来源：睿见Economy 徐经纬回顾了互联互通机制11年来的发展，该机制已从股票扩展至债券、ETF及衍生产品，覆盖超4400 家中国内地相关股票，成为外资配置中国资产的主要渠道。 他特别提到，港交所过去十年IPO集资总额达3000亿美元，持续保持全球领先地位。未来，港交所将通 过特专科技上市机制（18C章）重点支持AI、芯片等硬科技企业，并依托CoreClimate平台推动低碳经济 与ESG发展，不断提升香港国际金融中心的活力与竞争力。 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。香港交易所董事总经理徐 经纬发表主题演讲，强调港交所作为"超级联系人"，致力于"立足中国，连接世界"。 他指出，港交所不仅是监管者和运营者，更通过伦敦、纽约、利雅得等全球8个办公地，构建起连接中 国与中东及全球市场的网络。 ...

Core Insights - The "ESG China 8th Beijing Responsibility Exhibition" was held on November 20, focusing on corporate responsibility in the new era, with Yili Group recognized as the top in the dairy industry for corporate social responsibility for the eighth consecutive year [1][2] Group 1: Corporate Social Responsibility - Yili Group was awarded the top position in the "Corporate Social Responsibility Development Index" for the dairy industry, as recognized by the Chinese Academy of Social Sciences, highlighting its commitment to ESG principles and sustainable development [2] - The "Corporate Social Responsibility Blue Book (2025)" has been published for 17 years, establishing a benchmark for evaluating corporate social responsibility management and information disclosure [2] Group 2: Environmental Initiatives - Yili has implemented a "dual footprint" carbon reduction model since 2007, aiming for carbon neutrality across its entire supply chain by 2050, having already achieved peak carbon emissions in 2012 [3][5] - The company has developed six zero-carbon products and multiple carbon-reducing products, with 43 factories recognized as national "green factories" and 34 as "water-saving enterprises," leading the industry [3] Group 3: Global Engagement - Yili has actively participated in global climate governance, showcasing its "dual footprint" carbon reduction strategy at international conferences, including the UN Climate Change Conference [5][6] - The company was invited to share its sustainable development practices at the UN Convention to Combat Desertification, emphasizing its role in global climate action [5] Group 4: Community and Social Impact - Yili has established six long-term public welfare projects, focusing on nutrition improvement for the elderly and children, benefiting over 40,000 elderly individuals [6][7] - The company collaborates with partners to enhance social value through various initiatives, including disaster relief and community nutrition programs [6][7] Group 5: Recognition and Awards - Yili has been recognized as a leader in ESG practices, ranking first in the "China ESG Listed Company Pioneer 100" index for three consecutive years and receiving the highest rating in sustainable development reports from the Chinese Academy of Social Sciences [10] - The company has been included in the "2025 Best Practice Cases for Sustainable Development" by the China Listed Companies Association, reflecting its commitment to ESG governance and sustainable supply chains [10]

Core Insights - The company, Steady Medical (300888.SZ), received two prestigious awards for "Best Board Practice Case" and "Best Sustainable Development Practice Case" at the annual selection organized by the China Listed Companies Association, highlighting its excellence in governance and sustainable development [1][2]. Governance Practices - Since its listing, the company has adhered to a governance philosophy that emphasizes respect for the market, legal compliance, professionalism, and risk awareness, continuously enhancing its governance capabilities through institutional development and practical innovation [5]. - The company has achieved an A-level rating for information disclosure from the Shenzhen Stock Exchange for three consecutive years and has received multiple honors, including "Best Practice Case for Board Office" and "Best Practice Case for Investor Relations Management" [5]. - In 2024, the company organized 17 specialized training sessions to strengthen internal compliance awareness, including 7 focused on compliance for directors and supervisors, further solidifying its governance foundation [5]. - The board's operational mechanism has been optimized to ensure effective communication and implementation, safeguarding the rights of minority investors [5]. Sustainable Development Initiatives - Steady Medical is recognized for its unique approach to sustainability in the consumer medical supplies sector, focusing on reducing carbon emissions throughout the product lifecycle and promoting a green future [6]. - The company emphasizes a cotton-centric green product system, integrating sustainable practices into both the supply chain and consumer usage scenarios, transitioning ESG value from compliance-driven to strategy-driven [7]. - The dual recognition signifies that the company has established a replicable industry model in governance and green development, aiming for high-quality growth towards a "century of stability" [7].

Group 1: Company Overview and Strategy - The company focuses on digital transformation and customer service, enhancing core business capabilities in MRO industrial products and employee benefits, while expanding into high-value marketing materials [2][10] - Currently, the company serves over 60 out of 100 central enterprises, emphasizing its commitment to high-quality clients [2][13] - The digital operation platform integrates automation and AI to improve service efficiency and customer experience [2][11] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 77.29 billion, with a net profit of CNY 1.40 billion attributable to shareholders [2][13] - The company has implemented cash dividends totaling CNY 10,924.08 million for 2023 and 2024, with an additional CNY 4,981.96 million in the first half of 2025 [2][8] Group 3: AI and ESG Initiatives - Since 2021, the company has been advancing AI applications, launching the Qixin Zhipan AI model in early 2025 to enhance procurement efficiency across various digital processes [2][5] - The company prioritizes environmental protection and governance, continuously optimizing its ESG efforts to promote sustainable development [2][6] Group 4: MRO Business Development - The MRO business operates digitally across multiple verticals, including energy, rail transportation, and petrochemicals, providing tailored procurement solutions [2][7] - The company is actively involved in the procurement projects of major clients like Southern Power Grid and COFCO Group, ensuring timely supply based on contract requirements [2][12] Group 5: Cultural and Creative Collaborations - The company has partnered with various domestic IPs to promote "Guochao" cultural products, appealing to younger consumers [2][9]

华润饮料入选"中国企业供应链ESG百强指数（鲸牛指数）" 此次发布的《企业社会责任蓝皮书（2025））》对国有企业100强、民营企业100强、外资企业100强以 及14个重点行业、部分优秀企业在社会责任（ESG）管理和信息披露方面的表现进行了整体评价。同时 公布了电力、建筑、食品饮料、互联网等14个重点行业的社会责任发展指数。华润饮料首次入选该指 数，位列食品饮料行业第8名。 为期两天的会议还发布了《中国企业供应链ESG蓝皮书（2025）》暨"中国企业供应链ESG百强指数 （鲸牛指数）"和2025年"ESG鲸牛奖"。华润饮料凭借在供应链ESG管理及ESG治理方面的优秀实践和成 效，成功入选"中国企业供应链ESG百强指数（鲸牛指数）"，获评ESG鲸牛奖之"ESG治理先锋"。 未来，华润饮料将继续以ESG为重要抓手，不断深化理念与实践，持续推动公司实现更高质量、更可持 续的发展。 11月20日-21日，由中国企业改革与发展研究会、责任云研究院主办的ESG中国·第八届北京责任展开幕 式暨《企业社会责任蓝皮书（2025）》发布会在北京召开。会上，华润饮料入选"食品饮料行业社会责 任发展指数"前十榜单、中国企业供应链E ...

Core Insights - The ESG concept is reshaping the healthcare system, with a focus on sustainable development and the construction of green hospitals, particularly in the context of operating rooms balancing low-carbon transformation, medical safety, and operational efficiency [1][3] - The "Economic Research Project on Disposable Surgical Packs" was launched, marking the first systematic study in China focusing on low-value consumables from a full lifecycle perspective, aimed at providing scientific evidence for hospitals to achieve cost reduction and green development [3][5] Group 1: ESG and Green Hospitals - The ESG concept has become a core engine for global healthcare transformation, with China's green hospital construction moving from policy guidance to practical implementation [3] - Operating rooms are identified as key areas for resource consumption, where hidden costs related to labor, energy consumption, and waste management are significant [3][4] Group 2: Research Project on Disposable Surgical Packs - The project is a collaboration between Hainan Boao Medical Innovation Research Institute, Health界, and Steady Medical, focusing on the full lifecycle of low-value consumables [4][5] - The project aims to analyze the economic and social value of disposable surgical packs, which have a usage rate of 80%-90% in Europe and the US, compared to only 30% in China [5][6] Group 3: Methodology and Implementation - The research will utilize minimal cost analysis and decision tree models, targeting tertiary public hospitals, and will be conducted in five phases: plan refinement, pre-experiment, data collection, model analysis, and results publication [7] - The forum highlighted the collaboration among different stakeholders, transforming the concepts of "green hospitals" and "health economics research" into actionable steps for sustainable healthcare development [7]

- The report introduces the **RSI (Relative Strength Index)** as a quantitative factor. The construction idea is to measure the relative strength of price movements over a specific period to identify overbought or oversold market conditions. The formula is: $ RSI = 100 - \frac{100}{1 + RS} $, where $ RS $ is the ratio of the average gain to the average loss over a 12-day period. An RSI > 70 indicates an overbought market, while RSI < 30 indicates an oversold market[2] - Another quantitative factor mentioned is **Net Purchase (NETBUY)**, which measures the net inflow or outflow of funds for ETFs. The formula is: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $, where $ NAV(T) $ is the net asset value on day $ T $, $ NAV(T-1) $ is the net asset value on the previous day, and $ R(T) $ is the return on day $ T $[2] - The report also tracks **Institutional Holdings** as a factor, which is derived from the latest annual or semi-annual reports of ETFs, excluding holdings by linked funds. This factor provides an estimate of institutional participation in the ETF[3] - The report includes **T+0 Trading** as a feature for certain ETFs, indicating whether same-day buy-and-sell transactions are allowed[2] - The report provides a detailed breakdown of ETF performance across various indices, including **broad-based indices** (e.g., CSI 300, CSI 500, CSI 1000) and **thematic indices** (e.g., semiconductor, renewable energy, artificial intelligence). Performance metrics include RSI, net purchase, and institutional holdings[4] - The **RSI values** for ETFs tracking broad-based indices range from 35.83 to 52.12, with thematic ETFs showing a wider range, such as 30.25 for robotics and 63.73 for banking[4] - **Net purchase values** vary significantly, with some ETFs showing large outflows (e.g., -10.82 billion for Nasdaq 100 ETFs) and others showing inflows (e.g., 10.01 billion for Hang Seng Technology ETFs)[4] - **Institutional holdings** also vary widely, with some ETFs having over 90% institutional participation (e.g., CSI 800 ETFs) and others below 20% (e.g., certain thematic ETFs like robotics)[4]

Core Viewpoint - The "2024 Annual ESG Evaluation Report" for the Chinese petroleum and chemical industry highlights the dual challenges of significant progress and persistent deep-seated issues in ESG development, indicating a long journey towards high-quality and sustainable growth [1] Disclosure Quality - The report analyzed 266 companies that published ESG-related reports by July 31, 2025, showing that nearly half (47.25%) of the listed petroleum and chemical companies disclosed ESG information, an increase of 7.80% from the previous year [2] - The average score for ESG reports from these companies was 57.02, reflecting a significant improvement of 19 points year-on-year, although many companies are still in the developmental stage of ESG reporting [2] - The highest disclosure rate was in the oil and gas extraction industry at 87.50%, while the chemical raw materials and products manufacturing sector had the most disclosures at 49.59% [3] Performance Analysis - The average ESG performance score for the evaluated companies was 7.16, an increase of 0.75 from the previous year, indicating overall improvement [4] - Larger companies tend to have better ESG performance, with state-owned enterprises leading with an average score of 7.25 [4] - The chemical raw materials and products manufacturing sector scored an average of 7.18, while the oil processing and refining sector scored lower at 6.88 [4] Key Performance Indicators - Governance dimension scored the highest at 6.67, while the environmental dimension lagged behind at an average of only 5.20 [5] - The best performance in the environmental dimension was from the chemical raw materials and products manufacturing sector with a score of 5.46, while the oil processing and refining sector scored the lowest at 4.79 [5][6] Future Outlook - The report emphasizes the need for improvement in ESG disclosure quality, highlighting issues such as the imbalance in reporting and the lack of quantitative data [7] - Environmental performance remains a significant challenge, with companies showing weaknesses in key performance indicators related to greenhouse gas emissions and waste management [7] - The China Petroleum and Chemical Industry Federation aims to enhance ESG practices by shifting focus from mere disclosure to performance improvement and addressing environmental shortcomings [8]

Core Viewpoint - Tianyang Technology (300872) is actively engaging in opportunities presented by the Hainan Free Trade Zone through its subsidiary, focusing on integrating green finance, digital technology, and credit systems to support sustainable development [1] Group 1: Company Initiatives - The company has established a subsidiary, Hainan Green Digital Credit Co., Ltd., to develop an ESG data platform and green credit system for enterprises in the Hainan Free Trade Port [1] - The subsidiary aims to utilize big data and blockchain technology to create a comprehensive digital credit evaluation system based on corporate sustainability [1] - The company plans to leverage cross-border capital flow policies in the Free Trade Port to attract international investment in green projects, particularly in sectors like tropical agriculture, tourism, and deep-sea industries [1] Group 2: Future Plans - The company will monitor relevant policies in the Hainan Free Trade Zone and actively seek potential opportunities that align with its operational capabilities [1]

Market Overview - A-shares opened higher on November 20, with the Shanghai Composite Index at 3960.7 points, up 0.35%, while the Shenzhen Component Index and the ChiNext Index rose by 1.03% and 1.79% respectively. However, by the time of reporting, all three indices experienced a decline, with the Shanghai Composite down 0.09%, the Shenzhen Component down 0.28%, and the ChiNext down 0.45% [1][3]. Company Developments - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities through a share swap, aiming to enhance its capital strength and consolidate client resources. This merger is expected to bolster CICC's competitive position in the securities industry, potentially leading to a total asset value of 1009.583 billion yuan and a net profit of 9.520 billion yuan post-merger [3][8]. - The merger is part of a broader trend of accelerated consolidation in the brokerage sector, with several firms having already completed mergers since 2024, including Guolian + Minsheng and Guotai Junan + Haitong [8]. Market Sentiment - The market showed significant interest in China Bank, which saw a 5.17% increase in its stock price, reaching a new historical high with a market capitalization exceeding 2 trillion yuan. Other major banks also experienced stock price increases, contributing to a positive sentiment in the financial sector [3]. ETF and Investment Trends - The securities ETF has seen substantial growth, with an increase of over 26 billion units this year, bringing its total size to over 61.7 billion yuan, making it the largest in its category. This growth reflects a strong interest in brokerage opportunities amid a favorable market environment [9]. - The performance of listed brokerages has been robust, with a year-on-year increase in revenue and net profit of 43% and 63% respectively for the third quarter of 2025, indicating a sustained bullish market trend [9].