□ 有助于股票市场持续成长，中长期平稳向好。股票市场对实体经济高质量发展的支持力度会持续加 大，对经济发展作出更大贡献。 □ 有助于市场更加有力地支持高新技术企业上市，更好支持新质生产力的培育与成长。一方面，科技企 业上市加快将激活股市的融资与成长双引擎；另一方面，科技赛道崛起将优化股市结构并重塑估值体 系。 2024年9月以来，股票市场向好势头整体巩固，上证指数累计涨幅超39%；创业板、科创板指数累计涨 幅均超99%。我国股票市场究竟发生了怎样的重大变化？这种变化会有怎样的重大意义？这是本文讨论 的主要内容。 一、我国股票市场跨入新发展时代的特征 □ 连 平 王运金 股票市场跨入新发展时代，是我国经济金融发展过程中具有里程碑意义的大事，将产生一系列重大而积 极的影响： □ 有助于丰富股票、基金以及衍生品等资本市场产品，为境内外投资者提供更多优质的可投资产品。一 方面，股票市场投资需求推动产品拓展与创新；另一方面，政策推动产品创新。 □ 有助于提升居民的资产配置能力，不断改善配置结构。资本市场的加速发展正深刻重塑居民资产配置 格局，推动配置能力的提升与配置结构的优化，而房地产与权益资产的占比调整则成为核心趋势 ...

今年3月6日，全国温室气体自愿减排交易市场首批国家核证自愿减排量（CCER）完成登记，已登记的 项目减排量共948万吨。有出售意愿的项目业主将CCER从注册登记系统转入交易系统，并于3月7日在 北京绿色交易所开展交易。在金融如何具体支持行业转型方面，张兴提出多项建议如强化绿色金融精准 支持、发挥碳定价与市场机制作用、推动绿色银行治理转型等。张兴强调，银行业应"积极跟踪国际银 行业绿色金融的前沿发展动态"，提升专业能力与市场形象。 另外，商业银行还应扩大绿色投融资规模，创新绿色基金、转型债券、转型贷款等产品，并推动绿色金 融数字化转型，运用物联网、大数据、人工智能等技术提升绿色资产识别与碳核算效率。建立健全气候 风险识别与管理体系，开展气候风险压力测试，防范"黑天鹅"与"灰犀牛"事件。张兴特别指出，要"推 动碳账户、碳质押、碳远期等金融工具创新，积极参与全国碳市场建设，服务碳资产管理和市场化减 排"。 实现能源资源行业"双碳"目标是一项系统工程，需要政策、科技、金融协同发力。"十五五"期间，金融 机构应把握绿色转型机遇，完善服务体系，创新金融工具，为构建绿色低碳循环发展的经济体系提供坚 实支撑。在全球气候治理进 ...

Core Insights - The article highlights the significant efforts of Industrial Bank Nanjing Branch in developing green finance, aiming to support ecological civilization construction in Jiangsu by providing over 660 billion yuan in green financing to more than 2,800 enterprises by the end of October 2025 [1] Group 1: Service Capability Enhancement - The establishment of a dedicated green finance department to manage research, business promotion, and management of green finance initiatives [2] - Implementation of a "Ten Thousand People Plan" for green finance, including regular training and documentation of successful cases [2] - Coverage of green finance across low-carbon, circular, and ecological economies, focusing on key areas such as carbon reduction and pollution control [2] Group 2: Regulatory Framework Development - Continuous improvement of regulations related to strategic planning, product innovation, marketing, and environmental risk management to support green finance [3] - The release of the 2024 business development plan for green finance, emphasizing integration with key industries in Jiangsu [3] - Introduction of various policies and guidelines to enhance innovation in green finance products and services [3] Group 3: Performance Evaluation - Integration of green credit implementation into the annual evaluation system of the branch, establishing a robust assessment and incentive mechanism [4] Group 4: Process Management - Strict adherence to ESG policies and dynamic assessment of "dual carbon" business management effectiveness [5] - Prioritization of credit support for industries such as water resource management, energy conservation, and high-end manufacturing while controlling credit for overcapacity industries [5] Group 5: Product Innovation and Business Expansion - Increased support for ecological protection, green transportation, and renewable energy sectors, with a focus on innovative financial products [7] - Successful launch of various green financial products, including energy efficiency loans and pollution rights mortgage loans [7] Group 6: Policy Incentives and Recognition Management - Establishment of a comprehensive evaluation system for green finance, including carbon emission accounting for high-carbon industries [8] - Regular audits and self-checks for green loan recognition to ensure compliance with established standards [8] Group 7: Environmental Performance Improvement - Implementation of green operational measures, including promoting paperless office practices and optimizing procurement processes [9] - Commitment to achieving carbon neutrality for branch operations, with detailed plans for carbon emission accounting and low-carbon transformations [9] Future Directions - The Nanjing Branch will continue to adhere to its "green bank" strategy, focusing on high-quality green financial services to contribute to the construction of a beautiful Jiangsu [10]

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 ...

Core Viewpoint - Green finance plays a leading and supportive role in achieving high-quality development and is essential for China's green transition and carbon reduction tasks [1][2]. Group 1: Development of Green Finance - Green finance has rapidly developed in China, effectively guiding social capital towards green low-carbon industries and promoting the green transformation of traditional industries [2]. - The People's Bank of China and other departments have issued the "Green Finance Support Project Directory (2025 Edition)" to standardize the flow of funds [2]. - Various national-level green finance reform and innovation pilot zones have been established in provinces such as Zhejiang, Jiangxi, Guangdong, and Guizhou to explore innovative practices [2]. Group 2: Achievements and Global Position - China has established a comprehensive green finance policy system and is a significant participant and leader in global green finance standard-setting [3]. - As of June 2023, the balance of green loans in domestic and foreign currencies reached 42.39 trillion yuan, an increase of 14.4% from the beginning of the year [3]. - The issuance scale of green bonds in China has grown at an average annual rate of 16.5% from 2016 to 2024 [3]. Group 3: Challenges and Future Directions - Challenges in green finance include an incomplete standard system, low trading scale in carbon markets, and a lack of innovative financial products [3]. - There is a need to enhance the green finance standard system and actively participate in international standard-setting to increase China's influence [4]. - Financial institutions should diversify green finance products and services, focusing on carbon finance and supporting the national carbon market [4].

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].