本报讯（记者 岳付玉）记者从天津证监局获悉，我市2025年利用多层次资本市场融资3140亿元，年内 发行ABS（资产证券化）产品等位居全国前列。资本市场切实助力地方经济蓄势固基，服务实体经济向 新、向优发展。 转自：天津日报 2025年最后一天，电科蓝天申报科创板发行上市获证监会注册批复，即将成为天开园首家上市企业，填 补天津航空航天产业链上市企业空白。此前一天，中国建筑商业物业持有型不动产ABS成功发行，募资 5.04亿元，成为天津第4单成功发行的机构间REITs（不动产投资信托基金）产品，也是天津首单央企机 构间REITs产品。两条喜讯为全年资本市场表现画上圆满句号。 2025年12月，证监会正式推出商业不动产REITs试点，截至月底，天津6只机构间REITs全部获批，其中 4只完成发行、募资额达45亿元，发行规模排全国前列。 一年来，天津资本市场紧扣服务新质生产力这一主线，持续支持科技创新。年内，丹娜生物在北交所上 市，成为辖区首家通过北交所直联审核机制上市的企业；6家科技型企业申报上市获受理，19家企业接 受上市辅导，300余家企业进入上市后备培育库，"上市一批、在审一批、辅导一批、储备一批"的梯次 ...

Core Viewpoint - The article discusses the comprehensive reforms and developments in Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing risk prevention, regulatory strength, and high-quality development [35]. Group 1: Market Expansion - The number of listed companies increased from 60 to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [6]. - The total market value of listed companies rose from 920.3 billion yuan to 1,656.6 billion yuan, an 80% increase compared to the end of the "13th Five-Year Plan" [6]. - The number of companies listed on the New Third Board reached 118, with 39 in the innovation layer, a 1.29 times increase year-on-year [7]. - The bond market's outstanding scale reached 12.8 trillion yuan, ranking among the top in the country [8]. - The total assets of eight securities, fund, and futures institutions reached 113.7 billion yuan, with net assets growing by 22% and 20% respectively compared to the end of the "13th Five-Year Plan" [8][9]. Group 2: Structural Optimization - The focus is on enhancing quality and efficiency, with a strong emphasis on technology innovation and industrial upgrades [10]. - There are 49 high-tech and specialized new listed companies in Tianjin, accounting for 69% of the total, with a total market value share of 78% [12]. - Cumulative R&D investment by listed companies exceeded 100 billion yuan, an 80% increase compared to the "13th Five-Year Plan" [12]. - The overall R&D intensity of listed companies is projected to be 3.01% in 2024, with key industry chain companies at 7.64% [12]. Group 3: Capital Market and Industry Renewal - 40 listed companies belong to key industrial chains in Tianjin, accounting for nearly 70% of the total market value [14]. - Six listed companies have undergone major asset restructuring to eliminate inefficient assets and transition to emerging industries [14]. - Nearly 20% of listed companies are expanding production or investing in weak links of the industrial chain through refinancing [14]. - The amount of mergers and acquisitions by listed companies exceeded 26 billion yuan after the release of the "Six Merger Guidelines" in September 2024 [14]. Group 4: Asset Activation - Two public REITs were issued, with one revitalizing 220,000 square meters of industrial park assets and another raising 2.5 billion yuan for highway expansion projects [17]. - The outstanding scale of ABS products in the region reached 72.1 billion yuan, ranking among the top in the country [18]. Group 5: Function Enhancement - Over the past five years, the region has utilized multi-level capital markets to finance 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [21]. - Among 14 new listed companies, 11 were issued through the registration system, and 10 were listed on the "Two Innovation Boards" and the Beijing Stock Exchange [21]. - The wealth management scale of capital market institutions in the region exceeded 2.2 trillion yuan [23]. Group 6: Ecological Improvement - The regulatory framework for the capital market has been established, guiding further comprehensive reforms [26]. - The implementation of the "New National Nine Articles" and the "1+N" policy has led to the introduction of various supportive measures for high-quality development [28]. - A specialized working group has been established to implement capital market reform policies and coordinate high-quality development of listed companies [29].

Core Insights - The "dual carbon" goals have become a social consensus in China, driving the economy towards low-carbon and sustainable development over the past five years [2] - The Shanghai Stock Exchange (SSE) is actively building a green financial market with diverse products and participation from various entities, serving as a crucial hub for connecting industry and capital [2] Group 1: Product Supply and Financing - SSE has facilitated the listing of 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by providing lifecycle consulting services [2] - 19 listed companies in the energy-saving and new energy sectors have completed refinancing on the Sci-Tech Innovation Board, raising a total of 648 billion yuan [3] - SSE has issued over 930 billion yuan in green bonds and low-carbon transition bonds, supporting traditional industries in energy conservation and low-carbon transformation [4] Group 2: ESG and Investor Engagement - SSE has published 155 ESG-related indices, with nearly 100 products tracking these indices, amounting to over 70 billion yuan in scale [4] - 46 green ETFs have been listed on SSE, covering various themes such as ESG and new energy, with a total scale approaching 50 billion yuan [5] - SSE has conducted training sessions for over 870 listed companies to improve ESG information disclosure, with over half of the companies expected to publish ESG reports by 2025 [6][7] Group 3: International Collaboration and Standards - SSE has actively participated in G20 discussions on sustainable finance, showcasing China's progress in this area and contributing to global climate governance [9][10] - As a member of the World Federation of Exchanges, SSE has led the development of sustainable exchange principles, enhancing its role in the global sustainable development agenda [10]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively developing a green financial market to support China's carbon peak and carbon neutrality goals, integrating green development into various sectors of the economy and facilitating connections between industries and capital [1][8]. Group 1: Product Supply and Market Development - SSE is enhancing its green financial market by providing diverse products and services, including lifecycle consulting for green enterprises, which has led to 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by August 2025 [2]. - SSE has streamlined refinancing processes for listed companies, resulting in 19 companies in the energy-saving and new energy sectors completing refinancing with a total of 648 billion yuan raised [2]. - The bond market has seen significant innovation, with SSE issuing over 9,300 billion yuan in green and low-carbon transition bonds since 2016, supporting projects like hydropower station construction [3]. Group 2: Indexes and Fund Products - SSE has launched 155 ESG-related indexes, with nearly 100 products tracking these indexes, amounting to over 700 billion yuan in scale, facilitating investment in green sectors [4]. - There are 46 green ETFs listed on SSE, covering various themes related to ESG and green development, with a total scale approaching 500 billion yuan [4]. Group 3: Policy and Governance - SSE is promoting ESG information disclosure among listed companies, with over half of the companies expected to publish ESG reports by 2025, enhancing their competitiveness [5][6]. - The SSE has implemented action plans to improve the quality of ESG disclosures, resulting in 22% of listed companies seeing an increase in their ESG ratings by August 2025 [6]. Group 4: International Engagement - SSE actively participates in international discussions on sustainable finance, representing China at the G20 Sustainable Finance Roundtable and contributing to the development of global sustainable finance principles [7]. - SSE has made ESG investment a core topic at its international investor conferences, providing opportunities for local companies to showcase their green development efforts to global investors [7].

Core Viewpoint - Wenkang Capital reported a decline in both revenue and net profit for Wenkang Securities in the first half of 2025, indicating ongoing challenges in the financial market [2][3]. Financial Performance - Wenkang Securities reported total assets of 27.504 billion yuan and net assets of 12.084 billion yuan [2]. - The consolidated operating revenue for the first half of 2025 was 5.07 billion yuan, with a net profit of 1.17 billion yuan [2]. - Compared to the previous year, the operating revenue decreased by 13.67% and net profit decreased by 3.36% [3]. - In 2024, Wenkang Securities had an operating revenue of 11.56 billion yuan, down 33.73%, and a net profit of 2.52 billion yuan, down 8.46% [3]. Business Segmentation - The revenue breakdown for Wenkang Securities is as follows: - Proprietary investment business: 1.43 billion yuan (28.21%) - Investment banking business: 1.44 billion yuan (28.37%) - Wealth management business: 1.92 billion yuan (37.77%) - Asset management business: 24.08 million yuan (4.75%) [3][4]. Wealth Management Growth - Wealth management emerged as the core profit driver for Wenkang Securities, with a 106% year-on-year increase in new effective accounts and a 126% increase in new assets [5]. - The average daily financing balance grew by 28%, with a significant increase in financing scale compared to the previous year [5]. Green Finance Initiatives - Wenkang Securities achieved notable success in green finance, acting as the sole underwriter for a 1 billion yuan green corporate bond issuance, which set a new low for coupon rates in Huzhou [6]. - The company also established a 1.355 billion yuan green carbon-neutral rural revitalization asset-backed special plan, marking a significant milestone in green finance initiatives [6].

Core Insights - The company reported a decrease in total assets by 0.89% compared to the previous year, amounting to approximately 153.75 billion RMB [1] - Revenue for the reporting period was approximately 31.33 billion RMB, reflecting an 11.02% decrease from the previous year [1] - The total profit increased significantly by 148.57%, reaching approximately 168.38 million RMB [1] - The net profit attributable to shareholders was approximately 106.93 million RMB, which is a 67.98% increase compared to the same period last year [1] Financial Performance - Total assets at the end of the reporting period were 153,748,536,224.24 RMB, down from 155,125,400,366.74 RMB at the end of the previous year [1] - Operating revenue decreased from 35,208,807,050.87 RMB to 31,328,623,798.17 RMB, a decline of 11.02% [1] - Total profit rose from 67,736,965.22 RMB to 168,375,749.30 RMB, marking an increase of 148.57% [1] - Net profit attributable to shareholders increased from 63,654,396.66 RMB to 106,927,361.28 RMB, a rise of 67.98% [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 686,465 [1] - The largest shareholder, Baotou Steel (Group) Co., Ltd., holds a significant stake in the company [2] - The report indicates that there are no profit distribution plans or capital reserve transfer plans for the current period [1]

Core Viewpoint - The development of carbon finance is crucial for supporting China's dual carbon goals and enhancing the role of financial institutions in the green economy [1][2][7] Group 1: Policy and Strategic Framework - In June 2025, the Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, emphasizing the importance of carbon finance [1] - The China Securities Regulatory Commission (CSRC) has established a comprehensive policy framework for carbon finance, including guidelines for the development of carbon futures and emissions trading [2] Group 2: Role of Shanghai Securities - Shanghai Securities recognizes carbon finance as a key component of its mission to support national strategies and has been actively involved in the carbon finance sector since 2015 [2][6] - The company has established a Green Finance Research Center in 2022 to enhance its capabilities in green finance and has participated in industry standards and ESG reports [2][6] Group 3: Market Potential and Opportunities - The carbon market in China is still in its early stages, with at least 18 brokerages approved for carbon emissions trading, indicating significant growth potential [3] - The company aims to enhance resource allocation, risk management, and price discovery in the carbon finance market to support green transitions [3][4] Group 4: Financial Instruments and Services - Shanghai Securities plans to utilize various carbon financial instruments, such as carbon bonds and derivatives, to provide financing solutions for enterprises transitioning to low-carbon operations [3][4] - The company has successfully issued green bonds for projects that contribute to significant carbon emissions reductions, demonstrating its commitment to green finance [6] Group 5: Integration and Collaboration - The integration of carbon finance with other financial services is essential for meeting diverse corporate needs in green development and transformation [6] - Shanghai Securities is focused on creating synergies between investment banking, asset management, and green finance to enhance its service capabilities [6][7]

Core Insights - In 2021, 50 securities firms acted as lead underwriters for green corporate bonds or managed green asset securitization products, underwriting a total of 102 bonds/products amounting to 137.646 billion yuan [1] - The issuance amount for green corporate bonds (including green asset securitization products) increased by over 50% compared to 2020, while the total underwriting amount for innovative and entrepreneurial company bonds grew by more than 154% [1] Group 1: Green Corporate Bonds - The top five firms in terms of the number of green corporate bonds underwritten were CITIC Securities, Dongwu Securities, CICC, Guotai Junan, and Huatai Asset Management, each underwriting more than 5 bonds [2] - CITIC Securities led with an average of 10.67 bonds underwritten [2] - In terms of issuance amount, CICC, CITIC Securities, Huatai Asset Management, CITIC Jiantou, and Huatai United ranked in the top five, with amounts exceeding 7 billion yuan [2] Group 2: Innovative and Entrepreneurial Company Bonds - The top five firms for the number of innovative and entrepreneurial company bonds underwritten were Dongwu Securities, Caixin Securities, Guotai Junan, Changjiang Securities, and CITIC Securities [2] - Guotai Junan was the only firm with an issuance amount exceeding 5 billion yuan [2] Group 3: Local Government Bonds - The leading firms in terms of actual bid amounts for local government bonds were CITIC Securities, Huatai Securities, Dongfang Securities, Huaxi Securities, and Jiuzhou Securities, each with amounts exceeding 19 billion yuan [2] - In terms of the number of regions bid, Shenwan Hongyuan, Everbright Securities, and Guotai Junan ranked in the top three, each covering more than 30 regions [2]

Group 1 - In 2022, a total of 30 securities firms acted as lead underwriters for technology innovation company bonds, underwriting 83 bonds with a total amount of 102.841 billion yuan [1] - For green company bonds, 55 securities firms served as lead underwriters or managers of green asset securitization products, underwriting or managing 152 bonds or products with a total amount of 171.658 billion yuan, including 55 asset securitization products totaling 77.113 billion yuan [1] - In the realm of private enterprise company bonds, 45 securities firms acted as lead underwriters or managers of asset securitization products, underwriting or managing 364 bonds or products with a total amount of 349.142 billion yuan, including 242 asset securitization products totaling 221.892 billion yuan [1] Group 2 - A total of 63 securities firms participated in the issuance of local government bonds in 2022, with a total bid amount of 22.720 billion yuan across 10 regions [1]

Core Viewpoint - The bond issuance project of Xinyang Construction Investment Group Co., Ltd. for 1.5 billion yuan has been terminated, marking the fourth failed financing attempt in 2025, indicating significant liquidity pressure on the company [1][3]. Financing Status - The company planned to issue 1.5 billion yuan in rural revitalization bonds, but the project status has been updated to "terminated" [2]. - This termination is part of a broader trend, with a total of 5.42 billion yuan in financing projects halted within five months, including a 1.2 billion yuan green corporate bond and a 1.22 billion yuan water supply contract asset-backed plan [3]. Liquidity Pressure - Xinyang Construction Investment has shown signs of liquidity stress, with nine commercial bills overdue in the first half of 2025, amounting to 360 million yuan [3]. - The company is listed among 889 firms with multiple overdue bills, which may affect its ability to secure future financing [3][4]. Debt Structure - As of the end of 2024, the company's total bond issuance reached 17.4 billion yuan, with new issuances of 7.58 billion yuan and repayments of only 4.41 billion yuan during the same period [4]. - Short-term debt is particularly concerning, with short-term borrowings at 3.11 billion yuan and current liabilities totaling 5.73 billion yuan, of which over 65% are bonds payable [4]. Guarantee Risks - The company has a significant guarantee network, with 87 guarantees totaling 17.01 billion yuan and 72 external guarantees amounting to 7.54 billion yuan, some of which are already overdue [5]. - Restricted assets amount to 6.87 billion yuan, representing 33.1% of net assets, further limiting financing options [5]. Cash Flow Challenges - The company reported a net cash flow from operating activities of -2.33 billion yuan in 2024, worsening from -680 million yuan in 2023, indicating reliance on external financing [6]. - Investment cash flow has been negative for four consecutive years, reaching -560 million yuan in 2024 [6]. Financial Performance - In 2024, the company achieved operating revenue of 1.97 billion yuan with a net profit of 90 million yuan, resulting in a net profit margin of 4.7% [6]. - The first quarter of 2025 saw a 121.4% increase in operating revenue to 470 million yuan, but net profit fell by 22.1% to 14.29 million yuan, highlighting a disconnect between revenue growth and profitability [7].