为了实现"双碳"目标，全国范围内选择了100个具有典型代表性的城市和园区开展碳达峰试点建设，各地不断探索新路径、新模式、新机制，推动经济结 构转型升级，加快形成绿色低碳产业竞争优势。 "双碳"目标的顺利实现，离不开金融体系的有力支持与积极推动。在经济活动低碳转型的进程中，金融机构充分发挥引导作用，对各项资源进行科学合理 的配置与投放，促使更多的资金流向低碳转型的崭新技术、创新模式以及新兴领域。金融市场也不断出现创新的服务模式。作为推动资本市场高效配置资 源的重要力量，投行服务边界的拓宽和运用，在绿色产业发展中起到了重要作用。 我国零碳能源转型将在七个领域催生出巨大的投资市场，包括再生资源利用、能效提升、终端消费电气化、零碳发电技术、储能、氢能以及数字化。 在"双碳"领域长期坚持不懈打造投行的专业化优势，形成相关领域全产业链核心定价能力，才有机会在30多年的转型过程中，更大程度地享受"双碳"目标 所带来的巨大发展机遇和红利。 本文旨在从广义投行的视角出发，探讨如何通过拓宽投行业务边界和思维逻辑，构建更加适应绿色产业需求的金融服务模式。通过深入剖析投行在绿色产 业中的角色定位，探索创新的金融工具和服务路径，推动资 ...

全球航运业正在经受史上最严碳排放规则的考验——自今年8月1日起，国际海事组织（IMO）对 《国际防止船舶造成污染公约》（下称《防污公约》）附则VI的修订案正式生效。 柯努特在接受第一财经专访时表示，已生效的《防污公约》附则VI修订案的确是全新且非常严格的。 面对航运界的许多企业都需要实施新的实践做法、采用新技术，努力达到这些严苛的减排要求。挪威船 级社正在通过帮助客户制定合规策略、协助他们理解和适应新规定来应对这一挑战，同时提供关于替代 燃料和节能装置的技术建议，并制定咨询方案以帮助客户达到合规要求。 在柯努特看来，在当前形势下，航运业将开始为碳排放支付费用。碳税机制也自然成为了船东投资新技 术、提升能效的重要驱动力。在融资方面，金融机构越来越倾向于支持绿色项目或绿色船舶。如果船东 计划长期持有船舶，未来转售时，具备前瞻性的船舶也比落后船型更具二手价值。这些现实考量也推动 船东越来越多地将减排融入自身的商业战略。 今年是中国与挪威建交70周年，也是DNV在华第137年。官方数据显示，中国是挪威在亚洲最大贸易伙 伴。2024年双边贸易额101.8亿美元，同比增长31.7％；其中，中国对挪威出口同比增长41.4％ ...

标普全球ESG评级(CSA)是全球历史最悠久、规模最大的企业可持续发展评估之一。2024年，全球有超 过3600家公司主动参与并完成了标普全球CSA问卷填报。CSA评估从企业透明度、环境治理、信息披 露、管理覆盖、发展趋势、绩效表现、意识提升及外部鉴证等多个方面进行衡量，全面反映企业的可持 续发展管理水准。该评估结果直接用于构建标普全球ESG指数，此指数已成为全球主要的ESG投资指数 之一，被全球数十亿美元的ETF追踪，对企业的可持续发展评估具备十分重要的参考价值。 汽车之家始终将可持续发展理念深植于企业战略，持续推动ESG体系向纵深建设。公司不仅在环境治 理、社会责任与企业管制等核心领域精进实践，更前瞻性布局人工智能与新能源等前沿赛道——在AI 技术场景化应用、以及一站式O2O汽车消费生态构建等方面实现突破性进展，以科技创新为引擎，驱动 汽车行业加速迈向数字化转型与绿色发展新阶段。此次评分连续三年攀升，不仅是对其在可持续发展道 路上扎实成效的有力印证，更彰显了企业践行长期主义的坚定承诺。 智通财经APP获悉，近日，汽车之家(02518,ATHM.US)在可持续发展领域再获重要进展。继今年7月底 提交标普全球 ...

Financial Data and Key Metrics Changes - Net revenue reached RMB3.6 billion, up 13% year over year, driven by a 10% increase in transaction volume in China and a 39% surge in international transaction volume [6][7] - Net income increased to RMB751 million, representing a growth of 36% year over year and 2% quarter over quarter [7][24] - The company has delivered 18 consecutive quarters of year over year growth in both transaction volume and revenue since transitioning to an institutional funding model in 2021 [7] Business Line Data and Key Metrics Changes - International transaction volume increased 39% year over year to RMB3.2 billion, with loan balance rising 50% to RMB2.1 billion [10][19] - The international operations contributed 22% of net revenue, up from 18% in the same period last year [10] - New borrowers in international markets increased by 126% year over year, with 1,100,000 new borrowers onboarded [11] Market Data and Key Metrics Changes - China's GDP expanded 5.12% year over year, exceeding market expectations, with consumer sentiment improving due to a 4.8% increase in overall spending in June [17][18] - The delinquency rate in China rose 10 basis points quarter over quarter to 4.7%, while the 30-day collection rate remained steady at 89% [18][46] Company Strategy and Development Direction - The company is focused on leveraging AI for risk management and fraud detection, achieving a 98.8% detection accuracy against sophisticated AI fraud [12] - ESG remains a core part of the long-term strategy, with significant progress made in consumer protection and fraud prevention [13] - The company aims to continue driving sustainable growth and delivering long-term value through disciplined execution of its local excellence and global outlook strategy [15][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the evolving regulatory environment in China while driving growth in international markets [25] - The company anticipates a low single-digit quarter over quarter decline in transaction volume in the China market due to regulatory uncertainties [34] - Full year 2025 revenue guidance is reiterated at RMB14.4 billion to RMB15 billion, reflecting a 10% to 15% year over year growth [25] Other Important Information - The company completed a convertible bonds offering in June, which will support strategic priorities and accelerate international expansion [14][24] - The company has repurchased 63,800,000 shares in 2025, reflecting a commitment to returning capital to shareholders [59] Q&A Session Summary Question: Impact of new regulation on loan facilitation in China - Management believes the new regulations will provide more order to the industry and promote consolidation, with manageable impacts on high-quality assets [30][32] Question: Current run rate in July and August for international markets - Strong momentum in international markets is expected to continue, with solid double-digit quarterly growth projected for Q3 [35][36] Question: Drivers for delinquency ratio and collection ratio movements - The delinquency rate ticked up slightly in July but stabilized in August, with proactive risk management strategies in place [46][47] Question: Future shareholder returns and dividend payout ratio - The company has a buyback program in place and is committed to growing dividends, with a new policy range of 20% to 30% of net profit [58][59]

Financial Data and Key Metrics Changes - Net revenue reached RMB3.6 billion, up 13% year over year, driven by a 10% increase in transaction volume in China and a 39% surge in international transaction volume [6][7] - Net income increased to RMB751 million, representing a 36% year over year growth and a 2% quarter over quarter increase [7][24] - The company has delivered 18 consecutive quarters of year over year growth in both transaction volume and revenue since transitioning to an institutional funding model in 2021 [7] Business Line Data and Key Metrics Changes - International transaction volume increased 39% year over year to RMB3.2 billion, with loan balance rising 50% to RMB2.1 billion [9][20] - The international operations contributed 22% of net revenue, up from 18% in the same period last year [9] - The average loan tenure in China extended slightly to 8.3 months, with a stable take rate of 3.4% [17] Market Data and Key Metrics Changes - China's GDP expanded 5.12% year over year, exceeding market expectations, while consumer sentiment improved with a 4.8% increase in overall spending in June [16] - The international markets showed strong growth, with total international transaction volume growing 39% year over year and 6% quarter over quarter [18] - In Indonesia, the outstanding loan balance rose to RMB1.3 billion, up 25% year over year, while the Philippines saw loan volume more than double year over year to RMB1.4 billion [20][22] Company Strategy and Development Direction - The company is focused on leveraging AI for risk management and fraud detection, achieving a 98.8% detection accuracy against sophisticated AI fraud [11] - ESG remains a core part of the long-term strategy, with significant progress in consumer protection and fraud prevention [12] - The company aims to continue driving sustainable growth through disciplined execution of its local excellence and global outlook strategy [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to the evolving regulatory environment in China while driving growth in international markets [25] - The company reiterated its full year 2025 revenue guidance of RMB14.4 billion to RMB15 billion, reflecting a 10% to 15% year over year growth [25] - Management noted that the new regulations in China may foster healthy industry development and benefit leading players in the long term [25] Other Important Information - The company completed a convertible bonds offering in June, which will support strategic priorities and accelerate international expansion [13][24] - The company has repurchased 63.8 million shares in 2025, reflecting a commitment to returning capital to shareholders [24][56] Q&A Session Summary Question: Impact of new regulation on loan facilitation in China - Management believes the new regulations will provide more order to the industry and promote consolidation, with manageable impacts on high-quality assets [30][32] Question: Current run rate in July and August for international markets - Management indicated strong momentum in international markets, projecting solid double-digit quarterly growth in Q3 for both Indonesia and the Philippines [34][35] Question: Drivers for the Q on Q movement in delinquency ratio - Management noted a slight uptrend in delinquency rates but maintained that overall risk levels were largely in check, with proactive risk management strategies in place [45][46] Question: Development of overseas business compared to initial plans - Management reported that international performance has met expectations, with significant improvements in credit quality and profitability anticipated from the convertible bonds [49][52]

Financial Data and Key Metrics Changes - The company achieved a loan facilitation volume of RMB 37.1 billion, representing a year-on-year increase of approximately 54.6%, setting a new record [7][21] - Non-GAAP income from operations reached RMB 738 million, up approximately 182% year on year, while net income reached RMB 519 million, a year-on-year increase of approximately 117.8% [8][23] - The net income margin improved to 27.5%, significantly up from 16.1% in the same period last year [40] Business Line Data and Key Metrics Changes - The average borrowing amount per repeat borrower increased by 4.8% quarter on quarter, with their share of loan facilitation volume rising from 71.9% to 75.6% [10] - The number of borrowers reached 908,000, representing a year-on-year increase of approximately 33.5% [11] Market Data and Key Metrics Changes - In overseas markets, loan disbursements in Indonesia increased by over 200% year on year, and registered users grew by approximately 170% [14] - In Mexico, loan disbursement and registered users both increased by nearly 40% quarter on quarter [14] Company Strategy and Development Direction - The company is focusing on enhancing operational capabilities through data and AI empowerment to enable financial institutions to pursue long-term and quality growth [30] - The company plans to maintain compliance as a foundation while dynamically adjusting operational pace in response to new regulations [18] Management's Comments on Operating Environment and Future Outlook - Management expects the implementation of new loan facilitation regulations to drive long-term healthy industry development and ensure healthy competition [30] - The company anticipates Q3 loan facilitation volume guidance to be between RMB 32 billion and RMB 34 billion, with non-GAAP income from operations guidance set at RMB 490 million to RMB 560 million [18][40] Other Important Information - The company distributed a cash dividend of USD 0.8 per ADS, representing a 60% increase compared to last year [31] - An additional USD 50 million was approved for the share repurchase plan, bringing the total authorized repurchase amount to USD 80 million [32] Q&A Session Summary Question: Impact of new regulations on loan facilitation business and plans around shareholder returns - Management indicated that they will continue to focus on enhancing operational capabilities and are preparing contingency plans to respond to new regulations [30] - The company maintains an annual dividend policy with a total amount of approximately 30% of the previous year's net income after tax [31] Question: Outlook for profit margin and key drivers behind improved risk performance - The strong profit margin performance is attributed to increased loan facilitation volume, optimization of revenue mix, and strategic investments in AI technology [40] - Risk performance has improved due to ongoing investment in risk data and models, as well as increased loan volume [42]

全平台二手商品交易单量破千万，多品类回收交易额同比增长超110%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 万物新生（爱回收）集团（ NYSE：RERE） 于 8月20日 发布了 2025年第 二季度业绩报告。 财报显示， 万物新生集团 第二季度 总收入 为 49.9亿元，同比增长32.2%，超过收入指引区间高 端 并创历史新高 。 / 16/1 · 1P(自营)产品销售收入达 45.6 亿元,同比增长 34.0%。 · 3P(平台)服务收入达 4.3 亿元,同比增长 15.4%。 ● Q2 全平台 ● 同比增长 二手商品交易量 1030 万单 22.6% ● 同比增长 · Q2 non-GAAP · 经营利润 28.9% 1.2亿元 · Q2 集团 non-GAAP 经营利润率达 2.4%。 从 营收构成来看， 1P（自营）产品销售收入 为 45.6亿元，同比增长34%，持续为营收增长贡献 主要动力。3P（平台）服务收入为4.3亿元，同比增长15.4%。二季度全平台二手商品交易量 为 1030万单，同比增长22.6%。 利润方面， 本 ...

Core Insights - Sai Life Sciences Limited has received validation from the Science Based Targets initiative (SBTi) for its near-term greenhouse gas (GHG) emissions reduction targets, emphasizing its commitment to sustainability in the pharmaceutical value chain [1][2]. Sustainability Commitments - The company aims to reduce absolute scope 1 and 2 GHG emissions by 58.8% by FY2035 from a FY2024 base year [2]. - Additionally, it plans to cut scope 3 GHG emissions by 63.8% per INR value added within the same timeframe, covering various categories such as purchased goods and services, capital goods, and employee commuting [2]. Recent Achievements - Sai Life Sciences has made significant investments in its sustainability agenda, achieving 96% reliance on renewable energy in FY25 at its Bidar facility, which resulted in a reduction of 16,038 metric tons of CO₂ emissions [7]. - Currently, 54% of the company's total energy consumption comes from renewable sources, with a target of reaching 70% by FY27 and 80% by 2030 [7]. Strategic Partnerships - The company is collaborating with DHL GoGreen to reduce logistics-related emissions by 90% [7]. - It has also become the first India-headquartered company to join the Pharmaceutical Supply Chain Initiative (PSCI) [7]. Organizational Overview - Sai Life Sciences is a leading integrated contract research, development, and manufacturing organization (CRDMO) that collaborates with over 300 global pharmaceutical and biotech companies [4].

Core Viewpoint - ESG is becoming a crucial standard for measuring sustainable and high-quality development in enterprises, with a focus on integrating environmental, social, and governance factors [1][2]. Group 1: ESG Implementation in the Insurance Industry - The implementation of ESG management is now a development direction for financial enterprises, reflecting their responsibility to society and their internal need for high-quality development [2]. - ESG practices empower the insurance industry to create long-term value and align with the goals of sustainable development in the capital market [2][3]. - Insurance companies can support the development of renewable energy and environmental technologies through their core business advantages and green investments [3]. Group 2: China Life's ESG Practices - China Life has made significant strides in ESG, achieving an MSCI ESG rating upgrade to A and receiving multiple awards for its performance in social responsibility [4]. - The company integrates green development principles across its operations, offering diverse insurance solutions to support the green transformation of the economy [4][5]. - China Life has been proactive in embedding ESG factors into its entire value chain, focusing on product development and services that meet the needs of the population [6]. Group 3: Financial Contributions and Community Support - By the first half of 2025, China Life provided over 3.8 billion yuan in risk protection for 234 green industry enterprises in Heilongjiang [3]. - The company has invested over 4 trillion yuan in supporting the real economy and has a regional development strategy investment exceeding 3 trillion yuan [7]. - China Life's social insurance premium in Heilongjiang is projected to exceed 8.1 billion yuan by the end of 2024, serving over 5.2 million customers [6]. Group 4: Governance and Risk Management - China Life emphasizes modern governance and has maintained an A-class rating for nine consecutive years from the China Insurance Industry Association [8]. - The company adheres to five principles in its ESG innovation efforts, including policy guidance and long-term thinking [3]. - The board's diverse expertise supports the sustainable development of the company, focusing on the dual importance of ESG issues [8].

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 上周在美国PPI高于市场预期（其实数据可以不用看，通胀、失业率甚至是犯罪率等官方数字跟现 实比都一定是低估了）、美国澄清（暂时）不会对瑞士加工的贵金属征关税、及有"傻子"以为特 朗普能帮俄乌达成和平签约的"担忧"下，上周金价回软，截至上周二为止美国期货基金也大幅度 增加贵金属空头。 反而，最吸引笔者眼球的， 是股神毕菲特，虽然今年第二季依然是卖股票套现多于他买的股票 （套了30亿美元），但有意思的是他买了Lennar和D.R.Horton两家房屋建造商，相信这当中部分 包含了他老也认为美国利率会下跌而作的部署。 如果是以前，美息下跌美元金价不一定会受惠，因为市场信心足资金都在追逐增长股而无视避险 黄金。但现在已有众多金融大佬进场持有黄金， 目前黄金明显 ...