债市研究 大公国际： "十五五"时期债券市场支持金融"五篇大文 章"的路径探析 技术研究部|涂文婕 孙榕 2025 年 11 月 25 日 【摘要】"十五五"规划建议稿明确提出大力发展科技金融、绿色金融、普 惠金融、养老金融和数字金融。债券市场在这一指引下呈现出结构性进展与差异 化演进特征。科创类债券发行规模快速扩张，期限结构由短趋长、融资成本显著 下行。绿色债券发行量与投资需求同步增长。普惠、养老和数字金融发展空间广 阔。债券市场正在围绕金融"五篇大文章"，通过机制、产品和技术三重创新， 突破传统"周期长、风险高、资产轻"的瓶颈，实现对关键领域的精准支持与长 期陪伴。"十五五"期间债券市场的发展方向将在强化科技创新、推动绿色转型、 支持小微企业、完善养老体系和促进数字经济建设中发挥更具系统性、结构性与 长周期价值的关键作用。 债市研究 在这一进程中，债券市场作为金融体系的重要组成部分，迎来了前所未有的 发展机遇，为传统产业的转型升级与科技创新企业的蓬勃发展提供着坚实的金融 支持。 （一）科创类债券：规模快速递增，成本优势显现 在科技金融方面，债券市场加强对该领域的精准支持并出台多项资金支持性 制度，丰富科技 ...

Report Overview - Date: November 25, 2025 - Report Type: Commodity Research Morning Report - Green Finance and New Energy - Research Institution: Guotai Junan Futures Report Industry Investment Rating - Not provided in the report Core Views - Nickel: The inventory accumulation rhythm has slightly slowed down, with short - term disturbances from macro and news factors [2][4] - Stainless steel: Steel prices are under pressure and oscillating at a low level, but the downside potential is limited [2][4] - Lithium carbonate: Spot trading has improved, and the high - level range oscillation continues [2][9] - Industrial silicon: The bottom support of the futures price is obvious [2] - Polysilicon: Attention should be paid to the subsequent changes in warehouse receipts [2][12] Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 115,530 yuan, down 1,220 yuan from T - 5. The closing price of stainless steel's main contract was 12,335 yuan, down 80 yuan from T - 5. Other data such as trading volume, prices of related products in the industrial chain also showed different degrees of changes [4] - **Macro and Industry News**: There were multiple events including the takeover of an Indonesian nickel mine by the forestry working group, China's suspension of non - official subsidies for Russian copper and nickel imports, and various policies and regulations in Indonesia and the US tariff threat [4][5][6] - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral outlook [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 90,480 yuan, down 4,720 yuan from T - 5. The closing price of the 2605 contract was 92,040 yuan, down 3,680 yuan from T - 5. There were also changes in trading volume, positions, and prices of related products in the industrial chain [9] - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price decreased, and the UK government announced plans to support domestic lithium production [10][11] - **Trend Intensity**: The trend intensity of lithium carbonate is 0, indicating a neutral outlook [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of Si2601 was 8,940 yuan/ton, down 140 yuan from T - 5. The closing price of PS2601 was 53,315 yuan/ton, up 660 yuan from T - 5. There were also changes in trading volume, positions, basis, and prices and profits of related products [12] - **Macro and Industry News**: The National Energy Administration released power industry statistics, showing significant growth in solar and wind power installed capacity [13][14] - **Trend Intensity**: The trend intensity of industrial silicon is 0 (neutral), and that of polysilicon is 1 (slightly bullish) [14]

Core Viewpoint - The integration of ecological governance and green finance in the Kubuqi Desert has transformed it from an ecological threat to a model of sustainable development, significantly reducing sediment flow into the Yellow River and creating employment opportunities for local communities [1][2][3]. Group 1: Ecological Governance and Financial Support - The Kubuqi Desert, covering an area of 2,116 million mu, has seen a reduction in sediment flow from 27 million tons to 4 million tons due to comprehensive management efforts [1]. - The innovative governance model in Ordos City emphasizes government leadership, financial support, enterprise involvement, and community participation, leading to a successful ecological revolution [1][2]. - In the first half of the year, the People's Bank of China in Ordos issued low-cost loans totaling 1.01 billion yuan for integrated photovoltaic projects aimed at desertification control, resulting in a carbon reduction of 41,580 tons [2]. Group 2: Project Implementation and Impact - The successful integration of photovoltaic projects in the Kubuqi Desert has led to a projected annual power generation of over 1.8 billion kWh, replacing approximately 600,000 tons of standard coal and reducing CO2 emissions by about 570,000 tons [2][3]. - The first completed project in the region, a 500,000 kW photovoltaic initiative, has effectively reduced wind speed by 40% and sand dust migration by 65% through various ecological measures [3]. - Financial institutions have provided comprehensive support, with total credit exceeding 5 billion yuan for photovoltaic desertification control projects, including 130 million yuan in low-cost funds [3]. Group 3: Innovative Financial Products - The People's Bank of China in Ordos has promoted innovative financial products such as "desertification loans" and "rural revitalization loans" to support long-term desertification projects [4]. - A loan of 2 million yuan was issued to a local agricultural company under favorable interest rates and government subsidies, enabling the company to manage 4,000 mu of desert land and create over 50 jobs [4][5]. - The Industrial and Commercial Bank of China has developed a "desertification loan" product to address funding challenges faced by cooperatives and collective economic organizations involved in ecological projects [5][6].

新网银行作为数字金融先锋，深耕科技金融、绿色金融、普惠金融、养老金融、数字金融五大领域，以 线上服务触达小微、AI风控筑牢屏障、绿色金融助力"双碳"、适老化服务传递温度，为实体经济注入数 字时代的澎湃动能。这不仅是一家民营银行的探索之路，更是三十年精神血脉在数字时代的延续与升华 ——根植人民、因需而变、与时偕行。 科技金融：专利转化引擎，科创造血新动能 自1995年中国第一家城市商业银行落子深圳，如今城商行已走过三十年历程。这三十年，是城商行服务 实体经济的三十年，是精细化、差异化发展的三十年。在监管指引下，城商行始终坚守"服务城乡居 民、服务中小企业、服务地方经济"的基本定位，走出了一条特色化的发展道路，成为我国多层次金融 体系中举足轻重的组成部分。 在国家政策持续引导金融机构破解小微企业融资难题的背景下，新网银行坚持"两个只做"——只做主流 银行不能充分服务的客群，只做依靠技术能够管控风险的业务，以差异化战略破局，通过全线上化数字 信贷产品的精准触达，新网银行以科技力量延伸了金融服务实体经济的毛细血管。 针对供应链场景中的小微企业，新网银行创新推出"全线上、全实时、纯信用、随借随还"的去中心化供 应链金融 ...

Core Viewpoint - China Construction Bank Hunan Branch focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, contributing to Hunan's high-quality development and supporting the "Three Highs and Four New" strategy [2][3][4][5][6][7] Group 1: Technology Finance - The bank has developed a "technology flow" evaluation system to address the financing difficulties of technology enterprises, allowing patents to be converted into financial assets [2] - Over 19,000 technology enterprises have been served, with a technology loan balance of 247.1 billion yuan, growing at over 20% for three consecutive years [2] Group 2: Green Finance - Green finance is prioritized, with a loan balance of 230.52 billion yuan expected by October 2025, representing a fivefold increase over five years [3] - The bank implements policies such as separate credit plans and green channels to direct funds towards green industries [3] Group 3: Inclusive Finance - The bank has introduced a new credit model through the "CCB Hui Dong Ni" app, enabling "one-minute financing" for small and micro enterprises [4] - The inclusive finance loan balance reached 134.62 billion yuan, serving over 160,000 small micro customers [4] Group 4: Pension Finance - The bank has implemented a "three slow, three fast" approach to enhance financial services for the elderly, with 540 branches undergoing age-friendly modifications [5] - A comprehensive service system covering pension finance, industry, and services is in place to support the elderly [5] Group 5: Digital Finance - The bank has innovated a "canteen card" system to facilitate digital governance, allowing public officials to use facial recognition for meals across different locations [6] - This initiative promotes clean governance and has been adopted by all party and government agencies [6] Group 6: Overall Impact - The bank's digital finance practices are integrated into various aspects of Hunan's economic and social development, enhancing support for national strategies and local growth [7]

Group 1 - The core viewpoint of the articles highlights the significant growth and support for technology innovation bonds and private enterprise bonds in the Chinese bond market, driven by policy improvements and market mechanisms [1][2][4][6] - In the first three quarters, 75 securities firms acted as main underwriters for technology innovation bonds, with a total issuance amount of 705.18 billion yuan, marking a substantial year-on-year increase [2][5] - The technology innovation bond underwriting business saw a strong growth trend, with a year-on-year increase of nearly 60%, and the total amount underwritten exceeded 700 billion yuan [5][6] Group 2 - The bond market for low-carbon transition is rapidly growing, with 244 transition bonds issued by the end of 2024, totaling 220.8 billion yuan, primarily from high-carbon industries [4] - In the green finance sector, 51 securities firms underwrote 137 green bonds, totaling 109.01 billion yuan, with CITIC Construction leading the underwriting amount at 18.79 billion yuan [3][4] - The support for small and micro enterprises is evident, with 41 securities firms underwriting 50 bonds totaling 20.77 billion yuan, and regulatory bodies enhancing financing channels for private enterprises [7][8]

Group 1 - The Ministry of Industry and Information Technology of China has initiated a collection of typical case studies, covering 14 categories including artificial intelligence and digital transformation [1] - Three categories, including industrial green low-carbon typical cases, will be jointly organized by multiple departments, with specific application requirements to be clarified in future joint announcements [1] - The global green industrialization initiative aims to address the challenges between climate crisis, geopolitical issues, and industrial development needs, combining China's green manufacturing with Western technology and capital advantages [1] Group 2 - The initiative is driven by the development needs of the Global South, promoting capital flow through technology transfer, joint ventures (such as electric vehicles), and green financial mechanisms like RMB loans and localized financing [1] - The goals include not only promoting green industry exports but also facilitating knowledge transfer and capacity building to support the development, emission reduction, and job creation in Global South countries [1]

近日，中国银行成功发行300亿元绿色金融债券，其中，固定利率品种200亿元，票面利率1.72%， 浮动利率品种100亿元，票面利率较1年期LPR减点121个基点（1.79%）。债券得到市场投资者踊跃认 购，全场倍数达1.69倍。 据悉，这是中国银行近10年来首次在境内市场发行浮动利率债券，也是目前境内商业银行单笔发行 规模最大的浮动利率债券，有助于实现资产投放与市场融资在价格方面的精准匹配，进而有效拓宽绿色 产业项目融资渠道。作为《绿色金融支持项目目录（2025年版）》施行以来市场首批适用新目录的商业 银行绿色金融债券，本期债券募集资金将精准投向基础设施绿色升级、能源绿色低碳转型等合规绿色产 业领域。 责任编辑：杨喜亭 数据显示，截至三季度末，中国银行绿色贷款余额超过4.66万亿元，较上年末增长20.11%；绿色债 券投资规模超1000亿元。 ...

本报记者 周尚伃 近年来，场外衍生品交易商在服务国家战略、服务实体经济等方面积极作为，结合自身优势精准定位衍 生品业务的发力点，凝心聚力做好金融"五篇大文章"。11月24日，《证券日报》记者从券商处获悉，中 国证券业协会近日向券商下发了由中证机构间报价系统股份有限公司（以下简称"中证报价"）开展的券 商2024年度场外业务功能发挥情况的调研报告，系统梳理了交易商在做好金融"五篇大文章"方面的案例 和成效，并对交易商对场外业务功能定位的认识进行了总结。 在数字金融领域，37家交易商在场外业务的发展进程中，高度重视金融科技的运用，推动风险管理从经 验驱动向算法驱动跨越。具体体现在：构建场外业务全链路数字化平台，实现业务运营与风控一体化跃 迁；突破关键技术引擎，驱动场外衍生品定价效率与风控能力质变升级；深化AI大模型融合，重构场 外业务场景智能决策生态等。 功能定位有共识 从调研情况看，交易商对场外业务在证券行业高质量发展中的功能定位形成了三方面认识。 其一，场外衍生品业务能有效连接场外市场与场内市场，交易商可在其中行使风险中介职能，通过多种 措施发挥市场"稳定器"作用，提升资本市场的完整性与韧性。其二，场外衍生品 ...

中央金融工作会议提出的"五篇大文章"战略部署，为新时代金融服务实体经济锚定了清晰方向。作为改 革开放的前沿阵地，深圳正以科技创新为引擎、绿色转型为路径，全力书写高质量发展答卷，这也为金 融机构深耕实体、赋能城市发展提供了广阔舞台。 浙商银行深圳分行立足这片发展热土，将"金融向善、金融向实"理念深度融入城市发展脉络。该行始终 坚守金融服务实体经济的初心使命，在走进成千上万家企业后，持续优化服务模式、创新金融产品，成 功将以往"不敢贷、不愿贷"的领域，转化为"能贷、会贷、愿贷"的服务热土，让金融活水在政策导向与 城市需求的同频共振中精准滴灌实体经济，用实际行动践行着金融赋能高质量发展的责任担当。 一户一策：为小微企业精准"输血" "当天申请，当天就拿到了100万元贷款，像我们这样搞电力研发的小公司，以前想都不敢想。"深圳龙 岗一家电气科技公司的负责人感慨道。在企业攻关新技术、拓展市场的关键阶段，这笔来自浙商银行深 圳分行的"数科贷"，不仅解了燃眉之急，更点燃了企业的发展信心。 对于许多轻资产、缺抵押的小微企业而言，"融资难"曾是压在心头的一块大石。浙商银行深圳分行推出 的"数科贷"，借助大数据和人工智能打破了这道 ...