依托集团优势 深耕产业链风险管理服务 《关于加强监管防范风险促进期货市场高质量发展的意见》（下称《意见》）的发布，为期货市场发展 指明了方向、规划了路径。一年来，招商期货遵循文件精神，坚守"金融服务实体经济"的初心，坚 持"稳中求进，以进促稳"，在更好地发挥期货市场功能和推动市场高质量发展上交出了创新答卷。 招商期货积极践行金融服务实体经济根本宗旨，依托招商局集团综合资源优势，通过"招商大宗商品研 究"与"招商风险管家"双品牌协同发力，深度渗透产业链与产业集群，联动招商局集团内外资源形成产 融、融融协同生态，筑牢长期发展的产业根基与价值创造能力。 "招商大宗商品研究"带来宏观与产业研究的深度赋能。招商期货依托招商局集团强大的产业背景和招商 证券的综合金融优势，整合银行、证券、期货、仓储、物流等内外部资源，构建了"招商大宗商品研 究"品牌。通过定期举办高规格的"招商风险管理大会"、"宏观与商品的互证"系列沙龙、"有色股期联动 论坛"等品牌活动，为实体企业提供"宏观大势研判+中观产业洞察+微观期货策略"的多位一体研究服 务。 "招商风险管家"专注于为产业企业提供一站式、全生命周期的综合风险管理解决方案，其服务贯穿 ...

Core Viewpoint - The issuance of the "Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Futures Market" provides a clear direction for the high-quality development of the industry, which will have a profound impact on the industry landscape [1] Group 1: Governance and Risk Management - The "Opinions" emphasize the importance of strengthening regulation and risk prevention, highlighting the need to establish a robust risk prevention system to avoid systemic risks [2] - The company is undergoing a comprehensive reform termed "Governance Restructuring Year," focusing on optimizing its equity structure and enhancing internal controls [2] - The introduction of strategic resources through a new shareholder has revitalized the company and aligned with national goals for agricultural strength and green development [2] - The company has increased its registered capital to 250 million yuan, significantly enhancing its capital strength and risk resistance [2] - A new company charter has been established to focus on digital finance, technology finance, and green finance, embedding compliance culture and professional spirit into the organization [2][3] Group 2: Service Enhancement and Brand Building - The "Opinions" stress the need to improve the quality of services provided by the commodity futures market to the real economy [4] - The company has restructured its organizational framework to enhance operational efficiency and market responsiveness, merging departments for integrated management [4] - A new investment research center has been established to strengthen professional research capabilities and brand recognition [4] - The company has launched the "Qianhai Hui" investment education brand, conducting 29 training sessions since 2025, with a 35% increase in participation [5] - Customized risk management solutions have been developed for various industries, demonstrating the effectiveness of futures tools in managing risks [5] Group 3: Strategic Development Focus - The company is committed to deepening its focus on "green finance" and leveraging its resources to contribute to national green development goals [6][7] - Significant investments in digital technology are being made to enhance customer experience and operational intelligence through big data and AI applications [7] - The issuance of the "Opinions" presents unprecedented opportunities for the futures industry, guiding the company towards a distinctive path of high-quality development [7]

Core Viewpoint - The article discusses how Manulife Investment aims to integrate global investment methodologies with local organizational capabilities in the Chinese public fund industry, emphasizing high-quality development and tailored asset allocation solutions for Chinese investors [1][2]. Group 1: Industry Development - The Chinese public fund industry has seen significant changes over the past two decades, including scale expansion, industry maturity, and concept upgrades, with policies like the new "National Nine Articles" and the 2024 Central Political Bureau meeting guiding reforms [2]. - The shift from quantity to quality in the industry is creating clear boundaries and directions for foreign institutions to localize their operations in China [2]. Group 2: Manulife's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Investment has entered a new development phase, enhancing communication with its global investment expert team and diversifying its investment strategies [2][3]. - The company has optimized its equity investment research system and expanded its product line across various fund types, including pure bond funds, FOFs, and QDII funds, to meet diverse investor needs [3]. Group 3: Innovation and Differentiation - Innovation is a strategic focus for Manulife Investment, which has launched China's first green inclusive finance bond index fund in response to national carbon neutrality goals [3]. - The company is the only foreign-owned public fund among the first 26 floating fee fund managers, showcasing its unique perspective and strong innovation capabilities in the global capital market [3]. Group 4: Pension Financial Services - Manulife Investment aims to build a differentiated pension financial service capability, leveraging its global resources to create pension products that meet the lifecycle characteristics of Chinese investors [4][5]. - The company has established a comprehensive pension product line and emphasizes customer experience through extensive pension research initiatives [5][6]. Group 5: Long-term Investment Philosophy - Manulife Investment prioritizes absolute returns and long-term value for investors, implementing a performance evaluation system focused on three-year investment results [7]. - The investment research system operates on a platform-based, integrated, multi-strategy model, ensuring thorough research support for investment decisions [8][9].

Core Viewpoint - Southeast Asian countries are competing to establish financial centers, aiming to attract international capital and enhance their economic positions in the global financial landscape [1][10]. Indonesia's Financial Center in Bali - Indonesia plans to develop Bali into a financial center to attract international banks, asset management firms, and private equity companies, although the government has not officially announced the plan yet [2][4]. - The initiative is supported by President Prabowo and is modeled after India's GIFT City and Dubai International Financial Centre, offering tax and regulatory exemptions and simplified approval processes [4][5]. - The Indonesian government aims to create a transparent financial center to support economic development, with expectations that it will connect global capital with local entities [5][6]. - The plan is seen as a catalyst for economic diversification and attracting larger international investments, especially in light of declining consumer confidence and investment [5][11]. - Indonesia's economic growth rate is projected to slow to 4.9% in 2025, with a goal of achieving 8% growth by 2029, necessitating $784 billion in direct investment over the next four years [5]. Vietnam's Dual-City Financial Center - Vietnam is working on creating a dual-city financial center in Da Nang and Ho Chi Minh City, inspired by Dubai's Palm Islands, to attract foreign investment and achieve double-digit growth [7][8]. - Ho Chi Minh City will focus on comprehensive financial services, while Da Nang will target green finance and offshore financial services [7][8]. - The goal is to improve the global ranking of the dual-city financial center from 95th in 2023 to 75th by 2035 and 20th by 2045 [8]. - Vietnam's efforts to establish an international financial center have faced challenges, including regulatory uncertainties and regional competition, but recent political will and clearer legal frameworks have accelerated progress [9][11]. Regional Competition and Development - Southeast Asian countries are intensifying their efforts to build attractive financial centers, with Singapore currently leading but facing challenges from emerging cities like Bangkok, Jakarta, and Kuala Lumpur [10]. - Bangkok's capital market expansion and Kuala Lumpur's focus on Islamic finance are enhancing their positions as regional financial hubs [10]. - The push for financial centers is driven by both domestic needs for upgraded financial services and international factors such as trade wars and the need for regional supply chain support [11].

Core Viewpoint - The company, Western Securities, is actively implementing the national strategy of financial "five major articles" through differentiated paths, focusing on technology finance and green finance to contribute to the modernization of China [1][2]. Group 1: Implementation of National Strategy - Western Securities has established a core approach to implement the financial "five major articles" as part of its "1+N" policy system, emphasizing service to the real economy as its fundamental mission [2]. - The company has set up a dedicated task force to ensure the effective transmission of policies across various business lines, integrating these tasks into annual assessments and key work [2]. - The firm is leveraging local economic transformation in Shaanxi Province, focusing on energy transition and manufacturing upgrades, to enhance its technology finance capabilities [2]. Group 2: Technology Finance Development - Technology finance is identified as a core breakthrough for Western Securities, with efforts to enhance service capabilities across multiple dimensions, including client coverage and capital collaboration [3]. - The company has expanded its client base to include technology enterprises, focusing on high-growth potential and long-term investment value, and has improved its ranking in technology innovation bond underwriting from 16th in 2024 to 10th in the first half of 2025 [3]. - Western Securities provides comprehensive lifecycle services for technology firms, including training, consulting, and financing support, to boost their innovation and market competitiveness [3]. Group 3: Capital Operations - The company adopts a "government + industry + finance" strategy to promote a virtuous cycle among technology, industry, and finance, aiding local economic development [4]. - Western Securities has initiated four funds in collaboration with local governments, focusing on new materials, new energy, and other innovative sectors [4]. Group 4: Green Finance Initiatives - Green finance is a crucial component of Western Securities' strategy to implement the financial "five major articles," with a focus on integrating green concepts into capital market services [6]. - The company has issued eight green bonds and low-carbon transition bonds in 2023, with a total underwriting scale of 2.69 billion yuan, including the first AA+ rated low-carbon transition corporate bond from a city-level issuer [6]. - Western Securities is exploring the integration of green finance with rural revitalization, supporting agricultural and tourism sectors to achieve both ecological and economic benefits [7].

Core Viewpoint - The first clean energy real estate asset-backed securities (ABS) in China, "Yuanjing Energy ABS," has demonstrated strong performance with a high annual cash dividend rate, significantly outperforming existing public REITs in the renewable energy sector by nearly 40% [1][2]. Group 1: Performance and Financial Metrics - The underlying asset of Yuanjing Energy ABS, the Hebei Weixian Hengpeng Wind Power Project, reported an electricity generation of 150 million kWh over six months, with a utilization rate of 99.1% and an RBA income utilization rate exceeding 95% [1]. - The wind farm's electricity price is above the market average, providing stable revenue and green environmental benefits to investors [1]. Group 2: Market Context and Future Plans - Currently, there are eight publicly listed clean energy REITs in China, with a total fundraising amount of approximately 20 billion yuan, indicating a low market share compared to the overall public REITs [2]. - The market requires holding-type real estate ABS to complement public REITs, addressing specific financing needs related to energy transformation [2]. - Yuanjing Energy plans to package more quality renewable energy assets into standardized products for the capital market, aiming to normalize green asset securitization [2][3].

Core Viewpoint - HSBC, as one of the largest financial institutions globally, is committed to supporting the Belt and Road Initiative (BRI) through business expansion, trade, and investment [1][3]. Group 1: HSBC's Role in the Belt and Road Initiative - HSBC aims to leverage its global presence to support enterprises involved in the BRI, emphasizing its cross-border service advantages for financing related projects [3][4]. - The bank operates "Overseas Service Departments for Chinese Enterprises" in 26 markets, covering regions such as ASEAN, the Middle East, and Europe, viewing the BRI as a significant opportunity [3][4]. Group 2: Hong Kong's Financial Position - Hong Kong is positioned as the world's largest offshore RMB center, playing a crucial role in the internationalization of the RMB as trade and investment with BRI countries increase [4]. - Currently, 76.21% of global RMB-denominated transactions occur in Hong Kong, highlighting its importance in facilitating trade financing [4]. Group 3: Green Finance Initiatives - In 2022, Hong Kong issued over $43.1 billion in green, social, and sustainable bonds, marking a 43% year-on-year increase and accounting for 45% of the international bond market in Asia [6]. - The Hong Kong government issued approximately HKD 27 billion in green and infrastructure bonds in June 2023, receiving strong support from international investors, showcasing Hong Kong's potential as a green financing platform for the BRI [6].

Core Insights - Recently, Industrial Bank signed a "Supply Chain Collaborative Carbon Reduction Service Agreement" with Trina Solar, marking the first integration of "carbon finance + supply chain" in green finance, aimed at expanding green financing channels for enterprises and assisting cross-border companies in addressing overseas carbon tariffs [1][2] Group 1: Agreement and Its Implications - The agreement allows several upstream suppliers of Trina Solar, recognized for their excellent carbon reduction performance, to receive green financing support, exemplifying innovative practices in the Yangtze River Delta's green finance reform [1] - Industrial Bank developed a "Dual Carbon Management Platform" to accurately assess and track the carbon footprint of Trina Solar's core products, providing a scientific basis for green financing [1] Group 2: Financing Mechanism and Benefits - Industrial Bank established unified "carbon accounts" for Trina Solar and its upstream and downstream enterprises to record carbon emissions data across production, procurement, and transportation, enabling customized green financial services [1] - A "carbon performance-linked financing" mechanism is introduced, where financing rates can be reduced if the company's carbon reduction achievements meet certain standards, promoting low-carbon as a core competitive advantage in the supply chain [1] Group 3: Support for Exporting Enterprises - The "Dual Carbon Management Platform" assists exporting companies in accurately measuring and disclosing product carbon footprints, helping them optimize production processes and adjust supply chain structures to comply with EU regulations like CBAM and the new battery regulations [2] - The innovative solution by Industrial Bank addresses the funding challenges faced by upstream and downstream enterprises in their green transformation while standardizing and increasing transparency in low-carbon management within the supply chain [2] Group 4: Green Supply Chain Financial Services - Industrial Bank has been a pioneer in green supply chain finance, having established and published guidelines for green supply chain financial services, integrating green concepts throughout the financial process [2] - As of June 2025, the balance of supply chain financial services under green scenarios reached nearly 75 billion, serving 126 green core enterprises across 83 dedicated green industries, with over 52 billion in green supply chain finance in clean energy sectors like photovoltaics and wind power [2]

Core Insights - The launch of the "climate loan" in Tianjin represents a significant step in integrating climate factors into the credit pricing system, promoting green and low-carbon economic development [1][2] - The "climate loan" utilizes a scientific assessment model to evaluate key climate indicators, allowing projects with favorable climate conditions to receive lower financing rates [1] - Tianjin has been actively innovating in green finance, introducing various loan products linked to environmental performance, thereby enriching the green finance product system [1] Group 1 - The "climate loan" is a collaborative effort between Industrial Bank Tianjin Branch, Tianjin Climate Center, and Equator Environmental Assessment Co., Ltd [1] - The loan is applied to a distributed photovoltaic power generation project in Binhai New Area, which assesses solar resource stability and vulnerability to extreme climate events [1] - Projects with higher climate condition scores benefit from reduced financing costs, translating their green attributes into commercial value [1] Group 2 - Financial experts view the introduction of the "climate loan" as a new milestone in Tianjin's development of a diversified green finance service system [2] - The city plans to encourage financial institutions to deepen innovation in green finance products and services, directing more funds towards green and low-carbon sectors [2]

Core Insights - The Bank of China Fujian Branch is committed to enhancing financial support for the "New Fujian" initiative, aiming to provide over 40 trillion yuan in comprehensive financing during the 14th Five-Year Plan period, while reducing costs for market entities by over 33 billion yuan [1] Group 1: Financial Support and Innovation - The Fujian Branch has developed a "Five-Dimensional Integrated" technology finance service system to support innovation in enterprises, analyzing over 90% of national high-tech enterprises in the province [2] - The branch has provided over 220 billion yuan in loans to private enterprises, emphasizing the importance of the private economy in Fujian [2] Group 2: International Trade and Cross-Border Financing - The Fujian Branch has facilitated nearly 580 billion yuan in financing for foreign trade and foreign investment enterprises during the 14th Five-Year Plan period, leveraging its global advantages [3] - The branch has introduced specialized financial products for the forestry sector, serving over 1,000 forestry-related entities [3] Group 3: Support for Marine Economy and Agriculture - The Fujian Branch has launched ten initiatives to support the marine economy, providing over 50 billion yuan in loans related to marine economic activities in the past three years [4] - The branch has developed various financial products to support rural revitalization and agricultural sectors, including specialized loans for unique agricultural industries [4] Group 4: Cultural and Tourism Development - The Fujian Branch has deepened cooperation with the provincial cultural and tourism department, implementing comprehensive financial service plans to enhance cultural influence and support tourism projects [5] - The branch has introduced innovative financing products to support historical street operations and promote tourism consumption activities [5]