01 融入战略全局，以国企担当筑牢绿色金融服务根基 上海国际绿色金融枢纽建设是一项系统工程，绝非单一领域、单一机构的"独角戏"，而是需要市场各 方协同发力的"大合唱"。证券公司作为资本市场的核心中介机构，在链接资金与资产、贯通境内与境外、 驱动产业绿色转型方面，具有天然优势与不可替代的独特作用。 同时，申万宏源还积极与上海区域政府部门、交易所、行业协会及金融同业携手，参与绿色金融各类 课题研究、业务模式共创、以及系列行业实践活动，共同为上海绿色金融生态的完善添砖加瓦，推动打通 绿色金融服务的"最后一公里"，让金融活水精准滴灌上海绿色产业。 02 拓宽实施路径，以多元实践赋能枢纽建设提质增效 上海国际绿色金融枢纽建设的核心目标之一，是引导金融资源向绿色低碳产业集聚，助力产业结构向 绿色化、高端化转型。申万宏源充分发挥全牌照优势，构建多元协同服务网络，为绿色企业提供"融资+投 资+研究+顾问"一体化服务，搭建起绿色产业升级的"资本阶梯"。 在股权融资端， 申万宏源聚焦"硬科技"，助力新能源、节能环保、高端装备制造等绿色产业企业登 陆资本市场。近年来，服务多家绿色科技企业登陆科创板、创业板、北交所、港交所，其中不乏 ...

申万宏源始终坚持从机制与服务两端发力，深度融入上海绿色金融生态建设。在机制上，成立了由公司 领导牵头的"服务绿色金融小组"，覆盖投行、资管、研究、交易等多个业务条线，着力推动顶层设计与 一线实战的高效联动，建立健全"顶层统筹+业务协同"的绿色金融工作闭环。在服务上，坚持以客户为 中心，锚定"全链条服务、全场景覆盖"的目标，从需求端着手，将绿色金融理念贯穿业务全流程，致力 于提供覆盖企业全生命周期的综合绿色金融解决方案。近三年来，申万宏源累计为长三角区域的绿色产 业提供各类融资服务近千亿元，落地了一批标杆绿色金融项目，以实际行动践行国有金融企业的责任与 担当。 同时，申万宏源还积极与上海区域政府部门、交易所、行业协会及金融同业携手，参与绿色金融各类课 题研究、业务模式共创、以及系列行业实践活动，共同为上海绿色金融生态的完善添砖加瓦，推动打通 绿色金融服务的"最后一公里"，让金融活水精准滴灌上海绿色产业。 当前，"双碳"目标已深度融入中国式现代化发展全局，上海作为国际金融中心，打造"国际绿色金融枢 纽"，既是服务国家战略的核心支撑，也是驱动自身能级跃升的重要引擎，更是摆在所有金融从业者面 前的时代答卷。 作为根植 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is accelerating the integration of financial markets, providing significant opportunities for the development of cross-border asset management centers, particularly benefiting small and medium-sized securities firms [1][2] - Small and medium-sized securities firms need to leverage the policy and market advantages of the Greater Bay Area to explore differentiated development paths, transitioning from "scale chasing" to "value creation" [1][2] Policy and Market Support - The Greater Bay Area is positioned as a crucial support for China's deepening reform and opening up, with a multi-layered policy support system being established to facilitate cross-border financial innovations [2] - Recent measures have lowered the entry barriers for small and medium-sized securities firms in cross-border asset management, creating favorable conditions for differentiated competition, especially in green finance and technology finance [2] Market Demand and Opportunities - The Greater Bay Area encompasses high-end manufacturing, biomedicine, and technology innovation, leading to strong demand for asset management services due to a large number of high-tech enterprises [3] - There is a growing demand for cross-border asset allocation among high-net-worth individuals and small and micro enterprises, with the establishment of the Nansha cross-border asset management center expected to expand the regional asset management scale [3] Challenges for Small and Medium-sized Securities Firms - Small and medium-sized securities firms face challenges such as limited resources and homogeneous competition, with many relying heavily on channel business and experiencing a decline in asset management income [4] - The lack of proactive management capabilities and a robust research system hinders their ability to meet diverse asset allocation needs, leading to higher risks compared to larger firms [4][6] Client Base and Channel Limitations - The client base of small and medium-sized securities firms is primarily composed of local small and micro enterprises and individual investors, with a low proportion of high-net-worth and institutional clients [5] - Limited brand influence and branch network restrict their ability to scale customer acquisition, making it difficult to compete with larger firms that have established comprehensive channels [5] Resource Integration and Cultural Challenges - Compared to larger firms, small and medium-sized securities firms struggle with resource integration across business lines, leading to inefficiencies and a lack of collaborative development [6] - Some firms exhibit a short-term profit-seeking mentality, neglecting investor protection and failing to incorporate a strong industry culture into their business practices, which hampers sustainable development [6] Strategic Pathways for Development - The strategic opportunities in the Greater Bay Area necessitate a systematic approach for small and medium-sized securities firms to enhance their product offerings, client engagement, operational capabilities, ecological collaboration, and cultural integrity [7] - Innovations in cross-border asset management products and a focus on industry-specific offerings are essential for creating competitive advantages [7][8] Future Trends - The asset management business of small and medium-sized securities firms is expected to see three major trends: deepening cross-border business, integration with strategic emerging industries, and comprehensive adoption of technology [8] - Despite facing challenges such as market volatility and regulatory pressures, firms that embrace differentiation and enhance their active management and client service capabilities can achieve sustainable growth [8]

Core Viewpoint - The article emphasizes the role of green REITs in supporting China's "dual carbon" strategy and promoting high-quality economic development through innovative financial tools [1][2]. Group 1: Green REITs and the "Dual Carbon" Strategy - Green REITs serve as a powerful capital engine and market value discovery platform, effectively revitalizing existing green energy infrastructure assets and providing sustainable funding for green energy projects [2][3]. - The unique advantages of green REITs include the ability to securitize stable cash flow infrastructure projects, facilitating efficient asset revitalization for original stakeholders [3]. Group 2: Core Values of Green REITs - Green REITs open up public listing paths for heavy asset, long-cycle green projects, enabling direct financing from capital markets [3]. - Original stakeholders can optimize their balance sheets by transferring project ownership or operating rights through green REITs, allowing for strategic transformation from heavy asset holding to light asset operation [3]. - Market constraints encourage projects to enhance operational management, ensuring stable returns and improving the quality and efficiency of green assets [3]. - Green REITs establish market benchmarks, guiding capital towards high-quality, growth-oriented green projects, thereby enhancing the overall efficiency of the green finance system [3]. Group 3: Industry Impact and Ecosystem Development - Green REITs provide a new financing model and revitalization path for green infrastructure, demonstrating the potential for value reassessment and capital inflow into the green sector [4]. - The emergence of green REITs is expected to attract more social capital into the green field, paving the way for diverse asset classes to be listed through REITs [4]. - The development of a complete and efficient green REITs ecosystem is crucial for reducing investment risks and facilitating social capital entry into green infrastructure [7]. Group 4: ESG Integration in Green REITs - The integration of ESG (Environmental, Social, Governance) principles into green REITs management is essential for supporting sustainable development [5][6]. - Green REITs prioritize projects with significant environmental benefits and continuously monitor their environmental performance [6]. - Social responsibility is emphasized through the positive impact of projects on local communities and economies [6]. - Strong governance mechanisms are vital for the stable operation of REITs, ensuring transparency and effective risk management [6]. Group 5: Future Development and Challenges - The green REITs market is transitioning from an exploratory phase to a growth phase, covering various sectors such as renewable energy and wastewater treatment [7]. - Challenges include unclear definitions of "green attributes," insufficient disclosure of social and governance impacts, and a lack of collaboration among market participants [7]. - Future strategies should focus on standardization, market expansion, and collaborative governance to enhance the quality of green REITs [7][8]. Group 6: Collaborative Mechanisms and Regulatory Framework - A multi-party collaborative and regulatory mechanism is necessary for the sustainable operation of the green REITs ecosystem [9]. - Government and regulatory bodies should create a stable policy environment to support market development [9]. - Fund managers must enhance their capabilities in managing green assets, integrating ESG principles throughout the investment process [9].

Core Viewpoint - Green finance is a crucial lever for the construction of a beautiful capital and is essential for promoting high-quality development in the capital city [1][3]. Group 1: Importance of Green Finance - Green finance serves as an important support for the multi-dimensional development of the beautiful capital [3]. - Beijing is focusing on strategic green industries such as advanced energy, synthetic biology, smart connected new energy vehicles, climate resilience, ecological protection, and green finance, providing ample application scenarios and innovation space for green finance [3]. Group 2: Achievements and Advantages - Beijing has made significant progress in building a green finance system, with a continuously expanding market scale, innovative products and services, and deepening international cooperation [3]. - The city possesses advantages in green finance, including a favorable policy environment, abundant financial resources, strong technological capabilities, and active international exchanges [3]. Group 3: Future Directions for Green Finance - Future efforts should focus on four dimensions: enhancing precise services, promoting product and model innovation, building a "technology + green" financial ecosystem, and fostering collaboration among government, market, academia, and industry [4][5]. - Financial support should align closely with the new urban planning and ecological protection requirements, emphasizing key areas such as clean energy transition, low-energy buildings, green transportation, and ecological restoration [4]. - Innovative financial products linked to carbon performance and environmental benefits should be developed to support the transition of traditional high-carbon industries to green low-carbon practices [4]. Group 4: Financial Tools and Support - The city has allocated no less than 60 billion yuan for re-loans and rediscounts to support green technology innovation [5]. - A whitelist system for green technology enterprises will be established to ensure targeted financial support [5]. - A comprehensive service platform for green technology finance will be created to provide one-stop financial solutions for green technology enterprises [5].

Core Viewpoint - The article emphasizes the importance of developing five key areas in finance: technology finance, green finance, inclusive finance, pension finance, and digital finance, as essential tasks for building a strong financial nation in China. Green finance is highlighted as a critical component for economic transformation and ecological civilization [1] Group 1: Green Finance Strategy - The company has established a "Green Securities Finance Leadership Group" and a dedicated "Green Finance Department" to drive the development of green finance, with a target to exceed 200 billion yuan in green investment and financing by 2025 [2] - The company has created a comprehensive support system to address industry challenges such as inadequate standards and a shortage of professionals in green finance [2] - The company has developed the first industry standard for evaluating green securities finance, incorporating ESG information into the evaluation process [2] Group 2: Green Financing and Investment - The company has supported over 450 billion yuan in green equity and debt financing projects, including innovative products like the first household photovoltaic ABS project in China [3] - As a pioneer in ESG investment, the company has introduced over 260 green-themed financial products, with a total scale exceeding 15 billion yuan [3] - The company has published nearly 500 research reports related to green finance, contributing to the understanding of China's dual carbon goals [3] Group 3: Environmental Rights Trading - The company has facilitated various resource and environmental transactions, achieving a total transaction amount exceeding 5.3 billion yuan, including innovative projects in carbon trading [4] Group 4: Industry Standards and International Cooperation - The company actively participates in the formulation of green securities business standards and aims to unify standards in the green stock sector [5] - The company is committed to enhancing international cooperation in green finance, contributing to the interconnectedness of domestic and international green finance markets [5] Group 5: Capital Mediation and ESG Promotion - The company acts as a bridge for capital, empowering the real economy, particularly in supporting the national dual carbon strategy [6] - The company aims to guide long-term capital towards green low-carbon sectors, optimizing social capital allocation for sustainable development [6]

Core Viewpoint - The article emphasizes the importance of green finance as a strategic pillar for the securities industry, aligning with national goals and contributing to high-quality economic development [1][2]. Group 1: Green Finance Strategy - The company integrates green finance into its entire business chain, viewing it as a strategic support for fulfilling national responsibilities [2]. - A dedicated "Green Finance Department" has been established to promote green finance business development, with a target of exceeding 200 billion yuan in green investment and financing by 2025 [3]. Group 2: Systematic Support Framework - The company has created a comprehensive support system to address industry challenges such as inadequate standards and a shortage of professionals [4]. - It has developed the first industry-specific "Green Securities Financial Business Evaluation Standard," incorporating ESG information into project evaluations [5]. - A training program for green finance specialists has been initiated, with 138 certified professionals across 44 branches by the end of 2024 [5]. Group 3: Green Capital Hub - The company has supported over 450 billion yuan in green equity and debt financing projects, including innovative green bonds [7]. - It has introduced over 260 green-themed financial products, with a total asset scale exceeding 15 billion yuan in green investment products [7]. - The company has published nearly 500 green-related research reports, contributing to the understanding of the "dual carbon" goals [7]. Group 4: Expanding Green Development - The company actively participates in the formulation of industry standards and enhances international cooperation in green finance [9]. - It aims to provide diverse financing solutions for strategic emerging industries and major projects related to national energy and ecological security [9][10]. - The company seeks to guide long-term capital towards green low-carbon sectors, optimizing social capital allocation [10].