Core Viewpoint - During the "14th Five-Year Plan" period, Guangxi's capital market has achieved significant development, with a focus on integrating capital markets with the real economy to support the modernization of its industrial system [1] Group 1: Direct Financing and Market Expansion - Guangxi's direct financing reached 3008 billion yuan from 2021 to September 2025, marking a 21% increase compared to the "13th Five-Year Plan" period, with equity financing at 245 billion yuan and bond financing at 2763 billion yuan, the latter seeing a growth of 38.87% [2] - The number of listed companies in Guangxi increased by 5 during the "14th Five-Year Plan," including 2 on the Growth Enterprise Market and 3 on the Beijing Stock Exchange, establishing a positive cycle of nurturing, applying, and listing companies [2] Group 2: Financial Performance of Listed Companies - By the end of Q3 2025, Guangxi's listed companies had total assets of 6014.83 billion yuan and net assets of 2330.93 billion yuan, both showing over 20% growth since the end of the "13th Five-Year Plan" [3] - The cumulative operating revenue of listed companies during the "14th Five-Year Plan" reached 1.65 trillion yuan, a 62.81% increase compared to the "13th Five-Year Plan," with nearly half of the companies achieving a compound annual growth rate of over 5% in revenue [3] Group 3: Private Equity and Fund Growth - The net asset value of private equity funds in Guangxi increased by 1124.38 billion yuan during the "14th Five-Year Plan," with 60 private equity institutions managing a total of 1631.18 billion yuan, a growth of 215.37% compared to the end of the "13th Five-Year Plan" [3] Group 4: Industry Empowerment and Innovation - Guangxi's capital market has facilitated the transformation of traditional industries through innovative financing solutions, such as the issuance of the first sugar warehouse CMBS in China, raising 201 million yuan to support the sugar industry [4] - Companies like LiuGong and Beibu Gulf Port have utilized capital to enhance their digital transformation and smart manufacturing capabilities, showcasing successful case studies in advanced manufacturing [4][5] Group 5: Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau has implemented strict regulations to ensure market safety, successfully resolving risks associated with high pledge ratios and illegal guarantees, with 5 companies delisted and 2 undergoing bankruptcy restructuring [6][7] - The overall market capitalization of listed companies in Guangxi increased from 291.6 billion yuan to 357.1 billion yuan, a growth of 22.46%, with 11 companies surpassing a market value of 10 billion yuan [7] Group 6: Investor Returns and Market Practices - A total of 29 listed companies in Guangxi distributed cash dividends amounting to 235.81 billion yuan, with 16 companies maintaining a consistent dividend payout over three years [8] - Share buybacks and increases in holdings by major shareholders have also been significant, with 15 companies engaging in buybacks totaling 4.351 billion yuan since 2024 [8] Group 7: Futures Market Development - The futures market in Guangxi has expanded its service capabilities, successfully launching futures products for local industries such as live pigs and alumina, providing essential risk management tools [9] Group 8: Future Directions - The Guangxi Securities Regulatory Bureau plans to enhance the multi-level capital market's functions, focusing on supporting major projects in artificial intelligence and key metals, while also improving the quality of listed companies and managing risks effectively [10]

Core Insights - During the "14th Five-Year Plan" period, Guangxi's capital market has achieved significant growth, with 5 new listed companies and direct financing exceeding 300 billion yuan, reflecting a deep integration of capital markets with the real economy [2][3] Financing and Market Expansion - Direct financing in Guangxi reached 300.8 billion yuan from 2021 to September 2025, a 21% increase compared to the "13th Five-Year Plan" period, with equity financing at 24.5 billion yuan and bond financing at 276.3 billion yuan, the latter seeing a 38.87% increase [2] - The number of listed companies in Guangxi grew by 5 during the "14th Five-Year Plan," including 2 on the ChiNext and 3 on the Beijing Stock Exchange, establishing a positive cycle of nurturing, applying, and listing companies [3] - By the end of Q3 2025, total assets and net assets of listed companies in Guangxi reached 601.48 billion yuan and 233.09 billion yuan, respectively, both showing over 20% growth from the end of the "13th Five-Year Plan" [3] Private Equity and Fund Growth - The private equity sector in Guangxi saw a net value increase of 112.44 billion yuan during the "14th Five-Year Plan," with 60 private equity institutions managing funds totaling 163.12 billion yuan, a 215.37% increase from the end of the "13th Five-Year Plan" [3] Industry Empowerment and Innovation - Guangxi's capital market has tailored financing solutions to support local industries, with notable cases in advanced manufacturing and green transformation, such as Liugong's financing for smart factory upgrades and the North Bay Port's digital transformation [4][5] - The issuance of the first sugar warehouse CMBS in March 2025 raised 201 million yuan, facilitating the upgrade and sustainable development of the sugar industry [4] Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau has implemented strict regulations to ensure market safety, successfully resolving risks associated with high pledge ratios and illegal guarantees, with 5 companies delisted and 2 undergoing bankruptcy restructuring [6][7] - The bond market maintained a "zero default" status for local financing platforms, with nearly 260 billion yuan in bond repayments during the "14th Five-Year Plan" [6] Investor Protection and Market Growth - The overall market capitalization of listed companies in Guangxi increased from 291.6 billion yuan to 357.1 billion yuan, a 22.46% rise, with 11 companies surpassing a market cap of 10 billion yuan [7] - Cash dividends became a significant method for companies to return value to investors, with 29 companies distributing a total of 23.58 billion yuan in cash dividends [8] Futures Market Development - The futures market in Guangxi expanded its services to industries, successfully launching futures products for local advantages such as live pigs and alumina, providing precise risk management tools [9] Future Outlook - The Guangxi Securities Regulatory Bureau plans to enhance the multi-level capital market's functions, support major projects in artificial intelligence and key metals, and continue improving the quality of listed companies while managing risks effectively [10]

Group 1: Core Achievements - During the "14th Five-Year Plan" period, Guangxi's capital market achieved significant growth, with 5 new listed companies and direct financing exceeding 300 billion yuan [1] - From 2021 to September 2025, direct financing in Guangxi reached 300.8 billion yuan, a 21% increase compared to the "13th Five-Year Plan" period, with bond financing growing by 38.87% [1][2] - The total assets and net assets of listed companies in Guangxi reached 601.48 billion yuan and 233.09 billion yuan respectively, both showing over 20% growth compared to the end of the "13th Five-Year Plan" [2] Group 2: Industry Empowerment and Innovation - Guangxi's capital market is closely aligned with local industrial characteristics, promoting deep integration of capital and industry, particularly in advanced manufacturing and green low-carbon transformation [3] - Notable cases include Liugong's transformation through targeted financing and North Bay Port's digital transformation funded by capital market initiatives [3][4] - The issuance of the first sugar warehouse CMBS in China by Guangxi Honggui Capital Operation Group exemplifies tailored financing solutions for local industries [4] Group 3: Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau emphasized a dual focus on regulation and development, successfully mitigating risks associated with high pledge stocks and illegal guarantees [6][7] - A total of 21 administrative penalties were issued for various violations, with fines totaling 118 million yuan, enhancing market deterrence [7] - The overall market capitalization of listed companies in Guangxi increased from 291.6 billion yuan to 357.1 billion yuan, a growth of 22.46% [7] Group 4: Investor Returns and Market Dynamics - Cash dividends became a significant method for listed companies to return value to investors, with 29 companies distributing a total of 23.58 billion yuan in cash dividends [8] - The trend of share buybacks and increases in shareholding by major shareholders has been on the rise, with 15 companies engaging in buybacks totaling 4.35 billion yuan [8] Group 5: Futures Market Development - The futures market in Guangxi expanded its service capabilities, successfully launching futures products for local industries such as live pigs and alumina [9] - The establishment of 34 futures delivery warehouses and 8 production-financing service bases has enhanced the accessibility of futures market services [9] Group 6: Future Directions - The Guangxi Securities Regulatory Bureau plans to enhance the multi-level capital market's functions and support major projects in artificial intelligence and key metals [10] - Continuous improvement in the quality of listed companies and rigorous risk prevention measures are prioritized for the upcoming "15th Five-Year Plan" period [10]

资本市场还精准赋能产业升级，柳工、北部湾港等企业通过定增、发债等方式完成智能化、数字化转型；广西宏 桂资本发行全国首单糖仓CMBS（商业房地产抵押贷款支持证券），盘活特色糖业资产；多家上市公司布局人工智 能领域，柳钢股份、恒逸石化等则在绿色低碳转型上取得显著成效。 证券时报记者 康殷 "十四五"时期，广西资本市场实现跨越式发展，直接融资规模、上市公司质量、私募基金规模等核心指标均实现 大幅增长，为地方实体经济高质量发展提供了坚实支撑。 2021年至2025年9月末，广西辖区企业直接融资达3008亿元，其中债券融资增幅达38.87%，还落地了全国首单"绿 色科创低碳转型挂钩"公司债等创新产品。新增上市公司5家，形成上市培育良性循环；截至今年三季度末，辖区 上市公司总资产、净资产较"十三五"期末均增长超20%，营业收入累计达1.65万亿元，成为区域经济"压舱石"。 期货市场也实现突破，生猪、氧化铝等广西优势产业期货品种上市，交割库、产融服务基地布局持续优化，"保险 +期货"模式惠及超1万户农户，有效助力特色产业风险管理。 面向"十五五"，广西证监局将聚焦多层次资本市场功能发挥，加大对人工智能、关键金属等领域的融资 ...

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）指出，坚持 统筹发展和安全是"十五五"时期经济社会发展必须遵循的六个原则之一。能源行业作为国民经济和社会 发展中的基础性、支撑性和战略性行业，应准确理解、深入贯彻《建议》要求，将统筹发展和安全内化 于心、外化于行，坚决扛起这一责任使命。 安全是发展的前提，发展是安全的保障。"统筹"意味着要将两者作为一个整体来谋划，而不是"先发展 后安全"或"只安全不发展"。没有安全，发展就是空中楼阁，没有发展，安全就是无源之水，两者必须 相互促进，建立良性循环。 "十五五"期间，我国发展环境面临深刻复杂变化，不确定、难预料的风险因素明显增多，统筹能源发展 和安全的任务更加艰巨。大国博弈竞争升级，单边主义、保护主义抬头，地缘政治局势紧张，能源领域 仍是大国博弈的关键战场。全球经济复苏进程曲折缓慢，新一轮技术革命和产业链供应链转移带来的竞 争更加激烈。地区冲突、市场波动、极端气候等风险频发，任何一方面的"不安全"都可能传导至国内， 冲击我们的发展。我国能源安全面临的风险正从传统能源安全为主向传统能源安全与新型能源安全叠加 转变。一方面，我国油气对外依 ...

Core Viewpoint - The event "Coloring the Future, Coating Development, Trust in TRUSTEEL®: 35 Years of Baosteel Coated Products" signifies Baosteel's evolution from a foundational steel supplier to a provider of high-end coated products that enhance quality of life and empower future industries [3][20]. Group 1: Trust as a Foundation - Over 35 years, Baosteel has established itself as the largest and most comprehensive supplier of high-end coated products in China, with an annual production capacity of 2.3 million tons and over 18.8 million tons of products delivered [5][23]. - The company emphasizes exceptional corrosion resistance, aesthetic diversity, and long-term reliability, becoming synonymous with "trust" in modern industrial and daily life [5][23]. - Baosteel aims to meet high-quality industry development needs by enhancing its capabilities in the coated products sector, focusing on being the largest, most diverse, strongest, and best service provider [5][23]. Group 2: Innovation as a Driving Force - Baosteel has transformed from a focus on functional materials to becoming an aesthetic carrier, showcasing its latest digital printing technology with a large ancient-style coated panel at the event [7][25]. - This innovation reflects a shift from hard power in performance to soft power in aesthetics, opening new possibilities for architecture and design [7][25]. Group 3: Commitment to Quality - Baosteel has extended its commitment to fluorocarbon coated products from 20 years to 25 years, introducing a new standard for heat-insulating fluorocarbon products at 30 years [9][27]. - The introduction of the "Zebra" stainless steel coated board and BaoXM® photovoltaic frame materials supports national carbon neutrality goals, demonstrating Baosteel's alignment with industry trends [9][27]. Group 4: Collaboration for the Future - The event highlighted the release of the commemorative album "Trust in TRUSTEEL® 35 Years" and the awarding of strategic partnership honors, marking a shift from being merely a material supplier to a co-builder of dreams with clients and partners [11][29]. - Baosteel's leadership emphasizes a commitment to co-create value and dreams with stakeholders, enhancing its role in the industry [11][29]. Group 5: Vision for the Future - Baosteel plans to continue its focus on "quality products + scale," leveraging technology and smart services to accelerate green and low-carbon transformation and global expansion [13][31]. - The company envisions a resilient new industrial ecosystem under the TRUSTEEL® brand, reflecting a commitment to both trust and future aspirations [13][31].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On December 2nd, the manganese - silicon 2601 contract was reported at 5722, up 0.07%. The spot price of Inner Mongolia silicon - manganese was reported at 5520. Considering macro - factors, the US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory increased for 9 consecutive weeks. In terms of cost, the port inventory of imported manganese ore increased by 330,000 tons. On the demand side, hot metal production declined seasonally. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia it was - 410 yuan/ton. The final price of Hebei Iron and Steel Group's silicon - manganese in November was 5820 yuan/ton, unchanged from the previous month. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. - On December 2nd, the silicon - iron 2603 contract was reported at 5448, up 0.04%. The spot price of Ningxia silicon - iron was reported at 5200. Macro - wise, as of November 26th, the coal inventory of the national unified - regulated power plants exceeded 2.3 billion tons, with an available days of about 35. In terms of supply and demand, market transactions were mainly for terminal rigid - demand restocking, and prices declined. The inventory continued to decrease this period. The spot profit in Inner Mongolia was - 270 yuan/ton, and in Ningxia it was - 525 yuan/ton. In the market, the tender price of Hebei Iron and Steel's 75B silicon - iron in November was 5680 yuan/ton, 20 yuan/ton higher than the previous round. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the short - term trend was expected to be volatile [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price: 5724 yuan/ton, up 112 yuan; SF (silicon - iron) main contract closing price: 5466 yuan/ton, up 76 yuan [2]. - SM futures contract holding volume: 658,779 hands, down 5617 hands; SF futures contract holding volume: 482,043 hands, up 6290 hands [2]. - Manganese - silicon top 20 net holding volume: - 24,616 hands, up 179 hands; Silicon - iron top 20 net holding volume: - 22,000 hands, down 757 hands [2]. - SM 5 - 1 month contract spread: 44 yuan/ton, down 2 yuan; SF 5 - 1 month contract spread: 0 yuan/ton, down 8 yuan [2]. - SM warehouse receipts: 15,851 pieces, up 1093 pieces; SF warehouse receipts: 11,316 pieces, down 71 pieces [2]. 3.2 Spot Market - Inner Mongolia and Guizhou manganese - silicon FeMn68Si18: 5520 yuan/ton, unchanged; Yunnan manganese - silicon FeMn68Si18: 5550 yuan/ton, unchanged [2]. - Inner Mongolia silicon - iron FeSi75 - B: 5250 yuan/ton, unchanged; Qinghai silicon - iron FeSi75 - B: 5150 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B: 5200 yuan/ton, unchanged [2]. - Manganese - silicon index average: 5499 yuan/ton, down 16.75 yuan; SF main contract basis: - 266 yuan/ton, down 76 yuan; SM main contract basis: - 204 yuan/ton, down 112 yuan [2]. 3.3 Upstream Situation - South African ore (Mn38 block, Tianjin Port): 32 yuan/ton - degree, unchanged; Silica (98%, Northwest): 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1250 yuan/ton, down 50 yuan; Lanthanum charcoal (medium - sized, Shenmu): 890 yuan/ton, up 10 yuan [2]. - Manganese ore port inventory: 4.263 million tons, unchanged [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate: 385.09%, up 345.96 percentage points; Silicon - iron enterprise operating rate: 33.41%, down 0.40 percentage points [2]. - Manganese - silicon supply: 194,775 tons, down 2135 tons; Silicon - iron supply: 107,200 tons, down 1100 tons [2]. - Manganese - silicon manufacturer inventory: 368,000 tons, up 5000 tons; Silicon - iron manufacturer inventory: 71,830 tons, down 1220 tons [2]. - Manganese - silicon national steel mill inventory (monthly, days): 15.84 days, up 0.14 days; Silicon - iron national steel mill inventory (monthly, days): 15.80 days, up 0.13 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand: 121,727 tons, up 320 tons; Five major steel types' silicon - iron demand: 19,660 tons, up 117 tons [2]. - 247 steel mills' blast furnace operating rate: 81.07%, down 1.10 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.96%, down 0.60 percentage points [2]. - Crude steel production (monthly): 71.997 million tons, down 1.4931 million tons [2]. 3.6 Industry News - On December 1st, the purchase price of coke by mainstream steel mills in Hebei and Shandong was lowered. The price of wet - quenched coke was lowered by 50 yuan/ton, and that of dry - quenched coke was lowered by 55 yuan/ton [2]. - The US ISM manufacturing PMI index in November dropped 0.5 points to 48.2, staying below the 50 boom - bust line for nine consecutive months, with the largest contraction in four months [2]. - Jiang Wei, the deputy secretary of the Party Committee, vice - president and secretary - general of the China Iron and Steel Industry Association, stated that the total steel demand has entered a downward period, and the cost pressure is extremely high. Chinese steel and Hebei steel should focus on high - end, green, intelligent and integrated development [2]. - Liaoning released the "14th Five - Year Plan" proposal, which mentioned strengthening the clean and efficient use of fossil energy, actively promoting the transformation and upgrading of coal - fired power and the replacement of scattered coal, and promoting the peak of coal and oil consumption [2].

Group 1 - China's economy is maintaining a stable and progressive development trend, showcasing strong resilience and a bright outlook for the future [1] - In the first three quarters, the GDP grew by 5.2% year-on-year, accelerating by 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [1] - The urban unemployment rate averaged 5.2% in the first three quarters, remaining stable compared to the first half of the year [1] - The scale of foreign trade reached a historical high, with import and export growth rates gradually recovering, and foreign exchange reserves maintained above $3.3 trillion [1] Group 2 - The optimization of China's economic structure and the transition of growth drivers are progressing steadily, with significant advancements in high-quality development [2] - In the first three quarters, the added value of the equipment manufacturing industry and high-tech manufacturing industry accounted for 35.9% and 16.7% respectively, indicating a clear trend of industrial upgrading [2] - Investment in equipment and tools increased by 14% year-on-year, with emerging industries like lithium-ion battery manufacturing and new energy vehicles showing rapid growth [2] Group 3 - China's strong resilience is fundamental to its ability to cope with uncertainties and achieve stable long-term growth [3] - The first three quarters of stable growth laid a solid foundation, while new productive forces are being cultivated to create new growth points [3] - The macro policy space remains ample, providing continuous support for the economy, with positive factors accumulating as indicated by leading indicators and high-frequency data [3]

在全球气候治理深化和能源革命加速的背景下，制造业绿色低碳转型已成为国际社会的普遍共识。习近 平主席提出"绿水青山就是金山银山"的理念，指引中国经济发展范式发生了根本转变。中国作为负责任 的制造业大国，以实现新型工业化为关键任务，把绿色低碳作为新型工业化的生态底色，协同推进降 碳、减污、扩绿、增长，为全球可持续发展贡献了中国智慧和解决方案。 2025年12月1日，《中国日报》刊发工业和信息化部党组书记、部长李乐成署名文章，题为《加快中国 制造绿色低碳转型 促进全球可持续发展》。 加快中国制造绿色低碳转型 促进全球可持续发展 工业和信息化部党组书记、部长 李乐成 强化绿色理念引领。理念是行动的先导，中国制造绿色转型的深层动力正是源于习近平生态文明思 想，"绿水青山就是金山银山"理念的提出，是对传统工业发展范式的超越，引领中国走上了高质量发展 与高水平保护并举之路。在科学理念指引下，中国构建了碳达峰碳中和"1+N"政策体系，将碳达峰碳中 和这一宏伟目标转化为可落地、可衡量的具体行动，通过绿色标准、绿色金融、碳交易市场等政策工 具，为绿色低碳转型创造稳定且可预期的市场环境。近年来，中国的经济发展对能源的依赖度逐步降 ...

Core Insights - The report presents a comprehensive overview of the development of China's transition bond market, highlighting its significance as a financial tool supporting green and low-carbon transitions, with substantial achievements in policy guidance, market practices, and environmental benefits, indicating a promising future potential [1][2]. Group 1: Development Opportunities - China's transition bonds are positioned to benefit from significant development opportunities driven by national policies aimed at achieving carbon peak and carbon neutrality, as outlined in the 20th National Congress report [11]. - The G20 Transition Finance Framework provides international standards and guidelines for transition activities, while domestic policies have established clear standards, product systems, and incentive mechanisms for transition finance [12][13]. Group 2: Market Growth - The transition bond market in China has steadily grown over four years, with a total of 244 bonds issued from 2021 to 2024, amounting to a total scale of 220.8 billion yuan, and the number of issuers increasing to 59 [2][19]. - The product categories have diversified, with both linked and non-linked bonds, and corporate bonds and medium-term notes becoming the primary issuance types [21]. - The geographical distribution of issuers shows a concentration in regions with strong transition demands, with Beijing and Shanghai accounting for nearly 40% of the total issuance [24]. Group 3: Environmental Benefits - Transition bonds have demonstrated significant environmental benefits, with funds primarily directed towards energy-saving and carbon-reduction projects, accounting for over 80% of total investments [2][34]. - Quantitative data indicates that from 2021 to 2024, linked transition bonds are expected to achieve annual carbon reductions of over 48.06 million tons of CO2 equivalent and save over 15.8 million tons of standard coal [37]. Group 4: High-Quality Development - To promote high-quality development of the transition bond market, several strategies are recommended, including the establishment of a "ladder-type" transition bond planning framework, encouraging product innovation, and enhancing information disclosure mechanisms [40][41]. - Strengthening international cooperation and aligning Chinese standards with international standards are also emphasized to support the continuous expansion of the transition bond market [43].