12月8日，中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议公布。 健全地方金融监管体系。 完善并购、破产、置换、资产证券化等政策。 提升新一代移动通信网络基础设施建设水平，建设全国重要的信息通信枢纽和信息集散中心，推进河南 区块链枢纽建设，争创国家数据基础设施区域功能节点。 支持商业航天数据开发利用。 坚持通算、智算、超算联动发展，深度融入全国一体化算力网络，打造面向中部、辐射全国的算力调度 核心枢纽和算力高地。 支持郑州商品交易所优势再造，实施大宗商品集疏储运能力提升行动，推进大宗商品储运基地、国际大 宗商品交易中心建设，积极申建大宗商品资源配置枢纽。 依托骨干农产品批发市场和区域性专业农产品市场，打造具有国际国内影响力的综合供应商，建设全国 重要的农产品交易中心，构建农产品"大市场、大贸易、大流通"格局。 其中提到，做优做强金融体系，推进地方法人金融机构立足地方、专注主业、完善治理、错位发展，支 持在豫金融机构提供多元化服务。 用好多层次资本市场，稳步扩大债券发行规模，完善企业上市培育体系，提升中原股权交易中心功能作 用，积极推进资金入豫，引育长期资本、耐心资本。 大力发展科技、绿色、 ...

Group 1 - Financial services are crucial for economic development and play a key role in upgrading industrial structures and ensuring public welfare [1] - China Construction Bank's Zhongshan Branch actively engages in financial practices that integrate finance with urban development, aiming for high-quality growth [1] Group 2 - Zhongshan is known for its manufacturing industry, particularly in lighting and furniture, but faces challenges in balancing industrial growth with environmental protection [2] - The bank identified a common issue among manufacturers regarding the difficulty of waste treatment for activated carbon, leading to a financial solution for environmental governance [2][3] - The bank provided over 100 million yuan in special loans under a green finance policy to support the "Industrial Carbon-Based Green Island Service Center" project, which aims to innovate waste treatment and promote a circular economy [2][3] Group 3 - The project is expected to reduce treatment costs by over 10,000 yuan per ton and decrease hazardous waste emissions by over 100,000 tons annually, contributing to a shift from end-of-pipe treatment to source reduction and recycling [3] - This initiative fosters a positive ecosystem of "environmental governance + industrial upgrading," providing a viable path for the green transformation of traditional manufacturing [3] Group 4 - The aging population presents challenges for ensuring the well-being of the elderly, which financial services must address [4] - Zhongshan HJYY Co., a key player in the pharmaceutical supply chain, faces liquidity pressures in ensuring stable supply of essential medications for the elderly [4] - The bank utilized a supply chain finance model based on the strong credit of HJYY's upstream pharmaceutical partner, XST Pharmaceutical, to provide efficient financing without complex collateral requirements [4][5] Group 5 - The funding alleviated procurement pressures for HJYY, ensuring timely delivery of essential medications to elderly patients, thus enhancing public health and well-being [5] - The bank's financial support not only aids the stability of the enterprise but also contributes to the promise of "peaceful aging" for the community [5] Group 6 - The bank is focused on stimulating consumption as a key factor in enhancing economic circulation and internal growth [6] - The bank has extended its financial services to the burgeoning electric vehicle sector, capturing new market trends [6][7] - A recent event with Tesla allowed potential consumers to experience test drives and receive financial consultation on purchasing options, showcasing an innovative consumer finance model [7] Group 7 - The bank's approach integrates various financial incentives, such as purchase subsidies and low-interest installment plans, to ease the financial burden on young consumers [7] - This "scene-integrated" service model not only boosts consumer spending but also promotes green transportation, contributing to sustainable urban development [7] Group 8 - Looking ahead, the bank aims to continue being a connector of social resources and an enabler of regional development, with a focus on precision in products and warmth in service [8]

（文章来源：期货日报网） 中国人民银行党委委员、副行长陆磊在年会上表示，强大的货币以币值稳定为计量标准，以全球金融市 场共识公认为客观标志，以面向智能化数字化为时代要求。人民币已体现上述特征，并具备持续提升优 势地位的潜质。期待各方利用好中国金融学会的平台，在全球金融治理改革、经济发展潜力因素、人工 智能发展影响等领域形成更多有影响力的新成果。（鲍仁） 本报讯据中国人民银行消息，12月6日上午，2025中国金融学会学术年会暨中国金融论坛年会在北京开 幕。本次年会主题为"走中国特色金融发展之路，助力中国式现代化"。 中国金融学会理事会会长易纲作题为《锚定高质量发展构建中国特色现代金融体系》的主旨演讲。他指 出，在党中央的坚强领导下，中国金融业始终坚持以人民为中心，服务经济建设和社会发展大局，实现 了历史性跨越，取得卓越成就。在全面建设社会主义现代化国家新征程中，普惠金融发展要继续体现包 容性，充分做到"以人民为中心"，坚持商业可持续的原则，以金融"活水"惠及普通百姓。绿色金融发展 要逐步减少碳排放的负外部性并不断收窄绿色溢价，以市场化方式动员社会资本积极参与，共同推动全 经济领域绿色低碳转型。 ...

2025年12月07日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 工业硅：新疆环保消息发酵，关注实际减产 | 11 | | 多晶硅：预计下周盘面波动放大 | 11 | | 碳酸锂：现实环比走弱叠加预期充分计价，锂价上方承压 | 20 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 二 〇 二 五 年 度 2025 年 12 月 07 日 镍：结构性过剩转变，博弈矛盾并未改变 不锈钢：供需延续双弱运行，成本支撑逻辑增强 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：镍过剩结构性变化，预计镍价暂稳运行。精炼镍边际转向供需双弱格局，市场普遍预期 隐性补库放缓，耐腐合金需求承压，叠加镍合金端使用镍铁取代镍板的比例有所提高，但前期重心下移挤 压精炼镍利润，不少企业转向硫酸镍生产，精炼镍累库矛盾稍有所缓和，本周全球显性库存小幅微降。这 也将精炼镍过剩 ...

Core Viewpoint - The insurance industry must innovate products and utilize funds to support the construction of a modern industrial system and the development of new productive forces, facilitating the efficient transformation of technological achievements into real productivity [3][5][16]. Group 1: Current Status of Technology Insurance - As of 2024, technology insurance in China is expected to provide over 90 trillion yuan in insurance coverage for technological innovation activities, with insurance companies investing over 600 billion yuan in technology enterprises [3][5][16]. - The technology insurance system has developed 30 types of products covering various stages of technology enterprises, from research and development to market expansion, although its premium scale remains relatively small compared to traditional property insurance [5][18]. Group 2: Complexity of Technology Insurance - The insurance industry faces challenges in developing technology insurance products due to the unique and complex nature of high-tech enterprises, which often lack historical data for accurate risk assessment and pricing [6][19]. - Different technology sectors, such as biomedicine and artificial intelligence, have varying risk structures, complicating the pricing and assessment of insurance products [6][19]. Group 3: Enhancing Service Capabilities - The insurance industry must improve its infrastructure to address high-risk areas by leveraging data and technology, creating a risk assessment system for technology enterprises [7][20]. - Utilizing blockchain technology can enhance the evaluation of intellectual property and provide authoritative data for insurance claims [8][21]. Group 4: Providing Comprehensive Risk Coverage - Insurance institutions should focus on the entire lifecycle of technology enterprises, offering tailored insurance products for different stages, including research, transformation, and industrialization [9][22]. - A layered and categorized insurance system is necessary to address the specific risks faced by technology enterprises at various stages of development [9][22]. Group 5: Role of Patient Capital - Insurance funds, characterized by their long-term and stable nature, can provide essential capital support for technology innovation, particularly for startups and growing enterprises [10][23]. - Establishing specialized investment funds and engaging in venture capital can help alleviate funding bottlenecks for technology enterprises [10][23]. Group 6: Development of Green Insurance - The insurance industry is encouraged to develop green insurance products to support the transition to a low-carbon economy, aligning with national goals for carbon neutrality [11][24]. - Insurance products related to environmental pollution and renewable energy should be expanded to meet the growing market demand for diverse financial products [11][24]. Group 7: Data Asset and Cybersecurity Insurance - The rise of digitalization necessitates the development of insurance products that protect against data breaches and cyber threats, ensuring the security of data transactions [12][25]. - Insurance companies should integrate risk assessment and response measures into their offerings to enhance data security for enterprises and individuals [12][25]. Group 8: Modern Industrial System and New Productive Forces - Building a modern industrial system and developing new productive forces are key tasks for achieving national goals, requiring the insurance industry to adapt its mechanisms to meet evolving demands [13][26].

Core Insights - Guan Qingyou is a prominent Chinese economist with extensive experience in macroeconomics, financial markets, and energy security, holding key positions in various financial institutions and companies [2] Group 1: Macro Economy and Policy - Guan emphasizes the need for China to reconstruct its competitive advantage through "technological innovation + institutional openness," focusing on investment value in digital economy and green energy sectors [3] - He advocates a dual-driven strategy of "supply-side reform + innovation-driven" to facilitate the transition from high-speed growth to high-quality development in China [3] - His insights on financial reforms, such as registration systems and trading optimizations, provide authoritative interpretations of how these changes empower the real economy [3] Group 2: Financial Market and Investment Strategies - Guan proposes cross-cycle asset allocation strategies that shift the focus from "capital volume determines investment" to "value creation drives purchasing power," offering practical advice for investors regarding opportunities and risks in the US and Chinese stock markets by 2025 [6] - He has developed a "local debt risk pressure testing model" that successfully warned of hidden debt crises in multiple provinces, with recommendations incorporated into national policy documents [6] Group 3: Innovation and Entrepreneurial Spirit - Guan highlights the importance of entrepreneurs as the "core" of economic dynamism, advocating for improved legal environments and property rights to unleash the vitality of micro-entities [6] - He critiques the tendency to "instrumentalize" entrepreneurs and calls for the establishment of mechanisms that allow for innovation tolerance in private enterprises [6] Group 4: Regional Economy and Market Activation - Guan analyzes regional policy dividends and industrial collaboration opportunities, providing suggestions for local governments to cultivate distinctive industrial clusters, particularly in areas like the Guangdong-Hong Kong-Macao Greater Bay Area [6] - He identifies key strategies for unlocking consumer potential in lower-tier cities, such as targeted consumption vouchers and innovations in supply chains and inclusive finance [6] Group 5: International Economic Cooperation - Guan discusses the internationalization of the Renminbi and the underlying logic for global increases in Renminbi asset holdings, offering strategies for enterprises to manage exchange rate risks [6] - He explores how technology standards in sectors like photovoltaics and electric vehicles can serve as new leverage points for China in global governance [6]

人民财讯12月7日电，中国共产党广西壮族自治区委员会关于制定国民经济和社会发展第十五个五年规 划的建议发布。其中提出，深化财税金融改革。加强财政科学管理，强化财源建设，规范政府非税收入 管理。加强财政资源和预算统筹，强化重大战略任务和基本民生财力保障。加强财政金融联动。推进财 政体制改革，完善转移支付制度，增强基层自主财力。推动地方税制结构优化，精准落实税费优惠政 策。深化零基预算改革，统一预算分配权，强化预算绩效管理，优化财政支出结构，完善国库集中收付 制度，加强财会监督。畅通货币政策传导机制。推动人工智能与金融双向赋能。建立健全与创新相适应 的科技金融体制。鼓励金融机构进行绿色金融创新。持续完善普惠金融标准化产品体系。丰富发展养老 金融产品和服务。优化融资担保体系，完善金融服务实体经济政策。积极发展股权、债券等直接融资， 培育壮大耐心资本，支持上市公司提质。推动地方法人金融机构深化改革、减量提质。推动数字人民币 稳步发展，深化跨境金融创新，扩大人民币跨境使用。 ...

近年来，我国围绕标准体系、激励约束、风险防控等出台多项政策措施，有力引领并推动绿色金融高质 量发展。绿色金融标准体系不断完善，为金融机构创新产品与服务指明方向。结构性支持工具不断优 化，显著提升了金融机构发展绿色金融的积极性，如中国人民银行创设的碳减排支持工具，支持范围从 初期的21家全国性银行扩展至多家外资银行及数十家地方性银行。监管引导不断加强，大大增强了金融 机构的风险管理意识和能力。截至今年上半年，我国绿色贷款余额约42.4万亿元，绿色债券余额超2.2万 亿元，两者规模稳居全球前列，金融对基础设施绿色升级、能源绿色低碳转型、生态保护修复和利用等 领域的支持力度持续加大。 同时也要看到，对标全面绿色转型和碳达峰碳中和等要求，我国绿色金融服务质效有待提升，实践中还 面临一些不足，存在绿色信息披露机制不健全、绿色资产定价体系不完善、绿色金融产品不丰富等问 题。当前和未来一个时期，可从顶层设计与落地实施上共同发力，进一步激发绿色金融发展潜力。 一方面，注重构建多层次、全覆盖的支持体系。加强绿色金融政策与财政政策、产业政策协同，完善转 型金融标准，支持符合国家产业政策导向的企业通过采用先进技术和设备更新实现降碳 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the acceleration of building a financial powerhouse, focusing on the development of green finance, technology finance, inclusive finance, pension finance, and digital finance, with a strong push for green low-carbon development [1]. Group 1: Definition and Importance of Green Finance - Green finance refers to financial services that support environmental improvement, climate change response, and efficient resource utilization, particularly in areas like clean energy and green transportation [2]. - The development of green finance is crucial for the systemic transformation of the financial system to support comprehensive green transitions in the economy and society [3]. Group 2: Achievements in Green Finance Standards - Significant progress has been made in establishing a green finance standard system during the 14th Five-Year Plan, including the release of the national standard "Green Finance Terminology" and the "Green Finance Support Project Directory (2025 Edition)" [5]. - Transition finance standards have been developed for industries such as steel and agriculture, with pilot implementations in over 20 provinces [5]. Group 3: Mechanisms and Tools for Green Finance - Green finance integrates ecological factors into resource allocation, utilizing tools like green credit, green bonds, and carbon finance to support green projects [3][4]. - The establishment of a green finance standard system and mandatory environmental information disclosure are key mechanisms for quantifying and pricing environmental externalities [3]. Group 4: Regional Innovations and Practices - The establishment of green finance reform and innovation pilot zones has led to successful local practices, including the development of green finance standards and enhanced policy incentives [7][8]. - Various regions have introduced innovative green financial products, such as "marine climate loans" and "carbon reduction loans," to support traditional industries in their green transitions [9]. Group 5: International Cooperation and Standards - China actively participates in global green finance governance, establishing multilateral cooperation mechanisms and contributing to the development of international sustainable finance standards [14][15]. - The "Belt and Road" initiative incorporates green finance principles to promote sustainable development in partner countries, with significant financial support directed towards clean energy projects [15]. Group 6: Future Directions and Challenges - The future of green finance will focus on deep integration and practical implementation, with an emphasis on expanding the application of existing standards and developing innovative financial products [18]. - There is a need to enhance the transparency of environmental information and establish robust risk management frameworks to support the green transition [10][11].

本报讯(记者吴琼胡明峰)12月4日，高淳农村商业银行与南京雅润茶业有限公司签署《茶园生态资产价 值融资协议》，雅润茶业凭借茶园的空气、水源、生物多样性等"无形生态价值"，成功获得500万元贷 款，执行利率较基准利率下浮50个基点。这标志着全国首个"VEP(特定地域单元生态产品价值核 算)+ESG(环境、社会和治理)"核算及融合评价体系正式落地，高淳发出全国首张茶园生态资产权益证。 "我们以生态资产价值核算结果的30%为上限确定授信额度，既认可了生态资产的抵押价值，又充分考 虑了其波动性风险，属于绿色金融业务创新突破。"江苏农村商业银行副行长芮斌表示，将持续加大对 绿色产业的支持力度，利用物联网等技术监测生态资产状态，积极调整授信政策，强化贷后管理。 "我们长期坚持的绿色投入获得了可衡量、可兑现的市场回报，这让我们更加坚信，绿水青山就是金山 银山。"魏爱华说，这笔贷款将用于茶叶深加工厂房建设、生态茶园智能化改造、茶苗育种研发及"茶旅 融合"新业态拓展，形成生态保护与经济效益的良性循环。 "传统贷款只看厂房、设备等硬抵押物，我们多年的生态投入始终无法转化为融资优势。"雅润茶业总经 理魏爱华说。作为江苏首家茶产业链 ...