Core Insights - The construction of a financial powerhouse relies on financial institutions deeply rooted in the real economy and providing precise empowerment, requiring banks to shift from traditional lending to offering systematic and accompanying financial services [1] Group 1: Financial Empowerment of Foreign Trade - In the first half of the year, Shandong Province's goods trade import and export reached 1.73 trillion yuan, ranking fifth nationwide, with Qingdao accounting for 442.7 billion yuan, or 25.6% of the province's total [2] - Qingdao Bank has tailored a comprehensive financial solution for a local company, A Group, involved in seaweed bio-products, which includes cross-border trade financing, cross-border settlement, and USD demand deposit services, successfully enhancing the company's supply chain competitiveness [2] - A Group has secured over 300 million yuan in loans from Qingdao Bank, enabling it to sign supply agreements with multiple core suppliers in Chile, thereby locking in prices for seaweed [2] Group 2: Customized Financial Solutions for Advanced Manufacturing - Qingdao ranks sixth nationally in advanced manufacturing, with significant clusters in the region, but high-end manufacturing equipment procurement and upgrades require substantial investment [3] - A microelectronics company in Qingdao received a tailored technical transformation loan of 10 million yuan from Qingdao Bank to purchase essential testing equipment for its newly approved integrated circuit reliability verification project [3][4] - The bank expedited the loan approval process through a "green channel," completing the disbursement in just three working days after receiving complete documentation [4] Group 3: Resource Linking for Green Development - Financial institutions play a crucial role in linking enterprises with policies, resources, and channels, especially for technology-driven companies [5][6] - Qingdao Bank has developed a product system for technology enterprises and established a communication mechanism with local government departments to better understand and meet enterprise needs [6] - The bank successfully approved a project loan of 95 million yuan for Qingdao Blue New Energy Co., Ltd., along with assisting in obtaining low-cost re-lending funds to reduce financing costs significantly [6][7]

在綦江区的山溪三美小流域，绵延的青山与蜿蜒的溪流交织成一幅动态的生态画卷。为激活沉睡的自然 资源，山溪三美小流域20年开发经营权以1.38亿元完成交易，创下中西部单笔最大水土保持生态产品转 化纪录。农发行綦江支行以其开发经营权作质押为山溪三美小流域水土保持项目投放贷款1.05亿元，是 重庆市首笔支持水土保持生态产品价值转化的绿色贷款，打通了"资源—资产—资本—资金"转化通道。 为破解生态资源交易难、变现难问题，满足多样化融资需求，中国人民银行巴南分行引导金融机构将生 态产品价值收益权纳入可接受抵押品目录，发展基于土地使用权、林权、取水权、碳排放权等各类资源 环境权益的融资工具，通过拓展市场化、多元化融资渠道有效补偿生态保护者利益。重庆三峡银行巴南 支行落地重庆首笔农村集体经营性建设土地使用权抵押贷款500万元。光大银行巴南支行为重庆紫光国 际化工有限责任公司发放碳排放权质押贷款8524万元，帮助企业盘活碳配额资产。截至2025年8月末， 辖区金融机构投放17.81亿元林权质押贷款，投放3笔、6.99亿元"取水权"质押贷款，投放2笔、5.04亿元 砂石土资源未来收益权质押贷款。 转型金融赋能 "以前庄稼收完还要 ...

大国崛起离不开强大金融体系的支撑。坚持深化金融供给侧结构性改革，是推动金融高质量发展和提升 金融服务实体经济能力的重要路径。 近日，在2025中国金融学会学术年会暨中国金融论坛年会期间，来自金融管理部门和金融机构的专家展 开了一场关于"金融供给侧结构性改革：创新与赋能"的讨论。与会嘉宾一致认为，要"扎实做好金融'五 篇大文章'，助力实体经济高质量发展"。 "当前，我国经济增长模式已经转向创新驱动型与质量效益型。科技、绿色、普惠、养老、数字五大领 域成为推进中国式现代化的重要方向，迫切需要更高水平的资金要素保障和金融服务供给。"中国人民 银行信贷市场司司长彭立峰表示，做好金融"五篇大文章"是服务实体经济高质量发展与推动金融业战略 转型的着力点。 为扎实做好金融"五篇大文章"，助力金融强国建设，金融管理部门着力强化政策引导和支持。"中国人 民银行与有关部门紧密协作，加强金融'五篇大文章'有关制度与市场体系建设布局，不断强化金融支 持，丰富金融工具，加快政策传导，政策框架体系的'四梁八柱'不断夯实。"彭立峰介绍称。 一是建成金融"五篇大文章"的"1+5"制度体系。国务院办公厅印发《关于做好金融"五篇大文章"的指导 ...

Core Viewpoint - The recent policy notification from the Ministry of Industry and Information Technology and the People's Bank of China aims to enhance financial support for the construction of green factories, which are crucial for green manufacturing, accounting for over 20% of total manufacturing output [1][2]. Group 1: Policy and Financial Support - The notification establishes mechanisms to improve financial services for green factory construction, encouraging financial institutions to develop tailored financial products and services [2]. - Key support areas include major technological innovations in traditional industries, projects for energy conservation and carbon reduction, and the development of zero-carbon factories [1][2]. Group 2: Current Achievements and Future Plans - As of now, 6,430 green factories and 491 green industrial parks have been cultivated at the national level, with green industrial parks showing energy and water consumption rates at two-thirds and one-fourth of the national average, respectively [2]. - The Ministry of Industry and Information Technology plans to increase the output value proportion of green factories to 40% by 2030 and will implement a management approach for the gradual cultivation of green factories [3].

证券研究报告 | 宏观深度报告 | 中国宏观 另一方面，将币值稳定与金融稳定确立为并列首要目标，并通过"双支柱"框架 为其提供工具和制度支撑。我们预计未来一段时间，可以预期宏观审慎体系的重 构大致会沿着目标、工具与机制三条主线展开，与首要目标调整形成自上而下的 闭环：其一，在目标层面，从防个案风险走向统筹系统性稳定； 其二，在工具层面，从强化 MPA 约束走向宏观审慎工具箱系统化，特别是对股 市、债市、汇市的关注度明显上升，其中在股票市场方面，在两项支持资本市场 稳定发展的货币政策工具加持下，中央汇金的"类平准基金"呈现"平准化"特 征，其逆周期功能显著增强，这也意味着未来市场仍有趋势和波动，但尾部风险 被显著削弱，中长期资金的参与意愿和持有稳定性有望明显提升，这是我们在 "十五五"期间保持长期看多中国权益市场的关键逻辑之一； 其三，在机制层面，从临时救火走向常态化预期管理和应急安排。 展望央行宏观审慎政策体系的重塑，我们认为需要重点把握两条主线：一是与金 融市场运行直接相关的宏观审慎安排重构；二是几项方向已较为明晰、具有一定 确定性的制度改革，如 MPA 体系重构、系统重要性机构扩围等。 如何建立"金融强国 ...

Core Viewpoint - The article emphasizes the importance of finance as a vital component of national economic strength and highlights the Chinese government's commitment to developing five key areas of finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, as outlined by President Xi Jinping [2][4][12]. Group 1: Financial Development Strategies - The Chinese government aims to deepen the understanding of the essence of socialist finance with Chinese characteristics, focusing on serving the real economy, risk prevention, and promoting financial innovation [3][9]. - The "five major articles" in finance are identified as key areas for high-quality financial development, which include technology finance, green finance, inclusive finance, pension finance, and digital finance [12]. Group 2: Policy Implementation and Achievements - Recent years have seen the introduction of various policies and frameworks to support the development of the "five major articles," including the establishment of a 200 billion yuan technology innovation relending program and a 5,000 billion yuan technology innovation and transformation relending program [5][6]. - By the end of September 2023, technology loans accounted for 30.5% of all new loans, with a year-on-year growth of 22.3% in loans to technology SMEs, significantly outpacing overall loan growth [7]. Group 3: Sector-Specific Developments - The green finance sector has seen a loan balance of 43.5 trillion yuan, with a year-on-year increase of 22.9%, and a total issuance of green bonds reaching 4.9 trillion yuan [7]. - Inclusive finance has expanded from simple credit offerings to a comprehensive service model that includes credit, insurance, and wealth management, ensuring financial services are accessible at the community level [6][10]. Group 4: Future Directions - The government plans to enhance support for technology finance by improving incentive mechanisms and providing comprehensive financial services for technology enterprises, aiming to create a virtuous cycle between technology, industry, and finance [9]. - There is a strong focus on developing green finance to facilitate a comprehensive green transformation of the economy, with an emphasis on funding for environmentally friendly projects [10].

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，积极稳妥推进和实现碳 达峰。"十五五"时期，我国的"双碳"战略将进入从制度夯基向体系深化的关键阶段，绿色金融作为支持 碳减排的重要工具将发挥日益重要的作用。 "十四五"时期，绿色金融体系与政策建设成果显著。在即将迎来国内"碳排放总量与强度双控"的背景 下，构建统一、透明、可比且高效的碳核算体系，已成为提升国家治理能力和促进资源要素配置优化的 关键基础，还关系到绿色金融能否有效引导资本流向绿色生产力，而数字化正成为赋能碳核算与绿色金 融发展的重要抓手。 "十四五"时期：绿色金融支持"双碳"目标成效显著 "十四五"时期，我国"双碳"顶层制度全面铺展，成效显著。截至"十四五"末，我国的可再生能源装机接 近22亿千瓦，构建起全球最大、发展最快的可再生能源体系；工业、交通、城乡建设等领域碳达峰实施 方案出台，重点领域碳达峰步伐加快；经济社会全面绿色转型顶层设计发布，绿色与可持续发展进一步 深化。在这一进程中，绿色金融快速发展，助力经济社会绿色转型。 绿色金融顶层设计更新。中国人民银行等七部门发布《关于进一步强化金融支持绿色低碳发展的指导意 见》，从标 ...

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，积极稳妥推进和实 现碳达峰。"十五五"时期，我国的"双碳"战略将进入从制度夯基向体系深化的关键阶段，绿色金融作为 支持碳减排的重要工具将发挥日益重要的作用。 "十四五"时期，绿色金融体系与政策建设成果显著。在即将迎来国内"碳排放总量与强度双控"的背 景下，构建统一、透明、可比且高效的碳核算体系，已成为提升国家治理能力和促进资源要素配置优化 的关键基础，还关系到绿色金融能否有效引导资本流向绿色生产力，而数字化正成为赋能碳核算与绿色 金融发展的重要抓手。 "十四五"时期：绿色金融支持"双碳"目标成效显著 我国开始构建"五维"碳核算与管理体系。"十五五"规划建议明确将建设"地方碳考核、行业碳管 控、企业碳管理、项目碳评价、产品碳足迹"的碳排放统计与核算体系作为重点目标。这意味着我国碳 核算体系从分散标准和试点逐步迈向多层次、全链条构建，将建设覆盖地方、行业、企业、项目和产品 五个维度的碳核算与管理的政策框架。 在企业碳管理上，重点控排行业和大型企业已基本建成企业级的碳排放监测、核算与验证 （MRV）系统，金融等行业正探索将碳核算扩展至全价值链范围 ...

Core Viewpoint - The People's Bank of China Jilin Branch is focusing on enhancing financial support for high-quality economic development in Jilin Province through five key financial initiatives during the 14th Five-Year Plan period [1] Group 1: Financial Initiatives - The five key financial initiatives include technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - As of the end of September this year, the loan balance for these five initiatives has increased by 12.1% year-on-year, accounting for 30.7% of the total loan balance [1] Group 2: Monetary Policy Tools - The Jilin Branch is actively utilizing various structural monetary policy tools, such as re-loans for technological innovation and carbon reduction support, to guide credit funds towards key areas of the real economy [1] - A total of 23.4 billion yuan has been allocated through special structural monetary policy tools during the 14th Five-Year Plan period [1] Group 3: Policy Framework and Goals - The Jilin Branch aims to establish a comprehensive policy framework for the five financial initiatives, focusing on coordination, key areas, tool support, and effectiveness assessment [1] - The goal is to create a series of financial practices that lay a solid foundation for long-term development and promote the continuous improvement of financial policy frameworks to better serve the real economy [1]

Core Viewpoint - The People's Bank of China (PBOC) has released the monetary policy execution report for Q3 2025, highlighting the effectiveness of counter-cyclical monetary policy measures and outlining future policy directions [1][5]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to create a conducive financial environment for economic recovery and market stability [1][2]. - The report indicates that the monetary policy has been moderately loose, leading to a rapid growth in financial totals and an optimized credit structure, supporting key areas and strategic economic transformations [2][3]. Group 2: Financial Metrics - As of the end of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, while the RMB loan balance reached 270.4 trillion yuan, marking a 6.6% increase [3]. - The report emphasizes that social financing costs remain low, and the credit structure continues to improve [3]. Group 3: Structural Policy Tools - The PBOC has focused on structural monetary policies to enhance financial services for economic adjustments and high-quality development, with significant growth in technology loans (11.8%), green loans (22.9%), and loans for the elderly industry (58.2%) [4]. - The balance of structural monetary policy tools supporting key initiatives reached 3.9 trillion yuan by the end of September [4]. Group 4: Future Policy Directions - The PBOC plans to maintain a moderately loose monetary policy, ensuring that social financing conditions remain relatively relaxed while enhancing the monetary policy framework and transmission mechanisms [5][7]. - The report highlights the importance of promoting reasonable price recovery as a key consideration for monetary policy, alongside efforts to lower overall financing costs [7].