Core Insights - CITIC Bank has been recognized for its exceptional brand building practices amidst profound changes in the financial industry, focusing on a comprehensive product and service matrix that spans retail, corporate, and financial markets [1] - The bank's brand philosophy of "making wealth warm" is integrated into product innovation, customer service, and social responsibility, establishing a differentiated and sustainable brand competitiveness [1] Brand Activities and Value Communication - CITIC Bank continues to promote its core value of "making wealth warm" through brand activities, exemplified by the successful hosting of the third "Xin·New" brand high-quality development forum [2] - The forum released the "China Residents' Pension Wealth Management Development Report (2025)" to explore the integration of financial product innovation and pension services, aiming to provide insights for the development of pension finance in China [2] - The bank's vice president emphasized the importance of value creation and the pursuit of a differentiated financial brand to contribute to high-quality financial development and modernization in China [2] Brand Engagement and Emotional Connection - CITIC Bank has engaged in various brand activities over the years, including supporting the China Open Tennis Tournament and launching photography competitions, which enhance brand aesthetics and emotional connections with the audience [3] - The systematic layout of brand activities has effectively increased brand awareness and reputation while translating the "finance for the people" concept into tangible service experiences [3] Business Development and Performance - CITIC Bank has implemented a collaborative approach across its three main business segments: retail finance, corporate business, and financial markets, focusing on customer-centric and cross-segment integrated financial services [4] - In retail finance, the bank aims to be a leading wealth management institution, with retail assets under management (AUM) reaching 5.26 trillion yuan, and a year-on-year growth of 13.59% in wealth management income [4] - The corporate business has seen a general corporate loan balance of 2.974 trillion yuan, an increase of 294.61 billion yuan or 10.99% year-on-year, with significant growth in loans to manufacturing and emerging industries [5] Social Responsibility and ESG Integration - CITIC Bank integrates ESG principles into its brand practices, engaging in various charitable activities and support for vulnerable groups, showcasing a responsible corporate image [7] - The bank has initiated educational support programs and medical assistance projects, demonstrating its commitment to social welfare and community support [7] - In rural revitalization, CITIC Bank has focused on directing financial resources to key areas such as agriculture and rural infrastructure, receiving recognition for its efforts in supporting rural development [8] Brand Value and Future Outlook - According to Brand Finance, CITIC Bank's brand value reached 16.95 billion USD, a year-on-year increase of 27.23%, making it the fastest-growing bank brand in mainland China [9] - The bank has achieved an upgrade in its ESG rating from A to AAA, reflecting its commitment to high-quality development and social responsibility [9] - Looking ahead, CITIC Bank aims to maintain strategic focus and continue contributing to the modernization of China's financial landscape while upholding its values of responsibility and warmth [9]

Core Viewpoint - The realization of the "dual carbon" goals is crucial for global climate governance and is an inherent requirement for China's high-quality development during the 14th Five-Year Plan period. The energy resources industry, as a major contributor to carbon emissions, must undergo a green and low-carbon transformation, necessitating a collaborative effort to establish a systematic and market-oriented financial support system [1][2]. Group 1: Significance of the "Dual Carbon" Strategy for the Energy Resources Industry - Energy security is a strategic issue related to national economic and social development, and transitioning to a clean, low-carbon energy system is essential for reducing dependence on foreign energy and enhancing resilience [2]. - As the largest energy producer and consumer, China’s transition to a new energy system is a necessary choice for achieving high-quality development and ensuring national security [2]. Group 2: Opportunities and Challenges in Achieving "Dual Carbon" Goals Opportunities - The restructuring of the global energy landscape presents a strategic window for development, with historical energy transitions often coinciding with the rise of new superpowers [3]. - China's energy production structure is shifting towards cleaner energy, with the share of coal in primary energy consumption decreasing from 68.5% in 2012 to 56.8% in 2020, while non-fossil energy's share increased from 0.7% to 15.6% during the same period [3]. Challenges - The energy structure still relies heavily on fossil fuels, with coal consumption accounting for 55.3% of primary energy in 2023, despite a 12.1 percentage point decrease over the past decade [4]. - There is insufficient reserve of key low-carbon technologies, particularly in carbon capture, utilization, and storage (CCUS), necessitating increased investment and improved policies [5]. - Rising carbon costs may lead to inflation as companies pass on increased operational costs to consumers [6]. Group 3: Pathways to Achieve "Dual Carbon" Goals - Optimizing land use and resource management is essential, including promoting green mining and enhancing carbon sink functions through ecological restoration [7]. - Establishing a comprehensive marine carbon sink monitoring and evaluation system is critical for maximizing the potential of marine ecosystems in carbon storage [12][13]. - Financial institutions must provide targeted support for green projects and develop a unified natural resource asset trading platform to enhance resource allocation efficiency [14]. Group 4: Role of Financial Institutions in Supporting "Dual Carbon" Goals - Financial institutions should integrate environmental, social, and governance (ESG) principles into their core values and risk management strategies [16]. - There is a need for innovative financial products that link capital with emission reduction projects, such as carbon accounts and carbon pledges [20]. - Strengthening climate risk management capabilities is essential for banks to effectively identify and assess climate-related risks [19].

Core Viewpoint - The report emphasizes that promoting green and low-carbon economic and social development is crucial for achieving high-quality development, particularly in resource-dependent cities like Baishan City, Jilin Province, which faces challenges of resource depletion and environmental constraints [1] Group 1: Transition and Green Finance - Transition finance and green finance are interconnected, both aiming to support the dual goals of carbon neutrality and economic transformation, focusing on low-carbon development [2] - Transition finance targets high-carbon industries that require funding for technological upgrades, while green finance focuses on pure green projects that inherently possess low-carbon attributes [3] - The two types of finance can complement each other, covering the entire industrial chain from pure green projects to high-carbon transition projects [2] Group 2: Mechanisms Supporting Resource-Dependent Cities - Transition finance can fill the funding gap for Baishan City, which is experiencing a decline in traditional resources, by providing targeted financial instruments like special loans and policy tools [5] - The focus of transition finance is on industrial upgrading, helping traditional industries to become low-carbon and efficient while fostering new pillars of the economy [6] - Risk mitigation strategies in transition finance address uncertainties related to technology, market fluctuations, and policy changes, making financing more accessible [7][9] Group 3: Current Challenges in Transition Finance - The policy framework for transition finance is inadequate, with misaligned incentives and a lack of unified standards, leading to limited support for transition projects [10] - Financial products are mismatched with the diverse needs of resource-dependent cities, with a narrow coverage of products and a reliance on traditional bank loans [11] - Market participants, including enterprises and financial institutions, lack the willingness and capability to engage in transition finance, creating a bottleneck in development [12] Group 4: Practical Pathways for Transition Finance Development - Optimizing the policy framework by increasing financial incentives and establishing unified standards for transition finance can enhance its effectiveness [14] - Innovating financial products to better match the needs of resource-dependent cities, including the development of specialized loans and direct financing tools, is essential [15] - Strengthening the capabilities and willingness of market participants through training and support can facilitate greater engagement in transition finance [16] - Improving infrastructure for risk assessment and value realization, including establishing third-party evaluation agencies and enhancing information platforms, is crucial for the success of transition finance [17]

| 观点与策略 | | --- | 2025年12月08日 国泰君安期货商品研究晨报-绿色金融与新能源 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 碳酸锂：偏弱震荡，关注尼日利亚停矿事件发酵 | 4 | | 工业硅：关注新疆环保事件发酵 | 6 | | 多晶硅：反内卷核心标的，低买思路为主 | 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 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 117,790 | 30 | 710 | 3,740 | -2,240 | -3,060 | | 期 | | 不锈钢主力（收盘价） | 12,500 | 75 | 135 | 210 | -35 | -355 | | 货 | | 沪镍主力（成交量） | 107,217 | 3,895 | 21, ...

Group 1: Core Perspectives - The "14th Five-Year Plan" emphasizes accelerating the construction of a financial powerhouse, with a focus on the effective implementation of key areas such as technology finance and green finance [1][2] - The financial sector's strength is not only measured by its own prosperity but by its ability to efficiently serve critical development areas outlined in the "14th Five-Year Plan," including industrial development, technological innovation, and rural revitalization [2][3] Group 2: Policy Analysis - The "14th Five-Year Plan" provides fundamental guidelines for financial work, including the development of technology finance, green finance, and enhancing the adaptability of capital market systems [2][3] - Financial services must align with the strategic goals of the "14th Five-Year Plan," ensuring that financial resources are effectively injected into key areas of national development [2] Group 3: Industry Practices - Recent efforts in financial management have led to positive outcomes in areas such as credit, bond, and equity market reforms, although challenges remain in the adaptability and sustainability of financial services [3][4] - The current financing structure in China is predominantly indirect, which poses challenges for supporting technological innovation; direct financing needs to be expanded to meet the demands of tech enterprises [3] Group 4: Risk Control Framework - The development of green finance faces challenges in converting social externalities into economic effects, with current measures like carbon markets needing broader application and more flexible policies [4] - Middle-sized banks must enhance their specialized capabilities to meet the complex and diverse needs of clients in technology innovation and green finance [5][6] Group 5: Digital Transformation - Banks are urged to accelerate digital transformation while prioritizing the enhancement of risk management capabilities to effectively address the risks associated with emerging business models [8][9] - A focus on first repayment sources and the development of a risk pricing mechanism based on customer value is essential for improving risk management in new economic sectors [9]

人民财讯12月8日电，中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议发 布，其中提到，积极推动现代金融高质量发展。做优做强金融体系，推进地方法人金融机构立足地方、 专注主业、完善治理、错位发展，支持在豫金融机构提供多元化服务。用好多层次资本市场，稳步扩大 债券发行规模，完善企业上市培育体系，提升中原股权交易中心功能作用，积极推进资金入豫，引育长 期资本、耐心资本。大力发展科技、绿色、普惠、养老、数字金融，健全同科技创新相适应的"政银担 保投"联动机制，发展绿色金融市场和碳市场，健全针对民营、小微和涉农主体的普惠金融服务机制， 加大对健康产业、养老产业等的金融支持，加强金融机构数字化转型和数字经济金融服务。健全地方金 融监管体系。完善并购、破产、置换、资产证券化等政策。 ...

12月8日，中共河南省委关于制定河南省国民经济和社会发展第十五个五年规划的建议公布。 健全地方金融监管体系。 完善并购、破产、置换、资产证券化等政策。 提升新一代移动通信网络基础设施建设水平，建设全国重要的信息通信枢纽和信息集散中心，推进河南 区块链枢纽建设，争创国家数据基础设施区域功能节点。 支持商业航天数据开发利用。 坚持通算、智算、超算联动发展，深度融入全国一体化算力网络，打造面向中部、辐射全国的算力调度 核心枢纽和算力高地。 支持郑州商品交易所优势再造，实施大宗商品集疏储运能力提升行动，推进大宗商品储运基地、国际大 宗商品交易中心建设，积极申建大宗商品资源配置枢纽。 依托骨干农产品批发市场和区域性专业农产品市场，打造具有国际国内影响力的综合供应商，建设全国 重要的农产品交易中心，构建农产品"大市场、大贸易、大流通"格局。 其中提到，做优做强金融体系，推进地方法人金融机构立足地方、专注主业、完善治理、错位发展，支 持在豫金融机构提供多元化服务。 用好多层次资本市场，稳步扩大债券发行规模，完善企业上市培育体系，提升中原股权交易中心功能作 用，积极推进资金入豫，引育长期资本、耐心资本。 大力发展科技、绿色、 ...

Group 1 - Financial services are crucial for economic development and play a key role in upgrading industrial structures and ensuring public welfare [1] - China Construction Bank's Zhongshan Branch actively engages in financial practices that integrate finance with urban development, aiming for high-quality growth [1] Group 2 - Zhongshan is known for its manufacturing industry, particularly in lighting and furniture, but faces challenges in balancing industrial growth with environmental protection [2] - The bank identified a common issue among manufacturers regarding the difficulty of waste treatment for activated carbon, leading to a financial solution for environmental governance [2][3] - The bank provided over 100 million yuan in special loans under a green finance policy to support the "Industrial Carbon-Based Green Island Service Center" project, which aims to innovate waste treatment and promote a circular economy [2][3] Group 3 - The project is expected to reduce treatment costs by over 10,000 yuan per ton and decrease hazardous waste emissions by over 100,000 tons annually, contributing to a shift from end-of-pipe treatment to source reduction and recycling [3] - This initiative fosters a positive ecosystem of "environmental governance + industrial upgrading," providing a viable path for the green transformation of traditional manufacturing [3] Group 4 - The aging population presents challenges for ensuring the well-being of the elderly, which financial services must address [4] - Zhongshan HJYY Co., a key player in the pharmaceutical supply chain, faces liquidity pressures in ensuring stable supply of essential medications for the elderly [4] - The bank utilized a supply chain finance model based on the strong credit of HJYY's upstream pharmaceutical partner, XST Pharmaceutical, to provide efficient financing without complex collateral requirements [4][5] Group 5 - The funding alleviated procurement pressures for HJYY, ensuring timely delivery of essential medications to elderly patients, thus enhancing public health and well-being [5] - The bank's financial support not only aids the stability of the enterprise but also contributes to the promise of "peaceful aging" for the community [5] Group 6 - The bank is focused on stimulating consumption as a key factor in enhancing economic circulation and internal growth [6] - The bank has extended its financial services to the burgeoning electric vehicle sector, capturing new market trends [6][7] - A recent event with Tesla allowed potential consumers to experience test drives and receive financial consultation on purchasing options, showcasing an innovative consumer finance model [7] Group 7 - The bank's approach integrates various financial incentives, such as purchase subsidies and low-interest installment plans, to ease the financial burden on young consumers [7] - This "scene-integrated" service model not only boosts consumer spending but also promotes green transportation, contributing to sustainable urban development [7] Group 8 - Looking ahead, the bank aims to continue being a connector of social resources and an enabler of regional development, with a focus on precision in products and warmth in service [8]

（文章来源：期货日报网） 中国人民银行党委委员、副行长陆磊在年会上表示，强大的货币以币值稳定为计量标准，以全球金融市 场共识公认为客观标志，以面向智能化数字化为时代要求。人民币已体现上述特征，并具备持续提升优 势地位的潜质。期待各方利用好中国金融学会的平台，在全球金融治理改革、经济发展潜力因素、人工 智能发展影响等领域形成更多有影响力的新成果。（鲍仁） 本报讯据中国人民银行消息，12月6日上午，2025中国金融学会学术年会暨中国金融论坛年会在北京开 幕。本次年会主题为"走中国特色金融发展之路，助力中国式现代化"。 中国金融学会理事会会长易纲作题为《锚定高质量发展构建中国特色现代金融体系》的主旨演讲。他指 出，在党中央的坚强领导下，中国金融业始终坚持以人民为中心，服务经济建设和社会发展大局，实现 了历史性跨越，取得卓越成就。在全面建设社会主义现代化国家新征程中，普惠金融发展要继续体现包 容性，充分做到"以人民为中心"，坚持商业可持续的原则，以金融"活水"惠及普通百姓。绿色金融发展 要逐步减少碳排放的负外部性并不断收窄绿色溢价，以市场化方式动员社会资本积极参与，共同推动全 经济领域绿色低碳转型。 ...

2025年12月07日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：结构性过剩转变，博弈矛盾并未改变 | 2 | | --- | --- | | 不锈钢：供需延续双弱运行，成本支撑逻辑增强 | 2 | | 工业硅：新疆环保消息发酵，关注实际减产 | 11 | | 多晶硅：预计下周盘面波动放大 | 11 | | 碳酸锂：现实环比走弱叠加预期充分计价，锂价上方承压 | 20 | 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 二 〇 二 五 年 度 2025 年 12 月 07 日 镍：结构性过剩转变，博弈矛盾并未改变 不锈钢：供需延续双弱运行，成本支撑逻辑增强 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：镍过剩结构性变化，预计镍价暂稳运行。精炼镍边际转向供需双弱格局，市场普遍预期 隐性补库放缓，耐腐合金需求承压，叠加镍合金端使用镍铁取代镍板的比例有所提高，但前期重心下移挤 压精炼镍利润，不少企业转向硫酸镍生产，精炼镍累库矛盾稍有所缓和，本周全球显性库存小幅微降。这 也将精炼镍过剩 ...