Core Insights - Qingdao Bank was awarded the "Best Brand Competitiveness City Commercial Bank" at the "2025 First Financial Financial Value Annual Conference" for its outstanding performance in technology finance, green finance, local economic services, and innovation capabilities [1][8] - The "First Financial Financial Value List" evaluates financial institutions based on brand value, market influence, business innovation, and social responsibility, highlighting Qingdao Bank's comprehensive strength and its role in promoting local high-quality development [1][8] Strategic Positioning - Qingdao Bank has established a strategic positioning focused on regional service, guided by a "three-year strategic plan" emphasizing "quality and efficiency first, distinctive features, and flexible mechanisms" [4] - As of Q3 2025, the bank's return on equity (ROE) increased to 13.16%, non-performing loan ratio decreased to 1.10%, and provision coverage ratio reached 269.97%, indicating strong risk control and stable operations [4] Industry-Specific Financial Services - The bank has developed a specialized financial service system targeting key industries such as technology innovation, marine economy, and cultural tourism, providing comprehensive financial support throughout the lifecycle of technology enterprises [5] - Qingdao Bank has launched over 20 products in technology finance, including "Talent Loans" and "Intellectual Property Pledge Loans," and has supported over 2,250 technology enterprises, facilitating their growth and innovation [6] Green Finance Initiatives - Qingdao Bank prioritizes green development, creating a complete product matrix that includes carbon loans and blue finance, with a green loan balance of 54.828 billion yuan as of September 2025 [6] - The bank has implemented 272 carbon reduction-related tools, achieving an annual carbon reduction of 12,878 tons through projects like the Qingdao High-tech Clean Energy Project [6] Inclusive Finance and Social Responsibility - The bank has introduced over 30 products to support inclusive finance and rural revitalization, establishing over 1,400 service stations across Shandong to provide low-cost financing for local SMEs and agricultural entities [7] - Qingdao Bank integrates social responsibility into its brand building, engaging in various public welfare activities and enhancing brand influence through partnerships with local sports clubs and cultural initiatives [7] Future Outlook - Qingdao Bank aims to continue its commitment to local economic service and innovation, exploring new financial support models for key industries such as technology, cultural tourism, and marine economy [8] - The bank plans to deepen its responsibility in supporting local economies while adhering to the central financial work conference's requirements, focusing on quality and innovation in financial services [8]

捐建"绿色金融林"，公益治沙赋能边疆生态发展 11月22日，恰逢3046公里环塔克拉玛干沙漠绿色阻沙防护带合龙一周年之际，2025年和田地区"锁边有我"公益治沙秋季植树活动暨捐赠仪式在和田县G580 国道以西的4万亩群众治沙典型地块举办。 近日，首创证券（601136）积极响应国家援疆号召，在新疆和田地区携手北京市援疆和田指挥部、公益基金会、当地相关政府单位接连开展两项公益行动， 以实际举措践行绿色发展理念、铸牢中华民族共同体意识，为当地高质量发展注入金融国企力量。 11月24日，京和两地青少年学生"见字如面"书信交流活动捐赠仪式在墨玉县北京朝阳中学举行。首创证券向活动主办方捐赠专项信封与信纸10000余封，为 京和两地10000余名青少年书信往来提供坚实物资保障。此次捐赠是首创证券深耕教育帮扶、促进民族交往交流交融的重要举措。通过书信这一温情纽带， 京和两地青少年得以笔墨传情、分享成长故事，在心灵沟通中增进友谊、开阔视野、共同成长。此前，首创证券已为该校捐建音乐教室与科创教室，此次书 信物资捐赠延续了企业对和田教育帮扶的初心，以持续公益行动有形有感有效地铸牢中华民族共同体意识，助力各民族像石榴籽一样紧紧相拥 ...

随着国家"双碳"战略的深入推进，绿色金融已成为金融业服务实体经济高质量发展的重要抓手。中央金融工作会议明确将绿色金融作为金融"五篇大文章"之 一，为金融机构指明了发展方向。 作为国内领先的资产管理公司，泰康资产积极响应国家政策号召，践行绿色金融，走出了一条兼具社会价值与商业可持续的泰康资产特色绿色金融发展之 路。 打造科学治理架构 护航ESG可持续发展 泰康资产的ESG组织架构主要包括三个层级：董事会、风险控制委员会和ESG绿色金融工作小组。ESG绿色金融工作小组作为具体执行机构，根据各类资金 特殊属性，充分授权各业务条线根据资金特点制定适应性的管理策略。 泰康资产建立了完备的ESG绿色金融制度流程体系。一方面，制定了《ESG绿色金融管理细则》，在制度层面对绿色金融工作的组织架构及职能，投融资流 程管理，ESG风险管理等内容进行了明确和规范；另一方面，泰康资产发布了涵盖公开市场权益、固定收益和另类投资的《ESG投资工作流程管理备忘 录》，对现投资研究流程操作手册形成有效补充，充分考量与结合资产公司投资实际，为打造具有泰康资产特色的ESG投研文化奠定坚实的实践基础。 共同应对气候变化、推进碳中和目标实现已是全球 ...

Banking Industry - As of September 2025, the balance of deposits in Sichuan Province reached 14.55 trillion yuan, with an average annual growth rate of approximately 9.6% since the "14th Five-Year Plan" [1] - The balance of loans reached 12.8 trillion yuan, with an average annual growth rate of about 12.5% during the same period [1] - The loan-to-deposit ratio of financial institutions in the province is 88%, an increase of 17 percentage points compared to the end of the "13th Five-Year Plan" [1][4] - The number of A-share listed companies in the province has increased to 179, ranking 8th nationally, with a total market value exceeding 3 trillion yuan [2][4] Insurance Industry - Since the "14th Five-Year Plan," the insurance sector has provided risk protection that has grown nearly fourfold, with total compensation reaching 473.5 billion yuan [1][9] - Agricultural insurance and disaster insurance have provided risk protection of 1.22 trillion yuan and 422.1 billion yuan, respectively [1][8] - The scale of insurance funds entering Sichuan has surpassed 880 billion yuan, with an average annual growth rate of 17.2% over the past five years [1][4] Capital Market - The province has 8 securities and futures fund companies and 540 branch institutions, with 44 securities service institutions [1] - Since the "14th Five-Year Plan," 46 new A-share listed companies have been added, raising over 36 billion yuan in initial public offerings [1][4] - Various market entities have achieved direct financing exceeding 2.1 trillion yuan through the capital market [2][4] Financial Support for Economic Development - The financial sector has maintained a healthy and rapid development momentum, with the total balance of deposits and loans growing by 59% and 80.3%, respectively, since the end of the "13th Five-Year Plan" [3][4] - Loans to infrastructure have seen an average annual growth rate of 17%, providing strong support for major long-term projects [6][7] - The balance of loans in the technology sector has reached 1.3 trillion yuan, with a growth rate of 27.3% for loans to technology-based SMEs [7][8] Future Outlook - The financial industry in Sichuan is set to continue its development by focusing on supporting the real economy, enhancing service quality, and strengthening regulatory measures [15][17] - The province aims to deepen financial reforms and promote high-quality financial development to contribute to the overall modernization of Sichuan [13][16]

Core Viewpoint - China Orient Asset Management Co., Ltd. is actively engaging in green finance and providing differentiated financial support to key industries, having invested nearly 18 billion yuan to promote the steady development of new productive forces [1] Group 1: Industry Challenges and Financial Support - The photovoltaic industry in China is experiencing rapid growth but faces challenges such as structural overcapacity and declining demand growth, leading to significant risks during the transition to high-quality development [2] - China Orient plays a preventive role in addressing financial needs emerging from the industry's downturn, helping quality enterprises navigate through temporary crises [2] - The company has provided substantial financial support to leading photovoltaic firms, such as a 2 billion yuan market-oriented debt-to-equity swap to improve financial conditions and optimize asset structures [2][3] Group 2: Financial Restructuring and Support Mechanisms - A leading photovoltaic company faced dual challenges of operational and financial difficulties, leading to high debt ratios and declining revenues. China Orient intervened with a market-oriented debt-to-equity swap and restructuring to alleviate financial pressures [3] - China Orient has utilized various financial tools, including the acquisition of convertible bonds and debt-to-equity swaps, to enhance liquidity and reduce debt pressure for companies facing temporary challenges [4] Group 3: Focus on Green Development and Carbon Neutrality - China Orient is committed to supporting the renewable energy sector, focusing on financial needs of problem enterprises within the industry, and exploring new growth drivers to enhance core competitiveness [4] - The company has established a 10.02 billion yuan National Energy Industry Investment Fund, targeting investments in photovoltaic, wind power, hydrogen energy, and energy storage sectors, with 5.3 billion yuan already deployed [7] - The Green Energy Fund, initiated by China Orient, aims to invest in green energy sectors, with a total investment of 10.15 billion yuan across various renewable energy projects [8] Group 4: Commitment to National Strategy and Long-term Development - China Orient emphasizes its role in supporting the sustainable development of the industry by forming industry funds and enhancing resource allocation efficiency [6] - The company is dedicated to implementing national strategies and providing high-quality financial support to foster new productive forces, aligning with the goals set forth in the 14th Five-Year Plan [8]

日前，全国首单水电持有型不动产ABS——四川能源发展清洁能源持有型不动产资产支持专项计划 （以下简称"川能投ABS"）成功发行。财信人寿作为重要战略投资者参与发行，投资金额不超过2.54亿 元，通过盘活存量清洁能源资产，以实际行动助力绿色发展。 近年来，财信人寿持续推进多元化投资策略。在不动产与基础设施投资领域，公司从过去的私募基 金单一产品投资，转型为公募REITs、持有型ABS、私募基金多产品组合投资，并锐意拓展投资资产类 别，践行ESG投资理念，前瞻性部署清洁能源、数据中心等支持新质生产力发展的新型基础设施投资。 未来，财信人寿将在财信金控的指导下，秉承"服务大局、服务客户"的企业使命，充分发挥保险资 金优势，持续提升绿色投资实力，为做好绿色金融大文章、助推经济高质量发展贡献更多力量。 财信人寿相关人士表示，本次投资既是财信人寿首次通过持有型ABS的形式参与清洁能源基础设施 投资，也是公司积极拓展投资赛道、深入挖掘优质资产、布局绿色金融的又一重要实践。 川能投ABS的底层资产包括万年桥水电站等五座水电站，总库容7964万立方米，装机容量27.8万千 瓦，设计年发电量131540万千瓦时。水电站所在横江流 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has set clear requirements and strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, providing fundamental guidelines for financial work [1] Group 1: Financial Development Strategies - The "14th Five-Year" plan emphasizes the development of technology finance, green finance, inclusive finance, pension finance, and digital finance as essential strategies for enhancing the financial sector's service capabilities to the real economy [2] - China Galaxy Securities has established a closed-loop mechanism for serving national strategies, achieving significant growth in technology finance and green finance, with increases of 637% and 323% respectively in direct financing methods by the end of September this year [2] Group 2: Service Enhancements and Innovations - The company aims to enhance its service capabilities in technology finance by integrating research, funds, investment banking, and direct investment to support enterprises in IPOs and refinancing [3] - A comprehensive green finance service system will be developed, focusing on green bonds, asset securitization, and ESG investment services to support carbon market construction and achieve dual carbon goals [3] - Inclusive finance will be promoted by strengthening financial supply to small and micro enterprises and enhancing investor protection [3] Group 3: Capital Market Development - The "14th Five-Year" plan highlights the need to improve the inclusiveness and adaptability of capital market systems, guiding securities companies in their business operations [4] - China Galaxy Securities has maintained rapid growth in key financial metrics over its 25 years, ranking among the top five in the industry, with a wealth management client base exceeding 18.8 million [4] Group 4: High-Quality Development Focus - The company is committed to high-quality development, aligning its strategies with the "14th Five-Year" plan's major strategies and key tasks, ensuring the political and organizational advantages of the party are fully reflected in its development [7] - The focus will be on high-quality party building, reform and innovation, and foundational strengthening to ensure sustainable growth and risk management [8] Group 5: International Business Expansion - China Galaxy Securities plans to leverage its Southeast Asia business layout and the "Belt and Road" initiative to enhance its international business, aiming to build a cross-border financial service platform [6]

2025年11月27日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：累库节奏稍有放缓，宏观与消息短线扰动 | 2 | | --- | --- | | 不锈钢：钢价承压低位震荡，但下方想象力有限 | 2 | | 碳酸锂：区间震荡，关注12月排产情况 | 4 | | 工业硅：偏强震荡为主 | 6 | | 多晶硅：关注月间价差变动 | 6 | 国 泰 君 安 期 货 研 究 所 不锈钢：钢价承压低位震荡，但下方想象力有限 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 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 2025 年 11 月 27 日 镍：累库节奏稍有放缓，宏观与消息短线扰动 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 117,260 | 1,100 | 1,610 | -1,450 | -5,14 ...

在多元金融工具支撑下，山东重点领域金融服务质效显著提升。科技创新领域，济南科创金融改革试验区成效突出，科创企业贷款余额达 3039.78亿元，较获批前增长176.7%；全省高新技术产业产值占规上工业产值比重达68.68%，较获批前提高13.98个百分点。金融机构创新"科 研贷""人才贷"等产品，用"看技术、看订单"替代"看抵押、看报表"，破解科创企业融资难题，"鲁科担-鲁担科技贷"已为企业担保融资52.97亿 元。 绿色发展与普惠领域金融支持持续加力。全省构建"绿色信贷+绿色债券"体系，助力产业绿色转型；资本市场方面，"十四五"时期企业发行绿 色债、科创债、公募 REITs 等创新产品融资1701.67 亿元。普惠金融领域，实施"金融+"行动，"鲁贸贷"等政策累计为外资外贸企业提供超1.95 万亿元支持，对接文旅项目343个、融资378亿元；个体工商户"育苗"行动累计放贷58.7亿元，惠及1.51万户。省市县三级民企金融直连机制， 为7842家企业解决融资1791.58亿元。 乡村振兴领域，金融服务精准下沉。山东引导银行加大对烟台苹果、寿光蔬菜等特色农产品信贷支持，截至2025年9月末，普惠型涉农贷款余 额9 ...

Core Viewpoint - The company is at a critical juncture in the context of the "14th Five-Year Plan" and the acceleration of financial power construction, emphasizing the importance of the capital market and the ongoing transformation and value enhancement within the securities industry [1] Group 1: Strategic Direction and Governance - The company integrates party building with business operations to ensure alignment with national strategies and enhance development momentum [3] - A comprehensive education and training system is established to promote the integration of party building and business, ensuring that all employees resonate with national strategic goals [3] - The governance mechanism has been innovatively revised to embed party building into decision-making, execution, and assessment processes, addressing the disconnect between party building and business operations [3] Group 2: Business Performance and Growth - The company anticipates strong performance across its business segments in 2024, with asset management products expected to reach a net value of 143.88 billion yuan, significantly above the industry average [4] - Investment banking revenue is projected to grow by 65.59% year-on-year, with notable achievements in ABS issuance and underwriting [4][5] - Wealth management services have seen trading volume and margin financing business scale increase by 30.40% and 37.77%, respectively, both exceeding industry averages [5] Group 3: Technological and Green Financial Initiatives - The company is committed to deepening its engagement in technology and green finance, viewing these as essential for serving the real economy and achieving efficiency breakthroughs [6] - A collaborative model in technology finance is established to support the entire lifecycle of tech enterprises, with significant bond issuance aimed at strategic emerging industries [6] - The company has innovated in green finance by integrating equity and debt financing models, successfully launching projects that lower financing costs for green initiatives [8] Group 4: Social Responsibility and Investor Returns - The company emphasizes the integration of commercial and social value, maintaining a cash dividend ratio above 30% since its listing, with a planned cash dividend of 41.63% of net profit for 2024 [9][10] - Active participation in rural revitalization and investor education initiatives demonstrates the company's commitment to social responsibility and community support [10] - The company aims to continue leveraging its strengths in technology and green finance while enhancing governance and service quality to achieve high-quality development and investor satisfaction [10]