强化思想引领 凝聚高质量发展共识 思想是行动的先导，共识是奋进的力量。唯有筑牢思想根基、凝聚发展共识，才能在高质量发展的征程 上步伐坚定、行稳致远。王洪表示，党的二十届四中全会召开以来，中泰证券迅速把思想和行动统一到 全会精神的贯彻落实上来，准确把握公司在资本市场发展中的定位与作用，持续在学思践悟中凝聚奋进 力量。 在理论学习上，中泰证券始终秉持求真务实之风，构建"专题学习+研讨交流+实践应用"闭环学习机 制，通过党委理论学习中心组领学、党支部集中研学、党员个人自学相结合的方式，引导全体党员干部 深刻领会金融强国建设的核心要义与实践要求，推动党的创新理论入脑入心、见行见效。公司将全会精 神纳入中高层人员轮训、党支部书记培训、党员常态化教育的核心课程，组织领导班子成员、党组织负 责人深入一线，开展对象化宣讲、分众化解读、互动化交流，实现学习覆盖无死角、精神传递无盲区。 同时，坚持学思用贯通、知信行统一，把学习全会精神与贯彻中央经济工作会议精神紧密结合，确保公 司发展始终与党和国家事业同频共振、同向同行。 在思想认识上，中泰证券始终追求学深悟透、融会贯通，深刻认识到现代化强国建设离不开金融强国的 支撑，强大的金融 ...

Core Viewpoint - China's green bond market has transitioned from "scale expansion" to "quality and efficiency improvement" [3] Group 1: Market Performance - Global green bond issuance has decreased by 11% year-on-year to $506 billion, while China's green bond issuance has increased by 92% to $101.8 billion, accounting for 20% of the global market [3] - From 2016 to 2024, the issuance scale of China's green bonds grew from 201.8 billion RMB to 683.3 billion RMB, with an average annual growth rate of 16.5% [5] - The total outstanding scale of green bonds in China increased from 2,039 billion RMB to 21,621 billion RMB, with an average annual growth rate of 34.3% [5] Group 2: Innovation and New Products - There has been a strong growth in innovative green bond varieties, with transition bonds seeing a year-on-year increase of 53.6% in 2024 [8] - New products such as sustainable development-linked bonds and low-carbon transition-linked bonds are significantly supporting high-carbon industries [8] - The issuance of green rural revitalization bonds accelerated in Q3 2025, reaching 20.725 billion RMB, marking a historical high for quarterly issuance [8] Group 3: International Influence and Standards - The scale of green bonds held by foreign institutions in China increased from 200 million RMB to 31.88 billion RMB from 2016 to 2024, with an average annual growth rate of 40% [11] - China's green bond standards are closely aligned with international capital market standards, making them an important reference for ESG investments [11] - The report suggests enhancing the sustainable bond standard system and improving information disclosure standards to boost international influence [12]