Core Insights - The launch of the "Carbon Inclusive" service marks the beginning of the "2.0 era" for digital RMB, indicating a shift towards deeper ecosystem development and systematic operations [1][3] Group 1: Digital RMB 2.0 Era - The digital RMB app was upgraded to version 2.0 on January 2, 2026, and the "Carbon Inclusive" service was launched on January 8, 2026, focusing on green finance applications [1][2] - The "Carbon Inclusive" service allows users to earn carbon credits for low-carbon activities, which can be converted into digital RMB, enhancing user engagement and promoting sustainable behaviors [2][3] Group 2: Strategic Upgrades - The introduction of interest on real-name wallet balances signifies a transition from "digital cash" (M0) to "digital deposit currency" (M1), enhancing the value storage function of digital RMB [3] - The combination of the "Carbon Inclusive" program and interest-bearing wallets is seen as a dual engine driving the accelerated adoption of digital RMB, integrating it into daily life and green development [3] Group 3: Future Trends - The People's Bank of China has outlined a new management and service framework for digital RMB, set to be implemented on January 1, 2026, with significant transaction volumes already recorded [4][5] - Future trends for digital RMB include accelerated scaling, expanded application scenarios, enhanced cross-border payment capabilities, and improved regulatory frameworks, positioning it as a key infrastructure for global payments [5]

Core Insights - The People's Bank of China and Shenzhen Foreign Exchange Bureau have outlined significant achievements in Shenzhen's financial sector for 2025, focusing on monetary policy implementation, financial reform, and support for technological innovation and green development [1] Group 1: Financial Metrics - By the end of 2025, Shenzhen's loan balance is projected to approach 10 trillion yuan, with deposits exceeding 14 trillion yuan, ranking third among Chinese cities [2] - The balance of technology loans is expected to reach 2.26 trillion yuan, while inclusive small and micro loans will be around 1.97 trillion yuan, both showing growth rates above the average for all loans [2] Group 2: Debt Market and Innovation - Shenzhen has led the nation in the issuance of technology bonds, with a total issuance of 441.5 billion yuan, ranking second among Chinese cities [3] - The city has introduced three service models that have collectively supported over 5,100 tech startups with loans exceeding 16 billion yuan [3] Group 3: Payment Services and Cross-Border Transactions - Shenzhen has enhanced payment services, resulting in a 30% year-on-year increase in inbound consumption, with 1.89 billion transactions totaling 26.4 billion yuan [4] - The city has pioneered a special work plan for RMB settlement in goods trade, achieving a total of 1.23 trillion yuan in cross-border RMB receipts, a year-on-year increase of 187.8 billion yuan, with the settlement ratio reaching 30.8% [5] Group 4: E-commerce and Trade Support - Cross-border e-commerce exports have reached 65.86 billion USD, helping 253,000 enterprises save over 580 million yuan in settlement fees [6] - The "micro trade loan" product has supported 9,070 foreign trade enterprises with a loan balance of 1.07 trillion yuan, with nearly 80% being small and micro enterprises [7] Group 5: Integrated Financial Services - The integrated currency pool for multinational companies has been upgraded to version 3.0, benefiting nearly 2,000 domestic and foreign enterprises, with a total business scale of 3.8 trillion USD [8] - The digital currency cross-border payment system has processed over 24.8 billion yuan, serving more than 2.8 million customers [9] Group 6: Green Finance Initiatives - Shenzhen has signed green foreign debt agreements totaling 170 million yuan and issued carbon reduction loans exceeding 20 billion yuan, expected to facilitate a carbon reduction of 4.2 million tons [11] Group 7: Tax Refunds and Public Awareness - The city processed 5.78 million personal income tax refunds amounting to 9.05 billion yuan, benefiting nearly 5.6 million individuals [12]

Core Viewpoint - The company emphasizes high-quality development and aims to optimize its business structure and innovate service models while addressing three main tasks: serving the real economy, preventing financial risks, and deepening financial reforms [2] Group 1: Business Strategy - The company is actively positioning itself in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The company is committed to fulfilling its responsibilities and obligations as a financial institution in the context of major national strategies [2]

Group 1 - The capital market in Guizhou is guided by Xi Jinping's thoughts and aims to support regional economic development through various reforms and initiatives [1] - The provincial government has approved a plan to enhance the capital market's role in building a modern industrial system, focusing on nurturing enterprises for public listing and promoting direct financing [1] - Guizhou's capital market tools are integrated into the industrial system layout, providing a solid foundation for capital market functions [1] Group 2 - The Guizhou Securities Regulatory Bureau and other departments have improved the financial knowledge of local leaders, enhancing their ability to utilize and develop the capital market [2] - The establishment of the "Listing Company Home" in Guiyang offers comprehensive government services to listed companies, while the Capital Market Service Center has created a one-stop service hub [2] - Direct financing in Guizhou has steadily increased, with a total of 77.546 billion yuan raised to support industrial upgrades and public welfare [2] Group 3 - The average interest rate for corporate bonds has decreased to 3.31%, providing tangible support for enterprises [3] - Securities firms have facilitated 48.572 billion yuan in financing for Guizhou enterprises, while private equity fund management has reached 194 billion yuan [3] - Listed companies in Guizhou have distributed over 68 billion yuan in dividends, ranking first in the western region [3] Group 4 - The capital market in Guizhou has made breakthroughs in supporting technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - Innovative financial products have been introduced, including the first technology innovation corporate bond and the first "intellectual property + technology innovation" asset securitization product [4] - The establishment of futures delivery warehouses for agricultural products has enhanced the effectiveness of financial services in rural areas [4] Group 5 - The capital market in Guizhou is committed to supporting rural revitalization, with 31 securities companies signing assistance agreements with 56 counties [5] - The "Zhen Ai Guizhou" charitable trust plan has provided scholarships and financial support to students and teachers in impoverished areas [5] - The capital market has actively participated in disaster relief efforts and has contributed to the development of carbon finance in rural areas [5]

Group 1: Monetary Policy and Financial Support - The People's Bank of China in Shenzhen aims to implement a moderately loose monetary policy, targeting a credit structure with technology and inclusive loans each reaching 2 trillion yuan, and green and digital economy loans each reaching 1 trillion yuan by the end of 2025 [2] - Shenzhen's deposit balance is expected to exceed 14 trillion yuan and loan balance to approach 10 trillion yuan by 2025, maintaining the third-largest scale among cities in China [2] Group 2: Technology and Innovation Financing - Shenzhen has launched the first batch of a "Technology Board" in the bond market, with an issuance scale exceeding 40 billion yuan, and three financing models have been promoted nationwide, benefiting over 5,100 tech startups with loans exceeding 16 billion yuan [3] - A total of 441.5 billion yuan in tech innovation bonds is expected to be issued by non-financial enterprises in Shenzhen by 2025, ranking second among cities in China [3] Group 3: Cross-Border Payment and Trade - Shenzhen's cross-border RMB settlement for goods trade has reached 30%, with a total of 12,317 billion yuan in cross-border RMB receipts and payments, marking a significant increase since 2009 [5] - The city has supported over 25,000 enterprises in saving nearly 600 million yuan in settlement fees through cross-border e-commerce [6] Group 4: Digital Currency and Payment Innovations - The "Digital Currency Bridge" has facilitated cross-border payments exceeding 24.8 billion yuan, serving over 2.8 million people [9] - Shenzhen has launched the first cross-border payment service, with nearly 1 million transactions amounting to around 4 billion yuan by 2025 [10] Group 5: Green Financing Initiatives - Shenzhen has initiated the first pilot for green foreign debt, with over 400 billion yuan in loans supporting green development projects [11] - The city has issued carbon reduction loans totaling 200.46 billion yuan, expected to drive a carbon reduction of 4.2 million tons [11] Group 6: Tax Refund and Fraud Prevention - Efficient tax refund services are projected to benefit nearly 5.6 million people, with 578 million yuan in personal income tax refunds processed by 2025 [12] - The city has launched various anti-fraud initiatives targeting youth and elderly populations, including campus outreach and community services [12]

Group 1: Monetary Policy and Financial Support - The People's Bank of China and the State Administration of Foreign Exchange in Shenzhen aim to implement a moderately loose monetary policy, targeting a credit structure with technology and inclusive loans at 2 trillion each, and green and digital economy loans at 1 trillion each by the end of 2025 [1] - Shenzhen's deposit balance is expected to exceed 14 trillion yuan and loan balance to approach 10 trillion yuan by 2025, maintaining the third-largest scale among cities in China [1] - New loans for service consumption and elderly care in Guangdong province account for over 60% of the total [1] Group 2: Technology and Innovation Financing - Shenzhen has launched the first batch of technology boards in the bond market, with an issuance scale exceeding 40 billion yuan, and three financing models have been promoted nationwide [2] - Over 5,100 technology enterprises in their initial and growth stages have received more than 16 billion yuan in loans through the "Tengfei Loan," "Technology Startup Pass," and "Tech Exchange" models [2] - A total of 611 billion yuan in loans has been issued to 2,843 technology enterprises and 122 technology transformation projects, ranking third among cities in China [2] Group 3: Payment Services and Cross-Border Transactions - Shenzhen has established a comprehensive payment demonstration zone, enhancing inbound consumption by over 30% year-on-year [3] - The city has implemented a tax refund system that allows for refunds to domestic and international electronic wallets, resulting in a 199% increase in sales of tax refund goods [3] - Cross-border payment services have facilitated nearly 1 million transactions amounting to approximately 4 billion yuan, becoming a key method for residents and businesses in Shenzhen and Hong Kong [7] Group 4: Currency Settlement and Trade Facilitation - Shenzhen's cross-border RMB settlement for goods trade has reached 30%, with a total of 12.317 billion yuan in cross-border RMB receipts and payments, marking a significant increase since 2009 [4] - The number of trial banks for cross-border trade has expanded to seven, with transaction amounts increasing by 90% [4] - Financial support for foreign trade has saved over 600 million yuan in settlement fees for more than 250,000 enterprises [5] Group 5: Green Finance Initiatives - Shenzhen has initiated the first national pilot for green foreign debt, issuing over 40 billion yuan in loans to support green development projects [8] - Carbon reduction loans amounting to 200.46 billion yuan are expected to facilitate a reduction of 4.2 million tons of carbon emissions [8] - The climate investment and financing project loan balance is nearing 250 billion yuan, with new loans of 38.39 billion yuan issued in 2025 [8] Group 6: Tax Refund and Fraud Prevention - Efficient tax refund services have benefited nearly 5.6 million individuals, with a total of 90.5 billion yuan in personal tax refunds processed [10] - The introduction of online tax refund for personal postal items has reduced processing time by 3-5 working days [10] - Anti-fraud initiatives have been actively promoted in schools and communities, targeting youth and elderly populations [10]

Group 1 - The report titled "Overview of Capital Market Services for Guizhou's Economic and Social Development by 2025" highlights the continuous improvement of the system and mechanism for capital market services in Guizhou, emphasizing the new achievements in supporting high-quality development and modernization processes [1] - Various stakeholders in Guizhou are actively promoting the integration of capital market tools into the province's industrial system, providing a solid guarantee for the full utilization of capital market functions [2] - The direct financing amount in Guizhou is steadily increasing, with various market entities achieving direct financing of 77.546 billion yuan, supporting industrial upgrades, project construction, and improving people's livelihoods [3] Group 2 - Guizhou's capital market is focused on serving the real economy, providing high-quality financial products and services for major strategies, key areas, and weak links in local economic and social development [3] - The average coupon rate for corporate credit bonds has decreased to 3.31%, down 49 basis points from 2024, supporting enterprises in reducing costs and increasing efficiency [3] - The implementation of the "five major articles" in finance, including technology finance, green finance, inclusive finance, pension finance, and digital finance, is being actively promoted by the Guizhou Securities Regulatory Bureau and other departments [4]

近日，由《证券日报》举办的"2025证券市场年会"在京召开，"2025年度证券市场金骏马奖"评选结果同 步揭晓，五矿证券荣获"服务实体经济卓越机构金骏马奖"。 "金骏马奖"评选始于2004年，迄今已至第十七届。此次获奖，是业界对公司服务实体经济、特色产业投 行转型成效的高度认可。作为产业类央企券商，五矿证券重点依托金属矿业产业背景，全面升级"投研 +投行+投资+战略客户"(以下简称"三投一战")特色化综合产融服务模式，为服务实体经济高质量发展提 供坚实金融支撑。 聚焦主责主业，助力中资矿企出海 五矿证券立足股东资源禀赋，充分发挥产业基因优势，深度参与中国盐湖整合等灯塔项目，围绕战新产 业全链条打造深度研究谱系，为集团公司和产业单位决策提供深度研究支持。同时公司重点聚焦服务矿 企资源收并购业务，在矿业交易业务领域取得了显著工作成果，跨境矿业并购业务在中资投行中持续保 持领先地位，打造的"矿业并购看五矿"品牌初见成效。 服务国家战略，支持区域经济和乡村经济发展 五矿证券主动服务乡村振兴、一带一路等国家战略，充分发挥金融专业能力，支持区域经济和乡村经济 发展。2025年已发行乡村振兴专项债券6只，承销规模达17.8 ...

2025年底在巴西贝伦召开的第30届联合国气候大会（COP30）达成了一系列重要成果。大会聚焦能源转 型与气候资金议题，强调加强国际资金流动、加大绿色投资力度。在此之前，中国于2025年9月正式对 外公布了面向2035年的新版国家自主贡献目标（NDC），并在COP30期间向国际社会系统阐述了目标 内容与实施路径，明确了非化石能源占比提升、温室气体排放绝对量下降以及绿色产业发展的方向；中 国香港也亮相了COP30，展示了其在绿色金融制度建设和创新方面的优势—从可持续分类标准到数字化 绿色债券的发行。展望未来，内地与香港在绿色金融产品、标准、平台层面的协同联动，有望为区域乃 至全球绿色投融资注入新动力，为落实《巴黎协定》目标提供"中国方案"。 一、全球气候治理的新形势 当前全球气候资金缺口巨大，南北责任分歧仍然突出。联合国环境规划署《适应差距报告2023》估算， 发展中国家未来年度适应资金需求约2150–3870亿美元，中位水平约3000–3500亿美元。然而2023年公共 适应资金仅达到230–300亿美元量级，不足需求的十分之一，资金缺口反而继续扩大。多项研究表明， 即便各国完全兑现当前的2030/2050承 ...

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