Core Insights - The article highlights the rapid development of green finance in China during the "14th Five-Year Plan" period, emphasizing its role as a key driver for the country's low-carbon transition and the achievement of the "dual carbon" goals [1][7]. Green Financing Growth - Green loans and green bonds have seen significant growth, with green loan balances reaching 42.39 trillion yuan by mid-2025, a 254.73% increase from the end of 2020 [2]. - The growth rate of green loans has consistently been between 21.70% and 38.50% from 2021 to 2024, indicating a robust upward trend [1]. - The proportion of green loans in total loans has increased from 6.92% at the end of the "13th Five-Year Plan" to 15.78% by mid-2025 [2]. Green Bond Market Expansion - The issuance of green bonds has expanded significantly, with annual issuance growing from over 200 billion yuan during the "13th Five-Year Plan" to over 600 billion yuan in 2021, and maintaining an average of 750 billion yuan from 2021 to 2024 [3]. - The number of issuers has increased from 35 in 2016 to 249 in 2024, with the number of issuances growing ninefold [3]. - Green bonds are expected to support annual CO2 emissions reductions of approximately 14.14 million tons and save 1.51 million tons of energy [3]. Diverse Green Financial System - The green financial system has diversified to include green investments, green insurance, green futures, and carbon financial products, becoming a crucial part of the overall green finance landscape [4][6]. - A significant portion of public funds (53.8%) now explicitly incorporates green investment into their strategies, with 76.9% having issued green investment-targeted products [4]. Transition Finance Emergence - Transition finance is emerging as a critical component of sustainable finance, focusing on supporting high-carbon industries in their shift to low-carbon operations [7][8]. - The new round of Nationally Determined Contributions (NDC) announced in September sets ambitious targets for greenhouse gas emissions reduction, necessitating substantial funding for low-carbon transitions [7]. - Transition finance is expected to surpass financing for "pure green" activities, as only about 10% of economic activities are currently classified as "pure green" [8].

银行间质押式回购市场方面，短期品种窄幅震荡，14D品种量价齐升。具体看，DR001、R001加权平均利率下行0.5BP、0.2BP，报1.314%、1.3627%，成交 额分别减少781亿元、852亿元；DR007、R007加权平均利率分别上行2.5BP、0.6BP，报1.4332%、1.474%，成交额分别减少192亿元、1313亿元；DR014、 R014加权平均利率分别上行4.1BP、7.8BP，报1.4983%、1.5684%，成交额分别增加29亿元、817亿元。 货币市场利率（10月20日） 新华财经北京10月20日电（刘润榕）人民银行20日开展1890亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有2538亿元7天期逆回购到 期，公开市场实现净回笼648亿元。 上海银行间同业拆放利率（Shibor）短期品种横盘整理。具体来看，隔夜Shibor下跌0.10BP，报1.3170%；7天Shibor上涨0.30BP，报1.4180%；14天Shibor上 涨0.70BP，报1.4680%。 | | | | 2025-10-20 11:00 | | --- | --- | --- | - ...

Group 1: Global Economic Trends - The global financial and trade landscape is undergoing profound restructuring, characterized by weak recovery, geopolitical conflicts, and trade protectionism, with new technologies and green transformation driving change [1] - Future opportunities are concentrated in digital economy, green finance, regional cooperation, and the rise of emerging markets [1] Group 2: Infrastructure and Sustainable Development - The New Development Bank has significantly enhanced local currency financing capabilities to support infrastructure and sustainable development in global south countries [2] - Focus will continue on climate financing and diversified cooperation to promote inclusive growth in global south nations [2] Group 3: Supply Chain Management - Supply chain management is crucial for companies going abroad, encompassing all stages from raw materials to end consumers, and is essential for competitive advantage [2] - Understanding the complexities of supply chains and enhancing strategic planning are vital for companies to navigate uncertain environments [2] Group 4: Export Strategies and Compliance - Key steps for Chinese companies going abroad include understanding origin rules, which directly affect tariff treatment and compliance [3] - Companies should systematically plan global supply chains and origin layouts to mitigate risks and ensure compliance with international policies [3] Group 5: Cross-Border Payment Systems - The transformation of cross-border payment systems is driven by digital technology and institutional innovation, enhancing transaction efficiency and security [4] - China is advancing cross-border payment from infrastructure connectivity to institutional rule recognition, supporting the internationalization of the Renminbi [4] Group 6: Investment in Southeast Asia - Southeast Asia presents high growth potential for Chinese investments, serving as a critical supply chain conduit amid international trade disputes [5] - Investment risks in Southeast Asia include political and policy risks, complex legal environments, and operational challenges, necessitating thorough due diligence and local partnerships [5]

Core Insights - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in the field [1] Group 1: Sustainable Finance Initiatives - The Hong Kong Monetary Authority has launched the second phase of public consultation for the "Hong Kong Sustainable Finance Classification Directory," expanding the coverage from 4 to 6 industries and from 12 to 25 economic activities, introducing definitions for "transformation" and "climate change adaptation" [2] - The Central Securities Depository has released a revised disclosure indicator system for green finance, enhancing the compatibility of environmental benefit disclosure standards for green bonds and loans, and providing a unified basis for market application [3] - The China Securities Regulatory Commission reported that the disclosure rate of sustainable reports among listed companies is expected to reach 34.7% in 2024, with mandatory disclosures starting in 2026 for certain companies [4] Group 2: Market Developments and Innovations - A seminar on the innovative application of the Common Green Taxonomy (CGT) reached consensus on expanding the taxonomy to include low-carbon mining and green shipping, and promoting the visibility and investability of green products [5][6] - The national carbon market saw a price fluctuation with a peak of 58.20 yuan/ton and a total trading volume of 11,808,565 tons last week, indicating active market engagement [7] - Gansu Province has launched its first biodiversity loan product, "Borrowing for Pasture," aimed at supporting ecological protection and restoration, marking an innovative financial practice in biodiversity finance [8] - The Macau International Carbon Emission Trading Exchange has officially launched its new green asset trading platform, enhancing the efficiency and transparency of carbon asset transactions [9]

Core Viewpoint - HSBC Holdings is acquiring Hang Seng Bank for HKD 106.1 billion, marking a significant privatization in Hong Kong's banking sector and ending Hang Seng's 53-year history as a publicly listed company [1][3][42] Group 1: Transaction Details - HSBC will pay HKD 155 per share in cash for Hang Seng Bank, which will result in Hang Seng becoming a wholly-owned subsidiary of HSBC [1][3] - The transaction represents a 30% premium over Hang Seng's last closing price, making it attractive for shareholders [19] - If completed, Hang Seng will be delisted from the Hong Kong Stock Exchange [3] Group 2: Historical Context - Hang Seng Bank was established in 1933 as a small currency exchange and evolved into a major banking institution, becoming one of Hong Kong's four largest banks by 2017 [5][11] - HSBC initially acquired a controlling stake in Hang Seng during a banking crisis in 1965, which allowed Hang Seng to stabilize and grow [7][9] Group 3: Financial Performance and Challenges - Despite a reported profit of HKD 18.4 billion for 2024, Hang Seng faces significant risks, including HKD 55 billion in total impaired loans and a rise in non-performing loans [13][16] - The bank's reliance on real estate loans has led to increased bad debts, particularly as Hong Kong's property market has declined [16][18] Group 4: Strategic Implications for HSBC - The privatization allows HSBC to manage Hang Seng's risks more effectively and focus on long-term growth without the pressures of short-term market performance [21][24] - HSBC aims to leverage Hang Seng's strong retail and SME client base alongside its global network to create synergies and enhance service offerings [26][28] Group 5: Industry Context and Future Outlook - The privatization reflects broader challenges in the Hong Kong banking sector, including a shift away from reliance on real estate and the need for digital transformation [34][39] - The deal signals a potential restructuring phase for the industry, as banks must adapt to changing economic conditions and competitive pressures from digital banks [41][42]

Core Insights - The People's Bank of China (PBOC) has implemented a series of practical measures to promote high-quality development of green finance during the 14th Five-Year Plan period, establishing a comprehensive framework for standards, tools, cooperation, and effectiveness [1] Group 1: Green Finance Standards - A multi-field standard system is gradually being established, with 1 national standard, 9 industry standards, and over 30 green finance standards under research. The first national green finance standard, "Green Finance Terminology," is set to be published by 2025 [2] - The green finance support project directory has expanded the scope of green finance to include trade and consumption, achieving full-chain coverage from production to consumption [2] Group 2: Transition Finance Standards - Transition finance standards have made significant breakthroughs, with the PBOC prioritizing support for advanced technologies and significant carbon reduction benefits. Transition finance standards for steel, coal power, building materials, and agriculture have been piloted in over 20 provinces, with approximately 67 billion yuan in transition loans issued by August 2025 [3] - The second batch of transition finance standards for metallurgy, petrochemicals, and other industries is being developed, with local standards and enterprise transition planning manuals being created to support regional green finance [3] Group 3: Biodiversity and Blue Finance Standards - A biodiversity finance and blue finance standard system is being gradually established, with over 20 provinces piloting biodiversity finance directories to promote a "nature-benefiting" transition [4] - Blue finance standards are under development and will be piloted in coastal areas [4] Group 4: Green Finance Tools - The demand for green finance has increased, leading to the development of a diverse range of green financial products. The PBOC has utilized structural monetary policy tools to provide low-cost funding for carbon reduction projects, with over 1.38 trillion yuan in carbon reduction loans issued by mid-2025 [5] - The green loan balance is approximately 42.39 trillion yuan, and the green bond balance exceeds 2.2 trillion yuan, positioning China among the top globally in these areas [6] Group 5: Risk Management - The PBOC has conducted climate risk stress tests and assessments to enhance financial institutions' risk management capabilities, ensuring the stability of the green finance market [7] Group 6: International Cooperation - China has taken a leading role in the G20 sustainable finance working group, producing key documents such as the G20 Sustainable Finance Roadmap and the G20 Transition Finance Framework [8] - The PBOC has actively promoted the alignment of green finance standards with international standards and participated in multilateral cooperation platforms to facilitate cross-border capital flow into green sectors [9] - Ongoing bilateral cooperation in green finance with countries like the UK, Singapore, and Australia is being implemented, along with sustainable investment capacity-building initiatives in emerging economies [9]

◼ 海运业首个履约年度碳账单约 24 亿欧元 2024 年，海运业在 EU ETS 覆盖范围内的经核查排放量为 0.9 亿吨，海运业首个履约年度的碳账单约 为 24 亿欧元。预计 2025 年海运业碳账单或达到 42 亿欧元；2026 年，EU ETS 对海运业温室气体覆盖范围 进一步扩展至甲烷和一氧化二氮，估算其对应的碳成本可能升至 62 亿欧元。 ◼ 集运碳成本对运费的影响权重日渐增加 二 〇 二 五 年 度 2025 年 10 月 20 日 集运碳成本更新：基于 2024 年排放数据的影 响重估——绿色金融联合研究（五） 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 报告导读： ◼ EU ETS 影响全球 13%的船舶、49%的集装箱运力 2024 年，实际受 EU ETS 管制的船舶数量约占全球船舶总量的 13%，其碳排放约占全球船舶碳排放总 量的 17%。近五成的全球集装箱运力在 EU ETS 的管辖范围内。 基于 THETIS-MRV 公布的 2024 年最新排放数据，本 ...

Core Viewpoint - The forum emphasizes the importance of enhancing Sino-European asset management cooperation amidst a complex international economic landscape, aiming to establish a resilient and forward-looking cross-border investment cooperation system [1][2]. Group 1: Current Economic Environment - The international political and economic environment is complex, with weakening global economic growth, yet China's economy demonstrates strong resilience and potential for long-term stability [2]. - Frequent high-level interactions between China and Europe have deepened financial cooperation, with the People's Bank of China signing currency swap agreements with several European central banks, laying a solid foundation for asset management openness [2]. Group 2: Shanghai's Financial Market Development - Shanghai's financial market is increasingly open, with the RMB gaining global attention as an investment and reserve currency, attracting European sovereign institutions and asset managers to the Chinese stock and bond markets [3]. - In the first half of 2025, Shanghai's GDP reached 2.6 trillion yuan, growing by 5.1%, with the financial sector contributing 250 billion yuan, an 8.8% increase, highlighting the city's economic strength and its role as an international financial center [3]. Group 3: Policy and Institutional Support - Shanghai is promoting the aggregation of financial institutions and enhancing financial service functions, currently hosting over one-third of foreign banks and nearly half of foreign insurance institutions in China [4]. - The Shanghai Stock Exchange has signed a cooperation memorandum with the Swiss Exchange to advance cross-border openness, while the city continues to optimize cross-border financial services and improve the internationalization of financial institutions [4]. Group 4: Global Investment Trends - International institutions are increasingly allocating assets to China, with market liquidity, low interest rates, and trends towards technological competition and de-dollarization driving this interest [6]. - As of June, foreign investments in stocks, bonds, deposits, and loans have seen synchronized growth, with net inflows exceeding 60% of the total for 2024 [6]. Group 5: Sector Performance and Opportunities - From 2022 to 2024, energy and financial sectors have shown resilience, while 2025 is expected to highlight sectors related to artificial intelligence, pharmaceuticals, and materials, attracting European investors [8]. - China is leading in innovative drug development, with clinical-stage innovations accounting for 50% of global totals, and companies like BYD dominating the electric vehicle and autonomous driving sectors [8]. Group 6: Sino-European Financial Cooperation - The cooperation between China and Europe is characterized by accelerated infrastructure connectivity and deepening policy communication, with the use of RMB in bilateral cooperation becoming increasingly diverse [10]. - The London Stock Exchange is implementing financial market reforms to enhance its competitiveness, while also developing more RMB-denominated financial instruments to meet the growing demand in Sino-European markets [11]. Group 7: Future Outlook - China Bank aims to leverage its global operations to strengthen connections between Chinese and European financial markets, focusing on green finance, technological empowerment, product innovation, and risk management [15]. - The signing of a strategic cooperation memorandum between the Shanghai Asset Management Association and the German Investment Fund Association marks a significant step in Sino-European asset management collaboration [15].

Core Insights - China Life Insurance Company has achieved significant milestones in its 76-year history, with total assets and investment assets exceeding 7 trillion yuan, and total premiums reaching 525.088 billion yuan, marking the best performance for the same period historically [1] - The company emphasizes the integration of party building into its governance structure, ensuring that party policies are reflected in strategic decisions [2][3] - China Life is committed to serving national development and enhancing its strategic investments, focusing on supporting emerging industries and green sectors [4][5] - The company has expanded its insurance services to underserved areas, providing tailored products to rural populations and enhancing accessibility [6][9] - China Life is actively involved in the elderly care sector, offering diverse insurance products and services to meet the growing demand for elder care [11][15] - The company is undergoing a digital transformation to enhance service delivery and operational efficiency, leveraging technology to improve customer experience [16][18] - China Life maintains a strong commitment to social responsibility and green finance, investing in sustainable projects and promoting environmental protection [23][24] - The company has a robust risk management framework, integrating advanced technologies to enhance its risk monitoring and prevention capabilities [25] Summary by Categories Financial Performance - Total assets and investment assets have surpassed 7 trillion yuan, with total premiums reaching 525.088 billion yuan, indicating strong growth [1] - The net profit attributable to shareholders for the first half of the year was 40.931 billion yuan, a year-on-year increase of 6.9% [5] Governance and Party Building - The company has established 5,888 party organizations, including 399 party committees, ensuring strong governance and alignment with party policies [3] - The integration of party building into business operations has been emphasized through various initiatives [2] Strategic Investments - China Life has increased its investment in strategic emerging industries and green sectors, with over 150 billion yuan added to its public market equity scale [4] - The company has set up a 10 billion yuan science and technology innovation fund to support key industries [4] Customer Service and Accessibility - The company has expanded its insurance services to remote areas, providing coverage to over 930 million people in Qinghai and enhancing service delivery in Tibet [6][9] - The launch of various insurance products tailored for rural populations has been a focus area [6] Elderly Care Services - China Life has introduced multiple insurance products for the elderly, with 140 million new insured individuals in 2024 [11][15] - The company is developing a comprehensive elder care service ecosystem [15] Digital Transformation - The company has implemented a digital strategy, achieving over 11 million monthly active users on its insurance app [17] - The average claim processing time has been reduced to 0.34 days, showcasing improved efficiency [22] Social Responsibility and Green Finance - China Life has invested 1.037 trillion yuan in rural revitalization and 1.486 trillion yuan in inclusive finance [24] - The company supports various green projects, including investments in clean energy and sustainable infrastructure [23][24] Risk Management - The company has a comprehensive risk management system, maintaining an A rating in risk assessment for 29 consecutive quarters [25] - Advanced technologies are being utilized to enhance risk monitoring and prevention [25]

Group 1 - Green finance has become a crucial tool for supporting the green low-carbon transition, with green credit, green bonds, ESG investments, and related equity tools being key drivers of this transition [2] - The "Belt and Road" green innovation conference highlighted structural challenges in global green finance, including fragmented standards and insufficient cross-border cooperation, alongside a significant funding gap in developing countries [2] - The domestic green credit market is the largest in China, while green bonds are the most important green financial instrument in the capital market, with a total outstanding scale exceeding 2 trillion yuan [2] Group 2 - A significant market phenomenon is the emergence of issuance premiums for green bonds, with the current premium level around 11 basis points, aligning closely with the EU market's approximately 10 basis points [3] - Green bonds exhibit relatively low turnover rates and volatility in the secondary market, making them a stable asset class with good allocation efficiency in bond investment portfolios [3] - In the first half of the year, global green bond issuance reached $330 billion, with China ranking second globally, just behind the EU [3] Group 3 - The advanced technology sector can achieve higher valuations in mature capital markets, exemplified by the success of the new energy vehicle sector in China [4] - The largest IPO in Hong Kong's capital market in the first half of the year was the H-share issuance of CATL, a leading power battery company, creating a new hotspot in the capital market [4] - Both the Hong Kong and US capital markets are characterized by a dominance of technology stocks, particularly in sustainable and circular economy sectors, showing a growing trend in both markets [4]