to the elderly care sector, including extending loan terms up to 30 years and expanding collateral options [2] - Specific loan products such as "Civil Affairs Elderly Loan" have been introduced to meet the unique needs of the elderly care industry [2] Group 3: Risk Mitigation and Financial Support - The Shandong Provincial Government is enhancing confidence among financial institutions by implementing a four-tier risk-sharing mechanism to support small and medium-sized elderly care entities [2] - As of the end of October, this initiative has facilitated the disbursement of 14.852 billion yuan across 28,200 loans, with an average guarantee fee rate of 0.66% [2] - The People's Bank of China plans to continue optimizing financial supply for the elderly care sector to contribute to its high-quality development [3]

Group 1 - Investors are betting heavily on the Federal Reserve's policymakers to cut interest rates again in December, with the probability of a 25 basis point cut now at approximately 80%, up from 30% just days ago [2] - The shift in interest rate expectations began with the mixed September non-farm payroll data, followed by comments from New York Fed President John Williams indicating room for rate cuts due to a weak labor market [2] - Wall Street strategists are divided, with some predicting a rate cut while others, like Morgan Stanley and JPMorgan, lean towards maintaining current rates, indicating a close decision in December [2] Group 2 - Four companies issued bonds in the primary market today, including Times China Holdings, which expects all restructuring conditions to be met by November 28, 2025 [3] - China Gezhouba Group announced the full redemption of a perpetual bond, with plans to delist the securities from the Hong Kong Stock Exchange by December 3, 2025 [3] - New World Development announced deferred payments on four perpetual securities, while Beijing Oceanwide Holdings announced the resumption of trading for several bonds after a successful bondholder meeting [3] Group 3 - As of November 25, the yield on China's two-year government bonds was 1.43%, while the ten-year yield was 1.83%. In the U.S., the two-year yield fell by 3 basis points to 3.43%, and the ten-year yield also fell by 3 basis points to 4.01% [8] Group 4 - On November 26, the People's Bank of China conducted a reverse repo operation of 213.3 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 97.2 billion yuan for the day [13]

Group 1 - The core viewpoint emphasizes the importance of financial strength in national economic development, as highlighted in the 20th Central Committee's Fourth Plenary Session, which includes the goal of building a financial powerhouse in the 15th Five-Year Plan [1] - Policy banks are focusing on their main responsibilities and actively supporting national strategies to contribute to the construction of a financial powerhouse [1][2] - The National Development Bank is committed to serving the real economy and supporting the construction of a modern industrial system and infrastructure [2] Group 2 - The Export-Import Bank is also prioritizing the support of a modern industrial system as a key task during the 15th Five-Year Plan period [3] - Innovative financing models, such as "industrial park + debt-loan combination," are being utilized to address capital and financing issues for projects like the Sanya Yazhou Bay Science and Technology City [3] - The Export-Import Bank is actively aligning its capabilities with local needs to inject financial resources into regional economic development [4] Group 3 - The Agricultural Development Bank aims to direct policy financial resources towards major strategies and key areas, with a recent establishment of 500 billion yuan in new policy financial tools [5] - The Export-Import Bank's new policy financial tools have allocated 100 billion yuan to support over 360 projects, expected to drive total project investments exceeding 1.3 trillion yuan [5] - Various projects across different regions, including AI applications in Guangdong and semiconductor projects in Shanghai, are being supported to enhance competitiveness and infrastructure [5][6] Group 4 - The Agricultural Development Bank is focusing on key areas such as food security and rural development, emphasizing the importance of its unique financial contributions [7] - Since the 14th Five-Year Plan, the Agricultural Development Bank has issued over 1.6 trillion yuan in loans to poverty-stricken areas, significantly contributing to rural infrastructure improvements [8] - The bank's efforts in supporting local infrastructure projects have led to noticeable enhancements in ecological and living conditions in rural areas [8]

Core Viewpoint - The "People's Asset" platform is suspected of being a fraudulent scheme that misuses the names of legitimate institutions like the National Data Bureau and the China Development Bank to lure investors with promises of high returns, while actually providing fake financial instruments [1][3][6]. Summary by Sections Fraudulent Activities - The "People's Asset" app is allegedly operated by an overseas team, registered in Cambodia, and has been reported to mislead investors by claiming to have strategic agreements with legitimate financial institutions [5][10]. - The platform has been accused of issuing fake electronic bank acceptance bills to investors, which are not backed by any real financial assets [15][16]. Investor Behavior - Many investors, particularly older individuals, have been drawn into the scheme despite warnings, often due to a belief in the promised returns and a lack of understanding of the risks involved [7][17]. - Some investors, referred to as "lu pan xia" (literally "shear sheep"), knowingly participate in these schemes with the hope of profiting before the scheme collapses [17][20]. Characteristics of the Scheme - The platform operates on a multi-level referral system, rewarding users for bringing in new investors, which is a common characteristic of Ponzi schemes [16][20]. - The app promotes unrealistic returns, such as an investment of 600 yuan yielding over 80,000 yuan in 80 days, which raises red flags about its legitimacy [11][15]. Regulatory Response - The China Development Bank and the National Data Bureau have both issued statements disassociating themselves from the "People's Asset" platform, emphasizing that no such agreements or certificates exist [3][6][16]. - Legal experts have classified the "People's Asset" platform as a typical "funding plate" scheme, highlighting its fraudulent nature and lack of real underlying assets [16][20].

Core Viewpoint - The "People's Asset" platform is suspected of being a fraudulent scheme that misuses the names of the National Development Bank and the National Data Bureau to attract investors, leading to significant concerns and warnings from these institutions [1][5][14]. Group 1: Platform Operations - The "People's Asset" app is registered in Cambodia and appears to be operated by an overseas team, with its active promotion supported by a group of individuals known as "lu pan xia" [4][8]. - The app claims to offer services related to personal data asset rights, misleading users into believing they can convert their data into financial assets [9][15]. - Users are required to pay high fees for services, such as a 608 yuan fee for converting data assets, which raises red flags about its legitimacy [15][21]. Group 2: Investor Experiences - Many investors, particularly older individuals, have been drawn into the scheme, with reports of significant financial losses and reliance on false promises of high returns [7][16]. - One investor reported investing 20,000 yuan over a year, hoping to withdraw substantial amounts based on the app's claims, but faced difficulties in recouping their investment [7][14]. - The app's promotional materials suggest unrealistic returns, such as an investment of 600 yuan yielding over 80,000 yuan in 80 days, which is indicative of a Ponzi scheme structure [9][14]. Group 3: Legal and Regulatory Response - The National Development Bank and the National Data Bureau have issued statements disassociating themselves from the "People's Asset" platform, emphasizing that no legitimate agreements or documents exist between them and the platform [1][5]. - The platform has been linked to fraudulent activities, including the issuance of fake bank acceptance bills that mislead investors into believing they can cash out their investments [14][15]. - Legal experts have classified the "People's Asset" platform as a typical "funding scheme," highlighting its use of fake documents and lack of real asset backing [15][21].