应对气候变化、推动绿色与可持续发展是社会重点关注的议题之一。中央经济工作会议强调"深入推进 生态文明建设和绿色低碳发展"，中央金融工作会议明确提出"做好科技金融、绿色金融、普惠金融、养 老金融、数字金融五篇大文章"，为金融赋能绿色转型提供明确方向。作为全球百强银行、全国系统重 要性银行，江苏银行从战略高度将绿色金融列为全行转型发展的核心抓手，致力于打造具有影响力的绿 色金融品牌。传承总行绿色发展基因，江苏银行北京分行深耕首都市场，在绿色金融领域持续发力，聚 焦能源低碳转型、环境保护修复、城乡绿色发展等重点领域，通过产品创新、服务升级与生态协同，不 断推动绿色金融业务跨越式发展，以金融力量守护绿水青山，践行金融机构的责任与担当。 "绿色供应链"助力绿色产业整体升级 "不仅要自身实现绿色发展，还要带动产业链上下游共同可持续发展。"这是众多绿色企业的共同目标， 也是江苏银行北京分行绿色金融服务的重要方向。针对产业链核心企业的绿色发展需求，江苏银行北京 分行创新推出"绿色＋供应链"融资模式，通过API对接核心企业供应链管理系统、自建ESG评级模型， 将ESG表现与供应商融资成本挂钩，让ESG理念贯穿产业链，推动物流、 ...

Core Viewpoint - Addressing climate change and promoting green and sustainable development are key societal concerns, with Jiangsu Bank positioning green finance as a core strategy for transformation and development [1][9]. Group 1: Green Finance Initiatives - Jiangsu Bank has integrated green finance into its strategic framework, focusing on energy low-carbon transition, environmental protection, and urban-rural green development [1][3]. - The "Green Factory Loan" product allows companies to convert their green performance into tangible financial benefits, with a quick loan approval process taking only three days [2][3]. - The bank's innovative approach links loan interest rates to the green factory certification and ESG evaluations, incentivizing companies to enhance their energy-saving and carbon-reduction efforts [3][4]. Group 2: Supply Chain Financing - Jiangsu Bank has introduced a "Green + Supply Chain" financing model to support the sustainable development of entire supply chains, ensuring that both core enterprises and their suppliers engage in green practices [4][5]. - The bank utilizes an API to connect with core enterprises' supply chain management systems, assessing suppliers based on various ESG performance metrics [5][6]. - By September 2025, Jiangsu Bank had provided over 1.3 billion yuan in credit support to more than 100 suppliers through this model, promoting a comprehensive green upgrade across the supply chain [5][6]. Group 3: Green Bonds - Jiangsu Bank has facilitated the issuance of green bonds, such as a 300 million yuan green medium-term note for renewable energy projects, contributing to significant reductions in carbon emissions and other pollutants [7][8]. - The bank's expertise in the green bond market has enabled it to support major clean energy projects, reinforcing the concept that ecological preservation can align with financial growth [7][8]. Group 4: Customized Financial Solutions - The bank has developed a range of tailored financial products to meet the diverse needs of different industries, including loans for solar energy projects and ecological restoration initiatives [8][9]. - Jiangsu Bank actively collaborates with government agencies to enhance its green finance offerings and participates in various green finance events to increase its brand influence [8][9]. Group 5: Performance Metrics - As of September 2025, Jiangsu Bank's green credit balance reached 16.172 billion yuan, a 40.92% increase from the beginning of the year, serving over 300 green industry clients [9]. - The bank has established itself as a key player in the green finance sector, recognized as a partner in green financial services and actively involved in local sustainability initiatives [9].

Group 1: Real Estate Policies - Wuhan Economic and Technological Development Zone has introduced a policy to provide interest subsidies for first-time homebuyers, with maximum subsidies of 20,000, 30,000, and 40,000 yuan based on initial loan amounts of 1%, 1.5%, and 2% respectively, applicable from October 1, 2025, to December 31, 2025 [1] Group 2: Corporate Financing - China Merchants Shekou plans to issue 500 million yuan in green medium-term notes, with a total registered amount of 8.87 billion yuan, aimed at financing green project developments [2] Group 3: Debt Restructuring - Huaxia Happiness has reported a total debt restructuring amount of approximately 192.669 billion yuan as of September 30, 2025, including domestic corporate bonds and overseas dollar bonds [3] Group 4: Real Estate Sales Performance - Jianye Real Estate reported a total property contract sales amount of 6.12 billion yuan for the first nine months of 2025, a year-on-year decrease of 7.9%, with an average sales price of 6,308 yuan per square meter, down 6.8% year-on-year [4] Group 5: Dividend Management - South China City announced the confiscation of unclaimed dividends from 2010 to 2019 and the continuation of trading suspension, detailing unclaimed dividends per share for each year [5]

Group 1: Real Estate Market Policies - Wuhan Economic and Technological Development Zone has introduced a policy to provide interest subsidies for first-time homebuyers, with maximum subsidies of 20,000, 30,000, and 40,000 yuan based on initial loan amounts of 1%, 1.5%, and 2% respectively [1] Group 2: Corporate Financing Activities - China Merchants Shekou plans to issue 500 million yuan of green medium-term notes, with a total registered amount of 8.87 billion yuan and a maturity of 3 years, aimed at financing green project developments [2] Group 3: Debt Restructuring Updates - Huaxia Happiness has reported a total of 192.669 billion yuan in debt restructuring as of September 30, 2025, which includes financial debts from the company and its subsidiaries [3] Group 4: Real Estate Sales Performance - Jianye Real Estate reported a total property contract sales amount of 6.12 billion yuan for the first nine months of 2025, reflecting a year-on-year decrease of 7.9%, with an average sales price of 6,308 yuan per square meter, down 6.8% year-on-year [4] Group 5: Dividend Management - South China City announced the confiscation of unclaimed dividends from 2010 to 2019 and the continuation of trading suspension, detailing the unclaimed dividend amounts for each year [5]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of China Energy Construction Co., Ltd. for the first half of 2025, showcasing growth in revenue, profit, and significant advancements in energy and technology sectors [1][9]. Company Overview - Company Name: China Energy Construction Co., Ltd. - A-share Code: 601868 - H-share Code: 03996 - Total Assets: RMB 938.74 billion, an increase of 8.02% from the previous year [2][3]. - Revenue: RMB 212.09 billion, up 9.18% year-on-year [2][3]. - Total Profit: RMB 6.56 billion, a growth of 5.49% compared to the previous year [2][3]. Financial Data - Net Profit attributable to shareholders: RMB 2.52 billion, an increase of 8.32% year-on-year [3]. - Cash Flow from Operating Activities: -RMB 13.40 billion, an improvement from -RMB 14.51 billion in the previous year [3]. - Weighted Average Return on Equity: 77.72% [9]. Major Shareholders - The largest shareholder is China Energy Construction Group Co., Ltd., holding 45.21% of shares [3]. - Total number of shareholders as of the report date: 334,967 [3]. Strategic Initiatives - The company focuses on high-quality development, emphasizing core responsibilities in energy, electricity, and water conservancy sectors [9]. - Significant contracts signed in the first half of 2025 include new contracts worth RMB 775.36 billion, with a year-on-year growth of 18.58% [9]. - The company is actively involved in major national projects, enhancing its competitive position in the energy sector [9]. Transition and Growth - The company is transitioning from a general contractor to a comprehensive energy service provider, with a focus on new energy, storage, and hydrogen sectors [10]. - Revenue from electricity operations increased by 31.41%, and total profit rose by 37.22% year-on-year [10]. - The company has developed a 300 MW compressed air energy storage project, setting world records in power and efficiency [10]. Technological Innovation - R&D investment increased by 11% in the first half of 2025, with several new technology centers established [11][12]. - The company is advancing in hydrogen energy projects, with significant production capabilities planned for the near future [10][12]. International Expansion - The company is expanding its international business, with overseas contracts and revenue showing double-digit growth [11]. - Key international projects include a 1000 MW gas power plant in Malaysia and various renewable energy projects in Central Asia [11].

Core Viewpoint - The report highlights a decline in key financial metrics for Xinao Gas Co., Ltd. in the first half of 2025, indicating challenges in revenue and profit generation while outlining plans for privatization and a potential listing in Hong Kong [1][4]. Financial Performance - Total assets at the end of the reporting period were CNY 13,143,716, a decrease of 0.79% compared to the previous year [1]. - Net assets attributable to shareholders decreased by 1.45% to CNY 2,312,670 [1]. - Operating revenue for the period was CNY 6,599,091, down 1.47% year-on-year [1]. - Total profit was CNY 596,434, reflecting a decline of 5.88% [1]. - Net profit attributable to shareholders was CNY 240,764, a decrease of 4.82% compared to the same period last year [1]. - The net cash flow from operating activities increased by 15.70% to CNY 557,339 [1]. - Basic earnings per share were CNY 0.78, down 4.88% from CNY 0.82 [1]. Shareholder Structure - ENN Group International Investment Limited holds 44.26% of the shares, with a total of 1,370,626,680 shares [2]. - Xinao Holdings Investment Co., Ltd. owns 9.97% of the shares, totaling 308,808,988 shares [2]. - The top ten shareholders include various entities controlled by Wang Yusuo, indicating a concentrated ownership structure [2]. Strategic Developments - The company plans to privatize Xinao Energy through its wholly-owned subsidiary and aims to list on the Hong Kong Stock Exchange [4]. - The application for the introduction listing has been submitted to the Hong Kong Stock Exchange and the China Securities Regulatory Commission [4]. - The privatization and listing are contingent upon approvals from various regulatory bodies, indicating potential uncertainties in the execution of these plans [4].

Core Viewpoint - Jiangsu's banking sector has significantly increased its green loan offerings, reaching a total of 5.37 trillion yuan, with a year-to-date growth of 19.7% and a year-on-year growth of 24.2%, reflecting a strong commitment to green finance initiatives [1] Group 1: Policy Framework - Jiangsu Financial Regulatory Bureau has integrated green finance into its annual action plans for five consecutive years, establishing a structured approach to support the development of green finance [2] - The bureau has issued an action plan with 18 key tasks aimed at enhancing financial support for key sectors and optimizing green low-carbon financial services [2] - A green finance evaluation mechanism has been established, with 31 banks participating in assessments to improve their green finance capabilities [2] Group 2: Resource Allocation - Banks in Jiangsu are prioritizing resource allocation towards green finance, with specific targets set for green loan ratios included in performance evaluations [3] - Nanjing Bank has implemented a strategic committee focused on ESG, while other banks have developed action plans to guide their green finance initiatives [3] - Suzhou Bank offers internal capital discounts for green credit, and Agricultural Bank of China has allocated special quotas for clean energy loans [3] Group 3: Product and Service Innovation - Jiangsu's banking sector has restructured its product offerings to include specialized green financial products, such as bamboo forest carbon credit loans and ecological restoration loans [4] - Innovative products like carbon performance-linked loans have been developed to align financial incentives with environmental performance [4] - Jiangsu banks have successfully launched over 20 "firsts" in green finance products, showcasing their commitment to innovation in this sector [4] Group 4: Diversified Financing Channels - In addition to loans, Jiangsu banks are utilizing bonds, leasing, and funds to broaden financing channels for green projects [5] - Nanjing Bank issued the first domestic green financial bond compliant with international sustainable finance standards, raising 10 billion yuan [5] - Various banks are providing underwriting services for green asset-backed securities and other financing tools to support enterprises in raising funds [5]

Core Viewpoint - The article highlights the significant contributions of Shenwan Hongyuan Securities in various financial projects, emphasizing its role in supporting the real economy, promoting green finance, and achieving high-quality development through innovative financial products and services. Serving the Real Economy - Shenwan Hongyuan Securities successfully assisted Bank of Communications in completing a private placement project, raising a total of 120 billion yuan, which is expected to enhance the bank's core Tier 1 capital adequacy ratio by approximately 1.25 percentage points [2] - The 2025 Capital Market Summer Strategy Conference was held, focusing on macroeconomic trends and investment directions, with participation from nearly 500 listed company executives and over 2,200 investors [3] Green Finance - Shenwan Hongyuan acted as the lead underwriter for the Industrial and Commercial Bank of China’s first floating-rate green financial bond, successfully issuing 8 billion yuan with a 3-year term [4] - The company also facilitated the issuance of carbon-neutral green corporate bonds for China Construction Investment Leasing Co., Ltd., amounting to 800 million yuan [5] - Additionally, it helped issue green medium-term notes for China Merchants Finance Leasing Co., Ltd., totaling 500 million yuan [6] Technology Finance - Shenwan Hongyuan served as a joint lead underwriter for Shanghai Bank's first technology innovation bond, successfully issuing 5 billion yuan with a 3-year term [7] Regional Finance - The company collaborated with Kunlun Bank to launch a joint quotation basket for Xinjiang local government bonds, enhancing trading activity and liquidity in the region [8] - It also successfully issued bonds for Urumqi Water Investment Development Group and Aksu Xincheng Asset Investment Co., Ltd., totaling 500 million yuan and 270 million yuan respectively [8] High-Quality Development - Shenwan Hongyuan became one of the first brokerages to issue certificates linked to the China Securities Index Commodity Futures Index, with a subscription scale exceeding 330 million yuan [9] - The asset management division received approval for an additional 30 million USD QDII investment quota, bringing the total to 560 million USD, supporting future overseas business development [10] Awards and Honors - Shenwan Hongyuan Securities won three awards at the 2025 SRP China Conference, including "Best Issuer - Securities Company" and "Best ESG Product Solution Award" [11] - The company also received three awards at the 2025 Wealth Management Huazun Awards, including "Best Advisory Team Award" [13]

发行人是招商局集团唯一全资控股的融资租赁公司，一经成立即成为招商局集团产融结合 战略的重要抓手 。 2021 年以来，发行人积极响应国家双碳战略布局，逐步压缩传统业 务并向 " 五新 " 行业转型，聚焦新航运、新海工、新能源、新基建、新物流行业。紧密 围绕 " 绿色、科技、能源、物流、设备 " 五个关键词，布局海上风电及海工装备、清洁 能源及运输、海上油气保障、智能物流运输、数字新基建等特色领域，扎实迈向 " 产业 金融特色鲜明的国内一流融资租赁公司 " 的战略愿景，目前发展转型态势良好。 本 期债券的成功发行 是申万宏源长期以来深耕央企客户的重要成果， 为我公司进 一步深化与 发行人 的合作关系奠定了坚实基础 ，也体现了我司 以服务国家战略 为 指引的经营导向 。 2025 年 6 月 26 日 ，申万宏源证券作为 主承销商 ，助力招商局融资租赁有限公司 成 功发行 2025 年度第一期绿色中期票据 。 本期 绿色 中期票据发行规模 5 亿元， 募集 资金用于置换投放绿色产业项目使用的自有资金及绿色产业项目融资租赁款投放 ， 期限 2 年，票面利率 1.60 % ， 创 历史以来同期限中期票据发行利率新低 ...

Core Viewpoint - In 2024, Poly Developments issued its fifth phase of green medium-term notes, raising a total of 600 million yuan, reflecting the company's commitment to sustainable development and green financing [1][3]. Environmental Aspects - As of 2024, the company has implemented ultra-low energy consumption projects totaling 1.11 million square meters and nearly zero energy consumption buildings of 410,000 square meters [3]. - All new projects meet green building standards, with 5.21 million square meters achieving at least a two-star green building rating, positioning the company as an industry leader [3]. - Since the issuance of green bonds in 2022, the total funds raised through green bonds reached 4.1 billion yuan by the end of 2024 [3]. - The new EMC prefabricated construction technology was successfully piloted in Beijing, expected to reduce costs by 35 yuan per square meter while ensuring high-quality delivery [3]. - The total area of prefabricated construction projects under construction nationwide exceeded 15 million square meters in 2024 [3]. - In 2024, 6.75 million square meters of new projects incorporated renewable energy technologies [3]. Social Aspects - In 2024, the company conducted over 37,000 employee training sessions with a total investment of 37.14 million yuan [4]. - Safety production investments exceeded 2.134 billion yuan, with over 42,000 safety training sessions conducted, covering more than 720,000 employees and contractors, achieving a 100% training coverage rate [4]. - The online learning platform of Poly Research Institute offered a total of 14,348 courses, with 9.49 million cumulative learning instances and an average annual learning duration of over 54 hours per person [4]. - The company achieved a 99.8% rectification rate for safety inspection hazards and organized approximately 15,000 emergency drills, covering about 325,000 participants [4]. - Customer complaints totaled 220,000 in 2024, a 10% decrease from 2023, with customer satisfaction rates for residential projects at 88% and commercial projects exceeding 90% [4]. Governance Aspects - In 2024, the company held six shareholder meetings, 14 board meetings, and five supervisory meetings, reviewing important matters such as investment decisions and organizational adjustments [7]. - The company achieved a 100% compliance review coverage rate for significant operational matters and a 100% coverage rate for employee business ethics training [7]. - A total of 1,445 integrity education training sessions were conducted, with a 100% signing rate for suppliers' integrity agreements [7].