Shenwan Hongyuan Securities·2025-11-12 11:10Investment Rating - The report indicates that the overall ESG performance of the selected coal enterprises is good, with most companies scoring above 70, and one company exceeding 90 [3][8]. Core Insights - The ESG performance management of the coal industry central enterprises shows a solid foundation, with a majority achieving high scores in ESG evaluations, reflecting a steady improvement in the industry's overall ESG development level [3][8]. - Environmental management is becoming more mature, with comprehensive pollution prevention and emission reduction measures in place, although transparency regarding energy consumption and carbon emissions data needs improvement [3][15]. - The social dimension highlights the active fulfillment of social responsibilities by coal central enterprises, particularly in rural revitalization and social welfare initiatives [3][38]. - The governance structure is robust, with complete establishment of party building and professional committees, but the linkage of ESG performance to assessment mechanisms remains insufficient [3][55]. Summary by Sections Overall Performance - Most coal central enterprises have good overall ESG scores, with the majority scoring above 70, indicating a solid foundation in ESG management [3][8]. - Only two companies have their ESG reports verified by third-party institutions, suggesting a need for improvement in third-party verification processes [3][8]. Environmental Management - Four companies scored over 20 points in environmental indicators, showing a strong emphasis on environmental protection management [3][15]. - All companies disclosed pollution prevention and emergency management measures, achieving a 100% disclosure rate for these indicators [3][15]. - However, only 40% of companies fully disclosed greenhouse gas emissions and pollutant information, which affects accurate carbon performance assessment [3][22]. Social Responsibility - All five enterprises disclosed specific projects and expenditures related to rural revitalization, demonstrating active engagement in social responsibility [3][39]. - Three companies provided details on their social welfare donations, indicating a commitment to community support [3][42]. - The newly added "energy supply guarantee" indicator reflects the industry's unique characteristics, with all companies mentioning their efforts in this area [3][52]. Governance Structure - The governance framework is solid, with 100% disclosure of party building activities and the establishment of ESG leadership bodies in most companies [3][55]. - However, only one company has effectively linked ESG performance to its assessment mechanisms, indicating room for improvement in this area [3][60]. - All companies have established compliance management systems, but none have set up a compliance committee [3][70].