今天分享的是：商道融绿：2025中国企业ESG领先者报告 报告共计：170页 《2025中国企业ESG领先者报告》由商道融绿发布，聚焦中国企业ESG实践，展现行业标杆成果与发展趋势。 ESG起源于2004年联合国相关投资原则，如今在全球气候变化、地缘震荡与技术革命冲击下，已从理念普及进入标准深化与行动落地阶段。中国ESG发展被 赋予双重使命，既是实现高质量发展的内在需求，也是参与全球可持续发展治理的战略契机。"双碳目标"提出后，ESG从企业自发行为升维至国家战略层 面，成为经济转型升级新动能。 报告基于商道融绿ESG评级体系，筛选规则严格：候选公司需为2024年底前上市的A股公司，近三年无重大ESG风险事件且评级达A-及以上；入选公司为行 业排名前10%且前10的企业，最终138家公司入选，虽仅占A股总数2.6%，但市值占比19.7%，其ESG平均得分73.99分，远超未入选企业，尤其在环境维度领 先优势显著。 商道融绿ESG评级分10个等级，从A+到D，反映企业ESG绩效。评级采用51个行业模型，综合环境、社会、治理三维分数，分数由主动管理绩效与客观风险 暴露水平构成，风险事件数据通过AI抓取与分析师复核。 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于中科星图股份有限公司 2025年度向特定对象发行A股股票之 补充法律意见书（一） 二零二五年六月 | 北京总部 | 电话: | (86-10) | 8519-1300 | 上海分所 | 电话: | (86-21) 5298-5488 | 广州分所 | 电话: | (86-20) 2805-9088 | 深圳分所 | 电话: | (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: | (86-10) | 8519-1350 | | 传真: | (86-21) 5298-5492 | | 传真: | (86-20) 2805-9099 | | 传真: | (86-755) 2939-5289 | | 杭州分所 | 电话: | (86-571) ...

证券代码：688568 证券简称：中科星图 关于中科星图股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二五年六月 上海证券交易所： 贵所下发的《关于中科星图股份有限公司向特定对象发行股票申请文件的审 核问询函》（上证科审（再融资）〔2025〕53 号）（以下简称"审核问询函" 或"问询函"）已于 2025 年 5 月 19 日收悉。中科星图股份有限公司（以下简称 "中科星图"、"发行人"或"公司"）会同中信建投证券股份有限公司（以下 简称"中信建投证券"或"保荐机构"）、北京市君合律师事务所（以下简称"发 行人律师"）、立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"） 等相关方对审核问询函所列示问题进行了逐项落实、核查，现予回复。 关于回复内容释义、格式等事项的说明： 1、如无特殊说明，本回复中使用的简称或名词释义与募集说明书中的释义 相同； 2、本回复中可能存在个别数据加总后与相关汇总数据存在尾差，均系数据 计算时四舍五入造成； 3、本审核问询函回复中的字体代表以下含义： | 格式 | 说明 | | --- | ...

关于中科星图股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复 信会师报字[2025]第 ZG12644 号 上海证券交易所： 贵所下发的《关于中科星图股份有限公司向特定对象发行股票申请文件的审 核问询函》（上证科审（再融资）〔2025〕53 号）（以下简称"审核问询函" 或"问询函"）已于 2025 年 5 月 19 日收悉。立信会计师事务所（特殊普通合伙） （以下简称"会计师"或"我们"）对审核问询函所列示问题进行了逐项落实、 核查，现予回复。 1、如无特殊说明，本回复中使用的简称或名词释义与募集说明书中的释义 相同； 2、本回复中可能存在个别数据加总后与相关汇总数据存在尾差，均系数据 计算时四舍五入造成； | 格式 | 说明 | | --- | --- | | 黑体（不加粗） | 问询函所列问题 | | 宋体（不加粗） | 对问询函所列问题的回复 | 3、本审核问询函回复中的字体代表以下含义： 7-2-1 | | | 问题 1、关于募投项目 根据申报材料，1）本次向特定对象发行股票募集资金总额不超过人民币 250,000.00 万元，投向星图云空天信息云平台建设项目、星图低空云低空监管 与飞行 ...

证券代码：688568 证券简称：中科星图 公告编号：2025-042 中科星图股份有限公司 关于向特定对象发行 A 股股票申请文件的 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 中提出的问题进行了认真研究和逐项落实，并对有关问题逐项进行了说明和回复， 具体内容详见公司于同日在上交所网站（www.sse.com.cn）披露的《关于中科星 图股份有限公司向特定对象发行股票申请文件的审核问询函的回复》等相关文件。 公司本次向特定对象发行 A 股股票事项尚需经上交所审核，并获得中国证 券监督管理委员会（以下简称"中国证监会"）同意注册的决定后方可实施，最 终能否通过上交所审核并获得中国证监会同意注册的决定及其时间尚存在不确 定性。 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 中科星图股份有限公司董事会 2025 年 6 月 28 日 1 审核问询函回复的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中科星图股份有限公司（以下简称"公司"）于 2 ...

Group 1 - The event showcased various marine robots, including long-range unmanned submersibles and soft-bodied robots, contributing to the development of Zhejiang's marine economy [1] - Hangzhou has nurtured nearly one-third of the province's marine robot companies, achieving significant progress in underwater pipeline inspection and offshore wind power operations [1] - The "Whale" long-range unmanned submersible can operate continuously for 200 hours at depths of 3000 meters, saving approximately 60% of costs compared to traditional data collection methods [1] Group 2 - The event featured the presentation of the bionic beaver robot and the mantis shrimp robot, which can track dynamic objects underwater with a speed of 1.2 meters per second [2] - OceanGPT, the first open-source model in the marine field, was launched, capable of interpreting multimodal marine data and converting natural language commands into task codes for efficient underwater operations [2] Group 3 - Qiantang District is a pilot area for the provincial marine economy, focusing on advanced marine equipment manufacturing and marine biomedicine, with a modern marine industry system [3] - The district has established 10 provincial engineering laboratories, 19 provincial enterprise R&D centers, and 4 provincial enterprise research institutes, gathering representative companies like Zhongke Xingtou and Ao Hai Engineering [3] - Last year, the district achieved an industrial output value of over 25 billion yuan in the marine economy, with underwater robots and unmanned submersibles ranking in the national first tier [3]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights the recent U.S. military intervention in the Iran conflict, including airstrikes on Iranian nuclear facilities, and the debut of the J-35A fighter jet at the Paris Air Show [3][12] - The report suggests that China's military trade is expected to grow significantly, with current exports accounting for 5.9% of the global military trade market, compared to the U.S. at 43% and Russia at 9.6% [4][14] - The military industry is anticipated to see a turning point in orders as it enters the second half of the "Centenary Military Building Goals," with new technologies and products expected to drive market growth [5][15] Summary by Sections Industry Overview - The closing index for the defense industry is 1493.76, with a 52-week high of 1712.48 and a low of 1113.62 [1] Market Performance - The military sector index has decreased by 2.03%, while the overall market indices have also shown declines, indicating a relative underperformance [16] - The top-performing stocks in the military sector this week include Changcheng Military Industry (+37.12%) and Xinguang Optoelectronics (+21.58%) [19] Investment Recommendations - Two main investment themes are suggested: 1. Aerospace and "gap-filling" new focuses, including companies like Feilihua and YF Electronics [5][15] 2. New technologies and products with greater elasticity, including companies like Aerospace Intelligence and Guangdong Hongda [5][15] Valuation Levels - As of June 20, 2025, the military sector's PE-TTM valuation is 105.09, with a PB valuation of 3.30, indicating that 80.21% of the time since January 1, 2014, the PE-TTM valuation has been lower than the current level [21][22] Data Tracking - The report tracks various data points, including private placements and stock incentive plans, highlighting significant fundraising and stock performance metrics for various companies in the sector [25][27]

Core Viewpoint - The commercial aerospace industry in China is characterized by revolutionary technological breakthroughs, innovative resource allocation, and deep industrial transformation, contributing to economic growth and new production capabilities [1]. Group 1: Industry Development - Since the introduction of the "National Civil Space Infrastructure Medium and Long-term Development Plan (2015-2025)," China's commercial aerospace sector has transitioned from technological exploration to large-scale, industrialized, and ecological development [1]. - The commercial aerospace industry is driven by enterprises, allocating resources such as technology, capital, and talent according to market rules, with a focus on profitability [2]. - Beijing, as the birthplace of China's aerospace industry, houses over 50% of the core R&D units and most of the national aerospace large-scale R&D infrastructure and specialized technical talent [2]. Group 2: Technological Innovations - The successful launch of the "Zhuque-2" rocket by Blue Arrow Aerospace in 2023 marked it as the world's first liquid oxygen-methane launch vehicle to successfully reach orbit [3]. - The successful launch of the "Lingxi 03" satellite by Galaxy Aerospace in July 2023 was notable for being the first satellite in China to use flexible solar wings, validating multi-satellite stacking launch technology [2][3]. - The integration of domestic remote sensing models has enabled precise and intelligent analysis of multi-layer information, enhancing satellite applications [3]. Group 3: Supply Chain and Collaboration - Galaxy Aerospace has expanded its supply chain from over 100 partners in 2018 to more than 1,300 partners today, covering various sectors including precision processing, casting, and electronics [4]. - Over 300 high-tech enterprises in Beijing's commercial aerospace sector span the entire industry chain, forming a "South Arrow North Star" pattern [4]. - Investment in commercial aerospace has been bolstered by policy support and industry funds, with 1 billion yuan invested in seven companies in 2024 [4]. Group 4: Future Prospects - Galaxy Aerospace has successfully launched 25 advanced satellites, including China's first batch of low-orbit broadband communication satellites and the first satellite using flexible solar wings [5]. - The company is accelerating the development of satellite technology that enables direct mobile phone connectivity, having already launched two test satellites with this capability [5].

Group 1 - The core viewpoint is that intelligent agent technology is transforming artificial intelligence from merely "talking" to "working," reshaping global industrial logic and human-technology collaboration [1] - The AI sector is showing significant investment value in the current market environment, driven by strong demand for AI infrastructure, particularly in ASIC, storage modules, and edge innovation [2] - The AI ETF (588930) tracks 30 leading AI companies in the STAR Market, covering the entire AI industry chain, with a focus on five major sectors: electronics, computers, machinery, home appliances, and communications [1] Group 2 - The recent investment plan of $60 billion by TI reflects global confidence in the long-term demand for AI computing power [2] - Major tech giants like Google, AWS, Meta, Microsoft, and OpenAI are accelerating the development of customized ASICs, indicating a robust market for AI infrastructure [2] - The continuous iteration of large models is enhancing the user experience of edge AI devices, exemplified by Meta's latest AI glasses, which is also benefiting the domestic SoC supply chain [2]

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) increased by 0.30% as of June 26, 2025, with notable gains from companies such as Fang Technology (688159) up 3.88% and Stone Technology (688169) up 3.20% [3] - The latest scale of the Sci-Tech AI ETF reached 40.81 billion yuan, marking a new high since its inception, ranking it 1/6 among comparable funds [4] - The number of shares for the Sci-Tech AI ETF also hit a new high at 70.18 billion shares, ranking it 1/6 among comparable funds [4] Group 2: Fund Inflows and Performance - The Sci-Tech AI ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 400 million yuan, totaling 550 million yuan in net inflows [4] - The fund has seen a daily average net inflow of 137 million yuan [4] - The highest monthly return since inception for the Sci-Tech AI ETF was 15.59%, with an average return of 15.59% during the months it increased [4] Group 3: Robotaxi Market Development - Tesla officially launched its Robotaxi pilot service in Austin, Texas, on June 22, 2025, with an initial fleet of 10 to 20 modified Model Y vehicles [3] - Huachuang Securities believes that as technology matures and the market expands, Robotaxi is likely to become a mainstream transportation method, intensifying competition and prompting technological advancements among competitors [3] Group 4: Index Composition - The Sci-Tech Innovation Board Artificial Intelligence Index comprises 30 large-cap companies that provide foundational resources, technology, and application support for artificial intelligence [5] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 70.6% of the total index weight, including companies like Lanke Technology (688008) and Cambricon (688256) [5]