产投融持续赋能，布局未来能源产业 在能源转型的大背景下，中油资本通过旗下参股公司昆仑资本，积极响应国家战略，抢占未来能源发展 先机。昆仑资本于2024年以直投形式向聚变新能（安徽）有限公司投资29亿元；随后在2025年与中国聚 变能源有限公司签署增资扩股协议，出资超30亿，成为其第二大股东，持续深化在可控核聚变领域的布 局。中油资本与昆仑资本的强强联合，将充分发挥双方在资金、资源和产业洞察等方面的优势，为我国 可控核聚变技术的研发和产业化应用注入强大的资本动力。 当下，全球核聚变概念投资热度持续升温，2024年全球核聚变融资额达71亿美元，创历史新高。我国将 核聚变纳入"十四五"规划，七部委联合发布政策支持未来能源攻关，吸引大量能源企业参与产业投资， 纷纷布局未来电力供应。据中信证券测算，2026-2030年全球核聚变市场规模约440亿元，2031-2035年 商业堆建设将推动市场扩容至年均4500亿元，发展空间巨大。在此趋势下，中油资本通过昆仑资本战略 布局核聚变产业，不仅体现了公司对未来能源趋势的精准把握，也为公司开辟了新的增长空间。 除布局核聚变外，中油资本扎实推进市场营销攻坚工程，打造产投融协同发展新 ...

8月28日，中油资本（000617）发布2025年半年度报告。报告显示，公司上半年营业总收入录得177.30 亿元，归母净利润录得25.96亿元。此外，期末资产总额达10,889.45亿元，较年初增长0.44%，继续保持 万亿规模。 除布局核聚变外，中油资本扎实推进市场营销攻坚工程，打造产投融协同发展新模式。上半年，公司在 上海陆家嘴成功举办产投融协同发展研讨会，搭建核心客户、资本金融企业、被投企业及战略客户对接 平台，探索以产业为基础、以资本为纽带、以金融为支撑的产投融协同发展新模式，机构客户数较年初 稳步增长2.7%。 战略领航绿色金融，可持续发展能力稳步提升 在"双碳"目标的时代背景下，绿色金融已成为推动经济高质量发展的重要力量。中油资本积极响应国家 号召，深度融入国家"双碳"战略，将其全方位融入至业务布局与日常经营管理之中，立足能源与化工产 业链，发挥综合金融优势，以一系列有力举措助力实体经济向更加绿色、规范、高效、可持续方向发 展。 中油资本制定《中油资本碳达峰实施方案》，将"创新、市场、服务、绿色"四大战略作为发展引擎，清 晰勾勒出应对气候变化和绿色金融的发展蓝图。公司及所属金融企业通过绿色信贷、 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Insurance funds exhibit two main advantages in ESG and green investments: long-term nature and strategic significance, which extend their influence as large asset owners on other market participants [2][17] - The integration of ESG in outsourced investments by insurance funds plays a crucial role in market cultivation, with 95% of insurance companies in the Asia-Pacific region incorporating ESG factors into their investment considerations, up from 56% in 2018 [3][29] - Large asset owners can consider two types of decarbonization targets: carbon intensity targets, which allow for emissions increases due to business growth, and absolute value targets, which require total emissions reductions regardless of business scale [4][50] Summary by Sections Introduction - The report addresses how domestic insurance asset management implements ESG investments and green finance, the impact of outsourced investments on ESG practices, and the feasibility of decarbonization paths based on overseas insurance asset management practices [11] Necessity of Insurance Funds in Green Finance - Insurance funds are a crucial pillar of China's financial system and a significant source of funding for green and low-carbon transitions, with total assets exceeding 33 trillion yuan by the end of 2024 [12][13] - Regulatory authorities are guiding insurance institutions to develop green finance, emphasizing support for green, low-carbon, and circular economies [14] Domestic Insurance Funds' ESG and Green Investment Practices - Insurance funds' ESG and green investments are characterized by long-term nature, strategic significance, and market-shaping ability [17] - The long-term nature is driven by the stable and large-scale funding sources of insurance institutions, making them essential for the healthy development of capital markets [18] - The strategic significance is aligned with China's high-quality economic development and green low-carbon transition requirements [19] - As large asset owners, insurance funds can influence the ESG practices of invested companies and outsourced funds [20] ESG Integration in Outsourced Investments - Insurance funds leverage external management institutions to integrate ESG strategies deeply, enhancing the green impact of investments [24] - By the end of 2024, global insurance funds managed approximately 16.65 trillion USD, accounting for 29% of total assets under management [25] - A significant majority of insurance companies in Europe, Africa, and the Middle East incorporate ESG factors into their investment considerations [29] Industry Practices - The scale of green investments by major insurance companies is steadily increasing, with a total of 1.67 trillion yuan allocated to green development by mid-2023, a 36% year-on-year increase [36] - The types of green investments are diversifying beyond traditional fixed-income products to include equity and alternative assets [38] - The integration of green investments with business practices is deepening, particularly in climate risk assessment and portfolio carbon accounting [39] Decarbonization Goals and Paths of Overseas Large Insurance Funds - Leading overseas insurance institutions have established comprehensive decarbonization strategies, aligning with the Paris Agreement's temperature control goals [46] - Decarbonization targets are categorized into carbon intensity targets and absolute value targets, with the former allowing for emissions increases due to business growth [50] - The report highlights the systematic implementation paths adopted by overseas insurance institutions to achieve decarbonization goals [51]

Core Insights - China has made significant progress in green finance, with green loan balances exceeding 40 trillion RMB, leading globally in this sector [2][3] - The country is enhancing international cooperation in green finance, particularly with Europe, to facilitate cross-border green capital flow [2][7] Green Finance Achievements - As of Q1 2023, China's green loan balance surpassed 40 trillion RMB, with green bonds and insurance markets also ranking among the largest globally [2] - By the end of 2024, China's green insurance coverage is expected to approach 500 trillion RMB, with major insurance groups investing over 500 billion RMB in green projects [2][4] Role of Financial Institutions - Banks and insurance companies are pivotal in promoting green finance, with institutions like Bank of Communications reporting over 10% of their loan portfolio in green loans, amounting to approximately 800 billion RMB [3] - China Pacific Insurance has developed innovative insurance models to enhance disaster coverage and promote green consumption [4] Challenges in Green Finance - Despite achievements, challenges remain, including insufficient coverage of existing green finance standards and a lack of product innovation [5] - High-carbon industries, such as power and steel, which account for 75% of national carbon emissions, require more financial support for low-carbon transitions [5] International Collaboration - China is actively sharing experiences and collaborating with the EU to develop a unified green finance market, with ongoing efforts to align standards and enhance product offerings [7][8] - The need for innovative financial products, such as options and futures, is emphasized to support energy transition financing [8] Supply Chain and ESG Compliance - Chinese companies face challenges in adapting to EU's stringent green transition and ESG compliance requirements, necessitating adjustments in supply chain management [9][10] - Companies are encouraged to diversify market strategies and enhance supply chain transparency to mitigate risks associated with regulatory compliance [10]

Core Viewpoint - The insurance industry in China is transitioning from a phase of rapid growth to high-quality development, emphasizing its role as a stabilizer in the financial system and focusing on serving social welfare, the real economy, and national strategies [1] Group 1: Policy and Market Opportunities - The Central Financial Office and the China Securities Regulatory Commission issued guidelines to promote long-term capital investment in the market, encouraging insurance funds to invest in equity assets [1][2] - Insurance funds, characterized as long-term and patient capital, are expected to provide stable funding sources for the capital market and enhance market stability through professional institutional operations [1][2] Group 2: Company Strategy and Performance - CITIC Prudential Life Insurance Company and its subsidiary CITIC Prudential Asset Management are aligning with national policies, focusing on core business and enhancing management mechanisms to support the healthy development of the capital market [2][3] - The company has established a performance evaluation mechanism that emphasizes supporting real enterprises and long-term investment returns, ensuring compliance with regulatory standards [3] Group 3: Investment Focus Areas - The company is directed to optimize funding supply structures, focusing on technology innovation, advanced manufacturing, green development, and support for small and micro enterprises [4] - As of the end of 2024, the company has invested nearly 215 billion yuan in the real economy, with significant investments in technology innovation and green projects [5][6] Group 4: Long-term Investment and Market Impact - The importance of insurance funds in equity investments is increasing due to declining long-term interest rates and a lack of quality non-standard assets [8] - The company has actively responded to regulatory encouragement for long-term capital investment, with over 41 billion yuan allocated to equity markets by March 2025 [8][9] Group 5: Future Outlook - The insurance industry is poised for new development opportunities, with CITIC Prudential Asset Management planning to leverage its unique advantages in long-term capital management to support the real economy and contribute to high-quality economic development [10]

Core Viewpoint - Green finance is a core engine for achieving carbon peak and carbon neutrality strategies, and it is crucial for promoting the green transformation of the economic structure [1] Group 1: Green Credit Growth - Guangfa Bank has focused on building a policy framework to support green development, resulting in a significant increase in green credit. By the end of 2024, the bank's green credit balance exceeded 200 billion yuan, with an increase of over 42% compared to the beginning of the year, indicating healthy and sustainable business growth [2] Group 2: Green Product System Development - The bank has innovated its product offerings to meet diverse industry needs, expanding beyond traditional green credit to include green bond underwriting, green investment, and green consumption products. The green consumption loan balance reached 11.2 billion yuan, showing a year-on-year growth of approximately 92% [3] Group 3: Organizational Management and Achievements - Guangfa Bank has strengthened its green operations and management, promoting energy conservation and efficiency. The bank participated in tree planting activities and received recognition as an "Advanced Unit in Green Evaluation" by financial regulatory authorities. It also completed the construction of its first "zero-carbon outlet" and received multiple awards for its contributions to green finance [4]