充分发挥绿色金融牵引作用，完善绿色金融标准体系和基础制度，是推动金融支持经济社会发展全面绿 色转型和美丽中国建设的重要举措。绿色债券作为绿色金融体系的重要组成部分，在助推企业绿色转型 过程中，发挥着越来越重要的作用。笔者建议，应加强系统性规划，实施整体性推进，从多维度推动绿 色债券市场高质量发展。 根据绿色债券的发展形势和实际需求，需要全方位提升绿色债券服务效能。 一是丰富发行主体，紧贴企业需求。通过拓宽行业覆盖范围，将汽车制造、水泥、纺织与有机农业等非 传统生态环保行业纳入转型债券发行人主体范围，以满足这些行业绿色转型的融资需求。优化政策支持 机制，引导强化金融机构参与，政策性银行通过绿色债券发行、承销等业务，在绿色金融领域发挥先导 作用，同时商业银行等金融机构通过专项质押折扣系数等方式提升绿色债券流动性。完善配套机制，将 绿色债券承销情况纳入金融机构执业评价，鼓励更多机构参与绿色金融业务，并定期公示典型案例以吸 引投资人。 四是加强专业人才培养。加强绿色金融人才培养，建立一支熟悉绿色债券业务的专业队伍。将理论学习 与行业实践相结合，通过金融机构与高校合作开设绿色金融课程，培养一批具有碳交易、环境效益评估 ...

新开发银行作为金砖国家合作最具体的体现，真正体现了创始成员国的共同愿景：创建一个能够根据发 展中国家自身情况，服务于其需求的多边开发机构。这并非现有模式的复制品，而是强调合作、灵活性 和尊重主权、不附加任何条件、不设定否决权，充分尊重成员国的国家优先事项，致力于促进可持续、 公平和包容性的发展。 开业十年来，新开发银行为基础设施和可持续发展项目提供资金，调动大量资源支持成员国的优先发展 事项。迄今，新开发银行已批准120个项目、约400亿美元贷款总额，为成员国的基础设施建设、清洁能 源开发、环境保护、数字基建等众多领域发展提供融资支持，产生广泛而深远的影响。 新开发银行的投资以各国具体需求为导向，确保支持符合国家规划战略和当地发展的优先事项。我们的 目标不是强加模式或处方给成员国，而是在深入了解当地实际情况的基础上，倾听并响应成员国的具体 需求。成员国数量的增长表明，新开发银行正在填补全球金融架构中的一个重要空白，即各国正在寻求 能够尊重彼此、倾听彼此意见而非发号施令的合作伙伴。 新开发银行始终保持着良好的国际信用评级，成为国际和国内资本市场上的优质发行人。迄今，新开发 银行通过发行债券和其他融资工具筹集资金 ...

核 心 观 点 作为老龄化程度较高且持续时间较长的国家，加拿大已建立完善的养老金"四支柱"体系，那么，加拿大养老金主要投资于哪些资产？养老金融产品有何创新？ 加拿大养老金体系有何特点？ 加拿大的养老金体系采用"四支柱"模式，第二支柱规模最大。具体来看， 1）第零支柱 是由政府支付的老年保障金，包含老年保障计 划、收入保障补贴以及津贴，发挥着兜底保障的重要作用。 2）第一支柱 是职业养老金，采取强制缴费模式，包含加拿大养老金计划以及魁北克养老金计划。 3） 第二支柱 为企业补充养老金，包括注册养老金计划、团体注册退休储蓄计划以及递延利润分享计划。 4）第三支柱 为私人储蓄计划，包含注册退休储蓄计划和个人 免税储蓄账户，由居民个人自愿选择。 加拿大养老金都投些什么？ 1）第零支柱 由政府预算资助，不涉及市场化投资运营。 2）第一支柱 加拿大养老金计划中基础账户投资公开市场固定收益比例最高， 占比41%，现金及绝对收益策略占比32%，公开股票占比28%，房地产占比26%，私募股权占比23%，信贷投资占比14%；魁北克养老金计划主要投资股票和固收类 资产，分别占比46%和32%； 3）第二支柱 中的安大略教师养老金计 ...

Group 1 - The international credit rating agency Fitch Ratings has reaffirmed Akropolis Group's long-term borrowing rating at BB+ with a stable outlook for the fifth consecutive year, indicating the company's financial robustness [1] - The stable performance of Akropolis Group is highlighted by growing rental income and a strong position in the Baltic shopping centre market, reflecting financial soundness and a sustainable business model [2] - Akropolis Group's first credit ratings were assigned by S&P Global Ratings and Fitch Ratings in May 2021, and the company successfully placed its first EUR 350 million 5-year green bond issue in May 2025 [3] Group 2 - Akropolis Group reported rental income of EUR 91.4 million and EBITDA of EUR 87.8 million for the last year, representing increases of 9% and 6% respectively compared to 2023 [4]

Macro Strategy - The report indicates that the US non-farm payrolls for June exceeded expectations, leading to a delay in interest rate cuts to September, with the 10-year US Treasury yield rising by 6.89 basis points to 4.346% [1][12][13] - The ISM services PMI returned above the expansion line, reflecting strong economic data, while the unemployment rate decreased, contributing to a positive market sentiment [1][12][13] - The signing of Trump's "One Big Beautiful Bill" (OBBB) increased the debt ceiling by $5 trillion to $41 trillion, which may shift market dynamics from "buy the rumor, sell the news" [1][12][13] Fixed Income - In the week of June 30 to July 4, 12 green bonds were issued in the interbank and exchange markets, totaling approximately 34.961 billion yuan, an increase of 3.531 billion yuan from the previous week [4][19] - The secondary market saw a total trading volume of green bonds amounting to 56.2 billion yuan, a decrease of 17.3 billion yuan from the previous week [4][19] - The report suggests that the central bank will continue to buy government bonds as a policy tool to support bank balance sheets, with the 10-year government bond yield expected to fluctuate between 1.6% and 1.7% [6][22] Industry Analysis - Hangcha Group (603298) is set to acquire Guozhi Robotics, enhancing its smart forklift layout, with profit forecasts for 2025-2027 at 2.2 billion, 2.4 billion, and 2.7 billion yuan, maintaining a "buy" rating [8] - Anker Innovations (300866) has seen its 3D texture printer crowdfunding reach historical highs, with adjusted revenue forecasts for 2025-2027 at 2.46 billion, 3.35 billion, and 4.22 billion yuan, maintaining a "buy" rating despite short-term profit adjustments [8] - Yutong Bus (600066) reported a significant increase in sales for H1 2025, with revenue forecasts for 2025-2027 at 42.9 billion, 49.9 billion, and 56.7 billion yuan, maintaining a "buy" rating [9][10] - Yanjing Beer (000729) continues to show strong growth potential with updated profit forecasts for 2025-2027 at 1.505 billion, 1.845 billion, and 2.204 billion yuan, maintaining a "buy" rating [11]

Core Viewpoint - The global transportation investment and financing sector is facing significant challenges due to economic recovery issues, geopolitical conflicts, and climate change pressures, leading to funding gaps and high project risks [1] Group 1: Current Challenges in Transportation Investment - There is a huge funding gap in transportation infrastructure, especially in developing countries, where the demand for investment exceeds limited public financial inputs and market financing channels [1] - High project risks and insufficient investment confidence are prevalent, as geopolitical changes, market fluctuations, and technological advancements create multiple risks that deter private capital and long-term investors [1] - The disconnection between financing rules and operational mechanisms complicates cross-border project coordination and increases costs [1] Group 2: Recommendations for Improvement - Establishing a mechanism for cooperative platforms and exploring innovative financing models, such as public-private partnerships and diversified financing tools like real estate investment trusts and green bonds, is essential [2] - Integrating green development standards into transportation financing mechanisms is necessary to promote sustainable practices [2] - Enhancing capacity building and knowledge sharing, particularly in underdeveloped regions, will improve the financing viability and success rates of transportation projects [2] Group 3: Challenges for Chinese Enterprises in International Infrastructure - Chinese enterprises face difficulties transitioning from contractors to investors, as they primarily operate under the EPC model and lack investment and long-term operational management capabilities [3] - Increased international uncertainty, including economic slowdowns and geopolitical risks, complicates project financing and risk management [3] - Many enterprises struggle with financing due to inadequate capabilities and a lack of diversified financing solutions, leading to high costs and limited access to international capital [3] Group 4: Strategic Suggestions for Infrastructure Financing - Policy improvements are needed to enhance institutional design and support for infrastructure financing, including the establishment of a global risk warning platform [4] - Companies should develop a comprehensive business model that integrates investment, construction, and operation, while enhancing project financing and risk management capabilities [4] - Consulting firms should shift from technical services to comprehensive lifecycle support and strengthen international standards to gain recognition from financial institutions [4]

Core Viewpoint - Heimar hf. has successfully completed the offering of its green, inflation-linked bond series HEIMAR50 GB, which is secured by the company's general security arrangement [1][2]. Group 1: Bond Details - HEIMAR50 GB matures on 20 August 2050, with principal repayments following a 30-year annuity schedule until maturity [2]. - The bond carries a nominal interest rate of 2.477%, and the current outstanding nominal amount is ISK 14,420 million [2]. - Interest and principal payments are made quarterly in February, May, August, and November each year [2]. Group 2: Bidding and Settlement - Bids were received in the total nominal amount of ISK 4,760 million, with yields ranging between 3.98% and 4.04% [3]. - The company decided to accept bids amounting to ISK 1,800 million at a yield of 3.99% [3]. - Settlement of the transaction is scheduled for 24 June 2025, with an application for the new bonds to be admitted to trading on the Main Market of Nasdaq Iceland [3]. Group 3: Additional Information - The prospectus, final terms, green framework, and other documents related to the bond issuance are available on the company's website [4]. - Íslandsbanki Securities handled the issuance and sale of the bonds, as well as their admission to trading on Nasdaq Iceland [4].

Core Viewpoint - The establishment of a scientific and standardized environmental benefit information disclosure indicator system for green bonds is crucial for identifying green bonds and enhancing their international recognition, aligning with the spirit of the 20th National Congress of the Communist Party of China [1][2]. Summary by Relevant Sections Importance of Green Bond Environmental Benefit Disclosure Standards - The core distinction of green bonds lies in the green attributes of the funds raised, which are identified through environmental benefit information disclosure. The lack of standardized rules has led to inconsistent quality and comparability issues in disclosures [2][3]. - Establishing a standardized disclosure system is necessary to support the healthy development of the green bond market and to achieve national green development and carbon neutrality goals [2][3]. Current Challenges and International Recognition - The quality of environmental benefit disclosures needs improvement, as there are no unified standards for specific environmental benefit indicators related to green projects [3]. - To enhance international recognition of China's green bond market, a standardized system and centralized data disclosure platform are urgently needed to address concerns about "greenwashing" [3][4]. Development of the Green Bond Environmental Benefit Disclosure Standard - A comprehensive indicator system has been developed, covering 205 sub-categories of green projects with 47 environmental benefit indicators, including mandatory and optional indicators [6][7]. - The People's Bank of China officially released the "Green Bond Environmental Benefit Information Disclosure Indicator System" in December 2024, marking a significant breakthrough in the green finance sector [6][8]. Advantages of the Disclosure Standard - The standard is designed to objectively quantify environmental benefits, is user-friendly, compatible with domestic and international standards, and has high feasibility [8]. - Approximately 87% of green bonds issued in 2024 disclosed environmental benefit information, with over 60% alignment with the new standard, indicating its applicability and operability [8]. Impact and Application of the Standard - The standard aids in measurable, reportable, and verifiable environmental benefit disclosures, gaining recognition from regulatory bodies, issuers, investors, and third-party certification agencies [9][10]. - A centralized database has been created to showcase environmental benefit data from green bonds, covering over 6,000 bonds with a total issuance exceeding 12 trillion yuan [11]. - The standard is being applied in various sectors, including local financial institutions and other green financial products, to ensure a cohesive green finance ecosystem [12]. Future Recommendations - Continuous tracking of the application of green finance standards and promoting mutual recognition with international standards is recommended to enhance China's influence in the green finance sector [13]. - Further research on transitional finance information disclosure and the establishment of a competitive environment for certification agencies are suggested to improve the quality and effectiveness of disclosures [13][15].

Core Viewpoint - The Hong Kong Special Administrative Region government announced the issuance of green bonds and infrastructure bonds totaling approximately HKD 27 billion (USD 3.4 billion), with a total subscription amount of around HKD 237 billion, indicating a subscription multiple of approximately 3.3 to 12.5 times [1] Group 1 - The bonds will be issued in multiple currencies, including Hong Kong dollars, Renminbi, US dollars, and Euros [1] - This issuance includes a 30-year Hong Kong dollar bond, marking the first time the government has issued bonds with such a long maturity [1] - The bonds are expected to be settled on June 10 and will be listed on both the Hong Kong Stock Exchange and the London Stock Exchange [1]

Group 1 - Rivian (RIVN) has experienced a decline of 3.3% recently, with a cumulative drop of 11.8% over the past five days [1] - The company plans to issue $1.25 billion in green bonds to refinance its debt amid a decline in electric vehicle demand [1]