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Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable information disclosure by listed companies, aligning with the new "National Nine Articles" requirements, and aims to enhance the disclosure system continuously [1][5]. Group 1: Sustainable Disclosure System - The new "National Nine Articles" issued in 2024 aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding the development of mandatory rules for sustainable disclosure [2]. - The CSRC has already released specific guidelines on "Overall Requirements and Disclosure Framework" and "Addressing Climate Change," and is seeking opinions on additional guidelines related to "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" [2][3]. Group 2: Disclosure Rate and Content - In 2024, 1,869 listed companies disclosed their sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [3]. - 99.3% of the companies that disclosed reports included quantitative indicators, with over 80% reporting more than 25 indicators. Additionally, 62.1% disclosed climate-related risks and opportunities, and 65.9% reported greenhouse gas emissions, a significant increase from 57.5% the previous year [3]. Group 3: Governance and Focused Issues - There is a growing emphasis on governance related to sustainability, with 67.3% of reporting companies establishing governance structures and 63.9% disclosing strategic information [3]. - The introduction of the guidelines has led to a more focused approach to sustainability issues, with increased attention on climate change, fair treatment of small and medium enterprises, and anti-competitive practices [3]. Group 4: ESG Ratings Improvement - By the end of last year, one-third of companies listed on the Shanghai and Shenzhen stock exchanges saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [4]. Group 5: Guidance for High-Quality Disclosure - The CSRC will continue to support high-quality sustainable disclosure by gradually improving the system, learning from international practices while considering local conditions [5][6]. - The CSRC emphasizes a phased approach to policy implementation, with mandatory disclosure requirements for around 400 companies, which collectively represent over half of the market's total value [6][7]. - The focus remains on practical implementation, ensuring that high-quality development drives high-quality disclosure, with an emphasis on real actions over mere reporting [7][8].