Core Viewpoint - Financial institutions play a crucial role in promoting industrial green upgrades and supporting the transformation of the real economy, particularly in the context of China's "dual carbon" goals and comprehensive green transition [1] Group 1: Green Financial Innovations - Everbright Bank's Shanghai branch has made significant breakthroughs in green finance, focusing on green bonds, green loans, and green ABS, aligning with national strategies such as technological innovation and low-carbon transition [2][4] - The branch successfully invested in Baowu Steel's first bond themed around technological innovation and low-carbon transition, amounting to 600 million yuan, with at least 70% of the funds directed towards low-carbon and Belt and Road initiatives [2] - The bank's green ABS investments, including a 620 million yuan investment in a green asset support plan for new energy vehicles, are expected to reduce carbon emissions by approximately 49,600 tons annually [2][3] Group 2: Green Building Initiatives - The bank has invested in a green asset support plan for the Expo City Best Practice Area, which has received LEED ND Platinum certification and aims for "zero carbon" certification by 2025, contributing to significant energy savings and carbon reduction [3] - The investment in the green building project is projected to achieve energy savings of 22.57 tons of standard coal and a carbon reduction of 49.89 tons in 2024 [3] Group 3: Organizational Structure for Green Finance - Everbright Bank's Shanghai branch has established a comprehensive organizational framework for green finance, including a leadership group focused on carbon peak and neutrality, and specialized working groups for green finance business expansion and ESG risk management [4] - The "1+N+X" organizational system promotes collaboration across departments and supports the establishment of green finance specialty branches, enhancing the bank's ability to implement green financial products and services [4] Group 4: Regional Green Financial Layout - The bank focuses on Shanghai's industrial structure, providing targeted support for green transportation, automotive supply chains, and innovative technologies, aligning with the city's goal of becoming a world-class automotive industry center [6][7] - The bank has provided 4.7 million yuan in loans to a private environmental technology company to support its growth in environmental technology research and production capacity [6] Group 5: Green Energy Financial Ecosystem - Everbright Bank is building a comprehensive green energy financial ecosystem, particularly in distributed photovoltaic projects, through innovative financial service models and partnerships with leading companies [8][9] - The bank's collaboration with a leading distributed photovoltaic company has resulted in project financing covering 185 MW of capacity, expected to reduce carbon emissions by approximately 200,000 tons annually [8][9] - The bank aims to integrate financial services with clean energy operational efficiency, establishing a benchmark in the distributed photovoltaic finance sector [9]

央广网北京12月30日消息（记者 樊瑞）12月27日至28日，中国财富管理50人论坛2025年会在北京召开。中国财富管理50人论坛理事长、原银监会主席、证 监会原主席尚福林表示，回望"十四五"时期，我国金融业实现了规模增长与质量提升的历史性跨越，为金融强国建设奠定了坚实基础。迈向"十五五"，加快 建设金融强国，是质的有效提升和量的合理增长有机统一，是综合性、系统性、引领性的跃升。他指出，"十五五"时期加快金融强国建设需聚焦四大核心内 涵。 "十四五"期间金融业实现历史性跨越 尚福林表示，"十四五"的五年，金融领域始终坚守服务实体经济的本源，总量合理增长，质效持续提升。信贷结构持续优化，金融支持科技创新、绿色转型 等重点领域的力度不断加大；资本市场改革不断推进，多层次、广覆盖的市场体系更加完备；金融开放稳步扩大，上海国际金融中心能级持续提升，人民币 国际化不断深化；金融风险防范化解取得显著成效，守住了不发生系统性风险的底线。这些成就为"十五五"时期实现金融由大到强的跨越积累了宝贵经验。 第一，更加聚焦金融服务实体经济的根本宗旨，努力做好金融"五篇大文章"。金融强国建设的根基在于实体经济，必须优化金融资源配置，更 ...

Core Viewpoint - Shanghai Lufax Information Technology Co., Ltd. (Lufax) has been awarded the "Golden Horse Outstanding Institution for Serving the Real Economy" for its contributions to empowering small and micro enterprises through innovative financial services [2] Group 1: Financial Services Innovation - Lufax has upgraded its financing service brand to "Ping An Rongyi," focusing on the needs of small business owners and individual operators, utilizing a "technology + finance" dual-drive model to stimulate the real economy [2] - The company has implemented a "people + enterprise" risk control concept to create a comprehensive financing lifecycle management solution for small and micro enterprises, enhancing credit asset utilization and aligning financial services with industrial transformation [2] Group 2: Inclusive Finance and Digital Financial Services - Lufax has adopted a "three savings" service philosophy (saving worry, time, and money) and is driving its services through a dual-engine model of "micro financing + consumer finance," significantly improving accessibility and convenience of financial services [3] - By the end of Q3 2025, 13.68 million customers have received timely financing services from Ping An Rongyi [3] - The company is advancing its "AI in All" strategy, leveraging AI and big data to create a diverse intelligent service matrix, resulting in a 2.5 times increase in per capita productivity and a 75% improvement in review efficiency [3] Group 3: Green Development and Social Responsibility - Lufax is committed to the national "dual carbon" goals and has launched a "green finance +" action plan to support the development of green industries, including special financing solutions for electric vehicles [4] - The company has partnered with the China Women's Development Foundation to promote the "@Her Entrepreneurship Program," assisting over 2,500 rural women in developing unique industries, thereby activating rural economic vitality [4] - Lufax plans to continue focusing on key areas such as rural revitalization, green development, and technological innovation, aiming to contribute to high-quality financial development and the construction of a financially strong nation [4]

Core Insights - The futures risk management business is becoming a significant growth engine for futures companies, with new characteristics emerging in 2025 [1] Group 1: Characteristics of Futures Risk Management Business - The business is focusing on serving the real economy by utilizing unique advantages such as basis trading and warehouse receipt services, helping upstream and downstream enterprises reduce price volatility risks, lower inventory, and minimize capital occupation [1] - There is a notable contribution to green finance development, with the introduction of new products like industrial silicon, polysilicon, and lithium carbonate, and the launch of the first domestic OTC options linked to the EU ETS carbon emission rights, aiding domestic shipping companies in addressing international carbon emission constraints [1] - Increased investment in system construction is observed, aligning with the trend of digital finance, with significant enhancements in information technology, business processes, and management structures, leading to improved business efficiency, risk control capabilities, and settlement quality while significantly reducing operational costs [1]

Core Insights - The SAF production facility in Lianyungang, supported by Honeywell and Jiaao Environmental, has achieved large-scale production, processing 10,000 barrels daily, equating to an annual capacity of approximately 500,000 tons, marking a significant step towards commercial operation in China's SAF industry [1] - The project is seen as a pivotal element in the intersection of policy and market opportunities, reshaping China's green aviation energy landscape and positioning "Made in China" within the global green energy supply chain [1] Market Dynamics - The global aviation industry faces unprecedented carbon reduction pressures, with SAF being the most viable decarbonization pathway, potentially reducing lifecycle carbon emissions by up to 80% compared to traditional jet fuel [2] - In Europe, the demand for SAF is expected to surge due to regulatory drivers, with a projected consumption of 1.9 million tons by 2025, while domestic production capacity is only around 1 million tons, leading to a significant supply gap [2] - The International Air Transport Association forecasts that global SAF production could reach 2 million tons by 2025, representing only 0.7% of total fuel consumption, indicating substantial market potential [2] - The limited supply of SAF in the U.S. due to trade policies is shifting global buyers' focus towards Asia-Pacific production capabilities, presenting historic opportunities for Chinese SAF exports [2] Domestic Support and Infrastructure - China is establishing a comprehensive support system for the SAF industry, with top-level design and legal frameworks such as the Energy Law and Renewable Energy Law laying the groundwork for bio-liquid fuel development [3] - The People's Bank of China and other departments have included SAF in the 2025 Green Finance Support Project Directory, facilitating access to green loans and bonds to alleviate financing challenges [3] - Local governments are actively building industrial ecosystems, exemplified by Chengdu's establishment of a dedicated SAF industrial park and the introduction of supportive policies with over 100 million yuan investment planned over three years [3] Industry Growth Projections - The combination of policy and market forces is propelling the Chinese SAF industry into a rapid growth phase, with predictions of nearly tenfold market growth over the next five years, potentially reaching a market size in the trillions [4] Strategic Collaborations - The partnership between Honeywell and Jiaao Environmental aims to create a complete commercial loop from technology to product, utilizing Honeywell's Ecofining technology to efficiently convert waste oils into high-quality SAF [5] - Jiaao Environmental has established itself as a leader in SAF production with a designed capacity of 372,400 tons per year, leveraging its expertise in biomass energy [5] Market Expansion and Achievements - Jiaao Environmental has made significant strides in 2025, obtaining necessary approvals for domestic sales and becoming the first company on China's bio-jet fuel export list, exporting approximately 13,400 tons to Rotterdam [6] - Strategic investments from major players like BP and China National Aviation Fuel have solidified Jiaao's market position and distribution channels [6] Future Directions - The focus for the SAF industry will be on continuous cost reduction, with efforts to narrow the cost gap with traditional jet fuel through technological advancements and financial support [7] - Diversification of raw materials is essential to mitigate supply risks, with potential future developments in utilizing agricultural waste and synthetic fuels from green hydrogen and carbon dioxide [7] - Companies may explore advanced SAF production technologies and integrate carbon capture and utilization to develop "negative carbon" fuels as a future direction [7]

专题：稳舵行远篇丨金融新启航 在经济转型与周期波动交织的背景下，金融体系承担着稳预期、稳增长、稳结构的重要使命。如何在复 杂环境中把握方向、校准节奏，成为金融业必须直面的现实课题。 新浪财经推出《金融新启航·稳舵行远篇》专题系列，聚焦宏观政策取向、金融运行逻辑与重点领域改 革进展，邀请金融业界专家和学者，围绕金融如何更好服务实体经济、提升体系韧性展开深入讨论，记 录中国金融"稳中求进"中的关键判断与实践路径。 本期《金融新启航·稳舵行远篇》对话原国家林业局气候办常务副主任、中国绿色碳汇基金会创会秘书 长李怒云。她指出，近年来单边主义和贸易保护措施增多，使得全球协同应对气候变化的行动推进更加 艰难。中国一直强调"共同但有区别的责任"原则，发达国家理应为气候治理提供更多资金支持。 在国际协同受限的情况下，推动绿色信用向可定价、可核证、可质押的金融资产转化尤为关键。 李怒云表示，目前在国内市场上，真正实现标准化、并具备质押条件的绿色信用资产仍然较为有限。我 们希望能够按照自愿市场诚信委员会等国际通行规则来构建标准体系，同时逐步得到国内企业和金融机 构的接受，来推动这类信用资产的真正变现，进而形成可持续的绿色金融支持 ...

绿色发展是中国式现代化的鲜明底色，发展绿色金融是践行金融"五篇大文章"的重要抓手，助力碳达 峰、碳中和目标落地的关键举措。中央金融工作会议精准锚定绿色低碳发展方向，明确要求加大金融支 持力度，推动金融资源向绿色产业、节能降碳等重点领域高效集聚。中信银行以党建为引领，深学笃行 国家政策，将绿色发展理念贯穿经营全过程，创新绿色金融产品，精准对接产业结构优化、能源体系转 型、生态环境治理等核心需求，为推动经济社会全面绿色转型、实现高质量发展注入金融活水，书写绿 色金融赋能高质量发展的亮眼篇章，截至2025年12月中旬，该行绿色信贷余额（含中信金融租赁）已突 破7500亿元。 锚定产业绿色转型，为绿色发展注入金融活水 近年来，中信银行始终将绿色金融置于战略发展突出位置，以系统性思维构建绿色金融发展生态，多维 度协同发力打造覆盖绿色信贷、绿色债券、绿色租赁、低碳服务等领域的多元化产品谱系，既丰富自身 绿色金融服务供给，更能为广大客户提供定制化、全方位的绿色金融解决方案。 深耕清洁能源领域，筑牢新型电力系统金融支撑。中信银行聚焦风电、光伏、储能等清洁能源核心领 域，以产品创新为抓手，整合绿色信贷、绿色租赁、绿色债券等综合 ...

作为该计划的管理方，国金资管相关负责人认为，该产品聚焦火电资产特性与资本市场需求，量身定制 市场化询价定价方案，摆脱了传统定价模式的路径依赖，为构建层次多元的REITs市场提供有力支撑。 这种创新运作既充分挖掘了底层资产的内在价值，又以透明化、规范化的流程提升了交易效率与市场认 可度，在严格遵循监管要求与行业标准的前提下，持续释放能源资产的绿色价值。 12月30日，由协鑫集团主导发起的"国金资管－新疆国信持有型不动产资产支持专项计划"在上交所挂牌 上市（代码：266682.SH）。作为全国首单具备火电机构间REITs属性的持有型不动产ABS，该项目发 行规模达54.6亿元，不仅成功填补国内火电基础设施资产证券化领域的空白，也为传统能源资产盘活与 绿色金融融合创立了新标杆。 据了解，协鑫集团在能源资产证券化领域的探索正持续推进。该集团相关负责人介绍，此次火电ABS的 成功挂牌，将资产证券化模式延伸至火电核心资产，标志着协鑫已构建起覆盖多能源品类的资本创新矩 阵。未来，协鑫将持续深化能源资产与金融工具的融合创新，致力于推动更多优质资产进入资本市场流 通，以市场化机制助力新型电力系统建设，为实体经济高质量发展注入可 ...

Core Viewpoint - Green development is a prominent feature of Chinese modernization, and developing green finance is a crucial measure to support the achievement of carbon peak and carbon neutrality goals [1] Group 1: Green Finance Strategy - The company positions green finance as a strategic priority, creating a diversified product system that includes green credit, green bonds, green leasing, and low-carbon services [2] - The company focuses on clean energy sectors such as wind power, solar energy, and energy storage, integrating various financial services to support the development of a modern energy system [2] - The company has achieved a green credit balance exceeding 750 billion yuan by December 2025 [1] Group 2: Agricultural and Rural Development - The company targets agricultural green development and rural revitalization, providing financial products tailored to ecological agriculture and smart farming [3] - A loan of 4 million yuan was provided to a tea processing enterprise to address financing challenges related to forestry resources [3] Group 3: Environmental Protection - The company emphasizes ecological protection by supporting pollution control, ecological restoration, and biodiversity conservation through innovative financial tools [4] - A loan of 90 million yuan was allocated for an ecological restoration project in a subsided coal mining area, improving the local environment and creating job opportunities [4] Group 4: Traditional Industry Transformation - The company integrates carbon reduction into its green finance strategy, offering sustainable development-linked loans to support traditional high-energy-consuming industries in their transformation [5] - A loan of 385 million yuan was provided to a green building enterprise for its low-carbon transition, marking a significant innovation in financing models for the building materials industry [5] Group 5: Green Bonds and Financing - The company has issued green financial bonds totaling 50 billion yuan in 2025 and 45 billion yuan since 2023, directing funds to key green sectors [6] Group 6: Carbon Neutrality Initiatives - The company is building a carbon-neutral branch network, with the first batch of 300 green financial demonstration institutions recognized by 2025 [7] - The Beijing branch has implemented energy-saving measures and achieved the first carbon-neutral branch recognition within the system [7] Group 7: Collaborative Development - The company leverages its collaborative advantages to create a comprehensive green finance service, integrating various financial resources to support environmental enterprises [8] - A significant cross-border acquisition transaction in the environmental sector was facilitated, showcasing a multidimensional collaborative service model [8] Group 8: Green Supply Chain - The company has initiated the construction of a green procurement system, embedding low-carbon requirements into procurement processes to encourage suppliers to enhance their ESG performance [9] Group 9: Low-Carbon Service Platform - The company is developing a specialized low-carbon service platform to assist clients in managing carbon emissions and enhancing their competitive edge [10] Group 10: Future Directions - The company aims to continue supporting green transformation in various sectors, including clean energy and green transportation, while expanding its green finance boundaries [11] - The company plans to enhance its green procurement management system and collaborate with regulatory bodies and research institutions for innovative product development [12]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - Transition finance and green finance form an effective complementary structure, with transition finance targeting high carbon-emitting enterprises for their low-carbon transformation through technological upgrades, while green finance focuses on pure green projects [2][9]. - The international development of transition finance is driven by the EU carbon tax policy, entering a rapid development phase since 2023, with a historical progression through three stages: global consensus (2015-2019), framework establishment (2020-2022), and rapid development (2023-present) [2][14]. - China officially proposed the concept of "low-carbon transition" in 2024, with a series of supportive policies following, including the revision of the "Green Industry Guidance Catalog" to focus on low-carbon transition industries [2][17]. - The 14th Five-Year Plan shifts China's energy management from "dual control of energy consumption" to "dual control of carbon emissions," with an estimated demand for green low-carbon investment reaching 487 trillion yuan over the next 30 years, of which 60% is related to low-carbon transition [2][20]. - Mainstream international transition finance products include Sustainable Linked Loans (SLL), Sustainable Linked Bonds (SLB), and transition bonds, with SLL and SLB directly linking financing costs to sustainability goals [2][25]. Summary by Sections Transition Finance vs Green Finance - Transition finance supports high carbon-emitting projects for low-carbon transformation, while green finance supports energy-saving and emission-reducing projects [9][8]. International Development of Transition Finance - The development of international transition finance has progressed through three stages: consensus (2015-2019), framework establishment (2020-2022), and rapid development (2023-present) [14][10]. China's Transition Finance Development - China's transition bonds include transition bonds and low-carbon transition-linked bonds, with the latter dominating in issuance and financing amounts [3][50]. - The issuance of low-carbon transition-linked bonds reached 104, with a net financing amount of 572 billion yuan, while transition bonds totaled 32 with approximately 207 billion yuan [3][50]. - The main issuers of transition bonds have shifted from state-owned enterprises to local state-owned enterprises, with a corresponding decline in credit ratings from AAA to AA [3][72]. Mainstream Products in Transition Finance - The report identifies three main products in transition finance: transition bonds, SLL, and SLB, with specific characteristics and restrictions on fund usage [25][27]. - Transition bonds are specifically allocated for low-carbon transition projects, while SLL and SLB link financing costs to sustainability targets [25][27]. Advantages and Challenges of Transition Bonds - Despite higher costs, transition bonds offer advantages such as expedited review processes, potential government interest subsidies, and flexible interest rate adjustments linked to ESG goals [3][96][94]. - Transition bonds face challenges including higher issuance costs and a shift in issuer credit ratings, impacting their attractiveness compared to traditional corporate bonds [3][84][89].