Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the "Financial Law" aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - For the week of March 16-20, 2026, the non-bank financial sector, securities, insurance, and fintech indices experienced declines of -2.55%, -2.79%, -1.99%, and -5.19% respectively, while the Shanghai Composite Index fell by -3.38% [11]. Insurance - The National Financial Supervision Administration is seeking public opinion on the revised "Financial Consumer Complaint Handling Management Measures," aimed at protecting consumer rights [14]. - As of March 20, 2026, the yield on ten-year government bonds was 1.8299%, reflecting a change of 1.56 basis points from the previous week [15]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, and the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [5]. Core Insights - The draft of the Financial Law aims to provide legal support for high-quality financial development, emphasizing the importance of long-term capital market stability and the optimization of financial institutions [1][2]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and pension security, despite short-term market adjustments [3][28]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from favorable valuations and performance [3][28]. Summary by Sections Industry Dynamics - The non-bank financial sector, securities, and insurance indices experienced declines of -2.55%, -2.79%, and -1.99% respectively, while the Shanghai Composite Index fell by -3.38% [11]. - The ten-year government bond yield was reported at 1.8299%, reflecting a slight increase from the previous week [15]. Insurance - The National Financial Supervision Administration is seeking public opinion on a revised complaint handling management method for banking and insurance institutions, aimed at protecting consumer rights [14]. - Key personnel changes include Zhang Jianying being appointed as the general manager of Ping An Asset Management and Zhu Xiaoyun as the president of China Reinsurance [14]. Securities - The China Securities Regulatory Commission held a meeting to discuss the "14th Five-Year Plan" for capital markets, focusing on enhancing market resilience and investor returns [18]. - As of March 20, 2026, the average daily trading volume of stock funds was 27,438.10 billion yuan, a decrease of 10.03% from the previous week, while the margin trading balance was 26,501.28 billion yuan, down 0.55% [20].

Domestic Developments - The Ministry of Industry and Information Technology and three other departments issued the "Implementation Plan for High-Quality Development of Energy-Saving Equipment (2026-2028)" on March 20, 2026, focusing on enhancing the efficiency of energy-saving equipment in key industries[10] - The plan targets six categories of energy-saving equipment, including energy-saving motors and transformers, aiming for international leading efficiency levels by 2028[10] - The plan emphasizes the integration of advanced technology, green design, and artificial intelligence to accelerate the intelligent and green development of energy-saving equipment[10] ESG Financial Products Tracking - As of March 21, 2026, China has issued 4,006 ESG bonds, with a total outstanding amount of 5.84 trillion RMB, where green bonds account for 62.42% of the total[4] - In March 2026, 103 ESG bonds were issued, raising 902 billion RMB, while a total of 1,359 ESG bonds were issued in the past year, amounting to 14,281 billion RMB[4] - The market has 1,096 existing ESG public funds, with a total net asset value of 17,653.90 billion RMB, where socially responsible products represent 41.55%[4] - There are 1,232 existing ESG bank wealth management products, with pure ESG products making up 53.98% of the total[4] Index Performance - As of March 20, 2026, major ESG indices outperformed the market, with the Shenzhen ESG 300 index experiencing the largest decline of 2.78%[38] - Over the past year, major ESG indices have shown positive growth, with the Shenzhen ESG 300 index increasing by 16.85%[38] Expert Insights - Zhang Zhentao, a member of the National Committee of the Chinese People's Political Consultative Conference, highlighted the chemical industry as a significant energy consumer with substantial carbon reduction potential, aiming for a 3.8% reduction in carbon emissions per unit of GDP[6] - He emphasized the importance of technological innovation in achieving carbon reduction goals and the potential for companies that integrate energy-saving technologies into their processes to lead in green transformation[6] Risk Factors - Potential risks include slower-than-expected ESG development, challenges in advancing carbon neutrality strategies, and delays in policy implementation[41]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - This week (20260316 - 20260320), 28 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week. The issuance period is mainly short - to medium - term (less than 5 years). The issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises. The issuer regions are in multiple provinces in China and overseas. The bond types are diverse [1]. - This week, the total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week. Non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes. Green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70%. The top three industries in terms of trading volume are finance, public utilities, and transportation equipment. The top three regions in terms of trading volume are Beijing, Guangdong, and Shanghai [2]. - This week, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading ratio was less than the premium trading. The top three discount bonds and premium bonds are listed, along with their subject industries, implicit ratings, and regional distributions [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - 28 new green bonds were issued, with a total scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week [1]. - The issuance period is mainly short - to medium - term (less than 5 years) [1]. - Issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises [1]. - The issuer regions are Anhui, Beijing, Guangdong, Tianjin, Henan, Hubei, Jiangsu, Jiangxi, Shandong, Zhejiang, Sichuan, and overseas [1]. - Bond types include ultra - short - term financing bills, directional instruments, short - term financing bills, ABNs of the NAFMII, enterprise ABS, general corporate bonds, China Agricultural Development Bank bonds, and medium - term notes [1]. 3.2 Secondary Market Transaction - The total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week [2]. - By bond type, non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes, which were 3.25 billion yuan, 2.95 billion yuan, and 0.62 billion yuan respectively [2]. - By issuance period, green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70% [2]. - By issuer industry, the top three industries in terms of trading volume are finance (3.26 billion yuan), public utilities (1.2 billion yuan), and transportation equipment (0.24 billion yuan) [2]. - By issuer region, the top three regions in terms of trading volume are Beijing (2.37 billion yuan), Guangdong (0.76 billion yuan), and Shanghai (0.57 billion yuan) [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds are 25 Jishui 1B (- 1.0091%), 25 Puzhi G3 (- 0.8010%), and 26LXGK1 (- 0.7724%). The subject industries are mainly construction, real estate, and finance. The implicit ratings are mainly AA +, AA, and AA-. The regions are mainly Guangdong, Henan, and Shandong [3]. - **Premium Bonds**: The top three premium bonds are 23 Bank of Communications Green Bond 01 (0.5717%), 23 Industrial and Commercial Bank of China Green Bond 03 (0.5589%), and 23 Industrial and Commercial Bank of China Green Financial Bond 02 (0.5584%). The subject industries are mainly finance, energy, and public utilities. The implicit ratings are mainly AAA, AAA-, and AA +. The regions are mainly Beijing, Shanghai, and Jiangsu [3].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the construction of a strong financial nation, focusing on risk prevention, strong regulation, and promoting high-quality development, with specific directions in technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2]. Group 1: Financial Strategy and Governance - The plan highlights the need to improve the central bank system and monetary policy framework, ensuring macro-prudential management to serve the real economy [2]. - It stresses the importance of risk prevention in key areas such as real estate, local government debt, and small financial institutions, aiming to strengthen the financial stability guarantee system [2][3]. Group 2: Key Financial Areas - The plan outlines five major areas of development: technology finance, green finance, inclusive finance, pension finance, and digital finance, aimed at enhancing financial services for the real economy [2][5]. - It calls for the establishment of a technology finance system that aligns with technological innovation, promoting long-term capital investment in hard technology and supporting quality tech enterprises in financing [5]. Group 3: Capital Market and Financial Infrastructure - Continuous deepening of capital market reforms is emphasized to enhance inclusivity and adaptability, increasing the proportion of direct financing [5]. - The plan advocates for the improvement of data standards and quality management systems, as well as the construction of high-quality financial infrastructure [5]. Group 4: Digital Currency and Consumer Finance - The development of digital RMB is to be advanced steadily, alongside enhancing financial regulation and constructing a risk prevention and resolution system [5]. - There is a push to increase financial supply in the consumer sector, creating new consumption scenarios and optimizing the inbound consumption environment [5]. Group 5: Policy Tools and International Cooperation - The plan aims to leverage new policy financial tools and reform investment approval systems to enhance investment efficiency [5]. - It supports Hong Kong in solidifying its status as an international financial, shipping, and trade center, while promoting multi-level financial market connectivity [5]. Group 6: Green Finance and Sustainable Development - The plan encourages the innovation of green financial products and the establishment of a green finance evaluation system to increase investment in green and low-carbon sectors [5]. - It aims to optimize the green tax system and promote the development of carbon finance products and derivatives [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產 生或 因依賴該等內容而引致的任何損失承擔任何責任。 中信銀行股份有限公司 China CITIC Bank Corporation Limited （在中華人民共和國註冊成立的股份有限公司） （股份代號：998） 於其他市場發佈的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊登。 茲載列該公告（於上海證券交易所網站刊登）如下，僅供參閱。 承董事會命 中信銀行股份有限公司 方合英 董事長 中國•北京 2026年3月20日 於本公告日期，本行執行董事為方合英先生（董事長）及胡罡先生；非執行董事為魏強先生、王 彥康先生及付亞民先生；及獨立非執行董事為廖子彬先生、周伯文先生、王化成先生及宋芳秀女 士。 证券代码：601998 证券简称：中信银行 中信银行股份有限公司 二〇二五年年度报告摘要 第一节 重要提示 本年度报告摘要来自本行2025年年度报告全文，为全面了解本行的经营成果、 财务状况及未来发展规划，投资者应当到上海证券交易所网 ...

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 2026年03月20日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：宏观风险偏好施压，矿端矛盾限制下方弹性 | 2 | | --- | --- | | 不锈钢：基本面与宏观施压，现实成本支撑 | 2 | | 碳酸锂：消息面利空影响 | 4 | | 工业硅：关注下方空间 | 6 | | 多晶硅：现货价格下跌回落 | 6 | 2026 年 3 月 20 日 镍：宏观风险偏好施压，矿端矛盾限制下方弹性 不锈钢：基本面与宏观施压，现实成本支撑 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） | 131,550 | -3,650 | -6,550 | -4,720 | -3,640 | 16,8 ...

Group 1 - The core viewpoint of the news is that Jiujiang Bank's news piece on supporting the green and low-carbon development of the Yangtze River Economic Belt won the "Service to People's Livelihood" award at the 2025 Banking Industry "Good News" selection by the China Banking Association [1] - The China Banking Association has been conducting the "Good News" event for 14 consecutive years, which has high participation and authority within the industry [1] - The awarded piece highlights Jiujiang Bank's innovative exploration and practical achievements in supporting green development, showcasing its commitment to enhancing green financial policies and products [1] Group 2 - Jiujiang Bank has focused on inclusive finance, industrial finance, green finance, and new productivity, achieving recognition as an excellent work brand in promoting the "Four Strengths" by the China Financial Media [2] - The bank aims to continue serving local economies, small and medium-sized enterprises, and urban-rural residents, while launching more financial products that meet public needs [2] - Jiujiang Bank is committed to enhancing its brand influence and contributing to the high-quality development of regional economies and society [2]

Core Viewpoint - The government report for 2026 emphasizes accelerating the comprehensive green transition, focusing on carbon peak and carbon neutrality as key drivers for enhancing green development momentum [1] Group 1: Green Financial Services - The company has established a comprehensive green financial service system, focusing on energy conservation, carbon reduction, environmental protection, resource recycling, and low-carbon energy transition [1] - The company has introduced innovative financial products such as "carbon intensity + ESG" linked transformation loans and ESG manufacturing loans, leading in various green finance sectors [3] - The company is actively involved in global green finance cooperation through green bond issuance and cross-border loans for photovoltaic projects [3] Group 2: Support for Specific Industries - The company has led the development of the "National Water Transport Industry Transformation Financial Directory," which has been included in the national pilot application [4] - The company has issued the first methanol dual-fuel ship transformation financial loan in the country, linking ship energy efficiency design index (EEDI) with loan interest rates to incentivize emission reductions [4] - The company has provided financial support for the construction of pure electric passenger ships, contributing to the low-carbon transition of the water transport industry [4] Group 3: Strategic Initiatives and Collaborations - The company is actively serving traditional industries' low-carbon transitions, focusing on 17 sub-sectors including shipping, steel, ceramics, chemicals, and agriculture [5] - The company has established a Sino-British transformation finance working group platform, attracting nearly 30 financial institutions and facilitating collaboration on transformation finance policies and product innovation [5] - The company aims to continue enhancing its diversified service system and accelerate the green transition of the economy and society, aligning with the "dual carbon" goals [5]

Report Industry Investment Ratings No information provided in the given content. Core Views - Nickel: The combination of smelting inventory accumulation and macro - sentiment, with the shortage at the ore end providing support at the bottom [2][4]. - Stainless steel: Pressured by fundamentals and the macro - environment, but supported by the current cost [2][4]. - Lithium carbonate: Attention should be paid to the impact of macro - commodity fluctuations [2][12]. - Industrial silicon: In a weak pattern [2][17]. - Polysilicon: Spot prices are falling [2][18]. Summaries by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract was 135,200, down 740 from the previous day; the closing price of the stainless - steel main contract was 14,020, down 75. The trading volume of the Shanghai nickel main contract was 260,586, a decrease of 82,221; the trading volume of the stainless - steel main contract was 126,426, a decrease of 17,805 [4]. - **Macro and Industry News**: The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore commodities in early 2026. The Solway Investment Group plans to restart its nickel mine business in Guatemala. The approved nickel ore production quota in 2026 is between 2.6 billion and 2.7 billion tons. Some nickel - mining companies in Indonesia were sanctioned [4][5][9]. - **Trend Intensity**: Nickel trend intensity is 0; stainless - steel trend intensity is 0 [11]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2605 contract was 150,120, down 5,200 from the previous day. The trading volume was 205,889, an increase of 32,450. The spot - 2605 basis was 5,380 [14]. - **Macro and Industry News**: The Ningde Times' Jinchui Phase I project in Ningde City, Fujian Province, is planned to be completed and delivered by the end of April 2026. Nandu Power signed an 117MWh energy - storage project in the Northern Territory of Australia [15][16]. - **Trend Intensity**: Lithium carbonate trend intensity is - 1 [16]. Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2605 contract was 8,375, down 185 from the previous day; the closing price of the PS2605 contract was 40,105, down 1,565. The industrial - silicon social inventory was 55.2 million tons, a decrease of 0.1 million tons compared to a week ago [18]. - **Macro and Industry News**: Sanyou Chemical's annual production capacity of silicone monomers has reached 400,000 tons/year, and the silicone industry's supply - side has a rigid contraction and demand - side has a structural growth [18]. - **Trend Intensity**: Industrial silicon trend intensity is 0; polysilicon trend intensity is - 1 [20].