Core Viewpoint - The article emphasizes the growing importance of green finance as a driving force for economic transformation, particularly in the context of China's "dual carbon" goals, with Bank of China Wealth Management leading the way in sustainable development initiatives [1][2]. Group 1: Green Finance Strategy - Bank of China Wealth Management has established a comprehensive green finance strategy, including a "14th Five-Year" plan that focuses on business development, environmental and social risk management, carbon operations, and collaboration [1][2]. - The "ESG Preferred" product series has shown strong performance, reflecting the company's commitment to responsible investment and sustainable development [3][4]. Group 2: Product Innovation and Market Impact - The implementation of the "High-Quality Development Implementation Plan for Green Finance" by regulatory authorities highlights the role of financial institutions as catalysts for green economic transformation [2]. - As of December 2024, the total scale of ESG-themed products reached over 70 billion yuan, demonstrating significant market demand and investor interest [2][3]. Group 3: ESG Investment Framework - The ESG investment framework integrates environmental, social, and governance factors into the investment decision-making process, enhancing risk management and value creation [5][6]. - Recent surveys indicate that 31% of institutions believe ESG investments significantly reduce risks, while 19% see a notable increase in returns, showcasing the effectiveness of this approach [5]. Group 4: Green Bond Market Growth - The green bond market in China has expanded rapidly, with the total balance growing from 0.26 trillion yuan in 2016 to 5.59 trillion yuan by 2024, reflecting an annual growth rate of 50.9% [7][8]. - Green bonds are becoming a core investment direction, with local government bonds holding the largest share of the market [8]. Group 5: Risk Management and Standards - Bank of China Wealth Management has developed a comprehensive risk management system for green finance, incorporating ESG risk identification, assessment, and mitigation processes [11]. - The company collaborates with various institutions to establish industry standards for ESG evaluation and information disclosure, promoting uniformity in green investment guidelines [10][11].

2025年06月15日 国泰君安期货研究周报-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 | | 工业硅：上游继续复产，空配思路为主 | 11 | | 多晶硅：关注下周仓单注册信息，反弹后空配 | 11 | | 碳酸锂：矿价企稳，产量回升，偏弱震荡，建议反套 | 20 | | 全国碳市场：CEA大幅反弹，CCER活跃度攀升 | 29 | 国 泰 君 安 期 货 研 究 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 所 二 〇 二 五 年 度 2025 年 6 月 15 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 报告导读： 沪镍基本面：镍矿端短线坚挺但远端担忧预期降温，冶炼端现实去库但远端供应预期饱满。根据菲律 宾镍业协会，矿业财政制度法案最终版本中或可能删除原矿出口禁令条款，缓和投机资金对矿端的炒作情 绪，虽然矿端托底逻辑短线未改，印 ...

2025年6月15日 证券研究报告 | ESG热点周聚焦（6月第3期） SEBI发布可持续债券新框架 策略研究 · 策略专题 证券分析师：王开 证券分析师：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 海外ESG热点事件：全球ESG领域通过企业合作、绿色金融投资、政府支持规划大力发展清洁能源，政府企业围绕ESG目标完善法规、自觉行动，推动 可持续发展。绿色金融方面，SWEN Capital Partners募集蓝海基金；CDP发行基于区块链的绿色债券，提高ESG报告透明度和可追溯性；RWE发行绿色 混合债券，支持可再生能源投资战略。政策方面，CIF发起工业脱碳计划，支持发展中国家减少工业温室气体排放；EPA提出新的可再生燃料标准，促 进美国生物质柴油生产和能源安全；欧盟可持续金融规则受关注，特许公认会计师公会敦促欧盟委员会简化可持续财 ...

Group 1 - The Hong Kong stock market and traditional asset management are experiencing steady growth, with significant developments in digital assets. The government plans to release a second policy declaration on digital asset development to outline future policy directions [1][2] - The Hang Seng Index has increased by over 3,800 points this year, representing a rise of approximately 20%, making it one of the top performers among major global indices. The average daily trading volume in the stock market has increased by about 120% year-on-year, reaching HKD 242 billion [1] - As of March this year, the number of registered funds in Hong Kong reached 976, with a net inflow of over USD 44 billion, marking a growth of 285%. Hong Kong is expected to become the largest cross-border asset management center globally within the next two to three years [1] Group 2 - Hong Kong has made significant progress in digital finance, green finance, and the offshore RMB market. Since the first policy declaration on digital asset market development at the end of 2022, the market has accelerated, with 10 virtual asset trading platforms licensed and 8 more applications being processed [2] - The government plans to introduce specific measures to better integrate traditional financial services with technological innovations in the digital asset sector, enhancing the safety and flexibility of digital assets in real economic activities [2] - The recently passed Stablecoin Ordinance will establish a licensing system for fiat-backed stablecoin issuers, effective from August 1. The global stablecoin market is estimated to be around USD 240 billion, with over USD 20 trillion in trading volume last year, indicating a growing demand for stablecoins [2]

Group 1: Cross-Border Financial Services - The People's Bank of China, along with other regulatory bodies, has launched an action plan to enhance cross-border financial services, supporting enterprises in their international expansion [1] - A series of reports titled "Financial Escort for Enterprises Going Abroad" has been initiated to showcase successful practices in cross-border financial services [1] Group 2: Financial Innovation and Events - The 2025 China International Financial Expo will take place from June 18 to 20, featuring a new "FinTech Solutions" section to display cutting-edge technologies in finance [3] - The Shanghai branch of the Agricultural Bank has introduced multiple "carbon element" linked loans, contributing to carbon finance initiatives [15] Group 3: Green Finance Initiatives - A joint notification has been issued by nine departments to leverage Shanghai's role as an international green finance hub, proposing 20 specific measures to support green finance projects [4] - The successful transaction of green certificates for a solar power project by China Everbright Leasing marks a significant step in green finance innovation [12] Group 4: Financial Market Developments - The first recycled commodity futures and options for aluminum have been launched, indicating a new market for sustainable materials [6] - The total issuance of technology innovation bonds has exceeded 374.8 billion yuan within the first month of their introduction, reflecting strong market interest [17] Group 5: Insurance and Risk Management - A domestic trade credit insurance co-insurance body has been established to enhance insurance capacity and meet enterprise needs, initially providing 10 billion yuan in coverage [14] - The Shanghai insurance industry is actively promoting the third pillar of the pension system, focusing on personal pension policy education and service [13]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250615 政策红利与高估值压力并存，关注中报业绩 兑现与政策催化 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻： 观点 ◼ 板块或高位震荡，关注基本面优质标的。本周政策利好释放，北交所专 精特新指数有望吸引中长期资金布局，尽管北证 50 指数表现震荡下行， 但板块成交活跃度提升，北交所个股分化显著，主题轮动主导，政策红 利与高估值压力并存。交大铁发上市首日高开 285%，收涨 262%，换手 率达 72%，但次日大幅回落，反映资金短期交易特征明显，板块整体需 警惕流动性边际收紧引发的调整风险。我们认为北交所板块短期可关注 中报业绩兑现与政策催化，中长期仍可围绕专精特新、科技突破等主线 布局，以及通过并购实施产业链横向整合和多元化战略的个股，但需防 范交易拥挤带来的波动风险。 新股发行 ◼ 本周上市新股情况：交大铁发（股票代码：874047.BJ），上市日期为 2025 年 6 月 10 日，公司专注轨交智能产品及装备研发，主营业务涵盖安全 监测检测类产品、铁路信息化系统、新型材料及轨道交通专业技术服务。 ...

Core Viewpoint - The article discusses the recent release of the "Opinions" by the Central Committee and the State Council to deepen the comprehensive reform pilot in Shenzhen, emphasizing the importance of financial services in supporting the high-quality development of the real economy [1] Financial Innovation and Integration - Shenzhen is encouraged to explore differentiated credit supervision systems for technology enterprises, allowing banks to use future revenue rights as collateral and utilizing big data and AI for credit evaluation [2] - The establishment of a specialized trading platform for technology financial products is proposed to enhance market liquidity [2] - Tax incentives and fiscal subsidies are suggested to promote the development of a risk-sharing mechanism for equity and debt collaboration, addressing the financing needs of technology enterprises throughout their lifecycle [2] Cross-Border Financial Cooperation - The policy allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, enhancing financial market integration in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - There is a need for unified financial policies to support technology enterprises in the Greater Bay Area, including tax incentives and optimized cross-border financial services [3] Attracting Insurance Capital - To attract insurance funds into private equity and venture capital funds, a detailed risk assessment system is necessary to balance the risk preferences of insurance capital with the high-risk nature of venture capital [4] - Establishing a regional equity trading market and a risk isolation structure is recommended to facilitate insurance investments in venture projects [4] Green Finance Development - The establishment of special policies and funds for green technology and future industries is essential, along with a strict evaluation and regulatory system for green projects [4] - Financial institutions are encouraged to develop green financial products to broaden financing channels [4] Challenges and Support Needed - The primary challenge identified is the difficulty in coordinating cross-border financial regulatory systems, which involves multiple jurisdictions and regulatory requirements [5][6] - Central and Shenzhen levels are urged to enhance top-level design and establish a national cross-regional financial coordination mechanism to streamline regulatory frameworks [6]

Group 1 - The 2025 International Cooperation Forum on the New Land-Sea Corridor and the China-Singapore (Chongqing) Financial Summit opened with the theme "Connecting Regions, Integrating Trade, Promoting Growth," attracting over 200 representatives from China, Singapore, and ASEAN countries to discuss financial cooperation, digital finance, green finance, and the internationalization of the Renminbi [1] - This year marks the 10th anniversary of the China-Singapore (Chongqing) Strategic Connectivity Demonstration Project, with financial cooperation being a core component. Singapore has become the largest source of foreign investment in Chongqing, which has facilitated over $23 billion in cross-border financing and ranks among the top three in the country for new bond issuance [2] - The "Renminbi Internationalization Roundtable" focused on how the internationalization of the Renminbi can support the development of the New Land-Sea Corridor, with Singapore identified as one of the largest offshore Renminbi centers outside of China. In 2024, Chongqing's cross-border Renminbi settlement volume is expected to reach 393.5 billion yuan, a 37% year-on-year increase [3] Group 2 - Digital technology has become a focal point, with the Industrial and Commercial Bank of China providing "instant payment" services for small and medium-sized enterprises in Singapore through international internet data channels. Experts noted that digital technology can enhance cross-border financing efficiency and facilitate a rapid payment system between China and ASEAN [4] - The summit resulted in several innovative initiatives, including the release of the "Southeast Asia Industrial Development Investment Report" by CITIC Securities, which highlights investment opportunities in sectors such as new energy vehicles, semiconductors, and digital trade. Additionally, the China Construction Bank's Singapore branch announced the establishment of the "Weir Ren Charity Foundation" to promote cross-border talent flow through a youth internship exchange program [6]

Group 1 - The China Securities Association has revised the "Special Evaluation Method for Securities Companies' Social Responsibility," incorporating indicators related to green development and innovation into the evaluation framework [1] - New indicators such as "service for regional coordinated development" and "government support for institutional bond bidding" have been added to enhance the industry's resource advantages and professional capabilities [1] - The adjustments in specific requirements for indicators related to social responsibility recognition and investor education aim to improve the precision of the evaluation design [1] Group 2 - The State Council's guidance on the "Five Major Financial Articles" emphasizes the establishment of a green financial system and the integration of low-carbon transition factors into asset management considerations [2] - The policy direction under the "Five Major Financial Articles" is leading to positive changes in the primary equity investment ecosystem, enhancing strategic mission and clarity [2] - Improved fundraising environments and policy support are providing more long-term funding sources, such as insurance and pension funds, to assist institutions in raising capital [2]

Core Viewpoint - Shanghai Bank has achieved a "double decline" in non-performing loan (NPL) ratio and balance for 2024, while also addressing challenges related to net interest margin and focusing on growth in technology, inclusive, and green finance [1][2][3][4]. Group 1: Non-Performing Loans - Shanghai Bank has seen a year-on-year decline in non-performing loan ratio and balance, attributed to enhanced credit risk management and a focus on resolving existing risks, maintaining an annual resolution scale of over 20 billion yuan [1][4]. - The bank has implemented a data-driven risk management system to further reduce the generation rate of non-performing assets [1]. Group 2: Net Interest Margin - The bank anticipates continued pressure on net interest margin due to expected monetary policy stability and declining market interest rates, leading to a decrease in the yield on interest-earning assets [2]. - Strategies to counteract this include improving the asset-liability structure and managing deposit pricing to lower interest-bearing liabilities [2]. Group 3: Financial Services and Growth Areas - In Q1 2025, Shanghai Bank reported significant growth in loans for technology finance (64.6 billion yuan), inclusive finance (52.6 billion yuan), and green finance (19.1 billion yuan), with year-on-year growth rates of 26.48%, 6.17%, and 10.05% respectively [3][4]. - The bank is committed to supporting the real economy and diversifying its financial service offerings in alignment with national strategic directions [3]. Group 4: Dividend Policy - Shanghai Bank has increased its cash dividend payout ratio to 31.22% for the 2024 fiscal year, with plans to maintain a minimum of 30% in cash dividends over the next three years [3][4].