Core Insights - The data center industry is attracting significant capital attention due to its stable cash flow and growth potential, with recent innovations in the multi-tier REITs market opening new financing pathways for asset revitalization [1][2] - The successful establishment of the "Taibao Asset - Century Internet Data Center Holding Real Estate Green Asset Support Special Plan" marks a milestone as the first green holding real estate asset-backed security (ABS) in the national data center sector [1][3] - The issuance of public REITs for data centers earlier this year has filled a gap in the market, with both products seeing over 40% growth year-to-date as of November 18 [1][2] Group 1: Financial Innovations - The Century Internet project utilizes a flexible structure for holding real estate ABS, catering to diverse operational management needs and broadening the range of underlying assets and issuers [2][3] - The cash flow from data center operations is stable and predictable, primarily derived from service fees, making it an ideal candidate for ABS investment [2][3] Group 2: Green Transformation - The project has achieved the highest green ABS rating (G-1) and aligns with national guidelines for green low-carbon transformation, showcasing a financial tool that unlocks environmental value [4][5] - Initiatives such as solar panel installation and AI energy management have significantly reduced energy usage efficiency (PUE) and carbon emissions, enhancing both operational costs and environmental benefits [4][5] Group 3: Attracting Long-term Capital - The holding real estate ABS provides long-term, stable cash flow, aligning well with the characteristics of insurance funds, which seek steady returns [6] - The involvement of diverse investors, including insurance institutions and public funds, highlights the project’s ability to attract long-term capital to support digital infrastructure [6]

Group 1 - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference have been jointly held for the first time, attracting nearly 2,000 industry elites from various financial sectors [1] - The theme of the conference is "Empowering and Reshaping Value," featuring multiple sub-forums focused on banking, securities, asset management, futures, trust, investment banking, and insurance [1] - The total assets of China's banking sector reached 474.3 trillion yuan, a year-on-year increase of 7.9%, maintaining its position as the largest globally [2] Group 2 - The insurance industry's total assets have risen to 40.4 trillion yuan, while the trust industry's asset management scale surpassed 30 trillion yuan by the second quarter of this year [2] - The conference emphasized the importance of financial services in supporting technological innovation and nurturing new productive forces [2] - AI is seen as a transformative force in asset management, expanding business boundaries and reshaping processes within the industry [3] Group 3 - Public funds are encouraged to align with national strategies and enhance their investment research capabilities to better serve customer needs and long-term funding [3] - The conference serves as a platform to showcase the latest achievements in financial reform and open up collaboration opportunities [2]

在海南自由贸易港全岛封关进入最后一个月倒计时之际，国家金融监督管理总局11月18日在海口召开外 资金融机构座谈会，海南省委书记冯飞表示，欢迎外资金融机构充分发挥全球网络和专业优势，做好金 融"五篇大文章"，助力海南更好融入"一带一路"建设和全球产业链供应链体系，实现金融与实体经济良 性循环。 前述座谈会提出"推动更多金融改革开放措施在琼先行先试"。国研新经济研究院创始院长朱克力向《证 券日报》记者表示，外资金融机构可从三方面参与推动海南金融改革开放先行先试。一是参与制度创 新，结合国际经验提出跨境资金流动、资本项目开放等领域的改革建议，比如探索跨境资金池、本外币 一体化账户等新模式；二是引入新产品新服务，在风险可控前提下试点跨境资产转让、绿色金融债券等 创新业务，丰富海南金融市场工具箱；三是搭建国际合作平台，联合国内外机构开展跨境金融研讨会 等，促进人才交流与规则对接，提升海南自由贸易港国际影响力。通过这些实践，外资金融机构或将成 为海南金融改革的"试验田"和"连接器"。 今年10月份发布的"十五五"规划建议提出"高标准建设海南自由贸易港"。中国国际经济交流中心科研信 息部副部长刘向东在接受《证券日报》记者采 ...

Core Insights - The 14th "Shanghai Financial Talent" awards were announced on November 16, recognizing 21 financial professionals in Shanghai for their contributions to the construction of the Shanghai International Financial Center [1][7] - The awards included three categories: "Annual Person for the Construction of Shanghai International Financial Center," "Leading Figures in Shanghai Financial Industry," and "Innovative Figures in Shanghai Financial Industry" [1][6] Award Recipients - The "Annual Person for the Construction of Shanghai International Financial Center" awardees include: - Xie Wei, Deputy Secretary of the Party Committee and President of Pudong Development Bank [6] - Liu Jun, Secretary of the Party Committee and President of China Construction Bank Shanghai Branch [6] - Jia Biao, Secretary of the Party Committee and Chairman of Zhongbao Investment Company [6] - The "Leading Figures in Shanghai Financial Industry" awardees include: - Zong Jun, Deputy General Manager of Central Clearing Company [6] - Zeng Hui, Deputy General Manager of Shanghai Gold Exchange [6] - Wang Guan, General Manager of Personal Financial Business Department at Bank of Communications [6] - Shen Dong, Vice President and Chief Information Officer of Shanghai Rural Commercial Bank [6] - Zheng Sizhen, President of DBS Bank (China) [6] - Han Zhida, Vice President of Guotai Junan [6] - Ding Hui, Deputy Secretary of the Party Committee and President of CCB Life [6] - Gong Maojiang, Secretary of the Party Committee and President of Ping An Bank Shanghai Branch [6] - The "Innovative Figures in Shanghai Financial Industry" awardees include: - Lin Jingran, Vice President and Secretary of the Party Committee of Zhejiang Merchants Bank [6] - Lu Xiaorong, General Manager of Retail Financial Headquarters at China Merchants Bank [6] - Wang Huili, Secretary of the Party Committee and President of Nanjing Bank Shanghai Branch [6] - Dai Xuxian, Chairman of Industrial Bank Consumer Finance [6] - Zou Jianglei, CEO of Abu Dhabi First Bank China [6] - Xu Jun, Chairman of Shanghai Equity Custody Trading Center [6] - Shan Shufeng, Deputy General Manager of Shanghai Insurance Exchange [6] - Zhou Ailan, Deputy General Manager of China Life Insurance Shanghai Branch [6] - Hao Jianping, Deputy General Manager of PICC Property and Casualty Shanghai Branch [6] - Weng Yufeng, General Manager of Zhongzai Property Insurance Shanghai Reinsurance Operations Center [6] Industry Developments - Since 2025, significant policies and measures have been implemented to support the construction of the Shanghai International Financial Center, leading to continuous improvement in its capabilities [7] - In the first nine months of 2025, the total trading volume of Shanghai's financial market reached 296.783 trillion yuan, a year-on-year increase of 12.7% [7] - The Shanghai financial market has seen growth in stock market capitalization and interbank bond market scale, ranking among the top globally [7] - The digital RMB international operation center has commenced operations, and pilot projects in green finance and technology finance have shown significant results [7] - The "Shanghai Financial Talent" awards have been held for 14 consecutive years, recognizing over 300 financial professionals, contributing to the soft power of the Shanghai International Financial Center and fostering a financial culture [7]

Core Viewpoint - Gansu Bank has established itself as a key player in supporting local economic development while adhering to its mission of serving the community and promoting financial inclusion over the past fourteen years [1][7][18]. Group 1: Commitment to Local Economy - Gansu Bank's mission focuses on serving the local economy, agriculture, small and medium enterprises, and urban and rural residents, integrating its financial work with the broader development goals of Gansu [1][7]. - The bank has provided over 800 billion yuan in project loans to support local industries, contributing significantly to the province's economic stability [7][9]. Group 2: Innovation and Development - Gansu Bank has evolved from a single business model to a diversified financial ecosystem, enhancing its service capabilities and supporting high-quality economic development in Gansu [1][7]. - The bank has established a technology branch and developed specialized financial products, achieving a technology loan balance of 237 billion yuan [8][9]. Group 3: Social Responsibility and Community Engagement - Gansu Bank integrates social responsibility into its operations, focusing on rural revitalization and providing targeted financial products to support local industries [15][16]. - The bank has been recognized for its contributions to poverty alleviation and disaster recovery efforts, demonstrating its commitment to community welfare [15][16]. Group 4: Digital Transformation and Customer Service - Gansu Bank is advancing its digital transformation strategy, enhancing its online services and achieving over 400 million mobile banking users [12][13]. - The bank has implemented a comprehensive customer protection system, conducting over 5,000 financial literacy events to educate the public [16]. Group 5: Future Outlook - Gansu Bank aims to continue its alignment with provincial financial policies and contribute to the high-quality development of Gansu, reinforcing its role as a vital financial partner in the region [18].

Core Insights - The 19th Shenzhen International Financial Expo (金博会) opened on November 19, showcasing the growth from a local event to a globally recognized exhibition certified by the Global Association of the Exhibition Industry (UFI) [1] - The theme of this year's expo is "New Heights of Industrial Finance Empowering the Future," with an exhibition area of 15,000 square meters and participation from 288 institutions worldwide [1] - The expo aims to create a collaborative framework with nine thematic exhibition areas, focusing on licensed financial institutions, fintech, and cross-border finance, while employing a "1+3+N" conference model for effective resource integration [1] Industry Developments - The Shenzhen Municipal Financial Management Bureau emphasizes the importance of financial services for the real economy, with an average annual growth rate of 6.45% in the financial sector during the 14th Five-Year Plan period [2] - By the third quarter of 2025, the added value of Shenzhen's financial industry is projected to reach 398.76 billion yuan, reflecting a year-on-year growth of 14.5% [2] - Looking ahead to the 15th Five-Year Plan, Shenzhen aims to strengthen its role in national financial development, focusing on risk prevention, regulatory enhancement, and high-quality growth in sectors like cross-border finance and fintech [2]

Core Insights - The 14th "Shanghai Financial Professionals" awards were announced on November 16, recognizing 21 financial talents in Shanghai for their contributions to the construction of the Shanghai International Financial Center [1][8] - The awards included three categories: "Annual Figures for the Construction of the Shanghai International Financial Center," "Leading Figures in the Shanghai Financial Industry," and "Innovative Figures in the Shanghai Financial Industry" [1][8] Award Recipients - The recipients of the "Annual Figures for the Construction of the Shanghai International Financial Center" include: - Xie Wei, Deputy Secretary of the Party Committee and President of Pudong Development Bank - Liu Jun, Secretary of the Party Committee and President of China Construction Bank Shanghai Branch - Jia Biao, Secretary of the Party Committee and Chairman of Zhongbao Investment Company [7] - The "Leading Figures in the Shanghai Financial Industry" awardees include: - Zong Jun, Deputy General Manager of the Central Settlement Company - Zeng Hui, Deputy General Manager of the Shanghai Gold Exchange - Wang Guan, General Manager of the Personal Financial Business Department of Bank of Communications - Shen Dong, Deputy President and Chief Information Officer of Shanghai Rural Commercial Bank - Zheng Sizhen, President of DBS Bank (China) - Han Zhida, Vice President of Guotai Junan - Ding Hui, Deputy Secretary of the Party Committee and President of Jianxin Life Insurance - Gong Maojiang, Secretary of the Party Committee and President of Ping An Bank Shanghai Branch [7] - The "Innovative Figures in the Shanghai Financial Industry" awardees include: - Lin Jingran, Deputy President and Secretary of the Party Committee of Zhejiang Merchants Bank Shanghai Branch - Lu Xiaorong, General Manager of Retail Financial Headquarters of China Merchants Bank - Wang Huili, Secretary of the Party Committee and President of Nanjing Bank Shanghai Branch - Dai Xuxian, Secretary of the Party Committee and Chairman of Industrial Bank Consumer Finance - Zou Jianglei, CEO of Abu Dhabi First Bank China and President of its Shanghai Branch - Xu Jun, Secretary of the Party Committee and Chairman of Shanghai Equity Custody Trading Center - Shan Shufeng, Board Member and Deputy General Manager of Shanghai Insurance Exchange - Zhou Ailan, Board Member and Deputy General Manager of China Life Insurance Shanghai Branch - Hao Jianping, Board Member and Deputy General Manager of PICC Property and Casualty Shanghai Branch - Weng Yufeng, General Manager of Shanghai Reinsurance Operations Center of China Re [7] Financial Market Developments - Since 2025, significant policies and measures have been implemented to support the construction of the Shanghai International Financial Center, leading to continuous improvement in its capabilities [8] - In the first nine months of 2025, the total trading volume of Shanghai's financial market reached 296.783 trillion yuan, a year-on-year increase of 12.7%, with stock market capitalization and interbank bond market scale ranking among the top globally [8] - The digital RMB international operation center has commenced operations, and pilot projects in green finance and technology finance have shown significant results [8] Event and Support - The awards ceremony was attended by notable figures including Xu Yuchang, Secretary-General of Xinhua News Agency, and Gu Jun, Deputy Secretary-General of the Shanghai Municipal Government [1][8] - The event was organized by various institutions including the China Economic Information Service and supported by several governmental and financial regulatory bodies [9]

Core Viewpoint - Gansu Bank has established itself as a key player in supporting local economic development, emphasizing its commitment to serving the real economy and enhancing financial services for various sectors over the past fourteen years [1][5][12]. Group 1: Commitment to Local Economy - Gansu Bank's mission is to serve the local economy, focusing on agriculture, small and medium enterprises, and urban-rural residents, which aligns with national economic development goals [1][5]. - The bank has provided over 800 billion yuan in project loans to support local industries, contributing significantly to economic stability in Gansu province [6]. Group 2: Innovation and Development - Gansu Bank has evolved from a single business model to a diversified financial ecosystem, enhancing its service capabilities and supporting high-quality economic growth [1][5]. - The bank has established a "1+4+N" service model in technology finance, with a loan balance of 237 billion yuan dedicated to technology enterprises [6][7]. Group 3: Green and Inclusive Finance - Gansu Bank has developed a robust green finance framework, with a green loan balance of 228 billion yuan, supporting renewable energy projects [7]. - The bank has also focused on inclusive finance, with a balance of 141 billion yuan in microloans, benefiting thousands of small businesses [8]. Group 4: Wealth Management and Digital Transformation - Gansu Bank has built a comprehensive wealth management system, managing assets worth 2,616 billion yuan, and has implemented a dual-channel promotion mechanism for talent development [10]. - The bank has embraced digital transformation, achieving over 400 million mobile banking users and nearly 1,800 billion yuan in online managed assets [11]. Group 5: Social Responsibility and Community Engagement - Gansu Bank integrates social responsibility into its operations, focusing on rural revitalization and community support, with over 4 billion yuan in loans for local industries [12]. - The bank has actively participated in disaster recovery efforts, providing tailored financial services to affected individuals and businesses [13].

第十九届深圳国际金融博览会11月19日在深圳开幕，南方基 金精彩亮相，聚焦"五篇大文章"展现公募基金服务国家战略、 赋能实体经济的新作为，推动行业高质量发展。 作者：王海言 封图：图片资料室 11月19日，以"产业金融新高地，科创赋能向未来"为主题的第十九届深圳国际金融博览会在深圳 会展中心盛大启幕。作为国内首批规范的基金管理公司，南方基金精彩亮相本次金博会，围绕"养 老金融、科技金融、绿色金融、普惠金融、数字金融"五篇大文章，全面展示其在资产管理领域的 综合服务能力，生动诠释公募基金在服务国家战略、赋能实体经济、守护居民财富增长中的责任与 担当。 立足金博会"科创赋能"核心导向，南方基金将"五篇大文章"实践落到实处：在科技金融领域，南 方基金强化"平台化、一体化、多策略"投研体系，加大对战略新兴产业的配置力度，服务新质生 产力发展；在绿色金融领域，将ESG理念深度融入长期战略与日常经营，持续完善ESG评级体 系、丰富绿色金融产品供给，争做ESG投资领域的先锋；在普惠金融领域，坚定推进买方投顾转 型，打造"司南投顾"服务平台，推出合理让利型、固定持有期等特色产品，实现投资者与管理人 利益共享、风险共担；在养老 ...

Core Insights - The report highlights the overall stability and quality improvement of China's green finance system in October 2025, driven by policy support and market deepening, with green credit being the main growth driver and a rational price adjustment in carbon markets [2][11]. Group 1: Green Credit - Green credit continues to be the main driver of credit growth, with a new addition of 6.47 trillion yuan in the first three quarters of 2025, accounting for 43.9% of the total loan increase during the same period [3][22]. - As of the end of Q3 2025, the total balance of green loans reached 43.51 trillion yuan, reflecting a 17.5% increase from the beginning of the year [3][22]. - The main sectors benefiting from green loans include infrastructure upgrades, energy transition, and ecological restoration, with a combined balance of 32.62 trillion yuan [25][26]. Group 2: Green Bonds - In October 2025, 62 new green bonds were issued, totaling approximately 53.30 billion yuan, representing a significant decline of 41.35% in quantity and 48.13% in total issuance compared to September [4][29]. - The structure of green bond issuance has become more balanced, with asset-backed securities (ABS) becoming the largest category, accounting for over 54% of the total issuance [5][33]. Group 3: Carbon Market - The carbon market in October 2025 showed a "volume increase and price decrease" trend, with a total trading volume of approximately 41.56 million tons, a 27.09% increase from the previous month, while the total transaction value slightly decreased to 1.99 billion yuan [6][35]. - The average price of carbon allowances fell to 47.84 yuan per ton, indicating a rational market adjustment despite increased trading volume [6][37]. - Cumulatively, the carbon market has seen a total trading volume of approximately 769.9 million tons since its inception, with a total transaction value of about 51.82 billion yuan [6][37]. Group 4: Green Certificate Market - The issuance of green certificates saw a decline in October 2025, with approximately 229 million certificates issued, a decrease of 15.5% from August, while the proportion of tradable certificates increased to 69% [7][39]. - The total trading volume for green certificates in September reached about 65.12 million, with a significant portion being directly related to electricity trading [7][39]. Group 5: Market Data and Trends - The overall trend in green finance indicates a stable increase in volume and quality, with green credit leading the way, while the carbon market and green certificate market exhibit a "volume increase and price decrease" pattern [21][22]. - The green finance sector is becoming a crucial engine for stable growth and transformation in the economy, supported by various policies and market mechanisms [11][21]. Group 6: Corporate Dynamics - Various enterprises are actively engaging in green finance initiatives, such as issuing green bonds and developing innovative financial products linked to carbon footprints, demonstrating their role as key players in the market [45][46]. - Notable activities include the issuance of green financial bonds by the National Development Bank and the launch of a new green low-carbon card by China UnionPay [46][47].