为推动经济社会发展全面绿色转型，进一步做好绿色金融大文章，中国人民银行决定将节能改造、绿色 升级、能源绿色低碳转型等具有直接碳减排效应的项目纳入碳减排支持工具支持领域。碳减排支持工具 按季操作，每次操作提供1年期再贷款资金，全年操作量不超过8000亿元。中国人民银行根据货币政策 调控需要确定季度操作量，依据金融机构向支持领域发放的贷款情况以及再贷款需求，按照政策规定提 供再贷款资金支持。 来源：中国人民银行网站 ...

北京商报讯(记者董晗萱)1月15日，据中国人民银行官网，为推动经济社会发展全面绿色转型，进一步 做好绿色金融大文章，中国人民银行决定将节能改造、绿色升级、能源绿色低碳转型等具有直接碳减排 效应的项目纳入碳减排支持工具支持领域。碳减排支持工具按季操作，每次操作提供1年期再贷款资 金，全年操作量不超过8000亿元。中国人民银行根据货币政策调控需要确定季度操作量，依据金融机构 向支持领域发放的贷款情况以及再贷款需求，按照政策规定提供再贷款资金支持。 ...

央行公告，为推动经济社会发展全面绿色转型，进一步做好绿色金融大文章，中国人民银行决定将节能 改造、绿色升级、能源绿色低碳转型等具有直接碳减排效应的项目纳入碳减排支持工具支持领域。碳减 排支持工具按季操作，每次操作提供1年期再贷款资金，全年操作量不超过8000亿元。中国人民银行根 据货币政策调控需要确定季度操作量，依据金融机构向支持领域发放的贷款情况以及再贷款需求，按照 政策规定提供再贷款资金支持。 ...

冬日的青海省海北藏族自治州门源县沃野平畴，看似荒凉却蕴含盎然生机。清晨，阳光斜切进厂 房，一片忙碌的景象铺展开来：工业园区里，物流车穿梭在道路上运输着各地的订单；山野间，牛羊悠 闲漫步，点缀如画，一幅现代产业与田园风光相互交融的美丽画卷在这片希望的田野上铺展开来。 自海北州门源县被确定为全省普惠金融示范点以来，中国人民银行海北州分行门源营管部主动作 为，以科技金融、绿色金融、养老金融、数字金融，通过创新服务、资源倾斜共同助力普惠金融示范点 建设。截至11月末，门源县各项贷款余额45亿元，同比增长11.97%，其中，普惠贷款余额29.86亿元， 占各项贷款的66.35%，普惠小微企业贷款利率最高下调297个基点，累计为普惠型小微企业减息让利近 700万元。 以科技金融服务为桥 推动普惠金融与实体融合 中国人民银行海北州分行门源营管部充分发挥融资平台桥梁纽带作用，持续加大科技型企业的信贷 倾斜力度，通过精准滴灌的金融支持，指导农行门源县支行为门源百里花海蜂业有限公司提供4笔共650 万元的信贷支持，该企业及时将资金投入到技术研发、产品升级、产能扩充中，企业核心竞争力稳步提 升，产品品质与市场认可度显著增强，并获国 ...

Core Insights - A financial-driven green transformation is underway in the Hohhot Valley of eastern Qinghai, with a focus on achieving "dual carbon" goals through enhanced financial support for renewable energy projects [1][2] Group 1: Financial Support and Policy Guidance - The People's Bank of China, Haidong Branch, is implementing a "policy guidance + institutional linkage + precise drip irrigation" model to strengthen financial support for green and low-carbon development [2] - As of the end of Q3 2025, the balance of green loans in Haidong reached 8.508 billion yuan, with energy green low-carbon transformation loans accounting for 6.098 billion yuan [2] Group 2: Green Financial Supply and Carbon Account System - The bank is promoting the establishment of carbon accounts for local enterprises, with 137 companies having set up carbon accounts by the end of Q3 2025 [3] - Financial institutions are encouraged to use carbon account data for business innovation and to provide clearer financing guidance to enterprises [3] Group 3: Support for Zero Carbon Industrial Park - Financial institutions have provided over 2 billion yuan in loans to the Qinghai Zero Carbon Industrial Park, supporting infrastructure, low-carbon technology R&D, and green transformation [4] Group 4: Optimizing Financing Services - The bank is guiding local financial institutions to innovate service mechanisms, offering customized products like long-term low-interest loans and project revenue pledge loans [5] - A loan of 346 million yuan supported a large photovoltaic power station, expected to save 558,300 tons of standard coal annually and reduce CO2 emissions by over 1.5 million tons [5] - Another loan of 372 million yuan facilitated a technology company's renewable energy project, achieving a carbon reduction of 30.6 tons per billion yuan invested [5]

Group 1: Market Overview - The Hang Seng Index rose by 151 points, marking its fourth consecutive increase, totaling a gain of 850 points or 3.25% [3][4] - The total market turnover was 340.39 billion, with a net inflow of 2.864 billion from northbound trading [3] - Among the 89 blue-chip stocks, 49 rose while 35 fell, indicating a mixed performance in the market [3] Group 2: Company News - 康龙化成 (CanSino Biologics) announced a placement of 58.44 million new H shares at a price of 22.82 HKD per share, raising approximately 1.334 billion HKD, with 70% of the proceeds allocated for project development [10] - 药明合联 (WuXi AppTec) proposed a cash offer of 4 HKD per share to acquire 东曜制药 (Easton Pharmaceuticals), representing a 60% premium over the last trading price [11] - 中信证券 (CITIC Securities) reported a 38.46% increase in net profit for the fiscal year 2025, reaching 30.051 billion RMB, driven by active market conditions and growth in brokerage and investment banking revenues [12] Group 3: Economic Insights - The Federal Reserve's Beige Book indicated that economic activity in most regions of the U.S. is increasing, with stable employment numbers and moderate price increases [7] - A survey revealed that 32.4% of South Korean companies in South China expect to downsize or withdraw from the market within five years, primarily due to increased competition and rising production costs [8] - The University of Hong Kong's economic policy green paper highlighted new opportunities for Hong Kong's economy, focusing on trade financing, AI, and green finance [9]

请务必阅读正文之后的免责条款部分 1 2026年01月15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：产业与二级资金博弈，宽幅震荡运行 | 2 | | --- | --- | | 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 | 2 | | 碳酸锂：高位震荡，关注海外矿山复产进展 | 4 | | 工业硅：下游减产，需求走弱 | 6 | | 多晶硅：底部震荡态势 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 15 日 镍：产业与二级资金博弈，宽幅震荡运行 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 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） | 140,940 | 2,490 | -6,780 | 8,090 | ...

Core Viewpoint - The article emphasizes the importance of green finance and sustainable investment as a strategic choice for high-quality development, aligning with national "dual carbon" goals and the financial industry's transition towards sustainability [1][2]. Group 1: ESG Integration - The company has established ESG (Environmental, Social, and Governance) as a core development strategy, ensuring it is embedded in investment decision-making and operational management processes [1][2]. - Since becoming a signatory of the UN Principles for Responsible Investment (PRI) in 2022, the company has achieved a five-star rating in various dimensions of ESG practice in the 2024 PRI assessment [2]. - An ESG research team has been set up to formulate sustainable investment goals and ensure the integration of ESG principles throughout the investment research process [2][4]. Group 2: Green Financial Framework - The company has developed a rigorous investment research framework to incorporate green finance principles into all stages of investment decision-making, utilizing positive and negative screening methods alongside ESG integration [4]. - The investment decision-making process includes a comprehensive evaluation of the green governance performance of investment targets, enhancing risk management related to green development [4]. Group 3: Product Innovation - The company focuses on energy transformation and the development of a new energy system, creating diverse products that support green industries and facilitate capital flow into sustainable sectors [6]. - A wide range of green financial products is offered, including various ETFs and actively managed funds, aimed at providing stable funding for green industry development and offering investors diverse options [6][5]. Group 4: Collaborative Ecosystem - The company aims to enhance the ESG investment ecosystem through product innovation, technology application, and industry collaboration, promoting a multi-faceted approach to green finance [7]. - By leveraging big data and AI, the company seeks to improve risk assessment and yield analysis for green projects, enhancing the efficiency of environmental information evaluation [7]. - The company plans to engage in industry forums and initiatives to foster collaboration among investment institutions, enterprises, rating agencies, and regulatory bodies, driving the development of green finance [7].

Group 1 - The "2025 China Enterprise ESG 100 Index" was officially released, selecting the top 100 companies from over 5,000 participants based on outstanding ESG practices [1][4] - Beijing Rural Commercial Bank was recognized for its continuous innovation and achievements in the green finance sector, marking its second consecutive year on the list [1][4] - The evaluation of the ESG 100 Index was conducted based on mainstream domestic and international ESG assessment systems, focusing on environmental performance, social responsibility, and corporate governance [4] Group 2 - Beijing Rural Commercial Bank integrates the concept of green development into its business strategy, actively responding to the national "dual carbon" goals [4] - The bank is set to innovate in key areas such as energy conservation and environmental protection, launching products like "water-saving loans" and the first "biodiversity + sustainable development-linked" loan in Beijing [4] - The bank aims to deepen the organic integration of ESG with business development, enhancing its green financial service capabilities and contributing to the green transformation of the economy and high-quality development [4]

Core Viewpoint - China's green finance is undergoing a significant transition, shifting from a focus on quantity to efficiency and from policy-driven to mechanism-driven growth [2] Group 1: Green Credit - Green credit remains the core and stable pillar of China's green finance system, with a projected balance of approximately 43.5 trillion yuan by the end of Q3 2025, reflecting an 18.9% increase from 36.6 trillion yuan at the end of 2024 [3][6] - In the first three quarters of 2025, green loans contributed 6.47 trillion yuan to the total loan increment, accounting for 43.9% of the total loan growth, indicating a shift from a temporary policy tool to a normalized direction for bank lending [6] Group 2: Green Bonds - The green bond market has shown a significant recovery in 2025, with a cumulative issuance of approximately 914.9 billion yuan from January to November, surpassing the total of 681.4 billion yuan for 2024 and nearing the historical high of 2022 [7] - Financial institutions dominate the green bond issuance, with green financial bonds accounting for about 492.3 billion yuan, focusing on clean energy, green infrastructure, and low-carbon transition projects [7] Group 3: Carbon Market - As of November 2025, the cumulative transaction volume of the national carbon market reached 818 million tons, with a total transaction value of 54.575 billion yuan, reflecting a 23.81% year-on-year increase in transaction volume for 2025 [10] - The carbon market is characterized by stable transaction volumes but a downward trend in prices, indicating a "stable volume, weak price" market feature [10] Group 4: Strategic Transition - The period from 2024 to 2025 is identified as a critical transition point from "growth in quantity" to "optimization in structure" for green finance, with a shift in policy focus towards the quality of fund allocation, emission reduction performance, and risk constraints [13] - By 2026, green finance is expected to further establish its "infrastructure-type" position within the financial system, transitioning from thematic investments to long-term asset allocations [13]