Core Insights - The rapid development of the green finance market is leading to an increase in relevant information and data, providing decision-making references for participants in the green finance sector [1] Group 1: Green Loan Growth - During the "14th Five-Year Plan" period, the average annual growth rate of green loans in China exceeded 20%, indicating a stable growth trend in green financing [2] - The financial system is playing a positive role in supporting the green and low-carbon transition of society, laying a solid foundation for the deepening development of green finance in the "15th Five-Year Plan" period [2] Group 2: Carbon Accounting Standards - The People's Bank of China is developing carbon accounting standards for financial institutions and revising sustainable information disclosure guidelines to enhance carbon accounting and disclosure requirements [3] - As of the end of Q2, the balance of green loans in China reached 42.4 trillion yuan, and the balance of green bonds exceeded 2.2 trillion yuan, both ranking among the highest globally [3] Group 3: Steel Industry Financing Needs - The Climate Bonds Initiative (CBI) reports that the Chinese steel industry will require at least $18 billion in capital expenditures over the next five years for low-carbon technologies [4] - The report emphasizes the need for a unified standard and policy incentives to address financing bottlenecks and direct capital towards decarbonization efforts [4] Group 4: Securities Firms Evaluation - The China Securities Association has released evaluation results for securities firms focusing on the "Five Major Financial Articles," which include green finance, aiming to enhance the role of securities firms in supporting green transitions [5] Group 5: Biodiversity Financing Gap - The Paulson Institute's report indicates that the global financing gap for biodiversity has expanded to $942 billion, highlighting the urgent need for effective policies and innovative financing mechanisms [7] Group 6: Carbon Market Developments - The national carbon market saw a maximum price of 60.33 yuan per ton last week, with a total trading volume of 8,127,135 tons and a total transaction value of approximately 484.87 million yuan [8][9] Group 7: Regional Carbon Market Cooperation - A memorandum of cooperation was signed among four exchanges in the Guangdong-Hong Kong-Macao Greater Bay Area to promote the development of the regional carbon market and green finance ecosystem [11] - This collaboration aims to enhance market liquidity and pricing efficiency while fostering innovation in green financial products [11] Group 8: Innovative Financing Products - The first biodiversity and carbon reduction-linked loan in Guangdong was issued, amounting to 10 million yuan, aimed at ecological restoration projects [12] - This innovative loan structure links financing costs to carbon reduction outcomes, promoting both ecological protection and the diversification of green financial products [12] Group 9: Green Bond Index Fund - BlackRock announced the establishment of a green bond index fund with a subscription amount of approximately 6 billion yuan, aligning with the policy direction of enhancing green finance [13] - This fund is expected to attract more international capital into China's green bond market, enhancing market vitality and global connectivity [13]

Core Viewpoint - The company has appointed Mr. Zou Libo and Mr. Zhu Xizi as assistant fund managers for the BlackRock China Bond Investment Preferred Green Bond Index Securities Investment Fund, effective September 25, 2025 [1] Group 1: Appointments - Mr. Zou Libo has 8 years of investment research experience and has held positions at various financial institutions, including Credit Suisse and CITIC Bank [1] - Mr. Zhu Xizi has 7 years of experience in the securities industry and previously worked as a bond product strategist at BlackRock Japan [1] Group 2: Educational Background - Mr. Zou Libo holds a master's degree from Auckland University of Technology and a bachelor's degree from the University of Auckland [1] - Mr. Zhu Xizi has a master's degree in operations research from Cornell University and a bachelor's degree in mathematical economics from New York University [1]

Core Points - BlackRock Fund has announced the effective contract of the BlackRock China Bond Investment Preferred Green Bond Index Securities Investment Fund [1] - The total net subscription amount during the fundraising period reached 5,999,997,152.72 yuan, with no interest generated during this period [1][2] - The total number of effective subscriptions was 261, resulting in a total subscription share of 5,999,997,152.72 shares [2] Fund Information - Fund Name: BlackRock China Bond Investment Preferred Green Bond Index Securities Investment Fund [2] - Fund Code: 025117 [2] - Fund Management Company: BlackRock Fund Management Co., Ltd. [2] - Fund Custodian: Industrial Bank Co., Ltd. [2] - Fund Operation Type: Open-ended [2] - Fund Contract Effective Date: September 24, 2025 [2] Fundraising Details - Fundraising Period: From September 1, 2025, to September 23, 2025 [2] - Approval Document Number from CSRC: 证监许可[2025]1534号 [2] - Total Net Subscription Amount: 5,999,997,152.72 yuan [2] - Interest Generated During Fundraising: 0 yuan [2] - Total Subscription Shares: 5,999,997,152.72 shares [2]

Core Viewpoint - BlackRock views the Chinese market as a crucial growth engine within its global strategy, managing $12.5 trillion in assets and recognizing the significant scale and potential of the Chinese market [1][2]. Group 1: Business Development and Achievements - Since its establishment as a public fund management company in June 2021, BlackRock Fund has managed 16 public products with a total scale of approximately 15 billion yuan [2]. - The company has built stable relationships with channels, institutional clients, and partners, while also enhancing brand recognition in the Chinese public fund industry [2]. - BlackRock Fund has faced challenges such as longer decision-making processes compared to local institutions, but has improved governance structures and decision-making efficiency over the years [2][3]. Group 2: Localization Strategy - BlackRock's localization strategy focuses on talent, decision-making, and product development, achieving significant progress in these areas [3][4]. - The company has shifted from an "international" to a "localized" talent strategy, prioritizing professionals familiar with the Chinese market [3]. - Decision-making processes have been streamlined to enhance responsiveness to market changes, allowing for quicker product launches and strategy adjustments [3][4]. Group 3: Product Innovation and Focus - BlackRock Fund emphasizes diverse product offerings tailored to Chinese investors' needs, balancing absolute and relative returns [4][6]. - The company is launching innovative products such as the BlackRock China Bond Investment Preferred Green Bond Index Fund, addressing domestic green finance requirements [4]. - Future product development will focus on systematic investment, multi-asset management, and global asset allocation, including the reintroduction of QDLP products and preparations for QDII qualifications [7][8]. Group 4: Management Team Adjustments - Recent personnel changes, including the appointment of Yu Peihua as General Manager, are aimed at optimizing the organization and implementing strategic initiatives [5][6]. - The new management team is expected to enhance customer engagement and market expansion, leveraging local expertise to strengthen the fixed income platform [5][6]. Group 5: Systematic Investment Approach - BlackRock Fund is prioritizing systematic investment strategies, combining quantitative and fundamental stock selection to improve decision-making efficiency [8][9]. - The company is leveraging its Systematic Active Equity (SAE) platform, which has over 40 years of investment experience and utilizes AI technology for enhanced investment opportunities [8][9]. - This platform approach aims to provide stable long-term returns, aligning with the evolving preferences of Chinese investors for consistent performance [9][10]. Group 6: Global and Local Integration - BlackRock aims to integrate global expertise with local market needs, focusing on systematic investment and global asset allocation as key differentiators [10]. - The company emphasizes long-term investment strategies and responsible investing, reflecting its commitment to sustainable investment practices in the Chinese market [10].