01 融入战略全局，以国企担当筑牢绿色金融服务根基 上海国际绿色金融枢纽建设是一项系统工程，绝非单一领域、单一机构的"独角戏"，而是需要市场各 方协同发力的"大合唱"。证券公司作为资本市场的核心中介机构，在链接资金与资产、贯通境内与境外、 驱动产业绿色转型方面，具有天然优势与不可替代的独特作用。 同时，申万宏源还积极与上海区域政府部门、交易所、行业协会及金融同业携手，参与绿色金融各类 课题研究、业务模式共创、以及系列行业实践活动，共同为上海绿色金融生态的完善添砖加瓦，推动打通 绿色金融服务的"最后一公里"，让金融活水精准滴灌上海绿色产业。 02 拓宽实施路径，以多元实践赋能枢纽建设提质增效 上海国际绿色金融枢纽建设的核心目标之一，是引导金融资源向绿色低碳产业集聚，助力产业结构向 绿色化、高端化转型。申万宏源充分发挥全牌照优势，构建多元协同服务网络，为绿色企业提供"融资+投 资+研究+顾问"一体化服务，搭建起绿色产业升级的"资本阶梯"。 在股权融资端， 申万宏源聚焦"硬科技"，助力新能源、节能环保、高端装备制造等绿色产业企业登 陆资本市场。近年来，服务多家绿色科技企业登陆科创板、创业板、北交所、港交所，其中不乏 ...

申万宏源始终坚持从机制与服务两端发力，深度融入上海绿色金融生态建设。在机制上，成立了由公司 领导牵头的"服务绿色金融小组"，覆盖投行、资管、研究、交易等多个业务条线，着力推动顶层设计与 一线实战的高效联动，建立健全"顶层统筹+业务协同"的绿色金融工作闭环。在服务上，坚持以客户为 中心，锚定"全链条服务、全场景覆盖"的目标，从需求端着手，将绿色金融理念贯穿业务全流程，致力 于提供覆盖企业全生命周期的综合绿色金融解决方案。近三年来，申万宏源累计为长三角区域的绿色产 业提供各类融资服务近千亿元，落地了一批标杆绿色金融项目，以实际行动践行国有金融企业的责任与 担当。 同时，申万宏源还积极与上海区域政府部门、交易所、行业协会及金融同业携手，参与绿色金融各类课 题研究、业务模式共创、以及系列行业实践活动，共同为上海绿色金融生态的完善添砖加瓦，推动打通 绿色金融服务的"最后一公里"，让金融活水精准滴灌上海绿色产业。 当前，"双碳"目标已深度融入中国式现代化发展全局，上海作为国际金融中心，打造"国际绿色金融枢 纽"，既是服务国家战略的核心支撑，也是驱动自身能级跃升的重要引擎，更是摆在所有金融从业者面 前的时代答卷。 作为根植 ...

Group 1: Bond Market Trends - Long-term bond yields have increased, with the 30-year government bond approaching 2.12% [1][2] - The 10-year government bond yield has surpassed 1.81%, with some non-active bonds reaching 2.0% [1] - The 50-year active bond yield has touched 2.29%, indicating a steepening yield curve [1] Group 2: Central Bank Actions - The People's Bank of China announced a 600 billion yuan MLF operation, marking the seventh consecutive month of increased MLF issuance [3] - In September, the central bank conducted a total of 6 billion yuan in liquidity injections through MLF and reverse repos, maintaining a moderately loose monetary policy stance [3] Group 3: Regional Developments - Jiyuan is focusing on strengthening state-owned capital and enhancing the competitiveness of state-owned enterprises [6] - Jilin is actively cultivating bond issuance entities to improve corporate willingness to issue bonds [6] - Jiangxi is expanding direct financing channels for forestry-related enterprises and encouraging eligible companies to issue bonds [6] Group 4: Issuance Dynamics - Xinyang Innovation Industry Group plans to issue 900 million yuan in technology innovation bonds [7] - Nanyang Urban Investment Holdings intends to issue up to 1 billion yuan in corporate bonds [8] - Yima City’s two state-owned enterprises are set to issue 360 million yuan in asset-backed notes [9] - Urumqi Urban Rail Group has completed the issuance of 1 billion yuan in high-growth industry bonds, marking a first in the rail transit sector [10][11] - Shanghai Fosun High Technology has issued the world's first "Yulan Bond" for private enterprises, totaling 1 billion yuan [12] Group 5: Market Sentiment - The bond market is expected to move away from the "low interest rate era," with long-term yields likely to rise due to inflationary pressures [19] - The 10-year government bond yield is anticipated to find a lower bound around 2% as economic conditions evolve [19][20]

Core Viewpoint - The article emphasizes the significant role of green finance in China's economic transformation towards sustainability, highlighting its contribution to global green governance and the achievement of carbon neutrality goals. Group 1: Green Finance as a Key Driver - Green finance is a crucial component of China's strategy to build a financial powerhouse and is essential for promoting a comprehensive green transformation of the economy and society [1] - Financial institutions are pivotal in this process, acting as key players in facilitating the transition to a green economy [1] Group 2: Support for Green New Momentum - Financial institutions are increasingly adopting systematic approaches to support green new momentum, providing initial funding through green industry funds, private equity financing, and green credit for emerging green technology companies [2] - During the growth phase, they assist companies in accessing direct financing through IPO underwriting and sponsorship, directing funds towards R&D, capacity expansion, and market development [2] - For mature companies, they offer tools like green corporate bonds and asset-backed securities to ensure ongoing development and market position [2] Group 3: Innovation in Green Finance - Financial institutions are innovating to create a modern green finance ecosystem, focusing on product diversification to meet the varied needs of different market participants [3] - New financial products include green notes, green supply chain finance, ESG-themed investment products, carbon-neutral bonds, and sustainability-linked loans [3] - The use of digital technology is enhancing the efficiency and precision of green finance services, with AI and big data improving green identification and blockchain ensuring transparency in fund allocation [3] Group 4: Risk Management and International Cooperation - Financial institutions are integrating climate risk into their risk management frameworks, enhancing their ability to identify and respond to climate-related risks [4] - They are also engaging in international cooperation to share best practices and tackle global climate challenges collectively [4] - By strengthening risk management and fostering international collaboration, financial institutions are positioning themselves as responsible players in global climate governance [4]

Key Points - Over 60% of financing platforms have cleared their hidden debts, indicating accelerated reform and transformation in the financing platform sector [1] - The Ministry of Finance has issued 4 trillion yuan of the 6 trillion yuan special debt limit, reducing average debt interest costs by over 2.5 percentage points, saving over 450 billion yuan in interest expenses [1] - The National Development and Reform Commission is promoting the expansion of the REITs market, focusing on infrastructure assets such as toll roads and clean energy [1][2] - The People's Bank of China has announced a new evaluation method for primary dealers, effective from 2025, to enhance monetary policy transmission [4] - The State Council is implementing measures to promote private investment, focusing on expanding access and removing barriers for private capital in new infrastructure and emerging service sectors [6] - As of August, M2 growth was 8.8% and M1 growth was 6%, indicating a narrowing gap between the two [7] - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation, indicating ongoing liquidity management [9] - The Ministry of Finance plans to issue 2.42 trillion yuan in government bonds, including 820 billion yuan in ultra-long-term special bonds [20] - The issuance of green corporate bonds and other innovative debt instruments is on the rise, reflecting a focus on sustainable financing [17][22]

Core Viewpoint - 2024 marks a significant year for the standardization of ESG and sustainable development information disclosure in China, with new guidelines and regulations being implemented across various financial institutions and exchanges [1][4]. Group 1: Regulatory Developments - The China Securities Regulatory Commission has unified the deployment of sustainable development report guidelines for listed companies, while the Ministry of Finance and nine other ministries have released the "Corporate Sustainable Disclosure Standards - Basic Standards (Trial)" [1]. - The Hong Kong Stock Exchange has introduced further requirements for climate-related disclosures for listed companies, effective from the 2025 fiscal year [3]. Group 2: Company Initiatives - Dongfang Securities has released its 2024 Sustainable Development Report, which aligns with new regulations from the Shanghai Stock Exchange and anticipates the Hong Kong Stock Exchange's climate disclosure requirements [2]. - The report employs a dual materiality analysis to identify and assess the importance of ESG issues, enhancing the utility of the disclosed information for stakeholders [2]. Group 3: Financial Contributions - In 2024, Dongfang Securities has actively contributed to national strategies through various financial services, including underwriting technology innovation bonds worth 16.164 billion yuan and green bonds totaling 9.028 billion yuan [5]. - The company has also supported small and micro enterprises with a total of 2.633 billion yuan in financing and has provided personalized pension services to over 50,000 individuals [5]. Group 4: Sustainable Development Goals - Dongfang Securities has guided over 470 billion yuan into sustainable development sectors from 2021 to 2024, with an annual growth rate of over 10% in sustainable financing [7]. - The company has reduced its Scope 1 and Scope 2 greenhouse gas emissions by 3,263.72 tons of CO2 equivalent compared to the baseline year of 2021 [7]. Group 5: Recognition and Ratings - Dongfang Securities has maintained an AA rating from MSCI ESG, ranking in the top 24% globally among peers, and has significantly exceeded the industry average in the S&P CSA score [8]. - The company has been included in various prestigious ESG rankings and has achieved the highest rating of "four and a half stars" among securities firms [8].