上海作为对外开放"前沿阵地"，涉外经济持续活跃。 据中国人民银行上海总部外汇管理部副主任钟磊介绍，2025年，上海地区涉外收支和银行结售汇规模再 创新高。银行代客涉外收支总额5.66万亿美元，占全国的36%以上，同比增长14.3%。银行结售汇总额 超1.15万亿美元，占全国的23%以上，同比增长10.7%。 钟磊表示，双向证券投资持续活跃。2025年，上海地区境内直接投资资本金流入逐季回升，境外直接投 资保持增长，全年直接投资涉外收支总额同比增长5.8%。 "随着金融市场双向开放稳步推进，外资配置人民币资产、境内主体参与国际金融市场日益活跃，相关 的跨境资金流动主要依托上海国际金融中心实现，全年证券投资项下收支总额同比增长19%以上，占全 国的比重超六成。"钟磊表示。 ◎记者 马慜 1月29日，中国人民银行上海总部召开2026年第一季度新闻发布会，介绍上海2025年金融运行"成绩 单"：社会融资规模同比多增，直接融资比重上升，各项贷款结构优化，融资成本稳中有降，存款活性 明显增强……一组亮点数据勾勒出上海国际金融中心建设取得的积极进展。 "增强国际金融中心竞争力和影响力"已被写入上海"十五五"规划建议。展望下 ...

"下一步，国家外汇管理局上海市分局将持续完善绿色外债试点长效机制，努力提升外汇领域绿色金融 服务质效，奋力谱写绿色金融大文章，切实推动跨境投融资外汇管理改革创新政策在辖内落实落细。" 钟磊说。 （文章来源：新华财经） 新华财经上海1月29日电（记者王淑娟）在29日召开的人民银行上海总部2026年第一季度新闻发布会 上，人民银行上海总部外汇管理部副主任钟磊表示，目前，上海地区"绿色外债"政策试点取得良好先发 示范效应，试点一个多月来，在国家外汇管理局上海市分局指导下，上海辖内银行积极配合做好政策宣 介，为6家企业高效办理绿色外债登记，融资总额突破6400万美元（约4.5亿人民币）。 近年来，我国加快构建新发展格局，努力推动实现"双碳"目标。目前，我国已建成全球最大的绿色信贷 市场和绿色债券市场，企业在绿色低碳转型过程中，产生较大资金需求，但企业绿色融资仍存在资金缺 口。在此背景下，2025年11月下旬，根据国家外汇管理局工作部署，国家外汇管理局上海市分局发布 《上海市绿色外债试点业务指引（试行）》，在上海市开展绿色外债业务试点。 钟磊表示，试点政策优化了符合条件的非金融企业的跨境融资宏观审慎管理，允许专项用于绿 ...

来源：中国人民银行上海总部 1月29日，人民银行上海总部召开2026年第一季度新闻发布会，介绍2025年上海金融运行情况，并回答 记者提问。人民银行上海总部货币信贷调研部副主任周鹏、外汇管理部副主任钟磊、宏观审慎管理部副 主任施建东出席发布会。 2025年上海金融运行情况 2025年，人民银行上海总部认真贯彻落实总行部署与上海市委、市政府工作要求，实施好适度宽松的货 币政策，高质量推进金融"五篇大文章"，努力营造良好的货币金融环境。在各项政策推动下，全市社会 融资规模同比多增，直接融资比重上升；信贷总量合理增长，结构持续优化，融资成本稳中有降。 社会融资规模同比多增 直接融资比重上升 全年上海社会融资规模增加11632亿元，同比多增1021亿元，较好满足了实体经济的融资需求。 从融资结构看，对实体经济发放的人民币贷款增加6589亿元，占社融增量的56.6%。直接融资增加3419 亿元，占社融增量的29.4%，同比上升15个百分点。其中，各类主体债券净融资2872亿元，同比多增 1517亿元；非金融企业股票净融资547亿元，同比多增369亿元。委托贷款、信托贷款和未贴现银行承兑 汇票等表外净融资增加735亿元， ...

来源：人民银行上海总部周鹏答上证报：将推动临港新片区离岸贸易金融服务综合改革试点扩围 1月29日，人民银行上海总部召开2026年第一季度新闻发布会，介绍2025年上海金融运行情况。人民银 行上海总部货币信贷调研部副主任周鹏在回答上证报记者提问时表示，2025年，人民银行上海总部认真 贯彻党中央、国务院关于加快建设上海国际金融中心的决策部署，全面落实总行、上海市委、市政府有 关工作要求，坚持稳中求进、守正创新，推动上海国际金融中心建设取得一系列新进展。 具体而言，一是大力深化跨境贸易和投融资便利化。推动临港新片区离岸贸易金融服务综合改革试点见 效，实现对标国际的跨境结算效率。跨境贸易投资高水平开放试点持续提质增效，"绿色外债"政策试点 也取得良好效应。同时，稳步推进银行外汇展业改革，并优化跨国公司跨境资金池业务管理。 二是稳步扩大金融市场高水平开放。遵循国际规则，成功推动多单上海自贸离岸债发行。推动建立银行 间债券市场境外机构一站式开户平台，提升境外机构入市便利性。截至2025年12月末，已有1189家境外 机构进入银行间债券市场，持有银行间债券3.46万亿元，约占银行间债券市场总托管量的2%。 三是不断拓展人 ...

在全年总量增长的基础上，山东2025年融资成本稳中有降。2025年12月，全省新发放企业贷款加权 平均利率3.57%，同比下降0.19个百分点，处于历史低位。其中，普惠小微企业为3.68%，同比下降0.3 个百分点。新发放个人住房贷款加权平均利率3.05%，同比下降0.01个百分点。 2024年9月起，山东作为首批试点省份率先在全国开展明示企业贷款综合融资成本工作。一年多 来，山东持续推动明示工作走深走实，取得积极成效。"目前，已实现全省16市全覆盖。截至2025年 末，全省累计完成对69万笔、2.6万亿元贷款的明示综合融资成本工作，笔数、金额均居全国首位。"中 国人民银行山东省分行货币政策处副处长楚晓光说。 1月23日，中国人民银行山东省分行召开新闻发布会，发布2025年山东省金融统计数据。过去一 年，全省金融运行呈现"量稳、价降、面扩"的良好态势，为全省打造北方地区经济重要增长极，营造了 良好的货币金融环境。 从金融总量指标来看，2025年实现平稳增长。2025年12月末，山东省社会融资规模、本外币贷款、 本外币存款余额分别为25.9万亿元、16.3万亿元、19.0万亿元，同比分别增长9.0%、8.2%、 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) in Beijing has launched a pilot policy for green foreign debt to support the development of green finance, with the Beijing region being one of the first to implement this initiative [1][2]. Group 1: Policy Implementation - The pilot policy aims to facilitate non-financial enterprises in borrowing foreign debt for green or low-carbon transformation projects [1]. - On the first day of the policy's effectiveness, local banks successfully registered green foreign debt contracts for four enterprises, with a total signing amount exceeding 60 million RMB, targeting sectors such as photovoltaic, green intelligent transportation systems, and information technology [1]. Group 2: Market Engagement - SAFE in Beijing has actively promoted the implementation of the pilot policy by conducting market research and identifying the current status of green financing [1]. - The agency organized bank seminars to explain the policy and guide banks in facilitating cooperation with enterprises, enhancing the understanding and utilization of the new green finance policy [2]. Group 3: Future Directions - SAFE in Beijing plans to continuously improve the operational mechanism of the green foreign debt pilot, track the implementation effects, and strengthen policy promotion and guidance [2]. - The goal is to widely release the benefits of the pilot policy and contribute to the high-quality development of the real economy [2].

Core Viewpoint - The successful implementation of the first green foreign debt pilot business by Bank of Communications in Zhejiang Province marks a significant step in translating green foreign debt policies into practice, providing local enterprises with new financing channels and reducing cross-border financing costs [1][2]. Group 1: Policy Implementation - The green foreign debt pilot policy in Zhejiang Province was officially introduced in December this year, leading to the rapid establishment of a joint service team by Bank of Communications to support enterprises [1]. - The team includes marketing and professional support, with proactive engagement from customer managers to meet enterprise needs and in-depth research on policy details by the international business team [1]. Group 2: Company Profile - The borrowing enterprise, Zhejiang Kaisi Technology Development Co., Ltd., established in 2008, focuses on the research, production, and sales of cosmetic raw materials and is recognized as a national high-tech enterprise [1]. - The company is also classified as a green specialized enterprise and is committed to low-carbon transformation through technology upgrades and energy efficiency improvements [1]. Group 3: Project Details - The green foreign debt of $1.5 million will be specifically used for energy-saving upgrades and process optimization of production equipment, further reducing carbon emissions [2]. - The successful registration of this green foreign debt is a key outcome of collaboration among banks, enterprises, and government, creating a replicable and scalable service model [2].

Group 1 - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in green finance [1] - The Ministry of Industry and Information Technology and the People's Bank of China issued a notice to support the construction of green factories, aiming to enhance financial support for the green transformation of the manufacturing industry [2] - Guangdong has released two transformation financial standards to guide low-carbon transformation in specific high-carbon industries, resulting in over 40 billion yuan in credit agreements with 135 enterprises [3] Group 2 - The national carbon market saw a highest price of 61.45 yuan/ton and a total transaction volume of 2,317,372 tons, indicating a slight decrease in prices [4] - Tianjin successfully issued the first "green + new economy + rural revitalization" debt financing tool, raising 500 million yuan for renewable energy projects [5][6] - Shenzhen's first batch of green foreign debt pilot businesses has been implemented, with a total signed amount exceeding 17 million yuan, significantly reducing cross-border financing costs [7] - Shanghai has launched its first "green transformation" loan interest subsidy, amounting to 108 million yuan, to support energy-efficient upgrades in shipping [8] - Guangdong issued its first "urban and rural greening" loan for biodiversity, amounting to 320,000 yuan, linking ecological performance to credit evaluation [9]

Key Insights - The rapid development of the green finance market is leading to an increase in relevant information and data, with a focus on the latest trends and practices in green finance [1] Group 1: Policy Developments - The Ministry of Industry and Information Technology and the People's Bank of China issued a notice to support the construction of green factories, aiming to enhance financial support for the green transformation of the manufacturing sector [2] - The notice emphasizes using green factory evaluation results as the basis for financial support, with a goal to increase the proportion of green factories in manufacturing output from 20% to 40% by 2030 [2] - Guangdong Province released two transformation financial standards to guide low-carbon transitions in specific high-carbon industries, resulting in over 40 billion yuan in credit agreements with 135 enterprises [3] Group 2: Market Trends - The national carbon market saw a highest price of 61.45 yuan/ton and a total trading volume of 2,317,372 tons, with a total transaction value of approximately 137.5 million yuan [4] Group 3: Green Finance Practices - Tianjin successfully issued the first "green + new economy + rural revitalization" debt financing tool, raising 500 million yuan for renewable energy projects [5][6] - Shenzhen's first batch of green foreign debt pilot businesses was launched, with a total signed amount exceeding 17 million yuan, significantly reducing cross-border financing costs for local green industries [7] - Shanghai implemented its first "green transformation" loan interest subsidy, amounting to 108 million yuan, to support energy-efficient upgrades in shipping [8] - Guangdong issued its first "urban and rural greening" loan for biodiversity, amounting to 320,000 yuan, linking ecological performance to credit evaluation [9]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the strategic cooperation between China and France in addressing global climate and environmental challenges, emphasizing the importance of multilateralism and the implementation of international agreements such as the Paris Agreement [5][6][9] - The report indicates that China's carbon emissions growth has significantly slowed, with a 0.6% increase in 2024 compared to 2023, which is lower than the global average of 0.8% [17][19] - The establishment of a green foreign debt pilot program in Shanghai aims to support "dual carbon" key enterprises, with over 300 million RMB in financing for green technology projects [20][22] Policy Developments - China and France issued a joint statement on climate cooperation during President Macron's visit, reaffirming their commitment to international climate agreements and cooperation in various areas such as carbon pricing and methane reduction [5][6][7] - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft regulation aimed at enhancing corporate governance and investor protection in listed companies [11][12][13] Industry Trends - The Ministry of Ecology and Environment released the "2025 China Mobile Source Environmental Management Annual Report," indicating that mobile sources are a significant contributor to air pollution, with total emissions reaching 18.582 million tons in 2024 [14][15][16] - The "2024 China Greenhouse Gas Bulletin" shows that China's anthropogenic carbon emissions increased by approximately 0.6% in 2024, reflecting effective implementation of carbon reduction commitments [17][19] - The Shanghai branch of the State Administration of Foreign Exchange has initiated a green foreign debt pilot program, with three key enterprises signing agreements to raise over 300 million RMB for green projects [20][22] International Events - The United Nations Environment Programme (UNEP) released the 2025 Climate Adaptation Gap Report, highlighting a significant funding gap for climate adaptation in developing countries [24][25] - Former President Trump announced plans to roll back fuel economy standards, which could impact environmental progress in the U.S. automotive industry [26][27][28] - Germany's government has agreed to construct hydrogen-compatible gas power plants, potentially delaying the coal phase-out process [29] Corporate Developments - China Gas and EVE Energy have entered a strategic partnership to collaborate on energy storage and green energy projects [30][31] - Hutchison Whampoa has been recognized as an "ESG Leading Company" for three consecutive years, reflecting its commitment to sustainability and responsible governance [32][33]