证监会，最新发声！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing high-quality sustainable disclosure practices, emphasizing the importance of a robust disclosure system for sustainable development [2][7]. Group 1: Institutional Development - The CSRC has strengthened the institutional framework for sustainable disclosure, establishing mandatory guidelines and reference standards for listed companies [4][5]. - In 2023, 1,869 listed companies disclosed their 2024 sustainability reports, achieving a disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [5][6]. Group 2: Quality of Disclosure - The content of disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators, and over 62.1% disclosing climate-related risks and opportunities [5][6]. - Governance related to sustainability has improved, with 67.3% of companies establishing governance structures and 44.0% setting and disclosing quantitative sustainability goals [5][6]. Group 3: Focused Topics and Ratings - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on climate change and fair treatment of small and medium enterprises [6][9]. - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [6][9]. Group 4: Future Directions - The CSRC plans to continue refining the disclosure system by learning from international practices while addressing domestic challenges, ensuring that the approach is tailored to local conditions [9][10]. - The CSRC will implement a phased approach to mandatory disclosures, starting with key index sample companies, which represent over half of the market's total value [11][12].