Core Viewpoint - The article emphasizes the importance of the public fund industry in China's financial development, highlighting the shift from scale-driven growth to return-oriented strategies, as outlined in the recent government guidelines and action plans [1][2][7]. Group 1: Industry Development and Strategy - The "15th Five-Year Plan" includes the goal of building a strong financial nation, marking the first time this concept has been included in such a plan [1]. - The "Action Plan" aims to deepen reforms in the public fund industry, promoting high-quality development through institutional restructuring [1][2]. - The public fund industry is experiencing significant growth opportunities amid intensified competition, necessitating differentiated product offerings and development paths [1][2]. Group 2: Investment Focus and Capabilities - The company has established a diverse equity investment team focused on emerging industries such as high-end manufacturing and technology growth, aligning with national strategic goals [2]. - The company has made significant investments in sectors related to carbon neutrality, new energy, chips, and artificial intelligence, facilitating capital flow into strategic technology innovation industries [2][3]. - The company has developed a "consensus asset system" to enhance research capabilities and actively contribute to value discovery and resource allocation in the public fund industry [2]. Group 3: Green Finance and ESG Initiatives - The company integrates green investment into its strategic development plan, focusing on clean energy and environmental protection [3]. - As a member of the "Green and Sustainable Investment Committee," the company has established a structured ESG investment system and is actively investing in leading green enterprises [3]. Group 4: Product Development and Investor Focus - The company maintains a "basic product supplier" positioning, ensuring clear return characteristics and stable investment strategies [4]. - The company has reduced management fees for several products to lower investment costs for investors, emphasizing investor interests [4]. Group 5: Pension Finance and Digital Transformation - The company is exploring personal pension products to provide stable investment tools for residents, aligning with national pension system goals [5]. - The company is enhancing its digital financial capabilities through the WISE investment decision support platform, which integrates research, operations, and risk control [6]. - A smart compliance risk management system has been developed to improve risk management efficiency and support business development [6]. Group 6: Future Directions - The company aims to continue its commitment to being a "basic product supplier" while pursuing differentiated development paths, focusing on professional research and optimizing investor experiences [7]. - The company is dedicated to contributing to the transformation of the public fund industry from scale-driven to return-oriented growth, supporting the real economy and enhancing residents' wealth [7].

1月5日，国家外汇管理局北京市分局发布消息，绿色外债试点政策是国家外汇管理局深入贯彻落实党中 央、国务院绿色金融发展决策部署，支持绿色金融发展的一项新政，北京地区被列入首批试点。国家外 汇管理局北京市分局经国家外汇管理局同意发布《绿色外债试点业务指引（试行）》（京汇发〔2025〕 74号文印发），积极支持辖内非金融企业借入外债资金用于绿色或低碳转型项目。试点政策生效首日， 辖内银行成功为4家企业办理绿色外债签约登记，签约金额合计逾6000万元人民币，所涉资金将投向光 伏行业、绿色智能交通体系及信息化建设等，首都绿色金融再添新章。 （文章来源：证券日报） 辖内银行高效服务企业，充分发挥政策传导桥梁作用。企业积极参与试点，用好用足绿色金融新政。下 一步，国家外汇管理局北京市分局将不断完善绿色外债试点运行机制，持续跟踪试点政策实施效果，加 强政策宣传与指导，广泛释放试点政策红利，推动做好金融"五篇大文章"，服务实体经济高质量发展。 国家外汇管理局北京市分局主动作为，积极推动试点政策落地。靠前谋划，充分调研市场需求。摸排辖 内绿色融资现状，精准推送试点政策。召开银行座谈会，宣讲解读政策，指导银行开展银企合作。通 过" ...

为全面贯彻《中共中央国务院关于全面推进美丽中国建设的意见》，加快推进人与自然和谐共生的现代 化，中国人民银行上海市分行发布了关于试用生物多样性金融标准的通知。在人民银行上海市分行的指 导下，工商银行上海市分行基于生物多样性金融标准，向上海萧坤供应链科技有限公司发放首笔生物多 样性贷款300万元，贷款资金主要用于企业人工智能废塑料自动处理生产线建设，以专项金融支持推动 废旧塑料等再生资源的回收利用，符合人民银行《生物多样性金融目录（试用稿）》"1.7.3废旧塑料循 环利用标准"。 废旧塑料循环利用将曾经的"环境负担"转化成"绿色能源"，推动构建"回收-分拣-再生"的绿色闭环，为 城市低碳发展注入新动能。上海萧坤供应链科技有限公司深耕废旧物资循环利用，专注于再生资源逆向 供应链运营与技术创新，企业通过了再生资源回收服务体系认证，获上海市专精特新中小企业、创新型 中小企业称号，拥有8项分拣拆卸专利及5项核心回收软件。此前，企业自主研发的AI识别技术与智能 分拣设备已完成验证，可实现废塑料的精准分离与高效分拣，但资金受限难以投产。在获悉企业困难 后，工商银行上海市分行主动深入该公司开展实地调研，快速、精准匹配企业需求 ...

近期，江苏银行成功发行面向企业客户的挂钩"CFETS银行间碳中和债券指数"的绿色金融结构性存款产品，是全市场首款挂钩CFETS绿色债券指数系列的结 构性存款产品，并与市场同业达成该笔碳中和债券指数期权交易，这是江苏银行助力绿色低碳发展的又一举措。 本款产品挂钩标的是中国外汇交易中心编制的CFETS银行间碳中和债券指数，实际收益与存续期间的债券指数表现相挂钩。其指数样本为在银行间市场上市 交易的碳中和债券，包括但不限于绿色债券融资工具、中期票据、超短期融资券等在银行间市场上市交易的债券类型。 (编辑：钱晓睿)关键字： 一直以来，江苏银行深入践行绿色发展理念，持续探索绿色金融服务实体经济高质量发展的业务模式，充分发挥绿色金融市场产品创设与衍生品交易定价优 势，不断创新丰富绿色金融产品体系，为客户提供灵活、个性化的投资选择，聚力做好绿色金融大文章，为服务国家生态文明建设重大战略贡献金融力量。 该行此次发行的绿色结构性存款产品（嵌套期权交易），向市场传递了碳中和绿色金融理念，通过精准资金配置，引导产业与能源结构绿色低碳转型。江苏 银行打造与"绿"相挂钩的结构性存款产品，既丰富了绿色金融产品体系，也满足了境内外客户的绿 ...

一直以来，江苏银行深入践行绿色发展理念，持续探索绿色金融服务实体经济高质量发展的业务模式， 充分发挥绿色金融市场产品创设与衍生品交易定价优势，不断创新丰富绿色金融产品体系，为客户提供 灵活、个性化的投资选择，聚力做好绿色金融大文章，为服务国家生态文明建设重大战略贡献金融力 量。 该行此次发行的绿色结构性存款产品(嵌套期权交易)，向市场传递了碳中和绿色金融理念，通过精准资 金配置，引导产业与能源结构绿色低碳转型。江苏银行打造与"绿"相挂钩的结构性存款产品，既丰富了 绿色金融产品体系，也满足了境内外客户的绿色投资需求，进一步丰富了期权交易市场生态，推动多元 化发展。 江苏银行不断完善绿色金融专业化经营和环境与社会风险管理体系，积极推进绿色金融产品创新，目前 已建立涵盖绿色债券、绿色零售、绿色租赁、绿色理财、绿色贷款等多个业务板块的绿色金融集团化产 品体系。截至2025年9月末，绿色投融资规模突破7500亿元，较2024年末增速36.9%。 未来，江苏银行将持续聚焦绿色金融领域，深耕绿色金融业务沃土，创新绿色金融产品，以更丰富的绿 色金融结构性产品体系、更精准的资金投放方向、更完善的综合金融服务方案以及更高效的经营 ...

下一步，国家外汇管理局北京市分局将不断完善绿色外债试点运行机制，持续跟踪试点政策实施效果， 加强政策宣传与指导，充分释放试点政策红利，推动做好金融"五篇大文章"，服务实体经济高质量发 展。 绿色外债试点政策是国家外汇管理局深入贯彻落实党中央、国务院绿色金融发展决策部署，支持绿色金 融发展的一项新政，北京地区被列入首批试点。国家外汇管理局北京市分局经国家外汇管理局同意发布 《绿色外债试点业务指引（试行）》（京汇发〔2025〕74号文印发），积极支持辖内非金融企业借入外 债资金用于绿色或低碳转型项目。试点政策生效首日，辖内银行成功为4家企业办理绿色外债签约登 记，签约金额合计逾6000万人民币，所涉资金将投向于光伏行业、绿色智能交通体系及信息化建设等， 为首都绿色金融再添新章。 北京商报讯（记者 岳品瑜 董晗萱）2026年1月5日，据人民银行北京市分行官微消息，绿色外债试点政 策施行首日四笔业务顺利落地。 ...

来源：中国人民银行北京市分行 绿色外债试点政策是国家外汇管理局深入贯彻落实党中央、国务院绿色金融发展决策部署，支持绿色金 融发展的一项新政，北京地区被列入首批试点。北京市分局经国家外汇管理局同意发布《绿色外债试点 业务指引（试行）》（京汇发〔2025〕74 号文印发），积极支持辖内非金融企业借入外债资金用于绿 色或低碳转型项目。试点政策生效首日，辖内银行成功为4家企业办理绿色外债签约登记，签约金额合 计逾6000万人民币，所涉资金将投向于光伏行业、绿色智能交通体系及信息化建设等，为首都绿色金融 再添新章。 北京市分局主动作为，积极推动试点政策落地。靠前谋划，充分调研市场需求。摸排辖内绿色融资现 状，精准推送试点政策。召开银行座谈会，宣讲解读政策，指导银行开展银企合作。通过"小北小惠"新 媒体宣传品牌，以通俗易懂的方式介绍试点政策，打造线上线下政策直通车。 辖内银行高效服务企业，充分发挥政策传导桥梁作用。多家银行积极参与，协助企业顺利完成融资。中 国银行北京市分行指导某物流股份有限公司办理500万美元绿色外债签约登记，助力企业加速建设安全 高效、绿色智能的现代物流体系。江苏银行北京分行帮助北京某科技物流企业完成 ...

作为绿色金融的坚定践行者，兴业银行重庆分行始终秉持"绿水青山就是金山银山"的发展理念，积极探 索金融支持文化遗产与生物多样性保护的新路径。此次贷款为大足石刻的永续传承与生态提升提供了扎 实的金融保障，形成了可复制、可推广的文旅生态融资范例，彰显了该行以金融力量守护文化根脉、赋 能绿色发展的企业担当。（李彦霓） 编辑：赵鼎 转自：新华财经 近日，兴业银行重庆盘龙支行成功向大足石刻景区投放2.93亿元贷款，标志着重庆首笔生物多样性挂钩 贷款正式落地。该笔贷款以金融创新为驱动，将文化遗产保护与生态价值提升紧密结合，实现了文化传 承、生物多样性保护与金融服务的有机融合，为世界遗产的可持续保护注入崭新动能。 国家一级保护植物等珍稀物种在大足石刻繁衍生息，形成了"石刻与自然共生"的独特生态人文景观。此 次创新型贷款突破传统融资模式，将贷款利率与石刻周边植被覆盖率、重点名木保护数量等生态指标动 态挂钩，实现"保护越好、成本越低"，推动生态效益与金融激励良性互动。 该项目的成功落地，是兴业银行重庆分行在绿色文旅金融领域的一次重要突破。通过生物多样性挂钩贷 款这一创新工具，精准支持文化遗产保护与生态修复协同推进：生态层面助力构 ...

Group 1 - The Federal Reserve's recent interest rate cut of 25 basis points to a range of 3.5%-3.75% aligns with market expectations but reveals significant internal divisions among FOMC members regarding economic outlook and policy direction [2][3] - The voting outcome showed three dissenting votes, indicating a split within the Fed, with some members advocating for a more aggressive rate cut while others expressed concerns about persistent inflation [3] - The Fed's policy statement has shifted to acknowledge a "cooling" labor market and suggests potential pauses in rate cuts, reflecting a cautious approach to future monetary policy adjustments [3] Group 2 - Global markets reacted sharply to the Fed's policy changes, with U.S. stock markets experiencing volatility; tech stocks initially surged but later retreated due to hawkish comments from Fed Chair Powell [4] - The bond market showed signs of deepening yield curve inversion, with two-year Treasury yields falling below 3.54%, raising concerns about fiscal sustainability [5] - In the currency and commodity markets, gold prices surged, and Bitcoin reached new highs, driven by expectations of a shift away from the dollar, while industrial commodity prices remained constrained by weak global demand [7] Group 3 - The Fed's decision reflects underlying tensions between persistent inflation and economic slowdown, with tariffs contributing to inflationary pressures and structural issues in the labor market [8] - The political landscape complicates the Fed's independence, as external pressures from the government may influence future monetary policy decisions [8] - The Fed's approach to managing inflation and economic growth will likely lead to a cautious stance in 2026, with expectations of limited rate cuts and a focus on preventing inflation rebound [11] Group 4 - China's economic strategy must adapt to the changing global landscape, with opportunities arising from a potential easing of monetary policy and a focus on domestic consumption [8] - The capital market in China may see structural opportunities, particularly in technology and consumer sectors, as foreign investment expectations improve [9] - Companies should shift from an export-dependent model to one driven by domestic demand, leveraging currency stability while navigating uncertainties in tariff policies [10]

Core Viewpoint - The A-share banking sector concluded 2025 with a structural rise, with 35 out of 42 listed banks experiencing gains, and the banking index rising by 12.04%, indicating strong defensive and allocation value [2][3]. Group 1: 2025 Banking Sector Performance - The banking sector exhibited significant structural differentiation, with the top ten stocks including Agricultural Bank (52.66%), Xiamen Bank (35.78%), and others showing gains over 20% [3][4]. - The market's focus shifted towards "certainty of returns" and "growth cost-effectiveness" amid an "asset shortage" backdrop, leading to a preference for certain banks [3][4]. Group 2: Core Drivers of 2025 Bull Stocks - Three main factors drove the performance of bull stocks: high dividends and low valuations supporting state-owned banks, regional economic vitality empowering small and medium banks, and asset structure optimization promoting value reassessment [4][5]. - Agricultural Bank led with a dividend yield above 5% and a price-to-book ratio exceeding 1, breaking the long-standing trend of state-owned banks trading below book value [4][5]. Group 3: 2026 Bull Stock Predictions - The banking sector is expected to maintain a "steady progress" operational trend in 2026, with key dimensions for identifying bull stocks including net interest margin improvement, business transformation growth, and stable asset quality [5][6]. - The predicted top ten bull stocks for 2026 include Agricultural Bank, China Merchants Bank, and Ningbo Bank, among others, with each having specific growth drivers [7][8]. Group 4: Key Factors for 2026 Predictions - Agricultural Bank is expected to continue its strong performance due to its county-level business advantages and low liability costs [7]. - China Merchants Bank is anticipated to see dual growth in performance and valuation, driven by its wealth management transformation and strong asset quality [8]. - Ningbo Bank is positioned to benefit from regional economic vitality and diversified non-interest income growth [8][9]. Group 5: Structural Trends and Risks - The banking sector is likely to experience a dual rise in performance and valuation, supported by improved net interest margins and robust asset quality [12][13]. - However, structural differentiation risks may intensify, with some smaller banks facing challenges due to high regional economic dependency and single customer structures [12][13].