Core Viewpoint - The article emphasizes the importance of integrating cultural construction and social responsibility into the operations of securities companies, aligning with the "14th Five-Year Plan" and the strategic requirements of the China Securities Regulatory Commission to achieve high-quality development in the financial sector [1][2]. Group 1: Strategic Orientation - The company integrates its operational philosophy of "integrity, innovation, people-oriented, and win-win cooperation" into its development practices, focusing on enhancing investor returns and serving the real economy [2][4]. - The company has established a comprehensive cadre education and training system that includes theoretical, ethical, cultural, and professional courses to ensure alignment with national strategies [3]. Group 2: Business Performance - The company's asset management business reached a net asset value of 143.881 billion yuan by the end of 2024, with a year-on-year growth exceeding the industry average [4]. - Investment banking revenue grew by 65.59% year-on-year, with significant achievements in ABS issuance and underwriting, including the first corporate bond issuance on the Beijing Stock Exchange [4]. Group 3: Governance and ESG - The company has developed a governance system that clearly defines responsibilities and enhances operational efficiency, leading to an upgrade in its ESG rating from BBB to A by Wind in June 2025 [5]. - The integration of governance and business operations aims to resolve the disconnect between party building and business activities [3][5]. Group 4: Technological and Green Finance - The company is actively involved in both technological and green finance sectors, supporting strategic emerging industries through bond financing and equity services [6][8]. - The issuance of 22 technology innovation bonds in 2024 and the establishment of a private equity fund focused on carbon neutrality demonstrate the company's commitment to green finance [6][8]. Group 5: Social Responsibility and Investor Returns - The company maintains a cash dividend ratio of over 30% since its listing in 2022, with a total cash dividend amounting to 41.63% of the net profit attributable to shareholders in 2024 [9]. - The company engages in various social responsibility initiatives, including rural revitalization projects and investor education programs, to enhance community development and protect investor rights [10].

近日，为期5天的第二十八届欧元金融周在德国法兰克福落下帷幕。作为欧洲金融业规模最大、影响力 最广的交流平台，本届金融周吸引近千名政商学界代表参会，围绕金融投资、绿色金融、金融科技等议 题展开探讨。其间举行的欧元金融周"中国日"及中欧金融峰会等活动受到各方关注，与会嘉宾呼吁以中 欧建交50周年为契机，进一步深化金融领域务实合作，助力双方经济发展。 以投资激活欧洲经济动能 欧盟统计局最新数据显示，今年三季度欧元区经济实现环比增长0.2%、同比增长1.3%，虽超市场预 期，但经济复苏内生动力不足问题依然突出。在欧洲央行开启降息通道的背景下，通过扩大投资提振经 济增长，成为本届欧元金融周的共识。 德国总理默茨在开幕式上表示，面对复杂多变的国际形势，欧洲需以更积极的姿态激发市场活力。德国 联邦政府计划出资100亿欧元设立"德国基金"，旨在提升德国作为国际投资目的地的吸引力。默茨还呼 吁欧盟各国加强政策协同，推进欧洲资本市场联盟建设，通过简化行政流程、优化监管框架、降低能源 成本等举措，为资本市场注入信心，推动欧洲经济走出复苏困境。 欧洲央行行长拉加德同样强调投资对经济复苏的关键作用。她介绍，欧洲央行已累计将利率从峰值下 ...

近日，为期5天的第二十八届欧元金融周在德国法兰克福落下帷幕。作为欧洲金融业规模最大、影响力 最广的交流平台，本届金融周吸引近千名政商学界代表参会，围绕金融投资、绿色金融、金融科技等议 题展开探讨。其间举行的欧元金融周"中国日"及中欧金融峰会等活动受到各方关注，与会嘉宾呼吁以中 欧建交50周年为契机，进一步深化金融领域务实合作，助力双方经济发展。 以投资激活欧洲经济动能 欧盟统计局最新数据显示，今年三季度欧元区经济实现环比增长0.2%、同比增长1.3%，虽超市场预 期，但经济复苏内生动力不足问题依然突出。在欧洲央行开启降息通道的背景下，通过扩大投资提振经 济增长，成为本届欧元金融周的共识。 德国总理默茨在开幕式上表示，面对复杂多变的国际形势，欧洲需以更积极的姿态激发市场活力。德国 联邦政府计划出资100亿欧元设立"德国基金"，旨在提升德国作为国际投资目的地的吸引力。默茨还呼 吁欧盟各国加强政策协同，推进欧洲资本市场联盟建设，通过简化行政流程、优化监管框架、降低能源 成本等举措，为资本市场注入信心，推动欧洲经济走出复苏困境。 欧洲央行行长拉加德同样强调投资对经济复苏的关键作用。她介绍，欧洲央行已累计将利率从峰值下 ...

Group 1: Haier's Innovation and Market Strategy - Haier launched a washing machine with three tubs, achieving over 100,000 sales in just 48 minutes, and has since delivered over 200,000 units, emphasizing user co-creation in product development [1] - The company introduced a four-tub washing machine based on user feedback, showcasing its commitment to diverse laundry scenarios [1] - Haier's CEO opened a personal social media account to enhance communication with users, aiming to integrate user needs into the company's management and innovation processes [1][2] Group 2: Vivo's Technological Advancements - Vivo has invested heavily in R&D, focusing on chip technology, imaging, and battery performance, collaborating with partners like Zeiss to enhance user experience in photography [3] - The company has developed its own 6nm imaging chips, significantly improving image quality and processing speed [3] - Vivo's technology has led to a surge in mobile phone rentals for events, demonstrating its impact on the market [3][4] Group 3: China Export Credit Insurance Corporation's Green Initiatives - The corporation is implementing a Green Finance Development Strategy for 2024, with six action plans to support green trade and the Belt and Road Initiative [5] - It has provided risk guarantees for over 30 export enterprises in the agricultural sector, aiding their transition to greener practices [5][6] - The corporation has issued credit insurance for renewable energy projects, including a 63 MW wind power project in Argentina, expected to generate approximately 200 million kWh of clean electricity annually [5][6] Group 4: Micro Bank's Digital Financial Services - Micro Bank has served over 430 million individual customers and more than 600,000 small and micro enterprises, addressing their financing challenges with innovative products [7][8] - The bank's "Micro Business Loan" product integrates digital and intelligent services throughout the loan process, with over 70% of its small business clients having annual revenues below 10 million [7] - Micro Bank is transitioning to an "AI-native bank," leveraging AI technology to enhance its digital financial services [7][8] Group 5: Hisense's Product Development and Market Position - Hisense has launched RGB three-dimensional control color LCD technology, enhancing its position in the display industry [9] - The company has maintained the highest global market share for 100-inch televisions for three consecutive years, indicating strong demand for its high-end products [9][10] - Hisense is adapting to consumer trends by developing products like foldable laser TVs and various home appliances tailored to younger consumers' needs [9][10] Group 6: Three Trees' Integrated Service Model - Three Trees is shifting from single product sales to an integrated model of "product + service + construction," enhancing its competitive edge in the paint market [12] - The company has upgraded its "Immediate Living" model, focusing on product quality and digital tools for better service management [12] - Three Trees aims to open 50,000 to 100,000 community stores nationwide, promoting a "light, short, and fast" approach to home decoration [12] Group 7: Sais Group's Commitment to Innovation - Sais Group emphasizes technological self-reliance and innovation in the electric vehicle sector, collaborating with Huawei to launch multiple new energy models [13] - The company has achieved significant sales milestones, with over 800,000 units of its AITO series delivered, challenging foreign brands in the luxury car market [13] - Sais Group plans to continue its innovation strategy to strengthen its market position and contribute to China's automotive industry transformation [13] Group 8: Master Kong's Sustainable Development Practices - Master Kong has evolved from a noodle manufacturer to a diversified brand, reaching over 800 million consumers annually [14] - The company integrates innovation in product development and supply chain management, promoting sustainable agricultural practices [14][15] - Master Kong is committed to ESG principles, utilizing recycled materials in its products and participating in initiatives to promote resource recycling [15] Group 9: Citic Baixin Bank's Digital Transformation - Citic Baixin Bank focuses on digital transformation to enhance financial services for small and micro enterprises, achieving a 39.58% increase in its micro-loan balance [16][17] - The bank employs a cloud-native architecture to streamline loan processes, enabling instant approvals and customized solutions [16] - Citic Baixin Bank aims to deepen its integration of technology and finance, supporting national strategies for high-quality development [17]

Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the 3rd National New Cup ESG Golden Bull Award Ceremony were held in Suzhou, focusing on the theme "Governance for Good, Green Movement for the Future" [1] - China Securities Journal and Suzhou Industrial Park Urban Development Research Institute announced a collaboration to create an ESG platform and curriculum system to empower enterprises professionally [1] - The ESG platform will provide services such as ESG enterprise diagnosis, information disclosure, and data management, helping companies establish a scientific and comprehensive ESG management system [1] Group 2 - Suzhou Industrial Park has integrated ESG concepts throughout its development process, establishing a practical system from policy guidance to ecological empowerment [2] - The park released the first ESG evaluation standard for development zones in China, embedding green and low-carbon indicators into industrial planning [2] - Suzhou Industrial Park is focusing on green finance as a key driver, creating a financial ecosystem to support transformation, including sustainable development-linked loans and a risk compensation pool [2]

● 本报记者张鹏飞 "国新证券始终将服务国家战略、助力国资央企高质量发展作为核心使命。"张海文表示，此次白皮书的 发布既是对ESG治理经验的沉淀总结，也是对绿色转型路径的探索指引。他强调，ESG的生命力在于实 践，价值在于赋能。未来国新证券将以白皮书发布为契机，持续深化"研究+金融"服务模式：在成果转 化层面，推动ESG评价体系落地应用，助力企业精准识别发展短板；在金融创新层面，打造绿色债券、 碳中和融资等特色产品，降低绿色项目融资成本；在生态构建层面，搭建ESG交流平台，传播优秀实践 案例，推动ESG理念深度融入企业战略运营。 国新证券与嘉实基金双方均表示，未来将进一步深化绿色金融领域的合作，持续推动ESG治理理念在更 多行业落地生根，为资本市场高质量发展与经济社会绿色转型贡献更大力量。此次白皮书的发布，不仅 为上市公司绿色转型提供了清晰路径指引，也为资本市场ESG生态建设注入了新的活力，成为金融行业 践行可持续发展理念的生动实践。 据悉，该白皮书立足中国本土实践，构建了系统完备的内容体系：一方面梳理我国绿色转型政策体系的 演进逻辑，从顶层设计到监管细则，清晰呈现政策合力构建中国特色ESG生态的全过程；另一 ...

Core Viewpoint - The release of the white paper "Driving Green Transformation of Listed Companies through ESG Governance" marks a significant step in the collaboration between the securities and public fund industries in promoting ESG practices and sustainable development in the capital market [1][3]. Group 1: White Paper Overview - The white paper is based on local practices in China and presents a comprehensive content system, detailing the evolution of green transition policies and the progress of A-share listed companies in areas such as environmental governance and climate action [2]. - It highlights the significant achievements in China's green finance development, including the leading position in green credit and bond scale globally, and the transition of ESG information disclosure from voluntary exploration to a standardized phase [2]. Group 2: Institutional Collaboration - National Securities and Harvest Fund have committed to deepening their cooperation in the green finance sector, aiming to further implement ESG governance concepts across various industries [3]. - The white paper serves as a guide for listed companies' green transformation and injects new vitality into the ESG ecosystem in the capital market, showcasing the financial industry's commitment to sustainable development [3].

Core Viewpoint - The company emphasizes the integration of "new" and "green" financial strategies to enhance its service to the real economy and improve investor returns, aligning with national financial goals and regulatory guidance [1][4][8] Strategic Orientation - The company aims to merge party building with business operations to ensure development aligns with national strategies and enhances organizational efficiency [2][4] - A comprehensive education and training system is established to promote the understanding of national financial strategies among employees [2] Business Performance - The company reported significant growth across its four main business segments, with asset management products reaching a net value of 143.88 billion yuan by the end of 2024, exceeding industry averages [3] - Investment banking revenues grew by 65.59% year-on-year, with notable achievements in ABS issuance and underwriting [3] Governance and ESG - The company is committed to establishing a robust governance framework that enhances decision-making and operational efficiency, achieving an upgrade in its ESG rating from BBB to A [4][7] - The governance structure integrates party building into all decision-making processes to ensure alignment with business objectives [2][4] Technological and Green Finance Initiatives - The company is actively involved in the "new" financial sector by supporting technology enterprises through a full lifecycle service model and expanding bond issuance for strategic emerging industries [5][6] - In the "green" finance sector, the company has innovated financing models to address challenges in funding green projects, exemplified by a successful private bond issuance for a logistics company [6][7] Investor Returns and Social Responsibility - The company maintains a cash dividend ratio above 30% since its listing, with a total cash dividend amounting to 41.63% of net profit in 2024 [8] - Social responsibility initiatives include support for rural revitalization and investor education, demonstrating the company's commitment to community development and investor protection [8]

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance during the "15th Five-Year Plan" period, driven by the shift towards innovation-driven economic development and the increasing importance of new factors such as technology, data, and green resources [1][2]. Group 1: Economic Transition and Financial Service Adaptation - The economic development model in China is shifting from traditional factor-driven growth to innovation-driven growth, necessitating a transformation in financial services to accommodate new asset structures [1][4]. - The financial system has faced challenges in serving new asset types, particularly in terms of recognition, pricing, and investment, which need to be addressed in the next reform phase [1][7]. - Financial institutions must enhance their capabilities to recognize, value, and trade new factors and assets, moving towards a service model that supports movable asset finance [2][14]. Group 2: Challenges in Serving New Factors and Assets - The current financial system encounters three main challenges in serving new factors: difficulties in asset recognition, valuation, and investment [7][8]. - New factors like technology and data face significant hurdles in terms of clear ownership and accounting standards, complicating their financial recognition [8][9]. - Valuation of new factors is complicated due to their lack of stable cash flows and market comparables, making traditional valuation methods less effective [10][11]. Group 3: Strategies for Financial Service Improvement - Financial institutions are encouraged to develop a modern financial system that accurately reflects the changes in asset structures due to technological, digital, and green transformations [15][16]. - A multi-dimensional evaluation framework should be established to enhance the valuation and pricing capabilities for new factors and assets [17][18]. - The construction of a unified market for new factors is essential to facilitate the trading and circulation of technology, data, and green assets [19][20]. Group 4: Investment Tools and Financial Products - There is a need to diversify investment tools for movable new factors, encouraging the growth of patient capital and innovative financial products that align with the characteristics of new assets [22][23]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on credit evaluation systems that leverage business data and branch information [24].

绿色发展是高质量发展的底色。习近平总书记指出，绿色转型是应对气候变化的必由之路，也是经济社 会发展的新引擎。刚刚闭幕的第十五届全运会，作为一场融合科技与绿色的盛大赛事，以最直观的方式 向世界展现绿色发展的理念已深入人心。 秉持"绿色、共享、开放、廉洁"的办赛理念，第十五届全运会致力于打造一届"碳中和"赛事。以广州赛 区为例，竞赛场馆实现了绿色电力全覆盖。开幕式主火炬首次采用分布式光伏绿电驱动，通过全球首创 的"市电+储能主供"微电网保障供电。据悉，赛事期间，广东省奥体中心用电量达1500万千瓦时，绿电 供应相当于减少碳排放1.42万吨。这也表明，"双碳"目标提出5年来，已从一项庄严的国家承诺，落地 为全社会可见可感的具体行动，融入我国经济社会发展的各个方面。 绿色电力是指通过风机、太阳能光伏电池等设备将风能、太阳能、核能等可再生能源转化为电能，生产 过程不产生或极少产生有害排放物，包括风电、核电、太阳能光伏发电、地热发电、生物质能汽化发 电、小水电等形式。 据悉，光伏气象指数具有良好的理论基础和数据体系支撑，可作为客观的"标尺"，衡量光伏发电面临的 气象变化，创新性和应用价值较强。该指数可以作为光伏发电预测的 ...