Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all board members assuming legal responsibility for its content [1][2][3] Financial Data - The company reported total assets of 29,623.08 billion RMB, an increase of 3,709.08 billion RMB or 14.31% from the end of the previous year [10] - Total liabilities reached 27,468.16 billion RMB, up 3,473.73 billion RMB or 14.48% from the previous year [10] - Total deposits amounted to 16,405.55 billion RMB, reflecting a growth of 1,443.83 billion RMB or 9.65% [11] - Total loans increased to 14,114.81 billion RMB, a rise of 1,550.83 billion RMB or 12.34% [11] Profitability - The company achieved operating income of 419.49 billion RMB, an increase of 8.79% year-on-year, with net interest income of 252.07 billion RMB, up 28.52% [12] - Non-interest income was 167.42 billion RMB, down 11.63% year-on-year [12] - The net profit attributable to shareholders was 180.05 billion RMB, reflecting an increase of 8.06% compared to the previous year [12] Risk Management - The company maintained a non-performing loan ratio of 0.83%, unchanged from the beginning of the year, with a provision coverage ratio of 313.22% [13] - The company continues to enhance risk control measures and improve the quality of new credit [13] Business Development - The company focuses on serving the real economy and has made progress in various financial sectors, including green finance and digital finance [9] - Corporate loans reached 10,731.35 billion RMB, an increase of 1,369.31 billion RMB or 14.63% [14] - The company has expanded its retail financial services, with retail assets growing to 9,686.95 billion RMB, an increase of 1,417.52 billion RMB or 17.14% [15] Shareholder Information - As of the end of the reporting period, major shareholders included BNP Paribas, holding 2,119,700,918 shares or 17.14% of total shares [5] - Jiangsu Transportation Holding Co., Ltd. increased its holdings by 608,746,244 shares, representing 4.92% of total shares [6] Important Events - The company redeemed all of its "Nan Yin Convertible Bonds" on July 17, 2025, converting 19,996,127,000 RMB into A-shares [18] - The company opened a new branch in Rugao on September 28, 2025 [18]

Core Viewpoint - The sustainable finance sector should focus on supporting low-carbon transitions, creating a strong collective force across society to address climate challenges [1][2] Group 1: Company Initiatives - Industrial Bank has been exploring sustainable finance for 20 years, developing a path that integrates profit with social responsibility [1] - The bank's green financing balance is nearly 2.5 trillion yuan, with green loan balance exceeding 1 trillion yuan and a non-performing loan rate of only 0.57% [1] - The establishment of a strategic and ESG committee at the board level has strengthened relationships with stakeholders and laid a solid foundation for sustainable development [2] Group 2: Industry Context - Despite some countries withdrawing from the Paris Agreement, global climate actions continue, with China announcing new NDC targets at the UN Climate Change Summit in September [2] - The financial sector is encouraged to innovate and provide diversified financial services, as China leads globally in green loans and bonds but still has room for growth in green investment and asset management [3] - The carbon market should be more open and inclusive to enhance resource allocation efficiency, with financial institutions encouraged to participate in national carbon market trading [3] Group 3: Recommendations for Sustainable Finance - Industries should focus on low-carbon transitions, emphasizing ESG system construction and new technology applications [2] - Financial services should align with the needs of real enterprises, providing both financial and non-financial support for carbon reduction [3] - Regulatory bodies are urged to introduce more incentives for carbon reduction support tools and adjust risk weights for green financing to encourage banks' participation [3]

Core Insights - The rapid development of the green finance market is leading to an increase in relevant information and data, with a focus on the latest trends and practices in green finance [1] Group 1: Green Loans - As of the end of Q3 2025, the balance of domestic and foreign currency green loans reached 43.51 trillion yuan, marking a 17.5% increase from the beginning of the year, with an increase of 6.47 trillion yuan in the first three quarters [2] - The breakdown of green loans by purpose shows that infrastructure upgrades, energy low-carbon transition, and ecological protection loans amounted to 19.29 trillion yuan, 8.32 trillion yuan, and 5.01 trillion yuan respectively, with significant increases in each category [2] - Key industries receiving green loans include electricity, heat, gas, and water supply, with a balance of 8.74 trillion yuan, and transportation and storage with 7.91 trillion yuan, both showing substantial growth [2] Group 2: Green Bonds - In the first half of 2025, China ranked first globally in green bond issuance, with a total of 48.3 billion USD, contributing to a global total of 6.2 trillion USD in the GSS+ market [3] - The issuance of GSS+ bonds increased by 17% year-on-year, with green bonds making up 61% of the total, indicating a strong market presence [3] - The issuance of sovereign green bonds in China, including a 6 billion yuan bond for projects like electric vehicles and flood control, highlights the growing role of the renminbi in global green finance [3] Group 3: Green External Debt - Xiamen has initiated a pilot program for green external debt, allowing domestic non-financial enterprises to engage in cross-border financing for green projects, with the first day seeing 1.154 million USD registered [4] - This pilot program aims to enhance the convenience of financing for green projects and attract global financial resources to support China's low-carbon development [4] Group 4: Carbon Pricing - The national carbon market saw a peak price of 55.67 yuan per ton last week, with a closing price reflecting a 4.77% increase from the previous week [5] - Cumulative carbon trading volume from January 1 to October 24, 2025, reached 118.76 million tons, with a total transaction value of approximately 7.79 billion yuan [6] Group 5: Innovative Financial Products - The first "carbon label" linked loan for meat products was issued in Hulunbuir, amounting to 150 million yuan, which incorporates carbon performance into the financing pricing system [7] - A 2.6 million yuan transformation financial loan was issued to a cement company in Suzhou, marking a significant step in local financial institutions supporting the green transition in the building materials sector [8] Group 6: ESG Reporting - The first regional ESG development report for listed companies in Foshan was released, providing insights into governance, disclosure levels, and improvement paths for local enterprises [9] - This report aims to enhance ESG management and disclosure among regional companies, promoting collaboration between local governments and market entities [9]

（文章来源：新华财经） 新华财经济南10月27日电（记者贾云鹏）记者从人民银行山东省分行27日举行的2025年前三季度山东省 金融统计数据新闻发布会上获悉，今年8月末，山东金融"五篇大文章"贷款增速均明显高于全部贷款增 速。其中，科技金融、绿色金融、普惠金融、养老金融、数字经济产业贷款余额同比分别增长17.3%、 29.4%、12.0%、44.3%和34.0%。 为推动金融"五篇大文章"起势见效，山东开展"金融五篇大文章全面推进年"行动，科技创新和技术改造 再贷款、碳减排支持工具、服务消费与养老再贷款等新创设结构性货币政策工具落地规模居全国前列。 8月末，"五篇大文章"贷款（剔除子类间的重复后）余额达6.6万亿元，同比增长16.9%；前8个月增加 7570亿元，占全部贷款增量的78.4%。 ...

Core Insights - Beijing Financial Street serves as a national financial management center, significantly contributing to the financial sector's growth in China, with its financial institutions holding approximately one-third of the national asset scale and over 70% of Beijing's financial tax revenue [1][2][3]. Group 1: Economic Contribution - The financial institutions in the Financial Street area account for over one-third of the city's financial value added and approximately 70% of its financial tax revenue, highlighting its role as a core area for financial institutions and talent aggregation [3][4]. - The Financial Street occupies only 0.02% of Beijing's land area but generates substantial economic value, showcasing its efficiency and importance in the national financial landscape [2][3]. Group 2: International Influence and Innovation - Financial Street has become a preferred location for foreign institutions, with over 120 foreign financial entities established, including major international investment banks and financial groups [3][4]. - The area has seen numerous innovative practices, such as the establishment of the first foreign-funded securities firm and the first cross-border transfer of non-performing assets, indicating its role as a hub for financial innovation [3][4]. Group 3: Asset Management - By the end of 2024, asset management institutions in the Financial Street area are expected to manage over 20 trillion yuan, accounting for about 50% of Beijing's total and 12.5% of the national total, establishing it as a leading asset management hub [4][5]. Group 4: Service Mechanisms - Financial Street has developed a "four-in-one" service mechanism and a "6R" service system to enhance service capabilities, focusing on regulatory support, institutional operation, and professional research [5][12]. - The establishment of various platforms, such as the Financial Street Research Institute and the Financial Street Forum, aims to strengthen service support and facilitate dialogue among stakeholders [5][12]. Group 5: Sectoral Development - The Financial Street is actively engaged in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, driving high-quality financial services [7][11]. - The technology finance sector has seen significant growth, with a notable increase in loans to technology enterprises and a substantial issuance of technology innovation bonds [8][9]. Group 6: Future Directions - The Financial Street aims to enhance its global financial resource aggregation capabilities and strengthen its international cooperation, focusing on creating a resilient and modern financial system [14]. - The upcoming 2025 Financial Street Forum will serve as a platform for international dialogue, featuring participation from major global financial organizations and institutions [13][14].

证券研究报告| 行业定期报告 2025 年 10 月 27 日 招商证券丨总量的视野 电话会议纪要（20251026） 研究部/总量研究 【宏观】二十届四中全会公报解读；【策略】四中全会公报解读和十五五规划 展望；【固收】压缩利差交易结束了吗；【地产】房地产及产业链数据解读； 【银行】H 股银行如何进入港股通；【资配】最新 A 股风格配置及交易信号跟 踪；【ESG】公募基金绿色投资五年演进与展望 q 【宏观 张一平】二十届四中全会公报解读 中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。全会听取和讨论了习近平受中央政治局委托所作的工作报 告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》。习近平就《建议（讨论稿）》向全会作了说明。 "十五五"时期的重要地位。公报指出，"十五五"时期是基本实现社会主义 现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程中具 有承前启后的重要地位。一方面，"十五五"时期我国发展环境面临深刻复杂 变化，不确定难预料因素增多。另一方面，"十五五"时期我国仍处于战略机 遇期，我国长期向好的支 ...

Group 1 - Agricultural Bank of China (ABC) Weihai Branch is supporting the green transformation of Pulinhengshan (Shandong) Tire Co., Ltd., which is the only enterprise in Weihai selected for financial support in green low-carbon transformation [1] - The new non-road tire project is expected to save 5.3517 million kWh of electricity and reduce carbon dioxide emissions by 3,430.44 tons annually, showcasing significant achievements in green transformation [1] - ABC Weihai Branch has approved a project credit of 600 million yuan for the company, with an initial disbursement of 52.34 million yuan to support equipment upgrades and green transformation [1] Group 2 - ABC Weihai Branch prioritizes green finance as one of its three main strategies, aiming for green loan growth to exceed overall loan growth [2] - As of September 2025, the green credit balance of ABC Weihai Branch is expected to reach 17.481 billion yuan, an increase of 3.924 billion yuan from the beginning of the year [2] - The bank plans to enhance cooperation with government entities and establish a green project information database to improve financing efficiency [2]

Core Viewpoint - The eighth International Academic Seminar on Accounting and Finance in Emerging Markets was held at Nanjing University of Finance and Economics, focusing on "Financial Innovation and Transformation in the Era of Artificial Intelligence" [1] Group 1: Conference Overview - The seminar was organized by the Accounting School of Nanjing University of Finance and Economics, Jiangsu Modern Financial and Tax Governance Research Institute, and the Jiangsu Provincial Accounting Society's Accounting Education Professional Committee [1] - The event gathered domestic and international experts to discuss the integration of new technologies like big data and artificial intelligence with financial governance [1] Group 2: Key Insights from Speakers - The Vice President of Nanjing University of Finance and Economics, Yao Wenyun, highlighted the university's achievements in talent cultivation, discipline construction, scientific research, and faculty development, emphasizing the need for a new ecosystem of deep integration between finance and technology [3] - Yao stated that artificial intelligence is driving profound changes in data and algorithm usage, pushing accounting and finance beyond traditional boundaries towards strategic leadership and value creation [3] - Wu Lin, Secretary-General of the Jiangsu Provincial Accounting Society, noted that artificial intelligence is redefining the boundaries and value of accounting work, calling for innovative thinking to explore new paths for industry transformation [3] Group 3: Seminar Structure and Topics - The seminar featured 16 parallel forums covering topics such as AI-enabled financial development, sustainable development, new productivity, fintech, green finance, environmental finance, ESG, value creation, and corporate governance [4] - A total of 63 presenters from various universities shared their latest research findings, with experts providing objective and in-depth feedback on the presentations [4]

Core Insights - Tianjin Rural Commercial Bank has partnered with Tianjin TEDA Industrial Development Group's Tianjin Economic Development Energy Technology Co., Ltd. to provide 750 million yuan financing for a comprehensive energy project in Tianjin Economic Development Zone, highlighting the bank's commitment to activating regional resources and promoting green low-carbon transformation [1][2] Financing and Project Details - The financing represents an innovative attempt in green financial products, aimed at revitalizing existing resources and supporting regional energy structure optimization [2] - The project will focus on three major initiatives: distributed photovoltaic systems, new energy charging piles, and the intelligent transformation of a heat source plant, with an expected annual carbon reduction of approximately 69,800 tons and an annual electricity generation exceeding 69 million kWh [1][2] Impact on Local Economy - The project is expected to provide stable, low-carbon, and efficient energy solutions for local enterprises, potentially saving around 6.5 million yuan in electricity costs annually [1] - In addition, Tianjin Rural Commercial Bank has provided a total of 1.54 billion yuan in special credit to support the renovation and operational enhancement of six underutilized apartment assets in the Tianjin Economic Development Zone [2] Community and Asset Revitalization - The transformation of idle assets into vibrant living spaces has been achieved through a comprehensive asset management system, enhancing the living experience and community engagement [3] - The project has achieved a 100% occupancy rate within 90 days of operation, leading the growth rate among brand apartments in Binhai New Area, with over 24,000 housing units in reserve and more than 2,700 units in market operation [3] Future Directions - Tianjin Rural Commercial Bank plans to continue expanding its financial support in green energy and resource revitalization, aiming to provide more financial assistance for the city's green low-carbon development [3]

Core Insights - The article highlights the rapid development of Sustainable Aviation Fuel (SAF) projects in China, indicating a significant increase in planned capacity and the need for export to manage production levels [3][5][6]. Industry Overview - Since the beginning of 2025, 47 new SAF projects have been planned, surpassing the total number of publicly announced projects before 2024, leading to a total planned capacity of over 13.28 million tons per year [3][6]. - As of September 2025, the SAF project startup rate exceeds 25%, with a built capacity of 1.156 million tons per year [4][9]. - China has four factories with SAF export licenses, totaling approximately 1.2 million tons of SAF export quotas [5][18]. Project Development - The SAF industry in China is characterized by a "supply-first, demand-abroad" model, indicating that while production capacity is expanding, domestic demand needs to be stimulated [5]. - There are currently 16 ongoing projects and 10 completed projects, with a startup rate exceeding 25% [9][12]. - The SAF projects are primarily concentrated in provinces such as Jiangsu, Hebei, Xinjiang, Inner Mongolia, Chongqing, and Shandong, with significant progress in several other provinces [12]. Technological and Economic Factors - The HEFA (Hydroprocessed Esters and Fatty Acids) route remains dominant due to its maturity and the established collection chain for used cooking oil (UCO) in China, despite rising UCO prices impacting production costs [15]. - New technologies are being explored, with successful tests of the Fischer-Tropsch synthesis SAF project and contracts signed for Honeywell's MTJ technology, indicating a diversification of technological approaches [15]. Policy and Support - The SAF sector has seen increased policy support, including the inclusion of the entire SAF supply chain in the 2025 Green Finance Support Project Directory, allowing companies to apply for low-cost green loans [18]. - Significant investments and standards have been introduced, such as the first SAF-specific policy in Chengdu and the release of industry standards for quantifying SAF's carbon footprint [18]. - The export sector has also seen advancements, with the issuance of a second batch of SAF export licenses, increasing the number of licensed factories to four [18]. Company Quotas - The following companies have received SAF export quotas: - Lianyungang Jiaao New Energy Co., Ltd.: 372,400 tons [19] - Yigao Environmental Energy Technology (Zhangjiagang) Co., Ltd.: 260,000-300,000 tons [19] - Shandong Haike Chemical Co., Ltd.: 370,000 tons [19] - Shandong Sanju Bioenergy Co., Ltd.: 158,000 tons [19]