2025年05月16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：消息面扰动情绪，基本面变化有限 | 2 | | --- | --- | | 不锈钢：库存高位小幅去化，短线修复或难以过高 | 2 | | 碳酸锂：累库格局难反转，偏弱走势或延续 | 4 | | 工业硅：弱势基本面依旧，盘面具备下行驱动 | 6 | | 多晶硅：下游继续跌价，盘面弱势 | 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 期货研究 商 品 研 究 2025 年 5 月 16 日 镍：消息面扰动情绪，基本面变化有限 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） | 123,600 | -1,630 | -30 | -120 | -640 | -950 | | 期 | | 不锈钢主力（收盘价） | 12,995 | -85 | 290 | 325 | ...

中化新网讯 日前，云南省生态环境厅等5部门联合印发《云南省省级生态环境导向开发模式（EOD）项 目工作方案》（以下简称《方案》），旨在积极引导金融资金对美丽云南建设的精准支撑，探索生态环 境治理多元投入，大力发展绿色金融。 在项目申报方面，《方案》提出，要以生态环境治理为基础、以特色产业建设运营为支撑，按照"生态 +产业"项目深度融合、区域综合开发的模式，推选和实施省级EOD项目，实现项目层面的反哺。以县 级（含）以上人民政府或园区管委会为项目组织主体进行省级EOD项目申报，鼓励申报投资总额不超 过10亿元的项目。 在项目入库方面，《方案》提出，有关金融机构需遵循独立审贷、自主决策、自担风险的原则，对入库 项目予以重点支持，积极保障并提高入库项目贷款授信率。项目入库后建设内容原则上不得调整，重大 变更需按照新项目重新入库。 此外，《方案》提出，在优秀示范项目中选择实施效果较好的项目，对其领域类型、运作模式及成效情 况进行示范推广。 《方案》从建立工作机制、加强政策支持、加强推动落实、加强风险防范等四个方面，提出具体的保障 措施。 《方案》提出，通过开展省级EOD项目工作，推动全省生态环境治理与关联产业有效融合 ...

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]

Group 1: Financial Performance - In Q1 2025, Qingdao Bank's net interest margin (annualized) was 1.77%, an increase of 0.04 percentage points compared to 2024, remaining stable year-on-year [2] - As of the end of Q1 2025, the total customer loans amounted to 3,591.18 billion yuan, an increase of 184.28 billion yuan, representing a growth of 5.41% compared to the end of the previous year [3] Group 2: Strategic Measures - The bank implemented a high-quality development strategy, focusing on optimizing resource allocation and enhancing the assessment of interest rate spreads [2] - Efforts were made to optimize the asset structure, increasing the proportion of high-yield assets and boosting loan issuance to support local economic development [2] - On the liability side, the bank aimed to reduce costs by optimizing the structure of major liabilities and lowering deposit costs through various strategies [3] Group 3: Future Lending Direction - In 2025, Qingdao Bank plans to continue optimizing its asset-liability structure and steadily expand its loan issuance to support the real economy [3] - The bank will align its corporate lending with national macro-control policies and focus on key industries and major projects, targeting eight major sectors including technology finance and green finance [3] - Retail lending will focus on meeting personal customer needs, enhancing the structure of housing loans, consumer loans, and business loans to achieve balanced development [3]

Group 1 - Ganzhou Bank is committed to promoting inclusive finance and supporting small and micro enterprises in Jiangxi province, aligning with national policies to enhance financial services for the real economy [1][12] - The bank has launched a dedicated financial product called "Home Decoration Merchant Loan" to support merchants participating in the 2025 Ganzhou Home Decoration and Kitchen Renovation Activity, offering competitive interest rates starting from 3.5% [4][5] - As of now, 5,357 merchants have participated in the renovation activity, facilitating home decoration consumption amounting to 6.92 billion yuan, with total credit exceeding 50 million yuan provided by Ganzhou Bank [5] Group 2 - Ganzhou Bank is focusing on technology finance to support small and medium-sized enterprises (SMEs) with strong innovation capabilities but lacking collateral, by optimizing supply chain financial products [6][9] - The bank has successfully provided loans to over 1,100 technology SMEs, with total credit surpassing 6 billion yuan, covering various sectors such as smart manufacturing and biomedicine [9] - A successful case involved a collaboration with a technology SME, where the bank provided a total of 3 million yuan in credit to address the company's funding gap [8] Group 3 - Ganzhou Bank is exploring green finance by collaborating with local forestry and insurance companies to create innovative financing solutions, such as forestry insurance loans, to support ecological resource management [10] - The bank has initiated a "thousand enterprises and ten thousand households" outreach program to connect with small and micro enterprises, resulting in over 130 billion yuan in credit approvals and 108 billion yuan in disbursements [12] - The bank aims to deepen cooperation among government, banks, and enterprises, and to explore new paths for "green inclusive" and "digital inclusive" finance development [12]

Core Viewpoint - The article emphasizes the role of green finance in promoting the comprehensive green transformation of rural industries, aligning with the concept that "lucid waters and lush mountains are invaluable assets" and serving as a crucial pathway for rural ecological revitalization and the construction of a strong agricultural nation [1] Group 1: Green Finance Initiatives - The People's Bank of China (PBOC) in Guyuan City is actively constructing a green finance system that integrates policy guidance, innovative tools, and ecological empowerment to channel financial resources towards rural green industries [2] - By the end of 2024, financial institutions in the region have utilized carbon reduction support tools to issue loans amounting to 30 million yuan, focusing on key areas such as water conservation, soil protection, and carbon reduction [2] - The balance of green loans in Guyuan City reached 4.68 billion yuan by the end of 2024, reflecting a year-on-year growth of 17.7% [2] Group 2: Focus on Agricultural Sectors - The PBOC in Guyuan City is leveraging local green resources to support rural specialty industries such as cool-season vegetables, traditional Chinese medicine, and eco-tourism, guiding financial institutions to innovate tailored green financial products [3] - Cool-season vegetables are identified as one of the key agricultural advantages in Guyuan City, with financial institutions developing specialized credit products to support the entire industry chain from planting to sales [4] Group 3: Financial Product Innovations - The PBOC has encouraged financial institutions to create differentiated credit products like "Vegetable Greenhouse Loans" and "Planting E-Loans," providing low-cost, efficient funding to scale up vegetable production [4] - A loan of 2 million yuan was issued to support the establishment of 30 standardized vegetable greenhouses, demonstrating the targeted financial support for agricultural development [4] Group 4: Resource Optimization and Integration - The PBOC is focusing on the integrated utilization of financial resources in key areas such as specialty agriculture, ecological resources, and rural tourism, establishing green channels for financial cooperation [5] - By the end of 2024, the balance of loans for ecological environment industries in Guyuan City reached 110 million yuan, showing a year-on-year increase of 62% [5] - The PBOC is also promoting a sustainable tourism financial ecosystem by enhancing communication with government departments and tourism enterprises, directing funds towards eco-friendly tourism facility upgrades [5]

泰达环保作为天津市重点国企天津泰达投资控股有限公司(以下简称"泰达控股")的下属单位，是国内垃 圾焚烧发电领域的领军企业，运营着多个垃圾焚烧发电项目，在环保产业有着重要影响力。然而，受多 种因素影响，经营和财务面临较大压力，资产负债率上升、财务费用增加，融资难题亟待解决。 中国银河资产有关负责人表示，面对泰达环保的困境，银河资产迅速行动。一是通过市场化债转股助力 企业降杠杆。及时向泰达环保增资4亿元，定向置换其高成本债务，帮助其有效压降资产负债率，提升 流动性和融资能力，缓解财务负担，为企业可持续发展注入活力。二是助力公司治理结构优化升级。银 河资产成为泰达环保第三大股东，向泰达环保派驻董事，构筑起"产业+金融"的资本结构，推动其公司 治理机制实现从"行政主导"向"市场化决策"转型，为企业稳健发展奠定了坚实的制度基础。三是协同兄 弟机构合力赋能实体经济。在实施债转股之后，银河证券创新设计结构化融资方案，助力泰达环保成功 发行天津市国资系统首单碳中和绿色债券，积极践行绿色金融，促进低碳转型。此外，还在股权合作、 收购并购、资金募集等多方面与泰达控股开展广泛业务对接，全方位支持企业发展。后续，银河资产将 进一步发 ...

Core Viewpoint - The 2024 ESG report from the company highlights its commitment to serving small and micro enterprises and rural farmers through innovative financial solutions, emphasizing the importance of inclusivity and sustainability in its operations [1]. Group 1: Comprehensive Financial Services - The company has served a total of 68.51 million small and micro business clients, with its asset management scale exceeding 1 trillion yuan [2][9]. - Over 80% of new loan clients in the past five years were first-time borrowers receiving operational loans from the company [9]. Group 2: Technological Innovation - The application of AI in the "Dayan" system has improved the efficiency of small business credit profiling by ten times, identifying over 21 million small business users across nine industry chains [3][12]. - The system has successfully provided over 300 million yuan in credit support to more than 200 small businesses in the "Hangzhou Six Little Dragons" initiative [3][13]. Group 3: Rural Financial Services - The "Dashanque" satellite remote sensing risk control system has expanded its crop identification capabilities to 16 categories, providing credit support to 1.81 million farmers across 31 provinces [4][15]. - The company has issued interest-free loans to nearly 3,000 rural leaders and provided 47.5 billion yuan in credit support to 420,000 small and micro clients in the Zhejiang province [4]. Group 4: Green Finance - The company has led the establishment of green small enterprise evaluation standards in collaboration with 21 banks, offering preferential green loans to businesses with strong green ratings [5][16]. - A total of 1.001 million small businesses have received free green ratings, with 203,000 benefiting from green financial incentives [5][17]. Group 5: Social Welfare Initiatives - The "Public Welfare Small Shop Alliance" has expanded to 1,600 shops, benefiting over 13 million individuals from disadvantaged backgrounds through donations exceeding 12 million yuan [6][17]. - The "1 Square Meter Bookshelf" project has been implemented in 100 street-side shops, providing free reading resources to local residents [6].

在渤海之滨的秦皇岛，一场静水深流的"绿色变革"正在上演。 某湿地公园内，通过河道清淤、采砂迹地整治、栖息地恢复等系统性工程，22.65公里的河道重焕生 机，弃砂变废为宝，生态治理实现"治污生金"；一家造纸厂里，智能化生产线让高耗能产业焕发新生， 造纸园区向高端化、绿色化转型；建筑垃圾处理场上，固废神奇转化为城市建设新材料。 而这场变革背后，离不开秦皇岛银行提供的金融"活水"支持。 秦皇岛银行3.5亿元绿色金融支持、赋能高质量发展的生动实践，诠释了"绿水青山就是金山银山"发展 理念，如何在金融杠杆的撬动下落地生根。 绿色金融，有丰富的内容和独特的含义，是金融资源配置方式的深刻变革，而绝非简单的贴标签行为。 在湿地公园项目中，秦皇岛银行创新采用"治水+资源利用"双轮驱动模式，以弃砂综合利用收益作为还 款来源，既破解了资金难题，又避免了二次污染。这种创新突破了传统信贷思维，建立了全新的价值评 估体系。 同样，在支持造纸企业技改时，银行没有简单地将造纸行业列入限制类名单，而是精准识别废纸再生利 用这一绿色增长点，用8000万元信贷助力企业完成华丽转身。 这些案例揭示了一个深刻道理：绿色金融的本质，是通过金融创新发现生 ...

Core Viewpoint - The company is committed to high-quality development through the integration of technology, green finance, inclusive finance, elderly care finance, and digital finance, contributing to the economic and social development of the country [2][3][5][9][12] Group 1: Technology Empowerment - The company leverages technology as a core engine for economic transformation, investing in strategic emerging industries such as artificial intelligence and advanced manufacturing [3] - A dual empowerment model is established through the asset and liability sides, creating a virtuous cycle of "technology-industry-finance" [3] - By the end of Q1 2025, the company has provided insurance coverage of 574.5 billion yuan for 79,000 employees in technology enterprises [4] Group 2: Green Finance - The company has developed a dual-carbon system with five components: green investment, green insurance, green operations, green office, and green procurement [5] - As of Q1 2025, the investment scale in green sectors reached 17.318 billion yuan, a year-on-year increase of 13% [5] - The company has provided green insurance coverage of 6.997 billion yuan for green industries and sustainable consumption [5] Group 3: Digital Transformation - The company integrates green concepts with cutting-edge technology, optimizing business processes through the "Jianxin e Insurance" platform, reducing paper usage and carbon emissions [6] - By Q1 2025, the company has provided risk coverage of 44.454 billion yuan for 27,600 scenario customers through various digital services [12] - The company is focused on building a digital technology ecosystem that is intelligent, secure, and agile, enhancing the personalization of insurance products and services [12] Group 4: Elderly Care Finance - The company has established a comprehensive elderly care service ecosystem, offering 22 types of pension insurance products [8] - The "Health Tree" service ecosystem includes 24 service modules addressing health management for the elderly [7] - The company has set up 30 travel service bases across 19 provinces and 28 cities to support the elderly [7] Group 5: Inclusive Finance - The company has participated in the "Hui Min Bao" initiative, providing insurance coverage of 4.88 trillion yuan for 1.7057 million citizens by Q1 2025 [9] - A diverse inclusive insurance supply system has been established for small and micro enterprises and new citizens, providing coverage of 16.7 billion yuan for 57,000 individuals [9] - The company has created 40 rural "health cabins" to provide health services and insurance coverage of 37.8 billion yuan for 500,000 rural residents [10]