为古树管护提供"风险预警"，科技赋能实时守护、风险减量。在自然环境中，自然灾害、意外事故、病虫害等风险随时可能对古树的生长造成挑战。平安为 古树管护提供自然灾害风险预警服务，赋能政府主管部门和巡护员开展古树名木常态化保护。依托平安自研"鹰眼"系统，提供雷达气象和地面站点等三位一 体化气象监测，通过短信推送灾害预警信息，AI电话提示，提供灾前精准预警服务并匹配防灾指引，便于巡护员快速应对灾害预防。 助力开发文旅价值，政企协同激发绿色经济潜力。幽幽青城山、"拜水"都江堰、名刹长松寺……成都市大部分古树集中在全国乃至世界知名的千年人文景 点，但仍有不少文旅景点尚待开发。9月24日，平安在活动现场开展"跟着古树去旅行"文旅主题活动，首期发布江镇大鹏村"太鹏鲸柏"、都江堰普照寺古树 群等四条精品旅游路线，同步在"平安好车主"APP上线旅游打卡活动，覆盖超2.51亿注册用户。提升广大人民群众对古树名木保护的意识和参与度的同时， 也通过古树地标带动古树周边旅游活力，助力成都乃至四川省打造更多文旅地标。 践行"两山"理念，担当"绿色金融"险企天职。平安方面介绍，自2023年以来，中国平安在全国持续开展"古树名木守护行动"，积 ...

Core Viewpoint - The article emphasizes the role of the securities industry in supporting the real economy through innovative financial services, particularly focusing on technology finance as a key driver for high-quality development [2]. Group 1: Technology Finance as a Core Engine - Technology finance is identified as a crucial support for activating innovation and nurturing new productive forces, serving as a strategic high ground for companies like AVIC Securities [2]. - AVIC Securities aims to explore a unique financial service path for national defense construction by leveraging its military enterprise background and focusing on technology finance [2]. Group 2: Constructing a Technology Finance Service System - AVIC Securities is enhancing its service system to meet the diverse needs of technology enterprises throughout their lifecycle, emphasizing a research-driven service model [3]. - The company is deeply engaged in the military industry, focusing on advanced fields such as aviation equipment manufacturing and low-altitude economy, while enhancing its research team's capabilities [3]. - AVIC Securities promotes a collaborative service model that integrates research, investment, investment banking, and wealth management to create a comprehensive service system [3]. Group 3: Full-Chain Service Ecosystem - The company is innovating a new service model termed "1+4+3+N," which focuses on key scenarios such as technology innovation and weaponry equipment, providing customized solutions through cross-departmental expert teams [4]. - This model aims to create a financial service closed loop that covers the entire lifecycle of enterprises, ensuring precise financial support for technology finance [4]. Group 4: Empowering Manufacturing and Technology Innovation - AVIC Securities is committed to driving the upgrade of the aviation industry chain and facilitating the transformation of technological achievements, supporting the core needs of military enhancement and technological innovation [5]. - Since the 14th Five-Year Plan, the company has facilitated direct financing of 47.6 billion yuan for the China Aviation Industry Group, marking a 28.3% increase compared to the previous five-year period [5]. - The company is actively involved in enhancing the service capabilities for technological innovation and addressing key technological challenges [5]. Group 5: Enhancing Supply Chain Resilience - AVIC Securities is focusing on "hard technology" investments to enhance the resilience and security of the aviation industry supply chain, addressing upstream capacity bottlenecks [6]. - The company is also involved in market value management services to improve the investment value of listed companies, coordinating capital operations and industry collaboration [6]. Group 6: Promoting High-Tech Industry Clusters - Under the national strategy for regional coordinated development, AVIC Securities is leveraging its product innovation to empower high-tech industry clusters in regions like Chengdu and Zhengzhou [7]. - The company has successfully launched the first public REITs projects in clean energy and photovoltaic sectors, optimizing asset structures and enhancing financing channels for green projects [7]. - AVIC Securities is building a collaborative ecosystem involving industry, government, and finance to support the development of high-tech industry clusters [7]. Group 7: Regional Collaborations - In Chengdu, AVIC Securities has signed cooperation agreements with local governments and enterprises to attract quality projects in aviation technology and military electronics [8].

Group 1 - The core theme of the recent initiative is "New Era, New Fund, New Value," aimed at promoting the transformation and upgrading of the public fund industry in Beijing [1] - The initiative involves over 40 public fund managers, sales institutions, evaluation agencies, and mainstream media, focusing on enhancing the service capabilities of the public fund industry to support the real economy [1] - Dongfang Fund is actively participating in the initiative, particularly in the field of technology finance, aligning with national strategies to support technological innovation [1] Group 2 - Dongfang Fund is also committed to green finance, integrating sustainable development into its operations and focusing on low-carbon investments [2] - The company has developed a product line that includes active equity investments and bond investments, specifically targeting green and low-carbon assets [2] - Dongfang Fund emphasizes a robust research and talent mechanism to enhance its capabilities in technology and green industries, aiming to contribute to the high-quality development of the public fund industry [2]

Core Viewpoint - China's green finance has undergone significant development over the past decade, evolving from non-existence to a comprehensive system that supports the green and low-carbon transformation of the economy [1] Group 1: Green Finance Support Projects - The People's Bank of China, in collaboration with financial regulatory authorities, released the "Green Finance Support Project Directory" in June 2025, which standardizes various financial products and covers the entire production-consumption chain [2] - The 2025 version of the directory introduces a new primary classification for green consumption, focusing on supporting low-carbon products such as green vehicles and low-carbon buildings [2] - The directory expands green trade classifications to include seven key areas, providing clear guidance for financial institutions to support green trade and promote the greening of industrial and value chains [2] - The directory aligns with the needs of green low-carbon transformation industries by excluding fossil fuel-related content and marking low-carbon economic activities with carbon reduction benefits [2] Group 2: Implementation and Development of Transition Finance - Transition finance plays a crucial role in supporting the upgrade of traditional industries, with pilot standards for key sectors like steel, coal, electricity, and agriculture being tested in select regions [4] - Financial institutions are developing a variety of transition finance products, such as sustainable development-linked loans, which tie financing costs to transition performance, effectively incentivizing companies to reduce emissions [4] - The quality of information disclosure by transition entities has significantly improved, with clear requirements for transition planning and sustainable information disclosure [4] - Incentive measures are being enhanced, with pilot programs in Shanghai incorporating eligible transition loans into carbon reduction support tools [4] Group 3: Biodiversity Finance - The People's Bank of China has initiated the trial of the "Biodiversity Finance Directory," emphasizing the importance of biodiversity for human survival and development [7] - The directory aligns with international standards while considering China's specific context, incorporating various biodiversity activities and ensuring a balance between ecological protection and economic development [8][9] - The directory establishes a comprehensive standard system that combines directory-style and principle-based approaches, including a negative list of prohibited activities to ensure ecological protection [10] - The directory outlines six fundamental principles for biodiversity economic activities, including the principle of not causing significant harm and the principle of transparency and verification [11]

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：冶炼累库与矿端预期博弈，镍价低位震荡 | 2 | | --- | --- | | 不锈钢：短线供需与成本博弈，钢价震荡运行 | 2 | | 碳酸锂：节前补库步入尾声，震荡走势延续 | 4 | | 工业硅：盘面表现较抗跌 | 6 | | 多晶硅：上游突发检修，关注市场情绪 | 6 | 国 泰 君 安 期 货 研 究 所 2025年09月25日 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 9 月 25 日 镍：冶炼累库与矿端预期博弈，镍价低位震荡 不锈钢：短线供需与成本博弈，钢价震荡运行 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） | 121,450 | 720 | -340 | 6 ...

Core Insights - The company has made significant strides in supporting the real economy and national strategies, with notable achievements in technology finance and green finance [1][6] - As of August 2025, the investment balance in technology finance reached nearly 30 billion, while green finance investments exceeded 70 billion, demonstrating a commitment to ecological improvement and corporate green transformation [1][6] Group 1: Investment Strategies - The company completed the first equity option investment for specialized and innovative enterprises in the country, marking a historic shift from debt financing to equity investment [2][3] - The investment model combines credit financing and option investment, allowing for a flexible approach that alleviates concerns about early-stage equity dilution for startups [2][3] - The company has signed equity option cooperation agreements with over 270 technology innovation enterprises, with more than half being national-level specialized "little giants" and manufacturing champions [3] Group 2: Product Development - The company launched the "Sunshine Purple Xinxiang Equity Option Series" and "Sunshine Blue Private Equity Series" products, which bridge investors with technology enterprises [4] - These products focus on core areas such as semiconductors, artificial intelligence, and new energy, providing tools for investors to participate in technological growth [4][5] Group 3: Green Finance Initiatives - The company has invested over 70 billion in green finance, focusing on renewable energy, hydropower, and environmental protection [6][7] - It has developed over 20 ESG and carbon-neutral themed products since 2020, enhancing investor participation in green investments [6] - The company emphasizes the importance of issuer credit quality and the overall ESG impact of projects in its investment decisions [7] Group 4: Performance Metrics - As of June 2025, the company's management scale reached 1.79 trillion, with over 1,900 managed products and more than 25 million clients served in six years [8] - The company has generated nearly 200 billion in cumulative returns for investors, showcasing its asset management capabilities and brand influence [8]

Core Viewpoint - The article highlights the innovative financial strategies employed by Everbright Wealth Management, focusing on its investments in specialized and innovative enterprises, as well as its commitment to green finance, showcasing its role in supporting the national economic strategy and ecological improvement [1][2][6]. Group 1: Investment in Specialized and Innovative Enterprises - Everbright Wealth Management has completed the first equity option exercise investment for specialized and innovative enterprises in China, marking a significant shift from debt financing to equity investment [2]. - The company has signed equity option cooperation agreements with over 270 technology innovation enterprises, with a focus on those recognized as national-level specialized and innovative "little giants" [3]. - The investment model combines credit financing with equity options, alleviating concerns of early-stage equity dilution for startups while allowing the firm to share in the growth and value appreciation of these enterprises [2][3]. Group 2: Green Finance Initiatives - As of August 2025, Everbright Wealth Management's investment balance in green finance has exceeded 700 billion yuan, actively promoting ecological improvement and corporate green transformation [1][5]. - The company has launched over 20 ESG and carbon neutrality-themed products since 2020, providing diverse tools for investors to engage in green investments [5]. - Investments are focused on traditional energy companies' green upgrades and clean energy enterprises' production line expansions, utilizing various financial instruments like green bonds and public REITs [5][6]. Group 3: Financial Performance and Client Service - Everbright Wealth Management has managed to grow its asset management scale to 1.79 trillion yuan by June 2025, serving over 25 million clients in six years and generating nearly 200 billion yuan in returns for investors [7]. - The company has issued over 21 trillion yuan in wealth management products, reflecting its strong asset management capabilities and brand influence [7]. - Looking ahead, Everbright Wealth Management aims to expand its services to the real economy and enhance its wealth management offerings for a broader range of investors [7].

Group 1: Monetary Policy and Financial Institutions - The People's Bank of China (PBOC) will conduct a 600 billion MLF operation with a one-year term to maintain ample liquidity in the banking system, signaling a supportive monetary policy stance [1] - The PBOC is developing carbon accounting standards for financial institutions, indicating a commitment to green finance and systematic development of the carbon market [2] Group 2: Local Banks and Innovation Financing - Several local banks have issued technology innovation bonds, with a total of 54 bonds issued this year amounting to 271 billion yuan, reflecting increased support for technology innovation enterprises [3] Group 3: Industry Development and Standards - The establishment of the National Gold and Jewelry Industry Measurement Testing Center has been approved, aiming to enhance product quality and market credibility in the gold and jewelry sector [4] Group 4: Economic Outlook - The U.S. economy faces dual risks of rising inflation and declining employment, with significant changes in trade, immigration, fiscal, and regulatory policies yet to be assessed [5]

Core Viewpoint - The People's Bank of China is enhancing carbon accounting standards and sustainable information disclosure requirements for financial institutions to support the development of the carbon market and promote green finance initiatives [2][3][4]. Group 1: Carbon Market Development - The carbon market is essential for establishing carbon pricing, which effectively guides resource allocation. The participation of the financial sector in carbon market construction can enhance trading activity and improve pricing efficiency while mitigating excessive price volatility risks [2]. - The People's Bank of China has been continuously improving the green finance system to inject new momentum into the economic transition towards a green and low-carbon model, aligning with the "dual carbon" goals [2]. Group 2: Sustainable Finance Standards - In June, the People's Bank of China, in collaboration with financial regulatory bodies, released a "Green Finance Support Project Directory" to standardize the definitions of various green financial products. This initiative aims to guide financial institutions in providing necessary financial support for low-carbon transitions in high-emission sectors [3]. - The bank is currently developing carbon accounting standards and revising guidelines for sustainable information disclosure to ensure orderly carbon accounting and information disclosure by financial institutions [3]. Group 3: Green Financial Products and Support - The People's Bank of China is enhancing green finance statistics and evaluations for financial institutions, creating carbon reduction support tools. A pilot program in Shanghai focuses on supporting clean energy, energy conservation, and carbon reduction technologies [4]. - As of the end of Q2 this year, financial institutions have issued over 1.38 trillion yuan in carbon reduction loans, with the national green loan balance reaching 42.4 trillion yuan and green bond balance exceeding 2.2 trillion yuan, positioning China among the global leaders in these metrics [4]. Group 4: Climate Risk Assessment - The People's Bank of China has conducted climate-related financial risk assessments and stress tests for 24 banks and certain industries, providing a basis for formulating macro-prudential policies and enhancing the financial system's ability to prevent climate risks [4]. - A scientifically accurate carbon price is crucial for optimizing risk scenario designs and better assessing climate-related risks [4].

Core Viewpoint - The conference emphasizes that sustainable development has transitioned from an option to a necessity, redefining the value of finance and highlighting the importance of integrating ESG into core strategies for both enterprises and banks [1][3]. Group 1: ESG Integration in Enterprises - Enterprises should elevate ESG from a standalone concept to a fundamental part of their core strategy, aligning sustainable development with their main business and overall strategy [3][4]. - High-quality information disclosure is essential for conveying value to society, with references to internationally recognized standards like TCFD and ISSB to enhance trust and recognition [3][4]. - Companies can leverage their ESG capabilities to lead industry development, influencing partners through green supply chains and participating in rule-making processes [4][5]. Group 2: Financial Advantages of ESG - Strong ESG performance can translate into financing advantages, with companies often enjoying broader financing channels and lower costs, such as through green bonds or ESG-linked loans [4][5]. - Companies with good ESG practices can attract long-term capital, enhancing market recognition and capital value, which can improve financial performance and corporate image [5][6]. Group 3: Case Study - Nanjing Bank - Nanjing Bank has been proactive in green finance since 2012, with over 20% of its portfolio in green finance, positioning it among the leaders in the sector [5][6]. - The bank has implemented a "1+3+X" green finance strategy, focusing on strategic planning, ESG risk management, and green operations, leading to innovative products like carbon performance-linked loans [5][6]. - Nanjing Bank emphasizes ESG risk management throughout its credit processes and has established a green operation system, including the first zero-carbon outlet in a pilot area [6][7]. Group 4: Policy and Market Environment - The national and industry-level policies are creating a favorable environment for enterprises to practice ESG, with ongoing green development policies and market preferences shifting towards low-carbon products [7][8]. - Banks can enhance their ESG practices by focusing on capital, funding, and asset management, which includes attracting strategic investors and optimizing financing conditions through green financial instruments [8][9].