"真没想到减排也能够贷款了，国家的政策真好啊。"近日，《金融时报》记者从湖南省湘西州了解到， 得益于当地十八洞村565.37公顷林地的39850吨二氧化碳当量减排率，花垣县一家经营农副产品销售的 农业科技开发公司成为湘西州首张湘林碳票的持有人。在得知其子公司湖南某经贸公司在推进生态园建 设存在资金缺口后，工商银行湘西分行把握碳汇经济政策机遇，成立湘林碳票质押贷款业务工作专班， 主动对接该经贸公司融资需求，通过"湘林碳票质押+母公司保证"组合模式，向该经贸公司发放"种植e 贷"（茶叶）300万元，贷款的及时到位，缓解了公司的融资困境。 这是中国人民银行湘西州分行引导金融资源聚焦绿色低碳领域的又一案例。为做好绿色金融大文章，该 行积极探索绿色金融服务实践，通过推动创新融资模式、完善服务体系、优化产品供给，多措并举探 索"绿"里生"金"。截至2025年二季度末，湘西州绿色贷款余额218.65亿元，较年初增长16.35%，上半年 增加30.72亿元，占各项贷款新增额的51.13%。 以创新破局 激活碳票质押效能 湘西州林木资源十分丰富，拥有林地面积1733.39万亩，森林覆盖率稳定在60.35%，森林蓄积量6112. ...

优化科技金融供给，服务科创企业成长 桂平村行积极探索科技创新与金融要素融合的科技金融新路径，着力打造科技金融服务模式，为科技创 新企业提供"一站式"金融服务，积极搭建"政银企"平台，主动对接科技企业和专精特新、"小巨人"企 业，推动金融资源向科技创新领域倾斜，强化科技金融产品与服务创新，推出股权质押、应收账款质押 等多种担保方式，以高质量金融服务助力新质生产力发展。截至2025年9月末，桂平村行累计为各类科 技型企业发放贷款10903万元。 推动经济绿色转型，赋能可持续发展 近年来，广西桂平桂银村镇银行(以下简称"桂平村行")始终坚持以人民为中心的价值取向，在服务实体 经济中实现自身价值，持续做好金融"五篇大文章"，助力实现经济与金融共生共荣。 近年来，桂平村行锚定绿色发展目标，紧跟绿色金融倡导的产业政策导向，根据《绿色低碳转型产业指 导名录》精准灌溉林下种植产业，围绕太阳能光伏风电等新能源产业做好项目对接和信贷支持，促进本 土产业转型升级和绿色发展。针对天然气动力船舶前期项目资金较大且缺少有效担保融资的难题，创新 采用在建船舶抵押融资模式，推动西江—珠江经济带的绿色发展，全力做好金融支持面向东盟的金融开 放 ...

Core Insights - The People's Bank of China (PBOC) in Zhanjiang has implemented financial policies to support key sectors such as technology, green finance, inclusive finance, elderly care, and digital finance, contributing to high-quality economic development in the region [1][2][3][4][5][6][7] Group 1: Financial Support for Key Sectors - The PBOC has introduced a comprehensive action plan and guidelines to enhance financial support for Zhanjiang's economic development, resulting in a loan balance of 206.17 billion yuan, a year-on-year increase of 28.7%, the highest growth rate in the province [1] - As of August 2025, the technology loan balance in Zhanjiang reached 75.3 billion yuan, with a year-on-year growth of 34.6%, leading the province [2] - Green loans in Zhanjiang amounted to 64.86 billion yuan by June 2025, reflecting a year-on-year increase of 34.6%, ranking second in the province [3] - Inclusive finance loans reached 67.94 billion yuan by June 2025, with a year-on-year growth of 15.7%, and the number of credit villages reached 1,684, covering 100% of administrative villages [4] Group 2: Innovative Financial Products and Services - The PBOC has developed various financial products to support technology innovation, including 4.8 million yuan in re-loans for small and micro enterprises and 25.5 billion yuan in intellectual property pledge financing [2][3] - New financial products such as "Micro Quick Loan" and "Digital Transformation Loan" have been introduced to enhance financing convenience for small businesses [4][6] - The PBOC has also promoted a "Financial + Elderly Care" service model, integrating insurance and health services to support the aging population [5] Group 3: Digital Finance Development - The PBOC has leveraged digital technology to enhance financial services, issuing loans totaling 1.212 billion yuan through a credit information sharing platform for small and micro enterprises [6] - By mid-2025, Zhanjiang had opened 1.6255 million digital RMB personal wallets, with 230,000 merchants accepting digital currency, facilitating 5.5883 million transactions worth 3.62 billion yuan [7]

Core Insights - The article highlights the innovative use of carbon credits as collateral for loans in Xiangxi, showcasing the integration of green finance into local economic development [1][2][3] Group 1: Carbon Credit Financing - A local agricultural technology company in Huayuan County became the first holder of Xianglin carbon credits, leveraging a carbon reduction of 39,850 tons of CO2 equivalent from 565.37 hectares of forest land [1] - The Industrial and Commercial Bank of China Xiangxi Branch initiated a carbon credit pledge loan program, providing a loan of 3 million yuan to the company to support its ecological park construction [1] - The Xiangxi branch of the People's Bank of China is actively guiding financial resources towards green low-carbon sectors, with green loan balances reaching 21.865 billion yuan, a 16.35% increase from the beginning of the year [1] Group 2: Green Financial System Development - The People's Bank of China Xiangxi Branch has established a comprehensive system to promote green finance, collaborating with multiple government departments to enhance support for green economic initiatives [3] - Local banks have responded by increasing green credit allocations, with the Agricultural Bank of Xiangxi providing 905 million yuan in loans to key clean energy projects [3] Group 3: Support for Mining Sector Transition - The Xiangxi government has introduced a plan to encourage financial institutions to support the green transformation of the mining industry, with a specific loan of 5 million yuan allocated for a mining company's process upgrade [4] - This initiative aims to reduce energy consumption and enhance tax revenue, demonstrating a dual benefit of energy savings and increased profitability [4] Group 4: Enhancing Green Development Mechanisms - The People's Bank of China Xiangxi Branch is strengthening supervision and guidance to ensure the effective implementation of green finance policies across local banks [5][6] - A three-dimensional credit enhancement system is being developed to address the financing challenges faced by green agricultural projects, focusing on credit, guarantees, and industry chain collaboration [7] Group 5: Innovative Financial Products for Agriculture - Local banks are launching tailored financial products like "Tea Loan" and "Orange Loan" to support specific agricultural sectors, utilizing innovative credit assessment methods [8] - The introduction of these products aims to provide quick access to credit for farmers, enhancing their ability to invest in sustainable practices and improve production efficiency [8]

（文章来源：第一财经） 央行上海总部：会同有关部门加强统筹谋划，通过完善政策框架、健全工作机制、精准政策激励、深化 产融结合等系统性举措，全面推进科技金融、绿色金融、普惠金融、养老金融和数字金融发展，指导金 融机构将各项工作落实落细，有力促进了金融资源加速向上海经济社会发展的重点领域和薄弱环节配 置。截至今年8月末，上海金融"五篇大文章"贷款余额同比增长13.7%，比各项贷款增速高出6.6个百分 点，占各项贷款余额的比重达37.5%。 ...

近年来，广西桂平桂银村镇银行（以下简称"桂平村行"）始终坚持以人民为中心的价值取向，在服 务实体经济中实现自身价值，持续做好金融"五篇大文章"，助力实现经济与金融共生共荣。 优化科技金融供给，服务科创企业成长 桂平村行积极探索科技创新与金融要素融合的科技金融新路径，着力打造科技金融服务模式，为科 技创新企业提供"一站式"金融服务，积极搭建"政银企"平台，主动对接科技企业和专精特新、"小巨 人"企业，推动金融资源向科技创新领域倾斜，强化科技金融产品与服务创新，推出股权质押、应收账 款质押等多种担保方式，以高质量金融服务助力新质生产力发展。截至2025年9月末，桂平村行累计为 各类科技型企业发放贷款10903万元。 推动经济绿色转型，赋能可持续发展 深化"桂享银龄"服务生态，增进老年人福祉 桂平村行聚焦银发群体"金融需求+生活需求"双维度，深化"桂享银龄"养老金融服务品牌，打造养 老金融党建精品项目，积极探索"内外结合"的全面适老服务举措。针对老年客户推出手机银行"关爱 版"，采用大菜单、大字体、大按钮的页面设计，推出智能语音助手数字人服务功能，有效提高老年客 户使用移动金融APP的便利性。同时，持续优化适老服务 ...

Core Viewpoint - The article emphasizes the role of Shenwan Hongyuan Group in supporting the transformation and upgrading of the real economy through its futures business, highlighting its commitment to providing deep and warm financial services in line with national strategies [1]. Group 1: Financial Services and Support - Shenwan Hongyuan Group focuses on enhancing the real economy by leveraging its futures and derivatives capabilities, aiming to provide "hard power" for service by 2025 [1]. - In the green finance sector, the company acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help businesses withstand price fluctuations [1]. - In the inclusive finance sector, the company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of various sectors [2]. Group 2: Elderly and Technological Financial Services - In the pension finance sector, the company focuses on protecting elderly investors' funds by enhancing product suitability management and providing easy-to-understand investment education [2]. - The company has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4]. Group 3: Industry Recognition and Future Plans - Shenwan Hongyuan has been recognized in the top 10 for its effectiveness in serving small and micro enterprises for two consecutive years and has a case study included in the "2024 Annual Outstanding Cases of Futures Operating Institutions Serving the Real Economy" [4]. - The company plans to continue prioritizing service to the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs [4].

服务实体经济、防范化解风险是国家设立金融资产管理公司的初衷，也是中信金融资产一直以来践行的 初心。近年来，金融资产管理公司被赋予更大的责任和使命，也迎来更大的机遇和挑战。中信金融资产 依托逆周期调节和金融救助的独特功能，不断提升专业能力、拓展服务边界，打造收购处置、并购重 组、股权投资、特殊债券投资四大业务能力，精准滴灌实体经济，助力科技自立自强，为维护金融稳 定、服务国家战略注入源源不断的金融活水。 作为不良资产行业"国家队""主力军"， 中信金融资产积极投身重点领域风险化解攻坚战。以专业手段 为中小银行、信托、证券等金融机构风险精准"拆弹"，2022年以来，累计收购中小银行不良资产包债权 约2200亿元，成功竞得多个跨区域资产包和大额单体资产，有力增强了金融体系韧性和稳定性。依托中 信集团综合优势，开创中信特色产融协同化险模式，为房地产风险化解"破圈解链"，累计投放纾困项目 93个，总规模559亿元，保障商品房交付7.59万套，带动复工复产项目货值约2630亿元，打造了上海董 家渡、上海壹号院、广西航洋等一批具有市场影响力的标杆项目。 着眼于做好金融"五篇大文章"，中信金融资产持续拓展绿色金融服务，推动能 ...

Core Insights - The Beijing Urban Sub-center is becoming a significant hub for green finance, with over 470 financial institutions and initiatives to establish a national-level green exchange [1][2][3] Group 1: Green Finance Development - The People's Bank of China is actively promoting green finance in Beijing, with a focus on establishing a high-standard national green development demonstration area [2] - The national-level green exchange has begun operations, facilitating voluntary carbon emissions reduction transactions, with a trading volume exceeding 320 million tons of CO2 equivalent [3] - Since 2016, fixed asset investments in the Beijing Urban Sub-center have reached 960 billion, with 55 billion in green loans supporting low-carbon development [4] Group 2: Challenges and Opportunities - The transition to a green economy is recognized as essential for addressing global challenges, but traditional industries like steel and cement face significant hurdles in reducing carbon emissions [5] - There are difficulties in identifying and assessing projects for green financing, as many enterprises lack carbon accounting data [5] - Technological advancements are seen as a key enabler for enterprise transformation, enhancing efficiency and contributing to economic value [6] Group 3: Future Prospects - The Beijing Urban Sub-center is viewed as a national experimental field for green finance, with expectations for innovative solutions in resource allocation and pricing mechanisms [6] - The future of green finance in the region is anticipated to yield new answers and strategies for sustainable development [6]

| 镍：高库存累增与印尼风险博弈，低位震荡 | 2 | | --- | --- | | 不锈钢：向上缺乏驱动，下方难言广阔 | 2 | | 碳酸锂：高位震荡，关注动力需求季节性走弱风险 | 4 | | 工业硅：仓单去化，底部支撑偏强 | 6 | | 多晶硅：关注今日开会信息 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025年11月13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 | | --- | 2025 年 11 月 13 日 镍：高库存累增与印尼风险博弈，低位震荡 不锈钢：向上缺乏驱动，下方难言广阔 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） | 118,710 | -670 | -1,320 | -2, ...