Report Overview - Report Date: December 3, 2025 - Report Title: Guotai Junan Futures Commodity Research Morning Report - Green Finance and New Energy - Covered Commodities: Nickel, Stainless Steel, Lithium Carbonate, Industrial Silicon, Polysilicon 1. Report Industry Investment Rating - Not provided in the report 2. Report Core Views - Nickel: Fundamental factors limit its upward potential, and it will trade in a low - level range [2][4] - Stainless Steel: High inventory and weak supply - demand, while cost limits the downside [2][4] - Lithium Carbonate: Weak spot trading, and the high - level oscillation will continue [2][9] - Industrial Silicon: Mainly in a weak operation [2] - Polysilicon: In an oscillating market, and attention should be paid to subsequent warrant registration [2][12] 3. Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 118,050 yuan, with a change of 200 yuan compared to T - 1. The trading volume of Shanghai Nickel's main contract was 88,522 lots, a decrease of 57,307 lots from T - 1. For stainless steel, the closing price of the main contract was 12,465 yuan, up 20 yuan from T - 1, and the trading volume was 144,713 lots, down 98,850 lots from T - 1 [4] - **Macro and Industry News**: Indonesia's forestry working group took over more than 148 hectares of PT Weda Bay Nickel's mining area due to violations. China suspended an unofficial subsidy for imported copper and nickel from Russia. Indonesia imposed sanctions on 190 mining companies. The Indonesian government suspended the issuance of new smelting licenses. Some nickel wet - process projects in Indonesia may reduce production in December, affecting about 6,000 nickel metal tons [4][5][7] - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0 [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 94,860 yuan, down 260 yuan from T - 1. The trading volume was 73,196 lots, a decrease of 50,687 lots from T - 1. The spot - 2601 basis was - 460 yuan [9] - **Macro and Industry News**: SMM's battery - grade lithium carbonate index price was 94,864 yuan/ton, down 114 yuan/ton from the previous trading day. BYD's November car sales were 480,186 units, and the cumulative sales from January to November were 4.18 million units, a year - on - year increase of 11.3% [9][10] - **Trend Intensity**: Lithium carbonate has a trend intensity of 0 [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of the Si2601 contract for industrial silicon was 9,145 yuan/ton, up 15 yuan from T - 1. The closing price of the PS2601 contract for polysilicon was 57,705 yuan/ton, up 1,280 yuan from T - 1. Industrial silicon's social inventory was 550,000 tons, and polysilicon's manufacturer inventory was 281,000 tons [12] - **Macro and Industry News**: Jiangsu Rundaxin Energy's new metallized TOPCon high - efficiency battery was launched, with a core conversion efficiency exceeding 26.5% [12][14] - **Trend Intensity**: Industrial silicon has a trend intensity of - 1, and polysilicon has a trend intensity of 0 [14]

"十五五"时期是基本实现社会主义现代化的关键时期。随着党的二十届四中全会审议通过"十五 五"规划建议，清晰的战略路径已然铺就。在这一历史进程中，金融血脉如何更精准地服务实体经济， 资本市场如何更高效地赋能新质生产力，成为关系全局的重要议题。 "截至2025年10月末，中信建投证券累计服务国家级专精特新及制造业单项冠军企业超2100家，'小 巨人'IPO保荐数量稳居市场前列，北交所IPO保荐数量及承销金额持续领先。未来，我们还将继续加大 投入，为新质生产力发展贡献更大力量。"正值中信建投证券股份有限公司（以下简称"中信建投证 券"）成立20周年之际，《金融时报》独家专访了中信建投证券股份有限公司党委副书记、总经理金剑 华。这份服务科技创新的高质量"成绩单"，是中信建投证券过往成果的总概括，也是未来继续深耕科创 金融、服务国家战略决心的体现。 围绕证券行业如何理解并践行"十五五"规划建议的战略指引，在加快建设金融强国的目标下证券公 司如何找准定位并系统发力，以及服务新质生产力将如何重塑行业发展模式、核心能力与价值创造方式 等关键问题，金剑华对记者系统阐述了他的思考。 《金融时报》记者：结合当前国内外发展环境，您认 ...

Core Insights - The event celebrating the 10th anniversary of China Construction Bank's Paris branch highlighted the deepening Sino-French financial cooperation and the potential for collaboration in green development and technological innovation [1][2][3] Group 1: Financial Cooperation - The Chinese Embassy in France emphasized the importance of financial institutions like China Construction Bank in enhancing Sino-French trade and investment [1] - The Paris branch has integrated into the local financial ecosystem, showcasing China's large financial institutions as stable and professional [2] - The bank aims to facilitate the "going out" of Chinese enterprises and the "bringing in" of French enterprises, optimizing resource allocation and promoting efficient flow of factors [2][3] Group 2: Market Opportunities - The event featured discussions on new opportunities in green finance, digital economy, and cross-border investment, indicating a new cycle of capital cooperation between China and France [2] - The bank presented its capabilities in panda bond issuance, RMB asset allocation, and cross-border financing, which garnered significant interest from attendees [3] - Participants expressed confidence in China's market openness and the transparency of its policies, which enhances certainty in business collaborations [3]

Group 1 - The core viewpoint of the articles highlights the significant advancements in green finance and renewable energy projects in Gansu Province, particularly focusing on the clean heating project in Lanzhou, which utilizes waste heat from the steel industry to reduce carbon emissions and save energy [1][2]. Group 2 - The Lanzhou clean heating project is a key renewable energy initiative that is expected to save 123,000 tons of standard coal and reduce carbon dioxide emissions by 322,000 tons annually [1]. - The project has a heating capacity of 10 million square meters, with 6 million square meters currently in operation [1]. - Financial innovation plays a crucial role in supporting the project, with Lanzhou Bank providing a dual financing scheme of "green loans + carbon reduction support tools," amounting to a credit of 670 million yuan, of which 289 million yuan has been disbursed [1]. Group 3 - Gansu's financial system is actively promoting green finance, with 368 green projects receiving a total credit of 362.858 billion yuan [2]. - The establishment of a "three-in-one" financing mechanism involving the People's Bank, government departments, and financial institutions has been instrumental in driving green finance initiatives [2]. - The balance of green loans in Lanzhou New Area has increased from 11.49 billion yuan at the end of 2020 to 28.608 billion yuan by the end of September this year, with the proportion of green loans rising from 20.26% to 37.6% [2]. Group 4 - As of the end of September, financial institutions in Gansu have received a total of 93.927 billion yuan in carbon reduction support tools, leading to carbon reduction loans of 139.878 billion yuan [2]. - The total balance of green loans reached 466.669 billion yuan, an increase of 48.526 billion yuan since the beginning of the year, with nearly 80% of the funds directed towards key sectors such as electricity, heat, and transportation [2].

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of strengthening the financial sector as part of China's modernization and national rejuvenation efforts, providing a strategic blueprint for the 14th Five-Year Plan [1][3] - The State Council's recent guidelines aim to enhance regulation and promote high-quality development in the futures market, aligning with the directives from the Fourth Plenary Session [2][3] Group 1: Strategic Development - The "14th Five-Year Plan" outlines key goals and tasks for China's development, aiming for significant progress towards becoming a moderately developed country by 2035, with a focus on building a modern industrial system and promoting high-level technological self-reliance [3][4] - The plan highlights the need for steady development of futures, derivatives, and asset securitization, positioning the futures market as a critical component of national strategy [3][7] Group 2: Service to the Real Economy - The futures market is recognized for its role in risk management and resource allocation, essential for stabilizing and developing the real economy amid complex external and domestic challenges [4][5] - Companies like Hongyuan Futures are integrating deeply into the industrial chain, enhancing supply chain resilience, and providing tailored risk management services to over a thousand industrial clients [5][6] Group 3: Financial Innovation and Inclusivity - Hongyuan Futures is actively promoting green finance and inclusive finance, offering risk management services to over 300 small and micro enterprises and exploring innovative products like "insurance + futures" to support farmers [5][6] - The company is also focusing on pension finance, enhancing investor education, and applying risk management tools to long-term funds [5][6] Group 4: Compliance and Risk Management - The "14th Five-Year Plan" calls for comprehensive financial regulation and risk management, emphasizing the need for futures companies to strengthen compliance and risk management frameworks [9] - Companies are encouraged to embed futures tools into key operational processes to help enterprises effectively manage market price fluctuations and enhance their risk management capabilities [9]

Core Insights - Chengdu Bank ranks first among city commercial banks in the central and western regions of China, demonstrating strong regional service capabilities and innovative financial practices [1][2][6] - The bank's competitive strength is supported by a robust financial performance, with a year-on-year revenue increase of 3.01% and a net profit growth of 5.03% for the first nine months of 2025 [2][3] Financial Performance - As of September 2025, Chengdu Bank's total assets reached 1.39 trillion yuan, a 10.81% increase from the previous year, with total loans amounting to 847.48 billion yuan, reflecting a 14.13% growth [3] - The bank's deposit total was 986.43 billion yuan, showing an 11.35% increase from the end of the previous year, while the non-performing loan ratio stood at 0.68% with a provision coverage ratio of 433.08% [3] Strategic Initiatives - Chengdu Bank has actively engaged in the development of the Chengdu-Chongqing economic circle, providing over 1 trillion yuan in credit support over the past five years, with 300 billion yuan allocated for major projects in 2024 [2][4] - The bank has established a comprehensive service system for green finance, achieving a green credit balance of 49.77 billion yuan by the end of 2024, marking a 22.87% increase [4] Innovation and Digital Transformation - The bank has pioneered the establishment of a technology-focused branch model and has achieved over 80% coverage in financial services for specialized and innovative enterprises in Chengdu [4][6] - Chengdu Bank has integrated digital solutions into its operations, with over 634 million personal electronic banking customers and significant growth in mobile banking activity [6] Community and Inclusive Finance - The bank has developed a robust ecosystem for inclusive finance, supporting over 10,000 enterprises and providing credit to more than 5,000 small and micro enterprises [5] - Chengdu Bank has implemented a series of initiatives to enhance its services for elderly clients, resulting in a personal deposit scale exceeding 507.8 billion yuan, a 15.84% increase from the beginning of the year [5]

近日，21世纪金融研究院发布了《2025中国银行业竞争力研究报告》，备受瞩目的中国银行业竞争 力100强榜单也同步正式揭晓。成都银行凭借综合实力在城商行阵营中持续领跑，更以深厚的区域服 务能力与创新的金融实践，稳居中西部城商行竞争力首位。 报告指出，本次榜单以商业银行年报数据为核心依据，构建规模、盈利、成长、稳健四大 核心指标体系，形成多维度榜单矩阵。该榜单以科学评估体系全面呈现行业发展态势，为 行业转型与创新提供重要参考。 养老金融与数字金融的突破同样亮眼。面对"银发浪潮"，成都银行以系统化推进养老金融 服务、打造区域特色养老金融品牌为抓手，建立健全老年客户"优先、优惠、优待"制度， 通过完善网点爱心窗口、提供智能机具"一对一"指导、畅通助老绿色通道、迭代手机银行 老年版等举措，切实解决老年客户线下办事与线上操作难题。同时，该行在账户开立、产 品配套等方面优化全链条服务，推动网点服务向社区延伸，助力零售业务持续增长。截至 2 0 2 5 年6月末，成都银行个人存款规模超5 0 7 8亿元、较年初增长 1 5 . 8 4%，占总存款比例 提升至 5 1 . 6 4%，彰显了特色养老金融服务与"市民银行"定位协 ...

Core Viewpoint - Qingdao is accelerating the integration of finance and marine industries to build a comprehensive and multi-dimensional marine financial service system, aiming to support the development of a modern marine economy [1] Group 1: Financial Support and Growth - As of the end of Q3, the balance of marine-related loans from major banks in Qingdao reached 147.899 billion yuan, an increase of 39.70% compared to the beginning of the year [2] - Financial institutions in Qingdao have conducted service connections for 73 key marine enterprises and projects, resulting in new credit of 5.957 billion yuan and new loans of 3.170 billion yuan [4] - Qingdao Bank has allocated a total of 12.5 billion yuan in credit to the marine industry, covering various market entities along the industrial chain [5] Group 2: Policy and Ecosystem Development - Qingdao has established a policy framework to support the marine economy, including the "Action Plan for Financial Support of High-Quality Development of the Real Economy" [3] - The city has introduced 26 support measures to encourage banks and insurance institutions to enhance the "finance + marine" service system [3] - A financing demand service mechanism has been created to ensure that financing policies are effectively implemented and credit funds are accurately directed [3] Group 3: Innovation in Financial Products - Qingdao is promoting the innovation of blue financial products, with 33 banks and insurance institutions offering a total of 177 specialized products for marine enterprises [4] - The establishment of the Marine Sustainable Development (Qingdao) Equity Investment Fund, with a capital of 2 billion yuan, focuses on marine renewable energy sectors [6] - Qingdao Bank has optimized resource allocation and expanded credit limits to support both traditional and emerging marine industries [5] Group 4: Insurance and Risk Management - Marine insurance is crucial for ensuring the safety of marine industries and promoting sustainable development [7] - As of Q3, marine insurance premium income in Qingdao reached 1.412 billion yuan, a year-on-year increase of 39.27% [7] - Qingdao has introduced various marine insurance products to help mitigate risks for marine enterprises [7] Group 5: Financing and Guarantee Support - Qingdao Financing Guarantee Group has provided 55 no-collateral credit guarantees for marine enterprises, totaling over 140 million yuan [8] - The guarantee fee rate for marine products has been reduced from an annualized 1% to 0.6% starting July 2025, lowering financing costs for enterprises [8] - The city is encouraging marine-listed companies to utilize methods such as equity offerings and bond issuances for direct financing [8]

Core Viewpoint - The article discusses the dual challenges of decarbonization in hard-to-abate industries such as oil and gas, cement, and steel, highlighting the emergence of Carbon Capture, Utilization, and Storage (CCUS) technology as a solution to prevent carbon emissions from entering the atmosphere. However, the current global progress on CCUS projects is insufficient to meet the International Energy Agency's net-zero emissions roadmap due to economic factors, particularly the high costs associated with CCUS compared to low carbon prices in regulated markets [1][3]. Group 1: CCUS Technology and Economic Viability - Over 500 CCUS projects have been announced globally, but the average cost of CCUS is approximately $150 per ton, while carbon prices remain below $100 per ton in regulated markets [1][3]. - Future changes are anticipated as governments explore carbon pricing mechanisms and regulations to increase carbon prices, alongside technological advancements that will lower CCUS costs [3]. - Industry participants are beginning to optimize carbon transport and storage costs through the construction of centralized CCUS hubs, indicating a potential shift towards more economically viable CCUS solutions [3]. Group 2: CCUS Business Models - Four potential CCUS business models are identified for hard-to-abate industries: 1. **Decarbonization through CCUS**: Focuses on reducing the carbon footprint of operations and monetizing captured CO2 through enhanced oil recovery [5]. 2. **Value Creation through CCUS**: Captures carbon emissions from operations or other sources, potentially accessing additional carbon sources through CCUS hubs [6]. 3. **CCUS as a Service**: Offers full-chain CCUS services through carbon purchase agreements or partial services where clients deploy their own capture technologies [7]. 4. **CCUS Technology Provision**: Involves providing technology for CCUS projects and hubs, such as CO2 transport or oxygen combustion technologies [8]. Group 3: Key Market Opportunities - The article highlights five countries with significant CCUS potential: - **United States**: Announced projects totaling 308 million tons of CO2, with costs between $60-$85 per ton due to a combination of offshore and onshore storage advantages [10]. - **Canada**: Announced projects of 156 million tons of CO2, with costs around $50 per ton, benefiting from onshore storage [10]. - **Norway**: Announced projects of 123 million tons of CO2, with costs approximately $90 per ton, manageable due to coastal storage sites [10]. - **Germany**: Announced projects of 114 million tons of CO2, with similar costs to Norway but higher due to offshore storage in neighboring countries [10]. - **Denmark**: Announced projects of 56 million tons of CO2, with costs around $90 per ton, also benefiting from coastal proximity [10].

党的十八大以来，习近平总书记三次考察调研云南都对建设面向南亚东南亚辐射中心作出重要指示。 2025年3月，习近平总书记再次强调，云南区位条件独特，要积极推进高水平对外开放，建设面向南亚 东南亚辐射中心。近年来，云南持续壮大资源经济、园区经济、口岸经济，全省经济转型 成"形"起"势"，经济社会发展取得开创性进展。今年是"十四五"规划收官之年，《金融时报》记者邀请 到中国人民银行云南省分行党委书记、行长李滔，介绍和解读金融支持云南现代化建设中的相关举措和 成效。 《金融时报》记者：东盟连续5年蝉联我国最大贸易伙伴，我国连续16年保持对东盟第一大贸易伙伴地 位。在支持云南建设我国面向南亚东南亚辐射中心方面，金融系统开展了哪些工作？ 李滔：中国人民银行历来重视云南面向南亚东南亚特殊区位优势的发挥。2013年11月，中国人民银行牵 头11部委联合印发支持云桂两省（区）建设沿边金融综合改革试验区总体方案。五年试点期间，中国人 民银行牵头指导富滇银行在老挝设立老中银行，成为全国城市商业银行在境外设立的首家经营性机构， 目前已经发展为中老跨境金融合作的重要支点，在服务中老铁路建设、促进两国经济金融交往中发挥了 广泛作用。全国 ...