证监会毕晓颖：引导上市公司做好高质量的可持续披露｜资本市场

Core Viewpoint - The article emphasizes the importance of sustainable information disclosure for listed companies in China, highlighting the progress made in the regulatory framework and the increasing rate of disclosure among companies [4][5][6]. Summary by Sections Sustainable Disclosure System - The China Securities Regulatory Commission (CSRC) has established a sustainable disclosure system for listed companies, which includes mandatory guidelines from stock exchanges and reference guidelines for best practices [4][6]. - The new "National Nine Articles" aims to enhance the sustainable information disclosure system for listed companies, marking the first systematic regulation in this area [4][6]. Disclosure Rate and Market Impact - In 2023, 1,869 listed companies disclosed their 2024 sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [5][6][7]. - The market capitalization of the disclosing companies accounts for about 70% of the total market [5][6]. Quality of Disclosure - The content of the disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators, and over 80% disclosing more than 25 indicators [7]. - There has been a significant increase in the disclosure of climate-related risks and greenhouse gas emissions, with 62.1% and 65.9% of companies respectively reporting these metrics [7]. Governance and Focused Topics - Companies are increasingly establishing governance structures for sustainability, with 67.3% having a governance framework and 63.9% disclosing strategic information [7]. - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on issues such as climate change and fair treatment of small and medium enterprises [7]. ESG Ratings Improvement - By the end of last year, one-third of companies in the Shanghai and Shenzhen stock 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% [7]. Future Directions - The CSRC plans to continue refining the sustainable disclosure system by learning from international practices while adapting to local conditions [9][10]. - The focus will be on gradually implementing mandatory disclosures for key companies, with approximately 400 companies required to disclose by 2026, while encouraging voluntary disclosures from others [10][11]. - The emphasis will remain on high-quality development as the foundation for effective sustainable disclosures, with ongoing training and support for companies [11].