（原标题：中央经济工作会议提及"重视解决地方财政困难"，何有深刻考量？） 中央经济工作会议12月11日至12日在北京举行。 会议要求，明年要坚持稳中求进、以进促稳、先立后破，多出有利于稳预期、稳增长、稳就业的政策， 在转方式、调结构、提质量、增效益上积极进取，不断巩固稳中向好的基础。要强化宏观政策逆周期和 跨周期调节，继续实施积极的财政政策和稳健的货币政策，加强政策工具创新和协调配合。 在总量调节上，将灵活运用降准、降息等工具保持流动性充裕；同时维护人民币汇率稳定在合理均衡水 平，强化逆周期与跨周期调节协同。 积极的财政政策要适度加力、提质增效。要用好财政政策空间，提高资金效益和政策效果。优化财政支 出结构，强化国家重大战略任务财力保障。合理扩大地方政府专项债券用作资本金范围。落实好结构性 减税降费政策，重点支持科技创新和制造业发展。严格转移支付资金监管，严肃财经纪律。增强财政可 持续性，兜牢基层"三保"底线。严控一般性支出。党政机关要习惯过紧日子。 稳健的货币政策要灵活适度、精准有效。保持流动性合理充裕，社会融资规模、货币供应量同经济增长 和价格水平预期目标相匹配。发挥好货币政策工具总量和结构双重功能，盘活 ...

Group 1 - The core viewpoint emphasizes the intersection of technological revolution and sustainable development, advocating for a new paradigm that leverages disruptive technology and systemic financial empowerment to create a more resilient and efficient sustainable future [1] - The integration of artificial intelligence and big data into sustainable development faces challenges such as data fragmentation and unclear disclosure standards, necessitating improved data aggregation and standardized reporting [1][2] - From 2026, companies listed on important indices will be required to disclose sustainability reports, indicating a positive trend towards systematic and standardized reporting, although there remains a gap between domestic and international standards [2] Group 2 - China's green loan balance reached 43.51 trillion yuan, a year-on-year increase of 22.9%, and green bonds issued totaled 4.95 trillion yuan, positioning China among the global leaders in green finance [3] - The development of climate technology is crucial for addressing climate challenges, with six core areas identified: renewable energy, energy storage, smart grid, carbon capture, hydrogen energy, and biomass energy [3] - Significant funding is required for the entire cycle of climate technology development, necessitating a multi-faceted climate financing system to overcome the challenges of financing gaps exceeding $2 trillion globally [4] Group 3 - Four financing solutions proposed to address the climate financing gap include cultivating patient capital, leveraging public capital to attract social investment, innovating blended capital models, and matching financial products to the full cycle of financial needs [4] - The establishment of a complete financial ecosystem is essential for empowering climate technology, which includes creating a shared value consensus and improving benefit mechanisms through tools like carbon trading [4][5] - The voluntary carbon market in China faces challenges such as a lack of independent standards and insufficient domestic supply to meet the growing demand for carbon credits from outbound enterprises [5] Group 4 - The integration of technology and green finance is crucial for creating a sustainable development ecosystem, with a focus on making trust measurable through data governance and technological innovation [6] - Balancing market activity and pricing in the carbon market is essential to ensure sustainability, as excessively high prices can burden industries while low prices may diminish the motivation for carbon reduction [7] - The rationalization of green premiums is key to achieving a win-win scenario in sustainable development, ensuring that all segments of the supply chain benefit from the green transition without passing costs onto consumers [7]

在近期召开的"2025中国可持续投资发展论坛"上，程仕军作出上述表述。在他看来，需要从根本上超 越"先污染，后治理"的传统路径，转而依托科技的颠覆性力量与金融的系统性赋能，共同构建一个更具 韧性、更富效率、更为包容的可持续发展新范式。 对于人工智能技术介入到可持续发展道路的过程中还存在哪些难点？上海交通大学上海高级金融学院副 院长、金融学讲席教授、可持续投资研究中心主任严弘称，人工智能、大数据等新兴技术可以帮助企业 更好地管理数据、分析数据、发现问题，推动生产结构转型、优化运营管理，但在实际应用过程中，存 在数据分散、信息披露标准不清晰等问题，这就需要提升数据的集聚程度，规范数据收集和披露的标 准。 "上市公司披露可持续发展报告的系统性、规范性和深入性还需要一定时间磨合。" "当前，我们正站在一个由科技重构未来的关键节点。全球可持续发展进程不断深化，以人工智能为代 表的科技革命浪潮正蓬勃兴起，这两股深刻影响未来世界发展格局的力量融合交汇。"上海交通大学上 海高级金融学院执行院长、会计学讲席教授、可持续投资研究中心理事长程仕军称。 体系，为其在海外项目地开展碳信用项目提供支撑；三是"一带一路"沿线减排成果未能有 ...

Core Viewpoint - The issuance of green financial bonds in the banking sector has seen explosive growth in 2023, driven by policy guidance and market demand, with a significant increase in both the scale and diversity of issuers [1][5]. Group 1: Issuance Scale and Characteristics - Hangzhou Bank announced the completion of its "2025 Green Financial Bonds" issuance, totaling 5 billion yuan, with 4 billion yuan in fixed-rate bonds at an interest rate of 1.78% and 1 billion yuan in floating-rate bonds [1]. - As of December 13, 2023, the banking sector has issued 68 green financial bonds this year, with a total issuance exceeding 530 billion yuan, marking a year-on-year increase of 333.6 billion yuan, or over 186% [1]. - The six major state-owned banks have collectively issued 206 billion yuan in green financial bonds this year, approximately three times the total issuance for the previous year [3]. Group 2: Policy and Market Drivers - The average issuance interest rate for green financial bonds has decreased from 1.96% in 2022 to 1.75% in 2023, enhancing the cost-effectiveness of financing for green projects [5]. - The rapid growth in green financial bond issuance is closely linked to the ongoing deepening of ESG practices in the banking sector, supported by continuous policy improvements and strong market demand [5]. - The implementation of the "Green Bond Support Project Directory (2025 Edition)" on October 1, 2023, has improved the efficiency of project identification and regulation, thereby reducing costs [5]. Group 3: Investor Interest and Trends - Increasingly, institutional and individual investors are prioritizing sustainable development and social responsibility investments, making green financial bonds a key component of their investment portfolios [6]. - The high transparency of green finance and the specific allocation of funds make it easier for investors to assess environmental benefits, aligning social value with economic returns [6].

近日，山西银行依托全国银行间同业拆借中心线上交易系统，成功办理山西省内首笔全流程线上支农支 小再贷款业务，金额2.4亿元，期限1年，执行利率1.5%。该笔业务从合同签署、债券质押到资金发放全 流程仅耗时半小时，实现政策资金"秒级到账"，标志着该省支农支小再贷款业务正式迈入"线上申请、 快速审批、精准直达"的全新阶段。 山西银行将以此次首笔业务落地为契机，持续深化支农支小再贷款线上办理模式应用，加大对小微企业 领域的支持力度，确保央行政策红利精准滴灌实体经济末梢，为地方经济高质量发展注入强劲金融动 能。(来源：中新网山西) 相较于以往线下办理模式，需专人往返提交纸质材料、多次核对信息，流程环节繁琐，全周期至少需要 2-3个工作日。此次山西银行落地的线上办理模式，通过采用券款对付(DVP)结算模式实现"资金与债券 同步交割"，全流程操作线上化闭环运行，不仅大幅压缩业务办理周期，有效节约金融机构的"脚底成 本"，更强化了资金流转的安全性与效率性。 为深入推进绿色金融、养老金融、科技金融发展，进一步扩大服务消费供给、提振服务消费需求，引导 金融资源精准支持科创领域及实体经济薄弱环节，人民银行山西省分行充分发挥支农支小 ...

Group 1: Investment Rating - No investment rating for the industry is provided in the report Group 2: Core Viewpoints - The primary market saw 29 new green bonds issued in the inter - bank and exchange markets from December 8 - 12, 2025, with a total issuance scale of about 36.752 billion yuan, an increase of 16.015 billion yuan from the previous week [1] - The secondary market's weekly green - bond trading volume totaled 64.4 billion yuan, a decrease of 1.7 billion yuan from the previous week [2] - This week, the overall deviation amplitude of the weekly average trading price valuation of green bonds was not large, with the discount trading amplitude greater than the premium trading, and the discount trading ratio less than the premium trading [3] Group 3: Summary by Directory Primary Market Issuance - **Number and Scale**: 29 new green bonds were issued, with a total scale of about 36.752 billion yuan, up 16.015 billion yuan week - on - week [1] - **Issuance Term**: Most issuance terms were 3 years [1] - **Issuer Nature**: Included central state - owned enterprises, central enterprise subsidiaries, local state - owned enterprises, large private enterprises, other state - owned enterprises, Sino - foreign joint - ventures, small and medium - sized private enterprises, central financial enterprises, and other enterprises [1] - **Subject Rating**: Mostly AAA and AA + grades [1] - **Issuer Region**: Jiangsu, Hubei, Guangdong, Beijing, Inner Mongolia, Hebei, Fujian, Zhejiang, Sichuan, and Yunnan [1] - **Bond Types**: Transaction Association ABN, enterprise ABS, commercial bank ordinary bonds, general corporate bonds, ultra - short - term financing bills, and medium - term notes [1] Secondary Market Transaction - **Total Transaction Volume**: The weekly trading volume was 64.4 billion yuan, down 1.7 billion yuan from the previous week [2] - **By Bond Type**: The top three in trading volume were non - financial corporate credit bonds (27.9 billion yuan), financial institution bonds (26.3 billion yuan), and interest - rate bonds (6.9 billion yuan) [2] - **By Issuance Term**: Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 82.45% [2] - **By Issuing Subject Industry**: The top three industries in trading volume were finance (28.1 billion yuan), public utilities (11.9 billion yuan), and transportation equipment (22 billion yuan) [2] - **By Issuing Subject Region**: The top three regions in trading volume were Beijing (16.2 billion yuan), Guangdong (7.6 billion yuan), and Tianjin (7.1 billion yuan) [2] Valuation Deviation of Top Thirty Individual Bonds - **Discount Bonds**: The top three discount - rate bonds were 25 ShuiNeng G1 (- 0.9844%), 25 JiShui 1B (- 0.6382%), and 22 FuYuan Green Bond 02 (- 0.6016%), with the rest having a discount rate within - 0.40%. The main industries of the subjects were finance, transportation, and real estate, and the regions were mainly Beijing, Tianjin, and Jiangsu [3] - **Premium Bonds**: The top three premium - rate bonds were 24 LvShe Building Materials GN001 (Sustainable Linked) (0.6964%), 18 YiChang Green Bond NPB (0.5590%), and 25 EDong G1 (0.4656%), with the rest having a premium rate within 0.36%. The main industries of the subjects were finance, construction, and energy, and the regions were mainly Fujian, Beijing, and Tianjin [3]

Core Viewpoint - The Ministry of Industry and Information Technology and the People's Bank of China have jointly issued a notice to enhance the green finance support mechanism for the construction of green factories, which are crucial for achieving carbon neutrality goals and currently account for over 20% of the total output value of the manufacturing industry [1][2]. Group 1: Green Factory Development - Green factories are identified as the core unit of green manufacturing, with a total of 6,430 green factories cultivated at the national level [1]. - The notice aims to leverage green finance to encourage financial institutions to develop financial products that support energy-saving, low-carbon, water-saving, environmental protection, and resource utilization in green factories [1]. Group 2: Support Policies - The notice emphasizes the establishment of internal management mechanisms within financial institutions to create effective incentive mechanisms for supporting green factory development [2]. - It encourages financial institutions to tailor loan terms and repayment cycles based on the funding characteristics of green factories, enhancing green credit support [2]. - The notice also calls for the expansion of direct financing channels, supporting eligible enterprises in issuing green bonds and transformation bonds [2]. Group 3: Financial Collaboration - The Ministry of Industry and Information Technology plans to strengthen policy coordination with financial management departments to promote deep integration of industry and finance [2]. - It aims to enhance the role of national industry-finance cooperation platforms and city pilot projects, promoting integrated technology and industry finance initiatives [2].

Group 1 - The Ministry of Industry and Information Technology is organizing the compilation of the "Metaverse Industry Comprehensive Standardization System Construction Guide (2026 Edition)" to establish a standard system supporting the innovative development of the metaverse industry by 2028 [2] - The China Photovoltaic Industry Association announced the establishment of a "polysilicon production capacity integration acquisition platform," marking a significant development in the photovoltaic industry [2] - The Ministry of Industry and Information Technology and the People's Bank of China issued a notice to enhance green finance policies to support the construction of green factories, promoting financial institutions to develop financial products for green manufacturing [2] Group 2 - The China Securities Regulatory Commission announced administrative penalties against Zhejiang Youce Investment Management Co., imposing fines totaling 21 million yuan and banning the actual controller from the securities market for life, marking a significant enforcement action in private equity regulation [1] - The National Market Supervision Administration released a draft guideline for compliance in the automotive industry, emphasizing the need for a pricing strategy based on production costs and market demand [1] - The China Securities Investment Fund Industry Association is seeking industry opinions on a draft regulation to standardize public fund sales behavior, aiming to protect investors' rights [1]

新华社北京12月12日电（记者周圆）记者12日从工业和信息化部获悉，工业和信息化部办公厅、中国人 民银行办公厅日前联合印发《关于用好绿色金融政策支持绿色工厂建设的通知》，进一步建立完善绿色 金融支持绿色工厂工作机制。 绿色工厂作为绿色制造的核心单元，其产值占制造业总产值比重超过20%，是实现"双碳"目标的重要抓 手。目前，国家层面已经累计培育6430家绿色工厂。工业和信息化部节能与综合利用司司长王鹏介绍， 通知旨在发挥绿色金融牵引作用，推动金融机构开发支持绿色制造的金融产品，加大对绿色工厂节能、 低碳、节水、环保、资源综合利用等领域的投入。 通知明确了研发和产业化应用项目、技术改造升级项目、零碳工厂建设项目等重点支持方向，主要内容 包括，重点支持传统产业绿色低碳重大工艺革新、"卡脖子"技术、短板装备等攻关和产业化应用项目； 国家绿色工厂深挖降碳潜力，开展零碳工厂建设的项目等。 在支持政策方面，通知提出，健全内部管理机制，支持金融机构制定绿色金融支持绿色工厂工作方案， 建立有效服务绿色工厂建设发展的激励机制。强化绿色信贷支持，鼓励金融机构根据绿色工厂资金使用 特点，合理确定贷款期限、还款周期；强化科技赋能，优化 ...

在支持政策方面，《通知》提出，健全内部管理机制，支持金融机构制定绿色金融支持绿色工厂工作方 案，建立有效服务绿色工厂建设发展的激励机制。强化绿色信贷支持，鼓励金融机构根据绿色工厂资金 使用特点，合理确定贷款期限、还款周期；强化科技赋能，优化风险评估机制。 《通知》明确，重点支持国家绿色工厂采用《绿色金融支持项目目录(2025年版)》以及国家有关部门政 策规划、技术目录中载明的绿色低碳技术实施的投资项目。主要包括研发和产业化应用项目、技术改造 升级项目、零碳工厂建设项目。 经济日报北京12月12日讯(记者李芃达)工业和信息化部办公厅、中国人民银行办公厅日前联合印发《关 于用好绿色金融政策支持绿色工厂建设的通知》，进一步建立完善相关工作机制。 ...