■本报记者 陈衍水 近日，兴业银行落地了系统内首笔VEP质押贷款，以国家AAAA级风景区——四川西昌邛海湿地景区 一、二、三期特定地域生态价值（VEP）为质押，向项目运营方投放贷款1亿元。 据介绍，VEP是特定地域空间内，以生态系统为基础的适宜产业在未来一定开发期限内所能产生的各类 生态产品收益的价值总值，主要体现为物质供给、调节服务和文化服务三大类生态产品价值。VEP质押 贷款是兴业银行发挥绿色行业研究优势，以生态产品的供给服务、调节服务和支持服务等生态价值的核 算量化作为质押创设的一种绿色贷款产品，评价指标主要包括植被生物量、水源涵养、气候调节、释 氧、生态系统固碳、生物多样性维持等多方面。 邛海湿地景区一、二、三期VEP超4亿元，具有涵养水源、调节城市气候、净化水质、提供动植物栖息 等多重功效。 "我们通过给绿水青山标注'看得见'的价值，有效解决因生态资产难评估、评估结果难应用导致的生态 项目融资难等问题，是我行在生态产品价值实现领域的又一创新实践。"兴业银行绿色金融部相关负责 人表示。 作为国内绿色金融先行者，兴业银行深入践行"两山"理念，积极开发具有生态价值实现意义的特色产 品，在全国率先落地碳排放 ...

Core Viewpoint - Fujian Construction Bank is enhancing its support for green finance and rural revitalization through innovative financing solutions, focusing on unique agricultural industries and ecological resources in Fujian province [1][2][3][4][5][6][7] Group 1: Financial Support and Innovations - As of the end of October, Fujian Construction Bank's agricultural loan balance reached nearly 130 billion yuan, with over 110 unique agricultural industries benefiting from specialized financing services [1] - The bank has provided over 500 million yuan in "Rural Revitalization Loans" to support farmers like Zhang Wenyue, helping them reduce financing costs and invest in green agricultural technologies [2] - The bank has developed a comprehensive financing solution for forestry projects, offering 118 million yuan in loans for a 16-year period, facilitating the transformation of ecological resources into economic value [4][6] Group 2: Agricultural and Ecological Development - The bank's "Financial Spring Rain" initiative has supported over 80,000 farmers in Fujian, promoting the growth of various agricultural sectors, including mushrooms, aquaculture, and tea [3] - Fujian Construction Bank has engaged in carbon finance initiatives, such as the "Carbon Credit Loan" model, to enhance the financial attributes of forestry and promote sustainable practices [5][6] - The bank has established a rural property rights trading platform, facilitating transactions exceeding 5.8 billion yuan, covering 42 counties in Fujian and extending to neighboring provinces [5][6] Group 3: Tourism and Rural Revitalization - The bank has launched tailored "Rural Homestay Loans" to support the development of tourism in rural areas, enabling local businesses to upgrade their facilities and attract more visitors [6][7] - Fujian Construction Bank has invested over 30 billion yuan in loans related to the forestry industry, benefiting more than 1,000 stakeholders in the sector [6] - The bank's comprehensive financial services have contributed over 30 billion yuan in loans to support the integration of agriculture, culture, and tourism, enhancing the appeal of rural areas to tourists [7]

上海金司南金融研究院理事长廖双辉与观察者网副总编辑梁顺龙分别从气候外交与国际传播视角分享洞 见。廖双辉提出，气候议题为民间外交提供了重要介入空间，社会组织应发挥灵活性与连接力优势，推 动绿色金融国际合作。金司南研究院通过举办绿色金融百万谈论坛、中外气候慈善十年行动对话等活 动，搭建了国际机构交流平台，其探索的"智库+基金"模式在进博会期间获中东、非洲地区积极响应， 为产业赋能的民间外交路径提供了实践参考。梁顺龙则结合新媒体传播规律，强调民间外交需善用互联 网话语体系，通过引进无语哥等海外网红，用他们在中国的真实、鲜活体验触达全球受众，实现情感共 鸣与价值认同。 人工智能时代的民间外交创新成为研讨热点。上海国际问题研究院封帅提出，AI技术正从主体、工 具、内容三方面重塑民间外交形态。浙江元音科技的AI公益短片、北京语言大学的中缅英多语言翻译 系统在缅甸地震救援中的应用等案例表明，AI不仅降低了民间外交的参与门槛，更打破了语言障碍， 让小微企业、普通个体都能成为跨文化交流的参与者。同时，专家也提醒需警惕数据安全与数字鸿沟可 能带来的新挑战。 大家认为，民间外交正呈现主体多元化、合作专业化、传播年轻化的趋势，需进一 ...

Core Insights - The construction of Shanghai as a strong international financial center is emphasized, with a focus on enhancing cross-border financial convenience and developing a robust asset management and risk management center [1][8][10] Group 1: Financial Market Developments - Shanghai's financial market has seen a total transaction volume exceeding 29.68 trillion yuan (approximately 4.5 trillion USD) from January to September, marking a year-on-year growth of 12.7% [4] - The Shanghai shipping index futures, launched over two years ago, have become active and stable, attracting attention from domestic and international financial professionals [2][3] - The international reinsurance center in Shanghai has attracted 26 insurance institutions, with 128 institutions having trading permissions, covering 14 countries and regions [3] Group 2: Financial Innovation and Talent Development - The introduction of the digital RMB international operation center and the successful issuance of offshore bonds in the Shanghai Free Trade Zone are part of ongoing financial reforms [2][3] - The need for a strong talent pool in finance is highlighted, particularly in emerging fields such as green finance and digital finance, emphasizing the importance of professionals who understand international financial laws and compliance [9][10] - The collaboration between technology and finance is underscored, with companies like Moer Thread, a domestic GPU manufacturer, showcasing the synergy between capital markets and technological innovation [5][6] Group 3: Policy and Strategic Initiatives - The Shanghai government is committed to deepening financial market reforms and promoting high-level financial openness, leveraging the Free Trade Zone for innovative cross-border financial services [8][10] - The recent launch of multiple futures options products reflects a strategic move to provide flexible risk management tools for enterprises [7] - The focus on serving the real economy and national strategies is evident, with initiatives aimed at enhancing financial services for aging populations and supporting new trade models [7][8]

Core Insights - The Agricultural Bank of China, Shandong Province, has introduced the "Ecological Value Loan" to facilitate financing for ecological products and streamline the loan process, thereby enhancing credit limits and reducing interest rates [1][2] Group 1: Financial Innovations - The bank has established an ecological value "green list" and a "green financial project database" to support the implementation of the ecological value realization mechanism in Shandong Province [1] - The "Ecological Value Loan" product aims to address the challenges of "difficult to mortgage" and "difficult to realize" ecological products by simplifying the loan procedures [1] Group 2: Targeted Financial Services - The bank provides comprehensive financial services through an "online + offline" model, tailored to meet the needs of "Ecological Value Loan" clients [1] - Financial products offered include loans for rural collective economic organizations, farmer cooperatives, and individual rural production operations, with interest rate discounts of 5 to 10 basis points for key clients on the green list [2]

在开放的经济条件下，绿色贸易发展必须具有全球视野。会议要求"拓展相关产品和技术进出口""加快 建立与国际接轨的绿色低碳产品、技术和服务标准体系"，具有很强的现实针对性和战略前瞻性。近年 来，围绕绿色低碳发展、生态环境问题的国际博弈日趋激烈。积极参与国际标准制定，推动国际标准互 认，不仅是破除潜在"绿色壁垒"的技术手段，更是在全球绿色治理中提升话语权、增强软实力的战略举 措，将为我国先进的绿色产品、技术和服务开拓更广阔的国际市场，实现高水平"引进来"和高质量"走 出去"的良性互动。 绿色贸易是一条强有力的纽带，连接国内高质量发展与全球绿色低碳转型。将绿色低碳理念深度融入贸 易强国建设，是我们在新时代把握发展主动权的重要抉择，需要全社会凝聚共识，形成合力，沿着这条 充满希望的绿色航道，驶向更加可持续、更具韧性的未来。 宏伟目标需要坚实有力且高效协同的政策体系作为保障。会议提出要"加快完善绿色贸易政策制度体 系，加强与产业、科技、财税、金融等政策衔接协同"。这指明了推动绿色贸易发展的方法论——系统 性推进。单一的政策工具已不足以应对复杂的绿色低碳转型挑战，必须打好组合拳。产业政策需精准引 导绿色低碳产业投资布局，科 ...

Group 1: Report Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - In the primary market, from November 10 - 14, 2025, 35 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 69.108 billion yuan, an increase of 27.889 billion yuan from the previous week. The issuance terms were mostly 3 years, and the issuers had various natures, ratings, and were from different regions, with various bond types [1]. - In the secondary market, from November 10 - 14, 2025, the weekly trading volume of green bonds totaled 61.6 billion yuan, a decrease of 9.7 billion yuan from the previous week. Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes. Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39%. The top three industries in terms of trading volume were finance, public utilities, and real estate, and the top three regions were Beijing, Guangdong, and Shanghai [2]. - In the week from November 10 - 14, 2025, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading proportion was less than the premium trading. The top three discount bonds and premium bonds, along with their corresponding information such as issuer industries, ratings, and regions, are provided [3]. Group 3: Summary by Relevant Catalogs Primary Market Issuance - **Issuance Quantity and Scale**: 35 green bonds were newly issued, with a total scale of about 69.108 billion yuan, up 27.889 billion yuan from the previous week [1]. - **Issuance Terms**: Mostly 3 - year terms [1]. - **Issuer Nature**: Including local state - owned enterprises, central enterprise subsidiaries, large private enterprises, other enterprises, Sino - foreign joint - ventures, and central financial enterprises [1]. - **Subject Ratings**: Mostly AAA and AA + levels [1]. - **Issuer Regions**: Yunnan, Guangdong, Shaanxi, Beijing, Guangxi, Shandong, Jiangsu, Tianjin, Shanghai, Hebei, and Anhui [1]. - **Bond Types**: Medium - term notes, private placement corporate bonds, enterprise ABS, ABN of the National Association of Financial Market Institutional Investors, general corporate bonds, commercial bank ordinary bonds, private placement notes (PPN), and ultra - short - term financing bills [1]. Secondary Market Trading - **Total Trading Volume**: The weekly trading volume was 61.6 billion yuan, down 9.7 billion yuan from the previous week [2]. - **By Bond Type**: Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had trading volumes of 31.3 billion yuan, 21.1 billion yuan, and 5.3 billion yuan respectively, ranking in the top three [2]. - **By Issuance Term**: Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39% [2]. - **By Issuer Industry**: The top three industries in terms of trading volume were finance (28.2 billion yuan), public utilities (13.2 billion yuan), and real estate (2.6 billion yuan) [2]. - **By Issuer Region**: The top three regions in terms of trading volume were Beijing (18.6 billion yuan), Guangdong (7.7 billion yuan), and Shanghai (6.4 billion yuan) [2]. Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were G19 Huangshi (- 1.6949%), 25 Shuineng G3 (- 0.9866%), and 25 Puzi G1 (- 0.8655%). The issuer industries were mainly finance, energy, and transportation, and the regions were mostly Beijing, Guangdong, and Guangxi [3]. - **Premium Bonds**: The top three premium bonds were 25 Tiancheng Leasing GN004 (carbon - neutral bond) (0.3998%), 25 Guangxin K2 (0.3949%), and 20 Sichuan 39 (0.3745%). The issuer industries were mainly transportation equipment, finance, and comprehensive, and the regions were mostly Guangdong, Shandong, and Beijing [3].

专题：第30届联合国气候变化大会（COP30） 在他看来，欧洲在制造业方面设立了最高标准，而中国无疑是规模最大的国家。因此，在可持续发展、 产品制造与能源等领域，中国的绿色技术均处于世界领先地位。这正是香港能在绿色项目融资方面发挥 关键作用的原因。他还强调，鉴于中国是世界最大出口国，绿色贸易相关投融资也极为重要。作为金融 中心，香港有能力提供资本支持这些绿色项目——从香港出发，延伸至东盟地区，并有望进一步拓展至 中东及更广区域。正如他所说，"一带一路"倡议对香港绿色金融而言确实是重大机遇。 区景麟举例道，香港正持续吸引海外资本进入亚洲。就绿色债券市场规模而言，香港已是亚洲最大，有 来自欧洲的企业及世界银行前来发行绿色相关金融产品。例如，2023 年，一项本金为 3.5 亿美元的世界 银行巨灾债券在香港联合交 易所上市。 谈及对COP30最大的期待，区景麟认为是碳交易。他指出，COP30主办国巴西提出的"碳排放权交易市 场开放联盟"意义重大，中国、欧盟和英国已成为这一新倡议的成员。因此，香港必须把握这一机遇， 真正建立并创造一个充满活力的碳信用交易市场，将内地与世界其他地区的碳排放权相关交易连接起 来。 责任编 ...

Core Insights - The company emphasizes its commitment to energy transition through innovative industrial financial services and proactive market value management initiatives [1][4] Group 1: Industrial Financial Innovation - The company leads a collaborative effort in the energy sector by launching the "Industry Financial Services for Energy Transition Development Initiative" alongside eight other state-owned energy capital companies, highlighting the importance of financial support for energy transition [2] - The initiative includes three key consensus points: energy transition as a national priority, strict financial risk control, and the establishment of an open ecosystem to eliminate collaboration barriers [2] - Five major measures are proposed, including leveraging technology finance for key energy technologies, promoting green finance for sustainable development, enhancing the competitiveness of the energy supply chain through inclusive finance, improving service quality with digital finance, and supporting low-carbon transition with transformation finance [2] - The company has integrated green development into its core strategy, aiming for a green finance scale exceeding 1 trillion yuan in 2024, focusing on clean energy, energy conservation, and high-end equipment sectors [2] Group 2: Strategic Investments in Frontier Technologies - The company actively explores frontier technology innovations through strategic investments, particularly in future energy and deep-sea economy sectors [3] - It has made significant investments in Kunlun Capital, which has achieved breakthroughs in controlled nuclear fusion and is involved in the construction of a compact fusion energy experimental device [3] - In the deep-sea economy, the company has invested in Shandong Future Robotics, which has developed domestically produced deep-sea robots capable of operating at depths of 6,000 meters, breaking the technological monopoly of Western countries [3] - The investment will enhance production capacity and optimize operations, aligning with national deep-sea technology development strategies [3] Group 3: Market Value Management - The company has established a market value management framework, incorporating market value assessment indicators into the annual performance contracts of management [4] - A "Quality and Return Improvement" action plan has been developed, focusing on seven areas: party building, industrial-financial integration, business development, risk prevention, market value management, information disclosure, and shareholder returns [4] - The company aims to continue focusing on financial services for the energy and chemical industries, deepen industrial-financial collaboration, and promote green finance while developing a unique financial product system tailored to the energy sector [4]

Core Insights - The article highlights the first VEP (Value of Ecosystem Products) pledge loan by Industrial Bank, amounting to 100 million yuan, secured against the ecological value of the Sichuan Xichang Qionghai Wetland Scenic Area [1][2] - VEP represents the total value of various ecological product revenues generated within a specific geographic area over a defined development period, focusing on material supply, regulatory services, and cultural services [1] - Industrial Bank has been a pioneer in green finance in China, developing innovative products like carbon emission rights pledge loans and water rights pledge loans to enhance green financing accessibility for enterprises [2] Company Initiatives - Industrial Bank has launched several innovative green financial products, including the first GEP (Gross Ecosystem Product) pledge loan in Sichuan and the first market-based forestry biological asset note pledge loan in Fujian [2] - The bank aims to bridge the gap between ecological value and financial value, promoting the dual transformation of "green mountains and clear waters" into "golden mountains and silver mountains" through its financial products [2] - As of the end of September, Industrial Bank's green finance financing balance reached 2.47 trillion yuan, with green loan balance at 1.103781 trillion yuan, supporting projects that can reduce carbon dioxide emissions by over 27 million tons annually [2]