固收点评 20251122 绿色债券周度数据跟踪 （20251117-20251121） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251117-20251121）银行间市场及交易所市场共新发行绿色债券 26 只，合计发行规模约 246.19 亿元，较上周减少 444.89 亿元。发行年 限多为 3 年；发行人性质为央企子公司、地方国有企业、中外合资企业、 中小微企业、大型民企；主体评级多为 AAA、AA+级；发行人地域为云 南省、广东省、陕西省、北京市、广西壮族自治区、山东省、浙江省、 天津市、江苏省、上海市；发行债券种类为一般公司债、中期票据、私 募公司债、商业银行普通债、超短期融资券、短期融资券、交易商协会 ABN、企业 ABS、一般公司债、信贷 ABS。 证券研究报告·固定收益·固收点评 ◼ 二级市场成交情况： 本周（20251117-20251121）绿色债券周成交额合计 859 亿元，较上周增 加 243 亿元。分债券种类来看，成交量前三为金融机构债、非金公司信 用债和利率债，分别为 384 亿元、340 亿元和 102 亿元；分发行期限来 看 ...

Core Insights - The 20th 21st Century Financial Annual Conference focused on "Reshaping Financial Resilience and Navigating Interest Rate Cycles," highlighting the need for the financial industry to adapt to low interest rates and economic fluctuations [1][2] Group 1: Financial Industry Development - The conference featured discussions on how China's financial system is building resilience against cyclical fluctuations through structural reforms and precise monetary policies [2] - Key areas of focus for financial institutions include technology finance, green finance, inclusive finance, pension finance, and digital finance, which are essential for differentiated development during interest rate cycles [2] - The shift from the old economic cycle of "real estate-finance-local government infrastructure" to a new cycle of "technology-finance-industry" was emphasized as a significant change in China's economic growth logic [2] Group 2: Insurance and Investment Opportunities - The role of green insurance in supporting climate resilience and investment was discussed, highlighting the importance of public-private partnerships in managing project risks [3] - The life insurance sector is encouraged to integrate into a people-oriented pension and health protection ecosystem, with a focus on enhancing long-term asset management capabilities [3] - Recommendations for the health protection ecosystem include reshaping the health insurance system to become a cornerstone of the national multi-level health security framework [3] Group 3: Technological Impact on Finance - A roundtable discussion on "AI and Future Finance" explored the impact of artificial intelligence on the financial industry, with insights from various industry leaders [4] - The "Financial Support for High-Level Technological Self-Reliance" sub-forum featured discussions on financial support paths for key technology breakthroughs and capital market innovations [4] Group 4: Wealth Management Trends - The "Low Interest Rate Question in Wealth Management" sub-forum addressed the transition from real estate dependency to diversified asset allocation in wealth management [5] - The release of the "2025 China Banking Industry Competitiveness Research Report" and the "2025 China Insurance Industry Competitiveness Research Report" provided valuable insights and guidance for the financial sector [5]

21世纪经济报道 记者郭聪聪 2025年正值"十四五"规划收官之年，我国金融行业沿中国特色金融发展之路稳步前行，科技金融、绿色金融、普惠金融等领域 的标准体系与基础制度持续完善，金融服务的可获得性与便利度不断提升。 为梳理行业先进实践、促进经验交流互鉴，21世纪经济报道于2025年9月正式启动 "2025年度21世纪金融竞争力优秀案例"征集活 动，旨在挖掘年度优秀样本，将标杆经验转化为行业发展动能，推动金融行业健康高质量发展。 本次案例征集活动秉持公开、公正、专业的原则，通过专家推荐与机构自主申报相结合的方式广泛收集案例，覆盖金融行业多 业态、多领域。活动启动后，得到行业内众多金融机构积极响应，最终收到超百家机构的申报材料，为后续评选工作奠定了丰 富的案例基础。为确保评选结果的专业性与权威性，组委会特别组建专家团队，围绕客观指标与主观指标开展综合评定。通过 多轮严谨审核，从海量申报案例中筛选出具备示范意义的优秀案例。 11月21日，在由南方财经全媒体集团指导、21世纪经济报道主办的"第二十届21世纪金融年会"上，"2025年度21世纪金融竞争力 优秀案例"最终名单正式揭晓。 本次评选设置综合类、服务类、产品类 ...

Core Viewpoint - The development of new productive forces driven by technological innovation is crucial for financial institutions, including Ping An Securities, to support the real economy through targeted financial services and innovative practices [1][2]. Group 1: Financial Services and Innovation - Ping An Securities emphasizes its commitment to serving the real economy by enhancing its professional capabilities and service levels, focusing on the "Five Major Financial Articles" to support technological innovation and industrial upgrades [1][2]. - The company implements a dual strategy of "full-cycle product innovation" and "regional precision service" to create a diversified financing service system that supports the development of new industries, new business formats, and new technologies [2][3]. Group 2: Debt Financing and Green Development - In the debt financing sector, Ping An Securities has launched innovative financial instruments such as Sci-Tech bonds and has underwritten a total of 65 bonds for technology innovation companies, amounting to 16.98 billion yuan, facilitating diverse financing channels for tech enterprises [3]. - The company integrates green finance into its business design, aligning with national "dual carbon" strategies, and focuses on clean energy and environmental protection as key support areas [3][4]. Group 3: Inclusive Finance and Elderly Care - Ping An Securities aims to bridge the gap in inclusive finance by providing tailored services to meet the diverse needs of different groups, thereby enhancing social benefits and market value [6]. - In the elderly finance sector, the company has upgraded its app interface for elderly users and is actively issuing personal pension public fund products, managing a total of 31.473 billion yuan in insurance asset management plans [7]. Group 4: Digital Transformation and Data Utilization - The company is focused on digital transformation by building IT core capabilities and establishing a unified data service center to support refined operations and decision-making [8][9]. - Ping An Securities has collaborated with exchanges to create the first data asset ABS in China, valued at 130 million yuan, facilitating new financing pathways for digital economy enterprises [9].

Core Viewpoint - The development of green finance is a crucial aspect of supporting national strategies and fulfilling social responsibilities, with banks like Bank of Communications (交通银行) actively participating in the "dual carbon" strategy to provide financial support for enterprises' green initiatives [1] Group 1: Cross-Border Financial Services - Bank of Communications Shenzhen Branch is building an integrated cross-border financial service system that combines domestic and foreign currencies, onshore and offshore services, to support the development of the green economy [1] - The cumulative amount of cross-border investment and financing business conducted by the Shenzhen Branch has exceeded 10 billion RMB [1] Group 2: Support for Private Enterprises - A company focused on the research and production of new energy lithium battery anode materials is investing in an integrated project in Southeast Asia with an annual production capacity of 80,000 tons, benefiting from the Belt and Road Initiative [2] - The Shenzhen Branch of Bank of Communications played a key role in providing international syndicate loans to support the overseas green energy project of the company, setting a benchmark for green energy cooperation under the Belt and Road Initiative [2] Group 3: Empowering State-Owned Enterprises - The Shenzhen Branch collaborated with its Brazilian subsidiary to provide innovative overseas loan solutions for a green photovoltaic project in Brazil, with financing needs reaching 170 million RMB [3] - The comprehensive financial service solution included cross-border RMB loans, the Cross-Border Interbank Payment System (CIPS), currency swaps, and domestic and foreign linkage, facilitating the rapid implementation of green loans [3] - The Shenzhen Branch aims to enhance the quality and efficiency of cross-border trade and investment services, focusing on areas such as infrastructure green upgrades, clean energy, and environmental protection [3]

Core Insights - The article emphasizes the importance of green finance in supporting national strategies and fulfilling social responsibilities, particularly in the context of China's "dual carbon" strategy [1][2] - The Bank of Communications Shenzhen Branch is actively innovating financial service models to support enterprises in their green international ventures, showcasing its expertise in cross-border finance [1] Group 1: Cross-Border Financial Services - The Bank of Communications Shenzhen Branch has established a comprehensive cross-border financial service system that integrates domestic and foreign currencies, as well as onshore and offshore services, to promote green economic development [1] - The branch's cross-border investment and financing business has exceeded 10 billion yuan [1] Group 2: Case Studies of Green Projects - A Company, focused on the R&D and production of new energy lithium battery anode materials, is investing in an integrated project in Southeast Asia with an annual production capacity of 80,000 tons, supported by the Bank of Communications Shenzhen Branch through international syndicate loans [1] - The project is positioned to benefit from the region's natural resources and strategic location, aligning with the Belt and Road Initiative, thus presenting significant development prospects and profitability [1] Group 3: Innovative Financing Solutions - The Bank of Communications Shenzhen Branch collaborated with its Brazilian subsidiary to provide an innovative overseas loan solution for B Company's green photovoltaic project in Brazil, with financing needs reaching 170 million yuan [2] - The comprehensive financial service approach included cross-border RMB loans, the Cross-Border Interbank Payment System (CIPS), currency swaps, and domestic-foreign linkage, facilitating the rapid implementation of green loans [2] Group 4: Future Directions - The Bank of Communications Shenzhen Branch plans to continue enhancing the quality and efficiency of cross-border trade and investment services, focusing on areas such as infrastructure green upgrades, clean energy, and environmental protection [2] - The branch aims to provide robust financial support for enterprises venturing abroad, contributing to the green transformation and high-quality development of the real economy [2]

Core Viewpoint - The development of new productive forces driven by technological innovation is crucial for financial institutions, including Ping An Securities, to support the real economy and enhance service capabilities [1][2]. Group 1: Financial Services for Technological Innovation - Ping An Securities implements a dual-track strategy of "full-cycle product innovation" and "regional precision service" to support the high-quality development of technology innovation enterprises [2]. - The company focuses on strategic emerging industries such as semiconductors, new energy, and high-end equipment, and collaborates with venture capital institutions to support early-stage hard technology projects [2][3]. - As of September 2025, Ping An Securities has underwritten a total of 65 technology innovation company bonds and ABS with a total underwriting scale of 16.98 billion yuan, facilitating diverse financing channels for technology enterprises [3]. Group 2: Green Finance Initiatives - Ping An Securities integrates green finance concepts into its business design, aligning with national "dual carbon" strategies to promote effective green finance implementation [3][4]. - The company has established a rapid mapping mechanism for "policy-industry" to convert "dual carbon" goals into executable financial products and services [4]. - Ping An Securities has successfully facilitated the issuance of the first carbon-neutral green exchangeable corporate bond and the first carbon asset ABS in China, promoting low-cost financing paths for green enterprises [4]. Group 3: Inclusive Financial Services - The company aims to bridge the "last mile" of inclusive finance by addressing the diverse needs of different groups and integrating financial demand with social care [5]. - Ping An Securities has developed a multi-level matrix of stock and fund advisory services to meet the needs of various asset-level clients, including online services for the general public [5]. - In the pension finance sector, the company focuses on elderly-friendly modifications and has launched personal pension public fund products, managing a total of 31.473 billion yuan in insurance asset management plans [6]. Group 4: Digital Transformation and Innovation - Ping An Securities is committed to digital transformation, focusing on data-driven operations and enhancing financial service efficiency through technology [7]. - The company has developed a unified data service center to support operational decision-making and improve service competitiveness [7]. - Ping An Securities has launched the first data asset ABS in collaboration with exchanges, opening new financing paths for digital economy enterprises [8].

在绿色金融方面，北京绿色交易所获批建设全国温室气体自愿减排交易中心和国家绿色技术交易中心， 北京非金融企业累计发行绿色债券近万亿元。 新京报贝壳财经讯（记者黄鑫宇）11月21日，在首都"十四五"规划高质量收官系列主题新闻发布会—— 金融业发展成就专场上，据北京市委金融办分管日常工作的副主任、市委金融工委分管日常工作的副书 记、市地方金融管理局局长曾林峰介绍，"十四五"期间，北京在全国省级层面首个集中发布96项系列政 策。截至三季度末，北京全市落实金融"五篇大文章"合计贷款余额6.8万亿元，同比增长9.7%，高于人 民币各项贷款增速2.1个百分点。 "十四五"期间，在科技金融方面，北京地区银行间市场科创债发行规模位居全国前列，金融资产投资公 司（即AIC）股权投资试点达成初步意向规模超500亿元。 在养老金融方面，北京设立了全国首家第三支柱养老保险公司—国民养老，个人养老金账户数、缴存资 金规模等均居全国前列。 在数字金融方面，北京高水平建设国家级金科新区，全球金融科技中心城市排名连续八年位居首位。 校对 付春愔 在普惠金融方面，截至三季度末，北京普惠小微贷款余额1.1万亿元，贷款户数较2021年初增长近5倍。 ...

Core Viewpoint - The Central Securities Depository and Clearing Company (CSDCC) is enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area by establishing a Shenzhen branch, focusing on bond market services and green finance innovation [1][2]. Group 1: Company Functions and Strategies - CSDCC plays a crucial role in supporting the development of the Greater Bay Area's bond market, including participation in the initial operations of the Macau Central Securities Custody and Clearing Institution [2]. - The company has established a financial technology innovation center and successfully completed a national blockchain innovation application pilot project, facilitating the issuance of digital bonds [2][3]. - CSDCC provides comprehensive lifecycle services for local government bonds, supporting the issuance of 13 trillion yuan in local bonds across South China and Southwest regions [3]. Group 2: Green Finance Initiatives - During the 14th Five-Year Plan period, CSDCC established a green finance innovation center in Shenzhen, focusing on developing green financial products and creating a green bond database, which is the first of its kind globally [4]. - The company has led the release of the first local standard for financial institutions' green investment and financing environmental information disclosure requirements [4]. Group 3: Support for Private Enterprises - CSDCC has developed a high-yield bond market construction plan tailored to the financing characteristics of private enterprises, particularly in the technology sector, which has received recognition from the Shenzhen Financial Society [5][6]. - The company has explored financial technology solutions to address the information asymmetry in bond financing for private enterprises, earning accolades for its research outcomes [7]. Group 4: Cross-Border Financial Cooperation - CSDCC collaborated on a study regarding the development of the Asian offshore technology innovation bond market, which received approval from regulatory authorities [8].

Core Insights - Postal Savings Bank of China Beijing Branch has transitioned from being a "financial participant" to a "co-builder of the urban sub-center," marking a strategic move to establish a presence in the Beijing urban sub-center [2][3] - The bank has actively engaged in regional institutional innovation, contributing constructively to the legislative process of the Beijing Urban Sub-center Regulations [3] - The bank's financial services have significantly supported the Beijing-Tianjin-Hebei coordinated development projects, with a loan balance of 630 billion yuan and 200 billion yuan in new loans issued in 2025 [3] Financial Integration and Ecosystem Development - The bank's new headquarters in the Canal Business District is designed as an open and shared "financial ecosystem living room," fostering collaboration with various enterprises and institutions [2] - The establishment of a "policy-industry-service" integrated system aims to break down barriers between banks and regional development [2][3] Innovation and Green Finance - The bank has developed an "integrated multi-wing" innovation model, providing over 12.567 billion yuan in funding to more than 60,000 clients through its mobile service [5] - The bank has established a carbon peak and carbon neutrality leadership group, innovating a "carbon account + credit approval" model to direct financial resources towards green industries [5] Support for Small and Micro Enterprises - The bank has launched the "Small and Micro Easy Loan" product to address financing challenges for small enterprises, significantly shortening approval times [6] - Specific financial products, such as "Cherry Loan," have been tailored to support local agricultural businesses [6] Community and Elderly Services - The bank has developed specialized brands like "Golden Sunshine Station" to enhance elderly care services, serving over 1.27 million pension clients with a market share of nearly 50% [6] Digital Transformation - The bank has integrated smart finance into urban life, being the first to introduce the HarmonyOS ecosystem into the financial sector of the urban sub-center [7] - The bank's cloud cabinet model allows 99% of high-frequency transactions to be conducted online, significantly enhancing customer convenience [7] Future Outlook - The bank is committed to deepening its roots in the urban sub-center and expanding its influence, contributing to the area's growth and development [8]