今天分享的是：中国转型债券白皮书（2025） 报告共计：25页 《中国转型债券白皮书（2025）》核心内容总结 《中国转型债券白皮书（2025）》由中央国债登记结算有限责任公司于2025年5月发布，系统梳理中国转型债券发展态势，明确 其在绿色低碳转型中的重要作用及未来方向。 当前中国转型债券迎来重要发展机遇。政策层面，2022年中美共同主持起草的《G20转型金融框架》明确转型相关标准与要求， 2024年《关于加快经济社会发展全面绿色转型的意见》等文件推动绿色转型产业发展，多地也出台地方转型金融目录或标准。 各方支撑有力，行业自律组织如交易商协会、沪深交易所出台细则规范市场，金融基础设施方面，中央结算公司构建转型债券 环境效益信息披露指标体系，完善相关数据库，估值机构则提供估值服务与指数产品。 中国转型债券市场稳步发展。市场规模持续增长，2021年起步至2024年末，累计发行244只，总规模2208亿元，发行人数量增长 至59家。产品类别不断丰富，涵盖挂钩类与非挂钩类，公司债、中期票据为主要品种，占比超85%。区域分布呈聚集性，北 京、上海等前十地区占发行总额近80%。投资者认可度提升，2024年认购倍数达5. ...

Domestic Policy Dynamics - The "Guiding Opinions on Financial Support for New Industrialization" was jointly issued by seven departments including the People's Bank of China, aiming to build a financial system that supports the high-end, intelligent, and green development of the manufacturing industry by 2027 [12] - The opinions emphasize the innovation of bond varieties and the application of diversified green financial tools such as green credit and green bonds in the low-carbon transition of the manufacturing sector [13] International Policy Dynamics - The Financial Stability Board (FSB) released a roadmap summarizing progress in addressing climate-related financial risks, focusing on disclosure, data, vulnerability analysis, and regulatory practices [4][9] - The International Sustainability Standards Board (ISSB) has established global benchmarks for sustainability disclosures, with a transition from the TCFD framework to ISSB standards underway [9] Industry Dynamics - As of August 13, 2025, the domestic market has 3,896 outstanding green bonds with a total issuance amount of 62,621.51 billion, and 2,061 social bonds totaling 87,833.49 billion [19] - From January 1 to August 13, 2025, 639 ESG bonds were issued, amounting to 8,690.98 billion, representing year-on-year growth of 38.01% and 71.72% respectively [19] ESG Practices - Recent events include the "Third China International Supply Chain Promotion Expo" and the "2025 Corporate Social Responsibility & ESG Practice Forum," highlighting the growing focus on ESG standards and practices in the supply chain [21] - Innovations in financial products such as "carbon footprint-linked loans" and sustainable development-linked loans are being introduced to support green transitions in various industries [21][22]

Core Insights - The sustainable bond market has seen significant growth over the past decade, raising over $5.5 trillion for projects aimed at addressing environmental challenges and social inequalities [1][2] - LSEG has played a pivotal role in this market, launching the first dedicated green bond segment in 2015 and evolving it into the Sustainable Bond Market (SBM) [1][8] Market Growth and Impact - Over 170 issuers have launched 720 bonds in the LSEG sustainable bond market, raising nearly $422 billion, which supports various environmental and social projects [2] - Funding from these bonds has primarily supported energy efficiency, natural resources, and sustainable land use projects, accounting for about 25% of total funds raised [2] Market Development - The SBM has expanded from a single segment to a comprehensive market, introducing categories for sustainable development, social bonds, and issuer-level bonds [8] - The market has also introduced transition bonds to support issuers in climate-related activities [8] Value Creation for Issuers and Investors - The SBM provides issuers access to a global investor base, often resulting in oversubscription for bond offerings, enhancing visibility and credibility [9] - Investors benefit from a diverse range of debt asset classes and strict sustainability standards, which enhance confidence in their investments [9] Emerging Trends - The market is evolving to support various financing needs, including climate adaptation projects and blue bonds aimed at ocean protection [18] - New financial instruments like debt-for-nature swaps are gaining traction, allowing emerging market sovereigns to refinance debt at lower rates to fund conservation efforts [18] Future Outlook - LSEG is committed to driving innovation in the sustainable bond market, anticipating continued growth and the emergence of new financing opportunities [14][15]

做好科技金融、绿色金融、普惠金融、养老金融、数字金融「五篇大文章」，是贯彻落实党中央关于金 融强国建设决策部署的核心任务和关键路径。「五篇大文章」不仅是对金融行业功能定位的深刻升华， 更是对金融助力经济社会高质量发展的殷切期许。其中，绿色金融不仅是经济转型的内在要求，更是践 行生态文明思想、服务人与自然和谐共生的中国式现代化的政治责任和时代担当。 「服务绿色发展不仅是履行金融国企政治责任、社会责任的必答题，更是推动公司经营模式向高质量跃 升的主动选择。」兴业证券有关负责人表示，该公司始终将绿色金融视作践行「国之大者」的战略支 点。近年来，兴业证券已将绿色基因融入研究、融资、投资、环境权益等全业务链条，将绿色金融升格 为集团层级的战略支柱。构建绿色金融「强根基」 在国家「双碳」目标引领下，兴业证券一直以实际行动践行绿色金融理念，打造了「顶层设计—中台赋 能—前台实践」的管理实践路径。 兴业证券成立了集团「绿色证券金融领导小组」，设立一级部门「绿色金融部」，负责推动集团绿色金 融业务发展，统筹制定《兴证集团持续推进绿色证券金融业务发展的行动方案》，明确「2025年绿色投 融资规模突破2000亿元」的量化目标，形成 ...

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].

Core Viewpoint - Shandong Province has issued the "High-Quality Development Implementation Plan" for the financial "Five Major Articles," aiming to enhance financial support for the real economy and promote sustainable economic growth by 2027 [2][4]. Group 1: Financial Development Goals - By 2027, Shandong aims for an annual growth rate of at least 20% in loans to technology-based SMEs and green loans, with a minimum of 100,000 new "first loan" households in the inclusive finance sector each year [2][4]. - The plan emphasizes increasing the proportion of direct financing and nurturing long-term capital [2][3]. Group 2: Key Financial Services - The implementation plan focuses on enhancing the quality and efficiency of technology finance, developing green financial products, and improving inclusive financial services [2][3]. - Specific financial products such as carbon reduction-linked loans and environmental pollution liability insurance are to be explored to expand green credit [3][4]. Group 3: Support for Specific Sectors - Inclusive finance will be strengthened to support small and micro enterprises, with an emphasis on first loans and credit loans [4]. - The plan includes measures to address the aging population, such as implementing a personal pension system and enhancing financial services tailored for the elderly [4][5]. Group 4: Digital Financial Transformation - Shandong will accelerate the digital transformation of financial institutions, enhancing digital service capabilities across various financial sectors [5]. - The province aims to promote the efficient sharing of financial and public data while exploring innovative financing models related to data rights [5].

Core Viewpoint - The article emphasizes the urgent need for China to develop a transition finance framework to support high-carbon industries in their shift to low-carbon operations, particularly in light of the upcoming 2035 Nationally Determined Contributions (NDC) targets under the Paris Agreement [1][4]. Group 1: Transition Finance Development - China is actively working on new 2035 NDC targets, which will require specific low-carbon transition plans from various regions, institutions, and enterprises [1]. - The Green Finance Committee of the China Financial Society is collaborating with the People's Bank of China to implement the first batch of transition finance standards and support the development of a second batch [1][9]. - Transition finance is seen as a necessary evolution from existing green finance, which is insufficient to fully support high-carbon industries in their transition [1][9]. Group 2: Global Climate Financing Context - Despite the U.S. withdrawal from the Paris Agreement and other international climate agreements, the actual impact on global sustainable finance is considered limited, as the majority of sustainable investments come from private sector funding rather than government sources [4][5]. - Global sustainable investment is approximately $3 trillion annually, with China's green investments accounting for about $1.2 trillion [4]. - The contribution of developed countries to climate financing for developing nations is less than $100 billion, with the U.S. accounting for less than 10% of this amount [4]. Group 3: International Cooperation and Standards - The international community, excluding the U.S., is encouraged to take a leadership role in sustainable finance by establishing compatible standards and enhancing disclosure practices [6]. - The establishment of a common classification system for sustainable finance, initiated by China and the EU, aims to improve the comparability and compatibility of international standards [6][7]. - The International Sustainability Standards Board (ISSB) standards are being promoted as a global benchmark, with around 40 countries, including China, adopting these standards [7]. Group 4: Transition Financial Products - Current transition finance products in China are primarily debt instruments, with a need to develop equity and insurance-related transition financial tools [10]. - There is a demand for equity-based transition financial tools to support capital expansion for transitioning enterprises, and initiatives are underway to establish "transition funds" for high-quality transition companies [10]. Group 5: Technological Innovations in Green Finance - The discussion around the tokenization of green assets using blockchain technology is gaining traction, with potential applications in tracking environmental and financial data of green assets [12]. - The use of blockchain can enhance the traceability and credibility of green assets, thereby mitigating risks associated with "greenwashing" and improving asset liquidity [12].

Group 1: China's Green Finance Development - China is actively formulating new NDC targets for 2035, which will require specific low-carbon transition plans from regions, institutions, and enterprises [1] - The Green Finance Committee aims to support the implementation of transition finance standards and the development of new financial products to facilitate the low-carbon transition [1][6] - Current definitions of green finance are insufficient to support high-carbon industries in their transition to low-carbon, necessitating the establishment of a transition finance framework [1][6] Group 2: Global Climate Financing Landscape - Despite the U.S. withdrawal from the Paris Agreement and other international frameworks, the actual impact on global sustainable finance is limited, with global sustainable investments reaching approximately $3 trillion annually, of which $1.2 trillion comes from China [2][3] - Government funding constitutes only about 10% of global sustainable investment, indicating that the majority is driven by social capital [2] - The contribution of developed countries to climate financing for developing nations is less than $100 billion, accounting for less than 2% of global sustainable investment needs [2] Group 3: International Cooperation and Standards - The international community, excluding the U.S., should enhance leadership in establishing standards and mobilizing social capital for sustainable investment [4] - The Sustainable Finance International Platform (IPSF) aims to create compatible sustainable finance standards, with a focus on enhancing comparability and consistency [4][5] - The ISSB standards have been adopted by around 40 countries, including China, which has introduced its own version of the ISSB standards to promote global adoption [5] Group 4: Transition Finance Products - Transition finance currently focuses on debt instruments, with a need to develop equity and insurance-related financial tools to support transition enterprises [6][7] - There is a demand for equity-based transition financial tools, such as transition funds, to help high-quality transition enterprises expand their capital [7] Group 5: Emerging Technologies in Green Finance - The discussion around tokenization of green assets is gaining traction, with RWA (Real World Assets) being a suitable application for blockchain technology in green finance [8] - Blockchain can enhance the tracking of financial and environmental data related to green assets, thereby mitigating "greenwashing" risks and improving asset liquidity [8]

Group 1 - The core viewpoint is that China's climate investment and financing efforts are significantly increasing, enhancing the green functions of the capital market [1][2] - By the end of 2024, the balance of green loans in China is expected to reach 36.6 trillion yuan, a year-on-year increase of 21.7%, which is 14.5 percentage points higher than the growth rate of other loans [1] - The green bond market is showing strong growth, with over 4 trillion yuan in cumulative green bonds issued, including innovative products like carbon-neutral bonds and transition bonds [1] Group 2 - China's central enterprises are actively exploring new models and mechanisms for climate investment and financing, contributing to the green low-carbon future industry [2] - The National Development Investment Corporation has established a 5 billion yuan new energy industry investment fund, focusing on renewable energy and environmental protection sectors [2] - These innovative practices not only inject new momentum into the development of central enterprises but also provide valuable references for the green low-carbon transformation of the entire economy [2]

Core Viewpoint - Transition finance is essential for supporting high carbon-emission industries in their shift towards low-carbon and zero-carbon operations, aligning with China's dual carbon goals [1][2][3] Group 1: Transition Finance Overview - Transition finance specifically targets financing support for industries with clear transition paths and significant emission reduction benefits, facilitating the shift from "brown" to "green" economic activities [1][2] - The People's Bank of China has introduced innovative financial products such as carbon reduction support tools and transition bonds to channel financial resources into sectors with substantial carbon reduction potential [2][3] Group 2: Goals and Effects of Transition Finance - Transition finance aims to drive the low-carbon transformation of carbon-intensive industries, which is crucial for achieving China's carbon peak and carbon neutrality goals [3] - Approximately 140 trillion yuan is projected to be needed for direct investment to achieve carbon neutrality in China, highlighting the significant financial demand for low-carbon transitions [3] Group 3: Challenges Faced by Transition Finance - The current institutional framework for transition finance in China is not fully developed, lacking a unified national standard, which complicates the identification of genuine transition efforts [10] - There is a fragmented carbon accounting system, leading to difficulties in accurately assessing the effectiveness of transition finance, which hampers its progress [11][12] - The mismatch between the structure of transition finance products and the long-term needs of carbon-intensive industries creates challenges in providing adequate financial support [13] Group 4: Recommendations for Transition Finance - It is recommended to enhance the institutional framework for transition finance, ensuring that financial institutions can effectively support low-carbon transitions in carbon-intensive sectors [16] - Improving information disclosure standards for both enterprises and financial institutions is crucial to enhance transparency and accountability in transition finance [17][18] - Developing a diverse range of transition finance products tailored to the specific needs and timelines of carbon-intensive industries is essential for effective financial support [19]