ESG行业洞察 | 跑赢439个基点！可持续发展债券表现强劲，哪些板块领跑？

Core Insights - The article highlights the strong performance of ESG bonds in 2025, outperforming the global aggregate bond index by 439 basis points as of December 15, 2025 [3][4]. Group 1: ESG Bond Performance - The Bloomberg Global Aggregate Green Social Sustainable Development Bond Index (GSS) recorded a return of 12.28%, significantly higher than the global aggregate bond index's return of 7.89% [4]. - The excess return of GSS was primarily driven by the second quarter, where it achieved an 8.02% return compared to 4.52% for the global aggregate bond index, influenced by uncertainties in tariff policies [4]. - GSS experienced positive returns in November and the first half of December, contributing 0.42% and 0.48% respectively [9]. Group 2: Market Conditions and Influences - Following the Federal Reserve's interest rate cut in December, credit spreads, particularly for corporate bonds, narrowed from a high of 87 basis points to around 81 basis points [6]. - The GSS index's performance benefited from a strong demand for high-quality priority debt in the financial sector, leading to a return of 14.5% [11]. - The GSS index's largest currency exposure is to the Euro (63%), which appreciated by 1.9% since the end of October, contrasting with the global aggregate bond index's primary exposure to the US dollar [9]. Group 3: Sector Performance - In 2025, all sectors within the GSS index recorded positive total returns, with the financial sector leading at 14.5%, followed by real estate at 13.6% and utilities at 13.5% [11]. - The healthcare and technology sectors, despite low issuance volumes over the past two years, showed respectable returns of 9.4% and 9.8% respectively [11]. - The energy sector lagged with a return of 8.8%, although Raizen Fuels bonds rebounded during corporate restructuring and debt reduction efforts [11].