The impacts of climate policies on the global financial system have aroused wide attention all over the world. Fund markets¹ are an important part of the financial system and play a crucial role in the stability of the financial system. In this paper, the impacts of climate policies on fund markets are evaluated from direct and indirect risk contagion channels using the data of Chinese ordinary stock funds and partial stock hybrid funds during 2007–2020. Risk contagion indicates that a fund's selling of stocks causes the stock price to fall, causing asset losses to other funds holding the same stocks. We construct a risk contagion model based on common asset holdings of funds. The analysis of direct risk exposure of funds to climate policy in China shows that five climate-policy-relevant sectors account for more than half of the total value of shareholdings. The climate risk stress-test indicates that ignoring the indirect risk contagion channel significantly underestimates the adverse effects of and climate policies on fund markets. More stringent, short-term climate targets and earlier implementation of climate policies helps to mitigate otherwise drastic changes required in energy markets in China to achieve a 2°C long-term target, and reduces the adverse effects of climate policies on the fund market. Furthermore, the impact of climate policies on different investment funds shows significant differences, leading to winners and losers. The losers are funds that adopt a high-carbon investment strategy, while winners are funds adopting a green investment strategy.

In this study, hysteresis-free double-layer gate-all-around stacked poly-Si nanosheet channel ferroelectric Hf _x Zr _1-x O ₂ negative capacitance field-effect transistors (DL GAA NS FE-HZO NC-FETs) with an internal metal gate (IMG) and NH ₃ plasma nitridation were experimentally investigated and comprehensively discussed for the first time. The results revealed that NH ₃ plasma nitridation at both the ZrO ₂ /TiN and TiN/HZO interfaces can effectively enhance the HZO ferroelectricity and quality by suppressing the generation of oxygen vacancies ( ${V}_{o}{)}$ . Furthermore, the SiON interfacial layer quality can be enhanced by passivating bulk defects within the SiON interfacial layer through NH ₃ plasma nitridation at the ZrO ₂ /TiN interface. When NH ₃ plasma nitridation is performed at both the ZrO ₂ /TiN and TiN/HZO interfaces, the devices exhibit excellent electrical characteristics: 1) an extremely low subthreshold swing (SS) of 45.77 mV/decade; 2) an ultrasteep average SS (ASS) of 61.39 mV/decade; 3) a relatively high ON/OFF current ratio ( ${I}_{ \mathrm{\scriptscriptstyle ON}} / {I}_{ \mathrm{\scriptscriptstyle OFF}}{)}$ of $ > 5\,\,\times \,\,10^{{7}}$ ; and 4) a quite high effective breakdown voltage ( ${V}_{\text {EBD}}$ ) of 6.7 V at ${V}_{D}$ = 0.1 V. Thus, these devices are promising candidates for low-power-consumption monolithic 3-D integrated circuit (IC) applications.