在产品与服务创新方面，兴业银行总行发布《兴业银行关于推进绿色金融高质量发展的意见》《兴业银 行绿色金融产品与服务手册（2024年版）》《关于做好转型金融业务推动的通知》等文件，指引各分行 加大绿色金融创新力度；南京分行于2024年编制发布《关于开展碳金融综合服务营销的通知》等文件， 保持本行绿色金融产品创新的活力和动力。 近年来，兴业银行南京分行大力发展绿色金融，持续完善绿色金融产品与服务体系，通过绿色金融"融 资+融智"服务，探索减污降碳协同推进，全面支持江苏生态文明建设。截至2025年10月末，已累计为 江苏2800余家企业提供绿色融资超6600亿元。 持续提升服务能力 兴业银行南京分行一是设立绿色金融部，专门负责辖内绿色金融行业研究、业务推动、业务管理等。辖 内二级分行均设置绿色金融产品经理岗，负责跟进当地绿色项目，参与绿色金融服务方案制定。着力推 进绿色金融万人计划稳健实施，定期开展绿色金融业务培训，总结绿色金融优秀案例，录制绿色金融课 程。二是基于行业研究成果，逐年制定并发布绿色金融及重点行业业务发展规划，明确重点方向、支持 政策、推动措施。该行绿色金融业务已覆盖低碳经济、循环经济、生态经济三大领域 ...

也要看到，在赋能新时代绿色发展方面，我国绿色金融仍面临一些问题和挑战。例如，绿色金融标 准体系不完善，国内外标准不统一、地方与行业标准差异大；碳市场交易规模低、行业覆盖范围有限、 价格发现功能较弱；绿色金融工具仍以传统信贷、债券为主，创新性产品不足。未来需要加快绿色金融 的发展和升级。 一方面，健全绿色金融标准体系。加强统筹协调，在建立完善绿色金融标准体系方面持续发力。加 快转型金融标准体系建设，制定出台统一的金融机构和金融业务碳核算标准。加强对金融机构的引导和 监督，促进标准实施。积极参与国际标准制定，提升我国在国际绿色金融标准制定中的话语权和影响 力。 另一方面，丰富绿色金融和转型金融产品及服务。金融机构要在扩绿、降碳、减污等方面不断丰富 产品和服务。发挥碳金融在全国碳市场建设中的助推作用。金融机构要规范开展碳质押融资业务，稳步 参与全国碳市场建设，稳慎探索开发"碳金融"产品和服务。 (本文来源：经济日报 作者系国家信息中心正高级经济师 李若愚) 绿色发展是高质量发展的底色，绿色金融在其中发挥了引领和支持作用。《中共中央关于制定国民 经济和社会发展第十五个五年规划的建议》明确提出，大力发展科技金融、绿色金 ...

绿色发展是高质量发展的底色，绿色金融在其中发挥了引领和支持作用。《中共中央关于制定国民经济 和社会发展第十五个五年规划的建议》明确提出，大力发展科技金融、绿色金融、普惠金融、养老金 融、数字金融。未来，我国绿色转型和降碳任务仍然艰巨，需要推动绿色金融服务再上新台阶，全力做 好绿色金融"大文章"。 （作者系国家信息中心正高级经济师） （文章来源：经济日报） 也要看到，在赋能新时代绿色发展方面，我国绿色金融仍面临一些问题和挑战。例如，绿色金融标准体 系不完善，国内外标准不统一、地方与行业标准差异大；碳市场交易规模低、行业覆盖范围有限、价格 发现功能较弱；绿色金融工具仍以传统信贷、债券为主，创新性产品不足。未来需要加快绿色金融的发 展和升级。 一方面，健全绿色金融标准体系。加强统筹协调，在建立完善绿色金融标准体系方面持续发力。加快转 型金融标准体系建设，制定出台统一的金融机构和金融业务碳核算标准。加强对金融机构的引导和监 督，促进标准实施。积极参与国际标准制定，提升我国在国际绿色金融标准制定中的话语权和影响力。 另一方面，丰富绿色金融和转型金融产品及服务。金融机构要在扩绿、降碳、减污等方面不断丰富产品 和服务。发挥 ...

Core Viewpoint - China announced a new round of national contributions to reduce greenhouse gas emissions by 7%-10% from peak levels by 2035, emphasizing the need for significant financial investment to achieve these deep decarbonization goals [2] Green Finance Development - The green finance market in China has rapidly expanded during the 14th Five-Year Plan, with green loans increasing from 20 trillion yuan to 36.6 trillion yuan from 2021 to 2024, and green bond issuance exceeding 4.1 trillion yuan, positioning China at the forefront globally [2][3] - CICC has played a pivotal role in supporting the national "dual carbon" goals, leveraging its capital market advantages to channel hundreds of billions into renewable energy, low-carbon transitions, and ecological protection [2] Green Financing Tools Innovation - CICC has been a leader in the innovation of green financing tools, successfully underwriting China's first carbon-neutral themed green financial bond aimed at global investors [3][4] - The establishment of unified standards for green finance products has been facilitated, with CICC assisting in the issuance of the first green financial bond aligned with the EU's sustainable finance taxonomy [4] Green Investment Initiatives - CICC has initiated multiple green-themed funds focusing on new energy, new materials, and new technologies, investing in over 70 projects to promote low-carbon economic development [5][6] - The Shandong Green Development Fund, established with international financing, targets energy structure transformation and green infrastructure, with a total subscription scale reaching 8 billion yuan [6] ESG Integration in Investment Decisions - CICC incorporates ESG factors into its investment decision-making process, developing a comprehensive ESG evaluation system to assess over 4,000 bond issuers [7] Future Outlook on Green Investment - The green finance market is expected to continue expanding, with a projected investment demand of 17.5 trillion yuan in key areas by 2030, which could lead to a reduction of 1.2 billion tons of emissions and a GDP growth of 1.2% annually [8][9] - To bridge the investment gap for carbon peak targets, CICC emphasizes the need for increased efforts on both the demand and supply sides, including expanding carbon markets and reducing the costs of clean energy technologies [9]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic importance of green development in China's modernization efforts, emphasizing the need for a comprehensive green transformation in economic and social development [5][8] - The introduction of the first specialized policy document on green trade by the Ministry of Commerce aims to address weaknesses in China's green trade development and promote low-carbon capabilities among enterprises [10][11] - The report outlines China's commitment to climate governance, showcasing significant progress in areas such as carbon market development and regulatory frameworks [12][15] Policy Trends - The Central Committee of the Communist Party of China released guidelines for the 15th Five-Year Plan, emphasizing green transformation and ecological security [5][6] - The Ministry of Commerce issued implementation opinions to expand green trade, focusing on enhancing the green capabilities of foreign trade enterprises and optimizing the international environment for green trade [10][11] Industry Trends - The Ministry of Ecology and Environment published the 2025 Annual Report on China's Climate Change Policies and Actions, detailing the country's efforts in climate governance and its commitment to achieving carbon neutrality by 2035 [12][15] - Shanghai introduced guidelines for the construction of age-friendly shopping malls, addressing the needs of the elderly population in urban settings [17][20] - The 2025 World Animal Welfare and Sustainable Food Conference was held in Beijing, promoting sustainable agricultural practices and animal welfare standards [21][26] International Events - The 20th International Environmental Expo was held in Hong Kong, showcasing innovative environmental technologies and sustainable development solutions [27][28] - Officials from the US and Qatar warned that the EU's new climate law could threaten energy security and investment environments in Europe [29][30] Corporate Developments - Ping An Insurance achieved the highest MSCI ESG rating of AAA, maintaining its position as a leader in the Asia-Pacific region for four consecutive years [31][32] - The company has integrated sustainable development into its core strategy, focusing on green finance and responsible investment practices [33][34]

Core Viewpoint - The Chinese banking industry is undergoing significant structural differentiation due to declining loan interest rates and intensified competition, prompting banks to enhance operational resilience and seize strategic opportunities for high-quality development [1][2]. Financial Performance - As of the end of September, Ningbo Bank's total assets exceeded 3.5 trillion yuan for the first time, growing by 14.50% year-to-date [1][9]. - The bank achieved operating income of 54.976 billion yuan, an increase of 8.32% year-on-year, and net profit attributable to shareholders of 22.445 billion yuan, up 8.39% year-on-year [3][5]. - The net interest margin stood at 1.76%, reflecting a 2 basis point rebound from the previous quarter, outperforming the industry average [3][10]. Risk Management - Ningbo Bank maintains a low non-performing loan ratio of 0.76%, having kept it below 1% for 18 consecutive years, demonstrating strong risk control capabilities [1][10]. - The bank's proactive risk management approach includes a comprehensive risk management system supported by technology, which has led to a significant reduction in the migration rate of watchlist loans from 52.60% to 35.43% [10][11]. Strategic Focus - The bank emphasizes serving the real economy by directing credit resources towards small and micro enterprises and technological innovation, reflecting a commitment to differentiated competitiveness [1][6]. - Ningbo Bank has established a dedicated Technology Finance Department to support tech enterprises and has created ecosystems around technology innovation, equity funds, and mergers and acquisitions [8][9]. Non-Interest Income Growth - Non-interest income has shown remarkable growth, with net fee and commission income reaching 4.848 billion yuan, a year-on-year increase of 29.31% [4][5]. - The bank's subsidiary, Yongying Fund, has also performed well, with its actively managed equity fund scale increasing by 76.513 billion yuan, ranking first in the market [4]. Digital Transformation - Ningbo Bank is actively pursuing digital transformation, integrating AI and big data into its operations to enhance efficiency and customer service [10][11]. - The bank has launched various products aimed at improving corporate financial management, such as the upgraded "Kunpeng Treasury" and "Financial Manager" services [11]. Conclusion - Overall, Ningbo Bank's third-quarter report highlights its resilience and vitality in navigating through economic cycles, with effective net interest margin management and explosive growth in non-interest income serving as core supports for its performance [5][9].

Core Insights - The application of blockchain technology in the green finance sector is gaining attention due to the increasing demand for diversified financing channels for green projects and the rapid advancement of low-carbon industrial transformation [1][3] - Despite the growth potential, China's green finance development faces challenges such as an inadequate credit mechanism, lack of standards, limited coverage, insufficient product innovation, and weak risk regulation capabilities [1][3] - The Chinese government has initiated policies to promote the application of blockchain in finance, including the establishment of a blockchain standard system to enhance governance and system development [1][2] Current Application of Blockchain in Green Finance - Since the introduction of green finance policies in China in 2016, blockchain technology has been gradually integrated into green finance operations, with 73.17% of financial institutions utilizing technology in their green finance activities by 2022 [2] - The establishment of blockchain-based platforms for green finance, such as those by banks and tech companies, has led to significant cost reductions in issuing green bonds, with costs dropping from approximately $6.45 million to $690,000 [2] - The current application of blockchain in green finance is still in the pilot stage, with issues such as low participation, an incomplete regulatory framework, and immature models being prominent [3] Local Government Initiatives - Local governments have successfully implemented blockchain technology in green finance, focusing on four main areas: financing and regulation of green projects, carbon trading and account management, innovation of green financial products, and the establishment of a green credit system [4][5] - Examples include the "Qurongtong" and "Green Loan Pass" platforms, which facilitate effective fund allocation and supervision of green projects [4] - The use of blockchain in carbon trading markets enhances transparency and reduces fraud, thereby improving market credibility and efficiency [4] Corporate Contributions - Tech companies are actively promoting the integration of blockchain with green finance, developing decentralized data-sharing platforms and innovative green financial products [6] - Blockchain technology aids in managing carbon assets and optimizing carbon reduction goals, as seen in projects by companies like Ant Group and China Huadian [6] - The establishment of green credit evaluation systems using blockchain helps financial institutions assess the green credit status of enterprises more accurately [6] Advantages of Blockchain in Green Finance - Blockchain enhances internal data processing capabilities for companies, allowing for better management of carbon assets and more innovative financial products [7] - It addresses the "greenwashing" issue in the green finance market by providing transparent and standardized transaction processes [8] - The technology supports the efficient implementation of national green finance strategies and encourages local governments to foster green industries [9] Challenges in Blockchain Application - Blockchain technology faces performance issues, including low transaction speeds and storage capacity limitations, which could hinder the efficiency of green finance transactions [10][11] - The lack of a comprehensive regulatory framework poses risks to data privacy and compliance for enterprises utilizing blockchain in green finance [12] - High energy consumption associated with blockchain operations necessitates further technological advancements to achieve low-energy operations [13] Recommendations for Development - Selecting appropriate consensus mechanisms and optimizing algorithms for blockchain networks can enhance performance while ensuring data privacy and security [14] - Legislative measures should be established to provide a legal framework for blockchain applications in green finance, addressing various regulatory needs [15] - Financial incentives, such as subsidies and tax benefits, should be offered to encourage financial institutions to adopt low-energy consensus mechanisms in green finance projects [16][17]

Core Viewpoint - The development of China's green finance system is accelerating, with increasing financial support for green and low-carbon transitions, leading to a more comprehensive product system that aids in the overall green transformation of the economy and society [1][2]. Group 1: Market Development - The demand for green finance is rising during the "14th Five-Year Plan" period, with efforts to meet the reasonable funding needs of financing entities for green and low-carbon transitions [1]. - China's green finance market has established a leading scale, optimized structure, diverse tools, and improved risk control, with a product system that is increasingly complete [1][4]. - As of the end of Q2 2025, the balance of green loans is approximately 42.39 trillion yuan, and the balance of green bonds exceeds 2.2 trillion yuan, positioning China at the forefront globally [1]. Group 2: Policy Support - The rapid development of green finance is significantly supported by policy initiatives, with numerous related policies introduced this year [3]. - In August, the People's Bank of China and seven departments jointly issued guidelines to leverage green finance for supporting the green and low-carbon circular development of industries [3]. - The Ministry of Finance released a framework for green sovereign bonds in February, aiming to issue these bonds internationally to attract foreign investment for domestic green and low-carbon development [3]. Group 3: Future Outlook - China's green finance market is transitioning from a phase of scale expansion to one of quality enhancement, with policy innovation, product iteration, and international cooperation expected to deepen integration into the new industrialization process [4]. - The "dual carbon" goals create significant development space for green finance, with ongoing policy benefits likely to accelerate market expansion [4]. - Future trends in green finance product innovation will focus on enhancing service capabilities for the real economy, targeting specific sectors, and deepening international cooperation [4].

Core Viewpoint - The training session held in Taiyuan aims to promote the high-quality construction of green electricity parks in Shanxi Province, integrating green finance to support this initiative [1][2][3] Group 1: Policy and Strategic Goals - The construction of green electricity parks is a key strategy for Shanxi Province to transition from a coal-dominated economy to a cleaner, low-carbon model [1] - The provincial government emphasizes the need for precise project attraction, focusing on leading and key industries, and utilizing green electricity advantages to attract industrial transfers from eastern regions [2] Group 2: Financial Support and Innovation - Shanxi Financial Investment Holding Group has been actively enhancing green financial services, utilizing tools such as green funds, green bonds, and green leasing to strengthen investment and financing support [2] - The group is exploring innovative financial solutions, including an integrated service system for electricity and carbon management, to provide tailored services for green electricity parks [2] Group 3: Training and Collaboration - The training aims to enhance participants' understanding of policies and financial tools related to green electricity parks, fostering practical applications to accelerate project implementation [3] - A collaboration agreement was reached between Shanxi Financial Investment Holding Group and the European CBAM core certification agency, aiming to provide internationally recognized green electricity traceability certification services for renewable energy projects [3] - The establishment of the "Green Electricity Park Innovation Service Alliance" was promoted, bringing together partners from various fields to offer integrated professional services throughout the planning, construction, and operation of green electricity parks [3]

Core Viewpoint - Since 2025, China's economy has shown steady progress, with the capital market demonstrating resilience and vitality amid global economic fluctuations, leading to new highs in major indices and increased market activity [1] Group 1: Capital Market Development - The current round of capital market reforms is characterized by systematic deepening, laying a solid foundation for the long-term high-quality development of the securities industry, business expansion, and model upgrades [1] - Under the new "National Nine Articles" framework, the basic systems of the capital market are continuously improved, optimizing the market ecology and significantly enhancing internal stability [1] Group 2: Support for Real Economy - The securities industry is transitioning from "scale expansion" to "quality improvement," actively serving national strategies such as technological self-reliance and green low-carbon development [2] - By mid-2023, the company has sponsored over 50 companies listed on the Sci-Tech Innovation Board, raising more than 200 billion yuan, accounting for about 20% of the total IPO financing on the board [3] Group 3: Green Finance Initiatives - During the "14th Five-Year Plan" period, the company has actively participated in the construction of the green finance market and the innovation of green financial products, guiding funds towards green finance to achieve carbon neutrality goals [4] - The company has completed several innovative projects, including assisting leading new energy technology companies in going public and issuing offshore green sovereign bonds [4] Group 4: Financial Risk Management - The company plays a crucial role in optimizing risk prevention mechanisms in key areas, facilitating mergers and acquisitions and debt restructuring as tools for corporate structural optimization and risk resolution [5] - In the first half of 2025, the company announced 34 merger transactions with a total value of approximately 32.8 billion USD, and has helped resolve over 8 trillion yuan in corporate debt [5] Group 5: Cross-Border Financial Expansion - The company has established an international network covering major global financial centers and has maintained a leading market share in QFII business for 22 consecutive years [6][7] - By mid-2025, the company has introduced approximately 130 billion yuan in foreign capital, supporting the internationalization of the renminbi and enhancing the capital market's global connectivity [6] Group 6: Future Outlook - The company emphasizes the importance of boosting demand and supply to achieve the 2035 vision, focusing on debt resolution and consumption promotion while advancing technological innovation [8] - As it approaches the end of the "14th Five-Year Plan" and its 30th anniversary, the company aims to enhance its professional capabilities and contribute significantly to China's modernization efforts [8]