9月26日，证券时报记者从人行湖北省分行了解到，截至2025年二季度末，湖北省绿色贷款余额突破 1.79万亿元，占各项贷款余额比重19.24%，高于全国3.45个百分点；绿色债券累计发行197只，融资规 模超2700亿元，发行量与融资额均居中部六省首位。 在碳信贷产品创新上，推出全国首创的"电-碳-金融""林-碳-金融"服务模式，创新碳账户挂钩贷款、碳 足迹挂钩贷款、"碳强度 + ESG"双挂钩贷款等挂钩类产品。 其中,"电-碳-金融"模式以碳配额质押获得贷款，贷款资金用于购买绿电，绿电再抵扣碳配额，目前已为 省内9家企业发放"电-碳-金融"贷款1.04亿元。 碳账户挂钩贷款以"碳账户+碳评级+碳金融"为核心逻辑，通过建立企业碳账户，将企业综合碳效评价 与贷款支持优先度、额度、利率直接挂钩。目前，农发行黄冈分行、工行黄冈分行等金融机构，为黄冈 雅比纺织等10家企业发放碳账户挂钩贷款1.76亿元。 在碳债券突破上，引导金融机构与重点企业创新发行碳主题债券。目前,中国长江三峡集团、湖北能源 （000883）集团、荆州开发集团等已成功发行多只碳中和债券,募集资金专项用于具有碳减排效益的绿 色项目。 另一方面，结合湖 ...

Core Viewpoint - The article emphasizes the significant role of green finance in China's economic transformation towards sustainability, highlighting its contribution to global green governance and the achievement of carbon neutrality goals. Group 1: Green Finance as a Key Driver - Green finance is a crucial component of China's strategy to build a financial powerhouse and is essential for promoting a comprehensive green transformation of the economy and society [1] - Financial institutions are pivotal in this process, acting as key players in facilitating the transition to a green economy [1] Group 2: Support for Green New Momentum - Financial institutions are increasingly adopting systematic approaches to support green new momentum, providing initial funding through green industry funds, private equity financing, and green credit for emerging green technology companies [2] - During the growth phase, they assist companies in accessing direct financing through IPO underwriting and sponsorship, directing funds towards R&D, capacity expansion, and market development [2] - For mature companies, they offer tools like green corporate bonds and asset-backed securities to ensure ongoing development and market position [2] Group 3: Innovation in Green Finance - Financial institutions are innovating to create a modern green finance ecosystem, focusing on product diversification to meet the varied needs of different market participants [3] - New financial products include green notes, green supply chain finance, ESG-themed investment products, carbon-neutral bonds, and sustainability-linked loans [3] - The use of digital technology is enhancing the efficiency and precision of green finance services, with AI and big data improving green identification and blockchain ensuring transparency in fund allocation [3] Group 4: Risk Management and International Cooperation - Financial institutions are integrating climate risk into their risk management frameworks, enhancing their ability to identify and respond to climate-related risks [4] - They are also engaging in international cooperation to share best practices and tackle global climate challenges collectively [4] - By strengthening risk management and fostering international collaboration, financial institutions are positioning themselves as responsible players in global climate governance [4]

2014年，人民银行成立绿色金融工作小组。十年来，绿色金融在中国实现了规模和质量跃迁式增长，已 成为推动经济绿色转型、促进可持续发展、提升金融治理能力的重要支柱。迈向新的十年，发展绿色金 融的焦点亦悄然变化。 9月20日，在"全球治理框架下的绿色金融创新与合作论坛"上，北京商报记者注意到，政策标准的统一 与国际协同、产业转型需求与金融供给，成为嘉宾热议的绿色金融发展核心方向。尤其值得注意的是， 以AI、区块链为代表的数字技术的赋能，为绿色转型提供了更具穿透力、包容性和可持续性的金融支 持体系。 政策体系持续完善 值得注意的是，尽管我国绿色金融发展水平与国际相比，在界定标准、激励机制、产品规模和国际合作 等领域相对领先；但在可持续披露准则落地、碳市场的流动性和金融属性、ESG资管和气候风险分析管 理等方面也有不足。尤其在转型金融方面，虽已起步，还面临标准覆盖面小、企业编制转型计划的能力 缺乏等瓶颈。 因此，完善政策体系也将成为绿色金融下一个十年的持续性发展目标。尹艳林强调，需加大力度推动绿 色金融创新与合作。建议重点支持传统产业绿色转型、低碳高技术行业发展、生态产品价值实现，推动 金融机构转型，并加强国际合作与 ...

Core Viewpoint - Carbon neutrality bonds are crucial for supporting China's "dual carbon" goals, having provided over 800 billion yuan in funding since their introduction in 2021, but the market still has significant room for improvement in terms of participant diversity and product innovation [2][11]. Market Scale - Since the launch of carbon neutrality bonds in 2021, a total of 805.739 billion yuan has been issued, with 2021 seeing the highest issuance at 258.379 billion yuan, accounting for 41.64% of that year's green bond issuance [5][6]. - The issuance volume for 2024 is projected to be 178.759 billion yuan, a year-on-year increase of 5.75%, raising the proportion of carbon neutrality bonds in the green bond market from 19.91% in 2023 to 25.86% in 2024 [5][6]. Issuance Rates - The average issuance rate of carbon neutrality bonds has decreased to 2.406% in 2024, becoming lower than the AAA-rated non-financial corporate bonds at 2.411%, indicating a growing cost advantage for carbon neutrality bonds [6][7]. Industry Involvement - The electricity sector is the primary issuer of carbon neutrality bonds, followed by the financial and transportation sectors, with the electricity sector accounting for an average annual issuance of approximately 120 billion yuan [8][11]. Bond Types - The main types of carbon neutrality bonds include carbon neutrality corporate bonds, carbon neutrality asset-backed securities, and carbon neutrality local government bonds, with asset-backed securities showing steady growth [8][9]. Issuance Locations - Initially, the majority of carbon neutrality bonds were issued through the trading association, but by 2023, exchange issuance surpassed that of the trading association, indicating a shift in the market dynamics [10][11]. Current Challenges - The market is characterized by a lack of diversity in issuers, with state-owned enterprises dominating the landscape, accounting for over 90% of the issuance from 2021 to 2024 [11][12]. - There is a regional imbalance in bond issuance, with Beijing leading at 365.3 billion yuan, while other provinces, particularly those with significant energy production, have issued less than 50 million yuan [12]. - A significant portion of the funds raised is used for debt repayment rather than new project financing, with 49.3% of the total issuance used to repay existing debts [13]. Recommendations for Development - There is a need to enhance support for carbon neutrality bond issuance in various sectors, including industrial and construction sectors, to broaden the market [14]. - Encouraging participation from private and foreign enterprises by optimizing issuance standards and improving communication with potential issuers is essential [15]. - Continuous innovation in carbon neutrality bond products is necessary, including exploring new financing models linked to carbon assets [16]. - Establishing risk-sharing mechanisms and enhancing the role of third-party guarantee institutions can improve market confidence and participation [17].

青山常在，绿水长流。今年是"绿水青山就是金山银山"理念提出20周年，也是"双碳"目标提出5周年。 在"双碳"目标引领下，绿色金融已成为推动经济高质量发展的关键引擎。 《金融时报》记者注意到，作为绿色金融发展中的新兴领域，碳金融正在成为银行落实"双碳"目标的重 要抓手。近年来，商业银行通过开展碳核算、建设碳账户体系，正逐步构建起气候适应性金融服务体 系，帮助许多高碳行业实现了降碳减排、焕新前行。 赋能高碳行业向绿"焕新" "现有的绿色金融体系在支持范围内不能完全满足以钢铁行业为代表的高碳行业转型的融资需求，绿色 金融主要聚焦于绿色或近零排放的领域，而高碳行业的碳排放下降需要一个循序渐进的过程，在短期内 不可能达到近零碳或零碳的目标。"兴业银行首席经济学家鲁政委表示。 为帮助高碳行业顺利实现绿色转型，银行业通过创新金融工具和服务模式，逐步破解企业资金困境。 今年6月，工商银行惠州市分行发放了广东首笔"转型金融+技改再贷款"，为某龙头石化集团的核心项目 提供超过80亿元授信支持，通过再贷款和设备更新贷款财政贴息等支持，企业融资成本有效降低了 1.5%。 为助力吉祥航空（603885）降碳转型，今年初，上海银行（60 ...

Market Overview - The bond market experienced a significant decline, with the yield on the 30-year government bond rising by 4.30 basis points to 2.0370%, while the 10-year bond yield increased by 2.5 basis points to 1.770% [1] - All government bond futures, including 30-year, 10-year, 5-year, and 2-year, saw a drop, with the 30-year futures contract falling by 1.33% [1] Government Actions - The Ministry of Finance announced a plan to conduct government bond market-making support operations, selling two bond issues totaling 550 million yuan to enhance liquidity in the secondary market [2] - The Trading Association has initiated self-regulatory investigations into institutions that misused funds raised through debt financing tools [2] Regional Developments - Hunan Province is exploring the application of digital currency for the settlement of interconnected debts, aiming to support various types of bonds including technology innovation and carbon neutrality bonds [3] - Shanxi Province has implemented a trial for local bond yield curve bidding, successfully issuing 13.011 billion yuan in government bonds with an average interest rate of 1.93% [4] Corporate Financing - Zhongyuan Yuzhi Investment Holding Group plans to issue up to 4 billion yuan in debt financing tools and is selecting up to 8 lead underwriters for the project [5] - Nanyang Transportation Investment Group has received approval for a non-public issuance of corporate bonds totaling 1 billion yuan [7] Market Sentiment - The Shanghai Urban Investment Group's chairman is under investigation for serious violations, impacting market sentiment [9] - Shandong Steel Group canceled the issuance of 1 billion yuan in medium-term notes due to recent market volatility [10] Market Predictions - CITIC Securities suggests that the bond market may experience fluctuations in August to October, with the 10-year government bond yield expected to range between 1.65% and 1.80% [12][13] - The bond market's pricing of fundamentals and liquidity has weakened, with a potential for increased volatility in the coming months [13]

Group 1 - The article emphasizes that China's economic growth is robust, resilient, and has significant potential, with considerable opportunities for promoting consumption and investment growth [1] - Recommendations include accelerating new infrastructure construction, enhancing traditional infrastructure, leveraging market entities in infrastructure investment, promoting stable development in the real estate market, and expanding effective investment in manufacturing [1] - For the real estate market, the article suggests supporting rigid and improved housing demand while optimizing supply, increasing affordable rental housing, and implementing differentiated housing credit policies [1] Group 2 - The article identifies green consumption as a new growth point for China's economy, advocating for a unified green product labeling system and encouraging local governments to provide tax incentives for financial institutions issuing green consumption credit [2] - It calls for strengthening foundational arrangements for green finance, including mandatory environmental information disclosure and establishing a unified domestic green bond disclosure system [2] - The article proposes implementing a green bond certification subsidy system to encourage the development of the green bond market and improve the capabilities of third-party certification institutions [2] Group 3 - The establishment of a reliable and efficient carbon pricing system is recommended, along with expanding the carbon market to include more industries and developing various financial products linked to carbon emissions [3] - The article advocates for the innovation of green finance and transition finance products, including carbon-neutral bonds and sustainable development-linked bonds, utilizing diverse financial tools to support green low-carbon economic activities [3] - It encourages the development of private equity and venture capital products to address high leverage and insufficient collateral issues faced by high-carbon enterprises [3]

Key Points - The green bond issuance in China saw a significant increase of 93.82% in the first half of 2025, with a total issuance scale of 485.85 billion yuan, indicating strong market growth [1][2] - The issuance of green medium-term notes and financial bonds dominated the market, accounting for 40.89% and 59.28% of the total issuance scale respectively [1] - A total of 69 carbon-neutral bonds were issued in the first half of 2025, with a cumulative issuance scale of 73.285 billion yuan, representing 15.08% of the green bond market, although this was an 8.96% decrease year-on-year [1] Green Finance Practices - Tianjin introduced ten representative green finance cases, showcasing diverse explorations and innovative achievements in ecological construction, risk assurance, and financial integration [3][2] - The first public REITs for natural gas power generation by a central enterprise was launched, raising 1.8945 billion yuan, reflecting strong market recognition for clean energy projects [5][2] - JD Technology issued two green asset securitization products, totaling 1.5 billion yuan, aimed at promoting energy-efficient home appliances and green consumer finance [6][2] Carbon Market - The national carbon market reported a highest price of 73.69 yuan/ton and a total trading volume of 2,491,249 tons in the last week, indicating active market participation [4]

Core Viewpoint - Shandong Province has issued the "High-Quality Development Implementation Plan" for the financial "Five Major Articles," aiming to enhance financial support for the real economy and promote sustainable economic growth by 2027 [2][4]. Group 1: Financial Development Goals - By 2027, Shandong aims for an annual growth rate of at least 20% in loans to technology-based SMEs and green loans, with a minimum of 100,000 new "first loan" households in the inclusive finance sector each year [2][4]. - The plan emphasizes increasing the proportion of direct financing and nurturing long-term capital [2][3]. Group 2: Key Financial Services - The implementation plan focuses on enhancing the quality and efficiency of technology finance, developing green financial products, and improving inclusive financial services [2][3]. - Specific financial products such as carbon reduction-linked loans and environmental pollution liability insurance are to be explored to expand green credit [3][4]. Group 3: Support for Specific Sectors - Inclusive finance will be strengthened to support small and micro enterprises, with an emphasis on first loans and credit loans [4]. - The plan includes measures to address the aging population, such as implementing a personal pension system and enhancing financial services tailored for the elderly [4][5]. Group 4: Digital Financial Transformation - Shandong will accelerate the digital transformation of financial institutions, enhancing digital service capabilities across various financial sectors [5]. - The province aims to promote the efficient sharing of financial and public data while exploring innovative financing models related to data rights [5].

Group 1 - The core focus of Shenwan Hongyuan Securities Shandong Branch is to support key areas such as technological innovation, green low-carbon initiatives, and inclusive livelihood to promote high-quality economic development in Shandong [1][4] - The "Yantai Guofeng Shenwan Aerospace Fund" project was recognized as a "typical product of technology finance," being the only brokerage case on the list, with a total fund size of 2 billion yuan and an initial phase of 1 billion yuan [1][2] - The fund aims to invest in high-quality private equity and venture capital projects related to the aerospace industry, having already invested in four high-growth enterprises covering critical areas such as rocket development and satellite payload technology [1][2] Group 2 - The Shenwan Hongyuan Securities Shandong Branch has achieved three major breakthroughs with the Yantai Guofeng Shenwan Aerospace Fund, including capital empowerment, project implementation, and mechanism formation [2] - The company has expanded the issuance scale of bonds in key areas, successfully issuing seven technology innovation and carbon neutrality bonds in 2024, raising 3.5 billion yuan to support enterprise transformation and upgrade [2] - A carbon fiber industry fund is being established in Weihai, with an expected scale of 1 billion yuan over the next three years, aimed at promoting local industrial upgrades [3] Group 3 - The company is actively involved in the construction of the "Dingzi Bay New Energy Innovation Zone" in Yantai, focusing on clean energy, aerospace, and new materials [3] - Shenwan Hongyuan Securities has signed a cooperation agreement with a well-known aerospace company to assist in the development and industrialization of heavy liquid rocket core systems, aiming to facilitate financing of no less than 200 million yuan over the next three years [3]