Core Viewpoint - The six A-share listed city commercial banks in the Yangtze River Delta region are demonstrating resilient growth, achieving increases in both revenue and net profit despite the pressure of narrowing interest margins [1][2]. Revenue and Profit Growth - All six city commercial banks reported year-on-year growth in both revenue and net profit for the first three quarters, with five banks achieving profits exceeding 10 billion yuan, except for Suzhou Bank, which is relatively smaller [2]. - Jiangsu Bank led with a revenue of 67.183 billion yuan and a net profit of 30.583 billion yuan, ranking first among A-share city commercial banks [2]. Interest Income Performance - Despite the overall pressure on interest margins, all six banks achieved year-on-year growth in net interest income, with Nanjing Bank and Jiangsu Bank showing significant increases of 28.52% and 19.61%, respectively [3]. - Nanjing Bank attributed its growth in net interest income to increased credit investment and optimized asset allocation strategies, alongside a reduction in deposit costs [3]. Asset Expansion - The six banks are steadily expanding their asset scales, with Jiangsu Bank holding the largest total assets of 4.93 trillion yuan, marking a 24.68% increase from the beginning of the year, the fastest growth among A-share listed banks [6]. - All banks exhibited strong growth in both deposits and loans, with Jiangsu Bank's total deposits reaching 2.54 trillion yuan, a 20.22% increase, and total loans growing by 17.87% to 2.47 trillion yuan [6]. Corporate Lending Growth - Corporate lending has become the main driver of credit expansion for these banks, with significant growth in loans for technology finance, inclusive finance, and green finance [9]. - For instance, Nanjing Bank's corporate loans increased by 14.63%, with notable growth in green finance (33.03%), technology finance (17.47%), and inclusive finance (16.16%) [9]. Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios either holding steady or declining. Jiangsu Bank's NPL ratio decreased by 0.05 percentage points to 0.84% [10]. - Nanjing Bank's NPL ratio remained stable at 0.83%, reflecting effective risk management and asset disposal strategies [10]. Capital Adequacy - Shanghai Bank reported a high core Tier 1 capital adequacy ratio of 10.52%, up 0.17 percentage points from the beginning of the year, supported by improved profitability and capital management [11]. - Both Hangzhou Bank and Nanjing Bank completed convertible bond conversions, with their core Tier 1 capital ratios rising to 9.64% and 9.54%, respectively [11]. Dividend Distribution - Several banks, including Shanghai Bank and Suzhou Bank, have completed mid-term dividend distributions, with Jiangsu Bank and Ningbo Bank also advancing their mid-term dividend plans [12]. - Hangzhou Bank has consistently increased its cash dividend ratio, with a projected mid-term dividend of 2.755 billion yuan for 2025, reflecting a commitment to enhancing shareholder returns [13].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The "15th Five-Year Plan" proposes to develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and the bond market will play a key foundational role in promoting the implementation of these "five major articles" [1][2] - The bond market has achieved significant progress in the areas guided by the "five major articles," but there are still problems such as insufficient funds, structural imbalance, and imperfect mechanisms in some areas [3][16] - Through mechanism, product, and technology innovation, the bond market has broken through inherent bottlenecks and provided precise impetus for the real economy [17] - During the "15th Five-Year Plan" period, the bond market will play a more systematic and strategic role in serving the "five major articles" [26] Group 3: Summary by Relevant Catalogs I. Significant Progress in the Bond Field under the Guidance of the "Five Major Articles" (A) Science and Technology Innovation Bonds - Since 2024, the total issuance of science and technology innovation bonds in the market has reached approximately 2.72 trillion yuan, with 2,567 bonds issued [7] - Features include longer financing terms, a high proportion of high-credit ratings, cost advantages in issuance interest rates, and a high proportion of central and state-owned enterprises among financing entities [7][8] (B) Green Finance - As of the end of 2024, the cumulative issuance of green bonds in China reached 4.1 trillion yuan, and in 2025, the issuance of labeled and non-labeled green bonds totaled 936.765 billion yuan [9] - The average issuance interest rate of green bonds has steadily declined, and the main issuers are commercial banks and traditional green industries such as public utilities and transportation [12][13] (C) Inclusive, Pension, and Digital Finance Bonds - The bond market has enhanced financial support for the grass-roots economy and key regions through diversified bond varieties, with a cumulative issuance scale of nearly 2.47 trillion yuan, and the "Three Rural Issues" special financial bonds have reached 1.21 trillion yuan [14] - The bond market is relatively weak in pension and digital finance, facing problems such as single bond varieties and difficulties in bond financing for digital enterprises [16] II. Three Major Innovation Points for the Bond Market to Support Key Areas (A) Mechanism Innovation - In the green finance field, the trading association optimized the green bond rules, allowing the replacement of self-owned funds in advance and implementing hierarchical and classified information disclosure management [18] - In the inclusive finance field, counter bond repurchase business and other measures have enhanced the liquidity of small and medium-sized institutions [20] - In the science and technology finance field, the establishment of the bond market's "science and technology board" has solved the problem of patient capital sources and built a comprehensive support system [20] (B) Product Innovation - Science and technology innovation bills have expanded the use of raised funds to equity investment and fund contributions, effectively introducing long-term and low-cost funds into early-stage scientific research [21] - In the green finance field, the issuance of carbon-linked and carbon asset - pledged debt financing instruments has been encouraged, exploring the integration of green finance and the carbon market [21] - In the inclusive and pension finance fields, there have been product innovations such as small and medium - sized enterprise support bonds and pension - specific financial bonds [22] (C) Technology Innovation - The application of digital RMB in bond issuance has improved settlement efficiency, ensured the special use of funds, and enhanced transaction traceability and regulatory penetration [24] - The application of artificial intelligence technology in bond investment research and risk control has been continuously deepened, showing significant value [24] III. New Trends for the Bond Market to Empower the "Five Major Articles" during the "15th Five-Year Plan" Period - Science and technology finance will be the key direction for the bond market to support the layout of new productive forces, providing stable capital guarantee for key core technology research [26] - Green finance will assume a more core function of green capital supply, guiding social funds to flow to key green fields [27] - In the inclusive finance field, the role will shift from making up for shortcomings to deeply integrating into the industrial chain and supply chain system, providing long - term and low - cost funds for small and medium - sized enterprises [27] - Pension finance will become an important growth area for expanding long - term funds and securitizable assets, with the potential for the expansion of special pension bonds [28] - Digital finance will lead the systematic digital upgrade of infrastructure and factor allocation, promoting the formation of a new ecosystem covering "frontier technology - digital industry - bond financing" [28]

Report Overview - Date: November 25, 2025 - Report Type: Commodity Research Morning Report - Green Finance and New Energy - Research Institution: Guotai Junan Futures Report Industry Investment Rating - Not provided in the report Core Views - Nickel: The inventory accumulation rhythm has slightly slowed down, with short - term disturbances from macro and news factors [2][4] - Stainless steel: Steel prices are under pressure and oscillating at a low level, but the downside potential is limited [2][4] - Lithium carbonate: Spot trading has improved, and the high - level range oscillation continues [2][9] - Industrial silicon: The bottom support of the futures price is obvious [2] - Polysilicon: Attention should be paid to the subsequent changes in warehouse receipts [2][12] Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 115,530 yuan, down 1,220 yuan from T - 5. The closing price of stainless steel's main contract was 12,335 yuan, down 80 yuan from T - 5. Other data such as trading volume, prices of related products in the industrial chain also showed different degrees of changes [4] - **Macro and Industry News**: There were multiple events including the takeover of an Indonesian nickel mine by the forestry working group, China's suspension of non - official subsidies for Russian copper and nickel imports, and various policies and regulations in Indonesia and the US tariff threat [4][5][6] - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral outlook [8] Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 90,480 yuan, down 4,720 yuan from T - 5. The closing price of the 2605 contract was 92,040 yuan, down 3,680 yuan from T - 5. There were also changes in trading volume, positions, and prices of related products in the industrial chain [9] - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price decreased, and the UK government announced plans to support domestic lithium production [10][11] - **Trend Intensity**: The trend intensity of lithium carbonate is 0, indicating a neutral outlook [11] Industrial Silicon and Polysilicon - **Fundamental Data**: The closing price of Si2601 was 8,940 yuan/ton, down 140 yuan from T - 5. The closing price of PS2601 was 53,315 yuan/ton, up 660 yuan from T - 5. There were also changes in trading volume, positions, basis, and prices and profits of related products [12] - **Macro and Industry News**: The National Energy Administration released power industry statistics, showing significant growth in solar and wind power installed capacity [13][14] - **Trend Intensity**: The trend intensity of industrial silicon is 0 (neutral), and that of polysilicon is 1 (slightly bullish) [14]

Core Viewpoint - The integration of ecological governance and green finance in the Kubuqi Desert has transformed it from an ecological threat to a model of sustainable development, significantly reducing sediment flow into the Yellow River and creating employment opportunities for local communities [1][2][3]. Group 1: Ecological Governance and Financial Support - The Kubuqi Desert, covering an area of 2,116 million mu, has seen a reduction in sediment flow from 27 million tons to 4 million tons due to comprehensive management efforts [1]. - The innovative governance model in Ordos City emphasizes government leadership, financial support, enterprise involvement, and community participation, leading to a successful ecological revolution [1][2]. - In the first half of the year, the People's Bank of China in Ordos issued low-cost loans totaling 1.01 billion yuan for integrated photovoltaic projects aimed at desertification control, resulting in a carbon reduction of 41,580 tons [2]. Group 2: Project Implementation and Impact - The successful integration of photovoltaic projects in the Kubuqi Desert has led to a projected annual power generation of over 1.8 billion kWh, replacing approximately 600,000 tons of standard coal and reducing CO2 emissions by about 570,000 tons [2][3]. - The first completed project in the region, a 500,000 kW photovoltaic initiative, has effectively reduced wind speed by 40% and sand dust migration by 65% through various ecological measures [3]. - Financial institutions have provided comprehensive support, with total credit exceeding 5 billion yuan for photovoltaic desertification control projects, including 130 million yuan in low-cost funds [3]. Group 3: Innovative Financial Products - The People's Bank of China in Ordos has promoted innovative financial products such as "desertification loans" and "rural revitalization loans" to support long-term desertification projects [4]. - A loan of 2 million yuan was issued to a local agricultural company under favorable interest rates and government subsidies, enabling the company to manage 4,000 mu of desert land and create over 50 jobs [4][5]. - The Industrial and Commercial Bank of China has developed a "desertification loan" product to address funding challenges faced by cooperatives and collective economic organizations involved in ecological projects [5][6].

新网银行作为数字金融先锋，深耕科技金融、绿色金融、普惠金融、养老金融、数字金融五大领域，以 线上服务触达小微、AI风控筑牢屏障、绿色金融助力"双碳"、适老化服务传递温度，为实体经济注入数 字时代的澎湃动能。这不仅是一家民营银行的探索之路，更是三十年精神血脉在数字时代的延续与升华 ——根植人民、因需而变、与时偕行。 科技金融：专利转化引擎，科创造血新动能 自1995年中国第一家城市商业银行落子深圳，如今城商行已走过三十年历程。这三十年，是城商行服务 实体经济的三十年，是精细化、差异化发展的三十年。在监管指引下，城商行始终坚守"服务城乡居 民、服务中小企业、服务地方经济"的基本定位，走出了一条特色化的发展道路，成为我国多层次金融 体系中举足轻重的组成部分。 在国家政策持续引导金融机构破解小微企业融资难题的背景下，新网银行坚持"两个只做"——只做主流 银行不能充分服务的客群，只做依靠技术能够管控风险的业务，以差异化战略破局，通过全线上化数字 信贷产品的精准触达，新网银行以科技力量延伸了金融服务实体经济的毛细血管。 针对供应链场景中的小微企业，新网银行创新推出"全线上、全实时、纯信用、随借随还"的去中心化供 应链金融 ...

Core Viewpoint - China Construction Bank Hunan Branch focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, contributing to Hunan's high-quality development and supporting the "Three Highs and Four New" strategy [2][3][4][5][6][7] Group 1: Technology Finance - The bank has developed a "technology flow" evaluation system to address the financing difficulties of technology enterprises, allowing patents to be converted into financial assets [2] - Over 19,000 technology enterprises have been served, with a technology loan balance of 247.1 billion yuan, growing at over 20% for three consecutive years [2] Group 2: Green Finance - Green finance is prioritized, with a loan balance of 230.52 billion yuan expected by October 2025, representing a fivefold increase over five years [3] - The bank implements policies such as separate credit plans and green channels to direct funds towards green industries [3] Group 3: Inclusive Finance - The bank has introduced a new credit model through the "CCB Hui Dong Ni" app, enabling "one-minute financing" for small and micro enterprises [4] - The inclusive finance loan balance reached 134.62 billion yuan, serving over 160,000 small micro customers [4] Group 4: Pension Finance - The bank has implemented a "three slow, three fast" approach to enhance financial services for the elderly, with 540 branches undergoing age-friendly modifications [5] - A comprehensive service system covering pension finance, industry, and services is in place to support the elderly [5] Group 5: Digital Finance - The bank has innovated a "canteen card" system to facilitate digital governance, allowing public officials to use facial recognition for meals across different locations [6] - This initiative promotes clean governance and has been adopted by all party and government agencies [6] Group 6: Overall Impact - The bank's digital finance practices are integrated into various aspects of Hunan's economic and social development, enhancing support for national strategies and local growth [7]

Group 1 - The core viewpoint of the articles highlights the significant growth and support for technology innovation bonds and private enterprise bonds in the Chinese bond market, driven by policy improvements and market mechanisms [1][2][4][6] - In the first three quarters, 75 securities firms acted as main underwriters for technology innovation bonds, with a total issuance amount of 705.18 billion yuan, marking a substantial year-on-year increase [2][5] - The technology innovation bond underwriting business saw a strong growth trend, with a year-on-year increase of nearly 60%, and the total amount underwritten exceeded 700 billion yuan [5][6] Group 2 - The bond market for low-carbon transition is rapidly growing, with 244 transition bonds issued by the end of 2024, totaling 220.8 billion yuan, primarily from high-carbon industries [4] - In the green finance sector, 51 securities firms underwrote 137 green bonds, totaling 109.01 billion yuan, with CITIC Construction leading the underwriting amount at 18.79 billion yuan [3][4] - The support for small and micro enterprises is evident, with 41 securities firms underwriting 50 bonds totaling 20.77 billion yuan, and regulatory bodies enhancing financing channels for private enterprises [7][8]

Group 1 - The Ministry of Industry and Information Technology of China has initiated a collection of typical case studies, covering 14 categories including artificial intelligence and digital transformation [1] - Three categories, including industrial green low-carbon typical cases, will be jointly organized by multiple departments, with specific application requirements to be clarified in future joint announcements [1] - The global green industrialization initiative aims to address the challenges between climate crisis, geopolitical issues, and industrial development needs, combining China's green manufacturing with Western technology and capital advantages [1] Group 2 - The initiative is driven by the development needs of the Global South, promoting capital flow through technology transfer, joint ventures (such as electric vehicles), and green financial mechanisms like RMB loans and localized financing [1] - The goals include not only promoting green industry exports but also facilitating knowledge transfer and capacity building to support the development, emission reduction, and job creation in Global South countries [1]

近日，中国银行成功发行300亿元绿色金融债券，其中，固定利率品种200亿元，票面利率1.72%， 浮动利率品种100亿元，票面利率较1年期LPR减点121个基点（1.79%）。债券得到市场投资者踊跃认 购，全场倍数达1.69倍。 据悉，这是中国银行近10年来首次在境内市场发行浮动利率债券，也是目前境内商业银行单笔发行 规模最大的浮动利率债券，有助于实现资产投放与市场融资在价格方面的精准匹配，进而有效拓宽绿色 产业项目融资渠道。作为《绿色金融支持项目目录（2025年版）》施行以来市场首批适用新目录的商业 银行绿色金融债券，本期债券募集资金将精准投向基础设施绿色升级、能源绿色低碳转型等合规绿色产 业领域。 责任编辑：杨喜亭 数据显示，截至三季度末，中国银行绿色贷款余额超过4.66万亿元，较上年末增长20.11%；绿色债 券投资规模超1000亿元。 ...

Core Viewpoint - The report highlights the proactive role of over-the-counter (OTC) derivatives traders in supporting national strategies and the real economy, showcasing their contributions to the financial sector through various initiatives and case studies [1]. Group 1: OTC Derivatives Empowerment - 44 OTC traders participated in a survey, with 42 providing effective data and case studies, demonstrating the industry's achievements in the financial sector [2]. - In the technology finance sector, 17 traders customized OTC derivatives to meet the complex needs of tech companies and investors, facilitating capital flow into the tech sector through innovative products [2]. - In green finance, 30 traders developed a low-carbon economy service system, utilizing OTC derivatives to support green industries and optimize resource allocation [2]. Group 2: Inclusive Finance and Pension Finance - 30 traders expanded their service coverage in inclusive finance, providing affordable financial services to small and micro enterprises, farmers, and the general public, enhancing economic resilience [3]. - In pension finance, traders are focusing on comprehensive wealth management for residents, offering innovative risk management and personalized solutions through OTC derivatives [3]. Group 3: Digital Finance - 37 traders emphasized the use of financial technology in OTC business development, transitioning risk management from experience-driven to algorithm-driven approaches [4]. Group 4: Consensus on Function Positioning - Traders reached a consensus on the role of OTC derivatives in the high-quality development of the securities industry, recognizing their ability to connect on-market and off-market activities and act as a stabilizing force [5]. - OTC derivatives provide customized, flexible, and refined management tools for professional investors, meeting diverse investment needs [5]. - The business model of OTC derivatives is driving strategic transformation and service upgrades for traders, enhancing their core capabilities in risk management and digital empowerment [5]. Group 5: Challenges and Recommendations - Despite achievements, traders face challenges such as limited business types, disparities in funding and talent, and the need for improved understanding of regulatory guidance [6]. - Recommendations include enhancing top-level design, supporting robust cross-border business systems, strengthening digital investment, and promoting positive industry image [6].