可持续发展债券跑赢全球综合债券指数439个基点 在美联储再度降息、绿色债券供应增加（尽管利差最初走阔）的背景下，截至1 2月1 5日， GSS录得1 2 . 2 8%的回报，较全球综合债券指数（7 . 8 9%）高出4 3 9个基点。尽管这两只指数 的回报模式相似，但超额回报主要来自第二季度：当季GSS录得8 . 0 2%的回报，远超全球综 合债券指数（4 . 5 2%），驱动因素是关税政策的不确定性，因为绿债利差的波动性低于传统 高评级公司债。2 0 2 5年仅有7月和1 0月拖累了整体表现，原因是货币回报为负。 全球综合GSS vs. 全球综合债券：年初迄今回报 本文来自彭博终端，终端用户可运行NSN T7N5G9KGIFRI 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究 (Bloomberg Intelligence) 就各公司、行业和市场提供全球投研分析以及交互式 数据。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 扫描二维码 立即订阅 彭博ESG双周报 本期主题：ESG债券延续2025年强劲表现 跑赢全球综合债券指数439个 ...

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year, with interest rate bonds at 123.61 trillion yuan, credit bonds at 52.88 trillion yuan, and interbank certificates at 19.69 trillion yuan [3] - In 2025, the issuance of various bonds in mainland China totaled 89.0 trillion yuan, a year-on-year increase of 11%, with interest rate bonds reaching 33.0 trillion yuan, up 18% from the previous year [3] - The issuance of government bonds increased by 28% year-on-year, while local government bonds grew by 5%, and policy financial bonds rose by 17% [3] - Credit bonds issuance was 22.2 trillion yuan, an 8% increase year-on-year, and interbank certificates totaled 33.8 trillion yuan, up 7% [3] Bond Issuance Statistics - Interest rate bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [6] Bank Underwriting Rankings - The top three banks in total underwriting amount (including local government bonds) are China Bank (16,765.2 billion yuan), Industrial and Commercial Bank (16,479.0 billion yuan), and Construction Bank (15,020.5 billion yuan) [12] - In the detailed local government bond underwriting, the top three are Industrial and Commercial Bank (22,584.8 billion yuan), China Bank (16,312.8 billion yuan), and Construction Bank (14,568.1 billion yuan) [17] Securities Firm Underwriting Rankings - The top three securities firms (excluding local government bonds) in total underwriting amount are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [21] - In the local government bond underwriting (averaged), the top three are CITIC Securities (22,491.6 billion yuan), CITIC Jianzhong (17,333.3 billion yuan), and Guotai Junan (16,426.2 billion yuan) [26] NAFMII Debt Financing Tool Underwriting Rankings - CITIC Bank leads the NAFMII debt financing tool underwriting with 9,043.4 billion yuan, followed by Industrial Bank with 8,412.7 billion yuan and Construction Bank with 6,077.7 billion yuan [36] Credit Bond Underwriting Rankings - The top three in credit bond underwriting are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [40]

Macro Strategy - The core viewpoint indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][10] - The main contributions to this growth were strong consumer spending and a reduction in inventory drag, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][10] - Despite the strong GDP data, the market initially reacted with concerns of economic overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][11] Fixed Income - The 10-year government bond yield rose from 1.8425% to 1.835% during the week of December 15-19, 2025, reflecting a mixed sentiment in the bond market [2][12] - The issuance of green bonds totaled approximately 21.11 billion yuan, a decrease of 15.64 billion yuan from the previous week, while the secondary market saw a total transaction volume of 80.1 billion yuan, an increase of 15.7 billion yuan [4][17] - The issuance of secondary capital bonds amounted to 8.46 billion yuan, with a total transaction volume of approximately 273.9 billion yuan, a decrease of 55.3 billion yuan from the previous week [4][19] Industry Analysis - 康耐特光学 (Kangnate Optical) is a leading manufacturer of resin lenses in China, with a robust growth trajectory expected as the market for AI smart glasses expands [5][20] - The company is projected to achieve a compound annual growth rate (CAGR) of 17.2% in revenue and 35.2% in net profit from 2020 to 2024, driven by high-value products and automation improvements [5][21] - The smart glasses market is anticipated to create significant demand for high-refractive lenses, with 康耐特光学 positioned to benefit from this trend due to its technological advantages and partnerships with major tech companies [5][21]

Group 1 - Mowi ASA successfully issued NOK 4,500 million (EUR 382 million) in new senior unsecured green bonds, split into two tranches [1][2] - The first tranche of NOK 3,500 million (EUR 297 million) has a tenor of 5 years with a coupon of 3-month Nibor + 1.10% margin p.a., while the second tranche of NOK 1,000 million (EUR 85 million) has a fixed coupon of 4.95% p.a. [1] - The entire issue amount and coupons will be swapped into floating EUR, and the transaction was well oversubscribed [1] Group 2 - Proceeds from the green bond issues will be allocated to green projects as defined by Mowi's Green and Sustainability-Linked Financing Framework dated May 2023 [2] - The settlement date for both tranches is set for 5 December 2025, with an application for listing on the Oslo Stock Exchange [2] Group 3 - Danske Bank, DNB Carnegie, and Nordea acted as Joint Global Coordinators, with additional support from ABN AMRO, Crédit Agricole Corporate and Investment Bank, Rabobank, and SEB as Joint Lead Managers [3] - Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated 2026 harvest of 605,000 tonnes from seven farming countries [4][5] - Mowi employs 12,300 people in 26 countries and reported a turnover of EUR 5.6 billion in 2024 [5]

Group 1 - The 19th Shenzhen International Financial Expo attracted 47,400 professional visitors from 25 countries and regions, marking a 58% increase in attendance compared to the previous year [1] - A total of 288 institutions participated in the expo, representing an 80% year-on-year growth, including major financial institutions such as China Bank, Agricultural Bank, and various foreign banks [2] - The expo featured over 50 thematic events and 33 investment and financing project roadshows, with a total intended investment amount reaching 1.055 billion yuan [4] Group 2 - More than 30 fintech companies showcased their innovations, with notable participants including WeBank and Huawei, which highlighted core system transformations and AI developments [3] - The expo introduced a government-guided fund exhibition area for the first time, showcasing 29 star enterprises and integrating various industry funds and associations [4] - The event served as a platform for the release of 18 significant industry policies and products, covering areas such as cross-border finance and green bonds [4]

Core Viewpoint - Chinese electric vehicles are entering the UK market with advantages in technology, quality, and price, as highlighted by John McLean, Chairman of the China-UK Business Development Centre [1] Group 1: Trade Relations - The UK became the first country to reach a trade agreement with the US in May, which has alleviated trade tensions and is beneficial for the world, the UK, and China [1] - The one-year suspension of tariffs will help all parties adapt to the new environment [1] - China has significantly reduced its dependence on the US and is expected to continue this trend in the future [1] Group 2: Market Performance - In September, BYD sold over 11,000 vehicles in the UK, making it the largest overseas market for the company [1] - Geely aims to achieve a 5% market share in the UK within three years [1] Group 3: Technological Collaboration - China and the UK are discussing cooperation in wind, solar, and hydrogen energy technologies, indicating significant potential [1] - Both countries are collaborating in green finance and green bonds, establishing a solid framework in the financial sector [1] Group 4: Diplomatic Relations - Recent communication between the foreign ministers of China and the UK demonstrates the strengthening of bilateral relations [1] - The uncertainty in China-UK relations is decreasing, with both sides eager to cooperate for mutual benefits [1] Group 5: Forum Overview - The 2025 "Belt and Road" Trade and Investment Forum, themed "Chain-Driven Green Growth, Building a Resilient Future," was attended by over 400 representatives from various sectors across 44 countries [1]

Core Insights - The Central Securities Depository Company released the "Yangtze River Delta Green Bond Development Report (2025)" on October 30, 2025, during the International Capital Market Association's Sustainable Finance Development Forum [1] - This marks the third consecutive year the Central Securities Depository Company has published this report, which analyzes the green bond market in the Yangtze River Delta region for the year 2024 [1] Summary by Sections - **Market Overview**: The report consists of four chapters and three case studies, examining market size, variety structure, industry distribution, and term structure of green bonds in the Yangtze River Delta region [1] - **Environmental Impact Disclosure**: The report continues to utilize the China Bond Green Bond Environmental Benefit Information Disclosure Index System, systematically reviewing the environmental benefit disclosure of green bonds in the region [1] - **Comparative Analysis**: It includes a comparative analysis of the development changes in the Yangtze River Delta green bond market over the past three years, enhancing data completeness and dynamism for long-term tracking and evaluation [1] - **Recommendations**: Suggestions are provided from the perspectives of policy incentives, standard construction, and international cooperation to further develop the green bond market [1]

Core Insights - The Central Securities Depository Company announced the release of the "Yangtze River Delta Green Bond Development Report (2025)" at the Sustainable Finance Development Forum on October 30, 2025 [1] - This marks the third consecutive year the company has published this report, which analyzes the green bond market in the Yangtze River Delta region for the year 2024 [1] Market Analysis - The report consists of four chapters and three case studies, examining market size, variety structure, industry distribution, and term structure of green bonds [1] - It continues to utilize the China Bond Green Bond Environmental Benefit Information Disclosure Index System to systematically review the environmental benefit information disclosure of green bonds in the Yangtze River Delta [1] Data and Trends - The report enhances data completeness and dynamism by providing comparative analysis and trend assessments of the changes in the green bond market over the past three years [1] - It serves as an important reference for long-term tracking and evaluation of the regional green bond market [1] Recommendations - Suggestions are provided in the report regarding policy incentives, standard construction, and international cooperation [1]

Core Viewpoint - The integration of rooftop greening systems with distributed photovoltaic technology is essential for improving energy efficiency, reducing carbon emissions, and enhancing urban microclimates as urbanization rates exceed 65% in China [1] Current Challenges - The complex ownership of urban rooftop spaces poses significant obstacles to project advancement, as usage rights are often dispersed among numerous owners in residential and commercial buildings [2] - Existing buildings, particularly older ones, frequently lack the necessary load-bearing capacity for integrated projects, with typical rooftop load designs ranging from 50kg/m² to 150kg/m², while integrated renovations require a minimum of 200kg/m² [2] - Distributed photovoltaic systems must meet local consumption and surplus electricity grid connection requirements, which can lead to grid backflow issues; high investment costs and long payback periods also hinder project promotion, with typical industrial projects costing around 200 yuan/m² and payback periods exceeding 10 years [3] Solutions for Advancement - To promote the integration of rooftop greening and photovoltaic systems, a collaborative approach involving policy enhancement, technological innovation, and economic incentives is necessary [4] - Institutional innovations should be implemented at the national level to clarify rooftop space ownership, establish fair usage rules, and create transparent profit-sharing mechanisms; project implementation efficiency can be improved through streamlined processes and online platforms for project registration and grid connection [4] - Standards should be developed to enhance quality and efficiency, including lightweight photovoltaic components for high-rise buildings and modular production techniques; mandatory installation of anti-backflow devices and energy quality monitoring systems is essential for grid safety [4] - Financial support should be increased, expanding the coverage of "photovoltaic loans" and allowing green electricity revenue rights as collateral; innovative business models such as energy management contracts and rooftop leasing with profit-sharing should be explored [5]

Core Viewpoint - The article discusses the challenges and solutions related to the valuation and monetization of ecological products, particularly focusing on regulatory services that are public goods and face difficulties in measurement, collateralization, trading, and realization of value. Group 1: Measurement Challenges - The core issue of "difficulty in measurement" arises from the intangible nature, public attributes, and hidden value of regulatory services, making them hard to quantify and recognize in traditional market systems. Solutions include enhancing localized parameter databases and dynamic monitoring capabilities, integrating "3S" technologies (Remote Sensing, GIS, GPS) with IoT sensor networks for real-time ecological monitoring [2] Group 2: Collateralization Challenges - The "difficulty in collateralization" stems from ambiguous property rights, high value uncertainty, and lack of effective risk mitigation mechanisms, preventing regulatory services from being qualified as financial collateral. Solutions involve establishing a legal basis for the capitalization of ecological assets, clarifying operational and income rights, and innovating diverse green financial tools such as "ecological asset mortgage loans" and "green bonds" [3] Group 3: Trading Challenges - The "difficulty in trading" is characterized by the absence of trading platforms for regulatory services, poor supply-demand matching, and high transaction costs. Solutions include developing multi-tiered market models, optimizing government ecological compensation methods, and innovating horizontal trading models for pollution rights and carbon emissions [4] Group 4: Realization Challenges - The "difficulty in realization" focuses on promoting industrial operations and precise market demand alignment. Solutions involve fostering "ecological+" industry integration, implementing origin-based ecological labeling systems, and guiding the development of new business models that rely on high-quality regulatory services [5]