今天分享的是：中央结算公司：债券支持生物多样性白皮书（2025） 报告共计：18页 债券支持生物多样性白皮书（2025）核心内容总结 《债券支持生物多样性白皮书（2025）》系统阐述了生物多样性保护的重要意义、债券市场的支持作用及未来发展建议，展现了金融与生态保护融合的发展 现状与前景。 生物多样性保护意义重大，是高质量发展的生态基底，生态环境保护与经济发展相辅相成，为社会经济可持续发展筑牢根基。同时，它还是维护国家安全的 核心要素，关乎生态、资源和公共安全，在全球环境变化加剧下愈发关键。此外，生物多样性保护是全人类共同事业，也是参与全球生态治理、践行国际责 任的重要体现。 债券市场在政策引领下稳步发展，为生物多样性保护提供有力支撑。国家层面出台多项政策，将生物多样性保护纳入绿色债券支持范围，地方也结合实际推 出专项政策。市场规模持续扩大，截至2024年末，投向涉及生物多样性项目的绿债券达743只，发行规模超1.6万亿元，其中超3900亿元投入生物多样性项 目；贴标绿色债券334只，发行规模8078.3亿元。从品种看，投向绿债券中政府债券占比最高，贴标绿色债券以金融债券为主，且两类债券年度发行规模总 体呈上升 ...

Core Viewpoint - Huzhou City in Zhejiang Province is focusing on creating a beautiful city brand through comprehensive urban development strategies that emphasize comfort, convenience, and public engagement, aiming to set a model for beautiful city construction nationwide [1] Group 1: Ecological Development - Huzhou is establishing a multi-dimensional beautiful development pattern by integrating ecological services and industries, with 12 priority protection units designated [2] - The city has constructed 100,000 acres of ecological corridors and 40,000 acres of healthy forests over the past three years, investing 3.6 billion yuan in 54 water ecological restoration projects [2] - Huzhou has achieved full coverage of Class II water quality in 17 national control sections entering Taihu Lake, and was selected as one of the first "Biodiversity Charming Cities" by the UN [2] Group 2: Urban Infrastructure and Quality of Life - Huzhou is building a modern transportation network that connects with major cities in the Yangtze River Delta, creating a one-hour commuting circle and promoting low-carbon transportation [3] - The city has developed 936 "waste-free cells" and has ranked first in waste classification among similar cities for three consecutive years [3] - Huzhou is enhancing public spaces with over 90% coverage of park green space service radius and has established 125 "15-minute quality cultural life circles" [3] Group 3: Green Finance and Public Welfare - Huzhou is leading industrial upgrades through green finance, having helped 48,000 enterprises secure bank credit totaling 599.6 billion yuan [4] - The city has achieved an average life expectancy of 82.6 years by developing the "environmental health+" industry [4] - Huzhou has been recognized as the "most livable city" for three consecutive years, with a green low-carbon living index of 96.6 [4]

在国家"十四五"规划引领下，光大永明资产管理股份有限公司（以下简称"光大永明资产"）以"立足保 险、重在资管"为理念，立足服务国家战略，充分发挥保险资管长周期资金管理的特色优势，深度融入 国家战略布局，以创新实践服务地方经济社会高质量发展，在惠民利民中彰显金融担当，书写金融服务 实体经济的新篇章。 深耕绿色金融，低碳惠泽民生。光大永明资产积极践行绿色金融理念，通过多元创新手段，为绿色产业 发展注入金融动力，推动经济效益与社会价值双提升。2024年，光大永明资产设立"光大永明-循环经济 产业园基础设施债权投资计划"，精准引导保险资金、城商行自有资金等多元化资本流向绿色产业，为 无锡循环经济产业园建设按下"加速键"，赋能区域经济绿色转型。该项目获G1绿色等级认证，并成功 入选无锡"绿色金融十佳创新案例"。目前，已累计投入6.55亿元，项目建设基本完工，成为绿色金融助 力经济、社会和环境协调发展的生动范例。 践行普惠初心，传递金融温度。光大永明资产贯彻落实做好普惠金融相关要求，通过创新金融产品和服 务模式，满足民众日益增长的金融服务需求，在促消费惠民生、扩大内需等方面发挥积极作用，推动释 放经济增长新动能。截至8月 ...

封关在即，海南自贸港潮涌不息。海风徐徐，传来一个又一个令人振奋的消息。广发银行认真学习贯彻 好党的二十届四中全会精神，凝心聚力真抓实干，充分发挥毗邻区位优势，将金融服务自粤港澳大湾区 延伸到海南自贸港，为高水平对外开放注入澎湃金融动能。 搭建跨境合作桥梁，助力海南自贸港建设 作为我国对外开放的重要窗口，畅通海南自贸港贸易通道成为吸引境外投资者的重要因素，广发银行持 续创新跨境服务模式，助力外贸企业稳规模、优结构，支持海南省扩大高水平对外开放。 广发银行海口分行充分把握海南自贸港"零关税""低税率""简税制"的政策红利，围绕建设"三区一中 心"战略定位，构建丰富的跨境业务产品体系，服务"引进来"和"走出去"企业。 一方面，加大跨境金融产品供给，提供跨境资金池，支持企业在全球范围内优化资金配置；开展内保外 贷、外保内贷业务，拓宽跨境企业融资渠道；协同广发银行在港澳分行开展跨境直贷，降低企业融资成 本。 另一方面，持续提升跨境业务服务水平，提高跨境结算便利度，推广资本项目收入支付便利化政策，为 境内外企业提供多元化币种选择，助力更高水平贸易投资人民币结算便利化试点政策实施；提升跨境贸 易融资效率，积极落实支付便利化 ...

Core Insights - Zhangye City in Gansu Province is focusing on addressing the financing challenges faced by small and micro enterprises by building a diversified financing service system to effectively support business development [1][2] Financing Initiatives - The city has implemented a "silver-tax interaction" mechanism, allowing enterprises to convert their tax credit into financing capital, resulting in 3,817 small and micro enterprises receiving a total of 1.687 billion yuan in loans [1] - Financial institutions are customizing innovative financing products tailored to local industry characteristics, such as the first "de-core chain loan" of 850,000 yuan for a public hospital's upstream pharmaceutical suppliers [1] Agricultural Financing - Various products like "live loans," "Hexi Corridor seed industry loans," and "rural revitalization livestock and poultry loans" have been introduced to alleviate financing difficulties for agricultural operators [2] - The total balance of green loans in the city reached 18.687 billion yuan, with a growth rate exceeding the average growth rate of all loans by 3.78 percentage points [2] Technology and Innovation Financing - Products such as "Sci-Tech E-loan" and "Xinglong Intellectual Property Loan" provide rapid credit services to enterprises, with 56 companies receiving a total of 314 million yuan through patent pledges [2] Government Support - The Gansu Jinkong Zhangye Guarantee Company has provided guarantees totaling 839 million yuan for 277 operating entities from January to October this year [2] Future Outlook - By October 2025, the loan balance for small and micro enterprises in Zhangye City is expected to reach 51.245 billion yuan, reflecting a year-on-year growth of 7.03%, which will invigorate business vitality [2]

Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference have been jointly held, highlighting the importance of financial institutions in supporting China's modernization efforts [1] Group 1: Event Overview - The event is a collaboration between the Shenzhen Municipal Government and the Securities Times, marking the first joint effort of these two significant financial events [1] - The "China Financial Industry's Commitment to Answering the 'Five Major Articles' Honor Award" was presented during the opening ceremony, recognizing leading institutions in the banking, insurance, securities, and fund industries [1] Group 2: Evaluation Criteria - The evaluation for the awards adhered to regulatory guidelines and was based on hundreds of official statistical indicators, forming a comprehensive evaluation model that emphasizes quantitative metrics with qualitative insights [2] - The model assesses financial institutions across five dimensions: technology finance, green finance, inclusive finance, pension finance, and digital finance, focusing on their contributions to the real economy [2] Group 3: Company Performance - In the first three quarters of 2025, the company focused on core clients in the technology sector, developing a unique financial service system to support technology industries [3] - The company assisted in the issuance of technology innovation corporate bonds for major clients, raising 460 million yuan for Nantong Taihe Chemical Co., Ltd. to support its transformation [3] - The company actively explored green finance initiatives, including the issuance of green technology innovation corporate bonds and the first real estate ABS product backed by water assets [3] - The company launched various financial products aimed at rural revitalization and increased its offerings in pension finance, adding 33 new personal pension fund products [3] - The company enhanced its digital services through the Jin Yang Guang APP, achieving significant user growth and multiple updates [3] - Future plans include promoting the "Five Major Articles" action plan to support new productive forces, circular economy development, and the growth of small and private enterprises [3]

2025年11月24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 | 镍：累库节奏稍有放缓，宏观与消息短线扰动 | 2 | | --- | --- | | 不锈钢：钢价承压低位震荡，但下方想象力有限 | 2 | | 碳酸锂：多空博弈加剧，关注大厂复工进展 | 4 | | 工业硅：关注盘面底部支撑 | 6 | | 多晶硅：临近集中注销期，关注仓单变化 | 6 | 国 泰 君 安 期 货 研 究 所 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 11 月 24 日 镍：累库节奏稍有放缓，宏观与消息短线扰动 不锈钢：钢价承压低位震荡，但下方想象力有限 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） | 114,050 | -1,330 | -3,030 | -5, ...

Core Viewpoint - The construction of a financial system that adapts to the development of future industries is a complex system engineering task, requiring a balance between effective markets and proactive government intervention, while breaking path dependence and institutional barriers [1][22]. Group 1: Future Industry Characteristics - Future industries are characterized by the deep integration of technological and industrial innovation, representing a shift towards disruptive innovation driven by cutting-edge technologies [4]. - These industries face fundamental differences in financing needs compared to traditional industries, primarily due to their inherent uncertainty and the lack of established market applications [4][3]. - The rise of future industries necessitates a profound structural reform of the financial supply side to create a modern financial ecosystem that effectively accommodates their unique risk-return characteristics [3][4]. Group 2: Financial System Requirements - The financial system must develop mechanisms for prudent management of uncertainty, flexible operational mechanisms, inclusive development mechanisms, and transparent regulatory mechanisms to adapt to the uncertainties of future industries [4]. - There is a need for a financial infrastructure that can price and manage innovation-related uncertainties, utilizing financial technology for real-time risk monitoring and developing diversified investment tools [9][10]. Group 3: Capital Market Development - The capital market must evolve to support a modern industrial system, focusing on maintaining a reasonable proportion of manufacturing and enhancing the service capabilities of various market segments [5][7]. - A multi-layered capital market system should be established to enhance the service capabilities for specialized small and medium enterprises, particularly those with high intangible asset ratios [7][12]. Group 4: Investment and Financing Coordination - A seamless and complementary financing ecosystem is required to support the growth trajectory of future industries, necessitating a diverse "toolbox" of financing options tailored to different stages of enterprise development [12]. - The financial system should transition from a focus on collateral-based lending to a value discovery approach, emphasizing the importance of intangible assets and future growth potential [6][13]. Group 5: Innovation in Financial Products - Financial products must be innovated to align with the characteristics of future industries, including the development of green finance, digital finance, and inclusive finance to support various sectors of the economy [17][20]. - The establishment of a comprehensive financial service standard system is essential to support the growth of future industries and ensure that financial resources are effectively allocated [18][19]. Group 6: Regulatory Framework - A modern regulatory framework is necessary to ensure that financial resources are effectively directed towards innovation while managing risks, requiring a shift towards functional and penetrating regulation [21]. - The financial system must be equipped to handle systemic risks while promoting a culture of investment in innovative sectors, ensuring that financial resources are available for long-term projects [21].

时值《巴黎协定》签署10周年，2025年9月24日，中国新一轮国家自主贡献（NDC）目标在联合国气候 变化峰会上公布。本轮NDC目标锁定全经济范围的温室气体减排，中国力争到2035年全经济范围温室 气体净排放量比峰值至少下降7%至10%。早在2025年7月，中欧曾发表联合声明，将在《联合国气候变 化框架》第30次缔约方大会（COP30）前提交2035年国家自主贡献目标，COP30将对收集的所有NDC 目标进行整合、评估，判断是否符合《巴黎协定》设定的气温升幅控制目标。全球气温增幅控制迫在眉 睫。联合国环境规划署发布的《2024年排放差距报告》显示：全球气温已比工业革命前高出1.3℃，当 前的行动和政策将导致21世纪内全球气温上升2.6℃至3.1℃。中国气象局于2025年6月发布的《中国气候 变化蓝皮书2025》显示，气候系统变暖趋势仍在持续，2024年我国气候风险指数为1961年以来最高，年 平均气温、沿海海平面、天山乌鲁木齐河源1号冰川消融损失量等监测指标均创下新高。气候风险将严 重影响人类福祉，特别是弱势群体。中国普惠金融研究院于2022年发布的社会责任投资报告指出，气候 变暖对缺乏风险认知和风险管理工具 ...

Core Insights - Financial institutions in Hainan are innovating products and services tailored to different industries, providing customized financial solutions to support the development of the Hainan Free Trade Port [1][3]. Group 1: Financial Support for Key Industries - The China Bank Hainan Branch supported the construction of 60 offshore wind turbines with a capacity of 10 megawatts each, showcasing the role of financial institutions in renewable energy projects [2]. - The Construction Bank Hainan Branch provided 50 million yuan in credit to the Hainan Aerospace Chip Industry Park, facilitating the production of semiconductor chips that fill a gap in Hainan's semiconductor industry [2]. - The issuance of 350 million yuan in innovative agricultural technology bonds by Hainan Natural Rubber Industry Group marks a new financing path for agricultural enterprises [4]. Group 2: Technological and Green Finance Innovations - The "Qiong Ke Loan" product by China Bank Hainan Branch offers credit support to technology enterprises, while the Industrial and Commercial Bank of China Hainan Branch has introduced a "patent pledge financing" model to convert intellectual property into assets [3]. - Hainan financial institutions have increased credit investments in ecological projects, with the National Development Bank Hainan Branch designing "blue bonds" for marine ecological protection [4]. - As of the end of September, the balance of green loans in Hainan reached 166.8 billion yuan, an increase of 27.4 billion yuan since the beginning of the year, supporting the construction of the national ecological civilization pilot zone [4]. Group 3: Inclusive Finance Initiatives - The Postal Savings Bank's "Assist Farmers Cloud" platform and Hainan Rural Commercial Bank's various online products, such as rural revitalization loans, have enhanced access to finance for small and micro enterprises [4]. - The Agricultural Bank of China Hainan Branch has introduced specialized loan products like "Rubber Loan" and "Betel Nut Loan" to support rural economic development [4]. - By the end of October, the total balance of loans from financial institutions in Hainan reached 1.4096 trillion yuan, reflecting a year-on-year growth of 11.9% [4].