新华财经上海11月28日电（记者杨溢仁）近日，中国证监会发布了《关于推出商业不动产投资信托基金 试点的公告（征求意见稿）》，启动商业不动产投资信托基金（以下简称"商业不动产REITs"）试点。 其时已至，其势已成，开展商业不动产REITs试点，是落实党中央、国务院决策部署和市场广泛需求之 举，也是盘活商业不动产领域资产、服务实体经济发展的必由之路。 记者从多方了解到，上交所等单位正在紧锣密鼓地推进配套规则修订、系统改造和试点项目培育等工 作，相关规则同步征求市场意见。 此次启动试点，是中国证监会贯彻落实党中央、国务院决策部署的重要举措，有利于盘活存量商业不动 产，支持构建房地产发展新模式，也是涉及我国REITs市场发展全局的关键一步。 "随着《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》的发布，公募REITs底层资产向 全门类又迈出重要一步，标志着我国REITs市场发展进入新阶段，资本市场服务实体经济的深度和广度 进一步拓展。"上交所相关业务负责人向记者表示。 顺势而为商业不动产REITs试点正当其时 "公募REITs市场终于迎来了商业不动产REITs试点！"当试点的公告发布时，记者明显感觉到市场 ...

Core Insights - The Shanghai Stock Exchange (SSE) has seen a significant increase in green bond issuance, with cumulative issuance nearing 900 billion yuan and low-carbon transition bonds exceeding 80 billion yuan by the end of October 2025 [1] - The market structure for green and low-carbon transition bonds is characterized by a diverse range of maturities, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [1] - The SSE is actively developing the public and institutional REITs market in the green sector, with six public REITs projects in clean energy listed, totaling 16.2 billion yuan, covering areas like solar, wind, and hydropower [2] Market Development - The SSE has implemented a more convenient financing mechanism for green bonds and low-carbon transition products, effectively meeting companies' financing needs in these areas [1] - The introduction of "green + X" composite labeled bonds has enhanced the attractiveness of issuers while integrating multiple goals such as ecological protection and technological innovation into the financing framework [1] - The SSE is focused on promoting the construction of the green and ESG bond market, aiming to provide stronger financing support for the green transition of real enterprises and better serve national strategic goals and high-quality economic development [2] Secondary Market - The SSE is continuously innovating mechanisms to support green bond issuance, including lowering the threshold for green bonds to be included as benchmark market-making securities, which enhances liquidity and pricing efficiency in the secondary market [1]

Core Insights - The Shanghai Stock Exchange (SSE) is actively promoting the development of the green and ESG bond market, aligning with national green development strategies [1][2] - As of October 2025, the cumulative issuance of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their introduction in 2022 [1] - The market structure of green and low-carbon transition bonds is characterized by a diversified maturity profile, primarily mid-term, with issuers from key industries including large state-owned enterprises, local state-owned enterprises, and private companies [1] Market Mechanism Innovation - The SSE has facilitated smoother low-carbon financing for enterprises through innovative market mechanisms, enhancing financing convenience [3] - Companies like COSCO Shipping Development have successfully issued green bonds, demonstrating the effectiveness of SSE's financing mechanisms [3] - The SSE has lowered the threshold for green bonds to be included in benchmark market-making securities, improving liquidity and pricing efficiency in the secondary market [4] Future Development Directions - The SSE plans to continue advancing the green and ESG bond market under the guidance of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transition of real enterprises [2] - Discussions at the symposium highlighted the importance of enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [6] - Investment institutions expressed a desire for a broader supply of green bonds to widen investment options, with expectations for more enterprises to issue green bonds on the SSE [6]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively promoting the development of green and ESG bonds to enhance the bond market's service for green development and the transformation of the real economy [1][2]. Group 1: Market Development and Achievements - As of October 2025, the cumulative issuance of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their introduction in 2022 [2]. - The market structure of green and low-carbon transition bonds is characterized by a diversified maturity profile, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [2]. - The funds raised are directed towards the green transformation of the real economy, aligning closely with the national "dual carbon" strategy and green development goals [2]. Group 2: Financing Mechanisms and Innovations - The SSE has facilitated smoother low-carbon financing for enterprises through innovative market mechanisms, with companies like COSCO Shipping issuing 1 billion yuan in 15-year low-carbon transition bonds at a rate of 2.18% [3]. - Green bonds allow for the replacement of self-funded expenditures on green projects incurred in the previous 12 months, providing greater autonomy in choosing issuance timing and reducing financing costs [3]. - The SSE has lowered the threshold for green bonds to be included in benchmark market-making securities, enhancing liquidity and pricing efficiency in the secondary market [4]. Group 3: Future Directions and Recommendations - Participants at the symposium emphasized the importance of enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [5]. - Investment institutions called for a richer supply of green bonds to broaden investment choices, with expectations for more enterprises to issue green bonds on the SSE [6]. - Experts suggested introducing more diversified institutions in the investment sector and expanding bond innovations in areas such as biodiversity, climate adaptation, and carbon benefits to promote the development of the green finance system [6][7].

Core Insights - The Shanghai Stock Exchange (SSE) has reported that by the end of October 2025, the cumulative issuance of green bonds (including ABS) will approach 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their launch in 2022 [1][2]. Group 1: Green Bond Market Development - The SSE is actively promoting the development of green bonds and ESG bonds to enhance the bond market's service to green development and the transformation of the real economy [1][3]. - The market structure of green and low-carbon transition bonds is characterized by a predominance of medium-term bonds, with a diverse range of issuers from key industries such as industrial, public utilities, and finance [1][2]. - The funds raised through these bonds are directed towards the green transformation of the real economy, aligning closely with the national "dual carbon" strategy and green development goals [1]. Group 2: Secondary Market Innovations - The SSE has been innovating mechanisms to support the issuance of green bonds, including lowering the threshold for green bonds to be included in benchmark market-making securities, which enhances liquidity and pricing efficiency in the secondary market [2]. - The recent launch of a science and technology innovation bond ETF has effectively reduced financing costs and may stimulate further market activity if similar products are introduced in the green bond market [2]. Group 3: REITs Development - The SSE is also constructing a public REITs and inter-institutional REITs market in the green sector, with clean energy being one of the key pilot industries [2]. - Six projects in clean energy have been listed on the SSE, with a total issuance scale of 16.2 billion yuan, covering areas such as photovoltaic, wind, and hydropower [2]. Group 4: Future Directions - The SSE plans to continue advancing the construction of the green bond and ESG bond market under the leadership of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transformation of real enterprises [3].

与会证券公司代表提到，上交所市场近年发行多单"绿色+X"复合贴标债券，能够实现政策效应聚合与 首单标杆引领，在提升对发行人吸引力同时，也将生态保护、城乡融合、科技创新等多重目标纳入融资 框架，提升了绿色债券服务实体经济质效。 为扎实做好绿色金融"大文章"，进一步提升债券市场服务绿色发展与实体经济转型质效，上交所近日举 办了绿色债券和ESG债券创新发展座谈调研会，企业代表、证券公司代表、投资机构代表、绿色评级机 构代表及专家学者共同探讨绿色债券市场发展取得的成效及未来发展方向。证券时报记者获悉，上交所 将扎实推进绿色及ESG债券市场建设，为实体企业绿色转型提供更有力融资支持。 近年来，上交所积极落实国家绿色发展战略，持续推进绿色金融相关的产品和机制创新，积极发展绿色 及ESG债券市场。截至2025年10月末，上交所绿色债券(含ABS)累计发行规模已接近9000亿元；低碳转 型债自2022年推出以来，累计发行规模超过800亿元。 从市场结构来看，上交所绿色及低碳转型债券呈现以中期为主、短期与长期为辅的多元化期限特征；发 行主体覆盖工业、公用事业和金融等重点行业，汇聚了大型央企、地方国企和民营企业等多元化市场主 体 ...

在多元金融工具支撑下，山东重点领域金融服务质效显著提升。科技创新领域，济南科创金融改革试验区成效突出，科创企业贷款余额达 3039.78亿元，较获批前增长176.7%；全省高新技术产业产值占规上工业产值比重达68.68%，较获批前提高13.98个百分点。金融机构创新"科 研贷""人才贷"等产品，用"看技术、看订单"替代"看抵押、看报表"，破解科创企业融资难题，"鲁科担-鲁担科技贷"已为企业担保融资52.97亿 元。 绿色发展与普惠领域金融支持持续加力。全省构建"绿色信贷+绿色债券"体系，助力产业绿色转型；资本市场方面，"十四五"时期企业发行绿 色债、科创债、公募 REITs 等创新产品融资1701.67 亿元。普惠金融领域，实施"金融+"行动，"鲁贸贷"等政策累计为外资外贸企业提供超1.95 万亿元支持，对接文旅项目343个、融资378亿元；个体工商户"育苗"行动累计放贷58.7亿元，惠及1.51万户。省市县三级民企金融直连机制， 为7842家企业解决融资1791.58亿元。 乡村振兴领域，金融服务精准下沉。山东引导银行加大对烟台苹果、寿光蔬菜等特色农产品信贷支持，截至2025年9月末，普惠型涉农贷款余 额9 ...

以投资者为本 深耕产品创新 行动方案坚持以投资者为本的核心理念，引导行业不断提升服务投资者的能力，满足投资人投资需求， 并不断提升投资者获得感。 不断满足投资者需求始终是华安基金创新的原动力。成立二十七年来，公司积极致力于新产品的开发， 先后开创了开放式基金、开放式指数基金、货币市场基金、QDII基金、ETF联接基金、固定组合类债券 基金、黄金ETF及联接基金、公募REITs、跨市场政金债ETF等九大基金品类。近年来，华安基金融入 国泰海通集团，在五家上海大型国有企业股东的支持下，启动了一系列重大战略部署，多维度探索管理 人"让利型基金产品"，服务居民财富管理需求，在养老FOF、公募REITs、指数ETF等领域积极布局。 今年以来，华安基金进一步创新优化产品矩阵，以满足投资人不同投资需求。公司首批上报发行了自由 现金流ETF、A500增强ETF、浮动费率等产品，积极落地首单债券南向通业务、推进北上互认业务。公 司旗下多只拳头产品如华安黄金ETF及其联接基金、创业板50ETF及其联接基金等有效地丰富了投资者 资产配置的工具库。 ● 华安基金管理有限公司董事长 徐勇 2025年，公募基金行业站在了新的历史起点上。 ...

绿色发展与普惠领域金融支持持续加力。全省构建"绿色信贷+绿色债券"体系，助力产业绿色转型；资 本市场方面，"十四五"时期企业发行绿色债、科创债、公募 REITs 等创新产品融资1701.67 亿元。普惠 金融领域，实施"金融+"行动，"鲁贸贷"等政策累计为外资外贸企业提供超1.95万亿元支持，对接文旅 项目343个、融资378亿元；个体工商户"育苗"行动累计放贷58.7亿元，惠及1.51万户。省市县三级民企 金融直连机制，为7842家企业解决融资1791.58亿元。 "十四五"以来，山东金融系统锚定"走在前、挑大梁"目标，充分发挥金融工具"四两拨千斤"作用，通过 央行政策工具牵引、险资长期资金加持，推动金融资源向重点领域集中。截至2025年9月末，全省科 技、绿色、普惠等金融"五篇大文章"领域贷款余额达6.7万亿元，同比增长16.3%，较各项贷款平均增速 高出7.8个百分点，为绿色低碳高质量发展注入强劲动能。 央行结构性货币政策工具的精准落地，成为金融赋能的"定盘星"。人民银行山东省分行累计9次下调辖 内机构法定存款准备金率，释放长期资金约4600亿元，显著增强金融机构信贷投放能力。"十四五"以 来，支农支小 ...

一、交易提示 上半年狂飙的公募REITs，下半年风云突变：二级价格指数较高点跌去近8%，一级认购也明显降温。由于估值修正、资金 搬家与解禁高峰叠加。急跌挤出水分，反而带来转机，投资主线正从概念炒作回归底层资产现金流质量，市场借此向理性 成熟再迈一步。 （2）11月24日，港股高开高走，截至收盘，创新药ETF南方(159858.SZ)收涨1.78%，热门个股中，海思科涨超5.00%。中信 建投研报表示，创新药领域呈现三大趋势：国际化2.0纵深发展，2025年license-out交易数达103个、首付款84.5亿美元创历 史新高，自主出海企业享受估值溢价；政策支持力度空前，医保谈判效率提升并首次设立商保创新药目录；技术驱动持续 突破，ADC、IO双抗、GLP-1减重、小核酸药物多点开花。上游产业链复苏显著，国产化率提升空间广阔，智能化、数字 化生产与国际化拓展双轮驱动。看好国内未来制药产业链的发展。 （3）人民银行11月24日公告，25日将按固定数量、利率招标、多重价位方式开展1年期1万亿元MLF操作，保持银行体系水 位充足。这是央行连续第九个月超额续作，在全年收官关键期继续释放中长期资金，引导银行加大信贷投放 ...