本期债券的发行主体贵阳农商银行成立于2011年，是贵州省第三大法人银行。发行人连续五年入围"中国银行业200强"、三登贵州百强系列名单、 获评2025年省级服务业龙头企业、荣获全国五四红旗团委、全国金融系统文化建设优秀单位。 本期债券作为贵州省内农商行首单绿色金融债券，是申万宏源证券与贵阳农商银行长期信任与紧密合作的成果，展现出申万宏源证券助力绿色产业发 展、做好绿色金融大文章的核心理念。未来，申万宏源证券将持续提升服务实体经济的质效，为区域经济高质量发展注入金融动能。 来源：申万宏源证券 近期，由申万宏源证券担任牵头主承销商的"贵阳农村商业银行股份有限公司2025年第一 期绿色金融债券"成功发行，发行规模15亿元，期限3年，票面利率2.40%。本期债券是贵州 省内农商行 首单 绿色金融债券。 ...

Core Viewpoint - The global economic landscape is undergoing significant adjustments, and the domestic economy is entering a new stage of high-quality development, presenting both strategic opportunities and transformation challenges for the financial sector [2][5]. Policy and Strategic Framework - The Central Financial Work Conference has set the ambitious goal of "accelerating the construction of a financial power," marking the first time this concept has been included in the five-year planning recommendations [6]. - A series of policies aimed at stabilizing growth, promoting innovation, and preventing risks have been implemented, with coordinated monetary and fiscal policies laying a solid foundation for the reform and development of the financial industry [6]. Financial Sector Initiatives - The "1+N" policy system has been established as part of the top-level design of the financial sector, providing precise navigation for industry development [6]. - Key initiatives include: - **Technology Finance**: Focused on achieving high-level technological self-reliance and empowering innovative enterprises [6]. - **Green Finance**: Aimed at supporting the comprehensive green transformation of the economy and society, aligned with the "dual carbon" goals [6]. - **Inclusive Finance**: Targeting underserved areas to ensure financial services reach every household [6]. - **Pension Finance**: Addressing the needs of an aging population and improving the social security system [6]. - **Digital Finance**: Leveraging technological innovation to reshape the financial service ecosystem [6]. Upcoming Events - The 18th Golden Unicorn Forum will be held on January 15, 2026, focusing on the banking and insurance sectors, with discussions on enhancing financial quality and efficiency to support high-quality economic development [7].

2026年01月13日 国泰君安期货商品研究晨报-绿色金融与新能源 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 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：抢出口预期驱动，关注大幅上涨后终端需求变化 | 4 | | 工业硅：关注下游减产情形 | 6 | | 多晶硅：区间盘整 | 6 | 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 商 品 研 究 2026 年 1 月 13 日 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） | 144,200 | 5,110 | 10,100 | 18,49 ...

Core Viewpoint - Qinghai is at a crucial stage of ecological civilization construction, aiming to transform its ecological advantages into institutional, market-oriented, and industrialized benefits, thereby enhancing sustainable governance and high-quality development [1] Group 1: Institutional Framework for Ecological Advantages - The focus is on establishing a rigorous institutional framework to institutionalize ecological advantages, emphasizing the importance of ecological protection as a national priority [1] - Key measures include implementing strict land use regulations, ecological protection red lines, and a natural protection area system to minimize ecological fragmentation and disorderly development [1] - The approach also involves integrated protection and systematic governance of ecosystems, transitioning from point-based restoration to comprehensive regional management [1] Group 2: Marketization of Ecological Advantages - The article highlights the need for market mechanisms and compensation systems to address the cost-benefit mismatch in ecological services, facilitating the realization of ecological product values [2] - It emphasizes the importance of ecological product value assessment and management, converting ecological contributions into measurable values for policy-making and funding allocation [2] - The development of trading mechanisms for ecological resources, such as carbon credits and water rights, is essential to create positive incentives for conservation behaviors [2] Group 3: Industrialization of Ecological Advantages - The transformation of ecological advantages into a modern industrial system is crucial, focusing on converting ecological resources into products and services while driving industrial upgrades through green constraints [3] - The establishment of a high-quality, low-impact ecological experience and education sector is proposed, leveraging national parks to create a new growth point for ecological branding [3] - The article advocates for a robust supply system for green organic agricultural products, enhancing local transformation capabilities and market credibility [3]

证券日报网讯 1月12日，天阳科技在互动平台回答投资者提问时表示，公司控股子公司海南绿色数字信 用有限公司将绿色金融、数字技术和信用体系有机结合，主要开展三方面工作：一是利用大数据、区块 链等技术，基于财政部企业可持续披露标准要求，为海南自贸港企业构建ESG数据平台与绿色信用体 系，赋能企业ESG转型；二是通过将企业ESG数据与征信数据深度融合，打造以企业可持续发展综合评 价为核心的企业数字化信用评价体系，为企业可持续发展挂钩融资提供数据支持；三是利用自贸港跨境 资金流动便利政策，吸引国际资本投资海南自贸港绿色项目，通过追踪企业供应链ESG表现，服务于跨 境投融资与国际绿色供应链管理需求，帮助海南自贸港企业对接国际绿色供应链需求。公司将关注海南 自贸区相关政策，结合自身实际情况积极挖掘潜在的机遇。 （文章来源：证券日报） ...

Core Viewpoint - The first biodiversity loan in China, supported by the GF60 Sustainable Investment and Financing Center and aligned with the TNFD framework, has been successfully issued to Zhejiang Shenghua Yunfeng New Material Co., Ltd. for 200 million yuan, aimed at promoting biodiversity protection and sustainable forestry practices [1][2]. Group 1: Loan Details and Framework - The loan of 200 million yuan is the first project that meets the People's Bank of China's biodiversity financial standards while also responding to the TNFD international framework [1][2]. - The project incorporates the LEAP tool to systematically identify and assess the ecological and biodiversity impacts of the financing project, ensuring that all funds are directed towards sustainable forestry [2][5]. Group 2: Industry Impact and ESG Governance - This initiative is expected to empower companies to enhance their ESG governance systems, with Shenghua Yunfeng becoming the first company in China's home furnishing industry to join the TNFD Adopter program [3][4]. - The collaboration signifies a commitment to integrating biodiversity protection into core strategic issues, aiming for higher quality and more sustainable development in the home furnishing sector [3][6]. Group 3: Regulatory and Global Context - The People's Bank of China is promoting biodiversity financial products and services across 26 provinces, indicating a growing regulatory focus on biodiversity-related risks [4][5]. - The TNFD framework is being adopted by over 50 countries, providing essential tools for companies and financial institutions to manage biodiversity risks, which is increasingly recognized as a strategic asset for long-term resilience and innovation [2][6].

还记得86版《西游记》"你挑着担，我牵着马"的场景吗？唐僧师徒四人行走的瀑布仙境，正是取景自九 寨沟国家级自然保护区的珍珠滩瀑布。 实际上，据国家林草局数据，我国有2694处自然保护区，面积近1.5亿公顷。这些承载着人们记忆的"仙 境"，其生态保护与绿色发展越来越被重视。 近日，国务院常务会议审议通过《中华人民共和国自然保护区条例（修订草案）》（以下简称《条 例》）。会议指出，修订自然保护区条例，做好与国家公园法等法律法规的协调衔接，将为高质量推进 自然保护区建设提供有力法治保障。在确保生态得到保护的前提下提升公共服务功能，构建政府主导、 多方参与、社会共享的机制，实现生态保护、绿色发展、民生改善相统一。 就在修订草案通过前，1月1日《中华人民共和国国家公园法》（以下简称"国家公园法"）正式实施。国 家林草局自然保护地管理司司长袁继明表示，《条例》与国家公园法共同搭建起自然保护地法律体系 的"四梁八柱"。《条例》的修订是自然保护地领域一次承上启下的关键立法，是推动自然保护区实现规 范化、标准化、科学化管理的法治保障。 然而，无论是国家公园还是自然保护区等其他类型自然保护地的保护问题，资金缺乏一直是长期以来存 ...

Core Viewpoint - The global economic landscape is undergoing significant adjustments, and the domestic economy is entering a new stage of high-quality development, presenting both strategic opportunities and transformation challenges for the financial sector [3][6]. Policy and Strategic Framework - The Central Financial Work Conference has set the ambitious goal of "accelerating the construction of a financial power," marking the first time this has been included in the five-year planning recommendations [7]. - A series of policies aimed at stabilizing growth, promoting innovation, and preventing risks have been implemented, with coordinated monetary and fiscal policies laying a solid foundation for the reform and development of the financial industry [7]. - The "1+N" policy system has been established, focusing on five key areas: - Technological finance to support high-level self-reliance in technology and inject financial momentum into innovative enterprises [7]. - Green finance targeting carbon neutrality goals to assist in the comprehensive green transformation of the economy and society [7]. - Inclusive finance to reach underserved segments, ensuring financial services are accessible to all [7]. - Pension finance addressing the needs of an aging population to improve the social security system [7]. - Digital finance leveraging technological innovation to reshape the financial service ecosystem [7]. Upcoming Events - Sina Finance will host the "18th Golden Unicorn Forum: Financial New Start" on January 15, 2026, focusing on the banking and insurance sectors [8]. - The forum will address two main topics: "Banking New Start: Enhancing Financial Quality and Efficiency to Support High-Quality Economic Development" and "Insurance New Start: Reshaping Value Ecology through Core Return" [8]. - Regulatory leaders, industry leaders, and scholars will gather to contribute insights for the transformation and development of the financial industry [8].

Key Insights - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in green finance to provide decision-making references for stakeholders [1] Group 1: Digital Currency and Green Finance - The digital RMB app has launched a carbon-inclusive service to enhance the application of digital RMB in green finance, allowing users to accumulate carbon credits from their low-carbon behaviors and exchange them for digital RMB [3] - This initiative is seen as a significant step by the People's Bank of China to encourage public participation in green low-carbon actions, linking personal green behavior with monetary incentives [3] Group 2: Policy Optimization in Green Financing - Jiangsu Province has optimized the "Environmental Base Loan" policy to expand support, enhance interest subsidy effectiveness, and strengthen financing guarantees, including the removal of financing limits and an increase in interest subsidy rates from 1% to 1.5% [4][5] - The policy aims to simplify application processes and improve loan issuance efficiency, addressing funding challenges for industrial enterprises in emission reduction [5] Group 3: Carbon Market Performance - The national carbon market saw a maximum price of 83.00 CNY per ton last week, with a closing price increase of 1.78% compared to the previous week [6] - The total transaction volume for carbon emission allowances reached 4,688,068 tons, with a total transaction value of approximately 352 million CNY [7] Group 4: Green Financial Instruments - Gansu Province issued the first "green infrastructure + regional coordinated development" dual-dimension sustainable bond in China, with a scale of 2 billion CNY and a 3-year term, linking the interest rate to specific performance targets [8][9] - Swire Properties successfully issued a 5-year, 500 million USD green bond with a coupon rate of 4.25%, reflecting strong market demand with an oversubscription of over four times [10] - The proceeds from the bond will be used for sustainable building projects and refinancing existing green projects, enhancing transparency and responsibility in fund usage [10]

Group 1 - The Central Economic Work Conference has outlined eight key tasks for economic work in 2026, emphasizing the importance of "innovation-driven development" and the role of technology in industry upgrades and high-quality development [1] - Non-bank financial institutions are encouraged to align with the conference's directives, focusing on serving the real economy and leveraging technological innovation as a driving force for breakthroughs in quality and efficiency [1] Group 2 - The conference has reiterated the commitment to "dual carbon" goals, promoting a comprehensive green transformation, which is a significant focus for trust companies and financial leasing institutions [2] - The emphasis on "innovative technology financial services" marks a new phase in the development of technology finance, integrating core elements like "technology" and "green" with the real economy [2] - Examples of practical applications include the use of big data and AI by companies like Industrial Bank Leasing to enhance risk management in green leasing [2] Group 3 - The carbon trading market is expected to enter a new stage of high-quality development, with the conference calling for strengthened national carbon emission trading market construction [4] - Trust companies are encouraged to explore carbon trusts centered around carbon quotas, leveraging the opportunity presented by the national carbon market to promote green trust development [4] - Accurate management of carbon data is highlighted as a critical area where AI can play a significant role in carbon trading infrastructure [4] Group 4 - Companies like Northern Trust are focusing on integrating AI into green finance, enhancing project selection, pricing, risk control, and post-investment monitoring through data-driven approaches [5] - The goal is to embed green concepts into public life and foster a culture of low-carbon development [5] Group 5 - Financial leasing companies are leveraging their unique "financing + leasing" attributes, supported by technology, to play an irreplaceable role in promoting green development [6] - Companies are implementing digital transformation strategies to enhance risk control and operational efficiency in green leasing [6] - The focus is on converting transformation outcomes into precise support for industrial upgrades [6] Group 6 - Financial leasing companies are urged to optimize their business structures, concentrating on high-end manufacturing, green energy, urban renewal, and retail sectors to align with modern industrial system construction [7]