Core Viewpoint - Hong Kong Stock Exchange has signed a memorandum of cooperation with Guangzhou Carbon Emission Trading Center, Shenzhen Green Exchange, and Macau International Carbon Emission Trading Exchange to promote the development of the carbon market and green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1 - The four exchanges will explore cooperation opportunities in the carbon market and green finance sectors [1] - The collaboration aims to enhance experience exchange and knowledge sharing among relevant institutions and personnel [1] - The initiative is expected to improve professional capabilities in carbon market operations and green finance [1] - The partnership will contribute to the deepening development of the regional carbon market [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has signed a memorandum of cooperation with Guangzhou Carbon Emission Trading Center, Shenzhen Green Exchange, and Macau International Carbon Emission Trading Exchange to promote the development of the carbon market and green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1 - The four exchanges will explore cooperation opportunities in the carbon market and green finance sectors [1] - The collaboration aims to enhance experience exchange and knowledge sharing among the institutions involved [1] - The initiative is expected to improve the professional capabilities of relevant institutions and personnel in carbon market operations and green finance [1] - The partnership will contribute to the deepening development of the regional carbon market [1]

Core Insights - The report highlights the steady growth of trade finance in the Chinese banking sector, driven by strong policy support and a solid development foundation [2][4] - It emphasizes the need for innovation and risk management in trade finance to adapt to emerging challenges and opportunities [3][4] Group 1: Trade Finance Growth - In 2024, the international settlement volume reached $12.75 trillion, and domestic letter of credit settlement volume was ¥3.62 trillion, marking year-on-year increases of 10.35% and 17.89% respectively, both hitting historical highs [2] - International trade financing volume was $488.475 billion, showing a slight decline, while domestic trade financing volume grew by 16.35% to ¥4.66 trillion, indicating strong domestic market demand [2] - Domestic factoring business volume exceeded ¥4 trillion, with a year-on-year growth of 17.03%, remaining a key growth area for the banking sector [2] Group 2: Innovation and Risk Management - The banking industry is encouraged to deepen business innovation by leveraging digital finance, big data, cloud computing, and artificial intelligence to enhance supply chain financial services [3] - There is a focus on developing customized financing solutions for sustainable projects along the Belt and Road Initiative, as well as for small and micro foreign trade enterprises [3] - Risk prevention measures are being strengthened, including multi-layered assessment mechanisms for country and sovereign credit risks, and enhanced compliance management for cross-border capital flows [3] Group 3: Future Outlook - Trade finance is positioned to play a larger role in stabilizing foreign trade, supporting industrial chain stability, and promoting integrated domestic and foreign trade [4] - The banking sector is expected to upgrade its services along the path of "industry deepening + technology empowerment," enhancing its risk control capabilities and fostering international cooperation [4]

转自：新华财经 论坛期间，邮储银行北京分行深度参与全部5场"绿色发展会客厅"活动，与通州、房山、昌平、平谷、顺义五区相关政府单位开展对接交流，并出席多 场平行论坛，围绕绿色金融政策、产品创新、产业对接、气候投融资等议题分享经验，推动绿色金融与绿色产业协同发展。 邮储银行北京分行相关负责人表示，未来将继续贯彻落实国家"双碳"战略，围绕北京市绿色经济标杆城市建设目标，优化绿色金融服务体系，聚焦降 碳、减污、扩绿、增长等关键环节，强化对节能环保、生态保护等领域的金融供给，丰富多元金融工具，完善机制标准，构建绿色金融生态体系，助力 首都绿色高质量发展，为实现碳达峰碳中和目标贡献金融力量。 编辑：焦若涵 2025年北京绿色发展论坛于9月21日至25日在北京城市副中心三大文化设施户外环形走廊带举行。作为首届北京绿色发展论坛的重要配套活动，本届博 览会聚焦绿色产业前沿技术与实践，搭建政策解读、成果展示、产业对接与公众体验的综合平台。中国邮政储蓄银行北京分行积极参展，围绕"绿色让 生活更美好"主题，全面展示其在绿色金融领域的创新实践与服务成果。 除金融产品创新外，邮储银行北京分行在展区设置高科技互动体验区，展示数字人客服、A ...

Core Viewpoint - China Everbright Bank is actively supporting rural revitalization through innovative financial services and targeted credit support, contributing to agricultural production and rural development [1][3][17]. Group 1: Financial Support for Agriculture - As of June 2025, Everbright Bank's agricultural loan balance reached nearly 350 billion yuan, an increase of approximately 30 billion yuan since the beginning of the year [1]. - The bank has provided significant financial backing for summer grain purchases, including a 1 billion yuan credit approval for a major agricultural group in Shaanxi, facilitating timely funding for grain procurement [4]. - The bank's Zhengzhou branch has supported seed industry revitalization by offering 30 million yuan in credit to a seed company, enhancing its production capacity to 84 million jin of corn seeds in 2023 [4]. Group 2: Mechanization and Technology in Agriculture - Everbright Bank has launched a "Ten Thousand Agricultural Machinery Update Plan" to support the modernization of agricultural machinery, providing quick credit support to a machinery dealer in Guangdong [5]. - The bank's financial services cover the entire agricultural production chain, from land improvement to seed cultivation and machinery upgrades, ensuring stable agricultural production [5]. Group 3: Development of Specialty Industries - The bank has introduced innovative financial models to support local specialty products, such as the "Geographical Indication Trademark Pledge" for the Laiyang pear, helping small enterprises secure financing [7][8]. - In Yantai, the bank provided 70 million yuan in credit to a seafood company, facilitating equipment upgrades and expanding production, which in turn created jobs for over 500 local fishermen [8]. Group 4: Green Finance and Tourism Integration - Everbright Bank is integrating green finance with rural revitalization, exemplified by its support for a bamboo product company in Anhui with an 80 million yuan project loan, promoting sustainable development [12][13]. - The bank has also funded tourism projects in Jiangxi, enhancing local tourism and agricultural product sales, thereby increasing income for surrounding farmers [13]. Group 5: Infrastructure and Land Development - The bank is involved in rural land reform projects, transforming underutilized agricultural land into valuable development assets, allowing villagers to participate in economic growth [17]. - A significant project in Qingdao aims to establish a modern agricultural supply chain center, supported by a 50 million yuan loan, enhancing agricultural logistics and market access [16]. Group 6: Future Commitment - Everbright Bank is committed to continuing its support for rural revitalization by innovating financial products and services tailored to the needs of rural areas, aiming to foster sustainable agricultural and rural development [17].

Core Insights - The financial sector in China has achieved significant milestones during the "14th Five-Year Plan" period, with comprehensive reforms and modernization of governance systems [1][2] - The banking and insurance sectors have seen total assets exceed 500 trillion yuan, with an annual growth rate of 9% over the past five years [2] - The capital market has experienced a robust increase in direct financing, with total financing reaching 57.5 trillion yuan in the last five years [3] Group 1: Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally [1] - The stock and bond markets are the second largest in the world, with foreign exchange reserves maintaining the top position for 20 consecutive years [1] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on green finance, inclusive finance, and digital finance [1] Group 2: Banking and Insurance Sector Developments - The banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy over the past five years [2] - The balance of loans to small and micro enterprises reached 36 trillion yuan, 2.3 times that of the end of the "13th Five-Year Plan," with a 2 percentage point decrease in interest rates [2] - The insurance industry has paid out 9 trillion yuan in claims, a 61.7% increase compared to the "13th Five-Year Plan" period [2] Group 3: Capital Market Growth - The A-share market's total market capitalization surpassed 100 trillion yuan for the first time in August 2023 [3] - The proportion of direct financing has increased by 2.8 percentage points compared to the end of the "13th Five-Year Plan," reaching 31.6% [3] - Over 90% of newly listed companies in recent years are technology firms or have high technological content, with the technology sector's market capitalization exceeding 25% [3]

Core Viewpoint - The news highlights the significant advancements in clean energy development in Tibet, particularly through large-scale projects like the Yarlung Tsangpo River hydropower project and various solar thermal initiatives, which are transforming the region's energy landscape and supporting economic growth while prioritizing ecological sustainability. Group 1: Clean Energy Projects - The Yarlung Tsangpo River hydropower project, with a total investment of 1.2 trillion yuan, is the largest clean energy development project globally, aimed at reshaping China's energy structure and accelerating the construction of clean energy bases in Tibet [1] - The "zero-carbon" solar thermal project in Ali, with a total investment of 2.78 billion yuan, is designed to provide heating and electricity, significantly reducing reliance on coal and minimizing greenhouse gas emissions [3][4] - The solar heating project in Ritut County, which connects 1,080 households to solar heating, represents a shift towards renewable energy solutions in a region with harsh winter conditions [5][6] Group 2: Economic and Environmental Impact - Tibet's GDP growth rate reached 7.2% in the first half of the year, the highest in the country, reflecting the region's economic transformation alongside its commitment to ecological preservation [1] - The clean energy projects are expected to provide an annual reduction of 9.2 million tons of CO2 emissions and 103 tons of particulate matter, contributing to a greener environment [3][6] - The integration of advanced technologies in clean energy projects is expected to create new job opportunities and enhance local income sources, with over 6,000 jobs supported through financing for equipment and project development [7][9] Group 3: Financial Support and Green Financing - The People's Bank of China in the Ali region has implemented various financial support policies to facilitate the development of green industries, resulting in a 25% annual growth in green loan balances during the 14th Five-Year Plan period [11] - The financing structure for the "zero-carbon" project involved a syndicate loan approach, with a total credit of 1.715 billion yuan, demonstrating innovative financial solutions to support large-scale clean energy initiatives [9][10] - The region's green loan balance reached 195.619 billion yuan by June 2025, accounting for nearly 30% of total loans, indicating a strong commitment to sustainable financing practices [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Chinese economy shows a complex situation with different indicators having various trends. For example, GDP growth has a slight decline, while some monetary indicators like M1 have an upward trend [1]. - The financial market is affected by multiple factors. The LPR remains stable currently, but there may be changes in the fourth quarter. The bond market has fluctuations, and the stock market has different performances in different regions [3][11][28]. - Different industries have their own development characteristics. The gold industry has a high - price trend, the steel industry has a new work plan, and the energy and agricultural industries also have corresponding developments [4][6][9]. 3. Summary by Relevant Catalogs 3.1 Macro Data速览 - GDP in Q2 2025 had a year - on - year growth of 5.2%, slightly lower than the previous quarter's 5.4% but higher than the same period last year (4.7%) [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% in the same period last year; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% in the previous month and the same as the same period last year [1]. - The year - on - year growth rates of M0, M1, and M2 in August 2025 were 11.7%, 6.0%, and 8.8% respectively. M1 increased compared to the previous month and the same period last year, while M0 and M2 had slight changes [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year, but the decline of PPI narrowed compared to the previous month [1]. - In August 2025, the cumulative year - on - year growth rates of fixed - asset investment (excluding rural households) and total retail sales of consumer goods were 0.5% and 4.64% respectively [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively, showing a decline compared to the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - As of the end of June this year, China's banking industry's total assets are nearly 470 trillion yuan, ranking first in the world; the stock and bond market sizes rank second in the world; and the foreign exchange reserve has ranked first in the world for 20 consecutive years [2]. - The 9 - month LPR quote remained stable, with the 1 - year LPR at 3% and the over - 5 - year variety at 3.5%. It is expected that the central bank may cut interest rates and reserve requirements in the fourth quarter [3]. 3.2.2 Metals - On September 22, the COMEX gold futures price exceeded $3,760 per ounce, and many gold - related A - share listed companies' stock prices rose significantly [4]. - In August, the global primary aluminum production was 6.277 million tons, and the expected production in China was 3.764 million tons [5]. - In July, Mexico's silver, copper, and gold production were 323,844 kg, 38,355 tons, and 6,048 kg respectively [5]. 3.2.3 Coal, Coke, Steel, and Minerals - The Ministry of Industry and Information Technology and other departments jointly issued the "Steel Industry Steady Growth Work Plan (2025 - 2026)", aiming for an average annual growth of about 4% in the steel industry's added value in the next two years [6]. 3.2.4 Energy and Chemicals - Four departments jointly issued the "Guiding Opinions on Promoting the High - quality Development of Energy Equipment", deploying 13 key tasks [7]. - As of September 22, the cumulative natural gas production in the Sichuan - Chongqing exploration area of Daqing Oilfield exceeded 4 billion cubic meters [7]. - Iraq plans to restart crude oil exports from the Kurdish region, and Saudi Arabia's crude oil inventory decreased in July [8]. 3.2.5 Agricultural Products - Jilin Province calculated the subsidy standards for corn, rice, and high - quality soybeans in 2025, which are 48.95 yuan/mu, 86.2 yuan/mu, and 27.8 yuan/mu respectively [9]. - As of last Thursday, the planting area of soybeans in Brazil's 2025/26 season was expected to have completed 0.9% of the expected area [9]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank announced that the 1 - year and over - 5 - year LPR remained unchanged at 3.0% and 3.5% respectively. It is expected that the policy interest rate and LPR may be cut before the end of the year [11]. - On September 22, the central bank conducted reverse repurchase operations, with a net investment of 26.05 billion yuan [11]. 3.3.2 Important News - The central bank governor introduced that as of the end of June this year, China's banking industry's total assets are nearly 470 trillion yuan, and the financial risks are generally controllable during the "14th Five - Year Plan" period [12]. - The financial regulatory authorities introduced the development of the banking, insurance, and other industries, and relevant departments mentioned debt management and risk prevention [13][14]. 3.3.3 Bond Market Summary - The yields of major interest - rate bonds in the inter - bank market generally declined, and the bond futures closed higher. The money market rates showed different trends [18][20]. - The yields of European and US bonds had different changes, and the central bank successfully issued 60 billion yuan of 6 - month RMB central bank bills in Hong Kong [21][22]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1148, down 23 points from the previous trading day, and the central parity rate rose 22 points [23]. - The US dollar index fell 0.36%, and most non - US currencies rose [23]. 3.3.5 Research Report Highlights - Shenwan Fixed - Income believes that the issuance and net financing of local bonds are expected to increase this week, and the current local - bond minus treasury - bond spread has low value for exploration [24]. - Guoxin Fixed - Income believes that the Fed's entry into the interest - rate cut cycle is beneficial to global risk - asset investment sentiment, and attention should be paid to the allocation value of bank convertible bonds [24]. 3.4 Stock Market Important News - The CSRC will accelerate the implementation of a new round of comprehensive deep - level capital market reform tasks and improve relevant systems [27]. - A - share major indexes rose, with technology stocks attracting funds. The Shanghai Composite Index rose 0.22% to 3,828.58 points, and the total trading volume was 2.14 trillion yuan [28]. - The Hong Kong Hang Seng Index fell 0.76%, and the south - bound funds had a net purchase of HK$12.736 billion [28].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The stock index futures are expected to experience wide - range fluctuations after the release of new policy signals [1]. 3. Summary by Relevant Content 3.1 Stock Index Futures Data Tracking - On September 22, all the current - month contracts of the four major stock index futures rose. IF rose 0.25%, IH rose 0.18%, IC rose 0.36%, and IM rose 0.47% [1]. - On the trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 52,955 lots, IH by 16,499 lots, IC by 72,929 lots, and IM by 105,450 lots. In terms of positions, the total position of IF decreased by 745 lots, IH increased by 3,869 lots, IC decreased by 7,430 lots, and IM decreased by 10,197 lots [1][2]. - The base differences and trading data of different contracts of IF, IH, IC, and IM are presented in detail in the table, including closing prices, price changes, base differences, trading volumes, and position changes [1]. 3.2 Top 20 Member Position Changes - The changes in long and short positions of the top 20 members of different contracts of IF, IH, IC, and IM are provided, with some data not disclosed [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.4 Important Drivers - Central Bank Governor Pan Gongsheng introduced that during the "14th Five - Year Plan" period, China's financial industry achieved new major achievements. By the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the scale of the stock and bond markets ranked second in the world; and the foreign exchange reserve scale ranked first in the world for 20 consecutive years. China is also at the forefront in green finance, inclusive finance, and digital finance. The RMB cross - border payment and settlement network is basically established, and mobile payment is internationally leading. In addition, the number of financing platforms decreased by 60% compared with March 2023, and the financial debt scale decreased by more than 50%. At the end of July, overseas institutions and individuals held 10 trillion yuan of domestic stocks, bonds, and deposits and loans. The issuance scale of panda bonds by overseas institutions exceeded 1 trillion yuan. In terms of financial support for real - estate risk resolution, policies such as the down - payment ratio and mortgage interest rates were optimized, and the stock mortgage interest rates were reduced, saving over 300 billion yuan in interest expenses for over 50 million households annually [6][7]. - Financial Regulatory Administration Director Li Yunze stated that since the "14th Five - Year Plan", the financial operation has been generally stable, with major regulatory indicators such as non - performing loans, capital adequacy, and solvency improving steadily and being in a healthy range. Over the past five years, the disposal of non - performing assets increased by more than 40% compared with the "13th Five - Year Plan" period. The total scale of capital and provisions for the industry to resist risks exceeded 50 trillion yuan. Currently, the total assets of the banking and insurance industries exceed 500 trillion yuan, with an average growth of nearly 9% in five years. The number and scale of high - risk institutions and assets have dropped significantly from their peaks, and the risks are fully controllable. During the "14th Five - Year Plan" period, the Financial Regulatory Administration cracked down on financial irregularities, punished illegal shareholders, and guided financial resources to the real economy [8]. - CSRC Chairman Wu Qing said that during the "14th Five - Year Plan" period, the CSRC issued 2,214 administrative penalties for cases such as financial fraud, market manipulation, and insider trading, with fines and confiscations totaling 41.4 billion yuan, an increase of 58% and 30% respectively compared with the "13th Five - Year Plan" period. The A - share market's resilience and risk - resistance ability have been significantly enhanced, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points compared with the "13th Five - Year Plan" period. In August this year, the total market value of the A - share market exceeded 100 trillion yuan for the first time. Listed companies' awareness of rewarding investors has increased significantly, with a total of 10.6 trillion yuan distributed through dividends and share buybacks in the past five years, an increase of more than 80% compared with the "13th Five - Year Plan" period. During the "14th Five - Year Plan" period, 13 foreign - controlled securities, fund, and futures institutions were newly approved to operate in China. Foreign investors held 3.4 trillion yuan of A - share market value, and 269 enterprises were listed overseas. The default rate of exchange - traded bonds has been maintained at a low level of about 1% [9].

2025年09月23日 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 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：供需双增，区间震荡延续 | 4 | | 工业硅：关注市场情绪 | 6 | | 多晶硅：仓单去化 | 6 | 期货研究 商 品 研 究 2025 年 9 月 23 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） | 121,400 | -100 | -1,180 | -740 | 1,570 | 3,120 | | ...