ESG与央国企月度报告（2025年1月）：美国退约冲击下ESG资产表现有所回落

Group 1: Market Performance - ESG & Central State-Owned Enterprises (SOEs) cumulative return is 69.91% as of January 27, 2025, outperforming Central SOEs at 45.63% and ESG alone at 72.95%[4] - In January, ESG & Central SOEs experienced a monthly decline of -2.02%, while Central SOEs and ESG had declines of -3.15% and -1.85%, respectively[4] - The average daily trading volume for the entire A-share market was 1,205.4 billion CNY, down from 1,611.1 billion CNY in the previous month[2] Group 2: Valuation Metrics - The price-to-earnings (P/E) ratio for the entire A-share market is 18.01, while Central SOEs and State-Owned Enterprises (SOEs) have P/E ratios of 9.37 and 9.02, respectively[2] - The price-to-book (P/B) ratio for the entire A-share market is 1.54, with Central SOEs at 1.00 and SOEs at 1.06, indicating low valuation levels[2] Group 3: Impact of U.S. Policy Changes - The U.S. withdrawal from the Paris Agreement is expected to delay global emission reduction targets and weaken international climate cooperation[4] - The U.S. policy shift may lead to increased fossil fuel supply and lower prices, impacting the transition to renewable energy and raising financing costs for green investments[4] - The exit could trigger trade tensions, particularly with the EU's carbon border adjustment mechanism targeting high-carbon imports from the U.S.[4] Group 4: ESG Fund Performance - In January, the number of newly issued ESG funds decreased, with only 8 new funds launched, totaling 4.333 billion units[4] - The top ten ESG ETFs reported excess returns generally between 1-3%, with the highest at 2.19%[4]