Core Insights - The report highlights the overall stability and quality improvement of China's green finance system in October 2025, driven by policy support and market deepening, with green credit being the main growth driver and a rational price adjustment in carbon markets [2][11]. Group 1: Green Credit - Green credit continues to be the main driver of credit growth, with a new addition of 6.47 trillion yuan in the first three quarters of 2025, accounting for 43.9% of the total loan increase during the same period [3][22]. - As of the end of Q3 2025, the total balance of green loans reached 43.51 trillion yuan, reflecting a 17.5% increase from the beginning of the year [3][22]. - The main sectors benefiting from green loans include infrastructure upgrades, energy transition, and ecological restoration, with a combined balance of 32.62 trillion yuan [25][26]. Group 2: Green Bonds - In October 2025, 62 new green bonds were issued, totaling approximately 53.30 billion yuan, representing a significant decline of 41.35% in quantity and 48.13% in total issuance compared to September [4][29]. - The structure of green bond issuance has become more balanced, with asset-backed securities (ABS) becoming the largest category, accounting for over 54% of the total issuance [5][33]. Group 3: Carbon Market - The carbon market in October 2025 showed a "volume increase and price decrease" trend, with a total trading volume of approximately 41.56 million tons, a 27.09% increase from the previous month, while the total transaction value slightly decreased to 1.99 billion yuan [6][35]. - The average price of carbon allowances fell to 47.84 yuan per ton, indicating a rational market adjustment despite increased trading volume [6][37]. - Cumulatively, the carbon market has seen a total trading volume of approximately 769.9 million tons since its inception, with a total transaction value of about 51.82 billion yuan [6][37]. Group 4: Green Certificate Market - The issuance of green certificates saw a decline in October 2025, with approximately 229 million certificates issued, a decrease of 15.5% from August, while the proportion of tradable certificates increased to 69% [7][39]. - The total trading volume for green certificates in September reached about 65.12 million, with a significant portion being directly related to electricity trading [7][39]. Group 5: Market Data and Trends - The overall trend in green finance indicates a stable increase in volume and quality, with green credit leading the way, while the carbon market and green certificate market exhibit a "volume increase and price decrease" pattern [21][22]. - The green finance sector is becoming a crucial engine for stable growth and transformation in the economy, supported by various policies and market mechanisms [11][21]. Group 6: Corporate Dynamics - Various enterprises are actively engaging in green finance initiatives, such as issuing green bonds and developing innovative financial products linked to carbon footprints, demonstrating their role as key players in the market [45][46]. - Notable activities include the issuance of green financial bonds by the National Development Bank and the launch of a new green low-carbon card by China UnionPay [46][47].

11月17日，十五运会深圳赛区执委会采风团走进南方电网深圳供电局开展"深探全运"电力探馆活动，探 寻十五运会深圳赛区的电力护航创新"密码"。据悉，南方电网通过采购7万张绿证，为十五运会深圳赛 区赞助绿电使用量7000万千瓦时，这意味着赛事期间深圳赛区所有比赛场馆将实现100%使用绿电，减 少碳排放约5万吨，相当于植树270万棵。 "绿证是国家能源局核发的绿电'电子身份证'，可再生能源每1000度电量对应1张绿证，它准确记载了绿 电生产时间、生产位置、生产技术类型等信息，能够对绿电进行精准溯源。"据深圳供电局市场及客户 服务部开发及综合管理专责刘迪介绍，本次赛事期间，深圳场馆的绿电主要是来自云南、广西等地的太 阳能。 据悉，今年前三季度，深圳用户绿证交易折合电量141.82亿千瓦时，同比增长38.1%，用户总数同比增 长8.5倍，助力深圳"全绿办赛"。南方电网将在十五运会闭幕式期间创新采用"本地绿电供应+外购绿证 +光储接入"的方式，多模式、多渠道以100%绿电助闭幕式精彩绽放。 当全国供电负荷密度最大的超大城市数字电网遇到史上最大规模的全运会，会擦出怎样的火花？在深圳 供电局生产指挥中心可以找到答案。该中心大 ...

Core Insights - The article highlights the innovative power supply system implemented by Shenzhen Power Supply Bureau during the 15th National Games, showcasing the integration of advanced technologies such as quantum encryption and digital twin systems to ensure reliable electricity supply [5][6][7]. Group 1: Power Supply System - Shenzhen Power Supply Bureau has developed the first "All Electric Hong + Quantum Communication" smart power supply system in China, which consolidates power supply data for various venues of the National Games [5][6]. - The deployment of the Electric Hong system across 2,000 monitoring terminals allows for real-time data transmission and effective communication among different equipment types [6]. - The system collaborates with inspection drones and robotic dogs to monitor high-voltage lines and underground cables, ensuring comprehensive oversight of power supply facilities [6][7]. Group 2: Quantum Encryption - The power supply system features a unique "quantum encryption dedicated network," enhancing communication security between the command center and frontline power supply teams [7]. - This quantum encryption technology ensures that any attempt to breach the data will trigger a failure in the quantum key, thus protecting sensitive information [7]. Group 3: Green Energy Initiatives - During the event, all venues in the Shenzhen area will utilize 100% green electricity, significantly reducing carbon emissions by approximately 50,000 tons, equivalent to planting 2.7 million trees [8]. - The Southern Power Grid has procured 70,000 green certificates to support the green electricity usage for the National Games, with the majority sourced from solar energy in Yunnan and Guangxi [8]. Group 4: Technological Enhancements - The event features the deployment of "GeneoX Intelligent Patrol Robots," which are capable of performing complex tasks through a combination of sensors and equipment, enhancing security and operational efficiency [10][12]. - These robotic dogs exhibit superior mobility and endurance compared to traditional vehicles, allowing them to navigate various terrains effectively [12].

新能源大规模开发的同时，如何实现高质量消纳？国家发展改革委、国家能源局日 前发布的《关于促进新能源消纳和调控的指导意见》（以下简称《指导意见》）给出 了思路—— 将新能源开发消纳划分为5类场景，支持4类就近消纳新业态发展，《指导意见》 的发布标志着新能源消纳进入精细化管理新阶段。 根据《指导意见》明确的工作目标，到2030年，协同高效的多层次新能源消纳调 控体系基本建立，持续保障新能源顺利接网、多元利用、高效运行，满足全国每年新 增2亿千瓦以上新能源合理消纳需求。 新能源开发与消纳首次实现分类施策 王雪松也表示，随着新能源步入更大规模发展阶段，仅依赖外送通道无法从根本上 解决新能源消纳问题，需探索新能源与产业融合发展新模式，实现就地消纳，缓解大 电网的消纳压力。 "具体来看，可通过东部地区产业梯度转移机制，推动高载能产业与新能源深度耦 合，打造绿色产业集聚区，同时也可将绿色电力进行二次转化，将其与供热、制冷等 设备耦合，为新能源创造新的消纳空间。"王雪松介绍。 "当前，绿电直连、零碳园区等模式在国内已是'星星之火'，随着《指导意见》各 项举措的落地，必将激活新能源领域新模式、新业态的创新基因，推动新能源高水平 ...

碳市场系列研究报告之五 证券分析师： 牟瑾瑾 A0230524100002 陆灏川 A0230520080001 王雪蓉 A0230523070003 王胜 A0230511060001 2025.11.15 证 券 研 究 报 告 www.swsresearch.com 证券研究报告 2 我国绿证将迎来高质量发展阶段 核心结论 www.swsresearch.com 证券研究报告 3 ◼ 绿证市场未来交易规模测算假设与测算方法：假设1：每年用电量增速与GDP增速保持一致；假设2：2026年各省GDP增速为5%；假设3：核 发绿证数量的可交易比例，按2025年1-9月比例进行测算（核发21.08亿个，其中可交易14.35亿个，可交易率约68.07%）。测算方法是通过 预测各省的用电量，按照发改委公布的各省绿电强制消纳比例，测算出各省的绿电消纳需求，并结合2025年核发绿证可交易比例，参照 2025年1-9月绿证均价，最终测算出可交易绿证规模。 ◼ 测算结果分析：2025年Q4有望加速核发绿证，2026年市场交易规模高达132亿元。预测2025年、2026年核发绿证数量分别约36.16亿个、 38.98亿个，对 ...

Core Viewpoint - The global trade system is undergoing an irreversible green restructuring, with sustainability becoming a core element of market access and competition, and China is actively contributing to the formation of a global green trade system [1][3][6]. Group 1: Global Green Trade Trends - The global green transition is shifting from conceptual consensus to institutional construction, recognizing that trade systems must support sustainable development alongside economic growth [3][4]. - Sustainability is being elevated to a normative goal equal to fairness and openness in international trade principles, as seen in discussions among WTO members [3][4]. - The integration of carbon emissions into trade considerations is increasing, with practices like the EU's Carbon Border Adjustment Mechanism (CBAM) becoming more common [4][5]. Group 2: China's Role in Green Trade - China is a steadfast practitioner of green transition, establishing competitive advantages in renewable energy, energy storage, and electric vehicles, thus providing key momentum for the global green supply chain [6][7]. - The country is actively participating in international rule-making, promoting cooperation in green standards, green finance, and green industrial chains [6][7]. Group 3: Implementation of Green Trade Policies - The issuance of the "Implementation Opinions" aligns with global green trade trends and China's strategic role, focusing on low-carbon transformation in foreign trade products [13][14]. - The policy emphasizes integrating carbon footprint management and product standards into international systems, enhancing China's global competitiveness in industries like photovoltaics and electric vehicles [14][15]. - Financial policies are shifting to support the green transformation of export-oriented enterprises, with the People's Bank of China including green trade in its green finance support scope [15][16]. Group 4: Market and Financial Mechanisms - The national carbon market has expanded to cover over 60% of total CO2 emissions, enhancing market support for green transition [11]. - The green electricity trading and green certificate systems provide flexible options for enterprises to meet emission reduction obligations, with significant growth in green electricity trading volumes [11][12]. - The government is building a comprehensive green support system across products, industries, finance, and markets, facilitating deeper integration of domestic actions with global green trade [12][13]. Group 5: Global Governance and Cooperation - The "Implementation Opinions" reflect China's strategic shift from domestic green manufacturing to shaping international green advantages, responding to the institutionalization of global green transition [13][17]. - China aims to participate in global carbon trade rule negotiations through multilateral mechanisms, promoting inclusive and fair international green trade rules [17]. - The formation of a global green trade system is seen as a critical step towards sustainable development, requiring cooperation and gradual advancement rather than confrontation [17].

Core Insights - Jiangsu Province's green electricity trading volume exceeded 21 billion kilowatt-hours this year, reaching 21.07 billion kilowatt-hours, a year-on-year increase of 75%, marking a historical high [1] - Since the launch of national green electricity trading in 2021, Jiangsu's trading scale has surged from 1.369 billion kilowatt-hours to 20.34 billion kilowatt-hours, with an average annual growth rate of 96% [1] - The green electricity trading has significantly reduced coal consumption by 6.244 million tons and cut carbon dioxide emissions by 15.564 million tons [1] Market Development - Jiangsu's green electricity trading is driven by policies such as the "Implementation Plan for Promoting Green Consumption," focusing on a "provincial-first, inter-provincial-second" principle [1] - The province has achieved comprehensive coverage of trading cycles, including annual, monthly, and intra-monthly transactions [1] - Innovative initiatives in distributed renewable energy aggregation have led to full coverage of green electricity certificate service stations at the city level, with 10.88 billion kilowatt-hours transacted so far [1] Inter-Provincial Trading - Jiangsu has actively sought external green electricity resources through high-voltage channels, successfully importing green electricity from eight provinces, including Qinghai and Xinjiang, totaling 9.46 billion kilowatt-hours, surpassing last year's total of 8.5 billion kilowatt-hours [1] Market Maturity - The expansion of green electricity trading is supported by a mature electricity trading market, with over 160,000 market-oriented users in Jiangsu and a total electricity volume exceeding 500 billion kilowatt-hours [2] - Including cross-regional and cross-provincial trading, the total electricity volume has surpassed 660 billion kilowatt-hours, with market-oriented trading accounting for over 80% of total electricity consumption [2]

人民财讯11月12日电，国家能源局发布关于促进新能源集成融合发展的指导意见，其中提出，加快推动 新能源产业链"以绿制(造)绿"。在新能源资源富集地区，提升新能源装备制造绿电应用水平与空间集聚 效能，打造更具竞争力的新能源制造基地，加强上下游产业链协同创新，探索构建集成融合式新能源产 业体系。推进全链条绿色制造，推动新能源原材料开采加工、关键零部件制造及产品生产流程的绿色化 改造。支持新能源为主的产业园区应用绿电直连、智能微电网(源网荷储一体化)、新能源接入增量配电 网等新业态以及绿证绿电交易等形式，构建多能互补、高度自给的低碳零碳园区，推动产业园区减污降 碳协同增效，实现更高比例"以绿制(造)绿"。 ...

Core Viewpoint - In the next five years, China's new electricity demand will primarily be met by renewable energy sources such as wind and solar power, transitioning green energy from a "supporting role" to a "leading role" in the energy structure [1][5]. Group 1: Current State of Green Energy in China - As of July 2023, one-third of China's electricity consumption is derived from green energy, marking a significant advancement in the country's energy development [2]. - By the end of July 2023, China's installed capacity for wind and solar power reached 1.68 billion kilowatts, nearly doubling from 530 million kilowatts in 2020, with an annual growth rate of 28% [2]. - China has established the world's largest and fastest-growing renewable energy system, contributing 60% of the global increase in renewable energy generation capacity in 2024 [2]. Group 2: Factors Driving Rapid Development of Green Energy - The cost of green energy, particularly solar power, has become more competitive, with the average cost of solar power generation decreasing by 80% over the past decade [3]. - As of September 2023, China's new energy storage capacity exceeded 100 million kilowatts, growing over 30 times since the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3]. - Policy initiatives, including the optimization of renewable energy consumption responsibilities and the establishment of a green certificate system, have further stimulated the development of green energy [3]. Group 3: Impact of Green Energy on Consumption and Environment - The rapid growth of new energy vehicles (NEVs) has significantly boosted the green energy market, with NEV sales exceeding 11 million units in the first three quarters of 2023, representing 46.1% of total new car sales [4]. - The shift towards green energy has enhanced China's energy security, with non-fossil energy consumption increasing by 1 percentage point annually during the 14th Five-Year Plan period [5]. - The widespread application of green energy has contributed to a significant reduction in greenhouse gas emissions, with China's wind and solar product exports helping to reduce carbon emissions by approximately 4.1 billion tons globally [5].

Core Viewpoint - In the next five years, China's new electricity demand will primarily be met by renewable energy sources such as wind and solar power, transitioning green energy from a "supporting role" to a "leading role" in the energy structure [1][5]. Group 1: Current State of Green Energy in China - As of July 2023, one-third of China's electricity consumption is derived from green energy, marking a significant advancement in the country's energy development [2]. - By the end of July 2023, China's installed capacity for wind and solar power reached 1.68 billion kilowatts, nearly doubling from 530 million kilowatts in 2020, with an annual growth rate of 28% [2]. - China has established the world's largest and fastest-growing renewable energy system, contributing 60% of the global increase in renewable energy generation capacity in 2024 [2]. Group 2: Factors Driving Rapid Development of Green Energy - The cost of green energy, particularly solar power, has become more affordable, with the average cost of solar power generation decreasing by 80% over the past decade [3]. - As of September 2023, China's new energy storage capacity exceeded 100 million kilowatts, growing over 30 times since the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3]. - Policy initiatives, including the optimization of renewable energy consumption responsibilities and the establishment of a green certificate system, have further stimulated the development of green energy [3]. Group 3: Impact of Green Energy on Consumption and Environment - The rapid growth of new energy vehicles (NEVs) has significantly boosted the green energy market, with NEV sales exceeding 11 million units in the first three quarters of 2023, representing 46.1% of total new car sales [4]. - The shift towards green energy has enhanced China's energy security, with non-fossil energy consumption increasing by 1 percentage point annually during the 14th Five-Year Plan period [5]. - The widespread application of green energy has contributed to a significant reduction in greenhouse gas emissions, with China's wind and solar product exports helping to reduce carbon emissions by approximately 4.1 billion tons globally [5].