证监会勾勒上市公司可持续发展图景 三大支柱夯实高质量发展根基

Core Viewpoint - Sustainable disclosure is not merely a formality but a crucial mechanism for driving high-quality development in enterprises [1] Group 1: Institutional Development - The sustainable development journey of listed companies in China has established a robust rule system, marked by the introduction of the new "National Nine Articles" and the mandatory "Guidelines for Sustainable Development Reports" [2] - The rule system is characterized by a coherent and distinctive disclosure framework, with the first mandatory regulation marking a new era for sustainable disclosure in A-shares [2] - The China Securities Regulatory Commission (CSRC) has emphasized the importance of execution and guidance to ensure smooth implementation of these rules [2] Group 2: Disclosure Practices - The number of listed companies disclosing sustainable reports reached 1,869 in 2025, representing 70% of market capitalization, with a disclosure rate of 34.7%, nearly a ninefold increase since the end of the 13th Five-Year Plan [3] - The quality of disclosures has significantly improved, with 99.3% of reporting companies using quantitative indicators, and over 80% disclosing more than 25 metrics [3] - The proportion of companies reporting greenhouse gas emissions rose from 57.5% to 65.9%, indicating enhanced awareness and capability in addressing environmental risks [3] Group 3: Market Response - By October 2025, the scale of domestic sustainable index products exceeded 120 billion, more than doubling since the end of 2020, with a continuous increase in the proportion of ESG funds [5] - Foreign institutional investors are increasingly investing in sustainable sectors in Asia, including China, reflecting a positive market response [5] Group 4: Strategic Commitment - The CSRC remains committed to maintaining confidence, continuous action, and unwavering efforts in the face of global challenges in the sustainable sector [5] - The focus is on improving disclosure systems and promoting high-quality development through practical guidance and a gradual policy implementation approach [5]