Core Viewpoint - CITIC Bank Shenzhen Branch has been committed to serving the economic and social development of Shenzhen for 37 years, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] Group 1: Technology Finance - CITIC Bank Shenzhen Branch has increased support for technology innovation and specialized enterprises, helping over 200 local specialized enterprises become national "little giants" [2] - The bank has provided financial services throughout the lifecycle of technology companies, with nearly 1,300 technology enterprise loan accounts and a loan balance of approximately 28.6 billion yuan as of September 2025 [2] Group 2: Green Finance - The bank has strengthened its green finance system, contributing to Shenzhen's green low-carbon transformation, with a green loan balance of 26.9 billion yuan, an increase of 9.5 billion yuan (54%) from the beginning of the year [3] - CITIC Bank has actively participated in green bond issuance, underwriting 1.122 billion yuan in green credit bonds and investing 410 million yuan in green credit bonds in 2025 [3] Group 3: Inclusive Finance - The bank has enhanced its financing coordination for small and micro enterprises, with inclusive loan balances exceeding 12 billion yuan in 2025, a year-on-year increase of over 50% [4] - CITIC Bank has developed a product matrix for scenario-based credit loans, focusing on various industry clusters and supply chains [4] Group 4: Pension Finance - The bank has established a comprehensive "Happiness+" pension finance service system, providing pension planning for nearly 20,000 citizens [5] - It has also supported medical and rehabilitation institutions and conducted renovations for accessibility in all branches [5] Group 5: Digital Finance - CITIC Bank has integrated new technologies like AI, big data, and blockchain into its services, launching the "Xiao Tian Yuan" platform to enhance digital capabilities for small and medium enterprises [6] - The bank aims to create a positive cycle of "technology empowerment - efficiency improvement - value creation" through its digital finance strategy [6]

Group 1: Key Events and Policies - Shanghai Mayor Gong Zheng met with representatives from international companies during the 37th Shanghai Mayor International Entrepreneur Consultation Conference, emphasizing the city's commitment to creating a market-oriented, law-based, and international business environment to support enterprise growth [1] - The Shanghai Financial "Five Major Articles" work promotion meeting was held, focusing on aligning financial supply-side structural reforms with the city's high-quality economic development and enhancing the role of financial institutions in supporting technological innovation and green development [2] - The People's Bank of China launched a one-stop account opening platform for foreign institutions in the interbank bond market, facilitating entry and operational processes for foreign investors [3] Group 2: Financial Innovations and Initiatives - The Bank of Communications Shanghai Branch initiated the "Shanghai Financial Support for Silver Economy Consumption Service Month" to enhance payment convenience and promote consumption among the elderly [4] - The Export-Import Bank of China Shanghai Branch successfully executed its first online interest rate options trading, helping export enterprises manage interest rate risks while capitalizing on potential benefits from rate declines [6] - China Pacific Insurance launched the country's first "drone inspection platform insurance," addressing the insurance needs of the low-altitude economy [7] - SPD Bank completed the world's first investment in a private enterprise "Yulan Bond," amounting to 100 million yuan, enhancing collaboration with quality private enterprises [8] Group 3: Financial Standards and Regulations - The National Financial Regulatory Administration issued a notice to strengthen the supervision of non-auto insurance businesses, aiming to promote rational competition and improve service quality in the sector [10] - The China Securities Regulatory Commission released three financial industry standards related to data specifications for securities and futures, effective immediately [11] Group 4: Statistical Data - As of September 2025, China's foreign exchange reserves reached 333.87 billion USD, an increase of 16.5 billion USD from the end of August, reflecting a 0.5% rise [12] Group 5: New Investment Initiatives - Shanghai Jing'an Capital Investment Operation Co., Ltd. was established with a registered capital of 12 billion yuan, aiming to create a significant investment matrix to support regional industrial upgrades and innovation center development [9]

Core Insights - The Japanese Mizuho Financial Group is actively entering the Chinese market despite a competitive environment, driven by the growth in securities business demand due to changes in market size, population structure, and economic structure [3][4] - Mizuho Securities (China) Co., Ltd. has been approved as the first wholly foreign-owned securities firm in China this year, reflecting the gradual easing of foreign ownership restrictions in the Chinese securities industry [3][4] - The chairman of Mizuho emphasizes the importance of fair competition and mutual benefits in the context of the escalating US-China tariff war [3] Company Strategy - Mizuho aims to leverage its extensive network across China, Asia-Pacific, Europe, and the US to support cross-border investment and mergers and acquisitions, focusing on sectors like manufacturing, technology innovation, healthcare, and green energy [4][6] - The firm plans to assist clients in restructuring their regional supply chains by conducting detailed analyses of local economies and regulations [6] Market Context - China is recognized as the second-largest market after the US, with over 30,000 Japanese companies investing and developing in the country [4] - The Chinese capital market ranks third globally in terms of capital pool size, following the US and Europe, with a robust bond market showing strong growth [4] Financial Performance - In the first half of this year, among 150 securities firms in China, 16 had foreign-controlled stakes, with 11 being foreign-controlled and 5 being wholly foreign-owned [6] - Foreign securities firms reported total assets of 53.28 billion yuan and net assets of 29.63 billion yuan, reflecting year-on-year increases of 10% and 6.96%, respectively [6] - The total operating income for foreign securities firms reached 4.36 billion yuan, with net profits of 710 million yuan, marking year-on-year increases of 19.88% and 580% [6]

2025.10. 12 本文字数：1338，阅读时长大约2分钟 作者 | 第一财经 缪琦 他提出，特别是在关税不明朗的情况下，有些国际竞争力强的产品即使投入了高成本，也有可自我消化的能力和空 间。这类高质量、高技术含量的产品，需要在技术研发上持续投入，也需要对供应链进行及时调整。而基于不同区域 市场对消费品的理解和要求不同，企业还需要根据各国的不同情况加大在当地的研发和产能投入。 在为客户提供全球产业链布局的建议与服务上，瑞穗集团会对各地经济和法律法规进行详细的分析和调研，从而协助 企业客户重构区域供应链体系。 在将于10月12日召开的IBLAC上，今井诚司将为金融如何支持社会老龄化和少子化等问题的解决提出建议和思路，从 而为上海市的发展带来参考和启发。此外，在绿色金融和ESG领域，瑞穗希望通过支持绿色债券发行、相关项目融 资、ESG评级等方式，助力企业实现可持续发展和提升国际竞争力。 根据中证协的官方数据，今年上半年，中国证券行业150家券商中共有16家外资参控股券商，其中11家实现外资控 股、5家为外资独资。外资券商总资产合计532.8亿元，净资产合计296.3亿元，同比分别增加10%、6.96%。实现营 ...

Core Insights - The recent trend of "Asset Tokenization" in Hong Kong is gaining traction, with companies like Longxin and Xiexin converting the revenue rights of charging stations and photovoltaic power plants into digital certificates for global investor financing [1][3] - The Hong Kong Monetary Authority has defined four key categories for Real World Assets (RWA): fixed income, green finance, liquidity management, and trade supply chain [4][6] Group 1: RWA Overview - RWA refers to the transformation of real assets into digital tokens, allowing for the trading of future income rights from properties, power plants, and charging stations on the blockchain [3][6] - The benefits of RWA include quick access to funds without the need for collateral or bank approvals, appealing to global investors [3][6] Group 2: Key Categories of RWA - Fixed Income: Includes bonds, loans, and revenue rights from charging stations, providing predictable future earnings for investors [6] - Green Finance: Encompasses assets like photovoltaic and wind power, supported by policies and stable cash flows, aligning with carbon neutrality trends [6] - Liquidity Management: Involves short-term financial products and accounts receivable, enabling quick cash conversion for businesses [6] - Trade Supply Chain: Allows exporters to convert cargo rights into tokens for early cash flow, enhancing operational efficiency [6] Group 3: Requirements for RWA - Assets must demonstrate consistent income generation, such as charging stations with stable revenue or photovoltaic plants with reliable output [6][8] - Ownership must be clear, with proper documentation like property deeds and operational licenses to avoid disputes [6][8] - Real-time monitoring is essential, utilizing IoT and big data to provide accurate performance data to investors [6][8] Group 4: Market Dynamics - The RWA market in Hong Kong is characterized by high entry barriers, targeting professional investors rather than retail investors, with fundraising amounts ranging from tens of millions to 200 million [3][4] - RWA serves as a tool for asset owners to unlock liquidity from underutilized assets, but it requires careful consideration of the underlying asset's stability and market conditions [8]

Group 1 - The core viewpoint of the articles highlights the challenges and opportunities faced by Huaron Glass in transitioning to a low-carbon model amid stringent environmental policies and financial constraints [1][2] - Huaron Glass has been recognized as a key small and micro enterprise in the local glass manufacturing industry, contributing significantly to the industrial economy of Nanping City [1] - The company faced difficulties in financing and risk management due to the tightening of credit policies and the need for transformation in a high-energy-consuming industry [1] Group 2 - A turning point occurred in April 2025 when a joint policy was issued by the People's Bank of China and other departments to promote financial support for the low-carbon transition in the building materials industry [1] - Agricultural Bank of China (ABC) Nanping Branch responded quickly by conducting in-depth research on Huaron Glass's needs and challenges, ultimately providing a tailored financial service plan [1] - On September 25, the first low-carbon transition financial project loan of 1 million yuan was successfully issued to Huaron Glass, with an additional 9 million yuan in working capital loans, including 1 million yuan specifically for a rooftop distributed photovoltaic project [1][2] Group 3 - The loan is significant for Huaron Glass as it not only addresses financial challenges but also signals strong support from financial institutions for the transformation of the real economy [2] - Upon completion of the project, it is estimated that the annual reduction in carbon dioxide emissions will be 217.29 tons, along with a saving of 98.32 tons of standard coal, indicating substantial green transformation effects [2] - ABC Nanping Branch plans to continue supporting various market entities in their low-carbon transitions, contributing to the regional achievement of the "dual carbon" goals [2]

Group 1 - The Japanese Mizuho Financial Group is actively entering the Chinese market despite a competitive environment, driven by the growth in securities business demand due to changes in market size, population structure, and economic structure [1] - Mizuho Securities (China) Co., Ltd. has been approved as the first wholly foreign-owned securities firm in China this year, marking a significant step in the gradual easing of foreign ownership restrictions in the Chinese securities industry [1] - The chairman of Mizuho expressed concerns about the uncertainties brought by the escalating US-China tariff war, emphasizing the need for fair competition based on open market principles [1][2] Group 2 - China is viewed as the second-largest market after the US, with over 30,000 Japanese companies investing and developing in the country, and its capital market ranks third globally in terms of fund pool size [2] - Mizuho aims to leverage its extensive network across China, Asia-Pacific, and Europe and the US to support cross-border investment and mergers and acquisitions, focusing on sectors like manufacturing, technological innovation, healthcare, and green energy [2] - The current global economic landscape shows a fragmented industrial chain, with a trend towards self-production and sales, prompting clients to establish extensive supply chain networks for flexible strategy adjustments [2][3] Group 3 - In the context of unclear tariffs, products with strong international competitiveness can absorb high costs, necessitating ongoing investment in technology research and timely supply chain adjustments [3] - Mizuho plans to assist clients in restructuring regional supply chains by conducting detailed analyses of local economies and legal regulations [3] - At the upcoming IBLAC meeting, Mizuho will propose ideas on how finance can support solutions to aging and declining birth rates, as well as initiatives in green finance and ESG to enhance corporate sustainability and international competitiveness [3] Group 4 - According to official data, among 150 securities firms in China, 16 are foreign-controlled, with 11 being foreign majority-owned and 5 wholly foreign-owned, indicating a growing presence of foreign players in the market [4] - Foreign securities firms collectively reported total assets of 53.28 billion yuan and net assets of 29.63 billion yuan in the first half of the year, reflecting year-on-year increases of 10% and 6.96% respectively [4] - The total operating income of foreign securities firms reached 4.36 billion yuan, with net profits amounting to 710 million yuan, showing year-on-year growth of 19.88% and a 5.8-fold increase respectively [4]

Core Viewpoint - The recent upgrade of Ping An Bank's ESG rating to AA by MSCI reflects the bank's significant improvements in areas such as consumer protection, green finance, and data security, highlighting its commitment to sustainable development and enhancing investor confidence [1][11]. Group 1: ESG Rating and Recognition - Ping An Bank achieved a three-level upgrade in its ESG rating from BB to AA within five years, as recognized by MSCI, a leading global financial index and ESG rating agency [1]. - The upgrade signifies international acknowledgment of Ping An Bank's ESG management and overall performance, reinforcing its sustainable development value in the capital market [1][11]. Group 2: Sustainable Development Strategy - The bank emphasizes sustainable development as a long-term strategy, ensuring the maximization of long-term value while addressing economic, social, and environmental sustainability [3]. - Ping An Bank is actively implementing the national "dual carbon" goals by developing a diversified green finance product system, including green loans and bonds, to support various sectors such as energy transition and ecological protection [4]. Group 3: Financial Inclusion and Support for SMEs - As of June 2025, the bank's inclusive finance initiatives resulted in a balance of loans for small and micro enterprises reaching 499.52 billion, with over 970,000 clients served [5]. - The bank has also invested 31.26 billion in rural revitalization efforts, demonstrating its commitment to supporting the agricultural sector and rural communities [5]. Group 4: Technology and Data Security - Under its technology finance strategy, Ping An Bank has developed a comprehensive operating system for technology finance, offering specialized products for tech enterprises, with a loan balance of 193.44 billion as of June 2025 [7]. - The bank prioritizes data security by enhancing its data management systems and ensuring 100% employee training coverage on information security [7]. Group 5: Pension Finance and Customer Experience - Ping An Bank has expanded its pension finance product offerings to 239 types, enhancing its service solutions for retirement planning [8]. - The bank's app has been upgraded to provide a one-stop service for personal pension management, integrating various services from the broader Ping An Group ecosystem [8]. Group 6: Corporate Governance and Transparency - The bank is committed to improving corporate governance and compliance, implementing measures such as anti-corruption and anti-money laundering policies [9]. - It adheres to high international standards for ESG information disclosure, enhancing transparency and investor confidence [9].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report presents a weekly data tracking of green bonds from September 29, 2025, to October 10, 2025, covering primary market issuance, secondary market trading, and valuation deviation of the top 30 individual bonds [1][2][3]. 3. Summary by Relevant Catalogs Primary Market Issuance - **Number and Scale**: A total of 11 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of approximately 15.25 billion yuan, a decrease of 15.724 billion yuan compared to the previous week [1]. - **Issuance Terms**: Most issuance terms were 3 years [1]. - **Issuer Nature**: Issuers included local state - owned enterprises, large private enterprises, and central financial enterprises [1]. - **Subject Ratings**: Most subject ratings were AAA and AA+ [1]. - **Issuer Regions**: Issuers were from Guangdong, Beijing, Zhejiang, Jiangsu, and Henan [1]. - **Bond Types**: Bond types included medium - term notes, commercial bank ordinary bonds, enterprise ABS, and ABN of the National Association of Financial Market Institutional Investors [1]. Secondary Market Trading - **Total Turnover**: The weekly turnover of green bonds was 41.8 billion yuan, a decrease of 28.5 billion yuan compared to the previous week [2]. - **By Bond Type**: The top three in trading volume were non - financial corporate credit bonds (22.9 billion yuan), financial institution bonds (14.4 billion yuan), and interest - rate bonds (3.9 billion yuan) [2]. - **By Issuance Term**: Green bonds with a term of less than 3 years had the highest trading volume, accounting for approximately 88.62% [2]. - **By Issuer Industry**: The top three industries in trading volume were finance (16.2 billion yuan), public utilities (9.7 billion yuan), and transportation equipment (1.5 billion yuan) [2]. - **By Issuer Region**: The top three regions in trading volume were Beijing (15.9 billion yuan), Guangdong (4.1 billion yuan), and Hubei (4 billion yuan) [2]. Valuation Deviation of the Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of green bonds was not significant. The discount trading amplitude was smaller than the premium trading amplitude, and the discount trading proportion was greater than the premium trading proportion [3]. - **Discount Bonds**: The top three discount bonds were 20 Yichun Venture Capital Green Bond (-0.4666%), GC Sanxia K2 (-0.4627%), and 24 China Power GN003 (Carbon - Neutral Bond) (-0.1594%). The subject industries were mainly finance, public utilities, and energy, and the regions were mainly Guangdong, Beijing, and Tianjin [3]. - **Premium Bonds**: The top three premium bonds were 25 Rongwang G1 (0.7270%), 19 Tianjin 32 (0.3605%), and 25 Xiangyu GN010 (0.3512%). The subject industries were mainly finance, construction, and transportation, and the regions were mainly Beijing, Zhejiang, and Jiangsu [3].

Core Viewpoint - JD Finance has officially transformed from Jiexin Consumer Finance to JD Consumer Finance, marking a significant step in its strategic expansion in the consumer finance sector with the appointment of Li Bo as chairman [1][5]. Group 1: Leadership and Management - Li Bo, born in 1975, has over 20 years of experience in the financial industry and previously served as the deputy branch manager of ICBC in Hunan Province. He joined JD Group in March 2021 and has held key positions in financial technology [3]. - The approval of Li Bo's appointment as chairman by the Tianjin Financial Supervision Administration signifies a new leadership era for JD Consumer Finance [1][5]. Group 2: Company Background and Strategic Moves - JD Consumer Finance, established in 2010, was one of the first four pilot consumer finance companies. JD Group acquired a 65% stake in Jiexin Consumer Finance in December 2024, becoming the controlling shareholder [3][5]. - Following the name change, JD Consumer Finance has solidified its independent identity and further enhanced JD's strategic landscape in consumer finance [5]. Group 3: Operational Plans and Focus Areas - JD Consumer Finance plans to establish a team of around 200 people in Tianjin to build an operation center, data center, risk control center, and research center. The company aims to focus on high-quality development, consumer support, financial ecosystem construction, and regional industrial chain collaboration [5]. - The company intends to leverage its consumer finance license to enhance the regional consumption environment and support the development of Tianjin as an international consumption center [5]. Group 4: Collaboration and Partnerships - JD Consumer Finance has begun testing offline consumer credit services in Tianjin, integrating into the JD ecosystem. Consumers can use the JD App for interest-free installment payments at JD malls [6]. - The company has disclosed a list of five internet loan partners and three post-loan partners, including companies associated with major internet platforms and JD Group subsidiaries [8][10][13].