据介绍，VEP是特定地域空间内，以生态系统为基础的适宜产业在未来一定开发期限内所能产业的各类 生态产品收益的价值总值，主要体现为物质供给、调节服务和文化服务三大类生态产品价值。VEP质押 贷款是兴业银行发挥绿色行业研究优势，以生态产品的供给服务、调节服务和支持服务等生态价值的核 算量化作为质押创设的一种的绿色贷款产品，评价指标主要包括植被生物量、水源涵养、气候调节、释 氧、生态系统固碳、生物多样性维持等多方面。邛海湿地景区一、二、三期VEP超4亿元，具有涵养水 源、调节城市气候、净化水质、提供动植物栖息等多重功效。 中证报中证网讯（记者 王辉）近日，兴业银行落地该行系统内首笔VEP质押贷款，该笔贷款以国家 AAAA级风景区——四川西昌邛海湿地景区一、二、三期特定地域生态价值（VEP）为质押，向项目运 营方投放贷款1亿元。 ...

Core Viewpoint - Lanzhou Bank has demonstrated a stable and positive operational development in the first three quarters of 2025, focusing on efficiency, reform, and risk control, achieving significant growth in key financial metrics [1][2]. Financial Performance - In the first three quarters of 2025, Lanzhou Bank reported operating income of 5.923 billion yuan and a net profit attributable to shareholders of 1.504 billion yuan, reflecting a year-on-year increase of 0.65% [1]. - The bank's total assets reached 523.36 billion yuan, a growth of 7.62% compared to the end of the previous year, while total liabilities increased by 7.14% to 482.543 billion yuan [1]. - Loans and advances amounted to 260.471 billion yuan, up 6.15%, and deposits reached 378.251 billion yuan, growing by 6.2% [1]. Asset Quality and Risk Management - Lanzhou Bank improved its asset-liability management, resulting in a significant decrease in the deposit interest rate by 29 basis points, with a net interest margin of 1.38%, up by 1 basis point from June [2]. - The non-performing loan ratio decreased to 1.8%, down by 0.03 percentage points from the beginning of the year, indicating a healthy trend in asset quality [2]. - The bank's focus on technology integration in risk monitoring has enhanced its risk resistance capabilities [2]. Targeted Lending and Sector Focus - The bank has tailored its marketing strategies based on regional resources and industries in Gansu Province, achieving a green loan balance of 18.197 billion yuan, which meets the strategic goal of 10% of corporate loans, with a growth rate of 25.91% [2]. - Support for technology enterprises reached 5.134 billion yuan, with a growth rate of 40.79%, while loans to private enterprises totaled 73.655 billion yuan, increasing by 3.72% [2]. - New financing for major provincial and municipal projects amounted to 8.029 billion yuan, and supply chain financing increased by 5.235 billion yuan [2]. Inclusive Finance and Retail Banking - Lanzhou Bank has made strides in serving small and micro enterprises, with inclusive small and micro loans reaching 15.789 billion yuan, a growth of 14.46%, and an average interest rate of 4.5%, down by 59 basis points [3]. - Agricultural loans totaled 21.723 billion yuan, with a growth rate of 8.1%, and inclusive agricultural loans reached 3.728 billion yuan, increasing by 23.24% [3]. - In retail banking, the bank's total assets under management (AUM) for individual clients reached 303.833 billion yuan, up by 4.51% [3].

Core Insights - The People's Bank of China reported significant growth in loans to technology-oriented small and medium-sized enterprises (SMEs) and high-tech enterprises, indicating strong support for innovation and technology sectors [1] Group 1: Loan Support for Technology SMEs - By the end of Q3 2025, 275,400 technology SMEs received loan support, with a loan approval rate of 50.3%, an increase of 2.8 percentage points year-on-year [1] - The loan balance for foreign and domestic currency technology SMEs reached 3.56 trillion yuan, reflecting a year-on-year growth of 22.3%, which is 15.8 percentage points higher than the overall loan growth rate [1] Group 2: Loan Support for High-Tech Enterprises - As of Q3 2025, 266,600 high-tech enterprises received loan support, with a loan approval rate of 57.6%, up by 0.8 percentage points compared to the previous year [1] - The loan balance for foreign and domestic currency high-tech enterprises was 18.84 trillion yuan, showing a year-on-year increase of 6.9%, which is 0.4 percentage points higher than the overall loan growth rate [1] Group 3: Growth in Green and Inclusive Loans - The balance of foreign and domestic currency green loans reached 43.51 trillion yuan by the end of Q3, marking a growth of 17.5% since the beginning of the year [1] - The balance of RMB inclusive micro and small loans was 36.09 trillion yuan, reflecting a year-on-year growth of 12.2% [1] Group 4: Industrial Long-Term Loans - The balance of foreign and domestic currency industrial long-term loans stood at 26.59 trillion yuan, with a year-on-year growth of 9.7% as of Q3 [1] - The balance of long-term loans in infrastructure-related industries was 43.47 trillion yuan, showing a year-on-year increase of 6.7% [1]

Core Insights - The total balance of RMB loans in financial institutions reached 270.39 trillion yuan by the end of Q3 2025, marking a year-on-year growth of 6.6% with an increase of 14.75 trillion yuan in the first three quarters [1] Group 1: Corporate Loans - The balance of corporate loans in both RMB and foreign currencies stood at 184.3 trillion yuan by the end of Q3 2025, reflecting a year-on-year increase of 8.2% with an addition of 13.33 trillion yuan in the first three quarters [2] - Short-term loans and bill financing reached 62.77 trillion yuan, growing by 9.3% year-on-year, with an increase of 4.99 trillion yuan in the first three quarters [2] - Medium to long-term loans amounted to 117.89 trillion yuan, showing a year-on-year growth of 7.8%, with an increase of 8.18 trillion yuan in the first three quarters [2] Group 2: Industrial Loans - The balance of medium to long-term industrial loans reached 26.59 trillion yuan, with a year-on-year growth of 9.7%, outpacing the overall loan growth by 3.2 percentage points, adding 2.06 trillion yuan in the first three quarters [3] - Medium to long-term loans in the heavy industry sector totaled 22.6 trillion yuan, growing by 9.3% year-on-year, while light industry loans reached 3.99 trillion yuan, with a growth rate of 12.3% [3] - Medium to long-term loans in the service sector amounted to 72.36 trillion yuan, with a year-on-year increase of 6.8%, and a growth of 4.73 trillion yuan in the first three quarters [3] Group 3: Inclusive and Green Loans - The balance of inclusive micro loans reached 36.09 trillion yuan, with a year-on-year growth of 12.2%, surpassing overall loan growth by 5.6 percentage points, adding 3.15 trillion yuan in the first three quarters [4] - The balance of green loans reached 43.51 trillion yuan, growing by 17.5% since the beginning of the year, with an increase of 6.47 trillion yuan in the first three quarters [5] - Loans for infrastructure green upgrades, energy low-carbon transitions, and ecological protection reached 19.29 trillion yuan, 8.32 trillion yuan, and 5.01 trillion yuan respectively, with significant increases in the first three quarters [5] Group 4: Agricultural Loans - The balance of agricultural loans reached 53.4 trillion yuan, with a year-on-year growth of 6.8%, adding 3.28 trillion yuan in the first three quarters [6] - Rural loans totaled 39.14 trillion yuan, reflecting a year-on-year increase of 7%, with an addition of 2.33 trillion yuan in the first three quarters [6] Group 5: Real Estate Loans - The balance of real estate loans was 52.83 trillion yuan, showing a slight year-on-year decline of 0.1%, with a decrease of 840 billion yuan in the first three quarters [8] - Real estate development loans amounted to 13.61 trillion yuan, down 1.3% year-on-year, while personal housing loans reached 37.44 trillion yuan, with a year-on-year decline of 0.3% [8] Group 6: Loans to Technology Enterprises - By the end of Q3 2025, 27.54 million technology SMEs received loan support, with a loan approval rate of 50.3%, up by 2.8 percentage points year-on-year [9] - The balance of loans to technology SMEs reached 3.56 trillion yuan, growing by 22.3% year-on-year, significantly higher than overall loan growth [9] Group 7: Household Consumption Loans - The balance of household loans reached 83.94 trillion yuan, with a year-on-year growth of 2.3%, adding 1.1 trillion yuan in the first three quarters [10] - Operating loans amounted to 25.21 trillion yuan, growing by 4.8% year-on-year, while consumption loans excluding personal housing loans reached 21.29 trillion yuan, with a growth of 4.2% [10]

Core Insights - As of the end of Q2 2025, Hubei Province's green loan balance is expected to exceed 1.79 trillion yuan, accounting for 19.24% of the total loan balance, which is 3.45 percentage points higher than the national average [1] - A total of 197 green bonds have been issued in Hubei, with a financing scale exceeding 270 billion yuan, making it the leader in both issuance and financing among the six central provinces [1]

Core Viewpoint - The press conference highlighted the achievements of China's financial industry during the "14th Five-Year Plan" period, emphasizing the effectiveness of monetary policy and the stability of the financial system [1][5]. Group 1: Financial Policy and Achievements - The People's Bank of China (PBOC) has established a modern monetary policy framework that effectively supports the real economy, with significant improvements in financial services quality and efficiency since the beginning of the "14th Five-Year Plan" [2][3]. - Loans to technology-based small and medium-sized enterprises, inclusive micro-loans, and green loans have seen an average annual growth rate exceeding 20% during the "14th Five-Year Plan" period [3]. - A series of monetary and financial policy measures have been implemented since the Central Political Bureau meeting in September 2024, which have effectively stabilized market expectations and boosted confidence, contributing to the ongoing recovery and high-quality development of the economy [3]. Group 2: Financial System Stability - The overall financial system in China is currently stable, with financial institutions being generally healthy and financial markets operating smoothly [4].

Core Insights - The People's Bank of China reported a total RMB loan balance of 268.56 trillion yuan by the end of Q2 2025, reflecting a year-on-year growth of 7.1% and an increase of 12.92 trillion yuan in the first half of the year [1] Loan Growth by Sector - Corporate loans showed steady growth, with a total balance of 182.47 trillion yuan by the end of Q2 2025, up 8.6% year-on-year, adding 11.5 trillion yuan in H1 [1] - Short-term loans and bill financing reached 62.04 trillion yuan, growing 9.4% year-on-year, while medium to long-term loans totaled 116.79 trillion yuan, up 8.3% [1] - Industrial and infrastructure-related medium to long-term loans grew rapidly, reaching 26.27 trillion yuan, a 10.7% increase year-on-year, with heavy industry loans at 22.35 trillion yuan (10.2% growth) and light industry loans at 3.92 trillion yuan (13.6% growth) [1] Service Sector and Green Loans - The service sector's medium to long-term loan balance was 71.62 trillion yuan, growing 6.8% year-on-year, with non-real estate service loans up 7.3% [2] - Green loans saw significant growth, with a total balance of 42.39 trillion yuan, increasing 14.4% since the beginning of the year [2] - Specific green loan categories included 18.75 trillion yuan for infrastructure upgrades and 8.25 trillion yuan for energy transition [3] Agricultural and Real Estate Loans - Agricultural loans continued to grow, with a total balance of 53.19 trillion yuan, reflecting a 7.4% year-on-year increase [3] - Real estate loans showed a recovery, with a total balance of 53.33 trillion yuan, up 0.4% year-on-year, and personal housing loans at 37.74 trillion yuan, down slightly by 0.1% [4] Support for Technology Enterprises - Loans to technology-oriented SMEs reached 3.46 trillion yuan, growing 22.9% year-on-year, with a loan support rate of 50% [4] - High-tech enterprises also received substantial support, with a loan balance of 18.78 trillion yuan, reflecting an 8.2% year-on-year increase [4] Household Loans - Household loans maintained growth, totaling 84.01 trillion yuan, up 3% year-on-year, with consumption loans (excluding housing) at 21.18 trillion yuan, growing 6% [5]

Core Insights - Qinghai Province's financial support for key sectors and weak links has been precise and effective in the first half of the year, with a high level of credit greenization and continuous growth in inclusive micro and small loans [1] Financial Performance - The total financial volume in Qinghai Province has shown steady growth, with a balance of various deposits in both domestic and foreign currencies reaching 839.51 billion yuan, a year-on-year increase of 4.6%, with an addition of 11.16 billion yuan in the first half of the year [2] - The balance of loans in both domestic and foreign currencies reached 794.54 billion yuan, a year-on-year increase of 1.2%, with an addition of 7.72 billion yuan in the first half of the year [2] - Industrial loans have increased significantly, with a balance of 218.85 billion yuan, reflecting a year-on-year growth of 9%, which is 7.8 percentage points higher than the overall loan growth rate [2] Green Finance - The green credit level in Qinghai Province remains high, with a balance of green loans at 213.11 billion yuan, accounting for 26.8% of total loans. Loans for energy green low-carbon transformation amount to 153.34 billion yuan, making up 72% of green loans [2] Inclusive Finance - Inclusive micro and small loans have continued to grow, with a balance of 51.59 billion yuan, a year-on-year increase of 9.2%, surpassing the overall loan growth rate by 8 percentage points [3] - The number of supported inclusive micro and small business entities has reached 126,000, with an addition of 12,000 in the first half of the year, marking a year-on-year growth of 17.8% [3] - The balance of inclusive micro credit loans is 25.29 billion yuan, accounting for 49% of the inclusive micro and small loan balance, an increase of 7.1 percentage points compared to the same period last year [3] Sector-Specific Growth - Loans for the information transmission, software, and information technology services, as well as scientific research and technical services, reached 2.06 billion yuan, showing a year-on-year growth of 77.6%, significantly higher than the overall loan growth rate [3]

Group 1 - The People's Bank of China reported that by the end of Q2 2025, 274,000 technology-based SMEs received loan support, with a loan approval rate of 50%, an increase of 3.2 percentage points year-on-year [1] - The loan balance for technology-based SMEs reached 3.46 trillion yuan, representing a year-on-year growth of 22.9%, which is 16.1 percentage points higher than the growth rate of all loans [1] - The report indicated significant support for innovative enterprises, with 266,800 high-tech enterprises receiving loans by the end of Q2, achieving a loan approval rate of 57.6%, up by 1 percentage point from the previous year [1] Group 2 - The loan balance for high-tech enterprises was 18.78 trillion yuan, showing a year-on-year increase of 8.2%, which is 1.4 percentage points higher than the overall loan growth rate [1] - In terms of green loans, the balance of domestic and foreign currency green loans reached 42.39 trillion yuan, growing by 14.4% since the beginning of the year, with an increase of 535 billion yuan in the first half of the year [1] - Specific categories of green loans included 18.75 trillion yuan for infrastructure green upgrades, 8.25 trillion yuan for energy green low-carbon transitions, and 4.95 trillion yuan for ecological protection and restoration [1] Group 3 - By the end of Q2, the balance of real estate loans was 53.33 trillion yuan, reflecting a year-on-year growth of 0.4%, which is 0.6 percentage points higher than the growth rate at the end of the previous year [1] - In the first half of the year, real estate loans increased by 416.6 billion yuan [1]

Core Viewpoint - The People's Bank of China reported a steady growth in various loan categories as of the second quarter of 2025, indicating a stable financial environment and targeted support for key sectors such as small and micro enterprises, green projects, and technology innovation [2][3][5][6][9]. Group 1: Overall Loan Growth - As of the end of Q2 2025, the total balance of RMB loans reached 268.56 trillion yuan, with a year-on-year growth of 7.1%, and an increase of 12.92 trillion yuan in the first half of the year [2]. - The balance of domestic and foreign currency loans for enterprises and institutions was 182.47 trillion yuan, growing by 8.6% year-on-year, with an increase of 11.5 trillion yuan in the first half [3]. Group 2: Sector-Specific Loan Growth - Industrial and infrastructure-related medium to long-term loans showed robust growth, with a balance of 26.27 trillion yuan, a year-on-year increase of 10.7%, outpacing overall loan growth by 3.9 percentage points [4]. - The balance of medium to long-term loans in the service sector was 71.62 trillion yuan, growing by 6.8% year-on-year, while loans in the infrastructure sector reached 43.11 trillion yuan, with a growth of 7.4% [4]. Group 3: Support for Small and Micro Enterprises - The balance of inclusive small and micro loans reached 35.57 trillion yuan, with a year-on-year growth of 12.3%, significantly higher than the overall loan growth [5]. - The balance of operating loans for individual farmers was 9.92 trillion yuan, with an increase of 3.516 billion yuan in the first half of the year [5]. Group 4: Green Loans - The balance of green loans was 42.39 trillion yuan, reflecting a growth of 14.4% since the beginning of the year, with significant increases in loans for infrastructure upgrades and energy transition [6]. - Specific balances included 18.75 trillion yuan for infrastructure green upgrades and 8.25 trillion yuan for energy low-carbon transition loans [6]. Group 5: Agricultural Loans - The balance of agricultural loans was 53.19 trillion yuan, with a year-on-year growth of 7.4%, indicating a steady increase in support for the agricultural sector [7]. - Rural loans reached 38.95 trillion yuan, growing by 7.4% year-on-year, while agricultural loans specifically increased by 8.1% [7]. Group 6: Real Estate Loans - The balance of real estate loans was 53.33 trillion yuan, with a slight year-on-year growth of 0.4%, showing a recovery in the sector [8]. - Personal housing loans totaled 37.74 trillion yuan, with a minor decline of 0.1% year-on-year, but an increase of 510 billion yuan in the first half [8]. Group 7: Support for Technology Enterprises - A total of 27.4 million technology-based small and medium enterprises received loan support, with a loan balance of 3.46 trillion yuan, reflecting a year-on-year growth of 22.9% [9]. - High-tech enterprises also saw a loan balance of 18.78 trillion yuan, growing by 8.2% year-on-year [9]. Group 8: Household Consumption Loans - The balance of household loans was 84.01 trillion yuan, with a year-on-year growth of 3%, indicating continued consumer borrowing [10]. - Consumption loans excluding personal housing loans reached 21.18 trillion yuan, growing by 6% year-on-year [10].