证监会：坚定不移推进上市公司高质量可持续披露

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in high-quality sustainable information disclosure in accordance with the new "National Nine Articles" requirements [1][3]. Group 1: Sustainable Disclosure Framework - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to establish the first mandatory rules for sustainable disclosure, including specific guidelines on climate change and resource utilization [2]. - In 2023, 1,869 listed companies disclosed their 2024 sustainability reports, achieving a disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [1][2]. - The CSRC has developed a sustainable disclosure system that includes mandatory exchange guidelines and reference standards for companies [1][2]. Group 2: Improvement in Disclosure Quality - The quality of disclosures has improved, with 99.3% of companies providing quantitative indicators, and over 80% disclosing more than 25 quantitative metrics [2]. - There has been a significant enhancement in governance related to sustainability, with most disclosing companies establishing governance structures and strategic information [2]. - One-third of companies in the Shanghai and Shenzhen markets have seen improvements in their MSCI ESG ratings, with the proportion of globally leading rating companies increasing from 0% five years ago to 7.2% [2]. Group 3: Policy Implementation and Future Plans - The CSRC plans to implement mandatory disclosures for over 400 key index sample companies and dual-listed companies starting in 2026, with 95% of these companies already disclosing relevant reports ahead of time [3]. - For smaller companies, the CSRC encourages voluntary participation without mandatory requirements, expanding coverage based on policy evaluations and company capabilities [3]. - The focus of sustainable disclosure is on high-quality development rather than mere information disclosure, with ongoing training and regulatory oversight to enhance corporate awareness and risk identification [3].