经国务院批准，2025金融街论坛年会将于10月27日至30日在北京金融街举行，主题为"创新、变革、重 塑下的全球金融发展"。 金融监管总局将举办2025金融监管总局国际咨询委员会会议、中欧保险创新论坛、"安全开发应用人工 智能助力数字金融高质量发展"论坛。 中国证监会将举办中国证监会国际顾委会会议，中国证监会科技司将承办资本市场金融科技论坛。此 外，北京证券交易所将承办一场平行论坛。 国家外汇局将主办专场活动暨闭幕式，闭幕式主题为"全球变局下的国际经贸韧性合作"。 | 2025年10月27日 | | --- | | 16:00 · 17:30 · 开幕式 (闭门会) | | 9 北京会融街服斯汀大酒店 | | 2025年10月28日 | | 09:30 · 我局下的国际金融治理与合作 | | 9 北京金融街威斯汀大酒店 | | 14:00 - 17:00 · 国家金融监管总局2025国际咨询委员会会议 (闭门会) | | 9 北京金融街威斯汀大酒店 | | 09:00 · 12:00 · 金融法治论坛 在法治轨道上推进金融发展的创新、变革和重塑 | | 9 北京金融街頭思卡尔顿酒店 | | 14:00 - 1 ...

Report Overview - The report is the Commodity Research Morning Report - Green Finance and New Energy by Guotai Junan Futures on October 27, 2025, covering nickel, stainless steel, lithium carbonate, industrial silicon, and polysilicon [1][2] Industry Investment Ratings - Not provided in the report Core Views - Nickel: Nickel prices are in a narrow - range oscillation due to the game between smelting inventory accumulation and nickel ore concerns [2][4] - Stainless steel: There is limited downside potential, but it lacks upward drivers [2][4] - Lithium carbonate: It shows a strong - biased oscillation, and attention should be paid to the results of China - US consultations [2][7] - Industrial silicon: With the reduction of warehouse receipts, the bottom is relatively well - supported [2][10] - Polysilicon: Attention should be paid to policy implementation information [2][11] Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Tracking** - For nickel, the closing price of the Shanghai nickel main contract was 122,150, with a change of 770 compared to T - 1. The trading volume of the Shanghai nickel main contract was 145,203, a change of 51,282 from T - 1. For stainless steel, the closing price of the stainless - steel main contract was 12,810, a change of 45 from T - 1, and the trading volume was 186,892, a change of - 6,500 from T - 1 [4] - Other related data such as prices of 1 imported nickel, Russian nickel premium, and nickel bean premium are provided. For the industrial chain, data on high - nickel pig iron, nickel plate - high - nickel iron spread, and nickel plate import profit are presented. For stainless - steel related products, prices of 304/2B coils and 304/No.1 coils are also given [4] - **Macro and Industry News** - The Indonesian forestry working group took over more than 148 hectares of the PT WedaBav Nickel mine due to violations of forestry license regulations, which is expected to affect nickel ore production by about 600 metal tons per month [4] - China suspended an unofficial subsidy for imported copper and nickel from Russia [5] - The Indonesian Ministry of Energy and Mineral Resources imposed sanctions on 190 mining companies for not providing claim and refund guarantees [5][6] - The Indonesian Ministry of Energy and Mineral Resources issued a ministerial order regarding the procedures for the preparation, submission, and approval of mining business activity work plans and budgets [6] - US President Trump claimed to impose an additional 100% tariff on China and implement export controls on "all key software" starting from November 1 [6] - **Trend Intensity** - Nickel trend intensity: 0; Stainless - steel trend intensity: 0 [6] Lithium Carbonate - **Fundamental Tracking** - For the 2511 contract, the closing price was 78,920, a change of - 460 from T - 1, with a trading volume of 103,581, a change of 764 from T - 1. For the 2601 contract, the closing price was 79,520, a change of - 420 from T - 1, and the trading volume was 613,476, a change of 122,556 from T - 1 [7] - Other data including warehouse receipt volume, basis, raw material prices (such as lithium spodumene concentrate and lithium mica), and lithium salt product prices (such as battery - grade lithium carbonate and industrial - grade lithium carbonate) are provided [7] - **Macro and Industry News** - The SMM battery - grade lithium carbonate index price was 74,821 yuan/ton, up 458 yuan/ton from the previous trading day [8] - Australian lithium mining company Pilbara Minerals reported its Q3 2025 operating results. The lithium spodumene concentrate production was 224,800 tons, a 1.7% increase quarter - on - quarter. The sales price of lithium spodumene sc6 was 841 US dollars, a 19% increase quarter - on - quarter [9] - **Trend Intensity** - Lithium carbonate trend intensity: 0 [9] Industrial Silicon and Polysilicon - **Fundamental Tracking** - For industrial silicon, the Si2601 closing price was 8,920 yuan/ton, a change of 215 from T - 1. The trading volume was 187,264 hands, a change of 14,918 from T - 1. For polysilicon, the PS2601 closing price was 52,305 yuan/ton, a change of 1,545 from T - 1 [11] - Other data such as basis, price, profit, inventory, and raw material cost for both industrial silicon and polysilicon are provided. For example, the industrial silicon - social inventory (including warehouse receipt inventory) was 55.9 million tons, a decrease compared to previous data [11] - **Macro and Industry News** - The National Development and Reform Commission introduced that China has reduced the market access negative list items from 328 to 106 after 4 revisions, and cleared more than 4,200 policy measures hindering factor flow [11][13] - The "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" put forward measures to break market barriers [13] - **Trend Intensity** - Industrial silicon trend intensity: 1; Polysilicon trend intensity: 1 [13]

Core Insights - The 2025 Financial Street Forum Annual Meeting will be held in Beijing from October 27 to 30, focusing on "Global Financial Development under Innovation, Transformation, and Restructuring" [1] Agenda Summary October 28, 2025 - International financial governance and cooperation discussions will take place, emphasizing the changing global landscape [1] - A closed-door meeting of the National Financial Regulatory Administration's International Advisory Committee will occur [1] - Various forums will address topics such as financial law, investment cooperation between China and the UAE, and the integration of finance with technology and innovation [1] October 29, 2025 - Sessions will focus on high-quality development in financial and tax technology services, and the dual empowerment of finance and technology for industrial growth [2] - A closed-door meeting will discuss the transformation of financial ecosystems in the age of artificial intelligence [2] - The agenda includes discussions on green finance and the Belt and Road Initiative [2] October 30, 2025 - The forum will conclude with discussions on Hong Kong-Beijing financial cooperation and resilience in international economic and trade relations [3] - A closed-door meeting will be held by the China Securities Regulatory Commission to promote high-quality development in capital markets [3] - Various sessions will focus on energy transition, green development, and the legal frameworks supporting new financial services [3]

Core Insights - The People's Bank of China reported an ongoing optimization in the allocation of credit resources, enhancing the ability to serve the real economy effectively [1][2] - The number of technology-based small and medium-sized enterprises (SMEs) receiving loans has increased to 275,400, with a loan approval rate of 50.3%, marking a 2.8 percentage point increase from the same period in 2024 [1][2] - The loan balance for technology-based SMEs reached 3.56 trillion yuan, reflecting a year-on-year growth of 22.3%, significantly outpacing the average loan growth rate by 15.8 percentage points [1][2] Technology-Based SMEs - The loan approval rate for technology-based SMEs has shown consistent growth for three consecutive quarters, indicating improved access to financing [1][2] - The total loan balance for high-tech enterprises reached 18.84 trillion yuan, with a year-on-year increase of 6.9%, slightly above the overall loan growth rate [2] Financial Support Mechanisms - Financial institutions are innovating products and optimizing risk assessment models to better cater to the financing characteristics of technology enterprises, transitioning from merely providing funds to ensuring quality and precision in financial services [3] Inclusive Finance - As of the end of the third quarter, the balance of inclusive micro loans reached 36.09 trillion yuan, with a year-on-year growth of 12.2%, surpassing the overall loan growth rate by 5.6 percentage points [4] - The balance of operational loans for farmers with a single credit limit below 5 million yuan reached 9.92 trillion yuan, demonstrating the financial sector's ongoing support for rural revitalization [4] Green Finance - The balance of green loans reached 43.51 trillion yuan, with a year-to-date growth of 17.5%, indicating a strong momentum in financing for green projects [5] - Specific allocations for green upgrades in infrastructure, low-carbon energy transitions, and ecological protection have seen significant increases, reflecting a strategic focus on sustainable development [5] Consumer Loans - Household consumption loans, excluding personal housing loans, reached 21.29 trillion yuan, with a year-on-year growth of 4.2%, indicating a gradual release of consumer potential and supporting stable domestic demand [5]

Core Viewpoint - The 2025 Financial Street Forum Annual Conference will be held from October 27 to 30 in Beijing, focusing on "Global Financial Development under Innovation, Transformation, and Restructuring" [1]. Agenda Summary October 28, 2025 - International financial governance and cooperation under changing circumstances [4] - National Financial Regulatory Administration's 2025 International Advisory Committee Meeting (closed-door) [4] - Financial rule of law forum promoting innovation and transformation in financial development [4] - China-Arab Investment Cooperation Forum focusing on bilateral investment and financial market integration [4] - Entrepreneurs' meeting on deepening global collaboration between finance and technology innovation [4] - China-Europe Financial Investment Forum addressing global challenges [4] - China-Europe Insurance Innovation Forum exploring new energy and intelligent trends [4] - Financial risk prevention and collaborative governance in the digital era [4] - New services and breakthroughs empowering high-quality development of the private economy [4] - Financial technology conference opening ceremony (closed-door) [4] - Data-driven initiatives for public welfare (closed-door) [4] - ESG upgrades driven by technology in the financial sector [4] - Talent forum and related conferences [4] - Investment and financing matchmaking event [4] - Beijing Stock Exchange ecosystem thematic activities [4] October 29, 2025 - Financial empowerment for high-quality development of the technology service industry [5] - Dual empowerment of finance and technology for industrial development [5] - Building a new ecosystem for cross-border investment cooperation [5] - Global Systemically Important Financial Institutions (G-SIFIs) meeting on financial ecological transformation in the AI era (closed-door) [5] - Promoting high-quality development of the Belt and Road Initiative [5] - Restructuring global finance through openness and innovation [5] - Green finance development supporting carbon neutrality goals [5] - Financial innovation and services in the context of technological advancements [5] - AI applications in digital finance (closed-door) [5] - Roadshows for AI and digital transformation [5] October 30, 2025 - Beijing-Hong Kong Financial Cooperation Forum exploring new opportunities [6] - Closing ceremony on international economic and trade resilience cooperation (closed-door) [6] - China Securities Regulatory Commission's International Advisory Committee meeting focusing on capital market development [6] - Creating a new ecosystem for rapid development of technology enterprises [6] - Financial support for educational development [6] - International cooperation forum on green development (closed-door) [6] - Legal guarantees and rule establishment for new financial service productivity [6] - AI and financial technology innovation forum [6] - Awards ceremony for financial technology application scenarios [6] - Roadshows for green energy and future industries [6] - Online release of financial street achievements [6] - Closed-door seminar in New York [6]

Core Insights - The Beijing Financial Street Forum focuses on "Innovation, Transformation, and Reshaping of Global Financial Development," serving as a platform for global financial wisdom and showcasing Beijing's financial achievements [1] Group 1: Financial Support for the Real Economy - Beijing's financial sector prioritizes serving the real economy, implementing strategies to direct financial resources to key areas such as private enterprises, green industries, and consumer spending [2] - By August 2025, the balance of inclusive small and micro loans in Beijing is expected to grow by 13.5% year-on-year, with agricultural loans increasing by 8.8% and entrepreneurial guarantee loans surging by nearly 40% [2] - Over 2,300 small and micro enterprises have utilized a foreign exchange derivatives service platform to hedge against exchange rate risks, with over 90% of these being small and micro enterprises [2] Group 2: Green Finance Initiatives - Beijing aims to become an international benchmark city for green economy, achieving a green loan balance of nearly 2.4 trillion yuan by the second quarter of 2025, ranking among the top in the country [2] - In 2024, the issuance of green corporate bonds in Beijing reached 741 billion yuan, the highest in the nation [2] Group 3: Consumer and Pension Finance - The People's Bank of China has facilitated over 14 billion yuan in loans for consumption and pension services in Beijing, boosting the consumer market and enhancing the pension service system [3] - By August 2025, nearly 20 million digital RMB personal wallets have been opened in Beijing, with over 540 million transactions amounting to nearly 300 billion yuan [3] Group 4: Innovation in Financial Services - Beijing leverages its status as a technology innovation center to integrate finance and technology, providing comprehensive financial services for tech enterprises from startup to maturity [4] - By September 2025, over 210 billion yuan in technology innovation bonds have been issued in Beijing, ranking among the top in the country [4] Group 5: Capital Market Development - The Beijing Stock Exchange has nurtured 279 listed companies over four years, with a total market capitalization exceeding 860 billion yuan, and over 90% being high-tech enterprises [5] - In 2024, listed companies in Beijing distributed dividends exceeding 990 billion yuan, accounting for 41% of the total market [6] Group 6: Global Financial Cooperation - Beijing has expanded its financial openness, attracting foreign financial institutions and enhancing cross-border cooperation, with annual cross-border capital inflow and outflow exceeding 140 billion USD for participating companies [7] - The establishment of international platforms like the Beijing Green Exchange and the International Big Data Exchange facilitates the flow of global innovative factors [7] Group 7: Internationalization of the Forum - The current Financial Street Forum has seen an increase in international participation, with representatives from major global financial organizations and five overseas sub-venues, the highest number to date [8] - The forum highlights Beijing's financial achievements and sets the stage for future development, emphasizing a more open and innovative approach in the global financial arena [8]

Core Viewpoint - The article emphasizes the importance of ecological civilization for people's well-being and national future, advocating for a path of ecological priority and green development to achieve a harmonious coexistence between humans and nature [1] Group 1: Ecological Product Value Realization Mechanism - Shanzhou has developed a systematic approach called the "Five Fours" working system to transform ecological product value, focusing on four major attributes: regulation services, material supply, cultural services, and financial services [2] - The city has established a comprehensive framework to address challenges in measuring, realizing, trading, and mortgaging ecological product value, aiming for mutual benefits among ecological quality, enterprise efficiency, collective wealth, and individual income [2] Group 2: Ecological Resource Management - Shanzhou has compiled an ecological product catalog, identifying 275 types of ecological products across 17 categories, and has developed methods for ecological product value accounting and assessment [3][4] - The city has created a visual platform for ecological product value and carbon sink assessment, with the 2023 GEP accounting result reaching 150.55 billion yuan, including 32.28 billion yuan from material supply and 85.38 billion yuan from regulation services [4] Group 3: Development of Ecological Industries - The city promotes specialty agriculture, achieving significant price premiums for various crops, and has introduced advanced aquaculture systems to enhance fish production [5] - Shanzhou is developing a green industrial base that utilizes tailings and promotes the honey health industry, with projected annual outputs of 2.6 billion yuan and 1.5 billion yuan respectively [6] Group 4: Integration of Culture and Tourism - The city has 50 scenic spots rated 3A or above and has been recognized as a national model for forest health tourism, with tourism revenue increasing by 12.17% year-on-year [7] Group 5: Exploration of Ecological Resource Rights Trading - Shanzhou has established an ecological asset management company to facilitate the trading of water rights and forestry carbon sinks, with the first CCER forestry carbon sink project registered [8][9] - The city has developed green financial products to support ecological projects, with 426 enterprises included in the "green list" and loans amounting to 2.32 billion yuan issued to climate-friendly companies [9] Group 6: Legislative and Policy Framework - Shanzhou is working on local legislation to promote the ecological product value realization mechanism, aiming to pass the "Shanzhou Ecological Product Value Promotion Ordinance" by the end of the year [14][15] - The city plans to enhance cooperation with research institutions and participate in high-level discussions to share its successful experiences in ecological product value realization [16]

Core Viewpoint - Yuexiu Property (00123.HK) announced the issuance of green notes amounting to RMB 2.85 billion, maturing in 2028, with a coupon rate of 3.30% [1] Group 1: Issuance Details - The issuer, Joy Delight International Limited, a wholly-owned subsidiary of the company, has entered into a subscription agreement with joint lead managers for the issuance of green notes [1] - The green notes will be offered exclusively to professional investors and will be listed on the Stock Exchange upon approval [1] Group 2: Use of Proceeds - The total proceeds from the green notes issuance, amounting to RMB 2.85 billion, will be used to refinance certain medium to long-term offshore debts due within one year [1] - An equivalent amount of the net proceeds from the green notes will be allocated for financing and/or refinancing eligible green projects according to the company's sustainable financing framework [1]

Group 1 - The total balance of RMB loans in financial institutions reached 270.39 trillion yuan by the end of Q3, with a year-on-year growth of 6.6%, and an increase of 14.75 trillion yuan in the first three quarters [1] - Inclusive small and micro loans grew rapidly, with a balance of 36.09 trillion yuan by the end of Q3, a year-on-year increase of 12.2%, outpacing overall loan growth by 5.6 percentage points [1] - Green loans saw significant growth, with a balance of 43.51 trillion yuan by the end of Q3, up 17.5% from the beginning of the year, adding 6.47 trillion yuan in the first three quarters [1] Group 2 - Agricultural loans continued to grow, with a balance of 53.4 trillion yuan by the end of Q3, a year-on-year increase of 6.8%, and an addition of 3.28 trillion yuan in the first three quarters [1] - The number of technology-based small and medium enterprises receiving loan support reached 275,400, with a loan approval rate of 50.3%, up 2.8 percentage points from the same period last year [2] - The balance of loans for technology-based small and medium enterprises was 3.56 trillion yuan, showing a year-on-year growth of 22.3%, which is 15.8 percentage points higher than the overall loan growth rate [2]

Group 1 - The article highlights the transformation of the ecological environment and economic development in Jinhua, Zhejiang, emphasizing the balance between industrial growth and environmental protection [1][2] - The local government initiated a comprehensive water treatment campaign, resulting in the closure of over 20,000 crystal processing workshops and the relocation of the industry to designated parks, promoting a shift from low-end to high-end production [1] - Jinhua's efforts in water quality improvement have led to a 100% increase in surface water quality above Class III standards, earning the highest award in the "Five Water Co-Governance" initiative for 11 consecutive years [1] Group 2 - The modern hardware industry in Yongkang, a representative of Jinhua's traditional industries, is facing challenges due to pollution from high-temperature emissions from furnaces [2] - A pilot project for waste heat recovery has been initiated, with five companies participating, including Shunhu Aluminum and Feijian Industry, which have implemented technologies to reduce natural gas consumption and carbon emissions [2] - The project is expected to reduce approximately 40,000 tons of carbon dioxide emissions annually once fully implemented [2] Group 3 - Innovative projects in Jinhua include the establishment of the "Panda Pig Paradise" to promote the "Jinhua Two-Headed Black Pig" and the development of smart bird-watching technology by Unijia Intelligent Technology [3] - Green finance initiatives, such as the "Flower Wood Loan" product from Jinhua Chengtai Rural Commercial Bank, have provided 3.083 billion yuan in loans to support the flower and tree industry and other green projects [3] - The ecological resources in Jinhua are being effectively converted into economic benefits, enhancing the livelihoods of local residents and expanding the pathways for the "Two Mountains" concept [3]