ESG深度报告：中国ESG股票基金的发展历程与绩效表现

Group 1 - The report outlines the steady growth of ESG stock funds in China, with the net value reaching 630.6 billion yuan by the end of 2024, showing significant fluctuations during market upswings [1][11][31] - The number of ESG-themed funds reached 665 by the end of 2024, with a management scale of nearly 833.1 billion yuan, surpassing the proportions seen in mature markets like the US and Japan [11][12] - ESG strategy funds have seen rapid growth, particularly in the fourth quarter of 2024, where the net value surged by 275 billion yuan, increasing its share from 37.5% to 65.4% [2][52] Group 2 - The report indicates that ESG stock funds prefer large-cap and high-growth stocks, achieving considerable positive premiums and excess returns in growth stock investments [2][3] - Active ESG funds and passive ESG funds both favor large-cap and high-growth stocks, with passive funds showing a stronger preference for large-cap stocks [3][6] - The performance of active ESG funds significantly outperforms that of index-based ESG funds, particularly in terms of excess returns and contributions from growth and size factors [3][7] Group 3 - The report highlights the challenges faced by ESG funds in China, including unclear ESG fund rating standards and the need for improved quality in ESG reporting by listed companies [12][13][14] - The lack of a unified ESG evaluation framework and green investment standards has led to ambiguity in fund selection criteria, making it difficult to avoid "greenwashing" practices [12][14] - Despite these challenges, regulatory policies are making progress in promoting ESG investment development, focusing on funding guidance and investor awareness [15]