Core Viewpoint - The Shenzhen Stock Exchange organized a roadshow in Frankfurt to promote investment opportunities in China, focusing on high-quality economic development during the 14th Five-Year Plan period and enhancing understanding of the Shenzhen market among local investors [1] Group 1: Roadshow Activities - The roadshow aimed to showcase the investment value of Shenzhen-listed companies and the opportunities in the Chinese capital market, with 11 overseas roadshows conducted this year across various countries, including Germany [1] - Participating companies included Sungrow Power Supply, Weichai Power, Aier Eye Hospital, Robotech, and Hailiang Co., which are involved in digital economy, high-end manufacturing, and green low-carbon sectors [1][2] Group 2: Company Highlights - Sungrow Power Supply is leveraging the EU's "REPowerEU" strategy to capture green energy transition opportunities in Germany, focusing on high-performance photovoltaic inverters and energy storage systems [2] - Weichai Power's acquisition of KION Group has led to significant revenue growth, with KION's revenue increasing from 4 billion euros to over 10 billion euros, contributing approximately 40% to Weichai's income [2] - Robotech is set to acquire the leading German company ficonTEC to address domestic high-end equipment shortages in the photonics sector, enhancing the self-sufficiency of the photonics device industry [2] Group 3: Market Insights - Investors noted the effective collaboration between Chinese and German companies, driven by technological capabilities and market demand, presenting vast investment opportunities [2][3] - Chinese companies are diversifying their export markets and enhancing operational resilience through solid supply chain strategies, with overseas revenue for Weichai expected to exceed 100 billion yuan in 2024 [3] Group 4: ESG Practices - Shenzhen-listed companies are increasingly focusing on ESG practices, gaining recognition from German long-term investors [4][5] - Companies like Sungrow and Weichai are integrating ESG principles into their strategic planning, with Aier Eye Hospital achieving an MSCI ESG rating upgrade to A [5] Group 5: Future Outlook - The event highlighted a growing interest from German investors in China's market, shifting focus from cost advantages to technology innovation and supply chain collaboration [6] - The Shenzhen Stock Exchange plans to enhance services for foreign investors and facilitate cross-border financing activities to support domestic and international economic circulation [6]

Core Viewpoint - The credit rating agency Hainan Green Development Credit Rating Co., Ltd. (referred to as "Green Rating") has released ESG proactive rating results covering 5,393 listed companies, aiming to support corporate green transformation and provide transparent references for investors and regulatory bodies [2][4]. Group 1: ESG Rating Overview - The ESG proactive rating framework includes three dimensions: Environment (E), Social (S), and Governance (G), encompassing 19 core issues and over 300 data indicators, leading to a comprehensive ESG rating score for companies [4]. - Approximately 30% of the rated companies achieved an A grade or above [4]. Group 2: Company Profile - Kangzhi Pharmaceutical - Kangzhi Pharmaceutical (300086, SZ) received an A grade for its comprehensive performance in the ESG areas [2]. - The company's mission is to "act with integrity and benefit humanity through medicine," aiming to create significant changes for human health and social development [6]. - In the environmental aspect, Kangzhi adheres to a "green production, low-carbon operation" philosophy, focusing on clean production, energy conservation, and circular economy, and has been recognized as a "Green Factory of Hainan Province" and a "Waste-Free Factory of Haikou City" by 2025 [6]. - In terms of social responsibility, Kangzhi has actively engaged in disaster relief, children's welfare, public health, and sports culture events, contributing over 10 million yuan in donations and materials through initiatives like the "Kangzhi Red Face Fund" established in partnership with the China Children and Teenagers' Fund [6]. - On the governance front, Kangzhi emphasizes "compliance management and proactive governance," continuously improving its board structure, investor relations, and shareholder rights to achieve a balance between economic and social benefits [7]. - The A grade rating reflects the recognition of Kangzhi's sustainable development achievements and its commitment to high-quality development in the children's health industry [7].

Core Insights - The white paper titled "Observation on Voting Trends of Shareholders' Meetings of A-share Listed Companies: Insights on Institutional Shareholders' Participation in Governance" was jointly released by Harvest Fund and Wind ESG, analyzing shareholder voting behaviors and institutional investor governance practices based on data from 2023 [2] Group 1: Shareholder Participation Trends - Higher institutional ownership correlates with increased shareholder meeting participation, with voting rights participation rates of 58.7%, 52.7%, and 51.6% for the CSI 300, CSI 500, and heavily held fund stocks respectively, significantly above the average participation rate of 48.8% for all A-shares [5] - The average voting rights participation rate for small shareholders in the three samples is 8.3%, 6.5%, and 8.7%, while the overall average for all A-share small shareholders is only 3.5% [12] Group 2: Rising Dissent in Proposals - The dissent rate for proposals across the market has been increasing, with 5.2% of proposals in the first three quarters of 2025 having dissent rates exceeding 5%, particularly in asset purchases and sales, as well as related party transactions [6] - Small shareholders and Hong Kong shareholders show a more pronounced tendency to dissent, with small shareholders dissenting over 12% on proposals related to rule establishment and amendments, guarantees, and financial support, while Hong Kong shareholders dissent over 20% on proposals regarding mergers and guarantees [6] Group 3: Future Directions and ESG Integration - The white paper aims to systematically outline the evolution of corporate governance in A-shares and clarify the core value and practical paths for institutional shareholders' participation in governance [8] - Wind ESG plans to continuously optimize its ESG rating system and data services to support institutional investors in managing responsibilities through diverse methods such as voting, communication, and proposals, promoting capital towards companies with strong governance and sustainable development capabilities [8]

新华财经北京12月4日电（王菁）4日，以"智驭风险·信立新篇"为主题的中诚信2026年信用风险展望年 会在上海举行。 岳志岗进一步表示，针对科创企业"轻资产、高成长、高波动"的特征，信用评估标准应该从传统"看过 去、看资产"逐步转向"看未来、看技术"。而在绿色转型方面，随着"双碳"目标的推进，ESG正逐渐成 为衡量企业可持续发展能力的重要参考，并逐步融入供应链体系建设。在这一过程中，科学、规范的信 用评价体系为ESG的落地提供了关键支撑。通过将ESG因素系统性地纳入信用评估框架，有助于市场参 与者有效识别绿色转型中的机遇与风险，为构建绿色和可持续的现代产业体系奠定信用基础。 （文章来源：新华财经） 如果说"智"是驾驭风险的手段，那么"信"就是夯实高质量发展的基础支撑。"健全的社会信用体系、规 范的企业治理结构与公平有序的市场环境，是金融强国建设的重要支柱。"岳志岗表示，作为信用服务 体系的重要组成部分，评级行业进一步完善方法论与模型体系，持续提升风险识别与定价能力，为资本 市场服务实体经济提供支持。 无论是"智驭风险"的实践，还是"信立新篇"的探索，最终都要服务于经济高质量发展大局，而科技创新 与绿色转型正是 ...

Background - The global climate crisis, tightening regulatory policies, and the mainstreaming of ESG investments have transformed corporate sustainability from an "optional" to a "mandatory" aspect [1] - Companies face uncertainties in the external environment and must drive internal strategic restructuring, embedding responsibility into their business models [1] - The practice is currently facing a "triple dilemma": environmental tensions between carbon neutrality and short-term growth, balancing diverse stakeholder demands on the social front, and the risk of "greenwashing" due to inconsistent ESG data and standards [1] Forum Objectives - The forum aims to redefine "sustainable competitiveness" beyond traditional CSR logic, observing three key transformations in pioneering companies: - Shifting from compliance to value creation, turning ESG challenges into innovation opportunities [1] - Advancing from isolated actions to systemic change, building resilience across the entire industry chain [1] - Transitioning from external drivers to intrinsic motivation, embedding sustainability into corporate strategy [1] - The event will gather representatives from regulatory bodies, enterprises, academia, and the investment community to discuss creating a resilient system that integrates business, environment, and society [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击 查看【 ESG评级中心服务手册】 12月2日，第13届中国责任投资论坛（China SIF）年会在京成功举行。年会由商道融绿主办，联合国环境规划署金融倡议（UNEP FI）、联合国可持续证券 交易所倡议（UN SSE） 联合主办。来自监管、市场和学术界的数十位专家围绕"重构全球格局，发现新兴机遇"这一主题发表观点。来自金融机构、上市公 司及学术机构等300多位代表现场参会，线上观看人次首次超过百万。 中国责任投资论坛理事长、商道融绿董事长、联合国环境规划署金融倡议（UNEP FI）中国代表郭沛源主持本届年会。他介绍道，在全球ESG发展面临波动 的情况下，中国积极推动绿色转型，绿色金融市场规模持续上升，以气候相关披露为重点的可持续披露准则也广受关注。在此背景下，本届年会旨在聚焦 ESG的最新进展，探讨可持续金融的新格局和新机遇。 第一轮主旨演讲环节聚焦"国内外ESG发展态势"。 全国社保基金理事会原副理事长、中国责任投资论坛名 ...

Core Insights - The 2025 Global Brand Economy Conference and the 16th Golden Flag Brand Awards highlighted the achievements of brands, with Master Kong winning the highest honor, the "Grand Prize," for its ESG communication project "The Modern Adventures of Princess Nanny" [1][12] - Master Kong also received recognition for its Hangzhou Flavor Museum project, which won the "Corporate Public Relations Communication Case Gold Award," and was included in the "Top 50 Brands with Social Value" [1][12] Group 1: Awards and Recognition - Master Kong won four awards at the Golden Flag Awards, showcasing its commitment to high-quality development and sustainable brand practices [1][12] - Other notable winners included projects from companies like Malaysia's Petronas, Roche, JD.com, and leading brands such as BMW, Mars, Huawei, and Bayer [5] Group 2: Innovative Practices - The award-winning project "The Modern Adventures of Princess Nanny" utilized a unique combination of "costume drama" and "AI digital human broadcasting," effectively engaging audiences on social media and promoting ESG concepts [6][8] - The Hangzhou Flavor Museum features ten themed spaces and interactive installations, transforming traditional industrial scenes into engaging educational experiences, thus merging industrial tourism with brand communication [8] Group 3: Sustainable Operations - Master Kong has integrated sustainable development into its operations, achieving significant reductions in carbon emissions and energy consumption, including a 19.04% decrease in energy consumption per million yuan of revenue from 2017 to 2024 [10][12] - The company’s innovative technologies, such as heat recovery systems and AIOT energy-efficient refrigerators, are expected to enhance its green operations further [10] Group 4: Industry Impact - Master Kong's ongoing ESG initiatives have garnered multiple recognitions, including being featured in the UN Global Compact's 25th Anniversary Excellent Case Collection and receiving accolades from S&P Global and Fortune [12] - The company's achievements reflect its commitment to long-termism and high-quality development, positioning it as a leading brand in sustainable practices within the food and beverage industry [12]

Core Insights - The increasing expectations for Environmental, Social, and Governance (ESG) from society are putting pressure on non-listed small and medium-sized enterprises (SMEs) to disclose reliable sustainability data [1][3] - The Voluntary Sustainability Reporting Standard for Non-Listed SMEs (VSME) provides a simplified and scalable solution for micro, small, and medium enterprises, serving as an alternative to the Corporate Sustainability Reporting Directive (CSRD) [1][3] Group 1: VSME Overview - VSME is a voluntary standard specifically designed for non-listed micro, small, and medium enterprises that are not required to comply with CSRD but face growing ESG reporting demands [3] - Two modules are available under VSME: a basic module and a comprehensive module, allowing companies to choose based on their needs and capabilities [3] Group 2: Basic Module - The basic module requires SMEs to disclose 11 simplified ESG information items, focusing on key indicators without the need for dual materiality analysis [4] Group 3: Comprehensive Module - The comprehensive module adds nine additional disclosure items for SMEs needing to provide more detailed reports, including general information, environmental indicators, social indicators, governance indicators, business model and strategy, practices and policies, Scope 3 greenhouse gas emissions, climate risks and GHG targets, and human rights [5] Group 4: Benefits of VSME - VSME helps clarify sustainability positions and standardizes ESG reporting, enhancing transparency and building trust with stakeholders [7] - Clear and structured information disclosure improves relationships with banks and investors, facilitating better financing channels [8] - Preparing for future regulations by proactively addressing potential reporting obligations under evolving EU directives and standards [9] - Identifying internal ESG opportunities by recognizing gaps in energy, water, waste, and labor management performance [10] - Gaining a competitive advantage through verified and credible reporting, showcasing sustainability leadership in the industry [11] Group 5: SGS Services - SGS offers end-to-end services covering the entire VSME process, from understanding standards to report preparation, data verification, and report assurance [13] - Customized services for VSME implementation are available based on the company's needs and maturity, providing guidance and tools for understanding and adopting VSME standards [13]

Core Viewpoint - The appointment of Hong Zonghua as Vice President of Corporate Affairs for PepsiCo Asia Pacific marks a significant leadership change, reflecting the company's strategic adjustments and recovery in performance in the region [2][5]. Group 1: Leadership Changes - Hong Zonghua, previously the Chief Public Relations Officer at Shui Jing Fang, has officially taken on the role of Vice President of Corporate Affairs at PepsiCo Asia Pacific, indicating a notable elevation in his career [2]. - His background in public relations and government relations within foreign consumer enterprises was a key factor in his selection for this role [2]. - The transition comes after a series of management restructuring and executive changes at PepsiCo, aimed at enhancing growth and operational efficiency [5][6]. Group 2: Performance and Strategy - During Hong's tenure at Shui Jing Fang, the company experienced continuous revenue growth, with 2024 projected revenue surpassing 5 billion [3]. - Shui Jing Fang focused on brand scarcity and niche marketing strategies, emphasizing its unique heritage and high-end customer engagement [4]. - PepsiCo's restructuring included the establishment of distinct divisions for international beverages and Asia Pacific foods, with a focus on improving performance in a competitive market [5][7]. Group 3: Market Dynamics - PepsiCo's beverage business in China has faced challenges, with low single-digit declines in 2024, contrasting with food business growth [7]. - The overall performance in the Asia Pacific market showed a 1% net revenue increase, with food sales growing by 4% while beverage sales lagged [7][8]. - Despite these challenges, there are signs of recovery in 2025, with food business unit sales increasing by 4% and organic revenue growth in international beverages [8].

数智赋能生态治理，发布重磅成果 为助力治理体系与治理能力现代化，大会进行了浙江大学钭晓东教授主持、团队完成的国家社会科学基金重大项目《加快推进生态治理体系与治理能力现代 化研究》(编号20&ZD091)的阶段性成果发布仪式，成果一《绿盾执法智擎系统》正式亮相，标志我国数智化提升治理效能获实质性突破;成果二纪录片《绿 色之道》同步首发，以生动镜头呈现生态治理中国路径，为全球提供实践范本。 11月30日，第十届杭州全球企业家大会暨首届企业法治工作大会第三届长三角企业法治工作大会在杭州国际博览中心成功举办并落幕。大会由浙江大学新时 代枫桥经验研究院、浙江省中小企业协会联合主办，浙江时代国际展览服务有限公司、杭州创蓝悦文化发展有限公司承办，获浙江省新时代枫桥经验研究 院、浙江大学光华法学院、长三角企业法律顾问协会联盟、上海交通大学智慧司法研究院、共道网络科技有限公司、阳光时代律师事务所、蓝旗(上海)法律 咨询有限公司、上合组织法律服务委员会交流合作基地(浙江警官职业学院)、香港中华工商总会等众多单位协办。 新时 0 :: ii 本次大会以"法治护航 高质量全球化发展"为核心宗旨，汇聚政府部门、知名企业、法律界、学术界 ...