Core Viewpoint - Tianjin Rural Commercial Bank is committed to enhancing financial services in key areas such as technology innovation, green industry, inclusive finance, and elderly economy during the 14th Five-Year Plan period, aiming to support high-quality economic development in Tianjin [1]. Group 1: Technology Finance - The bank has established four specialized branches to enhance services for technology enterprises, creating a comprehensive service system with 29 unique financial products including "Innovation Loans" and "Intellectual Property Loans" [1]. - A new "Loan + External Investment" model has been introduced to assist technology startups in overcoming financing challenges due to lack of collateral, with technology loan balances exceeding 35 billion yuan [1]. Group 2: Green Finance - The bank integrates green finance with agriculture modernization and new industrialization, developing various "green+" service models to provide comprehensive financial services for low-carbon transitions [2]. - Green loan balances have surpassed 22 billion yuan, with significant growth in support for green economic development [2]. Group 3: Inclusive Finance - The bank has established a financing coordination mechanism for small and micro enterprises, with inclusive loans exceeding 43 billion yuan, leading local institutions in agricultural support [3]. - Agricultural loan balances are nearly 35 billion yuan, with a cumulative increase of 40% over five years, and inclusive agricultural loans have increased by 67% in the same period [3]. Group 4: Elderly Finance - The bank aims to create an elderly-friendly banking environment, completing upgrades for 400 branches and establishing 11 specialized branches for elderly services [4]. - Services include social security card processing, wealth consulting, and health-related activities, effectively meeting the financial and non-financial needs of elderly clients [4]. Group 5: Digital Finance - The bank has optimized its digital financial ecosystem, launching standardized services like "Jixiang Property Pass" to enhance convenience for residents and property management [5]. - Innovative services such as "Jixiang Tax Pass" and "Jixiang Park Pass" have been introduced to streamline operations for small enterprises and improve management efficiency [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：经济参考报） 在"双碳"目标持续深化推进的背景下，绿色债券作为衔接绿色产业与金融资源的核心工具，2025年在中 国市场实现了规模与影响力的双重突破。 可以看到，截至11月末，中国绿债市场不仅在全球市场中占据了核心地位，更呈现出从"增量扩 张"向"提质增效"转型的鲜明特征。政策体系的不断完善为市场发展注入了强劲动力，但发行主体覆盖 不足、中外标准衔接不畅等短板仍待攻克。 规模领跑全球 记者观察发现，2025年以来，国内绿债市场呈现出了两大特征。一是资金投向高度聚焦核心绿色领域。 安永大中华区ESG可持续发展主管合伙人李菁指出，当前绿色债券募集资金主要集中于清洁能源产业、 基础设施绿色升级及节能环保产业三大板块，合计占比高达83%，累计投入规模已达3.6万亿元，与中 国能源结构优化、工业低碳转型等国家战略高度契合。 二是融资成本优势凸显，市场吸引力持续增强。中证鹏元绿融高级分析师王鼎表示，绿色债券融资成本 较普通债券低0.5至1个百分点，叠加ESG投资理念的普及，投资者基础正不断扩大。 市场亮点纷呈 不可否认，中国绿债市场的快速发展，离不开政策体系的持续完 ...

Core Viewpoint - Zijin Bank focuses on optimizing its credit structure by aligning loan issuance with the financial "five major articles," emphasizing support for small and micro enterprises and enhancing service quality for the real economy [1] Group 1: Loan Strategy - The company is concentrating its loan issuance on key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - Zijin Bank aims to continuously improve its support for inclusive small and micro customers, reinforcing its commitment to the real economy [1] Group 2: Service Quality - The bank is dedicated to providing high-quality financial services that contribute to local economic and social development [1]

21世纪经济报道 杨梦雪、李览青 对于金融科技行业而言，作为"十五五"开局之年，2026年将是不平凡的一年，《金融科技发展规划》 （以下简称"发展规划"）也有望迎来更新。 从2019年到2025年，数字经济迅猛发展，在央行发布的两轮发展规划的指导下，金融科技从"立柱架 梁"走向"积厚成势"。在上一轮发展规划中，提出了数字驱动、智慧为民、绿色低碳、公平普惠的发展 原则，明确了健全金融科技治理体系、充分释放数据要素潜能、打造新型数字基础设施、深化关键核心 技术应用、激活数字化经营新动能、加快金融服务智慧再造、强化金融科技审慎监管、夯实可持续化发 展基础八项重点任务。 从目前金融机构的金融科技实践来看，数字化转型顶层设计均已确立，组织架构变革更为灵活，云基础 设施不断完善，人工智能（下文简称AI）、区块链、隐私计算等技术应用加速落地。在数字金融"大文 章"推动下，数据要素潜能得以释放，并与科技金融、普惠金融、养老金融、绿色金融领域深度融合。 在近年来AI深度应用的背景下，大幅提升了金融服务的可得性。 以银行为例，企业预警通数据显示，披露数据的16家国有行及股份行的科技投入，从2020年的1404亿元 增长至2024 ...

长期以来，招商基金积极响应国家"双碳"战略部署，深入践行金融"五篇大文章"发展要求，贯彻落实 ESG投资理念，大力发展绿色金融，以实际行动支持绿色低碳和可持续发展。本次绿色环保主题游园会 活动，深入招商基金蛇口租赁住房REIT项目所在小区，实现与REIT资产的品牌联动，共同开展ESG运 营实践，助力构建绿色运营生态。 壹栈林下小区是招商基金蛇口租赁住房REIT（基金代码：180502）的核心资产之一，属于招商蛇口 （001979）旗下"壹栈"品牌，以交通便捷的城市配套区域为核心选址，专注于为政策型人才和青年人才 提供高品质、低成本的租赁住房解决方案，助力城市人才安居，完善城市功能。该项目致力于打造绿色 社区，在运营管理中充分践行ESG理念，通过绿色建筑、高效运营管理、绿色租赁、环保宣传等举措， 构建可持续、循环发展的理想社区，为租户创造更加美好的居住生活，为社会的可持续发展贡献更多力 量。 12月14日，由招商基金和招商基金蛇口租赁住房REIT壹栈林下项目联合主办的"零碳森活"绿色环保主 题游园会活动在深圳市南山区招商街道壹栈林下小区成功举行，超100位壹栈林下的居民现场参与活 动，一同在"玩、吃、学、美、晒 ...

（原标题：专访孙蕊：培育"适应经济"，解锁气候领域私人投资潜力） 21世纪经济报道记者卢陶然、李德尚玉 北京报道 气候适应不是在低碳、自然保护及其他公共利益与政策目标之外的又一个垂直领域或标签，而是一个系 统性框架——我们正进入一个极端气候频发的环境，需要系统性的解决方案来适应这样的极端天气。 随着野火、洪水、干旱等极端气候事件日益频发，全球气候行动正从减缓气候变化向适应气候变化加速 拓展。 在日前闭幕的《联合国气候变化框架公约》第三十次缔约方大会（COP30）上，保尔森基金会发布了 《适应性经济的崛起》，报告其中一组数据直观揭示了当前的紧迫局势：2024年全球因气候相关物理灾 害造成的经济损失已突破3000亿美元，且主要集中在55个联合国认定的高脆弱国家（涉及36亿人口）； 但在2023年全球创纪录的1.9万亿美元气候融资中，明确流向适应领域的资金仅占3.4%，巨大的资金缺 口严重制约了全球应对气候冲击的能力。 在此背景下，保尔森基金会高级顾问兼绿色金融中心执行主任孙蕊接受了21世纪经济报道记者的专 访。"适应投资兼具显著的气候效益与经济价值，每投入1美元最高可创造5美元回报。"孙蕊强调，这类 投资不仅能通 ...

| 行 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 业 | | | | | | | | | | 周 | | | | | | | | | | 报 | | | | | | | | | | 金融行业 | 行 | | | | | | | | | 业 | | | | | | | | | | 银行：超配（维持） | 金融行业双周报（2025/12/5-2025/12/18） | 研 | | | | | | | | 证券：标配（维持） | | | | | | | | | | 究 | | | | | | | | | | 保险：超配（维持） | 监管引导非银"提质"：证券结构优化，险资长投激励 | | | | | | | | | 2025 | 年 | 12 | 月 | 19 | 日 | 投资要点： | 行情回顾：截至2025年12月18日，近两周银行、证券、保险指数涨跌幅 |  | | 分别-0.93%、+3.47%、+15.61%，同期沪深300指数+0.14%。在申万31 | 个行业中，银行和非银板块涨跌幅分别排名 ...

Core Viewpoint - Hengfeng Bank is undergoing a significant transformation by directing financial resources towards serving the real economy and national strategies, with over 80% of its existing loans allocated to key regions such as the Yellow River, Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau [3][4][11] Financial Performance - As of the end of 2024, Hengfeng Bank achieved an operating income of 25.775 billion yuan, an increase of 87% compared to the end of 2019, and a net profit of approximately 5.4 billion yuan, which is about eight times higher than in 2019 [6] - The bank's net interest margin and net interest spread improved to 1.41% and 1.52% respectively by the end of 2024, showcasing strong performance amidst industry challenges [6] Loan Growth and Structure - Hengfeng Bank has seen significant growth in various loan categories, with technology loans increasing by 21%, small and micro loans by 27%, and inclusive agricultural loans by 19% [4][12] - The bank's total assets reached approximately 1.56 trillion yuan by the end of Q3 2025, up from 1.03 trillion yuan at the end of 2019, indicating robust growth [8] Asset Quality - Hengfeng Bank has maintained a declining non-performing loan ratio for over 20 consecutive quarters, reaching a low of 1.42% [8] - The bank has implemented strict internal controls and improved its capital adequacy and provision coverage ratios, ensuring stable asset quality [8] Support for Real Economy - The bank emphasizes its commitment to serving the real economy, with a focus on key areas such as ecological protection and green development, particularly in the Yellow River basin [11] - Hengfeng Bank has launched various financial products, including a knowledge property-linked "water-saving loan," to support green initiatives [14] Inclusive Finance - Hengfeng Bank has made strides in inclusive finance, with a 27% increase in small and micro loans and a 19% increase in inclusive agricultural loans, exceeding overall loan growth rates [12] - The bank has established a dedicated committee for inclusive finance and rural revitalization, enhancing its focus on these sectors [12] Green Finance Initiatives - The bank's green financing balance has surpassed 130 billion yuan, with a compound annual growth rate of over 40% in the past three years [16] - Hengfeng Bank has actively supported clean energy projects, contributing to significant carbon reduction efforts [16] Aging Population Services - Hengfeng Bank has developed specialized financial services for the elderly, managing financial assets of 211 billion yuan for 2.2 million elderly clients by the end of 2024 [19][18] - The bank has established a leadership group for pension finance to enhance its offerings in this area [18] Consumer Finance Development - The bank has focused on developing consumer finance products, with personal consumer loans reaching 102.1 billion yuan by the end of 2024, marking a 12.34% increase [21] - Hengfeng Bank has launched digital consumer credit products to meet customer needs [21] Support for Private Enterprises - Hengfeng Bank has provided financial support to private enterprises, with a 22% increase in loans to the private manufacturing sector [13]

Core Insights - The 21st China-Singapore Bilateral Cooperation Joint Committee (JCBC) meeting was held in Chongqing on December 15, 2025, focusing on enhancing cooperation in the financial and capital markets between the two countries [1][2]. Group 1: Initiatives Launched - The meeting resulted in several initiatives aimed at strengthening financial cooperation, including the designation of DBS Bank as Singapore's second Renminbi clearing bank, following the Industrial and Commercial Bank of China Singapore branch [3]. - Support for A-share companies to conduct secondary listings on the Singapore Exchange (SGX) was announced, with the Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) facilitating this process [3]. - A new interbank counter bond market arrangement supported by Bank of China and DBS Bank was initiated, providing institutional investors access to specific fixed-income products from the Chinese interbank bond market [3]. - A pilot program for digital Renminbi (e-CNY) was launched for Singapore travelers, allowing them to open and top up digital wallets for merchant payments in China [4]. Group 2: Progress in Financial Cooperation - The MAS welcomed progress in cross-border green finance cooperation through the Singapore-China Green Finance Working Group, aiming to enhance interoperability of green classification standards [5]. - Collaboration on index and exchange-traded fund (ETF) products was deepened, with the launch of the China Securities Index and SGX Asian Emerging Markets Technology Index and plans for more ETF products under the Singapore-China ETF mutual recognition framework [5]. - A new financial cooperation memorandum was signed between the MAS and the Chongqing Municipal Government, promoting cross-border financing, fintech innovation, and green finance [5]. Group 3: Statements from Officials - The MAS Managing Director expressed that the deepening financial connectivity between China and Singapore has supported growth in cross-border trade and investment, and emphasized the importance of continued collaboration in banking and capital markets [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The carbon emission trading mechanism is a core policy tool for China's "dual - carbon" goal. The current national carbon market is limited to the spot market, and after the expansion this year, the market size has increased by 60%. Listing carbon emission right futures is an important direction for enriching carbon financial products [6] - The national carbon market will enter a new stage with the implementation of a combination of free and有偿 carbon quota allocation. The initial, medium - term, and long - term goals of有偿 allocation are to stabilize the market, promote price discovery, and support low - carbon transformation respectively [7] - The "Notice" on green finance and green factory construction is conducive to the in - depth integration of green finance and industrial green manufacturing, promoting the green transformation of the manufacturing industry [7] 3. Summary by Directory 3.1 Carbon Market Weekly Overview - In November, the national carbon market's comprehensive price ranged from 51.54 yuan/ton to 70.14 yuan/ton, with a closing price of 59.65 yuan/ton and a monthly increase of 14.80%. The total trading volume was 4775.32 million tons, and the total turnover was 2.757 billion yuan [5] - In the third week of December, the comprehensive price ranged from 57.74 yuan/ton to 62.98 yuan/ton, with a closing price of 62.40 yuan/ton, a 7.53% increase from the previous Friday. The total trading volume was 972.88 million tons, and the total turnover was 579,633,428.88 yuan [5] - From January 1 to December 19, 2025, the trading volume of carbon emission allowances in the national carbon market was 212 million tons, and the turnover was 12.999 billion yuan [5] 3.2 Market News - Guangzhou plans to promote the construction of the carbon emission trading market and support the Guangzhou Futures Exchange to develop carbon emission right futures [6] - The national carbon market will implement a combination of free and有偿 carbon quota allocation. The initial proportion of有偿 allocation can be set between 1% - 3%, with the medium - term goal of promoting price discovery and the long - term goal of supporting low - carbon transformation [7] - The "Notice" on green finance and green factory construction promotes the integration of green finance and industrial green manufacturing [7] 3.3 Market Data - No specific data content provided other than the section title [10]