2025年以来，中国经济保持稳中有进、稳中向好的发展态势，资本市场在全球经济复杂波动中展现出强 劲韧性与活力，主要指数创出年内新高，市场活跃度持续提升。在新"国九条"框架下，资本市场基础制 度持续完善，市场生态不断优化，内在稳定性显著增强。 本轮资本市场改革所呈现出的系统性深化特征，为证券行业中长期高质量发展、业务扩容及模式升级筑 牢根基。中金公司作为国有金融机构的中坚力量，始终牢记服务国家战略的使命，充分发挥链接资本市 场资金供给端和实体经济资金需求端的桥梁作用，持续在服务科技创新、绿色转型、高水平对外开放等 领域积极作为，交出了一份亮眼的"十四五"答卷。 赋能实体经济 攻坚核心战略领域 当前，中国式现代化建设进入关键阶段，证券行业作为直接融资的核心载体，正从"规模扩张"向"质量 提升"转型，积极服务科技自立自强、绿色低碳发展等国家战略。 绿色金融是中金公司服务高质量发展的另一重要抓手。"十四五"期间，我国绿色金融与市场机制不断完 善，形成了绿色信贷、绿色债券、绿色保险、绿色基金、绿色信托等多层次绿色金融产品和市场体系， 碳排放权交易制度也在科学合理控制总量的前提下得以建立。 立足经济绿色转型和可持续发展的 ...

Core Viewpoint - Green finance is becoming a crucial engine for supporting China's sustainable and high-quality economic development in response to global climate change and the "dual carbon" goals [2][4]. Group 1: Green Finance Strategy - Since the introduction of the "dual carbon" goals in 2020, carbon reduction and emission control have become core tasks for national deployment [4]. - The 2023 Central Financial Work Conference emphasized the importance of green finance as a key element in achieving carbon peak and carbon neutrality goals, with continuous government policies being introduced to support sustainable development [4][5]. - CITIC Bank aims to support the green transition of the real economy through green finance innovation, leveraging resources from CITIC Group [5]. Group 2: Innovative Financial Products - CITIC Bank has developed a "1+N+N" model for its green finance product system, providing a variety of financial tools such as green loans, green bonds, and green insurance [7]. - The bank's innovative "sustainable-linked loan management" mechanism links corporate ESG performance to loan interest rates, allowing companies to receive interest rate discounts for achieving preset ESG goals [11]. Group 3: Successful Case Studies - CITIC Bank's Guangzhou branch successfully issued a REITs project based on distributed photovoltaic assets, achieving a scale of 694 million yuan and becoming the first local state-owned enterprise REITs product integrating "green + carbon neutrality + rural revitalization" themes [9][10]. - The Nanjing branch introduced a "rate floating-carbon effect betting" mechanism, linking carbon emissions to loan interest rates, which successfully reduced financing costs for a high-energy-consuming fossil enterprise [12]. Group 4: Carbon Management Services - CITIC Bank has established a carbon management service system that includes carbon consulting, carbon accounting, and carbon trading, providing comprehensive carbon management services to corporate clients [13]. - The bank's "green low-carbon platform" serves as a marketing touchpoint and data hub, supporting enterprises in quantifying carbon emissions and providing targeted financing solutions [13]. Group 5: Future Outlook - CITIC Bank's green finance strategy reflects its commitment to responsibility under the "dual carbon" goals and its proactive positioning in the global green finance wave [17]. - The bank aims to deepen its green finance strategy by collaborating with group subsidiaries and external partners, focusing on product innovation and market expansion to support more green finance products [17].

Core Viewpoint - Green finance is becoming a crucial engine for supporting China's sustainable high-quality economic development in the context of global climate change and the "dual carbon" goals [1] Group 1: Green Finance Strategy - CITIC Bank actively responds to national green finance policies and promotes low-carbon transformation for enterprises through its unique product service system and innovative thinking [1] - The bank has established a "1+N+N" model for its green finance product system, providing a variety of financial tools such as green loans, green bonds, and green insurance, along with comprehensive and flexible customized services [2] - By June 30, 2025, CITIC Bank's green credit balance is expected to reach 701.415 billion yuan, representing a 17% increase from the previous year [1] Group 2: Innovative Financial Solutions - CITIC Bank's Guangzhou branch has successfully issued a REITs project based on distributed photovoltaic assets, achieving an issuance scale of 694 million yuan, marking the first of its kind in the Shenzhen Stock Exchange [4] - The bank has introduced a "sustainable-linked loan management approach," linking corporate ESG performance to loan interest rates, allowing companies to receive interest rate discounts for meeting predefined ESG targets [6][7] - The "carbon footprint-linked loan" mechanism encourages enterprises to reduce carbon emissions through technological upgrades, creating a positive cycle of cost reduction and environmental benefits [7] Group 3: Comprehensive Carbon Management Services - CITIC Bank has developed a carbon management service system that includes carbon consulting, carbon accounting, and carbon trading, providing comprehensive support for enterprises' carbon management needs [8] - The bank's "green low-carbon platform" serves as a marketing touchpoint and data hub, facilitating the development of precise financial products and risk pricing [8] Group 4: Future Outlook - CITIC Bank aims to deepen its green finance strategy by collaborating with group subsidiaries and external partners, focusing on product innovation, technology application, and market expansion [10] - The bank aspires to be not only a "fund provider" for enterprises' green transformation but also a "data partner" and "eco-builder" in creating a low-carbon future [10]

Core Viewpoint - The Shanghai Stock Exchange has released a report on the progress of ESG practices over the past 20 years, emphasizing the importance of sustainable development and the collaborative efforts of various market participants in enhancing ESG investment and financing [1] Group 1: Policy and Regulatory Framework - Continuous improvement of top-level design has provided a clear development blueprint for ESG practices in China, with significant policies introduced in 2023 to enhance green finance standards and products [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the aggregation of resources towards green and low-carbon sectors, enhancing the influence of China's green finance on the international stage [2] Group 2: Market Trends and Growth - Data shows that the issuance of green bonds in China has increased by 5.03% in volume and 22.24% in scale year-on-year, with a notable expansion in the green fund market, which saw a 115% increase in new products [3] - The total transaction volume of green bonds reached 677.23 billion yuan, with a year-on-year growth of 11.51%, indicating a strong upward trend in ESG investments [6] Group 3: Challenges and Opportunities - Despite the growth in ESG investments, their market share remains low compared to the overall capital market, with green bonds accounting for only 0.25% of total bond market transactions, highlighting significant room for improvement [6] - The low market share of ESG investments is attributed to supply-demand mismatches, including inconsistent data quality and a lack of investor understanding of ESG's long-term value [6][7] Group 4: Future Outlook - The future of ESG investment in China is expected to be characterized by a more diverse range of products and an increase in market participants, with more companies integrating ESG into their strategic planning [7] - Enhanced investor education and product innovation are anticipated to drive greater participation from individual investors in ESG investments [7]

本报记者 田鹏 近日，上交所发布《贯彻"两山"理念沪市ESG实践二十年》，向境内外市场参与者系统介绍沪市二十年来ESG实践探索的 阶段性进展，以引导市场参与各方继续积极参与、践行可持续发展理念。 当前，随着顶层设计的不断完善，监管机构、企业、投资者等多方主体协同发力，ESG实践正迈入高质量发展的全新阶 段：以ESG为主题的金融产品不仅类型日益丰富，规模亦持续扩大，有力推动了ESG投融资的进一步发展，进而为中国资本市 场提升全球竞争力注入了强劲动力。 接受记者采访的专家认为，ESG金融产品的扩容与ESG投融资的深化，本质上是资本要素向绿色发展领域的精准配置，这 不仅有助于引导企业将环境、社会与治理责任融入发展战略，更能通过市场机制倒逼产业结构优化。随着ESG实践的高质量发 展，ESG将成为提升中国资本市场全球话语权的重要抓手。一方面，标准化的ESG实践能增强境内市场对国际资本的吸引力； 另一方面，本土经验的沉淀与输出，也将推动全球ESG框架更具包容性与多样性。 顶层设计持续完善 近年来，顶层设计不断完善，为我国ESG实践勾勒出清晰的发展蓝图。 特别是今年以来，一系列重磅政策接续出台：2月份，中国证监会发布《关于 ...

Core Insights - The People's Bank of China reported that by the end of Q2 this year, the balance of green loans in both domestic and foreign currencies reached 19.55 trillion yuan, marking a year-on-year growth of 40.4% and an increase of 7.4 percentage points compared to the end of the previous year, which is significantly higher than the overall loan growth rate of 29.6% [1] Summary by Category Green Loan Balance - The green loan balance increased by 3.53 trillion yuan in the first half of the year [1] - The balance for infrastructure green upgrades, clean energy, and energy-saving and environmental protection industries were 8.82 trillion yuan, 5.04 trillion yuan, and 2.63 trillion yuan respectively, with year-on-year growth rates of 32.2%, 40.8%, and 62.8% [1] Industry Breakdown - The balance of green loans in the electricity, heat, gas, and water production and supply sector reached 5.08 trillion yuan, with a year-on-year increase of 30.8%, adding 603.9 billion yuan in the first half of the year [1] - The transportation, warehousing, and postal services sector had a green loan balance of 4.39 trillion yuan, reflecting a year-on-year growth of 10.3%, with an increase of 263.1 billion yuan in the first half of the year [1] Development of Green Finance - China has made significant progress in developing green finance, establishing a multi-layered market system that includes green loans, green bonds, green insurance, green funds, green trusts, and carbon financial products [1]

Core Viewpoint - The issuance of the "Green Finance Support Project Directory (2025 Edition)" by the People's Bank of China and other regulatory bodies marks a significant step in unifying standards for green financial products, expanding the scope of green finance to include green trade and consumption, thereby enhancing support for environmental improvement and industrial transformation [1][2][3]. Summary by Relevant Categories Green Finance Product Standards - The new directory includes nine categories such as energy-saving and carbon reduction industries, environmental protection industries, resource recycling industries, and green consumption, establishing a unified standard for green financial products [2][3]. - The directory addresses the previous inconsistencies in green finance standards, facilitating better integration of various green financial products and reducing management costs for banks [3]. Expansion of Green Finance Scope - The addition of green trade and green consumption categories broadens the support range of green finance, creating new growth points by linking production, trade, and consumption [4][5]. - Green trade encompasses efficient energy-saving equipment and green certified products, while green consumption includes electric vehicles and energy-efficient buildings, promoting a virtuous cycle of "consumption supporting production" [4][5]. Market Impact and Growth Potential - The directory is expected to enhance the liquidity of green financial markets and improve asset management efficiency, as it allows banks and financial institutions to better identify and manage green projects [6][7]. - As of the first quarter of 2025, green bonds have accumulated to 4.3 trillion yuan, with green loans reaching a balance of 42.39 trillion yuan, reflecting a 14.4% increase since the beginning of the year [6][7].

Group 1: Green Finance Development - The issuance of green financial bonds by banks has significantly increased, with the interbank market's issuance scale surpassing 170 billion yuan this year, compared to approximately 222.5 billion yuan for the entire year of 2024, indicating a notable growth and acceleration in issuance pace [2] - The Central Financial Work Conference has prioritized green finance as one of the key areas for financial development, emphasizing the need for a comprehensive green transformation of the economy and society [3] - The implementation plan for high-quality development of green finance in the banking and insurance sectors has been jointly released by the National Financial Supervision Administration and the People's Bank of China, providing important guidance for the sector [3] Group 2: Construction Bank's Green Initiatives - Construction Bank has issued a green financial bond with a scale of 30 billion yuan, with 25 billion yuan allocated for fixed-rate bonds and 5 billion yuan for floating-rate bonds, aimed at financing green industry projects [2] - As of the end of 2024, Construction Bank's green loan balance reached 4.7 trillion yuan, an increase of 814.973 billion yuan from 2023, and it participated in underwriting 112 domestic and international green and sustainable development bonds with a total issuance scale of 186.39 billion yuan [5] - Construction Bank has achieved an MSCI ESG rating of AAA, the highest level, making it the only bank among the top ten global banks by market capitalization to receive this rating, reflecting its comprehensive integration of ESG factors into its operations [6] Group 3: Support for Low-Carbon Economy - Construction Bank has actively supported the development of low-carbon projects, such as the 30 GW monocrystalline battery project by Longi Green Energy in Ordos, providing a syndicated loan of 298 million yuan to ensure project completion [8] - The Chongqing Tonghui Energy Company's LNG plant, supported by Construction Bank, is expected to process 1 million cubic meters of natural gas daily and produce over 200,000 tons of LNG annually, significantly contributing to carbon dioxide reduction [10] - The bank's financial support for clean energy and environmental protection projects exemplifies its transformation from a "fund provider" to a "green transition engine," contributing to China's green and low-carbon economic transformation [10]

Group 1 - The emergence and development of green finance policies provide new opportunities for corporate financing, particularly in expanding financing channels, reducing financing costs, and guiding corporate green transformation [1][3][4] - Green finance policies encourage financial institutions to increase funding support for green projects, leading to the development of specialized green credit products that offer easier access to loans for companies in environmentally friendly sectors [1][3] - The issuance of green bonds, supported by the government, creates a broad platform for corporate green financing, often allowing for lower interest rates compared to traditional bonds, thus optimizing debt structures and reducing financing costs [1][3] Group 2 - Green finance policies provide tangible financing cost benefits for green enterprises, with financial institutions lowering loan rates and waiving fees, which directly reduces interest expenses and enhances profitability [3][4] - Government fiscal subsidy policies further alleviate financing pressures on companies, enabling them to invest saved funds into technology development and market expansion, thereby improving product quality and service levels [3][4] - The recognition of a company's green image in the market attracts more investors and partners, creating a virtuous cycle that further lowers financing costs for green enterprises [3][4] Group 3 - Green finance policies effectively guide companies towards green innovation, prompting them to invest in energy-saving and resource-recycling technologies to enhance environmental performance and production efficiency [4] - The pressure and guidance from green finance policies lead high-pollution and high-energy-consuming enterprises to explore clean production technologies, facilitating their transition to green low-carbon models [4] - The implementation of green finance policies promotes the flow of social funds from high-pollution industries to green industries, enabling rapid development of emerging sectors like renewable energy and environmental protection [4]

Core Insights - As of the end of Q1, the balance of green loans at Industrial Bank has exceeded 1 trillion yuan, reaching 1,017.5 billion yuan, supporting projects that can achieve annual CO2 emissions reduction of 29.68 million tons and annual water savings of 18.16 million tons, demonstrating significant economic, environmental, and social benefits [1] - Industrial Bank is a leader in green finance and ESG in China, actively implementing national policies for green transformation and supporting both emerging sectors and the green transition of traditional industries [1] - The bank's loans in key pollution reduction areas such as water and solid waste management, as well as carbon reduction sectors like clean energy and public transportation, have reached over 120 billion yuan and 340 billion yuan respectively [1] - The balance of green loans in key river basins, such as the Yangtze and Yellow Rivers, has exceeded 510 billion yuan and 170 billion yuan respectively [1] - In the carbon finance sector, Industrial Bank focuses on meeting the financing needs of green industries, innovating carbon finance products, and has launched over 20 billion yuan in carbon asset pledge and carbon reduction-linked loan products since 2024 [1] - The bank also provides non-financial services such as carbon consulting and accounting to assist enterprises in their green and low-carbon transitions [1] Financial Products and Growth - Industrial Bank has expanded its range of green financial products, including green bonds, asset management, leasing, trusts, and funds, to meet diverse customer needs [2] - As of the end of Q1, the total scale of green finance financing for the group reached 2,318.1 billion yuan, reflecting a growth of 4.98% since the beginning of the year [2]