面向"十五五"，随着政策红利释放、产业基础夯实，西藏资本市场将继续以资本为纽带，连接创新与实体，书写高质量发展新篇章。 "十四五"规划胜利收官，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷。 从上市公司"量质齐升"到创新投入持续加码，从投资者回报机制完善到风险防控坚实有力，雪域高原的资本市场正以独特的发展节奏，为西 藏经济转型升级注入强劲动能，也为"十五五"时期持续增长奠定坚实基础。 上市公司"量稳质升" 产业集群效应凸显 "十四五"时期，西藏上市公司实现规模与质量双重突破，数量稳步增长，市值与经营效益跨越式提升，以医药、有色金属为核心的产业集 群，成为区域经济发展"主力军"。 截至2025年三季度末，西藏辖区A股上市公司达22家，较2021年初增加2家，总市值从2000多亿元跃升至3200亿元，14家企业跻身"百亿 俱乐部"，占比近六成。 经营业绩方面，西藏上市公司展现强劲增长韧性。2025年前三季度，22家上市公司合计营业收入409.8亿元，同比增长4.96%；合计归母净 利润66.3亿元，同比增长37.2%。两项指标增速分别是全国平均水平的3.8倍、6.7倍，凸显优质发展成色。 产业结构上，上市公 ...

长江商报消息 作为金融市场的重要中介和参与者，证券公司在ESG发展中扮演着双核心角色。一方 面，证券公司自身作为企业需要践行ESG。另一方面，作为资本市场的看门人和引导者，证券公司在推 动整个经济体系的ESG转型方面发挥重要作用。 特别是头部券商依旧发挥引领作用，如中信证券、中金公司、华泰证券、国泰君安、招商证券等，在 ESG战略、业务整合、报告质量上处于领先地位，并设立了专门的ESG职能部门。 长江商报资本战略研究院注意到，在"双碳"目标引领下，证券公司在环境（E）领域，尤其是绿色金融 相关业务中进展显著、成果突出。 根据中国证券业协会发布的数据，2024年，作为绿色债券主承销商（或资产证券化产品管理人）的证券 公司共50家，承销（或管理）148只债券（或产品），合计金额1674.05亿元。其中，资产证券化产品69 只，合计金额961.64亿元。 从具体机构看，头部券商表现尤为活跃。2024年，中信建投、中信证券、中金公司主承销（或管理）绿 色债券（或资产证券化产品）的规模分别为391.99亿元、263.72亿元、89.56亿元。 以中信证券为例，2024年，中信证券共承销绿色债券（含碳中和）517亿元，承 ...

对于经济金融活动的固有风险，我们需要更客观全面认识，在提高金融服务管理水平、培育强大金融机 构的过程中，推动建设更加完备、包容、高效的衍生品市场。一是优化衍生品监管方式。允许保险机 构、银行、理财机构等更多适格主体获取衍生品资质，结合各自业务实需，应用衍生品主动管理风险， 促进参与主体和交易场景多元化。二是强化监管能力建设。以避免发生系统性风险为主要目标，完善衍 生品交易报告、集中清算、保证金等管理手段，增强透明度，提升监管效能。同时，提高对正常市场波 动的容忍度。三是培育市场机构业务能力。鼓励金融机构建立符合衍生品业务特点的内部管理体系，完 善套期会计，加强人才建设，培育一批具有较强衍生品定价估值和风控能力的金融机构。 资产证券化具有盘活存量资产、稳定宏观杠杆率、优化资产负债结构、拓宽融资渠道等重要功能。一是 可将存量资产转化成流动性强的金融产品，打通信贷市场、货币市场和资本市场的连接通道，有助于提 升金融市场深度，满足投资者需求。二是便利金融机构在不扩表的同时提供融资，有助于稳杠杆、降杠 杆，引导发展方式从债务驱动转向资产驱动。三是商业银行通过信贷资产证券化可降低风险加权资产总 额，有助于缓解资本补充压力 ...

Group 1: Core Insights - The proposal from the Central Committee emphasizes the need to steadily develop futures, derivatives, and asset securitization as essential measures for establishing a well-structured financial market system and accelerating the construction of a financial powerhouse [1] - The derivatives market in China is projected to exceed 230 trillion yuan in trading volume by 2024, highlighting the importance of derivatives in price discovery and risk management [2] - The current development of the derivatives market in China is lagging, with the daily trading volume of interest rate derivatives being only about 0.8% of the outstanding government bonds, compared to 8%-9% for USD and EUR derivatives [2] Group 2: Derivatives Market Development - To enhance the derivatives market, it is crucial to optimize regulatory approaches, allowing more qualified entities like insurance companies and banks to access derivatives, thus diversifying participants and trading scenarios [3] - Strengthening regulatory capabilities is essential to avoid systemic risks, improve transparency, and enhance regulatory effectiveness [3] - Financial institutions should develop internal management systems tailored to derivatives business characteristics, improve hedge accounting, and build talent in pricing and risk control [3] Group 3: Asset Securitization - Asset securitization plays a vital role in revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [4] - The asset securitization market in China has entered a normalization phase since 2014, with annual issuance reaching around 2 trillion yuan, but faces challenges such as unclear underlying legal relationships and high issuance management costs [4] - There is significant potential for asset securitization to support the real economy, particularly in infrastructure, public utilities, and advanced manufacturing sectors [5] Group 4: Future Directions - The focus should be on serving key areas of the real economy, enhancing innovation in standards, financial products, and policy guidance [5] - It is necessary to improve the legal framework and supporting arrangements for the market, ensuring clear rights and obligations among participants [5] - Diversifying investors and enhancing the secondary market's liquidity are critical for the long-term healthy development of the asset securitization market [5]

我国经济正处于转型升级关键阶段，资产证券化大有可为，需要坚持服务实体经济，加强市场基础建 设，促进资产证券化市场长期健康发展。一是聚焦服务实体经济重点领域。从标准体系、金融产品、政 策引导等全方位加强创新，支持基础设施、公用事业、资源能源、现代服务业、先进制造业等行业盘活 存量资产。二是健全市场法律底层结构和配套安排。用好信托等具有清晰法律关系的结构，实现真正的 破产隔离。推动在司法实践中明确各参与方权利义务、违约责任、风险处置。进一步优化发行管理机 制，完善会计、税收、信息披露等配套制度。三是强化投资者和二级市场培育。积极推进投资者多元 化，吸引公募基金、保险等不同类型投资者参与投资。加强资产证券化估值体系建设。完善回购交易机 制，提升二级市场流动性。 （文章来源：新华社） 对于经济金融活动的固有风险，我们需要更客观全面认识，在提高金融服务管理水平、培育强大金融机 构的过程中，推动建设更加完备、包容、高效的衍生品市场。一是优化衍生品监管方式。允许保险机 构、银行、理财机构等更多适格主体获取衍生品资质，结合各自业务实需，应用衍生品主动管理风险， 促进参与主体和交易场景多元化。二是强化监管能力建设。以避免发生系 ...

【大河财立方 记者 程帅星 陈诗昂 文 朱哲 李博 冉衡 摄影】12月17日上午，2025债券市场高质量发展大会资产证券化专场会议在郑州举行。 在"做优增量、盘活存量"的政策导向下，如何通过资源资产化、资产证券化，把沉睡的资产转化为流动的资产，将资产转化成流动性强的金融产品成为当下 的关键命题。 在资产证券化专场会议"圆桌对话"环节，与会嘉宾重点聚焦企业如何通过资产证券化高效盘活存量资产，展开了深入交流与讨论。 对于资产证券化的战略意义，广西旅游发展集团财务管理部总经理林宝胜分享说，集团主要业务包括旅游、大健康、城建、科技、实业等，持有景区、酒 店、商业物业等重资产。对于集团来说，资产证券化绝非简单的融资工具，而是一场深刻的"资产革命"和战略转型的助推器。 林宝胜 林宝胜介绍，面对种类繁多的资产，要在内部进行系统性梳理，"摸底体检"并建立清晰的资产台账。总体来说，我们会将资产分为能产生稳定现金流的实物 资产、未来的收益权、应收账款等债权资产等五大类，并为每一类设计最具可行性的证券化路径。 安融信用评级有限公司副总裁曾颖锋在分享中，主要从评级机构视角，讲述在资产证券化产品中评级关注的重点以及什么样的基础资产算优 ...

河南在资产证券化领域已展现出积极进取的姿态。新华财经从人民银行河南省分行、河南证监局获悉， 今年以来，该省资产证券化产品发行规模已超200亿元，创历史最好水平。 新华财经北京12月17日电 2025债券市场高质量发展大会正式启幕之前，12月17日，资产证券化专场会 议作为两大先行会议之一，率先在郑州开启。 2005年，我国本土资产证券化业务试点正式启动。经过20年发展，我国资产证券化市场已经成为全球第 二大市场，产品创新层出不穷。在服务国家战略、盘活存量资产、优化资源配置、促进投资良性循环等 方面，资产证券化正发挥着越来越重要的作用。 值得注意的是，2025年7月，中豫信增—大河财立方保理债权资产支持专项计划二期发行完成，是全国 首单"推动革命老区高质量发展"主题的资产支持专项计划。11月，该资产支持计划三期成功发行。截至 目前，今年该产品已累计发行25.84亿元。 12月17日至19日，2025债券市场高质量发展大会在郑州举行，为期三天的议程以"政策解读+业务交流 +资源对接+实地考察"为核心框架，吸引来自监管机构、金融行业、实体企业、学术院校等领域代表齐 聚中原，共同探讨债券市场创新路径与产业赋能新机遇。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes how overseas banks have managed risks, categorizing risk causes into four main types: foreign exchange risk and domestic macroeconomic pressure affecting asset quality, real estate risk and credit exposure under subprime debt, national debt burden and high leverage leading to capital and profit decline, and liquidity risk stemming from weak asset liquidity and liability runs [16][17][18] - The report highlights a shift in government risk management strategies, moving from substantial risk resolution to liquidity support, with a focus on early detection and response to risks. The primary methods for addressing credit risk in overseas banking have become "banks saving banks" and self-rescue [17][18] - The evolution of overseas banking risks has transitioned from external to internal and liquidity-driven issues, with a growing emphasis on managing interest rate risk, liquidity risk, and single customer structure risk [18] Summary by Sections Section 1: How Overseas Banks Address Credit Risk - The report reviews the historical context of overseas banking risks from 1990 to the present, identifying four main categories of risk [16] - It discusses the role of government in risk management, noting a trend towards less direct intervention and more emphasis on liquidity support [17] Section 2: Asian Financial Crisis (1998-2006) - The macroeconomic background of the Asian financial crisis is outlined, detailing how the crisis spread from Thailand to other Southeast Asian nations [20] - The case of the Long-Term Credit Bank of Japan is examined, highlighting its reliance on real estate lending and the consequences of the economic bubble burst [29][30] Section 3: Subprime Crisis (2007-2009) - The report discusses the subprime crisis, focusing on the failures of Lehman Brothers and Bear Stearns, and the impact of high leverage and real estate exposure [16][17] Section 4: European Sovereign Debt Crisis (2010-2013) - The report analyzes the European sovereign debt crisis, particularly the experiences of Deutsche Bank and Dexia, emphasizing the need for improved risk management practices [18] Section 5: Post-Pandemic Interest Rate Risks - The report addresses the liquidity risks and interest rate volatility faced by banks in the aftermath of the pandemic, noting the vulnerabilities of certain banks due to weak customer structures and profit models [18]

Core Viewpoint - The implementation plan aims to enhance financial support for consumption in Beijing, focusing on various sectors to stimulate economic growth and establish a diversified consumer finance service system by 2030 [1][5][6]. Financial Support for Consumption - The plan emphasizes increasing credit support for consumer goods, particularly in the automotive sector, by optimizing loan terms and reducing penalties for early loan settlements [2][7]. - Financial institutions are encouraged to innovate products for various purchasing scenarios, including new and used cars, and to support green home appliances and electronics [2][8]. - The plan also promotes equity financing for quality enterprises in the consumption industry through public listings and private equity investments [2][12]. Key Areas of Focus - The plan outlines specific areas for financial support, including: - Enhancing cultural and sports consumption by leveraging Beijing's cultural resources and promoting events [8][9]. - Supporting the hospitality and dining sectors through innovative financial products and promotional activities [9][10]. - Encouraging the development of domestic services such as housekeeping and elder care by providing tailored financial services [10][11]. Infrastructure and Market Development - Financial institutions are urged to engage in infrastructure projects that support consumption, optimizing loan conditions based on borrower profiles [10][12]. - The plan aims to improve employment and income for residents by supporting small and micro enterprises with favorable loan policies [11][12]. Policy Coordination and Implementation - The plan stresses the importance of policy coordination among various government departments to enhance the effectiveness of financial support for consumption [14][18]. - It also highlights the need for financial institutions to develop specific implementation plans to align with the overall objectives of boosting consumption in Beijing [18][34].

Core Insights - The People's Bank of China Chongqing Branch has effectively implemented a moderately loose monetary policy to support the city's economic stability and growth in the first three quarters of the year, with a social financing scale increase of over 552 billion yuan [1] Financing Supply - The financing supply has been robust, with total indicators consistently outperforming the national average. In the first three quarters, the central bank injected 100.6 billion yuan, leading to an increase of 368.9 billion yuan in RMB loans, which is 91.9 billion yuan more than the previous year [1] - In the bond market, enterprises issued 159.76 billion yuan in bonds through the interbank market, including 12.594 billion yuan in asset-backed securities, marking a year-on-year growth of 10.44% [1] Efficient Allocation of Financial Resources - In the technology finance sector, the "Yangtze River Pilot Plan" has been implemented to integrate various financial resources, resulting in a loan balance of 864.1 billion yuan for technology enterprises, a year-on-year increase of 22.9% [2] - The balance of loans for the private economy has surpassed 1 trillion yuan, reflecting the effectiveness of inclusive finance initiatives [2] - Green loans in Chongqing have exceeded 1 trillion yuan, with an average annual growth rate of about 30% over the past five years, supporting over 170 enterprises in reducing carbon emissions by 3.3 million tons annually [2] Consumer Finance - The general consumer loan balance has increased by 21.3% year-on-year, driven by financial institutions' support for service consumption sectors such as accommodation, catering, and tourism [3] Low Financing Costs - The average interest rate for newly issued corporate loans was 3.01%, while personal housing loans averaged 3.14%, maintaining low levels to stimulate market activity [3] Financial Reform and Opening Up - The Chongqing Branch is advancing financial reforms to support the construction of an inland open comprehensive hub, with financing in related fields exceeding 700 billion yuan [4] Future Plans - The People's Bank of China Chongqing Branch aims to maintain stable growth in credit volume, with plans to inject an additional 30 billion yuan in low-cost funds by year-end [4] - Continued focus on enhancing financial support for key sectors and weak links, including the promotion of digital financial services and cross-border settlement systems [4][5]