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预告 | 2025年10月彭博终端用户专享课程
彭博Bloomberg· 2025-10-09 06:35
如果您⋯⋯ 都可以使用 彭博研讨会与讲座功能SMNR 查看近期线上研讨会日程,并点击 " 注册 " 来报名参加您感兴趣的线上/现场课程! 2025年10月课程推荐 带有 ※ 场次可以来彭博上海办公室参加现场培训,实机操作。 基础工具: 终端入门系列3:制图工具入门 10月23日(周四)17:00 – 18:00 权益系列: 权益分析师系列3:基金筛选和分析工作流程介绍 10月14日(周二)17:00 – 18:00 利率/固收系列: 是彭博终端新手,希望多加了解常用的基本功能 想通过终端的强大功能分析债券、外汇、股票、商品、衍生品市场 对终端上的量化应用/图表分析/投组管理等技术工具有强烈兴趣 想了解最新的、全面的市场热点以及彭博专业分析师点评 固收专家系列3:固收产品流动性分析工具 10月16日(周四)17:00 – 18:00 大宗/外汇系列: 投资组合管理系列: PORT系列讲座2:投资组合业绩分析及风险管理 ※ 10月21日(周二)17:00 – 18:00 绿色债券专场: 聚焦中国绿色债券:数据驱动的趋势解读 10月15日(周三)16:00 – 17:00 您也可以参考日历查看这些课程: SMNR ...
【金工】新能源主题基金净值涨幅占优,被动资金加仓TMT主题ETF——基金市场与ESG产品周报20250929(祁嫣然/马元心)
光大证券研究· 2025-09-29 23:06
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客 户,用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限,若给您造成不便, 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 市场表现综述: 大类资产方面,本周(下文如无特殊说明,本周均指代2025.9.22-2025.9.26)原油价格大涨,国内权益市 场指数普遍上涨,港股回调。行业方面,本周电力设备、有色金属、电子行业涨幅居前,社会服务、综 合、商贸零售行业跌幅居前。基金市场方面,本周权益基金表现较好,纯债型基金业绩回撤。 基金产品发行情况: 本周国内新基市场热度持续,新成立基金61只,合计发行份额为366.07亿份。其中股票型基金30只、债券 型基金7只、混合型基金17只、国际(QDII)基金1只、FOF基金6只。全市场新发行基金11只,从类型来看, 股票型基金6只、FOF基金4只、混合型基金1只。 基金产品表现跟踪: 长期行业主题基金指数表 ...
湖北省绿色贷款余额突破1.79万亿元
责任编辑:秦艺 人民财讯9月26日电,记者从人行湖北省分行了解到,截至2025年二季度末,湖北省绿色贷款余额突破 1.79万亿元,占各项贷款余额比重19.24%,高于全国3.45个百分点;绿色债券累计发行197只,融资规 模超2700亿元,发行量与融资额均居中部六省首位。 ...
贝莱德中债投资优选绿色债券指数成立 规模60亿元
Zhong Guo Jing Ji Wang· 2025-09-25 02:55
中国经济网北京9月25日讯 今日,贝莱德基金发布贝莱德中债投资优选绿色债券指数证券投资基金 基金合同生效公告。 募集期间净认购金额5,999,997,152.72元,认购资金在募集期间产生的利息0元,募集份额合计 5,999,997,152.72份。 基金经理王洋现任贝莱德基金管理有限公司固定收益投资部基金经理。历任贝莱德伦敦基金经理, 贝莱德新加坡指数研究员以及利率/外汇交易员,美国资产管理公司股票研究员。 刘鑫现任贝莱德基金管理有限公司首席固定收益投资官、基金经理。曾于贝莱德新加坡固定收益部 担任负责人及基金经理职务,并曾任安本资产管理公司基金经理、三菱日联金融集团投资经理、新加坡 科技资产管理公司基金经理等职务。 | 1. 公司在个旧区 | | | | | --- | --- | --- | --- | | 基金名称 | | 贝莱德中债投资优选绿色债券指数证券投资基金 | | | 基金简称 | | 贝莱德中债投资优选绿色债券指数 | | | 基金主代码 025117 | | | | | 基金运作方式 | | 製的型开放式 | | | 基金合同生效日 | | 2025年9月24日 | | | 基金管理人名 ...
国内外政、企、学界代表共话绿色经济创新与全球合作
Bei Jing Shang Bao· 2025-09-12 14:20
Group 1: Global Green Economy Development - The global green transition has entered a critical stage driven by innovation, with discussions on green economy innovation and global cooperation at the 2025 Service Trade Fair theme forum [2] - Future green bonds and SDGs bonds are expected to become crucial financial tools for achieving the UN's 2030 Sustainable Development Goals, with multilateral development banks playing a significant role in financing [2] - Emerging markets in Asia, Africa, and Latin America are identified as increasingly important growth engines for China's green industry development, shifting from "product export" to "industry export" [2] Group 2: Carbon Market and Business Growth - The expansion of the mandatory carbon market in China is set to create new business growth opportunities for enterprises by enhancing market mechanisms and reducing overall emission costs [3] - The improvement of the carbon market will stimulate the rapid development of new sectors such as carbon verification, monitoring, consulting, and finance [3] Group 3: Energy Sector Transformation - The green low-carbon transition in the energy sector is a multidisciplinary technical integration challenge, requiring tailored solutions for each project and strong project management capabilities [4] - Artificial intelligence is emerging as a core driver for the transformation of green energy and equipment manufacturing, enhancing efficiency and enabling cost reduction and zero-carbon goals [5] Group 4: Zero Carbon Park Development - The focus of building zero-carbon parks is on optimizing energy structure, improving energy efficiency, and enhancing production processes [6] - The creation of zero-carbon parks aims to achieve cost reduction and efficiency improvement, enhance brand image, and foster green industry development through technological innovation [7]
ESG行业洞察 | “漂绿”难遏?欧盟绿色债券标准为何推进缓慢
彭博Bloomberg· 2025-09-05 06:05
Core Viewpoint - The article discusses the slow adoption of the EU Green Bond Standard (EU GBS) aimed at combating "greenwashing" in the European market, highlighting that non-EU issuers prefer more flexible standards like the ICMA Green Bond Principles [4]. Group 1: EU Green Bond Standard Overview - The EU GBS is a voluntary and stricter standard designed to enhance transparency and eliminate "greenwashing" by ensuring that project funds are allocated to activities that meet EU taxonomy standards and contribute to environmental goals [5][6]. - Key pillars of the EU GBS include alignment with EU taxonomy, establishment of a comprehensive green bond framework, robust reporting requirements, and mandatory external verification by accredited reviewers [6]. Group 2: Market Adoption and Issuance - The European Investment Bank (EIB) has been a pioneer in issuing EU GBS bonds, with a recent issuance of €3 billion primarily for clean transportation, achieving a subscription rate of 13.4 times, indicating strong investor interest in quality green assets [6][8]. - A2A SPA became the first corporate issuer under the EU GBS, issuing €500 million in January, while Dutch Bank has been a frequent issuer with €750 million and €1 billion bonds issued in February and June respectively [6]. Group 3: Project Categories and Ratings - Renewable energy is the primary category for EU GBS projects, with 8 out of 12 bonds allocated to this category, followed by green buildings and clean transportation, each receiving funding from 4 bonds [8]. - Among the 12 EU GBS bonds issued, 6 are rated BBB, reflecting market concerns about credit quality, with spreads ranging from 75 to 100 basis points, while EIB's AAA-rated bonds have a spread of about 30 basis points [10][12].
宝城期货资讯早班车-20250902
Bao Cheng Qi Huo· 2025-09-02 06:17
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - With the significant increase in the return of risk assets, the vicious cycle of low returns and slow asset appreciation caused by the severe bias of residents' wealth allocation towards deposits and fixed - income in the past few years will be reversed. Residents' wealth allocation will enter a new cycle, with the proportion of equity assets rising continuously in the long term, which will become the underlying force for China's economic recovery and reshape the Chinese financial market [21]. - The PMI data in August showed some improvement but the amplitude was average. Production was resilient, but demand needed further observation. The macro - narrative presented positive changes, which still required actual data verification. The bond market was still slightly unfavorable until the end of October, with interest rates having an upper limit. It was recommended to defend and seize opportunities in fluctuations and over - adjustments, and look for counter - attack opportunities after the end of October [21]. - The adjustment space of the bond market is limited, and allocation opportunities should be observed. As the stock market valuation rises, the relative cost - effectiveness of stocks and bonds will gradually change. The current interest rate adjustment space is limited, and the upper limits of 10 - year and 30 - year treasury bonds are still around 1.75 - 1.8% and 2.05 - 2.1% respectively [22]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - GDP growth rate in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter but higher than the same period last year [1]. - In August 2025, the manufacturing PMI was 49.4%, slightly higher than the previous month and the same period last year; the non - manufacturing PMI for business activities was 50.3%, slightly higher than the previous month and the same as the same period last year [1]. - In July 2025, the year - on - year growth rates of M0, M1, and M2 were 11.8%, 5.6%, and 8.8% respectively. The growth rate of M1 increased significantly compared with the previous month and the same period last year, while the growth rate of M0 decreased slightly [1]. - In July 2025, the CPI was flat year - on - year, and the PPI decreased by 3.6% year - on - year, the same as the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans was officially implemented on September 1st, and some bank executives were optimistic about its impact. Credit card installment business was not within the scope of interest subsidy [2]. - The Shanghai Cooperation Organization member states issued a statement on strengthening digital economy development, planning to strengthen cooperation in digital economy development policies and new - generation communication technology [2]. 3.2.2 Metals - COMEX gold futures reached a new high of $3557.1 per ounce. The rise was driven by factors such as the expectation of the Fed's interest rate cut, geopolitical risks, weak dollar, and central banks' gold purchases [3]. - On September 1st, international silver prices soared, with the COMEX silver price reaching $41.64 per ounce and the London spot silver price reaching $40.754 per ounce, a 14 - year high. The rise was driven by supply - demand fundamentals, Fed rate - cut expectations, and risk - aversion needs [3]. - Tianqi Lithium completed the industrialization preparation for lithium sulfide, a core raw material for next - generation solid - state batteries, and started a 50 - ton pilot project [3][4]. - In August 2025, the average price of tungsten powder in the Yangtze River reached over 575,000 yuan per ton, with a significant monthly increase [4]. 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - August, the price of rebar decreased by 0.2% month - on - month to 3261 yuan per ton, while the price of coke increased by 2.96% month - on - month to 1377.7 yuan per ton, a new high since mid - February [5]. 3.2.4 Energy and Chemicals - On September 1st, Syria's oil export and the suspension of oil sales to India tightened the crude oil supply, and the weak dollar supported oil prices. US sanctions on Brazil and Ukraine's attacks on Russia's energy facilities also affected the market [6][7][8]. - HSBC maintained the Q4 2025 Brent crude oil price at $65 per barrel, with risks from OECD inventory increases or OPEC+ production increases [7]. - In August, Russia's pipeline natural gas exports to Europe decreased by 2% month - on - month [7]. 3.3 Financial News Compilation 3.3.1 Open Market - On September 1st, the central bank conducted 1827 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1057 billion yuan [11]. 3.3.2 Key News - The Shanghai Cooperation Organization summit achieved multiple results, including signing the Tianjin Declaration and approving the 2026 - 2035 development strategy [12]. - By the end of July, the bond market custody balance exceeded 190 trillion yuan, indicating the optimization of the financing structure and the enhancement of the financial system's resilience [12]. - Multiple banks in Shanghai adjusted mortgage interest rates, no longer distinguishing between first - and second - home loans [13]. 3.3.3 Bond Market Summary - In the bond market, spot bonds and futures warmed up, with most bond yields falling by about 1bp, and treasury bond futures rising [16]. - The central bank's reverse repurchase decreased and turned to net withdrawal, but the inter - bank funds were generally stable [16]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1332, down 2 points from the previous trading day, and the central parity rate was adjusted down by 42 points [20]. - The US dollar index fell 0.18%, and most non - US currencies rose [20]. 3.3.5 Research Report Highlights - Different institutions had different views on the bond market, including the long - term rise of equity asset allocation, the short - term unfavorable situation of the bond market, and limited adjustment space [21][22]. 3.4 Stock Market Key News - On Monday, the A - share market was strong, with the Shanghai Composite Index rising 0.46%, the Shenzhen Component Index rising 1.05%, and the ChiNext Index rising 2.29%. The turnover was 2.78 trillion yuan. The non - ferrous and AI hardware sectors were strong, while the satellite Internet and large - finance sectors were weak [26]. - The Hong Kong Hang Seng Index rose 2.15%, with the pharmaceutical and non - ferrous sectors rising strongly and the automobile industry chain falling. Southbound funds had a net purchase of 119.42 billion Hong Kong dollars [26]. - The Hong Kong Stock Exchange optimized the margin collateral arrangement, adjusting the interest payment and fees of cash collateral and reducing the financing cost of non - cash collateral [27].
Estée Lauder(EL) - 2025 Q2 - Earnings Call Transcript
2025-09-01 14:00
Financial Data and Key Metrics Changes - The consolidated net profit for the first half of 2025 is over RON 420 million, which is four times higher than the same period last year [1] - EBITDA exceeded RON 1 billion for the first time, marking a significant milestone in the company's performance [1][10] - The EBITDA margin improved due to a positive variation in the energy margin, which increased by RON 380 million [12] Business Line Data and Key Metrics Changes - The distribution segment saw an increase in revenues by approximately RON 300 million, driven by a 12.5% increase in distribution tariffs and a 3% growth in distributed energy [7][8] - The supply segment also contributed to revenue growth, with an increase in volumes delivered on the retail market and higher acquisition prices of energy [8][9] - EBITDA for the distribution segment increased by RON 123 million, primarily due to the energy margin increase [17] Market Data and Key Metrics Changes - The company has a steady growth in the number of users, reaching approximately 3.995 million [16] - The energy market is becoming increasingly competitive, with the company focusing on maintaining performance amidst market liberalization [2][6] Company Strategy and Development Direction - The company is committed to investing in sustainable energy infrastructure and has a pipeline of approximately 307 MW of green production capacity [4] - The inaugural green bond issuance of EUR 500 million aims to support the energy transition and strengthen the company's position in the Romanian energy market [3] - The strategy includes prioritizing investments in renewable energy projects and digitalization [6] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2025, emphasizing the importance of operational discipline and long-term vision [6] - The company aims to maintain performance levels in a competitive and dynamic energy market [2] - Management highlighted the need for vigilance and continuous adaptation to overcome future challenges [2] Other Important Information - The company has consolidated its debt structure and received a stable outlook from Fitch Ratings [2] - The green bond issuance was oversubscribed by over 11.5 times, indicating strong interest from international investors [3] Q&A Session Summary Question: Guidance on subsidy receivables and cash collection - Management indicated that the collection of subsidies is in line with legally permitted events and future collections depend on approval from authorities [55] Question: Average price for network losses and expense increases - The average acquisition cost for the first half of the year is approximately RON 600 per megawatt, with increased financial expenses impacting the bottom line [35] Question: Corrections expected for regulated revenue in 2026 - A correction of around RON 340 million is estimated for 2026 due to adjustments from 2024 [38] Question: Cyclicality of Electrica's activity - Management acknowledged the cyclicality in energy consumption, which affects both distribution and supply segments [42][43] Question: Robustness of treasury for future loans - Management confirmed that the treasury is robust enough to contract new loans without difficulties [44] Question: Synergies from renewable energy production - The integration of production within the group is expected to create synergies between supply and distribution [45] Question: Use of proceeds from the green bond - Proceeds from the green bond will strictly be used for renewable energy projects [47][61] Question: Excess profits in H1 that need to be returned - Management stated there are no excess profits in the supply segment that need to be returned [53] Question: Dividend policy and future distributions - The dividend policy will depend on recovering subsidies and reducing debt levels [58][67]
绿色债券周度数据跟踪【20250825-20250829】(东吴固收李勇 徐津晶)20250830
Sou Hu Cai Jing· 2025-08-30 16:32
Primary Market Issuance - In the week of August 25 to August 29, 2025, a total of 13 green bonds were issued in the interbank and exchange markets, with a total issuance scale of approximately 7.116 billion yuan, an increase of 0.326 billion yuan compared to the previous week [1] - The majority of the bonds had a maturity of 3 years, and the issuers were primarily local state-owned enterprises, central state-owned enterprises, and subsidiaries of central enterprises [1] - The issuers were located in various regions including Beijing, Anhui, Guangdong, Guangxi, Jilin, Jiangsu, Inner Mongolia, Shanghai, Tianjin, and Zhejiang [1] Secondary Market Trading - The total trading volume of green bonds in the secondary market for the week was 52.2 billion yuan, a decrease of 0.8 billion yuan from the previous week [3] - The top three types of bonds by trading volume were non-financial corporate credit bonds, financial institution bonds, and interest rate bonds, with volumes of 26.3 billion yuan, 19.6 billion yuan, and 5.2 billion yuan respectively [3] - Bonds with a maturity of 3 years or less accounted for approximately 83.88% of the trading volume, indicating sustained market interest [3] Valuation Deviations - The overall deviation in trading average prices for green bonds was minimal, with discount transactions being more prevalent than premium transactions [6] - The top three bonds with the highest discount rates were 20 Changding Green Bond 02 (-1.4922%), 24 Jiangsu Bank Green Bond 01 (-0.5561%), and 20 Yichun Chuangtou Green Bond (-0.4735%) [6] - The top four bonds with the highest premium rates were G22 Dazhu 1 (1.9770%), 25 Water Energy G1 (1.0131%), 20 Hunan Bond 108 (0.3497%), and 25 Nandian GN009 (Rural Revitalization) (0.3140%) [6]
拟分红超58亿元,详解中信股份中期业绩:发展韧性底气十足,风险指标持续优化
Core Viewpoint - CITIC Limited reported a strong performance in the first half of 2025, with operating revenue of 368.8 billion RMB and net profit of 59.8 billion RMB, indicating robust growth across its financial subsidiaries and core industrial businesses [1][3][5] Financial Performance - All financial subsidiaries of CITIC Limited achieved profit growth in the first half of the year, with significant increases in securities business revenue and profits, leading the industry in domestic equity and bond underwriting [3][4] - The company’s overseas income reached 65.8 billion RMB, a 15% year-on-year increase, accounting for 17.9% of total revenue, up 2.6 percentage points from the previous year [4] Dividend Policy - The board proposed an interim dividend of 0.20 RMB per share, a 5.3% increase from the previous year, with a total dividend payout of 5.818 billion RMB, reflecting a steady increase in shareholder returns [1][13] Strategic Outlook - CITIC Limited aims to maintain strategic focus and leverage development opportunities while enhancing resilience and certainty in growth, with plans to further integrate financial and industrial strengths [1][6] - The company is actively pursuing industrial mergers and acquisitions in emerging sectors such as digital technology and low-altitude economy [4][10] Business Segments - The financial segment will focus on enhancing revenue-generating capabilities, while the industrial segment aims to improve profitability through operational efficiency and product innovation [10][11] - CITIC's traditional industries are concentrating on key areas such as integrated die-casting and special robots, with significant sales growth in aluminum products [3][12] Market Position and Valuation - CITIC Limited's market capitalization has increased by over 170 billion HKD since the beginning of the "14th Five-Year Plan," with a price-to-book ratio rising from 0.25 to over 0.4, indicating a recovery in asset valuation [13][14] - The company’s current price-to-book ratio is still below 1, suggesting potential for further market capitalization recovery as valuations normalize [14]