1月5日，国家外汇管理局北京市分局发布消息，绿色外债试点政策是国家外汇管理局深入贯彻落实党中 央、国务院绿色金融发展决策部署，支持绿色金融发展的一项新政，北京地区被列入首批试点。国家外 汇管理局北京市分局经国家外汇管理局同意发布《绿色外债试点业务指引（试行）》（京汇发〔2025〕 74号文印发），积极支持辖内非金融企业借入外债资金用于绿色或低碳转型项目。试点政策生效首日， 辖内银行成功为4家企业办理绿色外债签约登记，签约金额合计逾6000万元人民币，所涉资金将投向光 伏行业、绿色智能交通体系及信息化建设等，首都绿色金融再添新章。 （文章来源：证券日报） 辖内银行高效服务企业，充分发挥政策传导桥梁作用。企业积极参与试点，用好用足绿色金融新政。下 一步，国家外汇管理局北京市分局将不断完善绿色外债试点运行机制，持续跟踪试点政策实施效果，加 强政策宣传与指导，广泛释放试点政策红利，推动做好金融"五篇大文章"，服务实体经济高质量发展。 国家外汇管理局北京市分局主动作为，积极推动试点政策落地。靠前谋划，充分调研市场需求。摸排辖 内绿色融资现状，精准推送试点政策。召开银行座谈会，宣讲解读政策，指导银行开展银企合作。通 过" ...

来源：中国人民银行北京市分行 绿色外债试点政策是国家外汇管理局深入贯彻落实党中央、国务院绿色金融发展决策部署，支持绿色金 融发展的一项新政，北京地区被列入首批试点。北京市分局经国家外汇管理局同意发布《绿色外债试点 业务指引（试行）》（京汇发〔2025〕74 号文印发），积极支持辖内非金融企业借入外债资金用于绿 色或低碳转型项目。试点政策生效首日，辖内银行成功为4家企业办理绿色外债签约登记，签约金额合 计逾6000万人民币，所涉资金将投向于光伏行业、绿色智能交通体系及信息化建设等，为首都绿色金融 再添新章。 北京市分局主动作为，积极推动试点政策落地。靠前谋划，充分调研市场需求。摸排辖内绿色融资现 状，精准推送试点政策。召开银行座谈会，宣讲解读政策，指导银行开展银企合作。通过"小北小惠"新 媒体宣传品牌，以通俗易懂的方式介绍试点政策，打造线上线下政策直通车。 辖内银行高效服务企业，充分发挥政策传导桥梁作用。多家银行积极参与，协助企业顺利完成融资。中 国银行北京市分行指导某物流股份有限公司办理500万美元绿色外债签约登记，助力企业加速建设安全 高效、绿色智能的现代物流体系。江苏银行北京分行帮助北京某科技物流企业完成 ...

Group 1 - The Ministry of Commerce and other departments are enhancing collaboration between commerce and finance to boost consumption, proposing 11 specific measures including promoting personal consumption loans and reducing penalties for early loan settlements in vehicle trade-in programs [1][7] - The Central Financial Office forecasts that China's economy will reach approximately 140 trillion yuan by 2025, with incremental policies to be introduced based on evolving circumstances [1][7] - Six major state-owned banks have initiated mid-term dividend distributions for 2025, totaling over 200 billion yuan, maintaining a dividend payout ratio of 30% or more of net profit attributable to shareholders [1][7] Group 2 - The marine economy is projected to exceed 10 trillion yuan in gross production value for the first time in 2024, with a year-on-year growth of 5.6% in the first three quarters of this year [1][7] - The passenger vehicle market is expected to grow by 11% in 2025, driven by policy factors, while the commercial vehicle sector is seeing strong growth in new energy vehicles [1][7] - The Shenzhen Stock Exchange announced adjustments to various indices, with the weight of strategic emerging industries in the ChiNext Index reaching 93% and 98% in the ChiNext 50 Index, highlighting the significance of new information technology sectors [1][7]

新京报贝壳财经讯 12月14日，据"深圳发布"官方公众号消息，近日深圳正式实施绿色外债试点，试点 后首个工作日，首批绿色外债试点业务落地，有3家深圳企业分别在中国银行深圳市分行、招商银行深 圳分行完成绿色外债外汇登记业务，总签约金额超1.7亿元人民币，该试点为深圳企业利用跨境融资支 持绿色产业发展开辟新路径。 ...

二级速览： 本周中资美元债收益率小幅上涨。截至北京时间12月12日18时，Markit iBoxx 中资美元债综合指数周度上涨0.09%，报250.91；投资级美元债指数周度上 涨 0.01%，报243.96；高收益美元债指数周度上涨 0.77%，报241.4。本周，地产美元债指数周度上涨1.37%，报178.04；城投美元债指数周度上涨 0.16%，报153.69；金融美元债指数周度上涨0.23%，报290.35。 基准利差： 截至北京时间12月12日18时，中美10年期基准国债利差扩大至232.79bp，较前一周扩大1.74bp。 转自：新华财经 近两周市场情况 一级市场： 据新华财经统计，近两周（2025年12月1日-12月12日）共发行25笔中资离岸债券，其中包括6笔人民币债券、15笔美元债券、4笔港币债券。发行规模分 别为27.45亿元人民币、28.35亿美元、25.8亿港币。近两周发行方式为直接发行的债券共17只，担保发行的债券共5只，直接发行+担保发行的债券共3 只。 在离岸人民币债券领域，近两周人民币企业债单笔最大发行规模为7.4亿元人民币，由开封市文化旅游投资集团有限公司发行。近两周人民币债 ...

上述指引规定，在全口径跨境融资宏观审慎管理框架下，对于非金融企业专项用于绿色或低碳转型项目 的外债资金，其类型风险转换因子由1降至0.5，显著降低企业跨境融资风险加权余额占用，有效提升企 业外债融资空间，引导更多境外资金投向绿色领域，支持经济绿色转型。 央广网北京12月10日消息（记者 冯方）12月10日，央广财经记者从中国人民银行深圳市分行获悉，近 日，在国家外汇管理局的批准和指导下，国家外汇管理局深圳市分局绿色外债业务正式启动试点。试点 后首个工作日，三家深圳企业分别在中国银行深圳市分行、招商银行深圳分行完成绿色外债外汇登记业 务，总签约金额超1.7亿元人民币。 为深入贯彻落实党中央、国务院决策部署，积极支持绿色金融发展，鼓励非金融企业将跨境融资资金用 于绿色或低碳转型项目，国家外汇管理局决定开展首批绿色外债业务试点。经国家外汇管理局批复同 意，国家外汇管理局深圳市分局作为首批试点分局，于2025年11月印发了《深圳市绿色外债试点业务指 引》，自2025年12月6日起实施。 据了解，国家外汇管理局深圳市分局高度重视绿色外债试点推进工作，提前部署、主动服务，在摸排市 场需求时，了解到企业的绿色融资需求后，及 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-12-04 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251114 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 202511 ...

Core Points - The implementation of the green foreign debt pilot policy in Guangdong Province has officially begun, with the successful registration of a $1 million foreign debt for a waterproof coating company [1] - The policy encourages non-financial enterprises to borrow funds from non-residents for green or low-carbon projects, thereby expanding the cross-border financing scale for such projects [1] - The pilot policy allows these projects to occupy less of the enterprise's overall cross-border financing risk-weighted balance, facilitating higher financing limits for green development [1] - The registration process for related foreign debts is streamlined through direct handling by banks, enhancing the convenience of green foreign debt transactions [1] - The waterproof coating company is a well-known listed enterprise in Shunde, with multiple products certified as green building materials [1] - The Agricultural Bank of China Shunde Branch provided proactive support by interpreting policies and establishing a dedicated "green channel" to improve approval efficiency [1] Company Insights - The company expressed satisfaction with the smooth and efficient process of handling green foreign debt, which allows for increased foreign debt limits while reducing financing costs [2] - The support from the foreign exchange administration and the Agricultural Bank of China was crucial in completing the green foreign debt registration [2]

A-shares - As of August 21, over 40 social security fund portfolios and more than 20 basic pension insurance fund portfolios have entered the top ten circulating shareholders of approximately 160 listed companies [2] - According to Goldman Sachs, the allocation ratio of global active funds to the Chinese stock market rose to 6.4% in July, while passive funds saw accelerated inflows, with a total net inflow of foreign passive funds reaching $11 billion this year by the end of July [2] - Korean investors have increasingly purchased Chinese assets, making China the second-largest overseas investment destination for South Korea. As of August 20, the cumulative trading volume in the Hong Kong stock market by Korean investors exceeded $5.8 billion this year, second only to the U.S. market [2] - Since the introduction of a series of policy measures last September, the Shanghai Composite Index has steadily risen from nearly 2,900 points to over 3,700 points, with market momentum further released since July [2] - As of August 20, 623 private enterprises in A-shares have disclosed their semi-annual performance for 2025, with over 80% achieving profitability [2] Private Equity - As of August 18, 17 large private equity firms held a total of 33 A-shares, with a combined market value of 22.551 billion yuan [3] Financial Management - The State Administration of Foreign Exchange announced a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [4] - The second batch of Sci-Tech Innovation Bond ETFs has been submitted for approval, involving 14 fund companies, with three indices showing annual returns of 1.37%, 1.36%, and 1.46% respectively as of August 20 [4] - The latest Loan Market Quote Rate (LPR) remains unchanged at 3.0% for one year and 3.5% for five years and above, marking three consecutive months of stability [4] - Over 50 equity funds have ended their fundraising early since July to quickly enter the market, with equity funds accounting for over 70% of newly established funds [4] Other Financial Indicators - The Ministry of Finance reported that the securities transaction stamp tax reached 93.6 billion yuan in the first seven months of the year, a year-on-year increase of 62.5% [6] - In July, the national general public budget revenue was 20,273 billion yuan, a year-on-year increase of 2.6%, marking the highest monthly growth rate this year [7]

Group 1: Domestic News - The State Administration of Foreign Exchange has launched a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [1] - The Ministry of Finance has issued guidelines to ensure the smooth completion of ongoing government and social capital cooperation projects, emphasizing the need to prioritize, accelerate construction, and secure financing [2] - The Hong Kong Monetary Authority announced that the Ministry of Finance will issue RMB government bonds in Hong Kong, with a total value of RMB 125 billion across various maturities [2] Group 2: International News - The U.S. Markit Manufacturing PMI for August reached an unexpected high of 53.3, the highest since May 2022, indicating strong manufacturing output and order growth [3] - The U.S. labor market shows signs of cooling, with initial jobless claims rising by 11,000 to 235,000, the highest since June, indicating potential increases in layoffs [4] - Federal Reserve officials expressed skepticism about a potential interest rate cut in September, citing persistent inflation concerns [5][6] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 1.90 basis points to 1.7610% [9] - The secondary market saw significant price deviations for several industrial bonds, with some experiencing declines of over 33% [12] - The convertible bond market continued its upward trend, with major indices rising and a total trading volume of CNY 99.58 billion [24] Group 4: Overseas Bond Market - U.S. Treasury yields generally declined, with the 10-year yield down by 1 basis point to 4.29% [27] - Major European economies saw an increase in 10-year government bond yields, with Germany's yield rising by 3 basis points to 2.75% [28]