破解“应考”难题 完善“阅卷体系” ESG强制披露“倒计时” 市场积极备战迎“大考”

Core Viewpoint - The implementation of mandatory ESG disclosure for A-share listed companies is approaching, with the first reports due in 2026, marking a shift from voluntary to mandatory compliance in sustainability reporting [1][2][3]. Group 1: ESG Disclosure Requirements - Companies listed in major indices like the Shanghai Stock Exchange 180 and the Sci-Tech Innovation Board must disclose their 2025 sustainability reports by April 30, 2026 [2]. - A significant majority of companies (95%) have already begun disclosing sustainability or social responsibility reports ahead of the mandatory requirements, establishing a solid foundation for the new system [3]. Group 2: Strategic Initiatives by Leading Companies - Leading firms such as PetroChina and Shenwan Hongyuan are proactively developing comprehensive ESG strategies, with many adopting a three-year cycle for their ESG reports [2]. - 87% of companies that have disclosed ESG reports have established governance frameworks for sustainability, and 70% have conducted dual materiality assessments [2]. Group 3: Challenges and Support Mechanisms - Some companies, particularly in high-energy and complex supply chain industries, face challenges in transitioning to mandatory disclosure, necessitating targeted support and guidance [4][5]. - Recommendations include structured training and the development of simplified disclosure templates to assist companies in meeting the new requirements [6]. Group 4: Addressing "Greenwashing" Risks - The risk of "greenwashing" poses a significant challenge to the integrity of ESG disclosures, requiring robust technical and punitive measures to enhance compliance and accountability [7][8]. - Establishing a unified regulatory framework for ESG ratings is essential to improve transparency and comparability across the market [8]. Group 5: Future Directions for ESG Reporting - The transition to mandatory ESG disclosure is expected to drive the development of more refined ESG investment products and enhance the overall quality of capital market operations [9]. - Future guidelines may include specific frameworks for biodiversity protection and supply chain ESG management, further enriching the ESG reporting landscape [9].