文 杨井鑫 在这一框架下，绿色金融是其中关键一环。作为支撑我国绿色转型的重要制度安排，在历经十余年的发 展之后，我国绿色金融的规模已位列全球首位，绿色金融对产业的赋能作用越加明显，其价值创造功能 逐渐显现，已成为推进中国式现代化的时代命题。 从"10万亿"到"40万亿" 一场以低碳为路径、以发展为使命的深刻变革正全面展开。 "十五五"规划建议中，"降碳、减污、扩绿、增长"协同推进的部署，标志着中国绿色发展进入到了新阶 段。绿色发展不再是经济增长的约束条件，而是通过系统性变革实现更高质量、更可持续增长的核心引 擎。 我国绿色金融的发展历程充满了时代特色。1995年，中国人民银行发布《关于贯彻信贷政策与加强环境 保护工作有关问题的通知》，首次将环境保护要求纳入到信贷框架中，成为中国绿色金融发展的历史起 点。 2005年，时任浙江省委书记习近平同志在浙江安吉首次提出了"绿水青山就是金山银山"的"两山理论"， 不仅为中国生态文明建设指明了方向，更为绿色金融发展赋予了核心使命和价值遵循。 2007年，中国绿色金融制度正式迎来了序章。这一年，中国人民银行、原银监会等三部委联合出台《关 于落实环境保护政策法规防范信贷风险的 ...

Group 1 - The core viewpoint of the article emphasizes the investment value and stability of green credit bonds, suggesting they can be considered as a foundational asset in investment portfolios due to their low default rate of 0.15% and ongoing policy support [4] - The global collaborative robot market is projected to reach $5 billion by 2028, with the company 越疆 (2432.HK) identified as a leader in the industry, possessing strong technical barriers and global expansion capabilities [5] - 青岛银行 (002948.SZ) reported a revenue of 13.5 billion with a year-on-year growth of 8.2% and a net profit of 4.26 billion, reflecting a robust expansion strategy and improved asset quality [6] Group 2 - 中联重科 (000157.SZ, 1157.HK) achieved a revenue of 45.48 billion, a slight decrease of 3.4%, while net profit increased by 0.4% to 3.52 billion, indicating stable development in emerging business areas [6] - 申洲国际 (2313.HK) reported a revenue increase of 14.8% and a net profit increase of 36.9%, with significant growth in various product categories and strong performance in key markets [8] - 海底捞 (6862.HK) achieved a revenue of 42.75 billion, a year-on-year increase of 3.1%, and a net profit of 4.71 billion, benefiting from improved customer turnover rates and reduced raw material costs [9]

Core Viewpoint - The article discusses the growth and characteristics of green bonds, particularly focusing on green credit bonds, which have shown resilience and growth in the current market environment [3][4]. Group 1: Definition and Characteristics of Green Bonds - Green bonds are defined as securities issued to raise funds specifically for supporting green industries, projects, or economic activities, with 100% of the proceeds allocated to eligible green projects [2]. Group 2: Special Features of Green Credit Bonds - In 2024, the overall issuance scale of green bonds has slowed, but green credit bonds have seen a 25.5% year-on-year increase, reaching 262.68 billion yuan, primarily driven by the issuance of medium-term notes [3]. - The average issuance term of green credit bonds in 2024 is 4.9 years, significantly longer than that of non-green credit bonds, with an average coupon rate of 2.5%, showing a downward trend [3]. - Over 80% of issuers are industry entities, with a high concentration in economically developed regions such as Jiangsu, Hubei, and Zhejiang, and the main sectors for issuance include public utilities, transportation, and non-bank financial industries [3]. Group 3: Investment Insights - As of February 28, 2025, the outstanding scale of green credit bonds is 898.54 billion yuan, accounting for 3.04% of the credit bond market, with medium-term notes making up the highest proportion at 48.4% [4]. - The remaining term structure of outstanding green credit bonds shows that the highest proportion (45.0%) falls within the 1-3 year range, with over 85% of bonds rated AA or above [4]. - Green credit bonds generally have lower valuation spreads compared to non-green credit bonds, indicating a relatively weaker "offensive" attribute, but high-rated bonds with terms over 10 years present opportunities for excess returns [4]. Group 4: Investment Recommendations - Green credit bonds are characterized by high yield stability and lower volatility compared to market averages, making them suitable as a "stabilizer" in investment portfolios [5]. - The low default rate of 0.15% since the inception of the green market in 2016, coupled with strong policy support, allows for a credit downshift strategy to seek excess returns [5]. - The article highlights the potential for central enterprises to issue long-term green bonds, which may create opportunities for rolling over existing debt [7].