格隆汇1月8日｜壳牌表示，受原油价格下跌影响，其第四季度石油交易业绩明显走弱。壳牌在周四发布 的一份交易更新中称，第四季度石油交易业绩"预计将显著低于"前三个月。壳牌庞大的内部交易业务涵 盖原油、天然气、燃料、化工品、可再生电力以及碳信用，不仅交易自身产量，也交易第三方供应。尽 管这家能源巨头并不单独披露交易部门的业绩，但其表现备受市场关注，因为这往往是盈利的重要驱动 因素。 ...

专题：稳舵行远篇丨金融新启航 在经济转型与周期波动交织的背景下，金融体系承担着稳预期、稳增长、稳结构的重要使命。如何在复 杂环境中把握方向、校准节奏，成为金融业必须直面的现实课题。 新浪财经推出《金融新启航·稳舵行远篇》专题系列，聚焦宏观政策取向、金融运行逻辑与重点领域改 革进展，邀请金融业界专家和学者，围绕金融如何更好服务实体经济、提升体系韧性展开深入讨论，记 录中国金融"稳中求进"中的关键判断与实践路径。 本期《金融新启航·稳舵行远篇》对话原国家林业局气候办常务副主任、中国绿色碳汇基金会创会秘书 长李怒云。她指出，近年来单边主义和贸易保护措施增多，使得全球协同应对气候变化的行动推进更加 艰难。中国一直强调"共同但有区别的责任"原则，发达国家理应为气候治理提供更多资金支持。 在国际协同受限的情况下，推动绿色信用向可定价、可核证、可质押的金融资产转化尤为关键。 李怒云表示，目前在国内市场上，真正实现标准化、并具备质押条件的绿色信用资产仍然较为有限。我 们希望能够按照自愿市场诚信委员会等国际通行规则来构建标准体系，同时逐步得到国内企业和金融机 构的接受，来推动这类信用资产的真正变现，进而形成可持续的绿色金融支持 ...

待项目审查完成获Verra(一间在环境与社会市场中运营标准体系的独立非营利组织，包括领先的碳信用 计划-核证碳标准计划)信纳后，本集团全球范围内依据批准协议开展的的EMC业务所产生的碳信用将获 得认证并归属本集团。 客户每通过采用EMC业务实现一吨经核证的二氧化碳减排量，本集团即获得1个单位碳信用。碳该信用 可在认可的平台交易进行交易。于为期十年的初步期限(可予续期)内，本集团预期可获得约42.44万吨碳 信用。 于期内，本集团完成马来西亚气候顾问对其节能照明装置的能源管理合约(EMC业务)归属的审核，并获 授予项目构想书(PIN)。 知行集团控股(01539)发布截至2025年9月30日止六个月业绩，该集团期内取得收入6207.9万港元，同比 减少18.38%;公司拥有人应占溢利2753.3万港元，同比增加35.68%;每股基本盈利0.8港仙。 本集团的毛利率由截至2024年9月30日止6个月的约51.0%增加至截至2025年9月30日止6个月的约 67.3%，主要由于毛利率高于其他业务分部的咨询服务收入增加。 ...

Core Viewpoint - Zhixing Group Holdings (01539) reported a revenue of HKD 62.079 million for the six months ending September 30, 2025, representing an 18.38% year-on-year decrease, while the profit attributable to shareholders increased by 35.68% to HKD 27.533 million, with basic earnings per share at HKD 0.008 [1] Financial Performance - Revenue for the period was HKD 62.079 million, down 18.38% year-on-year [1] - Profit attributable to shareholders was HKD 27.533 million, up 35.68% year-on-year [1] - Basic earnings per share were HKD 0.008 [1] - Gross profit margin increased from approximately 51.0% for the six months ending September 30, 2024, to approximately 67.3% for the current period, primarily due to increased revenue from consulting services [1] Business Developments - The company completed an audit of its energy management contract (EMC business) for energy-saving lighting devices with a Malaysian climate consultant and was awarded a project proposal [1] - Upon completion of project review and certification by Verra, the company expects to generate carbon credits from its EMC business globally, based on approved agreements [1] - For every ton of certified CO2 reduction achieved through EMC business, the company will receive one unit of carbon credit, which can be traded on recognized platforms [1] - The company anticipates obtaining approximately 424,400 tons of carbon credits over an initial ten-year term, which is renewable [1]

Core Insights - Vietnam aims to establish a global leading international financial center as a strategic initiative to attract international capital and promote advanced digital financial models [1][2] - The National Assembly's resolution for the financial center will take effect on September 1, 2025, with plans to set up centers in Ho Chi Minh City and Da Nang, focusing on differentiated financial products based on each city's strengths [1][2] Group 1: Development Plans - Ho Chi Minh City will become a major financial hub, focusing on securities, bonds, banking, fund management, and listing services [1] - Da Nang will emphasize financial services related to logistics, shipping, free trade, and agricultural supply chains [1][2] Group 2: Strategic Pillars for Da Nang - Four strategic pillars proposed for Da Nang's financial center include maritime logistics insurance finance, production chain agriculture finance, green sustainable finance, and cross-border financial services [2] - The aim is to create a closed-loop financial service system that enhances international competitiveness by integrating goods, data, capital, and insurance [2] Group 3: Legal Framework and Digital Assets - The Digital Technology Industry Law will come into effect on January 1, 2026, legalizing "digital assets" and establishing management principles for their issuance, transfer, and utilization [2][3] - A proposal for a pilot decree to regulate the digital asset market within the financial center is suggested, with a focus on licensing and supervision of virtual asset service providers (VASP) [3] Group 4: Technological and International Cooperation - The establishment of AI factories is emphasized as crucial for transforming the financial industry, requiring government support for funding [4] - Recommendations for Vietnam include developing a strategic international cooperation framework, enhancing legal infrastructure, and promoting sustainable finance as a core pillar [4]

Core Insights - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in the field [1] Group 1: Sustainable Finance Initiatives - The Hong Kong Monetary Authority has launched the second phase of public consultation for the "Hong Kong Sustainable Finance Classification Directory," expanding the coverage from 4 to 6 industries and from 12 to 25 economic activities, introducing definitions for "transformation" and "climate change adaptation" [2] - The Central Securities Depository has released a revised disclosure indicator system for green finance, enhancing the compatibility of environmental benefit disclosure standards for green bonds and loans, and providing a unified basis for market application [3] - The China Securities Regulatory Commission reported that the disclosure rate of sustainable reports among listed companies is expected to reach 34.7% in 2024, with mandatory disclosures starting in 2026 for certain companies [4] Group 2: Market Developments and Innovations - A seminar on the innovative application of the Common Green Taxonomy (CGT) reached consensus on expanding the taxonomy to include low-carbon mining and green shipping, and promoting the visibility and investability of green products [5][6] - The national carbon market saw a price fluctuation with a peak of 58.20 yuan/ton and a total trading volume of 11,808,565 tons last week, indicating active market engagement [7] - Gansu Province has launched its first biodiversity loan product, "Borrowing for Pasture," aimed at supporting ecological protection and restoration, marking an innovative financial practice in biodiversity finance [8] - The Macau International Carbon Emission Trading Exchange has officially launched its new green asset trading platform, enhancing the efficiency and transparency of carbon asset transactions [9]

Core Viewpoint - The 2025 China Carbon Market Conference held in Shanghai focuses on enhancing carbon pricing mechanisms to stimulate green and low-carbon development, featuring discussions on China's carbon market construction, global climate change responses, and international cooperation in green innovation [2] Group 1: Main Forum Insights - The "National Carbon Market Development Report 2025" was released, with contributions from representatives of the Ministry of Ecology and Environment and the People's Bank of China, discussing market vitality and green finance innovation [2] - The conference aims to inject new momentum into achieving the "dual carbon" goals through the release of construction achievements and cutting-edge research [2] Group 2: Sub-Forum One Highlights - The first sub-forum emphasized improving the carbon market trading system and enabling market-based carbon pricing mechanisms, with diverse perspectives from government, academia, and business representatives [4][6] - Hubei Province's advantages in carbon market construction include managing accounts for 3,700 key emission enterprises, covering carbon quotas of approximately 8 billion tons, and achieving a cumulative transaction volume of 418 million tons with a transaction value of 10.328 billion yuan [6][7] Group 3: Sub-Forum Two Highlights - The second sub-forum focused on building international cooperation in carbon credits under market mechanisms to achieve the goals of the Paris Agreement, with participation from various stakeholders including government departments and international organizations [8][10] - Shanghai's carbon market has included over 400 enterprises across 28 industries, with a cumulative transaction of 265 million tons and a transaction value of 5.544 billion yuan, showcasing its role as a pilot region for carbon market development [11][12]

Group 1 - The article discusses the impact of ultra-processed foods on human health, highlighting the use of unfamiliar additives that the body cannot recognize [4][5] - It emphasizes the unrealistic beauty standards perpetuated by various industries, including fitness and fashion, which can lead to unhealthy dieting behaviors [6][9] - The article notes that historical energy consumption patterns of ordinary farmers involved significant physical activity, contrasting with modern sedentary lifestyles [8] Group 2 - The article explains the carbon credit system, where companies can purchase credits to offset their carbon emissions, with one credit awarded for every ton of CO2 reduced [7][8] - It mentions that the Chinese government initially targeted major carbon emitters in the power generation sector, expanding to include industries like steel and cement, which contribute over 60% of the country's CO2 emissions [9] - The article points out that not all environmental projects generate carbon credits; only certified projects, such as renewable energy and afforestation, qualify [9][10] Group 3 - The article raises concerns about the environmental impact of fireworks on fragile ecosystems, specifically referencing an incident in the Tibetan Plateau where a large number of fireworks were set off [12][13] - It discusses the ecological consequences of such events, particularly on local wildlife, and the potential long-term effects of pollutants from fireworks [14][15]

Group 1 - The core viewpoint emphasizes the need for Hong Kong to accelerate its transition towards green and sustainable development through various measures, including carbon emission data disclosure, bank emission reductions, and the carbon credit market [1] - The suggestion includes mandatory disclosure of Scope 1, 2, and 3 carbon emissions data by listed companies starting this year, allowing companies to purchase carbon credits to offset remaining emissions [1] - The Hong Kong Monetary Authority (HKMA) is urged to require banks to achieve carbon neutrality in their operations by 2030, utilizing the local carbon market to manage residual emissions [1] Group 2 - Large events in Hong Kong generate carbon emissions, and it is suggested to adopt practices from the Paris Olympics and Qatar World Cup to encourage local events to offset emissions through the carbon credit market [1] - The proposal includes considering external incentives such as carbon taxes, drawing from Singapore's experience, to enhance the effectiveness and usage of the carbon market [1] - The Hong Kong Stock Exchange's publication of "Carbon Credit: Buyer’s Guide" is seen as a positive step to promote the development of the carbon market, helping companies understand its mechanisms and addressing current demand issues [2]

- The report focuses on the regulatory dynamics, market trends, and product issuance in the ESG field, providing a systematic review of important information from the past month for investors' reference[2][5] - In August 2025, a significant guiding document for the national carbon market was released, aiming to cover key industrial sectors by 2027[12][13] - The People's Bank of China and six other departments issued opinions to promote financial support for new industrialization, emphasizing green finance and technological innovation[5][23] - The State Administration for Market Regulation issued guidelines to establish a national carbon measurement center, enhancing the technical support for carbon peak and carbon neutrality goals[17] - The Shanghai government released a comprehensive reform action plan for the carbon market, aiming to establish Shanghai as an international center for carbon trading, finance, pricing, and innovation[19] - Guangdong province introduced policies to support green finance development through carbon emission quota pledges, marking a significant step in carbon financial innovation[21] - The State Administration of Foreign Exchange launched a pilot program for green foreign debt business, expanding cross-border green financing channels for enterprises[30] - The People's Bank of China, the Financial Regulatory Administration, and the National Forestry and Grassland Administration jointly issued a notice to support high-quality forestry development, emphasizing innovative financial support for forestry rights mortgages[32] - The Shanghai Stock Exchange published a report on the 20-year ESG practice in the Shanghai market, highlighting the achievements and progress in sustainable development[34] - The China Association for Public Companies released an analysis report on the sustainable information disclosure of listed companies in 2025, showing significant improvements in both quality and quantity of ESG disclosures[36] - The world's first "super-zero carbon building" was inaugurated in Qingdao, showcasing innovative green building practices and energy self-sufficiency[38] - Internationally, the EU continued to advance the Circular Economy and Carbon Border Adjustment Mechanism (CBAM), while the UK proposed simplifying climate disclosure standards for financial institutions[41][43][46] - The market showed divergence: Standard Chartered Bank participated in a $150 million carbon credit transaction, while the Net-Zero Banking Alliance suspended activities and faced legal challenges[48][50] - As of the end of August, there were 915 ESG-themed funds in the market, with a total scale of approximately 1.02 trillion yuan, showing a slight growth since the beginning of the year[55] - Active ESG funds had an average return of 10.87% in the past month, with all five themes achieving cumulative returns of over 30% in the past year[60] - Passive ESG funds had limited short-term excess returns but showed bright spots in some themes over the long term[61] - The main ESG indices generally rose, with the 300 ESG and CSI A500 indices balancing volatility and returns[73] - The ESG bond market remained active, with green bonds continuing to dominate, although the issuance scale declined in August[77]