安永中国主席、大中华区首席执行官陈凯表示："安永大中华区已连续五年发布ESG报告，我们始 终以'All in'的热忱贡献着专业力量，深化ESG实践，携手员工、合作伙伴及社会各界，共赴人与自然和 谐共生的美好明天。" 当日，安永现场发布由人工智能驱动的"ESG学一学"智能问答功能。该模块集"学、问、考"于一 体，形成"学习—提问—测验—进阶"的完整知识闭环，致力于降低ESG学习门槛，助力用户高效掌握相 关标准与前沿动态。 在发布会现场，安永大中华区ESG可持续发展主管合伙人李菁携手安永智能问答ESG.ai，共同解读 《报告》亮点绩效和创新内容。 12月11日，安永大中华区（安永）在北京、上海、香港三地共同发布以"智启华章 绿绘新程"为主 题的《安永大中华区2025财年环境、社会和治理报告》（以下简称《报告》）。 此次ESG报告有三大创新，一是运营碳中和：2025财年，安永大中华区通过购买国际自愿碳标准项 目（VCS）和绿色电力证书，首次实现绿色运营碳中和。二是议题精细化：参考国际、国内最新可持续 发展准则编制，紧跟最新监管政策要求，精准细化ESG议题，共有48个议题237个指标，体现ESG标准 应用的先进性。三 ...

Core Insights - The report indicates that Chinese enterprises are transitioning from "compliance disclosure" to "proactive layout" in their ESG practices, reflecting a deeper and broader engagement in sustainability efforts [2]. Group 1: ESG Development in China - The Chinese ESG ecosystem is maturing, with an improving regulatory framework that supports sustainable development [1]. - China is leading in global sustainable development through significant advancements in non-fossil energy and biodiversity protection initiatives [1]. - The sustainable investment market in China is shifting from a "scale-oriented" approach to one focused on "value creation," with a total scale of ESG public funds reaching 268.29 billion yuan by June 2023 [1]. Group 2: Corporate ESG Practices - Over 70% of companies are expected to disclose carbon reduction measures by 2024, with 38% addressing biodiversity or land resource protection [2]. - Companies have reported a year-on-year decrease in total greenhouse gas emissions and intensity by 11% and 12%, respectively [2]. - More than 27% of companies will achieve 100% employee training coverage, and 75% are focusing on resilient supply chain management [2]. Group 3: Governance and Oversight - Over 70% of companies will establish board or committee oversight for sustainability efforts, with more than 40% integrating ESG factors into risk management and internal control systems [2]. - There is a notable decrease in corporate governance negative events, and employee stock ownership and incentive mechanisms are being more widely adopted [2]. Group 4: Recommendations for ESG Practices - The report suggests six measures to enhance ESG practices, including strengthening policy implementation, building internal mechanisms for sustainable practices, and enhancing local ESG rating functions [3]. - It emphasizes the importance of digital integration to improve governance efficiency and the need for international collaboration to support sustainable development [3].

Core Insights - The report highlights the evolving landscape of ESG development globally, characterized by standardization, enhanced regulation, and value integration [1] - Ernst & Young (EY) has been actively supporting Chinese enterprises in their international expansion, executing over 100,000 overseas service projects in the past three years [1] Group 1: ESG Development and Regulatory Framework - The ESG regulatory framework in China is continuously improving, with the China Securities Regulatory Commission guiding major stock exchanges to release sustainability reporting guidelines [1] - The Ministry of Finance and other departments have jointly issued the "Basic Standards for Corporate Sustainability Disclosure (Trial)" to enhance the ESG information disclosure system [1] Group 2: EY's Commitment and Achievements - EY Greater China has published its ESG report for five consecutive years, reflecting its commitment to the national "dual carbon" goals and high-quality development strategy [1] - The company aims to deepen its ESG practices and collaborate with employees, partners, and society to promote harmony between humanity and nature [1] Group 3: Social Impact and Carbon Neutrality - EY's social impact initiatives include the "EY Entrepreneur Of The Year" award and the EY Ripples global philanthropy program, which has reached over 11.5 million people since its launch in 2019 [2] - In the fiscal year 2025, EY Greater China achieved carbon neutrality in its operations through the purchase of international voluntary carbon standard projects and green power certificates [2]

Core Insights - The "Greater Bay Area Green Finance and Sustainable Development Summit Forum and ESG Disclosure Excellence List 2025" was held in Shenzhen, focusing on ESG, green finance innovation, and AI-enabled sustainable development [1] - A strategic cooperation agreement was signed between Shenzhen Financial Stability Development Research Institute and Benxi Consulting to enhance collaboration in green finance training, ESG consulting, and regional sustainable development research [1] - A number of companies were recognized for their transparency in ESG information disclosure and effective green governance, promoting the implementation of ESG concepts in the Greater Bay Area [1] Company Highlights - Xia Bo Xia Bo Catering Management (China) Holdings Co., Ltd. was included in the "Greater Bay Area ESG Disclosure Excellence List 2025" for its consistent nine-year track record in disclosing ESG practices [1] - The company integrates sustainable development concepts into its strategic decision-making and daily operations, actively building collaborative mechanisms with stakeholders [1] - Xia Bo Xia Bo is engaged in innovative explorations in green operations, food waste reduction, and low-carbon transformation of the supply chain, contributing to the green transformation and high-quality development of the catering industry [1]

Core Viewpoint - The aluminum industry is experiencing a significant price divergence between alumina and electrolytic aluminum, with alumina prices dropping sharply while electrolytic aluminum prices are on the rise, creating a "ice and fire" scenario in the market [1][8][13]. Price Trends - As of December 10, the main contract for alumina futures fell below 2500 yuan/ton, marking a significant decline from last year's peak of 5500 yuan/ton, representing a "halving" in price [1][4]. - The price of electrolytic aluminum has increased, with the average price reaching 22,100 yuan/ton as of December 5, reflecting a year-on-year increase of 7.60% [6][10]. Cost Dynamics - The production cost for electrolytic aluminum is heavily influenced by alumina prices, which have decreased by over 3000 yuan/ton compared to last year, thus improving profit margins for electrolytic aluminum producers [4][5]. - The production of 1 ton of electrolytic aluminum requires 1.92 tons of alumina, 0.46 tons of anode, and 13,500 kWh of electricity, which together account for 90% of the production cost [5]. Supply and Demand Factors - The supply of alumina is expected to remain high, with a projected production of 74.46 million tons in 2025, a year-on-year increase of 8.1%, while electrolytic aluminum production is only expected to grow by 2% [9][10]. - The disparity in supply growth between alumina and electrolytic aluminum is leading to a continued decline in alumina prices, while electrolytic aluminum prices are supported by tight supply conditions and strong demand [9][10]. Future Outlook - Analysts predict that the price divergence between alumina and electrolytic aluminum will continue, with alumina prices likely to remain under pressure due to oversupply, while electrolytic aluminum prices may see further increases driven by demand from sectors like electric vehicles and renewable energy [13][14]. - The expected supply surplus for alumina could exceed 10 million tons, while the electrolytic aluminum market may face tighter conditions in certain months due to production constraints [13][14].

Group 1 - The core event is the annual summary meeting of the "Together for a Better Future - Protecting One Kilometer of River" environmental public welfare activity, held in Shanghai on December 11, which was initiated on World Environment Day, June 5, and has been implemented in 15 cities [1][4] - The activity included various forms such as riverbank cleaning, cultural science popularization, water quality education, biodiversity observation, technology displays, and artistic creation, with a total of 30 events and over 3,000 participants from diverse backgrounds [1][4] Group 2 - Four significant highlights of the environmental public welfare activity were identified: the mainstream trend of technology empowering river protection, deep integration of ecological protection and cultural co-creation, a broad volunteer service group becoming a new driving force for river protection, and the widespread popularity of interactive and experiential actions [2][5][6] - The Chinese Environmental Protection Association plans to continue leveraging its platform advantages to deepen cooperation with various parties, promote iterative upgrades of the river protection project, and encourage more public participation [2][6] Group 3 - The Sina Finance ESG Rating Center is the first Chinese professional information and rating aggregation platform for ESG, dedicated to promoting sustainable development and responsible investment, and advancing the establishment of ESG evaluation standards in China [3][7] - The center has launched multiple ESG innovation indices to provide more options for investors concerned about corporate ESG performance and has established a forum for Chinese ESG leaders to promote the development of ESG investment in the asset management industry [3][7]

Core Viewpoint - The upcoming year 2026 is set to be a pivotal moment for ESG (Environmental, Social, and Governance) disclosures in the A-share market, with significant regulatory frameworks being established to enhance corporate sustainability reporting [1] Group 1: Regulatory Framework and Compliance - In 2025, multiple government bodies, including the Ministry of Finance and the China Securities Regulatory Commission, introduced policies mandating ESG disclosures for A-share listed companies, requiring adherence to specific guidelines [1] - By the end of 2025, 2,481 A-share companies disclosed their ESG reports, achieving a disclosure rate of 46.09%, with strong compliance from companies categorized under ESG strong disclosure [1][2] - The ESG strong disclosure companies are required to submit their reports by April 30, 2026, with 471 companies currently identified under this category [2] Group 2: Industry Trends and Performance - The coal, construction materials, and real estate sectors have shown high compliance rates in ESG reporting, while the telecommunications sector had the lowest at 81.25% [2] - Companies like Cangge Mining, recently included in the Shenzhen 100 Index, have begun their carbon accounting processes, indicating a growing trend among firms to engage in ESG practices [3] - The demand for zero-carbon factory certifications has surged, particularly in the manufacturing sector, as companies seek to enhance their green credentials for better financing and export opportunities [5][6] Group 3: Challenges and Opportunities - Many companies face challenges in achieving comprehensive ESG disclosures, particularly in carbon management and reporting, with a significant number still unprepared for the upcoming deadlines [2][3] - The financial sector is increasingly focusing on ESG performance, with over half of the ESG strong disclosure brokerages establishing dedicated ESG committees to enhance governance and reporting [9] - International investors are placing greater emphasis on sustainable governance frameworks, indicating that Chinese companies must strengthen their ESG disclosures to attract foreign capital [10]

报告聚焦中国A股上市公司在环境（Environmental）、社会（Social）和公司治理（Governance）方面的表现，分析其ESG评级情况及发展趋势。研究显示， 近年来A股企业在ESG实践方面逐步加强，尤其在环境责任和公司治理领域取得明显进展。部分企业在节能减排、碳排放管理、信息披露等方面表现突出， 展现出较高的社会责任感。 报告指出不同行业间ESG发展水平存在显著差异，金融、能源等重污染或高风险行业在ESG建设上面临更大挑战。中小型企业普遍在ESG体系构建和数据披 露方面仍显不足，与大型企业相比存在较大差距。 随着政策推动和市场关注提升，未来A股上市公司在ESG领域的投入将持续增加，相关指标将成为衡量企业可持续发展能力的重要参考。 来源：商道融绿 A 股上市公司 ESG 评级分析报告 2025 目录 | 1. 报告概要 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 2 | | --- | | 1.1 商道融绿 ESG 评级方 ...

二是议题精细化。参考国际、国内最新可持续发展准则编制，紧跟最新监管政策要求，精准细化ESG议题，共有48 个议题237个指标，体现ESG标准应用的先进性。 三是全面智能化。AI全流程参与报告编制，从ESG填报管理系统收集信息进行智能分析，到AI生成图片和视频，并 增设AI创新赋能板块，全面展现了安永将AI技术融入专业服务和产业赋能的领先理念和实践。 安永中国主席、大中华区首席执行官陈凯表示，"安永大中华区已连续五年发布ESG报告，这不仅体现了安永积极响 应国家'双碳'目标和高质量发展战略的实践与探索，更是大家理念共鸣、共同进步的坚实见证。在全球可持续发展愿景和 中国高质量发展交织并行中，安永始终以'All in'的热忱贡献着专业力量，深化ESG实践，携手员工、合作伙伴及社会各 界，共赴人与自然和谐共生的美好明天。" 在发布会现场，安永大中华区ESG可持续发展主管合伙人李菁携手安永智能问答ESG.AI，共同解读《报告》亮点。 《报告》有三大创新点： 一是运营碳中和。2025财年，安永大中华区通过购买国际自愿碳标准项目（VCS）和绿色电力证书，首次实现绿色 运营碳中和。 12月11日，安永在北京、上海、香港三地共 ...

Group 1 - The core idea emphasizes the need for a clear market logic in ESG models to ensure their sustainable implementation, supported by technological innovation [1] - The discussion at the forum focused on exploring the value map of ESG 2030, identifying growth opportunities in the next decade through real business cases and insights from various stakeholders [1] Group 2 - Local governments must balance public welfare and economic development while addressing ESG demands, with technological innovations aiding this balance [2] - A case study of a domestic skincare brand illustrates how leveraging local resources can enhance both production and environmental protection [2] - The importance of integrating sustainable principles into corporate strategies is highlighted, with AIA Life's six pillars of ESG strategy ensuring sustainability is embedded in all business planning [2][3] Group 3 - AIA Life's initiatives include creating a sustainable customer experience and promoting environmental responsibility through projects like "AIA Friendly Earth," which encourages clients to opt for electronic documents [3] - Future Vision's founder encourages companies to identify their core competencies and how they can address social issues, which will guide future growth [4] Group 4 - Companies must focus on their values and ability to solve social problems to thrive in a competitive market, as illustrated by a gaming company that addressed health concerns through digital solutions [4] - The future of ESG in China is expected to evolve with a focus on rural revitalization, as both state-owned and private enterprises increasingly engage in social responsibility [4] Group 5 - Companies with overseas operations face increasing ESG-related risks, with the probability of encountering environmental and social conflicts significantly higher than in previous years [5] - It is crucial for businesses to prepare for ESG compliance and risks that cannot be covered by regulations, especially when entering foreign markets [5]