上交所、深交所、北交所，刚刚发布

Core Viewpoint - The three major stock exchanges in China have taken significant steps towards enhancing sustainable development information disclosure by revising the "Sustainable Development Report Preparation Guidelines" and inviting public feedback until September 19, 2025 [1][3] Group 1: Purpose and Goals - The revision aims to guide listed companies in actively practicing sustainable development principles and to standardize their information disclosure related to sustainability [3] - The updated guidelines are expected to provide clearer and more actionable instructions for companies, particularly small and medium-sized enterprises, to improve the quality of their Environmental, Social, and Governance (ESG) disclosures [4][5] Group 2: New Application Guidelines - Three new application guidelines have been introduced: "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," which complement the previously released overall framework and climate change guidelines [4] - The revisions follow principles such as reinforcing conceptual guidance, clarifying disclosure points, providing reference examples without imposing additional mandatory disclosures, and ensuring continuous improvement [5] Group 3: Current Disclosure Practices - A-share listed companies have shown significant progress in sustainable development information disclosure, with over 1,300 companies in the Shanghai market alone publishing separate sustainability reports in 2024, accounting for 57% of listed companies [6] - In the Shenzhen market, 1,164 companies proactively published sustainability reports for 2024, representing over 40% of the total [6] - The ESG investment ecosystem is expanding, with over 162 index products based on the China Securities ESG evaluation, totaling more than 260 billion yuan, indicating a steady flow of long-term capital towards companies committed to sustainable development [7] Group 4: Future Developments - The China Securities Regulatory Commission plans to guide the three exchanges in launching more detailed guidelines on various topics to build a more complete, transparent, and practical sustainable development information disclosure rule system [8]