Core Viewpoint - The Hong Kong Special Administrative Region government welcomes the IFRS Foundation's recognition of Hong Kong as one of the first jurisdictions aiming to fully adopt the ISSB standards, highlighting its commitment to enhancing transparency in sustainable finance and facilitating global capital flow [1] Group 1: Government Initiatives - The Financial Secretary of Hong Kong, Paul Chan, stated that the recognition by the IFRS Foundation demonstrates Hong Kong's efforts and determination in supporting international sustainable disclosure standards [1] - The Hong Kong Institute of Certified Public Accountants released the Hong Kong Sustainable Disclosure Standards, which will take effect on August 1, 2025 [1] - The Hong Kong Financial Services and the Treasury Bureau has introduced a roadmap for sustainable disclosure, outlining the requirement for public interest entities to adopt ISSB standards by 2028 [1] Group 2: Implementation Timeline - The timeline for the implementation of the sustainable disclosure standards includes mandatory reporting for large public interest entities starting January 1, 2025, and the expected effective date for the Hong Kong standards is August 1, 2025 [2][3] - The Hong Kong Stock Exchange is consulting the market on mandatory compliance with the Hong Kong standards for sustainable reporting [3] - The ISSB standards are set to take effect in January 2025, with the Hong Kong Institute of Certified Public Accountants aiming to publish local certification and ethical standards by the end of 2025 [3]

DIFC 预 计 继 续 实 现 业 绩 高 速 增 长 ， 财 富 管 理 、 家 族 企 业 和"AI+金融科技"是重点发展方向。 作者：杜涛 封图：图虫创意 20年间，迪拜在伦敦、新加坡、中国香港和东京之间，打造了一座国际金融中心。 迪拜国际金融中心（DIFC）首席运营官Alya AlZarouni对经济观察报表示，回溯20年前，迪拜就 要建立国际金融中心（DIFC），这其实是迪拜进化故事的一部分。当时，迪拜从最初的贸易枢纽 逐步发展，建立了港口和阿联酋航空，这些举措显著增强了迪拜的连通性，使其自然成为旅游胜 地，并开始更多地投资于生活方式元素。 于是DIFC应运而生。根据最新的全球金融中心指数（GFCI），DIFC位列全球第12位，是全球仅 有的8个在金融能力上"广泛且深入"的城市之一。 据经济观察报了解，DIFC的架构包含三个独立实体：DIFC管理局（负责战略和基础设施）、迪拜 金融服务管理局（DFSA，类似央行职能的监管机构）和DIFC法院（处理争议解决的独立司法系 统）。 DIFC财富和资产管理主管Jonathan Beardall介绍了2025年DIFC在业绩等方面的未来目标：DIFC 预计继 ...

Group 1 - The Shanghai Equity Investment Business Environment Promotion Conference was successfully held on May 15, themed "Intelligent Surge in the Yangtze River Delta, Leading the Future" [2] - The conference aimed to enhance the influence of Shanghai's equity investment industry and support the construction of Shanghai as an international financial and technological innovation center [2] - Over 300 guests from renowned equity investment institutions, industry representative fund managers, large financial institutions, and technology innovation enterprises attended the event [2] Group 2 - The "2024 Equity Investment Annual List" was released at the conference, recognizing outstanding institutions in the industry [4] - Ernst & Young's Greater China Private Equity Services team was awarded the "Best Audit Service Institution" for 2024, marking it as the only institution to receive this honor this year [4] - Ernst & Young has nearly 400,000 professionals globally, with 27,100 focused on wealth and asset management, including 6,100 in the Asia-Pacific region [4] Group 3 - Looking ahead, Ernst & Young aims to inject more vitality into the private equity and venture capital industry by leveraging its extensive experience and innovative vision [5] - The company is committed to promoting industry prosperity and embarking on a new journey of high-quality development [5]

Group 1 - A leading European asset management firm has divested all its shares in ExxonMobil, marking a significant shift towards a low-carbon economy in the financial sector [1][2] - The decision to divest was based on climate scenario analysis indicating a conflict between ExxonMobil's oil and gas assets and the global temperature target of 1.5°C [2] - The firm previously held approximately 0.8% of ExxonMobil's circulating shares, valued at around $1.2 billion [2] Group 2 - ExxonMobil is advancing a $20 billion low-carbon investment plan, including carbon capture and hydrogen projects, but faces criticism for lagging behind industry peers in emission reduction targets [4] - The global sustainable fund market is projected to exceed $3.5 trillion by 2024, while traditional energy sector funds have seen outflows of $78 billion [4] - The trend of asset managers divesting from fossil fuels is gaining momentum, with European asset managers reducing fossil fuel holdings from 7.2% in 2020 to 3.1% by the end of 2024 [5] Group 3 - The implementation of the EU's Sustainable Finance Disclosure Regulation (SFDR) is driving asset managers to disclose climate-related risks, accelerating the exit from high-carbon assets [5] - The shift in capital allocation is fundamentally changing the financial market's approach to climate risk, pushing the energy sector towards innovation and transformation [5] - The commitment of over $10 trillion in assets to meet temperature targets is expected by 2025, indicating a capital-driven energy revolution [5]

Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference emphasizes the investment value of Chinese assets and the A-share market, highlighting opportunities in open innovation and sustainable development [1]. Group 1: Cross-Border Cooperation - Cross-border cooperation is crucial for strengthening international capital markets, facilitating capital redirection towards sustainable development [1]. - Luxembourg Stock Exchange serves as a gateway for European investors to invest in China and for Chinese issuers to access European funds [1]. Group 2: Internationalization of Renminbi - The first offshore Renminbi bond was launched in Hong Kong, with Luxembourg becoming a significant listing venue for Renminbi bonds, having listed 125 Renminbi bonds among 15,000 new products last year [1][2]. - The first typical Renminbi bond in Luxembourg was issued in 2011, marking a milestone for European issuers [1]. Group 3: Sustainable Finance - Sustainable finance must align with global goals, and cross-border cooperation is essential for market innovation [2]. - Luxembourg Stock Exchange has signed numerous memorandums of understanding and cooperation agreements to enhance cross-border investment flows between Europe and Greater China [2]. Group 4: Digital Financial Technology - Digital assets and tokenized securities are becoming increasingly important in international capital markets [2]. - Luxembourg Stock Exchange is a leader in the issuance of digital bonds, with the first digital bond (DRG bond) issued in January 2020, and the first Asian issuer (AIB) utilizing the European digital financial market in August last year [2].

专题：专题｜深交所2025全球投资者大会：投资中国就是投资未来 5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"，通过主旨演讲、圆桌讨论、公司路演等多种形式，展现中国资产和A股市 场投资价值。卢森堡交易所国际一级市场亚太区域负责人张芳出席会议并发表精彩讲话。 关于欧洲怎样实现可持续产品的总体规划，张芳表示，卢森堡交易所是全球债务证券方面最大的交易所 之一，在可持续金融方面属于领先地位。现在有46000只证券产品，一共80万亿欧元，有90%的产品属 于固收类型的产品。它们来自98个国家的1700个机构，有74种货币，这就是卢森堡交易所上市的证券产 品的国际性所在。 卢森堡交易所是可持续金融的发源地。全球公认的第一个绿色债券EIB欧洲投资银行和气候的债券， 2007年就在卢森堡交易所上市了。在这之后，世界银行在2008年也发行了第一个绿色债券，选择了卢森 堡交易所作为上市地点。 这对中国的ESG市场可以提供一些启发，中国发行商在卢森堡交易所上市的第一个绿色债券是在2016 年，当时由中国银行发行，这也是中国内地在欧洲发行的第一个绿色债券。 ...

近日，第十三届（2025）上海国际金融中心研究院国际研讨会在沪举办。本次会议以"数字时代的 可持续金融：人工智能、数字技术与可持续投融资的融合"为主题，共同探讨可持续金融领域的前沿问 题与发展机遇，旨在为推动全球可持续发展贡献智慧与力量。 会上，上海财经大学上海国际金融中心研究院院长马文杰发布"SIIFC国际金融中心城市指数"。他 表示，要建立以人民币为载体，服务国内国际双循环，以实体经济发展为目标的综合性国际金融中心城 市指数，相关指标既要符合国家及国际标准，同时还要体现定位，助力上海国际金融中心能级提升。 国际可持续准则理事会（ISSB）主席特别顾问兼北京办公室主任张政伟表示，随着金融市场对可 持续投融资的关注度日益上升，建立统一的可持续披露准则是大势所趋。优秀的企业或金融机构需要先 行先为：要做"先行者"，提前布局可持续战略；要做"赋能者"，助力产业链上下游企业提升可持续发展 能力；要做"塑造者"，积极参与国际可持续规则制定。 马文杰就该指数的制定标准进行阐释。他表示，一级指标围绕金融体系建设、金融改革开放、金融 服务实体经济、金融监管与风险防范、金融人才与营商环境等5个方面进行设计。 在绿色金融国际化 ...

Group 1 - The 2025 China Social Responsibility Investment Summit was held in Shanghai, emphasizing the importance of sustainable financial systems for high-quality financial development [1][3] - The construction of a sustainable financial system is seen as a core resource for sustainable development, with Shanghai positioned as a key platform for innovation and international competitiveness in this area [3] - By the end of 2024, the balance of inclusive loans for small and micro enterprises in Shanghai reached 1.29 trillion yuan, a year-on-year increase of 14% [3] Group 2 - Green finance is crucial for achieving the "dual carbon" goals, with Shanghai's green loan balance growing by 20.7% year-on-year by the end of 2024 [3] - Ant Group's CEO highlighted the potential of sustainable financing technology innovations, suggesting that direct financing supported by new technologies can effectively disperse risks [4] - The Shanghai Stock Exchange has actively developed low-risk, stable-yield products, with bond ETF products reaching a scale of 214.9 billion yuan, a 43% increase from the end of 2024 [5] Group 3 - The sustainable development of rural areas presents significant opportunities for social responsibility investment, necessitating a modern financial service system tailored to rural revitalization [5] - The concept of "mixed financing" involving social capital and commercial capital is being explored to address market failures in rural areas [5]

Core Viewpoint - The forum emphasizes the importance of sustainable finance in achieving high-quality development and addresses the challenges and opportunities in promoting social responsibility investment in China [1][2]. Group 1: Sustainable Finance System - The construction of a sustainable finance system is crucial for high-quality financial development and is characterized by its role as a core resource for sustainable development [2]. - Sustainable finance is seen as an evolution of traditional finance, focusing on systemic reforms across various financial dimensions [2]. - The "Five Articles of Finance" are identified as key strategies for building China's sustainable finance system, targeting critical areas and weak links in high-quality development [2]. Group 2: Shanghai's Financial Initiatives - Shanghai has made significant progress in promoting inclusive finance, with a reported loan balance for small and micro enterprises reaching 1.29 trillion yuan, a 14% year-on-year increase by the end of 2024 [3]. - Green finance is pivotal for achieving carbon neutrality goals, with green loan balances in Shanghai growing by 20.7% year-on-year by the end of 2024 [3]. - The Shanghai Stock Exchange has introduced guidelines to enhance the quality of sustainable development disclosures among listed companies [3]. Group 3: Technological Innovations in Financing - Ant Group's CEO highlighted the potential of technology-driven direct financing to mitigate risks associated with traditional indirect financing methods [4]. - Innovations such as Real World Assets (RWA) and blockchain technology can enhance asset transparency and lower financing barriers, particularly in renewable energy sectors [4]. Group 4: Social Responsibility and Sustainable Development - The relationship between external requirements and internal development drivers is crucial for commercial banks to optimize credit structures and promote high-quality development [5]. - The collaboration between financial institutions and ecological partners is essential for creating innovative financial products that support sustainable development [5]. Group 5: Capital Market Contributions - The Shanghai Stock Exchange has actively developed low-risk, stable-return products, with a total of 1,194 billion yuan in bond and asset securitization products issued to support small and medium enterprises in early 2025 [6]. - The total scale of bond ETF products reached 2,149 billion yuan by the end of April 2025, reflecting a 43% increase from the end of 2024 [6]. Group 6: Rural Sustainable Development - The construction of a modern financial service system tailored for rural sustainable development is essential for promoting comprehensive rural revitalization [7]. - The latest publication from the China Inclusive Finance Research Institute discusses the challenges and pathways for rural finance, emphasizing the need for mixed financing models involving social and commercial capital [7]. Group 7: Innovation and Research - The forum showcased innovative products and academic works, including the launch of a new customer service brand by SPD Bank and two reports from the First Financial Research Institute focusing on sustainable development and corporate social responsibility [8].

Core Viewpoint - The second meeting of the China-Europe Financial Working Group took place in Brussels, focusing on various economic and financial stability issues amid global uncertainties [1] Group 1: Economic and Financial Stability - The meeting addressed global economic uncertainties and the macroeconomic situations of China and Europe, emphasizing the importance of financial stability [1] - Discussions included regulatory frameworks for the banking and insurance sectors, highlighting the need for robust oversight in these industries [1] Group 2: Emerging Areas of Cooperation - Constructive discussions were held on sustainable finance, indicating a mutual interest in promoting environmentally responsible investment practices [1] - The meeting also explored cross-border data flows and the construction of cross-border payment systems, reflecting a commitment to enhancing financial integration [1]