一直以来，江苏银行深入践行绿色发展理念，持续探索绿色金融服务实体经济高质量发展的业务模式， 充分发挥绿色金融市场产品创设与衍生品交易定价优势，不断创新丰富绿色金融产品体系，为客户提供 灵活、个性化的投资选择，聚力做好绿色金融大文章，为服务国家生态文明建设重大战略贡献金融力 量。 该行此次发行的绿色结构性存款产品(嵌套期权交易)，向市场传递了碳中和绿色金融理念，通过精准资 金配置，引导产业与能源结构绿色低碳转型。江苏银行打造与"绿"相挂钩的结构性存款产品，既丰富了 绿色金融产品体系，也满足了境内外客户的绿色投资需求，进一步丰富了期权交易市场生态，推动多元 化发展。 江苏银行不断完善绿色金融专业化经营和环境与社会风险管理体系，积极推进绿色金融产品创新，目前 已建立涵盖绿色债券、绿色零售、绿色租赁、绿色理财、绿色贷款等多个业务板块的绿色金融集团化产 品体系。截至2025年9月末，绿色投融资规模突破7500亿元，较2024年末增速36.9%。 未来，江苏银行将持续聚焦绿色金融领域，深耕绿色金融业务沃土，创新绿色金融产品，以更丰富的绿 色金融结构性产品体系、更精准的资金投放方向、更完善的综合金融服务方案以及更高效的经营 ...

下一步，国家外汇管理局北京市分局将不断完善绿色外债试点运行机制，持续跟踪试点政策实施效果， 加强政策宣传与指导，充分释放试点政策红利，推动做好金融"五篇大文章"，服务实体经济高质量发 展。 绿色外债试点政策是国家外汇管理局深入贯彻落实党中央、国务院绿色金融发展决策部署，支持绿色金 融发展的一项新政，北京地区被列入首批试点。国家外汇管理局北京市分局经国家外汇管理局同意发布 《绿色外债试点业务指引（试行）》（京汇发〔2025〕74号文印发），积极支持辖内非金融企业借入外 债资金用于绿色或低碳转型项目。试点政策生效首日，辖内银行成功为4家企业办理绿色外债签约登 记，签约金额合计逾6000万人民币，所涉资金将投向于光伏行业、绿色智能交通体系及信息化建设等， 为首都绿色金融再添新章。 北京商报讯（记者 岳品瑜 董晗萱）2026年1月5日，据人民银行北京市分行官微消息，绿色外债试点政 策施行首日四笔业务顺利落地。 ...

Core Viewpoint - The green external debt pilot policy is a new initiative by the State Administration of Foreign Exchange to support the development of green finance, with Beijing being one of the first pilot regions [1][2]. Group 1: Policy Implementation - The Beijing branch of the State Administration of Foreign Exchange has issued the "Green External Debt Pilot Business Guidelines (Trial)" to support non-financial enterprises in borrowing external debt for green or low-carbon transformation projects [1][2]. - On the first day of the policy's effectiveness, local banks successfully registered green external debt contracts for four enterprises, with a total signing amount exceeding 60 million RMB, targeting sectors such as photovoltaic industry, green intelligent transportation systems, and information technology construction [1][2]. Group 2: Bank Participation and Support - Several banks have actively participated in the pilot, assisting enterprises in completing financing. For instance, the Bank of China Beijing branch guided a logistics company in registering a green external debt of 5 million USD, while Jiangsu Bank Beijing branch helped a technology logistics company complete a registration of 20 million RMB [2][3]. - The Industrial and Commercial Bank of China Beijing branch facilitated overseas financing for a domestic photovoltaic power station operation project [2][3]. Group 3: Enterprise Engagement - Participating enterprises have reported that the green external debt pilot policy has helped them increase financing amounts and support high-quality development [2][3]. - The "one-stop" service provided by banks has made it easier for enterprises to utilize cross-border funds, reducing operational costs and enhancing the motivation for digital and green transformation [2][3]. Group 4: Future Directions - The Beijing branch will continue to improve the operational mechanism of the green external debt pilot, track the implementation effects of the policy, and enhance policy promotion and guidance to fully release the benefits of the pilot policy [4].

作为绿色金融的坚定践行者，兴业银行重庆分行始终秉持"绿水青山就是金山银山"的发展理念，积极探 索金融支持文化遗产与生物多样性保护的新路径。此次贷款为大足石刻的永续传承与生态提升提供了扎 实的金融保障，形成了可复制、可推广的文旅生态融资范例，彰显了该行以金融力量守护文化根脉、赋 能绿色发展的企业担当。（李彦霓） 编辑：赵鼎 转自：新华财经 近日，兴业银行重庆盘龙支行成功向大足石刻景区投放2.93亿元贷款，标志着重庆首笔生物多样性挂钩 贷款正式落地。该笔贷款以金融创新为驱动，将文化遗产保护与生态价值提升紧密结合，实现了文化传 承、生物多样性保护与金融服务的有机融合，为世界遗产的可持续保护注入崭新动能。 国家一级保护植物等珍稀物种在大足石刻繁衍生息，形成了"石刻与自然共生"的独特生态人文景观。此 次创新型贷款突破传统融资模式，将贷款利率与石刻周边植被覆盖率、重点名木保护数量等生态指标动 态挂钩，实现"保护越好、成本越低"，推动生态效益与金融激励良性互动。 该项目的成功落地，是兴业银行重庆分行在绿色文旅金融领域的一次重要突破。通过生物多样性挂钩贷 款这一创新工具，精准支持文化遗产保护与生态修复协同推进：生态层面助力构 ...

Group 1 - The Federal Reserve's recent interest rate cut of 25 basis points to a range of 3.5%-3.75% aligns with market expectations but reveals significant internal divisions among FOMC members regarding economic outlook and policy direction [2][3] - The voting outcome showed three dissenting votes, indicating a split within the Fed, with some members advocating for a more aggressive rate cut while others expressed concerns about persistent inflation [3] - The Fed's policy statement has shifted to acknowledge a "cooling" labor market and suggests potential pauses in rate cuts, reflecting a cautious approach to future monetary policy adjustments [3] Group 2 - Global markets reacted sharply to the Fed's policy changes, with U.S. stock markets experiencing volatility; tech stocks initially surged but later retreated due to hawkish comments from Fed Chair Powell [4] - The bond market showed signs of deepening yield curve inversion, with two-year Treasury yields falling below 3.54%, raising concerns about fiscal sustainability [5] - In the currency and commodity markets, gold prices surged, and Bitcoin reached new highs, driven by expectations of a shift away from the dollar, while industrial commodity prices remained constrained by weak global demand [7] Group 3 - The Fed's decision reflects underlying tensions between persistent inflation and economic slowdown, with tariffs contributing to inflationary pressures and structural issues in the labor market [8] - The political landscape complicates the Fed's independence, as external pressures from the government may influence future monetary policy decisions [8] - The Fed's approach to managing inflation and economic growth will likely lead to a cautious stance in 2026, with expectations of limited rate cuts and a focus on preventing inflation rebound [11] Group 4 - China's economic strategy must adapt to the changing global landscape, with opportunities arising from a potential easing of monetary policy and a focus on domestic consumption [8] - The capital market in China may see structural opportunities, particularly in technology and consumer sectors, as foreign investment expectations improve [9] - Companies should shift from an export-dependent model to one driven by domestic demand, leveraging currency stability while navigating uncertainties in tariff policies [10]

Core Viewpoint - The A-share banking sector concluded 2025 with a structural rise, with 35 out of 42 listed banks experiencing gains, and the banking index rising by 12.04%, indicating strong defensive and allocation value [2][3]. Group 1: 2025 Banking Sector Performance - The banking sector exhibited significant structural differentiation, with the top ten stocks including Agricultural Bank (52.66%), Xiamen Bank (35.78%), and others showing gains over 20% [3][4]. - The market's focus shifted towards "certainty of returns" and "growth cost-effectiveness" amid an "asset shortage" backdrop, leading to a preference for certain banks [3][4]. Group 2: Core Drivers of 2025 Bull Stocks - Three main factors drove the performance of bull stocks: high dividends and low valuations supporting state-owned banks, regional economic vitality empowering small and medium banks, and asset structure optimization promoting value reassessment [4][5]. - Agricultural Bank led with a dividend yield above 5% and a price-to-book ratio exceeding 1, breaking the long-standing trend of state-owned banks trading below book value [4][5]. Group 3: 2026 Bull Stock Predictions - The banking sector is expected to maintain a "steady progress" operational trend in 2026, with key dimensions for identifying bull stocks including net interest margin improvement, business transformation growth, and stable asset quality [5][6]. - The predicted top ten bull stocks for 2026 include Agricultural Bank, China Merchants Bank, and Ningbo Bank, among others, with each having specific growth drivers [7][8]. Group 4: Key Factors for 2026 Predictions - Agricultural Bank is expected to continue its strong performance due to its county-level business advantages and low liability costs [7]. - China Merchants Bank is anticipated to see dual growth in performance and valuation, driven by its wealth management transformation and strong asset quality [8]. - Ningbo Bank is positioned to benefit from regional economic vitality and diversified non-interest income growth [8][9]. Group 5: Structural Trends and Risks - The banking sector is likely to experience a dual rise in performance and valuation, supported by improved net interest margins and robust asset quality [12][13]. - However, structural differentiation risks may intensify, with some smaller banks facing challenges due to high regional economic dependency and single customer structures [12][13].

近日，兴业银行重庆分行成功向綦江区"綦水连珠"生态清洁小流域一体化建设项目投放1.6亿元贷款， 这是该行首笔水土保持生态价值转换专项贷款，标志着该行在绿色金融创新与生态价值转化领域实现重 要突破。 "綦水连珠"项目是綦江区践行"绿水青山就是金山银山"理念的重点工程，覆盖打通、石壕、赶水等多个 乡镇，涉及峡坝三河、綦盛永丰、玉篆人和三大小流域。项目以"生态修复、生态治理、生态保护"三道 防线为核心，同步推进生态清洁工程与产业提升工程，包括防洪护岸、河道疏浚、坡改梯等生态治理措 施，涵盖生态鱼养殖、中药材种植、漂流体验基地及民宿改造等产业融合项目，旨在实现"山青、水 净、村美、民富"的治理目标。 此次兴业银行投放的贷款，将重点支持项目生态清洁小流域、特色产业基地提质及文旅配套升级，打通 项目"生态保护—价值转换—产业增收"的闭环。该项目预计可有效治理水土流失，提升流域生态系统稳 定性，同时培育特色农业与乡村旅游新业态，带动当地就业增收，实现生态效益、社会效益与经济效益 的有机统一。 转自：新华财经 兴业银行重庆分行始终聚焦生态保护与绿色发展领域，此次首笔水土保持生态价值转换贷款的落地，是 该行深化绿色金融产品创新 ...

Core Viewpoint - Green finance is a key force in supporting the comprehensive green transformation of the economy and society, particularly in the context of China's "dual carbon" goals and the acceleration of a comprehensive green transition [1] Group 1: Company Strategy and Focus - Ping An Trust has been awarded the highest MSCI ESG rating of AAA and has ranked first among insurance companies in the Asia-Pacific region for four consecutive years, integrating sustainable development into its corporate strategy [1] - The company focuses on three key areas: "new energy, new infrastructure, and new lifestyle," aiming to allocate financial resources precisely to green industries [1][2] - Ping An Trust emphasizes the importance of a full-chain professional capability in "research, investment, control, and management" to support the national dual carbon strategy [1] Group 2: Investment Achievements - Ping An Trust has successfully facilitated the integration of insurance funds with major national green energy projects, exemplified by a near 4 billion yuan investment in two offshore wind power projects in Guangdong with a total installed capacity of 1.9 GW [2] - This investment marks the first instance of insurance funds directly investing in offshore wind projects in a flat equity format, contributing to a virtuous cycle of asset formation and investment in the wind power sector [2][4] Group 3: Social Responsibility and Charitable Initiatives - Ping An Trust has established the first carbon-neutral themed green financial charity trust in China in 2021 and launched a 10 million yuan trust focused on mangrove ecological protection in 2023 [5] - The company is also a founding member of the "International Mangrove Protection Special Fund," contributing to the establishment of the world's first "International Mangrove Center" in Shenzhen [7] Group 4: Future Plans - Looking ahead, Ping An Trust plans to expand its green initiatives, increasing project reserves in new energy power stations, green transportation, and ecological protection, while deepening cooperation with central state-owned enterprises and local energy groups [7]

2026年01月05日 国泰君安期货商品研究晨报-绿色金融与新能源 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 5 日 镍：现实压力背负与周期转变叙事博弈，宽幅震荡 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 观点与策略 | 镍：现实压力背负与周期转变叙事博弈，宽幅震荡 | 2 | | --- | --- | | 不锈钢：现实基本面拖累，盘面博弈印尼政策为主 | 2 | | 碳酸锂：高位震荡，关注正极实际减产情况 | 4 | | 工业硅：关注上游工厂减产 | 6 | | 多晶硅：关注市场信息发酵 | 6 | 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） | 132,850 | 460 | 4,850 | 1 ...

2025年12月26日，泸州市市委、市政府印发《2025年泸州市推动高质量发展先进集体和先进个人名 单》，泸州银行荣获"2025年泸州市推动高质量发展先进集体"称号。作为西部地区地级市中的首家上市 银行，该行始终以地方法人机构的责任担当深耕区域经济沃土。在崭新的2026年，泸州银行将继续融入 地方发展新蓝图，围绕战略精准发力，为高质量发展注入强劲金融动能。 聚焦主业 做实做深金融"五篇大文章" 做好金融"五篇大文章"，是银行业服务实体经济高质量发展的核心抓手。2025年以来，泸州银行紧扣国 家战略导向，在信贷业务发展的行业分布策略中加大对重大战略及科技、绿色、普惠、养老、数字等重 大领域相关行业的金融支持。 在科技金融赛道，泸州银行紧紧围绕国家支持的科技重点领域，积极在设备集成、数据分析、数字科技 等方面提供信贷支持。为当地某大数据公司提供一笔2.95亿元贷款，泸州银行既助力该企业打通"数字 基建最后一公里"，也为区域智慧城市发展与绿色交通转型提供了关键资金支撑。 在绿色金融领域，泸州银行则以"战略规划+产品创新+风险管控"三维发力，将绿色发展理念贯穿信贷 全流程。一方面，通过制定《泸州银行股份有限公司绿色信 ...