今年，A股首次迎来这项大考→

Core Viewpoint - The construction of the sustainable development information disclosure system for listed companies in China is advancing steadily along a pragmatic path, focusing on a "main framework first, key issues breakthrough" approach [1] Group 1: Updates on Guidelines - On January 30, under the guidance of the CSRC, the Shanghai, Shenzhen, and Beijing stock exchanges revised and released the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies," adding three application guidelines related to pollutant emissions, energy utilization, and water resource utilization [1] - The update of the guidelines marks a new stage of refined and standardized implementation of sustainable development information disclosure for listed companies in China [1] - The updated guidelines are expected to provide a more systematic operational framework for sustainable development information disclosure, which is significant for the standardization of sustainable development in China [1] Group 2: Feedback and Optimization - In September 2025, the exchanges publicly solicited opinions on the three application guidelines, with market participants generally recognizing their guiding role and providing optimization suggestions [2] - The exchanges adopted several suggestions, including adding examples of pollutant-related risks and financial impacts, and refining calculation methods for energy and water consumption [2] - The overall framework and core requirements of the officially released guidelines maintained high stability and continuity compared to the draft, with revisions focusing on content refinement [2] Group 3: Implementation Support - The guidelines provide detailed explanations of common risks and opportunities related to environmental issues, helping listed companies identify risks and standardize data accounting methods [4] - Specific disclosure requirements are outlined for pollutant emissions, energy utilization, and water resource utilization, including detailed metrics and calculation methods [5] - The guidelines serve as a practical teaching material, assisting companies in improving their ESG reporting capabilities and report quality [4][5] Group 4: ESG Disclosure Landscape - China is moving towards a new stage of mandatory ESG disclosure, with a rule system forming that combines encouragement and regulation [6] - As of September 2025, over 2,500 A-share listed companies had published sustainable development reports, with a disclosure rate of nearly 35%, reflecting a significant increase [6] - In 2026, A-share listed companies will be required to disclose sustainable development reports for the first time, with specific deadlines for compliance [6] Group 5: Future Directions - The release of the three application guidelines is expected to enhance the depth and breadth of ESG practices among A-share listed companies, transitioning from compliance to proactive engagement [7] - Companies are urged to view sustainable development efforts as tools for enhancing risk resilience and exploring green growth opportunities, rather than merely external compliance requirements [7]