中国证监会发声！坚定不移逐步完善可持续披露制度

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [1][2]. Group 1: Sustainable Disclosure System - The CSRC has established a systematic and distinctive sustainable disclosure rule framework for listed companies, which aligns with international standards [2][6]. - A mandatory guideline for sustainable development reporting was issued by the CSRC to the Shanghai, Shenzhen, and Beijing stock exchanges, marking the first comprehensive regulation for sustainable disclosure in China [2][3]. - The CSRC is enhancing the adaptability and operability of disclosure rules by addressing practical challenges and providing detailed guidance for companies [4][5]. Group 2: Improvement in Disclosure Quality - In 2025, 1,869 listed companies disclosed their sustainable reports, representing approximately 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [7][8]. - Among the companies that disclosed reports, 99.3% included quantitative indicators, with over 80% reporting more than 25 indicators [8]. - The quality of disclosures has improved significantly, with 62.1% of companies reporting climate-related risks and opportunities, and 65.9% disclosing greenhouse gas emissions, a notable increase from the previous year [8][9]. Group 3: Impact on Corporate Governance and Investment - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents experiencing an upgrade in ESG ratings [9]. - The number of companies with leading ESG ratings (AAA, AA) increased from 7.2% at the end of 2024 to 14%, marking the largest increase in recent years [9]. - 67.3% of companies that disclosed reports have established governance structures, and 63.9% disclosed strategic information, indicating a proactive approach to sustainable development [10]. Group 4: Growth in Sustainable Investment - The scale of sustainable investment continues to grow, with the combined scale of the CSI and National Sustainable Index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [11]. - Foreign institutional investors are increasing their investments in sustainable sectors, particularly in Asia, with a focus on companies like CATL and BYD that are rapidly growing in the capital market [12].