ESG｜投资与实践并重，ESG生态迎良性发展：2025年投资策略

Global ESG Policy Landscape - ESG and climate disclosure policies in the EU, ISSB, Hong Kong, Singapore, and the US are gradually being implemented starting in 2024 [2] - The EU's "Battery and Waste Battery Directive" and "Corporate Sustainability Due Diligence Directive" are also being rolled out, impacting corporate operations [2] - The rise of right-wing parties in the EU and the Republican Party in the US has led to a global anti-ESG wave, emphasizing the need for ESG to focus on practicality and feasibility [2] Domestic ESG Policy Development - Since 2024, ESG-related policy documents have been intensively released in China, with the Ministry of Finance, SASAC, exchanges, and local governments encouraging or mandating ESG practices [3] - Short-term regulatory efforts will focus on accelerating the improvement of ESG systems and standards, with detailed rules for different industries and issues expected to be released [3] - In the medium to long term, policy focus will shift to corporate ESG governance levels, aiming to enhance sustainable development and quality through ESG ecosystem construction [3] Corporate ESG Governance - In 2023, the ESG report disclosure rate for A-share companies reached 41.61%, with 2,228 companies disclosing reports, a 21% increase compared to 2021 [4] - Among the disclosed reports, 1,111 companies reported carbon emissions, 909 established ESG governance bodies, and 131 linked executive incentives to ESG/sustainability goals [4] - The disclosure rate is expected to exceed 50% in 2024, with ESG governance gradually moving into deeper waters, integrating sustainability goals into corporate performance evaluations [4] Capital Market and ESG Investment - Green finance has gained significant regulatory attention in 2024, with ESG concepts increasingly integrated into green finance policies [5] - The improvement in ESG disclosure quality is expected to enhance the incremental value of ESG information for asset management institutions, reducing research costs and improving investment effectiveness [5] - ESG-themed index products and green financial tools are expected to accelerate, with ESG-linked funds potentially reaching a trillion-yuan scale [5] ESG Evaluation System - The ESG evaluation system has been updated to version 4.0, incorporating the latest ESG disclosure requirements from various regulatory regions [6] - The updated system includes 3 primary issues, 15 secondary issues, 28 tertiary issues, and 58 indicators, providing a robust data foundation for ESG ratings [6]