唐子佩：ESG+成为长期资金配置选择

Group 1 - The core theme of the forum was "ESG Financial Revolution: Responsible Investment Reshaping Capital Value Logic," focusing on how ESG principles are redefining capital value judgment standards from a capital market perspective [1] - ESG investment has primarily been in an advocacy stage due to unresolved incentive misalignment issues, which is not unique to China but presents three distinct characteristics domestically [1] - Companies often lack motivation and view ESG as a burden, whereas ESG should be seen as a tool for risk mitigation and efficiency improvement rather than a cost [1] - The evaluation system for ESG is in urgent need of improvement, with significant discrepancies in ratings for the same company across different domestic systems, primarily due to the difficulty in quantifying non-financial indicators [1] - There is a prominent mismatch in cycles, as ESG benefits require 5-10 years of long-term cultivation, while market patience typically spans only 3-5 years, making it challenging to realize ESG value [1] Group 2 - Regulatory bodies are innovating policies to address these challenges, such as the Shanghai Stock Exchange removing stocks with poor ESG ratings from the Shanghai 180 index in 2024 [1] - By 2025, public funds will be required to participate in company voting if they hold more than 5% of shares, compelling institutions to clarify their ESG positions and promoting a deeper alignment between long-term investment and ESG principles [1] - The long-term competitiveness of good companies relies on intangible assets such as employee loyalty and transparency, with ESG elements helping companies "earn invisible money" similar to how R&D investments are viewed as long-term assets [2]