Core Insights - The G60 Science and Technology Innovation Corridor is celebrating its seventh anniversary, emphasizing the integration of technology and industry innovation to support the Yangtze River Delta's development and Shanghai's international innovation center [2][8] Policy Support - Shanghai's Science and Technology Commission introduced 23 measures to support the G60 corridor, focusing on building a world-class industrial cluster and fostering international innovation ecosystems, with funding up to 50 million yuan for key projects in advanced fields [3] - The new policies aim to enhance collaboration among the nine cities in the G60 corridor and establish a cross-regional industrial cooperation mechanism [3] Financial Support - The People's Bank and financial management departments released 28 financial support policies to address the financing needs of enterprises, including a comprehensive work plan with 20 specific measures targeting technology finance, green finance, and digital finance [4] - The plan aims to create a full lifecycle financial service system for science and technology enterprises [4] Major Achievements - The G60 Major Science and Technology Innovation Platform Alliance showcased significant technological innovations, including the establishment of a national integrated circuit micro-nano testing equipment measurement center in Shanghai [5] - This center is expected to provide high-quality measurement services for the integrated circuit industry [5] Strategic Cooperation - Several universities and technology parks signed agreements to establish a collaborative university technology park, enhancing resource sharing and strategic partnerships with various institutions and financial organizations [6] - The G60 alliance aims to attract more financial resources towards technological innovation [6] Talent Development - The G60 corridor launched a global talent service matrix focusing on attracting, nurturing, retaining, and utilizing talent, aiming to align individual value with regional development [7] - Collaborative innovation initiatives were initiated in key sectors such as new materials and new energy vehicles, involving multiple academic and industry representatives [7] Future Outlook - The successful hosting of the conference marks a new beginning for the G60 corridor, with plans to strengthen regional collaboration, industrial linkage, and resource sharing, aiming to enhance its role as a source of technological innovation and high-end industry leadership [8]

Core Viewpoint - In 2025, China's economy is steadily advancing towards a new stage of high-quality development, with financial services playing a crucial role in supporting the real economy, as exemplified by the efforts of China Everbright Bank's Beijing branch in various sectors [1] Group 1: Supporting Private Economy - China Everbright Bank's Beijing branch has shifted from being a mere fund provider to a comprehensive service provider, addressing the financing challenges faced by small and micro enterprises through innovative supply chain financing models [2] - The bank has successfully implemented the "e-payment" financing product, leveraging the credit of core enterprises to provide flexible and low-cost financing to upstream small and micro suppliers [2][3] - As of September 2025, the bank has visited over 6,200 small micro enterprises, granting credit amounts exceeding 25.2 billion and disbursing over 15.4 billion, positioning itself among the top in Beijing's banking sector [3] Group 2: Elderly Financial Services - The bank has established specialized "Elderly Financial Service Centers," enhancing the professionalism and standardization of its services, with three branches recognized as such [4] - The bank has introduced seven exclusive services for elderly clients, including dedicated service personnel and educational activities to raise awareness about financial fraud [4][5] - By September 2025, the bank has opened 127,000 personal pension accounts with a total deposit amount of 230 million, leading the entire bank in this area [5] Group 3: Responsibility in Key Areas - The bank has actively participated in the financing coordination mechanism for urban real estate projects, providing nearly 2.5 billion in loans to support the stable development of the real estate market [7] - In response to extreme weather events, the bank demonstrated its emergency capabilities by quickly assisting over 80 migrant workers with banking services during severe rainfall in July 2025 [7] - The bank has conducted community outreach programs to enhance public awareness of anti-counterfeiting measures and fraud prevention [7] Group 4: Commitment to High-Quality Development - China Everbright Bank's Beijing branch emphasizes practical actions to fulfill its financial responsibilities, focusing on supporting the real economy and social welfare [8] - The bank aims to continue its commitment to the "financial for the people" philosophy, contributing to the economic and social development of the capital [8]

Core Viewpoint - The Chinese banking industry has transitioned from a phase of scale expansion to a critical period of transformation, focusing on value reconstruction due to narrowing net interest margins and increasing market competition [2][6]. Group 1: Driving Factors of Banking Transformation - The transformation of commercial banks from a scale-oriented to a value-oriented model is driven by three main factors: economic transition, policy guidance, and technological innovation [8]. - The shift in economic focus from high-speed growth to high-quality development necessitates banks to allocate resources towards key areas such as technology, green finance, inclusive finance, and elderly care [8]. - Policies are continuously guiding banks to return to their core functions and promote high-quality development through differentiated regulation and performance assessments [8]. Group 2: Key Areas of Focus - The "Five Major Articles" (Technology Finance, Inclusive Finance, Green Finance, Elderly Finance, Digital Finance) serve as the core framework for high-quality development in the financial sector, aligning with national strategies and addressing homogeneous competition [5][6]. - Digital finance acts as the foundational support for the other four areas, facilitating their development while also being driven by their business needs [6]. Group 3: Implementation Pathways for Value Reconstruction - The "Five Major Articles" provide clear pathways for banks to transform their business models, including encouraging loans combined with external investments in technology finance and supporting carbon credit financing in green finance [7]. - Policies and value reconstruction in banking resonate with each other, becoming significant drivers for transformation [7]. Group 4: Collaborative Development of Digital Financial Ecosystem - The evolution of the digital financial ecosystem is essential for both the implementation of the "Five Major Articles" and the transformation of the banking sector [9]. - Key characteristics of this ecosystem include coordinated policy efforts, deep technological application, and the construction of a digital ecosystem that empowers various industries [9][10]. Group 5: Positioning of Different Types of Banks - Large state-owned commercial banks are expected to lead strategic developments, focusing on national priorities such as technological self-reliance and rural revitalization [21]. - Joint-stock commercial banks should adopt differentiated strategies to avoid competition with state-owned banks, focusing on niche markets [21]. - Regional city commercial banks should leverage their local advantages to integrate into regional economic development, providing tailored financial solutions [21]. Group 6: Future Directions for Banking - The banking industry is moving towards a competition based on value rather than scale, with a focus on creating long-term value through service to the real economy [22]. - Banks that can accurately grasp policy directions, deeply integrate into industrial ecosystems, and continuously innovate service models will thrive in the value reconstruction process [22].

观点与策略 | 镍：基本面限制上方弹性，低位震荡运行 | 2 | | --- | --- | | 不锈钢：库存偏高供需双弱，成本限制下方想象力 | 2 | | 碳酸锂：高位震荡，关注仓单注册情况 | 4 | | 工业硅：区间震荡行情 | 6 | | 多晶硅：关注仓单注册情况 | 6 | 国 泰 君 安 期 货 研 究 所 2025年12月01日 国泰君安期货商品研究晨报-绿色金融与新能源 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 12 月 01 日 镍：基本面限制上方弹性，低位震荡运行 不锈钢：库存偏高供需双弱，成本限制下方想象力 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） | 117,080 | 180 | 3,030 | 0 | -4,460 | -3,910 ...

Core Insights - The global green bond issuance reached $506 billion by late October, a decline of 11% year-on-year, while China's green bond issuance grew by 92% to $101.8 billion, accounting for 20% of the global market, making it the largest green bond market globally [1] - China's green bond market is transitioning from "scale expansion" to "quality and efficiency improvement," supported by enhanced policies and standards, better information disclosure, and increasing international influence [1] - China is playing a significant role in the green bond market and international cooperation, particularly in energy, manufacturing, and adaptation projects, with growing attractiveness of Chinese sustainable bonds among global investors [1] Group 1 - China's green bond issuance has exceeded 240 bonds this year, with a total issuance scale surpassing 640 billion yuan, doubling from 310 billion yuan in 2024, indicating a rapid growth phase for green bond issuance by Chinese financial institutions [4] - The Central National Securities Registration and Settlement Corporation released a white paper indicating the development quality of China's green bond market, highlighting the shift towards improved quality and efficiency [1] - China is aligning with the EU's Common Green Taxonomy and innovating financial instruments like climate adaptation and resilience bonds to optimize its green finance system [4] Group 2 - The international market's increasing focus on environmental benefits and transparency is enhancing the appeal of Chinese sustainable bonds among global investors [1] - The ongoing development in green bonds, carbon markets, and the financialization of natural capital positions China to play a larger role in global climate finance [4]

在"双碳"目标引领下，铁合金行业正经历从高耗能向绿色低碳发展的根本性转变。 为更好发挥期货力量在助推铁合金产业绿色发展中的作用，11月27日，郑商所举行铁合金期货服务产业 绿色发展座谈会，来自中国铁合金工业协会、铁合金产业生产企业、贸易商、期货公司及风险管理子公 司、交割仓库、质检机构等有关单位的代表共聚一堂，围绕铁合金产业政策、行业绿色发展、铁合金期 货运用、"绿色助企"专项试点等内容展开交流研讨，为铁合金行业高质量发展提供行业智慧，为共同书 写绿色金融大文章贡献期货力量。 绿色转型迫在眉睫 赋能铁合金产业低碳发展 据期货日报记者了解，铁合金行业是钢铁工业发展不可或缺的重要组成部分，经过七十余年的发展壮 大，中国已建立起世界上产能和产量最大、品种齐全、绝大部分技术经济指标位居世界先进行列的铁合 金工业体系，为中国钢铁工业发展提供了强有力的支撑。我国已成为名副其实的世界第一铁合金生产、 消费大国。 2014年8月，锰硅、硅铁期货上市交易。经过郑商所的持续培育和发展，铁合金期货摆脱成交低迷的局 面，逐步进入规则制度相对完善、市场规模能够满足产业风险管理需求、由追求量的发展向质的提升转 变的新发展阶段。 2020 ...

Core Viewpoint - The strategic cooperation between Qianhai Futures and Beijing Forestry University aims to integrate financial services with the agricultural and forestry sectors, promoting high-quality development in line with national strategies for ecological civilization and rural revitalization [1][7]. Group 1: Strategic Cooperation - Qianhai Futures and Beijing Forestry University signed a strategic cooperation agreement to enhance collaboration in the "production, education, and research" sector [1]. - The partnership focuses on combining Qianhai Futures' expertise in the derivatives market with the academic strengths of Beijing Forestry University in agricultural and forestry economics [1][2]. Group 2: Research and Development - A key aspect of the cooperation is the establishment of a "Futures and Derivatives Research Center" to serve as a think tank for the industry, focusing on major topics such as agricultural economics, ecological economics, and carbon trading [3]. - The research center will collaborate with futures exchanges, industry associations, and leading enterprises to develop and optimize futures contracts related to timber, wood products, and specialty agricultural products [3]. Group 3: Risk Management - The agreement emphasizes the importance of translating research outcomes into practical applications for enhancing risk management capabilities in agricultural and forestry enterprises [4]. - Qianhai Futures will provide tailored hedging solutions and innovative services to help businesses manage price volatility and secure profit margins [5]. Group 4: Talent Development - The partnership prioritizes talent cultivation by integrating academic education with practical industry experience, including the introduction of specialized courses in futures and derivatives at Beijing Forestry University [6]. - Qianhai Futures will offer internship opportunities and practical training for students, aiming to develop high-end, versatile talents who understand both the industry and financial derivatives [6]. Group 5: Future Outlook - To ensure effective implementation of the cooperation, a liaison system and regular joint meetings will be established to coordinate research, training, and outcome transformation [7]. - The collaboration is seen as a significant milestone for Qianhai Futures, which aims to contribute to rural revitalization and ecological development through green finance [7].

国开行资金部有关负责人表示，下一步，将深入贯彻落实党的二十届四中全会精神，认真贯彻落实 习近平生态文明思想，大力发展绿色金融，用好绿色债券融资渠道，为助力构建现代化基础设施体系， 协同推进降碳、减污、扩绿、增长提供金融支持。 本报讯 记者左希报道 记者从国家开发银行获悉，11月27日，该行在上海清算所发行90亿元3年期绿 色金融债券，发行利率为1.52%，认购倍数2.46倍，获得了河南农商银行、上海农商银行、中国工商银 行、南京银行等各类投资者的踊跃认购。 据介绍，本次发行严格按照《绿色金融支持项目目录（2025年版）》挑选项目，绿色等级为G1 （最高级别），募集资金将主要用于基础设施绿色升级、能源绿色低碳转型、环境保护产业、资源循环 利用产业等领域，相关项目建成后预计年均可节约标准煤8.9万吨，减少二氧化碳排放量约20万吨。 责任编辑：袁浩 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 301.3 billion yuan at a fixed rate of 1.40% on November 28, with a total bid amount of 301.3 billion yuan and a successful bid amount of 301.3 billion yuan. On the same day, 375 billion yuan of reverse repos matured, resulting in a net withdrawal of 73.7 billion yuan. The net withdrawal for the week reached 164.2 billion yuan [1][2]. Group 2: Liquidity Conditions - The interbank market liquidity remains ample, with the weighted average rate of DR001 dropping nearly 1 basis point to a low of 1.3%. Overnight quotes in the anonymous click (X-repo) system are maintained at 1.28%, with a supply scale close to 200 billion yuan. Prices for overnight funds secured by credit bonds have increased, currently reported around 1.55%-1.58%. Overall liquidity is stable despite some upward pressure on non-bank overnight funding rates due to month-end effects [3][4]. Group 3: Interbank Rates and Bonds - The latest one-year interbank certificates of deposit transactions are at 1.65%, unchanged from the previous day. Major interbank interest rate bonds have seen yields decline [8][10]. The main contracts for government bonds show mixed performance, with the 30-year contract up by 0.05%, the 10-year contract up by 0.03%, while the 5-year and 2-year contracts have decreased by 0.03% and 0.02%, respectively [12]. Group 4: Corporate and Regulatory Developments - The Central Committee of the Communist Party held a meeting on November 28 to review a comprehensive report on the situation of the 20th Central Inspection in provinces and municipalities. From January to October, state-owned enterprises reported total operating income of 6.8353 trillion yuan, a year-on-year increase of 0.9%, while total profits decreased by 3.0% to 342.144 billion yuan. The asset-liability ratio for state-owned enterprises rose by 0.4 percentage points to 65.2% by the end of October [13][14]. Group 5: Global Economic Insights - Japan's Ministry of Finance announced a revision to its bond issuance plan, increasing the issuance of 2-year and 5-year bonds by 300 billion yen each for the fiscal year 2025, raising the total bond issuance scale by 6.3 trillion yen [16]. In South Korea, government tax revenue from January to October reached 330.7 trillion won, a year-on-year increase of 12.6%, primarily driven by a rise in corporate tax revenue [17].

Core Insights - China has become the largest green bond market globally, with a total issuance of $101.8 billion, representing a 92% year-on-year increase, while the global issuance decreased by 11% to $506 billion [1][2] Group 1: Market Performance - The total global green bond issuance has decreased by 11% year-on-year, amounting to $506 billion as of late October [1][2] - China's green bond issuance has significantly increased by 92% year-on-year, reaching $101.8 billion, which accounts for 20% of the global market [1][2] Group 2: Market Development - The Central National Securities Registration and Clearing Company released a white paper indicating that China's green bond market is transitioning from "scale expansion" to "quality and efficiency enhancement" [1][2] - Continuous improvement in supportive policies and green finance standards is noted, along with steady enhancement in information disclosure and increasing international influence [1][2]