证监会指导，沪深北交易所齐发布！

Core Viewpoint - The recent revision of the sustainable development reporting guidelines for listed companies in China aims to enhance the awareness of sustainability and promote standardized disclosures without imposing additional mandatory requirements [1][3][4]. Group 1: New Guidelines and Their Implications - The newly added application guidelines focus on three environmental topics: pollutant emissions, energy utilization, and water resource utilization, providing detailed explanations of common risks and opportunities [4][5]. - The guidelines establish a standardized disclosure framework, encouraging companies to integrate environmental performance with governance and strategic decision-making [2][8]. - The revision transitions from "encouraged disclosure" to "standardized disclosure," expanding the coverage of key issues and enhancing the transparency and foresight of the capital market [2][7]. Group 2: Impact on ESG Reporting - As of June 2025, 1,869 listed companies have disclosed sustainability reports, achieving an overall disclosure rate of 34.72%, which is an increase of approximately 10 percentage points compared to the previous two years [9]. - The quality of disclosures has improved, with 99.25% of companies reporting quantitative indicators, and 62.07% disclosing climate-related risks and opportunities [10]. - The introduction of the guidelines has significantly increased the ESG international ratings of A-share companies, with 32% of companies seeing improvements in their MSCI ESG ratings [11][12].