证监会：不断优化可持续披露制度 不盲目追求披露家数 综合考虑扩大覆盖面的节奏

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing high-quality sustainable disclosures, in line with the new "National Nine Articles" requirements [1]. Group 1: Disclosure Expansion and Quality Improvement - The number of listed companies disclosing sustainable reports has increased, with 1,869 companies reporting for 2024, achieving an overall disclosure rate of 34.7%, a rise of approximately 10 percentage points compared to the previous two years [2]. - The market capitalization of disclosing companies accounts for about 70% of the total market, with 612 companies also disclosing social responsibility reports, indicating that nearly half of the companies are systematically reporting sustainable-related information [2]. - The quality of disclosures has improved, with 99.3% of reporting companies including quantitative indicators, and over 80% disclosing more than 25 indicators. Additionally, 62.1% of companies reported on climate-related risks and opportunities, and 65.9% disclosed greenhouse gas emissions, a significant increase from 57.5% the previous year [2]. Group 2: Focused and Substantive Disclosure Topics - The introduction of guidelines has provided clearer objectives for companies, reducing the costs associated with learning domestic and international standards. Topics such as climate change, fair treatment of small and medium enterprises, and anti-competitive practices have seen increased attention from listed companies [3]. - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets had improved their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0 five years ago to 7.2% [3]. Group 3: Ongoing Regulation and Guidance - The CSRC will continue to refine the disclosure system based on the principles of "actively learning, prioritizing domestic practices, integrating diverse approaches, and highlighting unique features." Future efforts will include enhancing guidelines and conducting policy evaluations after mandatory disclosures begin next year [4]. - Currently, the disclosure guidelines require certain key index sample companies and those listed both domestically and internationally to disclose, affecting over 400 companies. Although the number of mandatory disclosures is limited, these companies represent over half of the total market capitalization [4]. - The CSRC will encourage voluntary disclosures from thousands of companies and will not impose mandatory requirements on small and medium enterprises outside the mandatory disclosure scope [4]. Group 4: Practical Guidance and Training - The CSRC aims to enhance companies' awareness of sustainable development and will guide stock exchanges and associations in providing training and case studies to help companies identify and disclose significant risks and opportunities in sustainability [5]. - Continuous regulation of sustainable disclosures will be enforced to ensure balanced content and highlight key areas [5].