ESG产品月报（2025.7）：ESG主动基金业绩优异-20250702

1. Core Views - ESG public fund products: The number of new issuances fluctuates significantly, peaking in November 2024, January, and March 2025, and dropping sharply in February and April 2025. The overall scale has grown in the past two years but with obvious differentiation, ESG strategy funds and environmental protection theme funds leading in growth, while pure ESG theme, social responsibility, and corporate governance theme funds developing steadily [7]. - ESG bond products: The issuance amount fluctuates greatly, reaching a peak of 172.155 billion yuan in April 2025 and the second - highest of 146.994 billion yuan in June. There are 7 high - rated (Grade 4 and above) ESG bonds, mainly including green bonds and sustainable development - linked bonds [7]. - ESG bank wealth management products: The issuance volume shows an "S - shaped" trend, reaching a peak of 104 in December 2024 and then recovering in March 2025. The number of existing products has increased from 368 in June 2023 to 948 in June 2025, with the pure ESG theme growing steadily, the social responsibility theme rising significantly, and the environmental protection theme performing weakly [7]. - Public ESG product classification tracking: In equity funds and partial - equity hybrid funds, the scale of pure ESG theme is stable with high concentration at the top; the scale of environmental protection theme is declining; the scale of social responsibility theme is slowly decreasing with a stable pattern; the scale of corporate governance theme is stable with high concentration at the top. In bond funds, the environmental protection theme and ESG strategy theme have grown in the first quarter of 2025, while the social responsibility theme has shrunk. The scale of FOF funds is generally declining, and REITS funds are mainly in the environmental protection and social responsibility themes [8]. - Representative products: Huabao Core Advantage had a 17.43% return in June, with an average equity position of about 90% and heavy positions in information technology and industry. Boshi Return Strict Selection had a 15.49% return in June, with a stable equity position of 95% and heavy positions in information technology and optional consumption. Huatai - Peregrine Quality Selection had a 15.48% return in June, with the equity position dropping to 60% and heavy positions in information technology [8]. 2. Summary by Directory 2.1 ESG Product Overview 2.1.1 ESG Public Fund Products - New issuance: From June 2024 to June 2025, the number of new monthly issuances fluctuates, peaking in November 2024, January, and March 2025, and dropping sharply in February and April 2025 [21]. - Scale: From June 2023 to June 2025, the number and scale have increased, with ESG strategy funds and environmental protection theme funds growing significantly, while pure ESG theme, social responsibility, and corporate governance theme funds developing steadily, and the number of corporate governance theme products remaining at 20 [21]. 2.1.2 ESG Bond Products - Issuance amount: From June 2024 to June 2025, it fluctuates greatly, reaching a peak of 172.155 billion yuan in April 2025 and the second - highest of 146.994 billion yuan in June 2025, with a low of 37.844 billion yuan in January 2025 [26]. - High - rated bonds: There are 7 ESG bonds with an issuer ESG rating of A or above, covering medium - term notes, corporate bonds, and asset - backed securities, mainly green bonds and sustainable development - linked bonds [26]. 2.1.3 ESG Bank Wealth Management Products - Issuance volume: From June 2024 to June 2025, it shows an "S - shaped" trend, peaking at 104 in December 2024, dropping in January and February 2025, and rising again in March 2025 [35]. - Existing products: The number has increased from 368 in June 2023 to 948 in June 2025, with the pure ESG theme growing steadily, the social responsibility theme rising significantly, and the environmental protection theme performing weakly [35]. 2.2 Public ESG Product Classification Tracking 2.2.1 Public Equity Funds + Partial - Equity Hybrid Funds - Pure ESG theme: The scale is stable from June 2023 to March 2025, with high concentration at the top. In June, 82 products had positive returns, and "Caixin Sustainable Development Theme" had a 12.69% return [48]. - Environmental protection theme: The scale is declining from June 2023 to March 2025, with high product dispersion. In June, 390 products had positive returns, and 62 products had a return of over 6% [55]. - Social responsibility theme: The scale is slowly declining from June 2023 to March 2025, with a stable market pattern. In June, 196 products had positive returns, and 2 products had a return of over 15% [62]. - Corporate governance theme: The scale is stable from June 2023 to March 2025, with high concentration at the top. In June, 24 products had positive returns, and "Huabao Core Advantage A" had a 17.43% return [69]. 2.2.2 Public Bond Funds - Scale change: In the first quarter of 2025, the environmental protection theme grew by 12.994 billion yuan (+88.06%), the ESG strategy theme grew by 8.963 billion yuan (+51.13%), and the social responsibility theme shrank by 12.445 billion yuan (-12.22%) [77]. - Performance: Among bond funds with a scale of over 2 billion, "Huatai - Peregrine Double - Xin Income A" had a 1.06% return in June [77]. 2.2.3 Public FOF Funds - Scale change: From June 2023 to March 2025, the scale fluctuates and generally declines. The establishment of "Dongfanghong Xinyue Steady Allocation C" in the third quarter of 2024 pushed up the scale, which then declined [85]. - Performance: Among FOF funds with a scale of over 0.5 billion, "Huatai - Peregrine Core Selection Six - Month Holding A" had a 4.58% return in June [85]. 2.2.4 Public REITS Funds - Theme scale: The environmental protection theme has a scale of 21.883 billion yuan (70% share), and the social responsibility theme has a scale of 9.359 billion yuan (30% share). In June, 8 products had positive returns, and "Guotai Junan Jinan Energy Heating REIT" had a 12.1% return [93]. 2.3 Representative Product Situation - Huabao Core Advantage: Had a 17.43% return in June, with an average equity position of about 90%, heavy positions in information technology and industry, and a stable ESG rating of BB [111]. - Boshi Return Strict Selection: Had a 15.49% return in June, with a stable equity position of 95%, heavy positions in information technology and optional consumption, and an ESG rating fluctuating between BB and A [129]. - Huatai - Peregrine Quality Selection: Had a 15.48% return in June, with the equity position dropping to 60% since May, heavy positions in information technology, and an ESG rating dropping from AA to BB [147].