Core Viewpoint - The successful issuance of the "Yuanjing Energy ABS" marks a significant step in the securitization of wind energy assets, providing innovative financing solutions for companies with green electricity and ESG needs [1][4]. Group 1: Project Overview - The project has a total issuance scale of 285 million yuan, with a structure designed for a 50-year term and no open exit arrangements during its duration [1]. - The underlying asset is the Weixian Hengpeng Wind Farm in Hebei Province, with a capacity of 100 MW, generating revenue primarily from wind power feed-in tariffs and green environmental rights [1][2]. - The project is the first clean energy holding-type real estate asset-backed security (ABS) in the market, indicating a key advancement in the securitization of wind energy assets [1][4]. Group 2: Financial and Operational Aspects - The issuance of the holding-type ABS allows the company to monetize future stable cash flows, enhancing capital efficiency [2]. - The Weixian Hengpeng Wind Farm is expected to sell approximately 230 million kWh of green electricity annually, significantly contributing to the reduction of carbon emissions [5]. - The project is projected to reduce carbon dioxide emissions by approximately 179,837.46 tons annually compared to traditional coal-fired power generation [5]. Group 3: Market and Policy Context - The project aligns with national goals for carbon reduction and green transformation, as outlined in the 2025 Government Work Report [4]. - The China Securities Regulatory Commission emphasizes the need to enrich the product system for capital markets to support green and low-carbon transitions [4]. - The project is expected to facilitate collaboration among core enterprises and their suppliers, promoting a coordinated decarbonization process across the supply chain [4][6]. Group 4: Investor Engagement and Market Development - The ABS has received strong support from various investors, including insurance funds, banks, and foreign enterprises, indicating high recognition of the asset quality [7][8]. - The innovative structure of the ABS allows for a standardized and shareable investment mechanism, enhancing liquidity and valuation efficiency of the underlying assets [7][8]. - The project is part of a broader initiative by the Shanghai Stock Exchange to develop a multi-tiered REITs market, focusing on clean energy projects [10][12].

周三（6 月 18 日）大盘探底回升，小幅收涨。截至收 盘，上证综指收于 3388.81 点，上涨 0.04%；深成指 收于 10175.59 点，上涨 0.24%；科创 50 上涨 0.53%； 创业板指上涨 0.23%，万得全 A 成交额共 12218 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 9 个行业收涨，其中 电子、通信及国防军工涨幅居前，而综合金融、房地 产及轻工制造则跌幅较大。概念方面，电路板、光模 块 CPO 及军工信息化等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，VISA 跌近 5% 周三（6 月 18 日），美国三大股指收盘涨跌不一，道 指跌 0.1%，标普 500 指数跌 0.03%，纳指涨 0.13%。万 得美国科技七巨头指数涨 0.04%，特斯拉涨超 1%，英伟 达涨近 1%。中概股多数下跌，比特小鹿跌逾 7%。 新闻精要 1. 2025 陆家嘴论坛召开 国家金融管理部门主要领导 重磅发声 2. 中央金融委员会印发《关于支持加快建设上海国际 金融中心的意见》 3. 国家有关部门：剩余支持资金将有序下达 国内市场综述 探底回升 小幅收涨 6. 全球重要 ...

Core Insights - The discussion at the Lujiazui Forum highlighted the importance of collaboration between Shanghai and Hong Kong as key financial centers in China, especially in the context of global economic changes [1][4] - AIA Group's CEO emphasized the company's active role in financial innovation and openness since its listing in Hong Kong in 2010, particularly in supporting the internationalization of the Renminbi [2] - The CEO proposed three key recommendations for enhancing financial cooperation between Shanghai and Hong Kong, focusing on regulatory coordination, long-term savings solutions, and increased policy support for innovation [3] Company Insights - AIA Group has been a pioneer in establishing Renminbi trading counters in Hong Kong, showcasing its commitment to financial innovation and responsiveness to market trends [2] - The company plans to continue its innovation efforts in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to provide comprehensive and sustainable financial services [2][3] - AIA Group expressed its unwavering support for the opening and innovation of the Chinese financial market, contributing to the high-quality development of the economy [4] Industry Insights - The collaboration between Shanghai and Hong Kong is seen as vital for injecting new vitality into the Chinese financial market and providing new models for global financial stability and development [1] - The establishment of a robust green finance ecosystem is crucial for international cooperation and achieving broader sustainable development goals in China [3] - Talent development is highlighted as a core element in financial openness and cooperation, with both cities having unique strengths in innovation and financial services [3]

央视网消息：6月18日，中国人民银行与匈牙利国家银行签署《合作谅解备忘录》，涵盖经济金融形势交流、绿色金融、深化中匈央行合 作等内容。 人民币跨境支付系统与6家外资机构签约 6月18日，人民币跨境支付系统与标准银行、非洲进出口银行、阿布扎比第一银行等6家外资机构签约，这标志着人民币跨境支付系统境外 外资直接参与者首次覆盖非洲、中东、中亚及新加坡离岸人民币中心，将进一步便利跨境人民币使用。 金融监管总局、上海市人民政府：27条具体举措支持上海国际金融中心建设 6月18日，金融监管总局会同上海市人民政府联合印发《关于支持上海国际金融中心建设行动方案》，《方案》提出27条具体举措，进一 步增强上海国际金融中心的竞争力和影响力。 这些举措包括，推动重点对外开放项目优先在上海落地，支持更多国际金融组织、国际金融行业协会及新型多边金融组织落户上海。 鼓励在沪金融机构稳妥有序开展碳金融相关业务，支持上海参与国际碳金融定价权竞争，打造国际绿色金融枢纽。 探索在上海自贸试验区开展以国际良好实践为基础的跨境银团贷款等非居民贷款业务。大力推进上海国际再保险中心建设和航运保险发 展。 支持聚焦服务实体经济和对外开放等重点领域组织实施 ...

2025年06月19日 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：矿端担忧有所降温，冶炼供应弹性饱满 | 2 | | --- | --- | | 不锈钢：负反馈传导减产增加，供需双弱低位震荡 | 2 | | 碳酸锂：仓单去化加速，关注潜在采买 | 4 | | 工业硅：仓单持续去化，关注上方空间 | 6 | | 多晶硅：上游复产，盘面下跌 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 2025 年 6 月 19 日 镍：矿端担忧有所降温，冶炼供应弹性饱满 不锈钢：负反馈传导减产增加，供需双弱低位震荡 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） | 118,480 | -90 | -3,310 | -4,110 | -5,370 | -11,010 | ...

Core Viewpoint - The People's Bank of China announced eight significant financial opening measures, including the expansion of the carbon reduction support tool, which aims to enhance green finance and support the country's dual carbon goals [1][3]. Group 1: Carbon Reduction Support Tool - The carbon reduction support tool was established in 2021 and targets 21 national financial institutions, focusing on clean energy, energy conservation, and carbon reduction technologies [1]. - The implementation period of the carbon reduction support tool has been extended to the end of 2027, as per the guidelines issued by the Central Committee of the Communist Party of China and the State Council [1]. Group 2: Challenges Faced - There are multiple challenges in the implementation of the carbon reduction support tool, including a lack of unified standards for green project recognition, which complicates verification and measurement of carbon reduction [2]. - The tool's coverage is limited, failing to support key areas needed for achieving carbon peak goals, and financial institutions are cautious in their operations, leading to limited scale [2]. - There is a need for improved risk compensation and incentive mechanisms, as some financial institutions show low enthusiasm for participation [2]. - Regional disparities exist, with the supply capacity of green projects in central and western regions being lower than that in eastern regions [2]. Group 3: Future Prospects - The expansion of the carbon reduction support tool signifies a deepening reform phase for green structural tools, potentially leading to innovations in supported areas, financial products, and accompanying policy mechanisms [3]. - Shanghai's role as a testing ground for these policies reflects a combination of policy testability and institutional leadership, with plans to explore diverse green financial tool designs [3]. - The global landscape of green finance is entering a phase of both competition and cooperation, and through structural monetary policy, China can enhance its climate financial governance capabilities [3].

Group 1 - The "Action Plan" aims to enhance the competitiveness and influence of Shanghai as an international financial center by promoting the aggregation of banking and insurance institutions in the city [1][2] - Financial institutions are encouraged to establish specialized entities or expand their authorization in Shanghai to seize opportunities in financial openness and gain policy innovation benefits [2][3] - The plan supports Shanghai's participation in international carbon financial pricing competition and aims to develop it into an international green finance hub [2][3] Group 2 - The "Action Plan" emphasizes the importance of improving financial services for the real economy and enhancing the quality of technology finance [2][3] - It proposes the establishment of a regulatory mechanism for financial innovation, focusing on risk management and prudent supervision [3] - The plan encourages the development of innovative financial products and services related to carbon finance, which is a crucial aspect of green finance [2][3]

Group 1: Corporate Social Responsibility - The company released its 2024 Social Responsibility Report, showcasing its commitment to financial responsibility and innovative practices in integrating party building with business operations [1] - This marks the sixth consecutive year the company has disclosed its corporate social responsibility information, emphasizing its mission to enhance the quality of life for all [1] Group 2: Elderly Care Strategy - The company has established a core strategy focused on elderly care, creating a multi-tiered service system that aligns with international standards while catering to domestic needs [2] - The "City Heart 2.0" model has been launched to enhance urban-centered elderly care services, aiming to provide high-quality living conditions for the elderly [2] Group 3: Philanthropy in Elderly Care - The company has conducted 140 elderly care charity events, engaging over 1,200 youth volunteers and benefiting more than 30,000 elderly individuals and their families [4] - In 2024, the company organized a total of 3,633 volunteer activities, donating materials and funds amounting to 753,000 yuan and providing insurance coverage worth 4.037 billion yuan [4] Group 4: Green Development Initiatives - The company is committed to green development, integrating ESG assessments into its investment strategies and accelerating investments in clean energy projects [5] - In 2024, the total amount of new green finance projects reached 4.71 billion yuan, representing a 90% increase, with green insurance coverage amounting to 733.77 billion yuan [5] Group 5: Support for Agriculture and Small Enterprises - The company has provided over 37.8 billion yuan in risk coverage to support rural revitalization and has established asset support plans totaling 21 billion yuan for small enterprises [7] - It focuses on creating specialized insurance products for specific groups, such as migrant workers and delivery riders, to enhance social welfare [7] Group 6: Digital Transformation and Financial Technology - The company is advancing its digital transformation by enhancing customer service efficiency through online and intelligent solutions [11] - It is leveraging cutting-edge technologies like AI to improve customer insights and risk management, thereby upgrading its digital financial system [14] Group 7: Long-term Investment in Technology - The company is utilizing its long-term capital to support technological innovation, successfully launching the industry's first data center investment project [17] - It aims to address financing challenges in the tech sector while contributing to national strategies and promoting a stable financial ecosystem [17]

在生态文明建设上升为国家战略的时代背景下，"绿水青山就是金山银山"理念的实践转化是区域可持续 发展的重要命题。如何打破生态保护与经济增长的二元对立，构建人与自然和谐共生的现代化模式，是 中西部生态资源富集地区的共同课题。贵州作为首批国家生态文明试验区，保护好生态环境，努力把生 态优势转化为发展优势，以生态价值转化、数字技术赋能、清洁能源开发、乡村生态富民为四大抓手， 探索出一条具有山地特色的绿色发展新路。 创新生态价值转化机制，筑牢"两山"转化制度根基。贵州通过系统化构建核算、交易、产业和补偿四大 环节，有效拓宽了"两山"转化路径。通过出台全省GEP核算方案，推进生态产品价值"一把尺"核算，为 生态资源提供可量化的数据基础；设立省级生态产品交易中心，推出林业碳汇交易和"单株碳汇"等市场 化工具，推动生态资源进入流通领域；打造"山地特色农业+生态工业+文旅融合"的特色产业体系，将 生态优势直接嵌入价值创造过程；完善跨省流域横向补偿机制，探索"修复—开发"权益挂钩模式，通过 绿色金融和林权赎买等政策工具反哺生态保护。 深化生态惠民利益联结，拓展乡村全面振兴绿色路径。创新"生态+体育+文旅"融合业态，通过"村 BA ...

在稳步扩大金融制度型开放层面，金融监管总局将大力复制推广自贸区、自贸港扩大制度型开放的经验 做法，支持外资机构参与更多金融业务试点。对标国际高标准经贸协议中金融领域相关规则，探索在更 宽领域、更大幅度上加大开放力度。 上海作为中国金融高水平开放的窗口，一直走在金融业改革开放最前沿。金融监管总局还与上海市政府 联合发布了《关于支持上海国际金融中心建设行动方案》，提出了鼓励上海在科技金融、跨境金融等领 域开展创新试点，支持符合条件的全国性银行在沪设立金融资产投资公司，支持探索不动产、未上市股 权等非货币信托财产登记上海模式，提升上海国际再保险、航运保险承保能力和全球服务水平等27条具 体举措，支持上海国际金融中心建设再上新台阶。 金融监管总局有关部门负责人表示，未来还将通过建立健全金融创新监管工作机制、对标国际高标准经 贸规则、深化推进上海国际金融中心和国际科技创新中心联动建设、支持上海打造国际绿色金融枢纽等 方面的具体工作，更好发挥上海金融改革试验田作用。 "中国拥有充满活力和潜力的超大规模市场，过去是、现在是、将来也必然是全球金融机构展业兴业的 沃土。"6月18日，国家金融监督管理总局局长李云泽在2025陆家 ...