银河证券：全球ESG分化下的政策与市场

Group 1: Global ESG Policy Overview - In 2025, global ESG policies underwent structural adjustments, shifting from rule construction to efficiency optimization, with the EU focusing on balancing sustainability and economic competitiveness through regulatory simplifications [12][14] - The EU introduced the "Omnibus packages" to streamline regulations like CSRD and CBAM, reducing compliance burdens for businesses while maintaining environmental goals [14][23] - The US exhibited a dual pattern of federal retreat and state-level advancement, with federal policies relaxing ESG regulations while states like California and New York intensified climate disclosure requirements [25][26] Group 2: China's ESG Policy Development - China's ESG policy framework achieved significant progress in 2025, characterized by a systematic approach that integrates top-level design with market practices, transitioning from voluntary to mandatory disclosure [2][38] - The establishment of a unified disclosure system, led by the Ministry of Finance, incorporates ISSB standards and local issues like "rural revitalization" and "common prosperity," addressing fragmentation in standards [2][39] - Major stock exchanges in China implemented mandatory disclosure requirements for key index constituents, with a focus on greenhouse gas emissions and other sustainability metrics [2][39] Group 3: Market Trends and Investment Opportunities - The global ESG investment landscape showed signs of cooling, particularly after the US withdrawal from the Paris Agreement, yet the overall development trend remained positive with a significant increase in companies submitting SBTi targets [2][10] - China's ESG market continued to expand, with the scale of ESG strategy funds surpassing 500 billion, indicating strong resilience driven by policy guidance and market demand [2][10] - The carbon market in China saw historic expansion, incorporating high-energy-consuming industries like steel and cement, with a focus on achieving carbon reduction targets during the 14th Five-Year Plan [2][39] Group 4: Regional ESG Policy Innovations - Asian markets demonstrated a trend of regulatory enhancement and standard collaboration, with countries like Singapore and Malaysia adopting ISSB standards and promoting mandatory disclosures for listed companies [28][29] - Japan and South Korea are localizing ISSB standards while enhancing carbon footprint management in key industries, reflecting a commitment to sustainable finance [28][29] - The ASEAN region showcased collaborative efforts in sustainable finance, with countries aligning their classification laws and climate goals, indicating a unified approach to ESG governance [31][32]