上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证券交易所和香港交易所的指数编制行情授权。证券之星成立ESG生态 联盟，旨在为上市公司和投资机构、ESG研究与评级机构等搭建沟通与交流平台，推动形成具有中国特 色、国际认同的ESG管理体系。 【ESG小知识】什么是ESG？ESG是Environmental, Social and Governance的缩写，即环境、社会和治 理。ESG 指标分别从环境、社会以及公司治理角度，来衡量企业发展的可持续性。 日前，华证指数公布了新一期（2025年10月31日）的ESG评级结果，宝利国际（300135.SZ）获得CC评 级（华证指数评级为C起至AAA九档，C为最低档，AAA为其最高一级评级/AA为其第二档），上一期 （2025年7月31日）ESG评级为CCC。本期ESG评级在494家化学制品行业A股上市公司中排名第429（上 一期排名第383）。 从细项得分来看，宝利国际E项得分63.23，评级为CC，行业内排名245/494（E项目评分维度包括气候 变化、资源利用、环境污染、环境友好、环境管理） ...

【ESG小知识】ESG中S维度包含哪些内容？社会（S）：关注企业对待员工、供应商、客户、社区和社 会的方式，包括劳工权利、多样性和包容性、社区投入、安全和健康等方面。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从细项得分来看，国际复材E项得分63.98，评级为CC，行业内排名25/43（E项目评分维度包括气候变 化、资源利用、环境污染、环境友好、环境管理）；S项得分83.92，评级为BBB，行业内排名18/43（S 项目评分维度包括人力资本、产品责任、供应商、社会贡献）；G项得分73.33，评级为B，行业内排名 34/43（G项目评分维度包括股东权益、治理结构、信披质量、治理风险、外部处分、商业道德）。 上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证券交易所和香港交易所的指数编制行情授权。证券之星成立ESG生态 联盟，旨在为上市公司和投资机构、ESG研究与评级机构等搭建沟通与交流平台，推动形成具有中国特 色、国际认同的ESG管理体系。 日前，华证指数 ...

此外，评选覆盖多个维度并具备专业性。 为对企业财务、鉴证、治理结构、合规等方面进行系统评 估，评审团汇聚了来自全球顶尖机构与知名高校的专家学者。同时，依托妙盈科技、Wind ESG、商 道融绿三家数据合作伙伴的支持，我们整合了上万家中国企业的ESG信息，为评审提供了扎实的数据 基础。虎嗅ESG向各位合作伙伴表达诚挚谢意！ 历经两个月的公开征集与专业评审后， 2025"可持续品牌典范" 榜单已于近日正式揭晓。究竟哪些企 业真正将ESG融入战略，在可持续发展道路上走在了前列？让我们一同关注这份凝聚专业与诚意的年 度榜单。 在近200家入围企业中，我们最终评选出55家上榜企业，他们分享了本届全部11项荣誉（包括1项年 度大奖及10项专项奖）。从环境到社会再到治理，这些企业将社会责任融进自己的商业血脉中。 本次榜单的核心价值首先体现在其公正性上 ——整个评审过程完全独立，未受任何商业因素干扰。 其次，榜单的权威性源于严谨的规则设计。 我们特邀业内资深专家担任观察员，全程监督申报与评 审各个环节，确保流程公平、杜绝偏颇。 "2025可持续品牌典范"组委会成员包括： 评委团成员（排名不分先后，按首字母排序）：李岷（虎嗅网 ...

Core Viewpoint - The "ESG and Corporate Value Growth" summit highlighted the increasing importance of ESG in enhancing corporate value among Chinese listed companies, marking a shift from policy-driven to value-driven ESG development [1][2] Group 1: ESG Development in China - Chinese listed companies recognize the significance of ESG in driving their value growth, with ESG becoming integrated into strategic governance, business processes, and risk management [1] - The transition to a systematic and institutionalized approach in ESG and carbon neutrality policies reflects China's growing role in global climate governance and sustainable development [1] Group 2: ESG Value Ranking - The "Top 50 ESG Value Ranking" was released, based on authoritative data from 2022-2024, emphasizing the core principle of "responsibility builds value, green leads the future" [2] - The selected top 50 companies exhibit strong ESG ratings, solid profitability, and market performance that outpaces major indices, often being industry leaders with notable governance and social responsibility [2] Group 3: Awards and Recognition - Seven annual awards were presented to recognize excellence in ESG, investor relations, and philanthropy, celebrating outstanding companies and individuals in these fields [4] - A white paper titled "Responsibility Drives Value: Research on ESG Ratings and Market Value of Chinese Listed Companies" was released, demonstrating the positive impact of strong ESG performance on corporate market value through various mechanisms [4] Group 4: Technological Advancements in ESG - The launch of the ESG AI platform "Bohang Xiao E" aims to address challenges in substantive issue investigation, report writing, and performance improvement using artificial intelligence, marking a new phase in ESG consulting services [4]

Group 1 - The first China "ESG and Corporate Value Growth" summit was held in Shenzhen, focusing on the core issues of ESG-driven long-term value growth for enterprises [1] - Over a hundred representatives from industry associations, financial institutions, research organizations, and listed companies participated in the event to explore the development and practice of ESG in China [1] - The CEO of China Chengxin Group emphasized that listed companies in China have recognized the importance of ESG for value growth, transitioning from policy-driven to value-driven ESG development [1] Group 2 - BYD's Chief Sustainability Expert introduced the company's three major green initiatives in photovoltaic, energy storage, and new energy vehicles, establishing a sustainable governance system that serves as a model for manufacturing enterprises to implement ESG [2] - The Chairman and CEO of Bohan Sustainable Development Center revealed the revolutionary changes AI brings to corporate ESG management, highlighting the deep integration of AI and ESG [2] - A white paper titled "Responsibility-Driven Value: ESG Ratings and Market Value Performance of Chinese Listed Companies" was released, indicating that excellent ESG performance can drive corporate market value growth by reducing risks and optimizing financing costs [2]

报告共计：48页 A股上市公司ESG评级分析报告2025核心总结 《A股上市公司ESG评级分析报告2025》由商道融绿研究团队撰写，聚焦2020-2025年A股上市公司ESG表现，从综合绩效、维度细分、行业差异、披露与供 应链管理等多方面展开分析，呈现了A股市场ESG发展的整体态势。 报告核心显示，A股上市公司ESG综合绩效呈稳步提升态势。2020至2025年间，ESG综合绩效相关指标从约1.68逐步攀升，其中高ESG评级企业的绩效表现 尤为突出，始终高于低ESG评级企业，两者差距呈现持续拉大的趋势，反映出企业间ESG发展水平的分化特征。 在ESG三大核心维度中，环境（E）、社会（S）、治理（G）均实现不同程度的进步。环境维度聚焦能源利用、污染控制等议题，社会维度围绕客户权益、 供应链管理等展开，治理维度则涉及企业内部管理机制完善等内容，三大维度绩效均稳定在1.0以上并逐年小幅提升，其中环境维度和治理维度的增长幅度 相对更为明显。 行业层面的ESG表现呈现显著差异。中证800成分股企业的ESG相对绩效整体高于市场平均水平，强制披露主体的表现优于其他企业。具体来看，电力、热 力、燃气及水的生产行业，医药制造业， ...

Core Viewpoint - MSCI Inc. is highlighted as a strong investment opportunity despite a 9% decline in stock price for the year, attributed to the effective leadership of CEO Henry Fernandez [1] Company Overview - MSCI Inc. is a financial technology company that provides tools for investors to track markets, measure risk, and evaluate ESG and private-asset data [1] - The company is well-known for its flagship indexes, including MSCI ACWI and MSCI EAFE, and calculates thousands of custom indexes daily [1] - MSCI offers a broad suite of risk management tools and data products, positioning itself as a high-quality business in the financial sector [1] Management and Growth Potential - The management team, led by CEO Henry Fernandez and President Baer Pettit, has extensive experience and has transformed MSCI from a small subsidiary of Morgan Stanley into a global franchise [1] - The company's compensation structure promotes business growth and shareholder returns, with management holding a significant stake in the company [1] - MSCI is positioned for long-term growth, capitalizing on industry trends and expanding its product offerings to new customer groups [1] Financial Performance - MSCI's organic growth requires minimal capital investments, resulting in high margins and robust free cash flow [1] - The company is expected to benefit from the growth of global capital markets, enhancing its investment appeal [1]

Core Insights - The first "ESG and Corporate Value Growth" summit was successfully held in Shenzhen, focusing on the importance of ESG in driving long-term corporate value growth [1][2] - The event gathered over a hundred representatives from industry associations, financial institutions, research organizations, and listed companies to discuss the development and practice of ESG in China [1] Group 1: ESG Importance and Trends - Listed companies in China have recognized the significance of ESG for value growth, transitioning from policy-driven to value-driven ESG development [1] - The integration of ESG into strategic governance and business processes is becoming increasingly prevalent among Chinese companies [1] - The "dual carbon" and ESG policy practices in China have entered a systematic stage, making ESG a necessary option for listed companies [1] Group 2: Key Presentations and Reports - A white paper titled "Responsibility-Driven Value: Research on ESG Ratings and Market Value Performance of Chinese Listed Companies" was released, indicating that strong ESG performance can enhance corporate market value by reducing risks and optimizing financing costs [2] - The "Top 50 ESG Value Rankings" for listed companies was announced, based on authoritative data from 2022 to 2024, highlighting industry leaders with strong ESG ratings and stable profitability [2] - The forum also awarded seven annual awards, including the Best ESG Innovation Award, to recognize outstanding companies and individuals in the ESG field [2] Group 3: Future Directions - The summit served as a platform for efficient dialogue among academia, industry, and research, promoting the strategic leap from ESG concept recognition to value creation through the release of authoritative reports, rankings, and innovative tools [2]

Core Insights - The report highlights the continuous expansion and improvement of the profitability of listed companies in Fujian Province, particularly in high-tech and advanced manufacturing sectors, supported by increased R&D investment and enhanced technological innovation capabilities [1][2]. Group 1: Company Performance - Fujian Province has a total of 228 listed companies, with 172 on the A-share market, including 68 on the Shanghai Stock Exchange (8 on the Sci-Tech Innovation Board) and 100 on the Shenzhen Stock Exchange (46 on the Growth Enterprise Market) [20]. - The overall scale of listed companies in Fujian is steadily increasing, with a notable rise in profitability, especially in high-tech industries [1]. - Companies are increasingly focusing on green and low-carbon transformations, emphasizing sustainable development and ESG practices [1]. Group 2: Market Dynamics - The activity level of Fujian's listed companies in the capital market is rising, with more diversified financing channels and a gradually improving multi-level capital market system [1]. - Some companies are demonstrating strong competitiveness in both domestic and international markets, with expanding brand influence [1]. Group 3: Regional Development - Core cities like Fuzhou and Xiamen remain the primary hubs for listed companies, while cities like Quanzhou and Zhangzhou are also seeing rapid growth in both the quantity and quality of enterprises, alleviating regional development imbalances [1]. Group 4: Resilience and Adaptability - Fujian's listed companies have shown strong resilience in responding to economic fluctuations and external risks, demonstrating good adaptability and pressure resistance [1].

Core Insights - The market is undergoing a recalibration regarding SMX, as multiple industries recognize its capabilities across various verticals rather than viewing it as a niche product company [1][8] - SMX's technology allows for the tracking of material identity through various processes, addressing long-standing issues in gold and rare earth markets, as well as in ESG compliance [2][3][4] Gold Market Impact - SMX's ability to maintain the molecular identity of gold through smelting and storage has eliminated a structural problem in the bullion industry, attracting significant market interest [2] - The validation of gold through SMX technology is expected to strengthen demand for rare earth minerals, which are crucial for various high-tech applications [7] Rare Earth Minerals - Rare earth minerals face identity verification challenges on a geopolitical scale, but SMX's technology can track their identity from extraction to alloy formation, prompting reactions from industry players [3][6] ESG and Sustainability - SMX's technology enables materials like plastics and textiles to retain their identity through recycling processes, making ESG metrics measurable rather than narrative-driven [4] - This capability has garnered attention from brands, regulators, and auditors, further validating SMX's impact across different sectors [4] Digital Market Integration - The introduction of the Plastic Cycle Token by SMX translates authenticated physical performance into digital signals, creating a new data-driven value system [5] - This innovation anchors digital assets in real-world performance, enhancing their credibility and market acceptance [5] Structural Flaw Resolution - SMX addresses a universal flaw in material identity verification post-transformation, leading to rapid market movements as industries align around this foundational capability [6][8] - The convergence of interest across sectors creates a multiplier effect, prompting a reevaluation of SMX's value in the market [7] Company Overview - SMX provides technology solutions for businesses facing challenges related to carbon neutrality and compliance with new regulations, facilitating a transition to a low-carbon economy [9]