证监会最新明确，逐步完善可持续披露制度

Core Viewpoint - The enhancement of ESG ratings among listed companies in China reflects significant progress in sustainable development and high-quality growth, with a notable increase in the number of companies achieving top ESG ratings [1][4]. Group 1: ESG Ratings Improvement - 36.8% of MSCI China A-share index constituents have seen an improvement in their ESG ratings, with the proportion of companies rated AAA and AA rising from 7.2% at the end of last year to 14%, marking the largest increase in recent years [1][4]. - The number of companies with leading ESG ratings has grown from 2 at the end of the 13th Five-Year Plan to 54 [1][4]. Group 2: Sustainable Disclosure System - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system, aiming to enhance policy implementation and guide high-quality disclosures [2][6]. - A comprehensive and distinctive sustainable disclosure rule system has been established, with mandatory guidelines for listed companies to publish sustainability reports starting from April 12, 2024 [2][3]. Group 3: Quality of Disclosure - In 2024, 1,869 listed companies disclosed sustainability reports, representing about 70% of the total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [4]. - 67.3% of companies that disclosed reports have established governance structures, while 63.9% have disclosed strategic information, and 44.0% have set and disclosed quantitative sustainability-related goals [4]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment continues to grow, with the combined scale of the CSI and Guozheng sustainable index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [5]. - Foreign institutional investors are increasingly investing in sustainable sectors, particularly in Asia, with a focus on China [5].