ESG系列研究之十四：金融助力绿色转型征程（一）：公募基金绿色投资五年演进与展望

• The report introduces the concept of "green income ratio" as a core metric to quantify the "greenness" of investments, which measures the proportion of a company's total revenue derived from activities recognized as green by policy documents [51] - The green income ratio is calculated by tagging industry revenues of listed companies based on the "Green Low-Carbon Transition Industry Guidance Catalog (2024 Edition)" issued by the National Development and Reform Commission in February 2024 [51] - The weighted average green income ratio is used to evaluate the average green income proportion corresponding to each unit of investment in the fund pool, calculated by multiplying the green income ratio of constituent stocks by the fund's holding weight and summing them up [58][61] - The fund-attributed green income total is derived by attributing a company's green income to the fund pool based on the proportion of the fund's market value holding to the company's total market value [58][61] - The green fund pool's weighted average green income ratio in 2025H1 was 21.22%, slightly lower than 23.47% at the end of 2024, but significantly higher than the ratios of major indices like CSI 300 (10.43%) and CSI 800 (9.73%) [58][61] - The green fund pool's attributed green income total in 2025H1 was approximately 146 billion yuan, with each unit of net value corresponding to 0.06 yuan of green income, showing a slight decline compared to 2024 but still three times higher than in 2020 [58][61]