新形式，新期待。 2025年11月19日至20日，深圳——这座将举办2026 APEC会议的活力之城，将迎来一场重磅金融盛会。 由深圳市人民政府主办的"第十九届深圳国际金融博览会"与由证券时报社主办的"2025中国金融机构年会"将同时举行，两大品牌活动首次强强联合，活动名称也蝶 变为"第十九届深圳国际金融博览会暨2025中国金融机构年会"。 "十五五"规划建议明确提及，要"加快建设金融强国""大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融"。落实好这一战略擘画，更好推动金融业高 质量发展，是金融机构肩负的崇高责任与光荣使命。金融行业以"国之大者"为经，以"民之关切"做纬，积极践行金融"五篇大文章"，以创新之墨挥毫作答，这是深 化金融供给侧改革的生动实践。来自银行、保险、券商、公募、信托、期货公司的精英翘楚将齐聚盛会，开展头脑风暴，凝聚行业发展智慧，践行金融为民理念。 具体来看，出席主论坛的嘉宾有深圳市政府领导，证券时报社领导，中国金融电子化集团领导，中保投资党委书记、董事长贾飙，南方基金党委书记陈莉等；信托 业主题演讲嘉宾有华润信托党委书记、董事长胡昊，建信信托党委书记、董事长李军；期货业主题演讲嘉 ...

Group 1: Market Outlook - Nickel is expected to trade in a low range due to the game between high inventory accumulation and risks in Indonesia [2][4] - Stainless steel prices are dragged down by weak reality and are expected to have short - term low - level oscillations [2][4] - The upside space of lithium carbonate is restricted by the expectation of复产 [2][9] - Industrial silicon has obvious bottom support [2][12] - Polysilicon has entered a policy vacuum period, and the market is trading based on supply - demand logic [2][13] Group 2: Trend Intensity - Nickel trend intensity is 0, indicating a neutral outlook [8] - Stainless steel trend intensity is 0, also indicating a neutral outlook [8] - Lithium carbonate trend intensity is - 1, suggesting a slightly bearish outlook [11] - Industrial silicon trend intensity is 1, showing a slightly bullish outlook [15] - Polysilicon trend intensity is - 1, indicating a slightly bearish outlook [15] Group 3: Fundamental Data Nickel and Stainless Steel - On November 10, 2025, the closing price of the Shanghai Nickel main contract was 119,440, down 310 from T - 1 [4] - The closing price of the stainless steel main contract was 12,565, down 25 from T - 1 [4] Lithium Carbonate - The closing price of the 2511 contract was 80,460, up 2,580 from T - 1 [9] - The closing price of the 2601 contract was 82,300, up 1,800 from T - 1 [9] Industrial Silicon and Polysilicon - The Si2601 closing price was 9,220 yuan/ton, up 155 from T - 1 [13] - The PS2601 closing price was 53,215 yuan/ton, down 180 from T - 1 [13] Group 4: Macro and Industry News Nickel and Stainless Steel - The Indonesian forestry working group took over a nickel mining area in North Maluku Province, which is expected to affect nickel ore production by about 600 metal tons per month [4] - China suspended an unofficial subsidy for imported copper and nickel from Russia [4] - Indonesia imposed sanctions on 190 mining companies [5] Lithium Carbonate - The SMM battery - grade lithium carbonate index price was 80,371 yuan/ton, up 108 yuan/ton from the previous working day [10] Industrial Silicon and Polysilicon - On October 31, the 40 - megawatt tea - light complementary photovoltaic project in Danyang, Jiangsu was fully connected to the grid [13][15]

Core Insights - The article highlights the development of the South Taihu New Area as a leader in green finance and ecological economic transformation in the Yangtze River Delta region [1][3][13] Group 1: Economic Development - The South Taihu New Area was officially established in June 2019, with its strategic framework being laid out during the 14th Five-Year Plan period [3] - The area focuses on ecological economic development and green industrialization, positioning itself at the forefront of the Yangtze River Delta [3] - Key industries include new energy, semiconductor and optoelectronics, biomedicine, and leisure tourism, with a notable emphasis on "green manufacturing" [3][5] Group 2: Industry Performance - As of Q3 this year, the main industries in the South Taihu New Area achieved a total output value of 14.15 billion yuan, marking a growth of 14.65% and accounting for 58.8% of the industrial output [5] - The new energy sector has attracted major enterprises such as Hive Energy and Tianneng Lithium Battery, covering various fields including electric vehicles and battery materials [5] Group 3: Financial Support and Innovation - The local financial system emphasizes serving the real economy, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [9] - A notable initiative includes the establishment of a "Technology R&D Loan" by the local bank, which supports innovative biopharmaceutical companies with a loan of 70 million yuan based on their R&D capabilities and intellectual property [10] Group 4: Government and Enterprise Interaction - The South Taihu New Area has implemented a "direct communication" mechanism between decision-makers and local entrepreneurs, facilitating feedback and addressing business challenges [11] - The area has held numerous "government-enterprise consultation meetings" to understand and respond to the needs of local businesses [11] Group 5: International Cooperation in Green Finance - The South Taihu New Area aims to become a pilot zone for international cooperation in green finance, leveraging platforms like the G20 Sustainable Finance Working Group [13] - The area encourages financial institutions to adopt long-term plans for green finance and explore new paths for integrating green and open finance [13]

Core Viewpoint - Water West Village in Liyang, Jiangsu Province, is leveraging its rich red cultural heritage and agricultural resources to develop a unique model of "red culture + green industry," achieving significant economic growth [1][3]. Group 1: Economic Development - Water West Village has achieved a total output value exceeding 15 million yuan and collective income surpassing 2 million yuan by the end of 2024 [1]. - Jiangnan Rural Commercial Bank has opened a red financial history exhibition hall in Water West Village, supporting local development through a "red party building + finance" model [1][2]. Group 2: Financial Services - Jiangnan Rural Commercial Bank has established over 1,000 inclusive financial service points, providing various services such as small withdrawals, convenient payments, and policy consultations to enhance rural financial accessibility [2]. - The bank has issued nearly 20 million yuan in loans to farmers in the village, with over 8.6 million yuan in credit granted to 498 households, meeting diverse funding needs [3]. Group 3: Innovation and Support - The bank is actively involved in rural financial reform and has supported the village in becoming a pilot for national rural homestead system reform and a model for ecological civilization [3]. - Jiangnan Rural Commercial Bank has launched the "Jiangnan Science Loan" brand to provide comprehensive services to innovative enterprises, with a technology finance loan balance of 33.32 billion yuan as of June [4]. Group 4: Green and Inclusive Finance - The bank has issued 3.96 billion yuan in carbon reduction loans and launched the first green financial bond in Changzhou, with a total green finance loan balance of 34.87 billion yuan [4]. - The bank's micro-loan division has provided financing exceeding 1.8 billion yuan to 1,850 small micro-enterprises, with inclusive finance products reaching loan balances of over 20 billion yuan each [5].

Group 1 - The 15th National Games, a large-scale sports event co-hosted by Guangdong, Hong Kong, and Macau, officially commenced on November 9, with strong financial support from local banks to boost the sports economy and consumption in the Greater Bay Area [1] - The People's Bank of China in Guangdong has facilitated over 700 billion yuan in credit support for infrastructure projects related to the National Games, with nearly 200 billion yuan allocated to green infrastructure projects [2] - The introduction of green loans has enabled the purchase of 1,200 electric taxis in Guangzhou, enhancing green transportation for the event [2] Group 2 - The Bank of China has launched services allowing Hong Kong and Macau residents to open accounts remotely, improving payment experiences for participants and visitors [3] - Various banks have established a comprehensive payment settlement system, including ATMs and currency exchange services, to cater to diverse payment needs during the event [3] - The Agricultural Bank of China has implemented digital RMB payment solutions at event dining locations, enhancing the payment experience for attendees [4] Group 3 - Financial support from the Bank of China has been crucial for security service providers, offering quick loans and efficient payroll solutions to ensure timely payments for security personnel [5] - Agricultural Bank of China provided 1.21 million yuan in funding to a sports development company, aiding in the construction of a new facility that is expected to increase customer traffic by 60% [6] Group 4 - The issuance of the "Yuegangao Bay Area Credit Card" by Industrial and Commercial Bank of China has attracted significant interest, offering discounts on event tickets and at various merchants [7] - Financial institutions in Guangdong have provided over 200 billion yuan in financing for sports-related industries, benefiting more than 2,000 companies and supporting promotional activities to stimulate consumer spending [7]

Group 1: Event Overview - The 15th National Games officially commenced on November 9, marking the first time the event is co-hosted by Guangdong, Hong Kong, and Macau, featuring a large scale and diverse participation [1] - Financial institutions have mobilized to support the event, with the People's Bank of China Guangdong Branch leading efforts to implement financial services aimed at enhancing the sports industry [1] Group 2: Green Financing Initiatives - The construction of renovated sports venues in Guangzhou, including the Tianhe Sports Center, was supported by over 100 million yuan in funding from China Construction Bank [2] - A total of 700 billion yuan in credit support has been provided for infrastructure projects related to the National Games, with nearly 200 billion yuan allocated to green infrastructure projects [2] Group 3: Payment Experience Enhancements - The Bank of China Guangdong Branch has upgraded services allowing Hong Kong and Macau residents to open mainland accounts remotely, enhancing accessibility for event participants [3] - A comprehensive payment settlement system has been established, featuring ATMs, currency exchange machines, and POS systems to cater to diverse payment needs for attendees [3] Group 4: Digital Currency Innovations - Agricultural Bank of China has introduced digital RMB self-service devices at event dining locations, allowing for quick and interactive payment experiences [4] - Consumers can purchase tickets for the National Games using digital RMB through the Industrial and Commercial Bank of China's online platform [4] Group 5: Security Financing Support - China Bank provided critical financial support to security service providers for the event, facilitating quick loan approvals and efficient payroll solutions [5] - Agricultural Bank of China offered 1.21 million yuan in funding to a sports development company, aiding in the construction of a new multi-sport facility [6] Group 6: Consumer Market Activation - The Industrial and Commercial Bank of China launched a commemorative credit card for the National Games, offering discounts on tickets and at various merchants [7] - Over 200 billion yuan has been financed for sports-related enterprises, with more than 1 billion yuan allocated for promotional activities to stimulate consumer spending [7]

Core Insights - The People's Bank of China reports rapid growth in green loans, highlighting the importance of green finance in supporting economic transformation and the construction of a beautiful China [1][2] Credit Supply Increase - China's financial institutions are enhancing the quality of financial supply for green transformation, with a focus on increasing credit supply to green and environmental protection sectors [2][3] - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2] - The implementation of the "High-Quality Development Implementation Plan for Green Finance in the Banking and Insurance Industries" aims to optimize credit supply [2] Green Loan Growth - The balance of green loans in both domestic and foreign currencies reached 43.51 trillion yuan by the end of Q3 2025, marking a 17.5% increase from the beginning of the year [3] - The increase in green credit supply is expected to extend the coverage of green finance and promote low-carbon development in key industries [3] Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4][5] - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant financial innovation [4] Carbon Finance Integration - Carbon pledge financing is a key attempt to integrate carbon markets with financial markets, enhancing the financial functionality of carbon assets [5][6] - The participation of securities firms in carbon trading is expected to improve price discovery and market liquidity [6] Transition Finance - Transition finance is emerging to support the green transformation of high-carbon industries, which are crucial for China's industrial development [7][8] - Financial institutions are encouraged to explore new financing channels for traditional industries, such as using pollution rights as collateral [8] Standards and Disclosure - The establishment of a unified standard for green finance projects is crucial for promoting transition finance and achieving carbon neutrality goals [8][9] - Improving the quality of information disclosure for transition entities is essential for reducing financing costs and facilitating low-carbon transformation [9]

Core Viewpoint - The rapid growth of green loans in China is supported by the People's Bank of China's recent report, highlighting the importance of green finance in economic transformation and environmental sustainability [1]. Credit Supply Increase - China's financial institutions are enhancing the quality of financial supply for green transformation, with a focus on increasing credit supply to green sectors [2]. - The People's Bank of China encourages financial institutions to optimize credit supply, with a significant portion of new loans directed towards green and low-carbon development [2]. - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2]. Green Loan Growth - By the end of 2021, the balance of green loans was 15.9 trillion yuan, which increased to 43.51 trillion yuan by the third quarter of 2025, marking a 17.5% growth since the beginning of the year [3]. - The increase in green credit supply is expected to extend the coverage of green finance and promote low-carbon development in key industries [3]. Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4]. - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant advancement in green finance [4]. Carbon Pledge Financing - Carbon pledge financing is a key form of carbon finance, integrating carbon markets with financial markets, and enhancing the financial functionality of carbon assets [5]. - The participation of securities firms in carbon trading can improve price discovery and market liquidity, benefiting the overall carbon market [6]. Transition Finance - Transition finance is emerging to support high-carbon industries in their green transformation, addressing their unique financing needs [7]. - The core mission of transition finance is to provide necessary funding for low-carbon transitions, preventing high-carbon assets from becoming stranded [7]. Enhancing Green Financial Services - Banks are encouraged to improve green financial services to facilitate the low-carbon transition of traditional industries [8]. - New financing channels, such as linking loan costs to environmental performance, are being explored to incentivize emissions reduction [8]. Information Disclosure Improvement - There is a need to enhance the quality of information disclosure for transition finance, with clear requirements for financing entities to develop transition plans [9].

2025年11月09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：高库存累增与印尼风险博弈，低位震荡 | 2 | | --- | --- | | 不锈钢：弱现实拖累钢价，短线低位震荡 | 2 | | 工业硅：仓单去化，盘面上行驱动偏强 | 11 | | 多晶硅：政策真空期，盘面回归基本面 | 11 | | 碳酸锂：矿价回落，储能采招数量下滑，关注矿山复工带来的下行风险 | 20 | 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 二 〇 二 五 年 度 2025 年 11 月 09 日 国 泰 君 安 期 货 研 究 所 沪镍基本面：冶炼高库存累增与印尼风险博弈，基本面逻辑承压于低位震荡。首先，精炼镍内外显性 库存重新回到累库，市场普遍预期隐性补库放缓，同时，预期端供增需弱，镍合金端使用镍铁取代镍板的 比例有所提高，而纯镍投产仍有增加的预期，叠加远端低成本湿法路径供应增加的预期，现实和预期或仍 限制沪镍上方弹性。虽然非标镍基本面边际改善，部分企业有考虑将精炼镍转向非标镍生产，但转产暂未 动摇精炼镍的累库矛盾，即还不够有效传导至精炼镍的供需改 ...

Core Insights - The report titled "2025 Yangtze River Delta Green Bond Development Report" highlights the role of green finance in facilitating the region's low-carbon transition, indicating that after a short-term adjustment in 2024, the market is poised for growth [1][2]. Policy Developments - National and local governments have introduced various guiding documents and incentive measures to support green bond development, including the launch of a green finance service platform in Shanghai and the establishment of evaluation standards for financing entities in Jiangsu [2][18]. - The report outlines a comprehensive policy framework for green bond development in the Yangtze River Delta, promoting regional collaboration in green finance innovation [2]. Market Analysis - In 2024, the issuance scale of green bonds in the Yangtze River Delta saw a decline, with 261 "green labeled" bonds issued, totaling 268.04 billion yuan, and 167 "green tagged" bonds amounting to 146.96 billion yuan [2]. - Jiangsu led in issuance scale, while Zhejiang and Shanghai showed active innovation in bond types, and Anhui successfully issued the first green financial bond in the financial leasing sector [2]. - The market structure is undergoing adjustments, with local government and corporate credit bonds dominating, while the proportion of green financial bonds has decreased [2]. Environmental Impact Disclosure - The report emphasizes the importance of environmental impact disclosure for the sustainable development of the green bond market, noting that over 90% of "green tagged" bonds disclosed environmental impact data in 2024 [3]. - These bonds are estimated to reduce carbon dioxide emissions by approximately 7.79 million tons annually and replace 3.11 million tons of standard coal [3]. - There are regional disparities in disclosure quality, with Shanghai and Anhui leading in completeness, while Jiangsu and Zhejiang have room for improvement [3]. Future Development Recommendations - The report suggests four key areas to enhance the high-quality development of the green bond market: incentivizing enterprises to issue green bonds, exploring a framework for domestic green government bond issuance, establishing a unified directory and standards for transition bonds, and strengthening international cooperation to align China's green standards with global practices [3].