余方认为，绿色金融转型必须是一个可持续的过程，而实现可持续发展需要走得通得商业逻辑。目前， 金融工具在绿色发展方面可以发挥三大作用。 第一是可以降低绿色项目成本。余方指出，企业项目决策的核心是净现值评估，而企业综合融资成本是 影响折现率的关键变量。绿色金融工具通过降低融资成本，可使原本净现值为负的绿色项目具备可行 性。 他以转型债券与贷款为例，分享了多个实践案例。比如，中国银行在卢森堡发行3亿欧元三年期钢铁企 业转型债券，定向支持河北钢铁集团废钢回收项目，凭借中国银行的高信用评级，融资成本降至4%， 较企业自主境外融资成本低1-2个百分点，后续河北中行对钢铁企业转型贷款规模达1000亿元。 21世纪经济报道记者 吴霜 "英国崛起依托煤炭，美国崛起依靠石油，中国乃至东亚的崛起，必然要依靠绿色新能源。" 在近日举 办的第四届中欧绿色金融论坛上，上海市科学技术委员会新能源技术处处长赵一新如此表示。 "脱离金融和市场的颠覆性技术，永远只能停留在实验室，"他坦言，过去科技领域与金融行业存在"隔 离"状态，双方认知存在壁垒，而近年来上海正积极响应国家强化科技策源地的要求，推动科技创新与 金融深度融合，激活绿色技术创新动能 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The overall economic situation shows a mixed picture. The external demand has improved, and prices have generally increased, but domestic demand is still bottom - seeking. Policies are expected to be more active in 2026 to support economic recovery, and the bond market is expected to have opportunities. Multiple institutions are optimistic about the continued rebound of Chinese assets in 2026 [24][25][30]. Summary by Directory 1. Macro Data - GDP in Q3 2025 grew at a 4.8% year - on - year rate, lower than the previous quarter's 5.2% but higher than the 4.6% of the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, the non - manufacturing PMI for business activities was 49.5%, both showing certain trends compared to previous periods [1]. - Social financing scale in November 2025 was not provided, with previous values of 24,885 billion yuan and 8,161 billion yuan, and the same - period value last year of 23,288 billion yuan [1]. - CPI in November 2025 increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. - Fixed - asset investment (excluding rural households) from January to November 2025 had a cumulative year - on - year decline of 2.6%, and the social consumer goods retail total had a cumulative year - on - year increase of 4.0% [1]. - Exports in November 2025 increased by 5.9% year - on - year, and imports increased by 1.9% year - on - year [1]. 2. Commodity Investment Reference Comprehensive - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [2]. - Anti - dumping duties of 4.9% - 19.8% will be imposed on imported pork and pork by - products from the EU starting from December 17, 2025, for a period of 5 years [2]. - On December 16, 2025, 42 domestic commodity varieties had positive basis, and 25 had negative basis [2]. Metals - Copper prices soared to a record high, partly due to the large - scale copper hoarding by the US. The LME's three - month copper price reached a high of $11,952 per ton last Friday, currently around $11,626 per ton, up about 33% this year [4]. - On December 15, 2025, zinc, lead, tin, and copper inventories reached new highs, while nickel and aluminum inventories decreased [5]. - Morgan Stanley expects nickel prices to rebound to around $15,500 per ton in 2026 [5]. - Goldman Sachs raised its forecast for the average copper price in 2026 from $10,650 to $11,400 per ton, and there is a 55% probability that the Trump administration will announce a 15% copper import tariff in the first half of 2026, which may take effect in 2027 and increase to 30% in 2028 [6]. Coal, Coke, Steel, and Minerals - A series of measures to rectify the "involution - style" competition in the steel industry are being implemented, and the upstream coke and iron ore prices have declined [7]. - Yichun plans to cancel 27 mining licenses, including Jiangte Motor's Yifeng County Shiziling Lithium - bearing Porcelain Stone Mine [7]. - Rio Tinto will launch the first phase of a project in Western Australia, with an estimated iron ore production of 50 million tons per year by 2030 [8]. - Japan will cooperate with Malaysia in the exploration and development of rare earth and other mineral resources [8]. - In November 2025, Brazilian steel sales decreased by 3.5% year - on - year to 1.748 million tons. It is expected that in 2026, exports will decrease by 0.6% to 10.18 million tons, and imports will increase by 3.9% to 6.65 million tons [8]. - As of early December 2025, the prices of coke and coking coal in the circulation field declined [8]. Energy and Chemicals - The National Energy Administration will strengthen energy supervision and ensure the safety of the energy and power system in 2026 [9]. - Hungary signed a 5 - year LNG procurement agreement with Chevron for a total of 2 billion cubic meters [9]. - Last week, US API crude oil inventories decreased by 9.322 million barrels, exceeding expectations [9]. - The price discount of Venezuelan Merey crude oil widened to a $21 - per - barrel discount compared to Brent crude oil [9]. - JP Morgan will seek about $14 billion in funds for Argentina's LNG export project [9]. Agricultural Products - The Indian market regulatory body will propose to relax commodity derivatives rules, cancel the ban on agricultural product derivatives trading, and reduce margin requirements [10]. - As of December 14, 2025, EU's 2025/26 soft wheat exports were 10.5 million tons, barley exports were 5 million tons, corn imports were 7.5 million tons, and soybean meal imports were 8.3 million tons [10]. 3. Financial News Compilation Open Market - On December 16, 2025, the central bank conducted 135.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 18 billion yuan [11]. Key News - In 2026, expanding domestic demand is the top priority, and efforts will be made to boost consumption from both supply and demand sides. The real estate market will be stabilized from both supply and demand ends [12]. - The National Development and Reform Commission will take measures to stabilize bulk consumption, improve the social security system, and promote a fair market order [12]. - Shenzhen will prevent and resolve financial risks, support the reform of the GEM, and enhance the competitiveness of the capital market [13]. - In 2026, the central bank will continue to implement a moderately loose monetary policy and maintain financial market stability [13]. - The market expects the fiscal deficit rate in 2026 to be no less than 4% [14]. - BofA Securities expects the downward trend of the mainland real estate market to bottom out in 2026 [14]. - Vanke will hold a bondholder meeting to discuss the adjusted extension plan for "22 Vanke MTN004" [14]. - On December 16, 2025, the on - shore and off - shore RMB exchange rates against the US dollar reached new highs in 14 months, and the RMB is expected to appreciate moderately in 2026 [15]. - As of December 16, 2025, commercial banks issued 58 green financial bonds, with a total issuance scale of 458.2 billion yuan, a year - on - year increase of over 202% [15]. - The EU plans to issue about 90 billion euros in bonds in the first half of 2026 [15]. - The US Treasury Secretary is optimistic about the US economic outlook, expecting a 3.5% GDP growth in 2025 [16]. - In November 2025, the US added 64,000 non - farm jobs, but the unemployment rate rose to 4.6% [16]. Bond Market Review - Bond market sentiment improved slightly. Yields of major inter - bank interest - bearing bonds mostly declined slightly, and Treasury bond futures showed a differentiated trend [19]. - In the exchange - traded bond market, Vanke bonds generally rose, and the Wande Real Estate Bond 30 Index rose 0.58%, while the Wande High - Yield Urban Investment Bond Index fell 0.06% [19]. - The CSI Convertible Bond Index fell 0.72% to 478.64 points, with a trading volume of 55.556 billion yuan [20]. - On December 16, 2025, most money market interest rates rose, and Shibor short - term varieties showed a differentiated performance [20][21]. - Inter - bank repurchase fixed - rate bonds generally declined, and silver - silver inter - bank repurchase fixed - rate bonds showed a differentiated performance [21]. - The winning yields of Agricultural Development Bank's 2 - year financial bonds were 1.5899% and 1.6039% respectively [22]. - Most European and US bond yields declined [22]. Foreign Exchange Market - On December 16, 2025, the on - shore RMB exchange rate against the US dollar rose 80 points, and the RMB central parity rate against the US dollar rose 54 points [23]. - In New York, the US dollar index fell 0.06%, and most non - US currencies showed mixed performance [23]. Research Report Highlights - Huatai Fixed Income believes that in November 2025, external demand improved, prices rose, but domestic demand continued to bottom - seek. It is recommended to wait for opportunities in the bond market [24]. - Guosheng Fixed Income believes that in November 2025, the economy was weak in both production and demand. The bond market is expected to stabilize and start a trend - like market in the second half of the first quarter of 2026 [25]. - CICC Fixed Income believes that the November 2025 economic data was below expectations, and the bond market is expected to perform well in 2026. It is recommended to pay attention to the allocation opportunities from the end of this year to the first quarter of next year [25]. - CITIC Securities believes that the November 2025 economic data declined in both supply and demand. Policies in 2026 will be more coordinated and focused on implementation effects [26]. - Changjiang Fixed Income believes that the net investment of repurchase in December 2025 decreased. The money market may face some fluctuations due to tax payments [26]. - Xingzheng Fixed Income believes that credit bond ETFs should focus on product returns and consider individual bond attributes in portfolio selection [27]. 4. Stock Market Key News - On the day, the A - share market declined unilaterally, with nearly 4,300 stocks falling. The Shanghai Composite Index fell 1.11% to 3,824.81 points, and the market turnover was 1.75 trillion yuan [29]. - The Hong Kong Hang Seng Index fell 1.54% to 25,235.41 points, and the trading volume decreased slightly [29]. - Multiple institutions believe that Chinese assets have the basis for a continuous rebound in 2026, and overseas long - term funds have been flowing into the Chinese stock market since 2025 [30].

12月15日，湛江市委十二届九次全会召开，研究谋划"十五五"时期湛江经济社会发展。会议提出锚 定"加快打造现代化沿海经济带重要发展极、高标准建设省域副中心城市"总目标，坚持抓经济、抓民 生、抓环境、抓作风"四个抓"主攻方向，以打造"六个湛江"为牵引，奋力在新起点上增创新优势、实现 新突破。 产业是高质量发展的根基。湛江将发挥宝钢湛江钢铁、中科炼化、中海油、巴斯夫、廉江核电等链主企 业引领作用，做好延链补链强链展链文章，发展壮大"四绿一蓝"产业集群，加快发展海洋新能源、海洋 医药和生物制品、海工装备等新兴产业，打造特色型现代海洋城市。 作为粤港澳大湾区辐射西南的重要门户、海南自由贸易港联动内陆的核心支点、西部陆海新通道联通全 球的关键出海口，湛江努力拓展内外双向经济纵深。"十五五"时期，湛江一方面深化与海南相向而行， 聚焦交通、产业、开放、公共服务等领域深化合作。另一方面深度融入"双区"建设，强化广湛"核+副中 心"动力机制，不断拓展与大湾区城市合作的深度和广度，积极承接珠三角产业有序转移。 "十五五"时期，湛江将统筹好提升质量和做大总量的关系，既牢牢把握高质量发展这一首要任务，又坚 定扛起"快一点"发展的重托 ...

在内蒙古包头市达茂旗的荒漠深处，一片闪耀着"科技蓝"的光伏矩阵已具雏形。在这里，孕育着全国首 个荒漠草原"草光互补"试点项目，勾勒出"板上发电，板下种草，草光互补，生态优先"的绿色发展蓝 图。 绿色发展离不开金融支持。农发行包头分行为该项目批复8亿元授信额度，目前已放款8800万元。项目 投产运行后，预计年发电量8500万度，可节约标准煤约3万吨，减排二氧化碳约9万吨，显著提升"碳减 排"效益。近年来，中国人民银行包头市分行立足地区资源禀赋和产业特色，积极探索金融支持绿色低 碳转型之路，取得显著成效。截至今年三季度末，包头全市绿色贷款余额达429.01亿元，同比增加 15.71%。 图为获得全国首单含绿电碳足迹挂钩贷款的某晶硅企业。 钢铁产业是包头市的支柱产业，推动钢铁产业绿色转型是实现经济高质量发展的关键所在。中国人民银 行包头市分行聚焦钢铁产业绿色转型，引导金融资源精准对接包头钢铁（集团）有限责任公司200万吨 级CCUS（碳捕获和封存）碳中和循环经济示范项目建设，为项目顺利推进提供长期、大额、稳定的资 金保障。平安银行包头分行在项目建设前期主动授信1.8亿元，并在项目手续办齐后，增加授信至3.94亿 元 ...

墨西哥近日作出了决定，计划采取类似美国的手段来对付中国。对此，中国外交部进行了强硬回应。那 么，墨西哥为何选择在此时推出针对中国及其他亚洲国家的高关税政策？中国的反应背后，又透露了怎 样的立场呢？ 当地时间12月10日，墨西哥参议院和众议院紧急审议并通过了新的进出口关税法案。从 法案的内容来看，墨西哥计划从2026年1月1日起，对未与墨西哥签署贸易协定的国家商品征收5%至 50%的关税，这其中包括中国、韩国、印度、泰国、印尼等多个主要亚洲经济体。更引人注目的是，墨 西哥对那些对其本土制造业冲击较大的中国出口商品，如汽车与汽车零部件、纺织服装、钢铁、塑胶 等，设置了最高的税率区间。 根据墨西哥财政部的解释，这一措施旨在保护本土产业、改善贸易平衡、减少对亚洲进口依赖。然而， 法案经过修改达到750处，涉及超过1400项商品，政策的广泛性显然不仅限于产业保护的范畴。很多墨 西哥本土企业、行业协会，甚至外资车企在墨的销售网络都对这一决定表示了担忧，甚至感到震惊。因 为一旦这些高关税措施落地，墨西哥国内许多现有的产业链将受到严重影响，汽车、家电、纺织等领域 的市场价格可能会大幅上涨。 真正引发外界关注的，是墨西哥政府官 ...

1、11月金融数据出炉!前11个月社融规模增量超去年全年，业内解读来了 重要程度：★★★★★ 中国人民银行12月12日披露的最新金融统计数据显示，11月末，社会融资规模存量、广义货币(M2)、人民 币贷款余额分别同比增长8.5%、8%和7.7%。从增量数据看，前11个月，社会融资规模增量累计为33.39万 亿元，比上年同期多3.99万亿元，政府债券对社融增长形成了显著支撑。 业内专家表示，社会融资规模和M2增速均保持在较高水平，体现了适度宽松的货币政策状态，为经济高 质量发展营造了适宜的金融总量环境。贷款增速回落，主要是受到化债、处置不良以及多元化融资方式替 代效应等因素影响。从今年前11个月看，金融总量数据相对稳定、增速明显高于同期名义经济增速，较好 体现了逆周期和跨周期调节思路。 核心数据一览： 前11个月，社会融资规模增量累计为33.39万亿元，比上年同期多3.99万亿元 前11个月，人民币贷款增加15.36万亿元 11月末，M2余额336.99万亿元，同比增长8% 11月，企业新发放贷款(本外币)加权平均利率约为3.1%，个人住房新发放贷款(本外币)加权平均利率约为 3.1% 2、央行、金融监管总局等 ...

技术面呈现空头主导格局。从技术形态来看，美元兑加元日线级别维持弱势震荡，K线持续运行于五日 均线下方，反弹动能匮乏。指标方面，MACD保持死叉状态，空头能量柱持续扩大；RSI指标徘徊在中 性偏弱区域，未出现超卖信号，暗示汇价仍有进一步下探空间。短期支撑位关注1.3740及1.3680，若跌 破将打开向1.3600延伸的下行空间；上方阻力位集中在1.3830和1.3890，在缺乏政策面逆转信号的情况 下，突破概率较低。 加央行鹰派立场成加元核心支撑。12月10日，加央行在货币政策会议上宣布维持2.25%的政策利率不 变，行长麦克勒姆明确表示当前利率水平适合支撑经济结构性转型，且降息周期已正式结束，这一鹰派 表态与市场此前预期明显偏离。尽管美国对加拿大钢铁、铝等行业加征关税带来显著冲击，但加拿大第 三季度GDP增长2.6%，远超市场预期，就业市场也呈现改善态势，11月失业率降至6.5%，近三个月就 业实现稳步增长，这些数据增强了市场对加央行未来或开启加息的猜测，为加元提供强劲支撑。 后续市场焦点集中于三大方向：一是加央行与美联储官员的讲话，若加央行释放更多加息信号或美联储 强化宽松预期，均可能引发汇价大幅波动；二 ...

Core Viewpoint - The Federal Reserve has lowered the federal funds rate by 25 basis points to a target range of 3.50%–3.75%, marking the third rate cut of the year, aligning with market expectations [1][6][21]. Economic Indicators - China's November CPI rose by 0.7% year-on-year, the highest since March 2024, while the core CPI increased by 1.2%, maintaining a growth rate above 1% for three consecutive months [1][8]. - The PPI in November decreased by 2.2% year-on-year, indicating ongoing deflationary pressures in the producer sector [12]. Market Reactions - Following the Fed's rate cut, U.S. stock indices rose, with the real estate sector leading gains and the banking sector lagging [3][11]. - The 10-year government bond yield increased to 1.84%, reflecting a slight uptick in bond market activity [12]. Trade and Investment Trends - Exports in November grew by 5.7% year-on-year, significantly accelerating compared to October, showcasing resilience in foreign trade [12]. - The central government's economic policy emphasizes a stable and efficient approach for the upcoming year, with a focus on proactive fiscal policies and moderate monetary easing [12]. Commodity Insights - Copper prices fell in the overnight market, with supply constraints continuing to impact the market dynamics [19]. - The aluminum market is expected to remain optimistic in the medium to long term due to limited supply and low inventory levels, despite current seasonal demand weaknesses [21]. Industry Developments - The retail industry is set to transition towards quality-driven and service-oriented growth, as highlighted in the recent national retail conference [9]. - The energy sector anticipates a potential increase in U.S. oil production, with projections for 2025 indicating a daily average of 13.61 million barrels [13].

每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ 截至发稿，山东钢铁市值为162亿元。 每经AI快讯，山东钢铁（SH 600022，收盘价：1.51元）12月10日晚间发布公告称，公司第八届第十九 次董事会会议于2025年12月10日以通讯方式召开。会议审议了《关于公司2025年度日常关联交易协议执 行情况及2026年度日常关联交易计划的议案》等文件。 （记者 王瀚黎） 2024年1至12月份，山东钢铁的营业收入构成为：钢铁业占比87.27%，其他业务占比12.73%。 ...

未来会怎样？"初步估计未来5年会新增10万亿元左右的市场空间"，国家发改委有关负责人在新闻发布 会上对于传统产业寄予希望。实现目标，战略上要坚持稳中求进，把握好节奏和力度；战术上要注重实 效，一仗接着一仗打。 先列一组数据：今年前三季度，我国纺织品出口超千亿美元，同比增长2.1%。1至8月，纺织行业对近 七成国家和地区实现出口正增长。如今，从人造血管、特种缆绳到汽车阻燃内饰，纺织业加快向新能 源、航空航天、医疗健康等领域辐射延伸。跳出纺织做纺织，现代纺织业还有很大空间。不懈探索"从 无到有"新可能，不断攀登"人有我精"新高度，推动以纺织业为代表的重点产业提质升级，需要更多企 业打开视野，转变思维，开拓发展新空间。 制图：彭章霞 传统产业是当前我国产业体系的"基本盘"，其增加值在制造业中占比80%左右。在"十五五"规划建议 中，就如何"建设现代化产业体系，巩固壮大实体经济根基"，"优化提升传统产业"被摆在了首位。 首位任务，彰显分量之重，释放鲜明信号——推动更多传统产业"老树发新芽"。在现代化产业体系里， 传统产业与新兴产业、未来产业互为支撑、融合发展。优化提升传统产业，能够为新一代信息技术和智 能制造技术等提 ...