Economic Overview - In October, the industrial added value above designated size increased by 4.9% year-on-year, while the total retail sales of consumer goods rose by 2.9% [1] - The added value of high-tech manufacturing above designated size grew by 7.2% [1] - The overall economic performance remains stable with a focus on high-quality development and structural adjustments [1] Consumption Trends - New consumption formats, models, and scenarios are expanding, with digital, green, and smart product consumption rapidly growing [2] - From January to October, online retail sales of physical goods accounted for 25.2% of total retail sales [2] Investment Insights - Effective investment is being expanded in key areas and weak links, with significant growth in high-tech sectors [2] - Investment in the aerospace and aircraft manufacturing industry increased by 19.7% year-on-year from January to October [2] Export Performance - From January to October, the export value of electromechanical products accounted for 60.7% of total exports, indicating strong support for foreign trade [2] Manufacturing Sector - The manufacturing sector is steadily moving towards mid-to-high-end production, with the added value of equipment manufacturing above designated size increasing by 9.5% [2] - Equipment manufacturing contributed 58.7% to the growth of industrial added value above designated size [2] Emerging Industries - Emerging industries are increasingly playing a leading role, with rapid development in the digital economy and green low-carbon transformation [3] - From January to October, the added value of digital industry manufacturing increased by 9.5%, while smart device manufacturing and electronic components manufacturing grew by 11.1% and 12.3%, respectively [3] - The transition from old to new driving forces is ongoing, with a positive trend towards high-quality economic development [3]

Core Viewpoint - China's economic transformation and upgrading continue to show positive trends, with stable growth in production and demand, and overall stability in employment and prices [1][2][3] Economic Performance - In October, industrial production maintained stability with a year-on-year increase of 4.9% in the added value of large-scale industries [2] - The service sector's production index grew by 4.6% year-on-year, although the growth rate slightly decreased due to a high base from the previous year [2] - Retail sales of consumer goods increased by 2.9% year-on-year in October, with significant growth in the sales of products related to consumption upgrades [2][4] Employment and Prices - The urban unemployment rate was 5.1% in October, marking a decline for two consecutive months, with specific improvements in employment for migrant agricultural workers [2][3] - The consumer price index (CPI) turned positive in October, with the core CPI rising by 1.2% year-on-year, indicating a continuous expansion in inflation [3] New Economic Drivers - The digital economy and emerging industries are expanding, with significant growth in online retail, which accounted for 25.2% of total retail sales in the first ten months [4][6] - Investment in high-tech sectors is increasing, particularly in renewable energy, new materials, and artificial intelligence, contributing to overall economic stability [4][6] Industrial Upgrading - The advanced manufacturing and modern service sectors are gaining a larger share of the economy, with the added value of equipment manufacturing increasing by 9.5% year-on-year [5] - The integration of modern services with advanced manufacturing is showing positive trends, with significant contributions to the third sector's growth [5] Future Outlook - Despite challenges, the long-term positive trends in China's economy remain intact, supported by macroeconomic policies and expanding market potential [7][8] - The government is implementing proactive macro policies to stimulate demand and production, with new financial tools introduced to enhance local government financing and investment [8]

据悉，ASEA2025年度大会将汇聚非洲30多家证券交易所、监管机构和机构投资 者，共同探讨如何加速非洲资本市场的包容性和可持续增长。 《新时代报》11月4日报道，卢旺达证券交易所（RSE）首席执行官兼非洲证券交 易所协会（ASEA）主席塞莱斯廷·鲁瓦布库马表示，ASEA2025年度大会将于11月26日 至28日在基加利召开，期间RSE将推出首个绿色交易窗口，旨在促进绿色、社会和可持 续发展相关金融产品的交易，吸引对气候适应和环境友好型项目的投资。 驻卢旺达使馆经商处 （原标题：卢旺达将推出首个绿色金融平台） 鲁强调，该窗口是卢在《联合国气候变化框架公约》第二十八次缔约方大会期 间，通过基加利国际金融中心推出的可持续金融路线图的一部分，既符合全球标准又 反映非洲优先事项，这将助卢成为非洲可持续投资中心和金融发展核心。 ...

Core Insights - Fitch Ratings has issued a second-party opinion on the sustainable financing framework of Shangrao Investment Holding Group Co., Ltd., deeming it "good" and compliant with various international standards [2][3]. Group 1: Sustainable Financing Framework - The framework aligns with the Green Bond Principles, Social Bond Principles, and Sustainable Development Bond Guidelines published by the International Capital Market Association (ICMA) [2]. - It also adheres to the Green Loan Principles and Social Loan Principles jointly published by the Loan Market Association (LMA), the Loan Syndications and Trading Association (LSTA), and the Asia Pacific Loan Market Association (APLMA) [2]. - Shangrao Investment Group can issue green, social, and sustainable development bonds and loans under this framework, with eligible green categories including green buildings, energy efficiency, renewable energy, sustainable water and wastewater management, clean transportation, pollution prevention, and climate change adaptation [2]. Group 2: Project Evaluation and Reporting - Fitch Ratings positively evaluated the multi-tier project assessment and selection process of Shangrao Investment Group, which involves a cross-departmental project working group and the board of directors [3]. - The company commits to annual reporting on fund allocation and impact before full allocation, with information and impact metrics disclosed at the portfolio level by project category [3]. - Eligible projects are expected to contribute to several United Nations Sustainable Development Goals, including good health and well-being, quality education, clean water and sanitation, affordable and clean energy, industry, innovation and infrastructure, sustainable cities and communities, responsible consumption and production, and climate action [3].

Core Viewpoint - HSBC, as one of the largest financial institutions globally, is committed to supporting the Belt and Road Initiative (BRI) through business expansion, trade, and investment [1][3]. Group 1: HSBC's Role in the Belt and Road Initiative - HSBC aims to leverage its global presence to support enterprises involved in the BRI, emphasizing its cross-border service advantages for financing related projects [3][4]. - The bank operates "Overseas Service Departments for Chinese Enterprises" in 26 markets, covering regions such as ASEAN, the Middle East, and Europe, viewing the BRI as a significant opportunity [3][4]. Group 2: Hong Kong's Financial Position - Hong Kong is positioned as the world's largest offshore RMB center, playing a crucial role in the internationalization of the RMB as trade and investment with BRI countries increase [4]. - Currently, 76.21% of global RMB-denominated transactions occur in Hong Kong, highlighting its importance in facilitating trade financing [4]. Group 3: Green Finance Initiatives - In 2022, Hong Kong issued over $43.1 billion in green, social, and sustainable bonds, marking a 43% year-on-year increase and accounting for 45% of the international bond market in Asia [6]. - The Hong Kong government issued approximately HKD 27 billion in green and infrastructure bonds in June 2023, receiving strong support from international investors, showcasing Hong Kong's potential as a green financing platform for the BRI [6].

Core Insights - The potential of county-level consumption in China is continuously being released, becoming a major force driving consumption growth, particularly through the rise of green and smart products [1] - Recent government policies have been implemented to promote green consumption, including incentives for replacing old products and upgrading durable goods to be more environmentally friendly [1][2] - The expansion of green consumption in county areas is contributing positively to the national green consumption market, spreading awareness of green consumption, and driving green transformation in production [2] Group 1 - The growth of green consumption in county areas is helping to expand the national market for green products, providing broader development space for the green industry [2] - The increase in demand for green products in county areas is facilitating the dissemination of green consumption concepts to a wider audience, fostering a societal preference for green consumption [2] - The expansion of green consumption is prompting local enterprises to prioritize green production, thereby promoting a green transformation across the supply chain [2] Group 2 - To enhance awareness of green consumption, various channels can be utilized to educate residents, such as hosting green product exhibitions and leveraging social media platforms [3] - Optimizing supply and support involves implementing subsidy policies to encourage the development of green products suitable for county markets and improving infrastructure like charging stations [3] - Strengthening market regulation through unified standards and rigorous enforcement against false advertising and counterfeit products is essential for creating a trustworthy environment for green consumption [3]

Core Viewpoint - The company, Peiran Environmental Protection (08320), has established a wholly-owned subsidiary, Shanghai Peiran Environmental Technology Service Co., Ltd., to expand its business in mainland China, particularly in the Yangtze River Delta region and nationwide [1] Group 1: Business Expansion - Shanghai Peiran aims to provide consulting services in green, healthy, and smart buildings, ESG strategies, carbon neutrality, sustainable industrial parks, green finance, and innovative technologies [1] - The future development of these services includes: (i) one-stop services for green, healthy, and smart buildings, including design, certification, operation, and updates; (ii) enhancing ESG and dual carbon goal solutions to facilitate sustainable transformation for enterprises and industrial parks; (iii) promoting green finance and disclosure systems to add value for real estate developers and other industry clients; and (iv) establishing cross-regional and professional cooperation networks to support national carbon peak and carbon neutrality goals [1] Group 2: Expertise and Certifications - Shanghai Peiran has assembled a team of professional consultants with extensive practical certification experience in various fields, including green, healthy, and smart buildings, ESG, climate transition, carbon neutrality, green technology, green finance, and building performance simulation [2] - The certifications held by the team include GRESB Global Real Estate Sustainability Benchmark, LEED Volume Certification, LEED Communities Certification, LEED Zero Certification, WELL Building Certification, SITES Certification, TRUE Waste Certification, PARKSMART Certification, ISO 14064, Science-Based Targets Initiative (SBTi), GRI Sustainability Reporting Standards, ISSB International Sustainability Standards Board Standards, and green finance taxonomy, as well as carbon inventory and carbon audit certifications [2]

Core Viewpoint - The company, Peiran Environmental Protection (08320), has established a wholly-owned subsidiary, Shanghai Peiran Environmental Technology Service Co., Ltd., to expand its business in mainland China, focusing on green, healthy, and smart building consulting services, ESG strategies, carbon neutrality, sustainable industrial parks, green finance, and innovative technologies [1] Group 1 - Shanghai Peiran aims to extend its services throughout the Yangtze River Delta and nationwide [1] - The future development of services includes: (i) providing one-stop services for green, healthy, and smart buildings, including design, certification, operation, and updates; (ii) enhancing ESG and dual carbon goal solutions to facilitate sustainable transformation for enterprises and industrial parks; (iii) promoting green finance and disclosure systems to add value for clients in real estate and other industries; and (iv) establishing a cross-regional and professional cooperation network to support national carbon peak and carbon neutrality goals [1] Group 2 - Shanghai Peiran has assembled a new team of professional consultants with extensive practical certification experience in various fields, including green, healthy, and smart buildings, ESG, climate transition, carbon neutrality, green technology, green finance, and building performance simulation [2] - The certifications held by the team include GRESB, LEED (various certifications), WELL, SITES, TRUE, PARKSMART, ISO14064, SBTi, GRI, ISSB standards, and green finance classification, as well as carbon inventory and carbon audit certifications [2]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔 任 何 責 任。 ALLIED SUSTAINABILITY AND ENVIRONMENTAL CONSULTANTS GROUP LIMITED 自願公告 拓展中國內地業務 沛然環保顧問有限公司 （於開曼群島註冊成立的有限公司） 此 乃 沛 然 環 保 顧 問 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出 的 公 告，以 向 其 股 東 及 有 意 投 資 者 提 供 有 關 本 公 司 業 務 發 展 的 最 新 資 料。 為 進 一 步 拓 展 中 國 內 地 的 業 務，本 公 司 近 期 成 立 了 一 家 間 接 全 資 附 屬 公 司，上 海 沛 然 環 保 科 技 服 務 有 限 公 司（「上海沛然」）。 （股份代號：8320） ...

Core Insights - The 2025 China Harvest Festival has launched a consumption season aimed at promoting agricultural products, with initiatives from e-commerce platforms and financial institutions to support farmers [1][2] - The focus is on optimizing the supply of green and high-quality agricultural products to meet the evolving consumer demand for nutrition and health [4][5] Group 1: Agricultural Supply and Quality - The agricultural sector is actively optimizing its structure to enhance the supply of green and high-quality products, with over 36,000 new certifications for green, organic, and geographical indication products since the start of the 14th Five-Year Plan, a 70% increase from the end of the 13th Five-Year Plan [2] - The total sales of green food reached 609.78 billion yuan in 2024, with a high agricultural product quality safety monitoring pass rate of 97.9% in the first half of the year [2] - Geographical indication products have seen significant growth, with 2,544 recognized products and a direct output value exceeding 960 billion yuan [2] Group 2: Food Processing and Consumption - The food industry plays a crucial role in connecting agricultural production with consumer demand, with a focus on deep processing of agricultural products to enhance consumption [3] - The scale of fresh agricultural product consumption in China reaches 1 billion tons annually, supported by nearly 20 million cubic meters of cold chain facilities [3] - The development of a high-efficiency agricultural product circulation system is essential to reduce losses and meet cross-regional transportation needs [3] Group 3: Nutritional Health Focus - The emphasis on nutrition and health in agricultural production is highlighted by the "China Food and Nutrition Development Outline (2025-2030)," which integrates nutritional needs throughout the food supply chain [4] - There is a growing demand for high-quality protein sources, with a focus on stabilizing meat and egg supply while increasing fish, dairy, and soybean products [4][5] - The need for innovative food technology and a multi-layered nutritional food industry is emphasized to address the dual challenges of excess energy and micronutrient deficiencies [5][6] Group 4: Expanding Consumption Scenarios - The diversification of agricultural product consumption is evident, with new consumption scenarios emerging through rural tourism and experiential agriculture [7] - The development of leisure agriculture has generated nearly 900 billion yuan in revenue, becoming a vibrant area for tourism and consumption [7] - Agricultural branding initiatives are being implemented to enhance consumer confidence and connect quality products with market demand [8]