Shenwan Hongyuan Securities·2025-11-07 09:42Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, with a focus on ESG performance management among central enterprises [3][4]. Core Insights - The report evaluates 18 central enterprises in the non-ferrous metals sector based on an established ESG rating system, highlighting that 11 companies scored over 100 points, reflecting a systematic approach to ESG management [4][12]. - Environmental management is prioritized, with comprehensive disclosure on pollution control, waste management, and energy utilization, although there is room for improvement in areas like green mining and circular economy indicators [4][24]. - The report emphasizes the importance of climate-related governance, with many companies actively addressing climate change and setting reduction targets, though mechanisms for information acquisition need enhancement [4][42]. - Social responsibility is a key focus, with all companies covering social indicators, but there is a noted deficiency in disclosures related to technology ethics [4][61]. - Governance structures are generally robust, but there is a need for improvement in due diligence practices, particularly concerning compliance checks of supply chain partners [4][75]. Summary by Sections 1. Overall Scores and ESG Governance - The overall ESG scores for the 18 central enterprises are high, with 61.1% scoring above 100 points, indicating a well-established ESG management framework [12]. 2. Importance Assessment: Need for Third-Party Verification - All companies disclosed financial and impact importance assessments, but only 11% provided third-party verification, indicating a gap in independent validation [16][17]. 3. Environmental: Mature Disclosure, Comprehensive Management - Environmental indicators show high scores, with 67% of companies achieving full marks, reflecting strong environmental protection awareness [24][27]. 4. Climate: Accelerating Disclosure Framework - 67% of companies received full scores for climate-related disclosures, demonstrating a high level of commitment to addressing climate change [42][49]. 5. Social: Commitment to Social and Management Responsibilities - Social responsibility indicators are fully covered by all companies, but technology ethics disclosures are lacking [61][64]. 6. Governance: Well-Structured, Need for Enhanced Due Diligence - Governance structures are generally well-defined, with high coverage of governance mechanisms, but due diligence practices require further development [75][76].