ESG与央国企月度报告（2024年10月）：央国企基本面改善，ESG体系进一步推进

Group 1 - The profit growth rate of central state-owned enterprises (SOEs) has reversed its downward trend, with performance recovery better than the overall A-share market. The total profit growth rate for central SOEs in Q3 2024 is 1.88%, compared to -0.55% in the mid-year report, indicating a significant improvement in profitability [9][10]. - Despite the strong performance in profits, the revenue growth for central SOEs remains negative at -2.33% in Q3 2024, which is a decline from -1.58% in the mid-year report. This indicates that profit increases are primarily driven by lower upstream raw material costs and cost-cutting measures [10][12]. - The real estate sector and related industries continue to perform poorly, with insufficient domestic demand dragging down product prices and overall profitability recovery. However, the performance of upstream precious metals remains strong, with sectors like social services, non-bank financials, and electronics showing robust growth [12][15]. Group 2 - In October 2024, several ESG-related policies and events were introduced, including 19 measures from the central bank and other departments focusing on green finance, as well as actions from the Ministry of Ecology and Environment to strengthen ecological supervision and carbon emission quota management [21][18]. - The market performance of pure ESG strategies has outperformed both ESG & central SOEs and pure central SOEs strategies. Over the past year, the ESG & central SOEs strategy has shown positive returns, indicating a more stable and higher yield compared to the broader A-share market [9][10]. - The valuation situation shows a rebound in the price-to-earnings (P/E) and price-to-book (P/B) ratios for central SOEs, with the P/E ratio for central SOEs at 9.47, indicating a historical percentile of 0.6104, suggesting improved market confidence [9][10].