Core Viewpoint - The economic transformation of Tibet over the past 60 years has been significant, with substantial growth in GDP and income levels, driven by strong leadership and supportive policies [1][2]. Economic Growth - In 2024, Tibet's GDP is projected to reach 276.5 billion yuan, which is 155 times that of 1965, with an average annual growth rate of 8.9% [1]. - Urban residents' per capita disposable income in Tibet will reach 55,444 yuan, 121 times that of 1965, while rural residents' per capita disposable income will be 21,578 yuan, 199 times that of 1965 [1]. - Tibet's GDP growth rates for 2023 and 2024 are expected to be 9.5% and 6.3%, respectively, leading the nation [1]. Financial Sector Development - The financial sector in Tibet has seen rapid growth, with a financial industry value added of 26.682 billion yuan in 2024, a year-on-year increase of 15.9% [2]. - In the first half of the current year, the financial industry's value added reached 11.885 billion yuan, growing by 26.7% year-on-year, the highest in the country [2]. - The banking sector has evolved from "horseback banking" to comprehensive digital services, with total deposits and loans exceeding 600 billion yuan [2]. Infrastructure Investment - The banking sector has significantly increased its support for major infrastructure projects, with loans for such projects rising from 17.527 billion yuan in 2012 to 214.48 billion yuan by 2025, a growth of 12.24 times [4]. - As of July 2025, banks in Tibet have issued a total of 86.2 billion yuan in loans for the construction of the Sichuan-Tibet Railway [4]. Green Finance Initiatives - The banking sector is focusing on green finance, with the People's Bank of China’s Tibet branch implementing carbon reduction support tools, resulting in 6.244 billion yuan in carbon reduction loans, expected to facilitate a reduction of 1.296 million tons of carbon emissions [5]. - Various green credit products have been introduced, such as "Carbon Benefit Loans" and "Grassland Carbon Benefit Loans," aimed at aligning financial services with ecological sustainability [5].

新能源行业发展强劲，集团持续受益，业务稳健发展 2025年上半年，中国新能源行业在能源转型浪潮中持续发力，展现出强劲的发展动力。国家能源局2025 年三季度新闻发布会数据显示，截至2025年6月，全国光伏新增并网约2.12亿千瓦；全国光伏发电装机 容量达到约11亿千瓦，同比增长约54.1%。同时，全国风电新增并网容量约5139万千瓦；全国风电累计 并网容量达到约5.73亿千瓦，同比增长约22.7%。受益于行业发展，报告期内，集团持续推动光伏业务 集中式和分布式协同发展，加速风电业务布局，并积极打造集团新增长极。 在光伏业务方面，分布式光伏成为增长的新亮点。报告期内，集团分布式光伏并网规模达到1020MW， 同比增幅高达18.6%，实现电力销售收入约3.6亿元人民币。依托山东高速集团的股东资源优势，集团深 化与高速、水务等战略客户的合作，在多个省份成功落地分布式光伏项目。报告期内，集团积极响应分 布式新政，快速抢装并网，合计增加100MW。 凭借综合优势，集团在风电业务方面稳步发展。报告期内，集团先后获取山东菏泽387.5MW集中式陆 上风电指标、"十四五"规划第二批375MW集中式陆上风电指标及山东175MW ...

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨挥毫作 答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大者"为经，以"民之关 切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券时报联合中国证券业协会，推 出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之二十四，敬请垂注。 今年2月，中国证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》，要求强化资本市场在促进资本形成、优 化资源配置等方面的功能，推动要素资源向科技创新、先进制造、绿色低碳、普惠民生等重大战略、重点领域、薄弱环 节集聚，更好满足高质量发展对优质金融服务的需求，助力中国式现代化建设。 华宝证券党委书记、董事长刘加海近日接受证券时报记者采访时表示，华宝证券作为中国宝武旗下的专业金融机构，积 极做好金融"五篇大文章"，以绿色金融为核心，助力钢铁行业低碳转型与新质生产力发展；积极探索数字"员工"、人工智 能（AI）等新技术赋能业务创新发展，打造ETF（交易型开放式指数基金）服务链，将数字金融与普惠金融做深做实， 为实 ...

Core Viewpoint - The central economic work conference emphasizes the importance of green finance as one of the key areas for financial development, highlighting the need for a comprehensive green transformation of economic and social development [1] Group 1: Strategic Foundation - The company has integrated green finance into its strategic planning, identifying it as one of the seven major business strategies in its 14th Five-Year Plan [2] - A dedicated green finance leadership group and specialized center have been established to oversee and implement green finance initiatives [2] - The bank has set green loan assessment indicators in its annual management evaluation for seven consecutive years, prioritizing credit plans for green enterprises [2] Group 2: Product Innovation - The company has developed and upgraded financial products tailored to market needs, such as the "Environmental Loan" which links loan pricing to corporate environmental credit ratings [3] - The introduction of the "Zijin·Carbon Financing" product provides low-interest credit loans to green enterprises in Jiangsu Province [3] - Innovative collateral methods, including carbon emission rights pledge financing, have been implemented to facilitate financing for green projects [3] Group 3: Case Study - A paper manufacturing company transitioning from a high-carbon industry received a 10 million yuan loan backed by carbon emission rights, addressing its financing challenges [4] - As of July, the bank's green loan balance reached 16.97 billion yuan, an increase of 2.726 billion yuan from the beginning of the year, with a growth rate of 19.14% [4] Group 4: Social Responsibility - The company has established a comprehensive ESG framework and published its first ESG report, effectively managing climate and environmental risks [5] - It has joined the UN Environment Programme Finance Initiative, becoming the first rural commercial bank in Jiangsu Province to sign the UN Principles for Responsible Banking [5] - The bank actively promotes ecological protection initiatives, such as the "Smile Dolphin" themed credit card, integrating social responsibility into its financial services [5][6] Group 5: Future Outlook - The company aims to continue its commitment to green and low-carbon development, expanding its strategic layout and service boundaries to achieve a symbiotic relationship between green initiatives and financial growth [6]

Core Concept - The "Two Mountains" concept emphasizes the integration of ecological protection and economic development, proposing that a good ecological environment is essential for sustainable economic growth [1][2][3]. Group 1: Ecological Economy System - The "Two Mountains" concept scientifically addresses the conflict between economic development and ecological protection, establishing a foundation for an ecological economy system based on industrial ecologicalization and ecological industrialization [2][4]. - A good ecological environment has natural, social, and economic values, and recognizing its economic value is crucial for sustainable development [2][3]. - The transformation of ecological advantages into developmental advantages is essential for achieving a harmonious relationship between industry and nature [4][5]. Group 2: Sustainable Agricultural Practices - Sustainable agricultural practices should incorporate modern technology, particularly digital and green technologies, to enhance productivity and economic efficiency [5]. - The agricultural system should ensure food security while promoting ecological balance through integrated farming practices [5]. Group 3: Industrial and Service Sector Transformation - The industrial sector must adopt a green transformation by optimizing industrial structures and promoting low-carbon industries [4][5]. - The service sector should focus on green development, including eco-tourism and green technology services, to enhance ecological restoration and protection [5]. Group 4: Policy Support for Ecological Economy - Establishing a robust ecological economy system requires comprehensive reforms and policy support, including green financial tools and incentives for sustainable practices [5][6]. - National development plans should prioritize ecological green industry clusters, integrating ecological considerations into economic evaluation and fiscal policies [5][6]. Group 5: Future Directions - The future direction involves continuous improvement of the ecological economy system, ensuring that ecological protection and restoration contribute to new value creation and industry development [6].

Core Viewpoint - Fuzhou Futures aims to support the real economy and promote green development through its services and products, focusing on high-end materials and energy sectors [1][2][4]. Group 1: Company Strategy and Development - Fuzhou Futures is the only futures company under the Fujian provincial state-owned asset system, fully owned by Fujian Energy and Petrochemical Group, emphasizing its commitment to serving the real economy [1]. - The company is actively enhancing its collaboration with the group’s new energy enterprises, aligning with the national strategy and group planning to promote green transformation [2][3]. - Fuzhou Futures has established branches in regions like Guangdong and Sichuan to support the development of new energy futures products and has conducted extensive industry research [2]. Group 2: Product and Service Offerings - The company provides diversified products and services to help enterprises participate in the futures market, focusing on price discovery, risk management, and resource allocation [1][2]. - Fuzhou Futures has successfully launched futures products such as industrial silicon, lithium carbonate, and polysilicon, which are crucial for the green low-carbon transition [2][3]. - The company has developed customized financial derivative training for local enterprises, enhancing their ability to manage risks through hedging tools [2]. Group 3: Market Development and Collaboration - Fuzhou Futures is collaborating with exchanges to promote the listing of new energy products, including hydrogen and electricity futures, and has conducted preliminary research on carbon emission rights [3]. - The company has organized multiple training sessions to improve the understanding and participation of new energy enterprises in futures tools [3]. - Fuzhou Futures has facilitated the establishment of polypropylene delivery warehouses in Fujian, enabling local enterprises to engage more conveniently in futures delivery [4]. Group 4: Risk Management and Support for Enterprises - The company offers comprehensive services for enterprises, including system construction, personnel training, risk control drills, and market analysis to support their futures hedging activities [5]. - Fuzhou Futures has seen an increase in the adoption of basis trading and rights-inclusive trading in the construction and textile industries, providing solutions to mitigate price volatility risks [6]. - The company aims to enhance support for small and medium-sized enterprises facing challenges in utilizing futures tools, advocating for continued and expanded support measures from exchanges [6].

● 本报记者 欧阳剑环 连润 期货市场应以服务实体经济为导向，支持国民经济平稳健康发展，服务中国式现代化和金融强国建设。 福能期货通过持续优化产品和服务，在服务实体经济方面已取得明显成效。 郑梅华介绍，福能期货积极推动福建期货相关产业客户更加便利地参与期货市场。例如，在塑料期货上 市初期，福建没有设立塑料期货交割库。这意味着在福建生产的商品无法便利地在期货市场进行交割。 "经过多年发展，福建在塑料产业规模体量、上下游配套物流等方面逐步完善。"郑梅华表示，为打通这 一壁垒，福能期货在福建证监局指导下与交易所充分沟通，推动福建企业申请聚丙烯交割厂库，并于 2022年成功获批，实现了省内塑料交割厂库从无到有的突破。 在实践中，福能期货尤其注重提升新能源企业运用金融衍生品的能力。"比如，工业硅期货上市后，我 们深入四川阿坝州产区开展调研，实地走访了解企业经营状况与风险管理需求、采集现货市场信息，并 为当地企业提供定制化金融衍生品培训。基于此，已有企业在适当时机成功运用套期保值工具进行风险 管理。"她说。 作为福建省能源石化集团全资子公司，在集团主攻"绿色能源、高端材料"两大方向，并围绕"双碳"目标 推出系列举措的背景 ...

证券时报记者 许盈 今年2月，中国证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》，要求强化资本市场在促进资本形 成、优化资源配置等方面的功能，推动要素资源向科技创新、先进制造、绿色低碳、普惠民生等重大战略、重点 领域、薄弱环节集聚，更好满足高质量发展对优质金融服务的需求，助力中国式现代化建设。 华宝证券党委书记、董事长刘加海近日接受证券时报记者采访时表示，华宝证券作为中国宝武旗下的专业金融机 构，积极做好金融"五篇大文章"，以绿色金融为核心，助力钢铁行业低碳转型与新质生产力发展；积极探索数 字"员工"、人工智能（AI）等新技术赋能业务创新发展，打造ETF（交易型开放式指数基金）服务链，将数字金融 与普惠金融做深做实，为实体经济和投资者创造更多价值。 助力钢铁产业低碳转型 近年来，随着国家"双碳"目标的深入推进，绿色金融成为推动经济高质量发展的重要力量。 2024年，华宝证券助力云煤能源完成再融资，资金投入焦化环保搬迁升级项目，为西南地区焦化项目绿色转型树 立了典范。 在碳金融领域，华宝证券通过碳金融工具将钢铁行业的节能降碳技术资产化，将低碳技术转换成真金白银。2024 年，华宝证券与首钢股份建立合 ...

，推动华安证券股份有限 公司（以下简称"公司"）高质量发展和投资价值提升，保护 投资者尤其是中小投资者合法权益，公司于 2025 年 1 月 27 日在上海证券交易所网站发布《2025 年度"提质增效重回报" 工作方案》。2025 年以来，公司根据工作方案积极开展相关 工作，现将实施进展及评估情况报告如下： 专项行动评估报告 为深入贯彻落实党的二十大和二十届二中、三中全会精 神，以及中央经济工作会议、中央金融工作会议精神，落实 国务院《关于加强监管防范风险推动资本市场高质量发展的 若干意见》（以下简称新"国九条"） 华安证券股份有限公司 一、坚定推进高质量发展，稳步提升经营质量 工作总基调，统筹推进党的建设与经营管理工作，协调推进 业务发展与风险防控，持续推进综合化经营和差异化突破， 保持稳中有进、进中有新的发展态势。截至 2025 年 6 月末， 公司总资产 1021.18 亿元（合并口径未经审计数，下同），归 母净资产 231.06 亿元，资本实力达到历史最高水平，净资本 等风险控制指标持续满足监管要求；上半年实现营业收入 和 44.94%，创上市以来历史同期最好水平；基本每股收益由 上年同期的 0.15 ...

Core Viewpoint - First Capital Securities reported a revenue of 1.832 billion yuan and a net profit of 486 million yuan for the first half of 2025, both showing over 20% year-on-year growth [2][3] Financial Performance - Total revenue for the first half of 2025 reached 1.832 billion yuan, marking a year-on-year increase of 20.20% - Net profit attributable to shareholders was 486 million yuan, reflecting a year-on-year growth of 21.41% - Total assets amounted to 55.150 billion yuan, up 4.56% from the end of the previous year - Net assets attributable to shareholders were 17.003 billion yuan, an increase of 4.28% from the end of the previous year [2] Business Development - The company aims to enhance its comprehensive financial service capabilities driven by asset management and investment banking, focusing on customer-centric services and expanding its client base [3] - Asset management business saw a total of 66.325 billion yuan in managed funds, an increase of 126.87 million yuan, or 23.65% from the end of 2024 - Public fund management scale reached 164.698 billion yuan, growing by 189.44 million yuan, or 13.00% [3][4] Fixed Income and Investment Banking - The company ranked 6th in the market for non-bank members in government bond trading volume for the first half of 2025 - In debt financing, the company completed 70 projects with a total underwriting amount of 25.274 billion yuan, a year-on-year increase of 296.64%, moving up 29 places to rank 26th in the industry [4] Brokerage Business - The company added 121,100 new clients, with new client asset scale increasing by 6.382 billion yuan - Institutional client business saw a significant increase, with the number of retained clients and asset scale growing by 241.67% and 79.41% respectively [5] Strategic Focus - The company is committed to enhancing its functional capabilities and supporting national strategies, particularly in technology innovation and green finance [7][8] - It successfully issued 5 billion yuan in technology innovation bonds and ranked among the top 10 in underwriting technology innovation bonds with a total of 7.311 billion yuan [7] - The company actively promotes ESG principles, with sales of ESG-themed public funds and asset management products reaching 1.782 billion yuan, a year-on-year increase of 163.61% [8] Digital Finance - The company is advancing its digital finance initiatives by enhancing AI applications and developing proprietary trading systems to improve service efficiency and responsiveness [9]