证监会最新明确，逐步完善可持续披露制度

Core Insights - The article highlights the significant improvement in ESG ratings among MSCI China A-share index constituents, with 36.8% of companies experiencing upgrades and the proportion of companies rated AAA or AA rising from 7.2% to 14% [1][3] - The China Securities Regulatory Commission (CSRC) is committed to enhancing the sustainable disclosure system and promoting high-quality development through effective policy implementation [1][5] Group 1: ESG Ratings and Sustainable Disclosure - 36.8% of MSCI China A-share index constituents have seen an improvement in their ESG ratings, with the number of companies rated AAA or AA increasing significantly [1][3] - The number of leading-rated companies has grown from 2 at the end of the 13th Five-Year Plan to 54, marking the largest increase in recent years [1][3] - A total of 1,869 listed companies disclosed their 2024 sustainability reports, representing about 70% of the market capitalization, with a disclosure rate of 34.7%, nearly a ninefold increase since the end of the 13th Five-Year Plan [3] Group 2: Regulatory Framework and Guidelines - The CSRC has guided the Shanghai and Shenzhen Stock Exchanges to establish mandatory rules for sustainable disclosure, marking the first systematic approach in China [2] - The CSRC is enhancing the adaptability and operability of these rules by addressing practical challenges and providing detailed guidelines for companies [2] - The overall framework for sustainable disclosure among A-share listed companies aligns effectively with international standards [2] Group 3: Corporate Governance and Strategic Focus - Among the companies disclosing sustainability reports, 67.3% have established governance structures, and 63.9% have disclosed strategic information [4] - 44.0% of companies have set and disclosed quantitative sustainability-related goals, reflecting a proactive approach to national strategies like the "dual carbon" goals [4] - The number of listed companies in strategic emerging industries such as new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, showing significant growth [4] Group 4: Investment Trends and Market Response - The scale of sustainable investment has been growing, with the combined scale of sustainable index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [4] - Foreign institutional investors are increasingly investing in sustainable sectors, particularly in Asia, with China being a focal point [4]