2026年01月09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：现实压力背负与周期转变叙事博弈，宽幅震荡 | 2 | | --- | --- | | 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 | 2 | | 碳酸锂：库存转增，回调采买需求支撑价格 | 4 | | 工业硅：逢高布空思路 | 6 | | 多晶硅：悲观情绪较浓 | 6 | 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 2026 年 1 月 9 日 镍：现实压力背负与周期转变叙事博弈，宽幅震荡 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 2）新华社 12 月 12 日从商务部获悉，商务部、海关总署日前印发公告，决定对部分钢铁产品实施出口 许可证管理。公告自 2026 年 1 月 1 日起执行。 3）根据钢联，印尼镍矿商协会 (APNI) 透露，能源和矿产资源部（ESDM）将于 2026 年初修订镍矿商 品的基准价格公式，修订要点之一是政府将开始将镍的伴生矿钴视为独立商 ...

"协鑫数字金融中心将在这片沃土描绘蓝图，构建立体、多维的磁吸效应，深度融合前沿的数字技术、 智慧平台、艺术化空间以及人性化的服务，形成'人才、资本、技术'的良性循环，构建一座充满生机与 温度的'垂直城市'，打造一个开放多元、接轨国际的城市地标。"昆山鑫宸湾科技实业有限公司总经理 孙怀杰在代表协鑫集团致辞中表示。 （来源：新华日报） 本报讯 （记者 范昕怡） 2025年12月29日，昆山协鑫数字金融中心开工建设，作为大渔湾科创先导区焕 新塑形的重要落笔，为激发城市活力、推动产业升级注入动能。 该项目位于大渔湾科创先导区门户位置，总建筑面积约34万平方米，总投资约50亿元。依托祖冲之路科 创发展带和庙泾河综合服务带交汇的生态与创智双重优势，项目深度融入大渔湾"内圈生态公园—中圈 公共设施—外圈科创载体"圈层体系，聚合潮流微度假商业、高端酒店、科研办公与城市配套四大业 态，以数字科技为引擎、金融创新为动力，打造集生态、宜居、创新于一体的城市科创会客厅。未来， 这里预计年产值超100亿元。 协鑫集团是一家以先进的绿色低碳零碳科技主导创新发展的国际化领先企业，长期位居全球新能源500 强以及中国企业500强新能源行业前 ...

转自：北京日报客户端 业内认为，除了利好消费者外，"碳普惠"对数字人民币试点拓展也有重要意义。正如博通咨询首席分析 师王蓬博评价，数字人民币推出"碳普惠"服务，一方面能帮着推进"双碳"目标，另一方面靠计息功能 和"碳积分"兑换奖励，有望吸引更多消费者，提升使用活跃度；还能让银行从被动推广变成主动运营， 培养用户的使用习惯，形成政策、市场、用户之间的良性循环。另外从数字人民币试点来看，"碳普 惠"场景能提高钱包开立率和交易活跃度，通过区块链存证碳减排数据，验证精准激励和资金追溯的能 力，助力试点从覆盖场景升级到构建生态。 骑共享单车、坐公交地铁等低碳行为也能兑换数字人民币了！2026年1月8日，记者获悉，为丰富数字人 民币在"绿色金融"场景的运用，数字人民币运营管理中心协调并支持业务运营机构构建碳普惠领域的创 新应用场景，在数字人民币App内推出"碳普惠"小程序服务并率先在上海地区上线。 所谓数字人民币"碳普惠"，是鼓励公众践行低碳行为的一项服务。简单来说，就是消费者做的每一件环 保小事，比如骑共享单车、乘坐地铁公交，都能被量化成"碳积分"。这些碳积分不仅可以记录绿色足 迹，还能兑换为实实在在的数字人民币。 用 ...

三菱日联银行（中国）副行长兼环球企业及投资银行总经理林树文先生表示："在产业加速转型的背景下，此次协助新奥 股份完成可持续供应链融资的交易，是三菱日联银行支持中资企业可持续业务发展的积极举措，体现了三菱日联银行的可持续 金融的能力和决心。我们期待与新奥股份进一步深化合作关系，携手发展，并继续为企业的可持续业务发展目标提供支持"。 （CIS） 这次合作由三菱日联银行与新奥股份ESG团队及下属子公司保理团队密切协同推进，方案聚焦碳减排与供应链金融服务的 深度融合，是双方在绿色金融领域的创新实践，也是三菱日联银行在大中华区落地的首笔可持续供应链融资交易。 新奥股份董事长兼联席CEO蒋承宏先生表示："此次与三菱日联银行联合推出的绿色供应链金融产品，是公司践行高质量 发展责任的创新载体，通过链接银行与产业链各方，既能实现融资成本降低、深化合作共赢、加速绿色转型进程，又能推动银 行资源、企业信用与客户需求的高效聚合，进一步提升资金配置效率，以价值导向的创值实践推动生态协同共赢，为产业链可 持续发展注入持久动能"。 近日，新奥股份携手三菱日联银行成功落地绿色供应链金融产品。围绕供应链融资与可持续发展目标的深度融合，探索通 ...

此外，中国人民银行天津市分行指导辖内机构推出全国首批、京津冀首只科创债券篮子，并先后推动全 国首单租赁行业"绿色两新"债务融资工具等四项全国首创产品落地天津。 （文章来源：新华财经） 科技金融方面，2025年天津市科创债发行规模303.88亿元，全国排名第7位，成为全国首批实现政策支 持三类主体成功发债、全国首批3个实现民营科创企业、民营股权投资机构科技创新债券"双落地"的省 市之一。绿色金融方面，天津市绿色债务融资工具发行规模234.12亿元，比2024年增长106%，"绿色 +两新+乡村振兴"、"绿色+科技创新"等多种三贴标、双贴标工具成功发行。支持民营经济方面，天津 市民营企业发行债务融资工具6只、22.5亿元，实现2023年以来天津市民企债务融资工具发行"零的突 破"。 新华财经北京1月8日电据中国人民银行天津市分行消息，2025年，天津市非金融企业在银行间债券市场 实现净融资额340.15亿元，位列全国第8位，为近五年最高水平。 ...

Core Viewpoint - The digital RMB management center is enhancing the application of digital RMB in "green finance" by launching a "carbon inclusive" mini-program within the digital RMB app, initially available in Shanghai [1][3] Group 1: Digital RMB and Green Finance - The "carbon inclusive" mini-program is designed to create innovative application scenarios in the carbon inclusive field [1] - The first platforms to integrate the mini-program include Metro (Shanghai Metro), Hello Chuxing, and T3 Mobility [3] - Users can earn carbon credits for low-carbon travel behaviors on these platforms, which can be converted into digital RMB [3] Group 2: User Engagement and Functionality - Users must open a digital RMB wallet and upgrade to a real-name wallet to participate in the program [3] - Currently, carbon credits can only be earned through specific activities: riding the Shanghai Metro, using Hello Chuxing's shared bikes, and taking T3's new energy vehicles [3] - The conversion rate is set at 0.01 yuan of digital RMB for every 1250 grams of carbon credits [3] Group 3: Future Developments - The digital RMB management center plans to introduce more low-carbon scenarios and expand the program to additional cities [3]

转自：新华财经 近年来，建设银行黑龙江省分行紧扣"双碳"目标与龙江生态振兴部署，将绿色金融融入发展战略，以创新产品和精准服务持续灌溉绿色产业，助力实体经济 向绿而行。 筑绿为基 构建绿色金融服务体系 建设银行黑龙江省分行将绿色金融提升至战略层面，建立起覆盖机制建设、政策对接、客户服务、产品创新等多维度的运行体系。在机制保障上，该行通过 设立绿色金融委员会、出台专项激励政策，分解落实绿色信贷目标，激发各级机构服务绿色发展的内生动力。打造项目审批"绿色通道"，对绿色项目优先审 批、优先放款，组建专业团队跟踪指导项目全流程，高效破解审批堵点与资金难题。在政策对接上，精准研究国家绿色产业目录，紧密跟踪大型能源企业的 风电、光伏等重点项目，提供定制化融资方案。立足龙江农业大省定位，将绿色金融与乡村振兴深度融合，在涉农信贷投放中深挖绿色潜力，加大对林下种 植、木耳栽培等特色产业的资源倾斜，通过执行差异化利率政策降低农户融资成本。截至2025年11月末，该行绿色贷款余额达275亿元。 创新赋能 激活绿色转型多元动能 面对绿色产业的多样化融资需求，建设银行黑龙江省分行持续加大产品与服务创新力度，构建起覆盖信贷、投资等领域的多 ...

Core Viewpoint - The introduction of the "Carbon Inclusive" service within the digital RMB app aims to encourage low-carbon behaviors among the public by allowing users to earn carbon credits for eco-friendly actions, which can be converted into digital RMB [4][6]. Group 1: Service Overview - The "Carbon Inclusive" service quantifies low-carbon actions, such as riding shared bikes or using public transport, into carbon credits that can be exchanged for digital RMB [4]. - Users can activate the service through the digital RMB app, where their low-carbon activities will automatically accumulate carbon credits in their "Carbon Inclusive" account [5]. Group 2: Industry Implications - The "Carbon Inclusive" service is expected to enhance the adoption of digital RMB by promoting the dual carbon goals and increasing user engagement through rewards [6]. - The service is anticipated to create a positive cycle among policies, markets, and users, transforming banks from passive promoters to active operators [6]. Group 3: Future Expansion - Following its initial launch in Shanghai, the "Carbon Inclusive" service is expected to expand to other pilot regions across the country [7]. - The digital RMB app has recently been upgraded to version 2.0, which includes interest payments on balances and insurance coverage for digital RMB deposits, enhancing user confidence [7]. Group 4: Current Statistics - As of November 2025, the digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened [7]. - The service has established a replicable application model across various sectors, including retail, education, and public services, contributing to the broader financial landscape [7].

Group 1: Strategic Focus Areas - The bank's fundamental direction remains unwavering in serving the real economy and supporting agriculture and small enterprises, focusing on "three rural issues," small and micro enterprises, and regional industrial development [2] - The bank aims to enhance financial supply precision and effectiveness while achieving steady development through its commitment to serving the real economy and "supporting agriculture and small enterprises" [2] - The bank will continue to push forward in key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging its resources and comparative advantages [2] Group 2: Loan Focus for 2026 - The bank plans to deepen loan investments in key areas, particularly targeting the innovative "10+1" industrial system in Qingdao, with a focus on the manufacturing industry's financing needs [2] - Emphasis will be placed on expanding sustainable development-linked loan applications and enhancing the "carbon accounting digital platform" to support local "dual carbon" goals [2] - The bank will introduce specialized products like "Marine High-tech Loans" and "Port Supply Chain Finance" to support the marine industry, establishing a distinctive brand [3] Group 3: Customer Management and Marketing Strategies - The bank has identified 36,800 high-quality corporate clients in its "white list," aiming for comprehensive marketing outreach [3] - A priority approval mechanism for white list clients will be established to enhance approval efficiency and ensure effective marketing and loan disbursement [3] - The bank will focus on optimizing loan structures by directing resources towards private enterprises and strategic emerging industries, promoting products like "Green Carbon Transformation Loans" and "Manufacturing Leading Loans" [3]

Group 1 - The core idea of the article is the introduction of a "Carbon Inclusive" service within the digital RMB app, which allows users to accumulate carbon credits for their low-carbon activities and exchange them for digital RMB [2] - The People's Bank of China is promoting the use of digital RMB in green finance scenarios by supporting the development of innovative applications in the carbon inclusive sector [2] - The "Carbon Inclusive" mini-program has been launched in Shanghai, allowing users to link their accounts from platforms like Metro, Hello Chuxing, and T3 Chuxing to automatically record their low-carbon behaviors and accumulate carbon credits [2] Group 2 - The service aims to encourage the public to engage in low-carbon behaviors by rewarding them with carbon credits that can be converted into digital currency [2] - Users must log into the "Carbon Inclusive" mini-program within the digital RMB app and associate their accounts with the aforementioned platforms to benefit from the service [2] - The initiative represents a significant step in integrating digital currency with environmental sustainability efforts [2]