兴业基金总裁李辉：ESG的价值已深度融入风险管理体系

Core Insights - The article discusses the growing importance of ESG (Environmental, Social, and Governance) standards in China's capital markets, highlighting the rise of equity ETFs as a core increment for ESG funds and the potential for fixed-income ESG ETFs [1][2]. Group 1: ESG Fund Growth - ESG funds in China reached a record high of 990 billion yuan by June 2025, with index products accounting for 98.5% of the ESG strategy fund increment during the period from early 2024 to June 2025 [2]. - The China Securities A500 ETF employs a strategy of "negative screening" combined with "best-in-class" selection, removing high-pollution and high-energy-consuming companies while favoring industry leaders with strong ESG performance [2]. Group 2: Fixed-Income ESG ETF Opportunities - The fixed-income ESG ETF market in China is still in its early stages, with a lack of product supply and a developing index system [3]. - Current paths for creating bond ESG ETFs include green bond ETFs and ESG-rated bond ETFs, catering to different investment needs [3]. Group 3: ESG Strategy Integration - ESG factors are becoming integral to risk management systems, serving as a hard criterion for financial institutions, particularly banks, in their evaluation processes [4][5]. - Many institutional investors are now incorporating ESG performance into their credit assessment frameworks, using ratings from MSCI or domestic authorities as filters for partnership eligibility [5].