China SIF｜商道融绿发布年度双旗舰报告 中国责任投资市场规模：总量攀升与结构分化并存 A股上市公司ESG绩效：合规披露大幅提升，量化分析亟待增强 数据是连接投融资两端的“题眼”

Core Insights - The 13th China Responsible Investment Forum highlighted the growth of China's responsible investment market, which has reached a scale of 48.55 trillion yuan by 2025, with an average annual growth rate of around 30% [3][17] - The reports indicate a shift from quantitative growth to qualitative improvement in ESG performance among listed companies, although challenges remain in quantitative analysis related to climate change [1][5] Group 1: Responsible Investment Market - The responsible investment market in China is experiencing strong growth, driven by an improving policy framework [3][17] - Green credit remains the dominant force in the market, accounting for over 43 trillion yuan, approximately 90% of the total market [3][17] - ESG public funds have rebounded, with over 1,000 funds and a total scale exceeding 530 billion yuan, indicating future growth potential despite currently representing only 2.84% of the overall fund market [3][17] Group 2: ESG Performance of Listed Companies - A significant improvement in ESG management levels has been observed among leading A-share companies, with over 50% of CSI 800 constituents rated A- or above for the first time [5][20] - Compliance with the disclosure rules set by the three major exchanges has reached 72.1% among CSI 800 constituents [5][20] - Despite increased reporting rates, there is a notable weakness in quantitative disclosures, with only 1.88% of companies able to conduct and disclose quantitative climate risk analysis [5][20] Group 3: Future Opportunities and Challenges - The need for solid data to bridge the gap between the demand for quality assets and insufficient substantive disclosures is emphasized [7][22] - Future investment opportunities are expected to focus on "substantive disclosures" and "quantitative analysis" [7][22] - Digital tools such as climate risk analysis platforms and biodiversity analysis platforms are being developed to assist companies and investors in quantifying disclosures and identifying real risks and values [9][24]