12 月 17 日，由申万宏源 作为联席销售机构的 国泰海通 - 世博发展第 1 期绿 色资产支持专项计划 成功发行 。 发行 总 规模 16.51 亿元， 其中，优先级发行规 模 16.50 亿元， 评级 A AA ， 由上海世博发展（集团）有限公司提供差额支付、流 动性支持承诺， 票面利率 2. 1 % ， 次级发行规模 0.01 亿元，原始权益人上海世博 会运营有限公司自持 。 项目 发行期限 为 18 年（ 3 年 *6 ），每 3 年设置开放期 。 项目 入池 资产为 上海世博城市最佳实践区物业项目，位于上海黄浦区，区位优 异，依托上海世博会存量建筑和设施进行转型开发，运营情况良好。 原始权益人上海世博会运营有限公司是国内一流的园区运营管理综合集成服务 商。由原上海世博会事务协调局为投资、建设和运营中国馆而于 2008 年 9 月专门设 立，注册资金 28.6 亿元，是上海世博发展（集团） 有限公司的全资子公司。主营业 务包括物业管理服务、区域运营管理、信息服务、租赁服务、商业服务、广告经营、 会展活动、停车场管理等。 申万宏源助力上海经济发展 本资产证券化项目成功发行，不仅是践行绿色金融发展的重要 ...

Core Viewpoint - The Chinese financial system is at a historical juncture, emphasizing the construction of a financial powerhouse and the development of high-quality, resilient financial systems to support the real economy during the upcoming "14th Five-Year Plan" period [1][17]. Group 1: Green Technology Investment - Current green technology investment is heavily concentrated in the primary market and relies significantly on government-guided funds, leading to insufficient market-driven, long-term capital participation [1][13][30]. - The investment landscape requires financial institutions to enhance their professional judgment capabilities and focus on real application scenarios for long-term planning [1][18]. - The CVC (Corporate Venture Capital) model, led by industry players, is more aligned with the needs of green technology development, as it allows for long-term investment strategies that are closely tied to industry demands [1][18][33]. Group 2: Role of Technology in Green Finance - Technologies like artificial intelligence and blockchain can improve the credibility of green finance by enhancing data accuracy and reducing "greenwashing" [6][23]. - AI can provide reliable measurements of carbon footprints and emissions, while blockchain can ensure data integrity through its immutable nature, facilitating trust and verification in green certifications [6][23]. Group 3: Challenges and Opportunities in Green Technology - Despite advancements in certain areas like photovoltaic and wind energy, China's green technology development should not be limited to a few sectors but must address broader industrial challenges, especially in high-emission industries like steel and aluminum [8][25]. - The photovoltaic industry serves as a case study, demonstrating how significant government investment and policy support can reshape market dynamics and drive down costs, making green energy more competitive [9][26]. Group 4: Future Directions for Green Technology Investment - Long-term green technology investment should adopt a multi-modal approach, integrating large enterprises' resources with the needs of smaller firms that rely on external capital [31][30]. - Collaborative efforts among industry, academia, and research institutions are essential for advancing green technology, as seen in initiatives like Shanghai Jiao Tong University's "Big Zero Bay" project [31][30].

Core Viewpoint - Huaxia Bank emphasizes its commitment to supporting the capital's development through various strategic initiatives, particularly the "Jinghua Action," which aims to leverage resources for the benefit of Beijing's economic growth and infrastructure [1]. Group 1: Financial Support and Initiatives - Huaxia Bank has launched the "Ten Actions" initiative, focusing on business development, cost reduction, risk control, internal management, and style construction, with the "Jinghua Action" being the most significant [1]. - As of the end of October 2025, Huaxia Bank has provided a total of 400 billion yuan in various financing services to the Beijing area, marking a 13% year-on-year increase [1]. - The bank's technology finance strategy is positioned as a core engine for supporting new productive forces in the capital, with a goal to enhance its strategic focus on technology finance by 2025 [2]. Group 2: Technology Finance Development - Huaxia Bank has established a product matrix covering the entire lifecycle of enterprises, offering tailored financial products from startup to maturity stages, including "Sci-Tech Easy Loan" and "M&A Loans" [3]. - The bank's technology enterprise loan balance reached nearly 240 billion yuan by the end of October 2025, with a growth rate of nearly 50%, serving over 8,400 clients [3]. Group 3: Green Finance Initiatives - Huaxia Bank has positioned green finance alongside technology finance as a key feature, with a green finance balance exceeding 490 billion yuan and green loans surpassing 350 billion yuan, accounting for nearly 16% of total loans [4]. - The bank has collaborated with the World Bank on projects aimed at air pollution prevention, which are expected to reduce carbon dioxide emissions by 2.88 million tons annually [5]. Group 4: Consumer Finance Efforts - To support the construction of an international consumption center in Beijing, Huaxia Bank has launched 18 key tasks aimed at promoting consumer spending and enhancing financial support for major projects [6]. - The bank has engaged in various promotional activities, including collaborations with supermarkets and cultural events, attracting significant consumer participation and boosting transaction volumes [6][7]. Group 5: Regional Development and Collaboration - Since 2025, Huaxia Bank has provided nearly 90 billion yuan in financing services for key projects in the Beijing-Tianjin-Hebei region, reflecting a 31% year-on-year increase [8]. - The bank has initiated the "Jinghua Action" to ensure comprehensive service coverage for 37 state-owned enterprises in the capital, with over 4.8 billion yuan in credit allocated to 16 key projects [8].

2025年12月23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 | 镍：基本面矛盾变化不大，印尼政策增加担忧 | 2 | | --- | --- | | 不锈钢：基本面供需双弱，印尼镍矿消息扰动 | 2 | | 碳酸锂：厂库扩容便利仓单交割 | 4 | | 工业硅：以逢高做空思路为主 | 6 | | 多晶硅：新增厂库额度，关注情绪面影响 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 2025 年 12 月 23 日 镍：基本面矛盾变化不大，印尼政策增加担忧 不锈钢：基本面供需双弱，印尼镍矿消息扰动 请务必阅读正文之后的免责条款部分 1 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） | 121,260 | 4,080 | 6,570 | 3,230 | 5,8 ...

党的二十届四中全会对"十五五"时期加快建设金融强国提出明确要求、作出战略部署，为扎实做好"十 五五"时期金融工作提供了根本遵循。坚持法治和德治相结合，大力弘扬中华优秀传统文化，积极培育 中国特色金融文化，是推动金融高质量发展、建设金融强国的根本保障。 公司牢记"国之大者""省之要务"，切实履行金融国企责任担当，践行金融服务实体经济根本宗旨，倡 导"想都是问题，做才是答案""坚持长期主义"的服务理念，持续加大资源投入，提升服务实体经济质 效。 在侯巍看来，科学清晰的战略是企业高质量发展的引领。山西证券准确研判行业发展趋势，结合自身资 源禀赋，较早提出"服务实体经济""差异化发展"战略。"十三五"伊始，公司即将服务实体经济与财富管 理转型并列为两大发展主线，将"坚持深耕山西、专注服务山西实体经济"作为推进差异化发展的关键战 略。在战略指引下，公司于2016年成立服务山西实体经济工作组，打造覆盖大中小企业改制挂牌、境内 外IPO、股债融资、并购重组、资产证券化、股权投资、产业研究、业务培训等全链条综合服务体系， 并持续优化工作机制、创新服务手段、完善服务生态，为高质量发展提供坚强的金融支持。 "在文化和战略的双轮驱 ...

持续凝聚服务实体经济的共识与合力 "文化是企业的灵魂。"侯巍表示，山西证券（002500）将特色企业文化建设作为立身之基，弘扬"诚实 守信、开拓进取、和衷共济、务实经营、经世济民"晋商精神，挖掘山西红色金融和优秀传统文化内 涵，践行"合规、诚信、专业、稳健"证券行业文化理念与中国特色金融文化"五要五不"实践要求，总结 成立近40年来的实践经验，接续形成"诚信、稳健、规范、创新、高效"的公司经营理念，升华提炼 为"以义制利、协作包容、追求卓越"的公司核心价值观。 公司牢记"国之大者""省之要务"，切实履行金融国企责任担当，践行金融服务实体经济根本宗旨，倡 导"想都是问题，做才是答案""坚持长期主义"的服务理念，持续加大资源投入，提升服务实体经济质 效。 在侯巍看来，科学清晰的战略是企业高质量发展的引领。山西证券准确研判行业发展趋势，结合自身资 源禀赋，较早提出"服务实体经济""差异化发展"战略。"十三五"伊始，公司即将服务实体经济与财富管 理转型并列为两大发展主线，将"坚持深耕山西、专注服务山西实体经济"作为推进差异化发展的关键战 略。在战略指引下，公司于2016年成立服务山西实体经济工作组，打造覆盖大中小企业 ...

Core Insights - The article emphasizes the importance of digital finance in China's transition from a "financial power" to a "financial strong power," highlighting its role as a technological support for other financial sectors during the "14th Five-Year Plan" and the need for further development in the "15th Five-Year Plan" [1] Group 1: Opportunities in Digital Finance - The "15th Five-Year Plan" period presents three major opportunities for digital finance, transitioning from "channel transformation" to "intelligent decision-making" [2] - Technological architecture is evolving from "cloud-based" to "intelligent empowerment," with the rapid adoption of large models and AI technologies in the financial sector, enhancing decision-making capabilities [2] - The industrial digital finance landscape is expanding, with supply chain financial services becoming crucial for addressing financing challenges faced by small and micro enterprises [2][5] - Digital inclusive finance services are continuously expanding, with state-owned banks increasing their proportion of inclusive small and micro loans by 19.3 percentage points from Q1 2019 to Q2 2025 [5] Group 2: Challenges in Digital Finance - The transition to a higher level of intelligent finance faces challenges in technology innovation, data governance, and business model reconstruction [6] - There is a significant disparity in resources and capabilities among financial institutions, with large banks investing 125.5 billion yuan in fintech in 2024, while smaller banks struggle with resource constraints [6] - Balancing data application and governance is critical, as financial institutions must integrate internal and external data while adhering to new regulations on data security [6] - Financial institutions must avoid homogenization in their digital transformation efforts and develop competitive, differentiated business models [6] Group 3: Integration with Other Financial Sectors - Digital finance serves as a technological foundation for other financial sectors, necessitating the integration of digital finance with green finance and pension finance during the "15th Five-Year Plan" [10] - The development of digital pension finance focuses on creating a digital account system to enhance service matching, with over 72 million personal pension accounts established by November 2025 [10] - Digital green finance relies on a "carbon account" system to measure environmental benefits, with a need for digital infrastructure to support green financial services [11] Group 4: Regulatory Framework for Digital Finance - A modern regulatory framework is essential for balancing innovation and risk in digital finance, emphasizing the need for a digital and intelligent transformation of regulatory practices [14] - Regulatory adaptability is crucial to support responsible digital finance innovation, ensuring that all financial activities are subject to regulation [17] - Enhancing the effectiveness of financial regulation involves adopting principles that promote gradual improvement and interaction between innovation and regulation [18]

12月19日，《经济观察报》"2025年度领航企业案例"荣誉榜单正式揭晓。东方金诚凭借在服务国家金融战略、赋能实体经济高质量发展方面的突出贡献， 荣膺"年度金融服务领航企业"称号。该评选聚焦科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，表彰在服务金融"五篇大文章"中做 出突出贡献的的标杆金融机构。 此次获评"年度金融服务领航企业"，是市场与媒体对东方金诚长期践行国有评级机构使命、以专业力量服务国家战略的充分肯定。长期以来，公司始终立 足"国之大者"，将专业评级服务深度融入国家发展大局，以信用评级为核心引擎，积极搭建资本市场与实体产业之间的桥梁，推动金融资源精准投向科技 创新、绿色转型等关键领域，形成了具有示范意义的评级实践体系。 | 领航荣誉 | 品牌主体 | 品牌主体 领航荣誉 | | --- | --- | --- | | 年度科技创新领航企业 · 百融云创 | | 年度乡村振兴领航企业 · 新华保险 | | 年度社会责任领航银行 · 沧州银行 | | 年度绿色金融领航银行 · 新网银行 | | 年度金融服务领航企业 · 东方金诚 | | 年度卓越信用卡领航银行 ·招商银行信用卡 | | ...

Group 1: Green Bond Market Developments - The proportion of non-financial institutions actively seeking CGT-labeled green bonds has surged from approximately 10% to 92% as of November [2] - Future development paths for green bonds include expanding the scope of labeled objects, promoting orderly transitions to the CGT 2024 version, maintaining the "label incentive" property, enhancing information disclosure, and emphasizing cross-border applications [2] Group 2: RMB Internationalization and Climate Financing - The RMB bond market is emerging as a significant source of low-cost climate financing for developing countries amid shrinking traditional financing channels [3] - By the third quarter of 2025, offshore entities are projected to issue approximately 120 billion RMB in panda bonds and 667 billion RMB in dim sum bonds, indicating substantial growth [3] Group 3: Carbon Market Performance - The highest carbon price recorded last week was 62.98 RMB per ton, with a closing price increase of 7.53% compared to the previous week [4] - The total transaction volume of carbon emission allowances reached 9,728,818 tons, with a total transaction value of approximately 579.63 million RMB [5] Group 4: Financial Guidelines and Innovations - A financial operation manual for the transformation of steel and coking enterprises in Shanxi was released, providing practical guidance for financing and reducing information asymmetry [7] - The Hong Kong Quality Assurance Bureau released guidelines for climate-related financial disclosures, covering 77 industries and aiming to enhance companies' disclosure capabilities [8] - The first "transformation + biodiversity + circular" loan in China was issued, supporting an agricultural enterprise's smart and ecological transformation project [9]

经过中国信托业协会绿色专业委员会及外部专家的多轮严格评审和实地调研，英大信托"国网新源抽蓄 电站专项服务信托项目"凭借在经济效益、环境效益和社会效益方面的卓越表现，在众多申报项目中脱 颖而出。该项目是英大信托创新产融协同模式，深化业务数智化转型，利用信托工具做好"绿色金融大 文章"的标志性案例。展望未来，英大信托将坚守产业金融发展定位，深耕细作"五篇大文章"，推动绿 色金融高质量发展，为经济社会发展贡献信托力量。 12月16日，中国信托业协会、中国经济信息社新华财经在北京联合发布了2025绿色信托十大案例，英大 信托国网新源抽蓄电站专项服务信托项目获评"2025绿色信托十大案例"。相关部门领导参加发布会并致 辞。 英大信托总经理、党委副书记吕阳作为中国信托业协会绿色信托专业委员会主任委员发布十大案例并讲 话。他表示，本次为信托业三分类新规后绿色信托案例的首次发布。近年来，信托业依托资产独立、风 险隔离、长期存续的制度特性与定制化服务优势，在服务绿色产业升级、助力生态保护修复、推动低碳 转型实践中精准发力。未来要加大绿色信托创新力度，共同推动绿色转型再上新台阶。 ...