Core Insights - The article discusses the transformation and growth of Tianjin Port Bonded Zone Environmental Investment City Operation Management Company (Tianjin Environmental Investment), supported by a strategic investment of 200 million yuan from CITIC Financial Assets Tianjin Branch, focusing on green finance to enhance the operations of technology-driven environmental enterprises [1][2]. Group 1: Company Operations - Tianjin Environmental Investment has been actively involved in various environmental projects across Tianjin, including maintaining 20 million square meters of green space and ensuring the cleanliness of municipal roads and sewage systems [2]. - The company has faced challenges such as long payment cycles in the sanitation industry, leading to significant debt burdens and limiting its expansion beyond Tianjin [2][3]. Group 2: Financial Support and Strategy - In 2024, CITIC Financial Assets Tianjin Branch developed a comprehensive transformation plan for Tianjin Environmental Investment, focusing on "unburdening, strengthening management, and restarting" to address operational challenges [2][3]. - The first step involved a cash injection to reduce debt, which helped the company save over 10 million yuan in financial expenses and improve operational efficiency [3]. - CITIC Financial Assets provided additional support through expert guidance in areas such as wastewater treatment and capital market strategies, enhancing the company's operational capabilities [3][4]. Group 3: Business Expansion and Performance - The collaboration has enabled Tianjin Environmental Investment to expand its business beyond Tianjin, securing contracts worth 81 million yuan in other provinces and covering the entire operational area of the Hedong District [6]. - The company's revenue increased by 12.5% compared to the previous year, demonstrating improved operational performance [6]. - The establishment of a "Low-altitude Economy Application Scenario Demonstration Center" highlights the company's advancements in technology and service offerings, including drone inspections and emergency response [6]. Group 4: Environmental Impact - The investment from CITIC Financial Assets has shifted the company's reliance from government subsidies to creating market value, promoting sustainable ecological protection [6]. - The positive environmental outcomes include an increase in migratory birds in the wetlands and the deployment of smart sanitation vehicles in urban areas, showcasing the tangible benefits of the partnership [6].

| 镍：宏观情绪转承压，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：宏观与现实共振施压，下方成本限制弹性 | 2 | | 碳酸锂：现货表现坚挺，短期区间震荡延续 | 4 | | 工业硅：弱势震荡趋势 | 6 | | 多晶硅：关注今日会议内容，盘面偏强运行 | 6 | 国 泰 君 安 期 货 研 究 所 2025年10月16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 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 2025 年 10 月 16 日 镍：宏观情绪转承压，镍价低位震荡 不锈钢：宏观与现实共振施压，下方成本限制弹性 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,180 | 350 | 280 | 450 | -130 | 640 ...

Core Insights - The report analyzes the development dynamics, competitive landscape, and future trends of major international financial centers since 2025, against a backdrop of sluggish global economic growth, divergent macro policies, and accelerated fintech transformation [1] Group 1: Competitive Characteristics - The competition among international financial centers is characterized by six notable features, including a strong foundation in the real economy and foreign trade [1] - The overall stability of the leading financial centers is evident, but Asian centers are showing strong momentum in catching up [1] - Green finance and fintech are emerging as key new arenas for competition [1] - The concentration of high-level financial institutions is a core indicator of competitive strength [1] - The stability of financial markets has become an important aspect of soft power [1] - The trend of integrating finance, technology innovation, and shipping is becoming more pronounced [1] Group 2: Economic Foundations - The competitiveness of international financial centers is deeply rooted in robust real economic foundations, with New York excelling in the synergy of finance, technology, and professional services [4] - London benefits from its long-established professional service network, while Singapore combines strong manufacturing and transshipment trade [4] - Shanghai, Beijing, and Hong Kong exhibit a diverse integration of finance with manufacturing, IT, and trade services [4] Group 3: Market Influence - The depth of financial markets determines the global influence of financial centers, with London leading in foreign exchange trading and New York dominating in stock market capitalization [4] - Shanghai's stock exchange ranks third globally in total market capitalization and leads in commodity futures trading volume [4] - The stability, transparency, and efficiency of markets are crucial for attracting global capital and talent [4] Group 4: Future Focus Areas - The development of international financial centers is increasingly focused on new arenas such as tech finance, green finance, and digital finance [5] - Leading financial centers have established unique advantages in specific areas, with New York creating a synergistic model of "finance empowering technology, and technology reciprocating finance" [5] - London has established a global leadership position in green finance through clear national strategies and active capital markets [5] - Singapore combines geographical advantages with policy innovation to create a top-tier shipping finance ecosystem [5] - Japan has developed a mature pension finance system to address the needs of an aging society [5] - Hong Kong is actively positioning itself as a global digital finance hub by leveraging its robust regulatory framework [5]

Core Viewpoint - The People's Bank of China (PBOC) is focusing on enhancing financial services to the real economy through the "Five Major Financial Articles" during the 14th Five-Year Plan period, aiming to support key sectors and promote a virtuous cycle between finance and the real economy [1][2]. Financial "Five Major Articles" - The PBOC has established a policy framework for the "Five Major Financial Articles," which includes a guiding opinion from the State Council and five specialized documents on technology finance, green finance, inclusive finance, pension finance, and digital finance [2][3]. - As of August 2025, loans under the "Five Major Financial Articles" reached 105.6 trillion yuan, accounting for 38.7% of total loans, with a year-on-year growth of 13.2%, outpacing the average loan growth rate by 6.6 percentage points [3]. Technology Finance - The PBOC has implemented a series of policies to support technology finance, including a comprehensive financing action plan and a mechanism for coordinated promotion of technology finance [4][5]. - By August 2025, technology loans accounted for 28.8% of new loans, with a loan balance for technology SMEs reaching 3.4 trillion yuan, reflecting a year-on-year growth of 22% [5][6]. - The average interest rate for technology loans was 2.8% in August 2025, down by 0.5 percentage points year-on-year [5]. Support for Consumption - The PBOC has introduced financial support policies to boost consumption and expand domestic demand, including a guiding opinion on financial support for consumption [8][9]. - As of August 2025, loans in key service consumption sectors totaled 2.78 trillion yuan, with a year-on-year growth of 5.12% [8]. - The balance of household consumption loans (excluding personal housing loans) reached 21.13 trillion yuan, growing by 4.9% year-on-year [9]. Future Directions - The PBOC plans to continue implementing financial support policies for consumption, encouraging financial institutions to innovate products and services to meet diverse consumer financing needs [10].

近日，中国证监会核准设立瑞穗证券（中国）有限公司，外资独资券商再增1家。不仅如此，中国证监 会主席吴清此前表示，"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持 有A股市值3.4万亿元，269家企业境外上市，中国资本市场的"朋友圈"越来越大。 我国资本市场"朋友圈"的扩容提质，既是我国资本市场高水平制度型开放的生动缩影，也是对当前外资 看好中国、买入中国强烈诉求的积极回应，彰显出中国市场开放的信心和智慧。 制度型开放的提速，让外资来得了、留得下。从全面取消行业机构外资持股限制、完善合格境外投资者 制度，到优化互联互通机制、提升外资跨境投资便利度。近年来，我国资本市场大门越敞越开，与国际 市场接轨的步伐越迈越快，互联互通的"立交桥"越筑越宽。逐步构建起多层次、多元化的跨境投资产品 体系，覆盖多种产品类别，能够满足不同投资偏好的国际资本需求，为外资"大胆进、敞开买"吃下定心 丸。 "请进来"也要"走出去"。开放不是单行道，而是一场双向奔赴。这些年，中国企业正以更从容的姿态融 入全球资本市场，积极走出去、力争走得远，在国际市场磨砺中增强竞争力、提升影响力，积极进行标 准输出、模式创新：数字 ...

Core Viewpoint - The article emphasizes the importance of financial institutions, particularly Caixin Securities, in implementing the "Five Major Articles" of finance, which include technological finance, green finance, inclusive finance, pension finance, and digital finance, to support China's modernization efforts [1][8]. Group 1: Technological Finance - Caixin Securities has established a leadership group to promote innovation in key areas such as technological finance, with a focus on supporting specialized and innovative enterprises [1]. - The company has successfully assisted companies like Jiashengde in rapidly transitioning to the New Third Board through a "green channel," demonstrating its capability in facilitating capital market access [2]. - Caixin Securities has provided comprehensive financial services to over 140 enterprises, with 31 listings completed in 2024, primarily focusing on specialized and innovative companies [3]. Group 2: Green Finance - Caixin Securities has issued the first rural "two waters" green bond in the country, aimed at improving water resources and pollution issues in rural areas, marking a significant step in green finance [4]. - The company has also led the issuance of the first company bond in the nation that combines "rural revitalization" and "low-carbon transformation," supporting regional transportation upgrades [5]. - By the end of 2024, Caixin Securities had a green bond bidding scale exceeding 150 billion, with investments in 18 green bonds, actively supporting clean energy and recycling initiatives [5]. Group 3: Digital Finance - The company recognizes digital transformation as a key pillar for future competitiveness and has implemented a talent development plan focusing on digital capabilities [7]. - In 2024, employees produced numerous data analysis reports and digital projects, showcasing the integration of technology into business operations [7]. - Caixin Securities has developed a digital support platform that enhances operational efficiency and management capabilities, contributing to the overall upgrade of its services [7]. Group 4: Commitment to Financial Responsibility - Caixin Securities is committed to serving the national development agenda and aims to be a guardian of resident wealth and a booster of regional economic development [8]. - The company emphasizes the need for sustained efforts in delivering high-quality financial services to contribute to China's modernization goals [8].

Core Viewpoint - The Chinese steel industry faces significant challenges in achieving low-carbon transformation due to high financing gaps and limited funding sources, despite the urgent need for transformation under the "dual carbon" goals [1][2]. Group 1: Policy and Financial Support - The National Development and Reform Commission has issued guidelines to support energy-saving and carbon reduction investments in key industries, including steel [1]. - The steel industry requires approximately 20 trillion yuan in funding from 2025 to 2060 to meet carbon reduction targets, with an annual funding gap of around 100 billion yuan [1][2]. - Current financing tools for steel companies are limited, with bank loans being the primary source, predominantly short-term working capital loans [2]. Group 2: Industry Challenges - The steel industry's profit has declined, with total profits for key member companies dropping from 855 billion yuan in 2023 to an estimated 429 billion yuan in 2024 [2]. - The financing difficulties stem from mismatches between the large capital requirements for transformation projects and the limited cash flow of steel companies, as well as the long transformation cycles compared to the short loan terms offered by banks [1][2]. Group 3: Technological and Operational Issues - Short-process electric furnace companies, which have significant carbon reduction advantages, face survival pressures and require stable, low-cost funding [3]. - Steel companies must develop detailed transformation plans and undergo third-party verification to access transition financing, which increases compliance costs [3]. Group 4: Recommendations for Financial Institutions - Financial institutions are encouraged to provide bundled support for steel companies, covering research, exploratory initiatives, and transformation planning [5]. - Establishing a reliable third-party verification system for carbon reduction effects and shifting risk assessment from financial statements to future transformation benefits is essential [5]. - Collaboration between steel companies and financial institutions in planning, information sharing, and product design is crucial for successful low-carbon transformation [5].

Group 1 - The Shanghai Stock Exchange evaluated 1207 bond financing cases issued nationwide in July and August, with 15 bonds selected as financing demonstration cases [2] - The Zhejiang Provincial first "green technology innovation corporate bond" issued by the Municipal Rail Investment Group was successfully included in the selected cases [4] - The bond issuance raised 800 million yuan, with a term of 15 years and a coupon rate of 1.87%, achieving a subscription multiple of 5 times, marking the lowest issuance rate for private corporate bonds of the same term and rating in Zhejiang Province [4] Group 2 - The successful issuance of the green technology innovation bond reflects the company's commitment to national strategies in technology finance and green finance [4] - The raised funds will be used for the construction and operation of the Wenzhou urban railway project, indicating a focus on green transportation infrastructure [4] - The Municipal Rail Investment Group aims to continue deepening its efforts in the fields of green transportation and technological innovation to contribute to high-quality regional economic development [4]

Core Insights - Tianeng Holding Group's Chairman Zhang Tianren led a management team visit to Far East Horizon on October 10, where they engaged in in-depth discussions on green finance, global layout, and industrial innovation, culminating in the signing of a strategic cooperation framework agreement [1] Group 1 - The visit aimed to enhance collaboration in the field of green finance [1] - Discussions included strategies for global expansion and innovation within the industry [1] - A strategic cooperation framework agreement was signed to formalize the partnership [1]

Core Viewpoint - Qingdao Bank is committed to high-quality, specialized financial services that support regional economic development, achieving significant growth and integration into the local economy during the "14th Five-Year Plan" period [1][2]. Group 1: Financial Performance - Qingdao Bank's total assets increased from 459.83 billion yuan at the beginning of 2021 to 743.03 billion yuan by June 2025, representing a cumulative growth of over 28 billion yuan and a growth rate of 61.59% [2]. - The bank's return on equity (ROE) improved from 8.56% in early 2021 to 15.75% by June 2025, an increase of 84% [2]. - The non-performing loan ratio decreased from 1.51% in early 2021 to 1.12% by June 2025, while the provision coverage ratio increased from 169.62% to 252.80%, enhancing risk resilience [2]. Group 2: Strategic Initiatives - Qingdao Bank has adopted a comprehensive operational layout by establishing subsidiaries such as Qingyin Financial Leasing and Qingyin Wealth Management, and obtaining various important qualifications, transitioning from a traditional commercial bank to a comprehensive financial service group [2][3]. - The bank has focused on specialized operations in technology finance, inclusive finance, green finance, and manufacturing, aiming for precision in meeting national strategies and regional economic needs [7][8]. Group 3: Blue Economy and Marine Finance - Qingdao Bank has elevated "marine finance" to a core strategic level, significantly increasing credit resources for marine-related projects and achieving notable results during the "14th Five-Year Plan" [4]. - The bank is a pioneer in sustainable blue economy finance in China, having developed the world's first "Blue Asset Classification Standards" in collaboration with the IFC and successfully secured a $150 million international blue loan for marine-friendly projects [4][5]. - By June 2025, the balance of blue finance loans reached 19.23 billion yuan, serving over 500 clients and issuing more than 40 blue finance-themed wealth management products, raising over 5.3 billion yuan [4]. Group 4: Community Engagement and Future Outlook - Qingdao Bank actively participates in social responsibility initiatives and local public welfare activities, aligning its development with community growth [8]. - The bank aims to continue contributing to the high-quality development of the economy in Shandong Province and Qingdao City by maintaining a focus on political and public service aspects of financial work [8].