浙商证券祁星：ESG策略在二级市场的超额收益具有周期性

Core Viewpoint - The recent guidance from the China Securities Regulatory Commission (CSRC) on the revision of the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" reflects the growing focus on ESG (Environmental, Social, and Governance) investments, which are increasingly seen as a way to manage risks rather than solely a means to generate excess returns [1][2]. Group 1: ESG Investment Performance - ESG factors exhibit cyclical excess returns in the secondary market, indicating that their profitability is not constant but varies with economic cycles [2]. - Funds employing negative screening strategies (excluding low-scoring companies) have shown significantly higher long-term returns compared to those that do not use such strategies [2]. - During the volatile stock market period of 2023-2024, ESG products experienced smaller declines than the average decline in the Shenwan industry classification, suggesting resilience in ESG investments [2]. Group 2: ESG Investment Strategies - Effective ESG investment should not be simplified to a single theme like renewable energy, as this can expose investments to industry-specific risks [3]. - Three strategies for effective ESG practice include: 1. Negative screening to avoid risks 2. Encouraging companies to improve ESG disclosures to attract shareholder investment 3. Quantitative comparisons of key indicators (e.g., carbon emission intensity) within the same industry [3]. - The assessment environment for ESG is improving, with mandatory ESG disclosure regulations set to take effect by April 30, 2025, leading to a more mature evaluation system [3]. Group 3: Industry Trends - The asset management industry is shifting from a focus on chasing excess returns to building systems that mitigate risks, aligning with regulatory encouragement for long-term investment and value-oriented strategies [3].