【大河财立方消息】11月25日，广东省地方金融管理局等部门联合印发《广东省金融支持企业开展产业 链整合兼并行动方案》。 其中提到，鼓励上市公司综合运用股份、定向可转债、现金等支付工具实施整合兼并，吸引更多社会资 本参与，提升企业可持续发展能力，优化产业链布局，实现转型升级。 支持上市公司依法依规设立产业并购基金，重点投向产业链上下游关键环节。 探索将并购重组、资产盘活等纳入国企考核体系。 推动上市国企灵活运用定向增发、专项可转债、并购贷款等融资工具，用好配套募集资金储架发行制 度，围绕优势领域积极开展产业链整合兼并，做强做优做大。 加强国企内部资源整合，运用好现有融资平台，通过资产重组、股权置换等多种方式，推动更多优质资 源向上市公司汇聚，提高资产证券化水平。 支持保险资金依法依规扩大股权投资比例，积极参与整合兼并投资项目。 广东省金融支持企业开展产业链整合兼并行动方案 为深入贯彻党的二十大和二十届二中、三中全会精神，落实党中央、国务院有关决策部署，化解重点产 业结构性矛盾，促进产业提质升级，充分发挥金融在支持企业依法依规开展产业链整合兼并中的核心支 撑作用，助力企业发展壮大、做强做优，推动产业链高质量发展， ...

（文章来源：第一财经） 《广东省金融支持企业开展产业链整合兼并行动方案》近日印发。其中提到，鼓励各地完善企业上市综 合服务平台，健全梯度培育机制，支持突破关键核心技术的科技型等企业到创业板、科创板等上市，支 持其他符合条件的企业积极上市融资，支持港股上市的粤港澳大湾区企业在深圳证券交易所上市，拓宽 企业融资渠道。推荐国家级产业基金积极参与投资成功上市的企业。支持企业绿色转型发展，发行绿色 债券、碳中和债券、低碳转型债券、蓝色债券等产品。鼓励科技型等企业发行可转债、科技创新债券、 ABS产品等进行融资，募集中长期资金开展战略转型、产业升级、产业链整合兼并等。鼓励金融机构对 符合条件的债券提供增信支持。 ...

Core Insights - The Chinese green bond market has made significant progress in policy support, scale growth, and product innovation, indicating a trend of high-quality development by 2025 [1][4] Group 1: Market Growth and Performance - In the first half of 2025, 170 issuers participated in green bond issuance, with a total of 249 bonds issued, amounting to 491.55 billion yuan, representing a 25.13% increase in issuance quantity and a 97.47% increase in issuance scale compared to the same period last year [1] - The green bond index in China showed a steady upward trend, rising in 79 out of 120 days, with a full price index of 113.0521 points as of June 30, 2025, up 0.95% from the end of 2024 [2] - By the end of September 2025, the Shanghai Stock Exchange had issued over 950 billion yuan in green and low-carbon transition bonds, with approximately 82.4 billion yuan issued from January to September 2025 [2] Group 2: Product Innovation and Market Mechanisms - The Shanghai Stock Exchange has introduced special arrangements for market-making and trading mechanisms for green corporate bonds to enhance liquidity and pricing efficiency [3] - Various types of green bonds have been introduced, including low-carbon transition bonds, blue bonds, and carbon-neutral bonds, creating a complementary product system [2] Group 3: Policy and Regulatory Framework - The development of the green bond market is supported by policies such as the 2024 guidelines for accelerating green transformation and the 2025 white paper on the quality evaluation of the green bond market [4] - The regulatory focus is shifting towards preventing and penalizing "greenwashing" and enhancing market transparency [1][6] Group 4: Challenges and Future Outlook - Key challenges include the risk of "greenwashing," insufficient information disclosure, and the need for unified standards in green bond issuance [6] - The market is expected to generate trillions of yuan in financing demand under the dual carbon goals, with ongoing efforts to improve incentive mechanisms, information disclosure, and international collaboration [7][8]

Core Insights - The 2025 Sustainable Global Leaders Conference is being held from October 16 to 18 in Shanghai, focusing on sustainable development and collaboration among various sectors [1] - Xu Huili, the Deputy Secretary of the Huangpu District Committee, emphasized the need for ongoing efforts in sustainable development and collaboration with various stakeholders [2][3] Group 1: Conference Overview - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Huangpu District Government [1] - Shenneng Group serves as the global partner for the conference, discussing topics such as sustainable development models and industrial upgrades in Shanghai [1] Group 2: Huangpu District's Commitment - Huangpu District aims to leverage its resource advantages to deepen and broaden sustainable development practices across various fields [2] - The government plans to create cooperative platforms to provide tailored services for enterprises, facilitating innovation and sustainable practices [2][3] Group 3: Sustainable Development Initiatives - Huangpu is exploring low-carbon transformation and "new quality productivity" through innovation, including virtual power plants and carbon-neutral bonds [3][4] - The district is promoting the integration of low-carbon living into consumer behavior, with initiatives like reducing plastic packaging in restaurants and recycling old sports shoes [4][5] - Efforts are being made to incorporate sustainable principles into urban ecological mechanisms, enhancing public spaces and community environments [4][5]

Core Insights - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, focusing on sustainable development and collaboration among various sectors [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District government [1] Group 1: Industry Upgrades - Huangpu District emphasizes innovation driven by technology, implementing refined management, smart upgrades, and green finance to create benchmark projects [2] - Initiatives such as virtual power plants and the issuance of the first carbon-neutral bond in the country exemplify Huangpu's approach to low-carbon industrial transformation [2] - Collaboration with state-owned enterprises and financial institutions aims to enhance the supply of green services and products, promoting a new path of higher economic density and better carbon emission control [2] Group 2: Consumer Engagement - Huangpu actively integrates low-carbon living into consumer practices, with projects like carbon effect demonstrations in the Nanjing East Road business district [2] - Businesses are adopting green practices, such as reducing food packaging and recycling old sports shoes into new products, reflecting the growing trend of ESG principles in the market [2] Group 3: Urban Ecology - The sustainable concept is deeply embedded in urban planning, with efforts to optimize public spaces and enhance ecological quality [2] - Projects like the Nanchang Road community micro-renewal incorporate low-carbon design principles, aiming for harmonious community development between humans and nature [2]

Key Points - The Shanghai Stock Exchange has issued over 950 billion yuan in green bonds and low-carbon transition bonds as of the end of September 2025, with new varieties like carbon-neutral bonds and blue bonds emerging [1] - The issuance of public REITs for green projects has seen success, with seven such funds listed [1] Policy Support - Nine departments, including the Ministry of Housing and Urban-Rural Development, have issued an action plan to support the issuance of REITs for new urban infrastructure projects from 2025 to 2027 [2][3] - The plan emphasizes the establishment of a diversified financing system led by government investment and supported by corporate investment, encouraging local governments to enhance policy guidance through reward and subsidy mechanisms [3] Market Dynamics - The bond market is experiencing fluctuations, with the long-end bonds showing strength, particularly the 30-year bonds, which saw a yield drop of over 3 basis points to 2.23% [4] - The 30-year government bond futures rose by approximately 0.6%, breaking the 115 price level [4] Monetary Policy - The central bank conducted a net withdrawal of 376 billion yuan through reverse repos, indicating a tightening of liquidity in the market [5] Regional Developments - The Henan provincial government is focusing on the high-quality development of state-owned enterprises, emphasizing the need for effective communication and coordination among various stakeholders [6][7] - The Hunan provincial government has successfully reduced the number of state-owned enterprises from 33 to 17, enhancing the asset quality of the remaining firms [7] Issuance Activities - Zhengzhou Urban Development Group plans to issue 1.5 billion yuan in perpetual bonds, while Xuchang Investment Group is set to issue 170 million yuan in medium-term notes with a range of 2.3% to 3.3% [8][10] - Yujian Biomedical Group is preparing to issue up to 1 billion yuan in corporate bonds, with the main underwriters announced [11][12] Market Sentiment - Analysts from招商宏观 and中金固收 express optimism about the bond market's performance in the fourth quarter, citing a favorable supply-demand dynamic and potential monetary policy easing [18][19]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to promoting sustainable development in the capital market through innovation in green finance products, mechanisms, and services, aligning with national strategies for ecological civilization reform [1] Group 1: Green Financing Support - SSE will support and encourage more eligible green enterprises to raise funds through equity and debt financing, including REITs projects in energy-saving and environmental protection sectors [1] - As of September 2023, the SSE has listed 68 new energy and environmental protection companies on the Sci-Tech Innovation Board, raising approximately 181.1 billion yuan through IPOs and refinancing [2] Group 2: Sustainable Information Disclosure - SSE emphasizes the importance of sustainable development information disclosure by listed companies, having established a regulatory framework for sustainable reporting [4] - In 2024, over 1,300 companies in the SSE disclosed sustainability reports, achieving a disclosure rate of 57%, a historical high [5] Group 3: Debt Financing Innovations - SSE has revised guidelines for corporate bonds, extending the use of green bond proceeds for project funding to 12 months and lowering entry barriers for high-quality green bonds [3] - By September 2023, the SSE had issued over 950 billion yuan in green and low-carbon transition bonds, with new varieties like carbon-neutral and blue bonds emerging [3] Group 4: ESG Rating and Quality Improvement - SSE has launched initiatives to enhance the quality of ESG information disclosure among listed companies, resulting in a significant increase in ESG ratings [5] - From 2022 to 2024, the number of SSE-listed companies rated A-AAA increased by 26.44%, with 408 companies announcing interim dividends totaling 555.2 billion yuan in the first half of the year [5] Group 5: Product and Service Innovation - SSE has developed a comprehensive ESG evaluation system that covers nearly 5,000 listed companies and 2,500 bond issuers, facilitating sustainable investment practices [6] - As of September 2023, SSE has launched 164 ESG-related indices, with nearly 100 products tracking these indices, amounting to over 80 billion yuan in total [6] Group 6: International Cooperation - SSE actively participates in international platforms to promote sustainable finance, sharing China's capital market sustainability stories at various global forums [7] - SSE has contributed to the development of sustainable exchange principles and collaborates with foreign exchanges to enhance sustainable investment indices [7]

Core Insights - The 2025 Sustainable Global Leaders Conference is being held in Shanghai from October 16 to 18, focusing on global action, innovation, and sustainable growth [4] - Liu Qiuming, President of Everbright Securities, emphasized the company's commitment to sustainable development and ESG principles, aiming to become a leading service-oriented investment bank in China [2][10] Group 1: Company Strategy and Vision - Everbright Securities aims to integrate ESG into its investment activities, strictly controlling investments in high-energy and high-pollution sectors [2][8] - The company has established a professional ESG research team to promote sustainable development from an internal governance perspective [2][8] - The strategic goal is to align with national strategies and support the real economy through high-quality financial services [6][10] Group 2: Sustainable Development Initiatives - Everbright Securities has achieved a financing scale of 65.82 billion for green industries since the 14th Five-Year Plan, supporting projects like carbon-neutral bonds [9] - The company is actively involved in promoting inclusive finance, with over 1,000 educational activities reaching 200,000 participants in the first half of the year [9] - In the area of pension finance, Everbright is working to enhance wealth management services and participate in the construction of the third pillar of pension systems [9] Group 3: Conference Highlights - The conference is co-hosted by the World Green Design Organization and Sina Group, with around 500 prominent guests, including Nobel laureates and leaders from Fortune 500 companies [4] - The event aims to explore new paths for sustainable development and inject "Chinese momentum" into global governance [4]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to advancing green finance through product, mechanism, and service innovations to support the comprehensive green transformation of economic and social development [1] Group 1: Financing Tools Innovation - SSE is enhancing the inclusivity and adaptability of its financing tools, implementing reforms to facilitate green innovation in various sectors, with 68 new energy and environmental protection companies listed on the Sci-Tech Innovation Board, raising approximately 181.1 billion yuan [2] - The SSE has revised guidelines for corporate bonds, extending the use of green bond proceeds for project funding to 12 months, and has issued over 950 billion yuan in green and low-carbon transition bonds [2] - Over 1,300 companies on the Shanghai main board are adopting carbon reduction measures, resulting in a reduction of 1.14 billion tons of CO2 equivalent emissions [2] Group 2: Regulatory System Innovation - SSE has introduced guidelines for sustainable development reporting, marking a new phase in standardized disclosure for listed companies [3] - The SSE has launched action plans to improve ESG information disclosure quality, leading to a significant increase in the number of companies disclosing sustainability reports, reaching a disclosure rate of 57% [4] Group 3: Product and Service Innovation - SSE has developed a range of sustainable investment indices, with 164 indices published, and nearly 100 products tracking these indices, totaling over 80 billion yuan in scale [5] - 46 green ETFs have been listed on the SSE, with a total scale of 51.7 billion yuan, effectively guiding funds towards sustainable development [5] Group 4: International Cooperation Innovation - SSE has made ESG investment a core topic at international investor conferences and actively participates in global sustainable finance standard-setting [6] - The SSE collaborates with foreign exchanges to promote sustainable investment indices, contributing to international environmental and climate governance [6]

Group 1 - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on "Collaborative Responses to Challenges: Global Action, Innovation, and Sustainable Growth" [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government, aiming to explore new paths for sustainable development [1] - Approximately 500 prominent guests are invited, including around 100 international guests, featuring political figures, Nobel laureates, Turing Award winners, and leaders from Fortune 500 companies [1] Group 2 - The Shanghai Stock Exchange has revised guidelines for special corporate bonds, extending the use of green bond proceeds for replacing self-funded green project expenditures to 12 months [2] - As of the end of September, the Shanghai Stock Exchange has issued over 950 billion yuan in green and low-carbon transition bonds, with innovative bond types like carbon-neutral bonds and blue bonds emerging [2] - In 2024, over 1,300 companies listed on the Shanghai Stock Exchange are expected to implement carbon reduction measures, resulting in a reduction of 1.14 billion tons of carbon dioxide equivalent emissions [2]