Core Viewpoint - The China-Europe Green Energy Development Cooperation Conference in Nanjing marks a significant step towards enhancing international industrial collaboration and promoting green transformation development [1][2]. Group 1: Event Overview - The conference was co-hosted by Nanjing University, the Municipal Agricultural and Rural Affairs Bureau, and the Xuanwu District People's Government [1]. - A series of cooperation projects were signed, including agreements between the Europe-China Exhibition Alliance and the Zhongshan Group, as well as with China Construction Bank [1]. Group 2: Key Initiatives - The establishment of the China-Europe Green Energy Industry Collaborative Incubation Center aims to create an integrated platform for government, industry, academia, research, and finance [1]. - The "Ningfengshou" International Agricultural Technology Financial Roadshow Base was launched to serve as a national hub for agricultural technology transformation and financing [1]. Group 3: Industry Collaboration - The roundtable discussion featured face-to-face exchanges among European and Chinese representatives, focusing on the development of green energy in agricultural scenarios and smart agriculture [2]. - The Xuanwu District is positioning itself as a stronghold for green and digital development, fostering new industrial clusters in low-carbon and data-driven sectors [2].

Core Viewpoint - Shenzhen Construction Bank (Shenzhen Bank) showcases its commitment to supporting the real economy and addressing public concerns through comprehensive financial services at the 19th Shenzhen International Financial Expo, focusing on five key areas of development [2][12]. Group 1: Technology-Driven Financial Services - Shenzhen Bank has established a digital financing platform for small and micro technology enterprises, providing tailored financial products and services, with a technology loan balance exceeding 2.44 trillion yuan, adding over 48 billion yuan in the first ten months of the year [3][5]. - The bank has developed a "circle-chain" service model for leading technology enterprises, offering customized digital industrial chain platforms and serving over 9,000 enterprises nationwide [5]. Group 2: Green Finance Initiatives - Shenzhen Bank has accelerated the innovation of green financial products, achieving a green loan growth rate exceeding 25% this year, significantly higher than the overall loan growth rate [6]. - The bank has actively supported emerging green industries, providing loans to nearly 1,000 enterprises and launching the first batch of "water-saving loans" in collaboration with local associations [6]. Group 3: Inclusive Finance - The bank has focused on enhancing financial services for small and micro enterprises, with a total inclusive loan balance of 364 billion yuan and serving over 106,000 clients as of October 2025 [7][8]. - Shenzhen Bank has implemented a digital and platform-based approach to improve the efficiency of financial services, successfully providing 3.88 million yuan in emergency financing to a small jewelry company [7][8]. Group 4: Elderly Care Financial Services - In response to the aging population, Shenzhen Bank has developed a comprehensive pension financial service system, integrating various products and services to meet the diverse needs of elderly clients [9]. - The bank has established specialized financial service outlets and teams to provide tailored investment and financial education services for seniors [9]. Group 5: Digital Currency Applications - As a pilot institution for digital RMB, Shenzhen Bank has launched the "Digital RMB Smart Payment Worry-Free Platform" to address consumer pain points in the prepaid sector, covering 1,569 merchants and providing services to 960,000 consumers [11]. - The bank plans to expand the application of digital RMB in various prepaid scenarios, including elderly care and sports services [11].

Report Overview - Date: November 21, 2025 - Report Type: Commodity Research Morning Report - Green Finance and New Energy by Guotai Junan Futures Core Views - Nickel: Nickel prices have broken through support and are under pressure, oscillating [2][4]. - Stainless Steel: Weak market conditions are suppressing steel prices, but the downside is limited [2][5]. - Lithium Carbonate: The inventory reduction speed is slowing down, and a cooling market sentiment may lead to a price correction [2][10]. - Industrial Silicon: The market shows a weak pattern [2][13]. - Polysilicon: Attention should be paid to the lower support level [2][14]. Commodity - Specific Summaries Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 115,380 yuan, down 270 yuan from the previous day. The trading volume of the stainless - steel main contract was 154,598 lots, with a decrease of 40,178 lots from the previous day. Other data such as import nickel prices, nickel ore prices, and stainless - steel product prices also showed different degrees of change [5]. - **Macro and Industry News**: Issues include the takeover of a nickel mine in Indonesia, China's suspension of non - official subsidies for Russian copper and nickel imports, sanctions on Indonesian mining companies, new regulations on Indonesian mining business plans, potential US tariffs on China, and Indonesia's suspension of new smelting licenses [5][6][7]. - **Trend Strength**: Both nickel and stainless steel have a trend strength of 0, indicating a neutral outlook [9]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 98,980 yuan, down 320 yuan from the previous day. The trading volume was 1,595,646 lots, a decrease of 171,782 lots from the previous day. Other data related to the lithium carbonate market, including spot prices, raw material prices, and downstream product prices, all had corresponding changes [10]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price increased by 2563 yuan/ton compared to the previous trading day. This week, the lithium carbonate output increased by 585 tons, and the industry inventory decreased by 2052 tons [11]. - **Trend Strength**: The trend strength of lithium carbonate is - 1, indicating a bearish outlook [12]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2601 contract was 9075 yuan/ton, down 315 yuan from the previous day. The trading volume was 574,345 lots, a decrease of 181,387 lots from the previous day. Data such as prices, profits, and inventories of industrial silicon, polysilicon, and their related products also showed different trends [14]. - **Macro and Industry News**: On November 18, a 200 - megawatt photovoltaic project in Xinjiang was completed and put into operation, with a total investment of about 5 billion yuan and an average annual power generation of about 3.2 billion kWh [14][16]. - **Trend Strength**: Both industrial silicon and polysilicon have a trend strength of - 1, indicating a bearish outlook [16].

Core Viewpoint - Tianyang Technology (300872) is actively engaging in opportunities presented by the Hainan Free Trade Zone through its subsidiary, focusing on integrating green finance, digital technology, and credit systems to support sustainable development [1] Group 1: Company Initiatives - The company has established a subsidiary, Hainan Green Digital Credit Co., Ltd., to develop an ESG data platform and green credit system for enterprises in the Hainan Free Trade Port [1] - The subsidiary aims to utilize big data and blockchain technology to create a comprehensive digital credit evaluation system based on corporate sustainability [1] - The company plans to leverage cross-border capital flow policies in the Free Trade Port to attract international investment in green projects, particularly in sectors like tropical agriculture, tourism, and deep-sea industries [1] Group 2: Future Plans - The company will monitor relevant policies in the Hainan Free Trade Zone and actively seek potential opportunities that align with its operational capabilities [1]

Group 1: Green Futures Market Development - The Chinese futures market has established a diversified green futures product system, focusing on new energy metals, clean energy, and recycled metals, including lithium carbonate, polysilicon, industrial silicon, low-sulfur fuel oil, liquefied petroleum gas, and casting aluminum alloys [1] - Future green futures products are expected to expand along the new energy industry chain, strategic resource supplementation, and circular economy coverage, providing precise risk management tools for the green transformation of the real economy [1] Group 2: Key Areas of Focus in New Energy - Current green futures products mainly focus on upstream raw materials of new energy, such as industrial silicon and lithium carbonate, while there is a significant gap in risk management tools for midstream materials and core auxiliary materials [2] - The wind and solar industries face significant price volatility risks for raw materials, with wind turbine blade costs accounting for 20%-30% of total costs, and photovoltaic glass being a critical packaging material [2] - The introduction of futures for photovoltaic glass and hydrogen energy is anticipated to help stabilize costs and manage price risks effectively [2][3] Group 3: Strategic Green Products - Electricity and carbon emission rights are identified as core strategic green products, with electricity futures expected to serve as a stabilizing tool for new energy generation enterprises [4] - The carbon market in China has matured since its launch in 2021, covering over 2,000 key enterprises in the power generation sector, with a significant annual spot trading volume [4] - Carbon emission rights futures can help enterprises lock in carbon costs and guide capital towards low-carbon projects, contributing to the achievement of carbon neutrality goals [4] Group 4: Circular Economy and Recycling - The expansion of the circular economy is supported by the introduction of futures for recycled metals and plastics, addressing issues of raw material sourcing and price volatility [6][7] - The first recycled metal futures, casting aluminum alloy futures, have been launched, with future expansions expected to cover a range of recycled resources [6] - Recycled copper futures are anticipated to facilitate the low-carbon transition in the copper industry, while recycled plastic futures could serve as a tool for reducing carbon emissions in packaging and automotive sectors [7] Group 5: Future Trends in Green Futures Market - The green futures market is expected to accelerate in product expansion, deepen functional applications, and enhance international influence [8] - A comprehensive product system is likely to emerge, covering new energy, clean energy, recycled resources, and weather derivatives [8] - The futures market is positioned as a core infrastructure for promoting energy transition, resource recycling, and low-carbon industry development, providing sustained momentum for high-quality green economic growth [8]

Core Viewpoint - The event focused on exploring new pathways for green finance cooperation among Suzhou, Hong Kong, and Macau, emphasizing the integration of their financial systems to support sustainable development [1] Group 1: Event Overview - The "Green Finance Special Session" was part of the Fourth Yangtze River Delta Digital Finance Industry Innovation Week [1] - The theme of the event was "Connecting Green Finance, Smartly Initiating the Future" [1] - The event aimed to leverage the advantages of Suzhou's industrial capital alongside Hong Kong's international financial hub and Macau's financial services platform [1] Group 2: Key Presentations - Chen Feng, Chairman and CEO of the Hong Kong Chinese General Chamber of Commerce, discussed how Hong Kong can connect mainland green industries with international capital, standards, and opportunities [1] - Lau Ting-Chin, Director of the Financial Development Division of the Macau Monetary Authority, provided insights into the development of Macau's modern financial industry [1] - Wang Naixiang, Chairman of Beijing Green Exchange, interpreted the "National Voluntary Greenhouse Gas Emission Reduction Trading Market" [1] Group 3: Initiatives and Standards - The Suzhou Sustainable Finance Laboratory was inaugurated during the event [1] - Two group standards were released: "Guidelines for Environmental Information Disclosure for SMEs" and "Guidelines for the Construction and Evaluation of Carbon Accounts for SMEs" [1] - A collaborative research initiative titled "Financial Support for Suzhou's Green and Low-Carbon Transition Development" was launched [1]

Core Viewpoint - The enthusiasm for ESG (Environmental, Social, and Governance) practices in the A-share market remains strong, with 36 companies disclosing or updating their ESG management systems by November 20, indicating a shift from compliance to proactive engagement in ESG practices [1] Group 1: ESG Practice Development - A-share listed companies are increasingly integrating ESG practices across various industries, with a notable rise in the number of companies publishing sustainability reports, reaching 2,462 by April 30, 2025, a 5.72 percentage point increase from the previous year [2] - The proactive awareness of ESG among A-share companies is growing, focusing on institutional frameworks, digital capabilities, and value creation [2][3] Group 2: Institutional Framework - More A-share companies are embedding ESG principles into their strategic frameworks, establishing a three-tier governance structure that includes the board, management, and execution levels [3] - By 2025, 185 A-share companies have disclosed their ESG management systems, promoting standardization in ESG governance [3] Group 3: Digitalization and Value Creation - A-share companies are leveraging technologies like big data, AI, and blockchain to enhance their ESG management capabilities, improving accuracy and efficiency in areas such as carbon emissions accounting and supply chain risk monitoring [3] - ESG is becoming a crucial link between companies and capital, with 500 ESG-related indices in the A-share market, 91% of which have seen gains this year, indicating that companies with strong ESG performance attract more capital [4] Group 4: Market Ecosystem - The development of ESG practices is supported by a robust market ecosystem involving policies, capital, and intermediary institutions, with regulations mandating the disclosure of sustainability reports [5] - The issuance of green bonds has surged, with 316 green bonds issued this year, totaling 256.74 billion, marking a 22.48% increase in quantity and a 20.83% increase in scale compared to the previous year [6] Group 5: Future Directions - The future of ESG practices in China is expected to focus on product innovation, expanding from single tools to comprehensive solutions, and increasing participation from individual investors [7]

Core Insights - The report from the China Securities Association highlights the significant growth in bond underwriting by securities firms in key sectors such as technology innovation, private enterprises, and green low-carbon initiatives, with CITIC Securities leading in many categories [1][2] Group 1: Bond Underwriting Performance - In the first three quarters of this year, the bond underwriting amount for technology innovation exceeded 700 billion yuan, marking a year-on-year increase of over 57% [1] - Private enterprise bond underwriting reached 391.36 billion yuan, reflecting a year-on-year growth of 43.46% [1] - CITIC Securities dominated the bond underwriting landscape, securing the top position in half of the key performance indicators [2] Group 2: Key Players in Bond Underwriting - Among 75 securities firms involved in technology innovation bonds, a total of 674 bonds were underwritten, amounting to 705.18 billion yuan, with CITIC Securities leading at 141.79 billion yuan [3] - In the private enterprise bond sector, 56 firms underwrote 368 bonds totaling 391.36 billion yuan, with CITIC Securities, Ping An Securities, and Huatai Asset Management taking the top three spots [3] - Smaller firms like Wenkang Securities excelled in underwriting bonds for small and micro enterprises, leading in both the number and amount of bonds underwritten [2][3] Group 3: Green and Low-Carbon Initiatives - In the green finance sector, 51 firms underwrote 137 green bonds totaling 109.01 billion yuan, with CITIC Jin Investment and CITIC Securities among the top underwriters [4] - The report indicates that 26 firms participated in low-carbon transition bonds, underwriting 25 bonds worth 14.38 billion yuan [4] - Securities firms are also actively supporting rural revitalization, with 41 firms underwriting 68 bonds totaling 42.65 billion yuan [4] Group 4: Belt and Road Initiative and Local Government Bonds - Nineteen firms underwrote 12 bonds related to the Belt and Road Initiative, with a total amount of 11.3 billion yuan [5] - A total of 69 firms participated in local government bond underwriting, achieving a combined winning bid amount of 336.95 billion yuan [5]

绿色金融作为金融"五篇大文章"之一，已成为推动经济社会高质量发展的重要引擎，在优化资源配置、调整产业结构等方面发挥关键作用。在绿色金融市场 欣欣向荣的同时，当前学界和业界对于绿色金融发展质效的量化分析还存在空白。证监会今年发布的《关于资本市场做好金融"五篇大文章"的实施意见》明 确提出"完善资本市场绿色金融标准体系"，加大对典型做法、示范案例的宣传与推广。 在此背景下，中国经济信息社上海总部携手东方证券研发"证券业服务绿色金融发展指数"（简称"绿金指数"），从环境支撑、市场规模、运行活力、主体建 设四大维度构建起科学全面的评价体系，打造一把衡量证券业在绿色金融体系中枢纽作用的"数字标尺"，为观察资本市场绿色转型提供了全新视角。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：新华财经 在11月16日举行的第十四届"沪上金融家"颁奖仪式现场，中国经济信息社上海总部联合东方证券发布首期《证券业服务绿色金融发展指数报告》（简 称"《报告》"）。指数基期为2020年，基期值设为100，2024年指数值达到153.17点。证券业在壮大绿色金融市场规模的同时，助力构建绿色与资本的正向 循环 ...

Core Viewpoint - China aims to promote high-quality development of the marine economy, emphasizing the integration of ecological priorities and green development throughout marine resource utilization and protection [1][2]. Group 1: Marine Economy Development - The "Exploring the Path of Harmonious Marine Economic High-Quality Development" seminar highlighted strategies, pathways, and mechanisms for high-quality marine economic development [1]. - The concept of "ecological priority and green development" is essential for balancing marine development and protection, pollution prevention, and ecological restoration [1]. Group 2: Carbon Sequestration and Blue Carbon Economy - The ocean is recognized as the largest carbon sink, and enhancing its carbon sequestration capacity is crucial for achieving carbon neutrality [1]. - The development of "carbon sink fisheries" is proposed to utilize fisheries that can lower atmospheric CO2 levels, promoting sustainable practices in the fishing industry [2]. - Increasing ocean alkalinity has been identified as a method to accelerate CO2 absorption from the atmosphere, presenting significant application prospects in the context of carbon neutrality [2]. Group 3: Green Finance and Sustainable Development - Green finance is seen as a vital opportunity to support the sustainable development of the marine economy, including expanding offshore renewable energy and enhancing the global competitiveness of the green shipping industry [2]. - Financial support for the synergistic development of "marine industry + marine ecology" is suggested to improve the financing and sustainability of marine ecological protection projects [2].