文/兴业银行博士后 徐金， 兴业碳金融研究院高级研究员 方琦 ， 兴业碳金融研 究院首席研究员 钱立华 2 0 25年9月 兴业绿色景气指数（GPI） 调研结果显示，9月绿色产业景 气度小幅回升，扩张持续。从分项指数看，新订单指数仍处临界点之上， 出口指数升至一年来新高；生产指数、产能利用指数均有回暖，绿色产业 采购力度加大；资金周转情况保持良好；"主要原材料价格上涨"、"运输 成 本 上 涨 " 、 " 劳 动 力 供 应 不 足 与 成 本 上 涨 " 等 原 因 导 致 本 月 成 本 压 力 抬 升。分行业来看，绿色制造与可再生能源发电行业景气度同步攀升。 分 企业规模来看，中小型绿色环保企业景气度提升。 根据习近平新时代中国特色社会主义思想，在我国社会主义事业建设"五位一体"的总体布局中，生态文明建设成为不可或缺的重要部分。十九大报告明确 指出："建设生态文明是中华民族永续发展的千年大计。"二十大报告则进一步指出："中国式现代化是人与自然和谐共生的现代化。……我们坚持可持续 发展，坚持节约优先、保护优先、自然恢复为主的方针，像保护眼睛一样保护自然和生态环境，坚定不移走生产发展、生活富裕、生态良好的文 ...

Group 1 - The meeting emphasized the importance of equal dialogue and sincere engagement in attracting and retaining talent, as demonstrated by the decision to replace disposable cups with porcelain ones for all participants [1][4] - The atmosphere of the meeting was enhanced by the informal setting, allowing 19 young representatives to freely express their candid opinions and suggestions, which were meticulously recorded by the talent department [1] - Many cities have been upgrading their talent policies with substantial subsidies, yet there is a phenomenon of talent leaving after reaching maturity, indicating a need for deeper emotional and cultural connections with the cities [1] Group 2 - Emotional and cultural recognition plays a crucial role in talent retention, as illustrated by a couple who chose to settle in Nantong, Jiangsu, feeling a sense of belonging and community [2] - The concept of "home" is tied to emotional and cultural identity, suggesting that cities should provide warmth and care beyond rigid policies to foster lasting connections with talent [2] - The success stories of companies like Zhongtian Technology, which grew from a local brick factory to a billion-yuan green manufacturing group, highlight the importance of local roots in attracting talent [3]

Core Viewpoint - The Jinan High-tech Zone is implementing a strategy focused on new industrialization, emphasizing both quantitative growth and qualitative improvement to enhance its industrial strength and competitive advantages [3]. Group 1: Smart Transformation - The High-tech Zone aims to establish itself as a leading demonstration area for "smart transformation and digital upgrade" in the province [3]. - Three clusters have been selected as the first batch of provincial digital industry clusters, and four companies have been recognized as provincial digital industry pioneers [3]. - The zone has been awarded seven provincial "industrial brains" and has recognized 318 first-version software and 20 first-set electronic products over the past three years [3]. - More than 5,000 5G base stations have been built, and 51 "Morning Star Factories" have been recognized at the provincial level [3]. - A total of 31 smart manufacturing pilot demonstrations and smart factories have been established, with 24 projects selected for the provincial "Manufacturing Digital Transformation Pilot" initiative [3]. Group 2: Green Development - The High-tech Zone has developed a three-tiered green manufacturing cultivation mechanism at the national, provincial, and municipal levels [3]. - The zone has implemented energy efficiency and water efficiency "leader" actions, creating a green manufacturing development landscape driven by leading enterprises [3]. - A total of 60 national, provincial, and municipal green factories have been cultivated, along with eight green supply chain management demonstration enterprises [3]. - The energy consumption per unit of industrial added value in the High-tech Zone has consistently maintained a leading level among national high-tech zones [3]. - This year, the Jinan High-tech Zone has been approved as a national-level green industrial park, further enhancing its "green" industrial profile [3].

Core Viewpoint - The establishment of a green economy transformation platform is a strategic response to the deepening of green transition initiatives in China, aiming to create a new ecological development model that integrates policy guidance, capital drive, technological empowerment, and global connectivity [1][4]. Summary by Relevant Sections Green Economy Transformation Platform - The platform is designed to enhance collaboration efficiency among stakeholders by constructing a multi-dimensional collaborative framework that includes policy support, financial linkage, service integration, and standard implementation [2]. Collaborative Network - The platform actively links policy resources and gathers government, financial institutions, industry players, research forces, and technical service providers to form a complete collaborative network [4]. - It aims to enhance the credibility and execution of green projects through standardized and transparent processes, thereby increasing social confidence and efficiency in participating in the green economy [4]. Key Focus Areas - The platform accelerates the cultivation of green industry clusters around five key areas: ecological agriculture, green manufacturing, clean energy, resource recycling, and ecological tourism [4]. - It promotes the industrialization of green technologies by leveraging upstream and downstream linkages, regional incubation, and resource aggregation [4]. Significance of Green Economic Transformation - The transformation is not only a process of industrial upgrading but also a systematic reconstruction of economic and social development models [4]. - The necessity of this transformation is highlighted in three aspects: 1. Responding to the demands of the times by addressing resource and environmental constraints and global climate challenges [5]. 2. Promoting economic upgrading by creating new industries and driving growth based on innovation and ecological value [6]. 3. Enhancing public participation through mechanisms that make green practices tangible and shareable [6]. Unique Advantages - The green economy transformation platform's unique advantages lie in its systemic and collaborative nature, integrating policies, capital, technology, and social forces to create a sustainable green development ecosystem [6]. - It addresses the practical challenges of green project implementation and financing while embedding green concepts into economic operations and social governance [6]. Future Outlook - The platform aims to continue aligning with global green transformation trends, promoting cooperation with an open stance, and leading institutional innovation with high standards [6]. - It seeks to enhance its influence and voice in global green governance through contributions in climate governance, green finance, and industrial collaboration [6].

Core Viewpoint - The People's Bank of China and several government departments issued guidelines to enhance financial support for new industrialization, focusing on structural reforms in the financial supply side and promoting high-quality financial services for advanced manufacturing and emerging industries [1][2]. Group 1: Financial Support for Manufacturing - The manufacturing sector has been a key focus for bank credit, with favorable policies for advanced manufacturing loans in terms of limits and interest rates [2][3]. - In the first half of the year, financial institutions added 12.92 trillion yuan in RMB loans, with significant allocations to manufacturing and infrastructure [2]. - The balance of medium and long-term loans for manufacturing increased by 8.7% year-on-year, adding 920.7 billion yuan [2]. Group 2: Credit Quality and Challenges - High-end manufacturing loans have a lower non-performing loan rate compared to traditional manufacturing, with many banks reporting rates below 1% for high-end manufacturing [2][3]. - Despite improvements in the financial support environment, challenges remain, such as insufficient long-term funding and difficulties in assessing intangible assets for credit [3]. Group 3: Innovation and Competition - To avoid "involution" in competition, companies should focus on innovation and differentiation rather than solely on price competition [4]. - The core of "anti-involution" lies in innovation-driven strategies, standard-setting, and precise financial support to foster a high-quality manufacturing ecosystem [4]. Group 4: Future M&A Activity - The guidelines signal a more active future for mergers and acquisitions in the manufacturing sector, particularly in high-end manufacturing and core components [5][6]. - The emphasis on supporting upstream and downstream mergers aims to strengthen the industrial chain and enhance overall competitiveness [6][7].

Group 1 - Jiangsu Province's Taicang City has been recognized as a model for urban green transformation, winning the "Best Zero Carbon City" award at the Second China-Europe Enterprise ESG Best Practices Conference [1] - Taicang has integrated ESG indicators into its urban development strategy, showcasing visionary leadership and becoming a benchmark for sustainable urban and industrial development [1][3] - The city has established a unique sustainable development path through a tripartite development model of "government guidance - enterprise innovation - international cooperation" [3] Group 2 - Taicang has over 550 German enterprises and has collaborated with the German International Cooperation Organization to build a "China-Germany Green Low-Carbon Cooperation Park," creating a low-carbon park energy efficiency network [3] - The city is transitioning from ordinary manufacturing to green manufacturing, with notable achievements such as Schaeffler Taicang Factory receiving an A rating from CDP for three consecutive years and Nike's logistics center achieving 100% renewable energy supply [3] - Taicang's "Urban Greening Plan" includes the construction of a "four vertical and four horizontal" water and green corridor, integrating ecological concepts into every aspect of urban governance [3][4] Group 3 - Taicang ranked 3rd in the 2024 National Green Development Top 100 Counties and Cities, demonstrating the feasibility of systematic layout for green transformation in county-level cities [4] - The success of the Taicang model highlights the importance of leveraging regional advantages to build international cooperation platforms and integrating ecological concepts into urban governance [4] - This practice serves as a replicable model for cities in the Yangtze River Delta and exemplifies the innovative wisdom of Chinese cities on the path to sustainable development [4]

Group 1 - The core initiative is the "Hundred Million Thousand Project," aimed at fostering collaboration between Bay Area entrepreneurs and local economies in Guangdong province [1][3] - The event involved over 30 Bay Area young entrepreneurs visiting cities like Shanwei, Shantou, and Huizhou Longmen to explore local industrial development and establish cooperation intentions [1][3] - The project covers nearly 20 initiatives across three cities, including six discussion sessions to stimulate industrial collaboration [1][3] Group 2 - The provincial youth committee is actively promoting the "Hundred Million Thousand Project" policies to encourage Bay Area entrepreneurs to engage with the industrial landscape of eastern, western, and northern Guangdong [3] - Selected benchmark projects include green manufacturing, intangible cultural heritage, and coastal tourism, showcasing local industrial development paths [3] - The Bay Area entrepreneurs identified creative projects and market opportunities during their visits, such as innovative wellness experiences that could enhance local tourism offerings [3][4] Group 3 - The entrepreneurs conducted in-depth research on the integration of agriculture, culture, and tourism in rural revitalization efforts, highlighting the potential of local markets [4][6] - The success of the "Hundred Million Thousand Project" is evident in the revitalization of local resources and the promotion of intangible cultural heritage as a means to support rural development [6] - The initiative aims to empower young entrepreneurs to become contributors to the project and to transform local natural resources into economic benefits [6]

Core Points - The sixth member representative conference of the China Light Industry Enterprises Investment Development Association was held in Beijing, with key leadership changes and a focus on the industry's investment growth [1][2] - The light industry is a significant part of China's economy, with investment activities becoming increasingly active, projecting a financing scale of 1.44 trillion yuan in 2024, a 20% year-on-year increase [1] - Investment hotspots include food processing, green manufacturing, smart manufacturing, and digital transformation, accounting for over 60% of the total investment [1] Group 1 - The new leadership of the association includes Zhao Shuang as the chairman and Han Xiaohong as the vice chairman and secretary-general [1] - The association has made significant contributions over the past seven years, including resource integration, service optimization, and talent training, with 20,000 individuals trained in vocational skills [2][3] - The association aims to strengthen party leadership, enhance service capabilities, and promote high-quality development in the light industry [3][6] Group 2 - The association plans to continue enhancing the evaluation of vocational skills and organizing competitions to cultivate high-quality skilled talents [5] - A focus on building a comprehensive public service platform to support investment, digital economy, and international cooperation is emphasized [5][7] - The new leadership is committed to improving member services, ensuring compliance with regulations, and enhancing internal governance [7][8]

Group 1 - Italy is facing extreme weather conditions, leading to water resource shortages and challenges in agriculture, energy, and infrastructure, which are increasingly constraining the country's productivity and economic competitiveness [1] - The International Monetary Fund (IMF) has reported that climate shocks pose a threat to Italy's economic growth [1] - Accelerating green transition has become a priority for Italy amidst global supply chain restructuring and intensified geopolitical competition [1] Group 2 - The National Recovery and Resilience Plan (PNRR) has been a crucial pillar for Italy's green transition, with a commitment to invest €80 billion over five years to reduce carbon emissions by 55% to 60% by 2030 [2] - By the end of 2023, the EU approved a revision of Italy's PNRR plan, increasing its total scale to €194.4 billion, focusing on green and digital transformation [2] - As PNRR funding approaches its end by 2025, there are concerns about potential economic slowdown and the need for follow-up policies to sustain the green transition [2] Group 3 - Italy's economy is heavily reliant on exports, particularly to major EU markets like Germany and France, and the current economic weakness in Europe is leading to a decline in external demand [3] - The Italian government and businesses are looking towards international cooperation, especially with China, which has advanced sustainable technologies crucial for Italy's green development [3] - The upcoming 2024 agreement between China and Italy emphasizes green and sustainable development as key cooperation areas [3] Group 4 - Cooperation between China and Italy in sustainable development is transitioning from concepts to practical applications, potentially enhancing both countries' roles in global green governance [4] - China holds a leading position in green industrial production, and there are opportunities for standard alignment and joint rule-making in carbon reduction and energy efficiency [5] - Current collaborations in clean technology, circular economy, and sustainable agriculture are laying a foundation for deeper cooperation between Chinese and Italian enterprises [5]

Group 1 - The 2025 Lanzhou SME Financing Matchmaking Conference was held, attracting over 50 SMEs, financial institutions, and government representatives, resulting in a credit intention amount exceeding 80 million yuan [1] - The conference emphasized support for technology-based and specialized enterprises, marking a significant step in financial support for SME development in Lanzhou [1][3] - The city’s Industry and Information Technology Bureau detailed policies to support enterprise financing, while China Bank tailored differentiated financial products for SMEs based on their specific needs [3] Group 2 - The conference featured a key enterprise roadshow where representatives from specialized enterprises shared their technological innovations and financing needs, leading to on-site credit agreements with China Bank [3] - A total of 500 million yuan in financing needs were collected from participating enterprises, covering key industries such as automation, intelligent manufacturing, green manufacturing, and modern agriculture [3] - Lanzhou's financial office plans to collaborate with China Bank to implement "Inclusive Finance into Parks" activities, establishing dedicated service stations to enhance financial services for SMEs [4] Group 3 - By the first half of 2025, Lanzhou facilitated financing of 7.133 billion yuan for 144 industrial enterprises through the "Xin Yi Loan·Long Xin Tong" platform, indicating a rapid conversion of policy benefits into development momentum for enterprises [4] - The financial regulatory department responded to inquiries from enterprise representatives regarding credit loan application conditions and repayment optimization, aiming to promote a lending mechanism that supports SMEs [4]