Group 1 - The core viewpoint of the news is the progress made by central enterprises in China during the "14th Five-Year Plan" period, focusing on high-quality development and modernization of the industrial system [1] - Central enterprises have significantly increased investment in strategic emerging industries, with an annual growth rate exceeding 20% in new industries, and 30 enterprises are actively developing world-class industrial clusters in fields such as new information technology, new energy, new materials, and high-end equipment [1] - The pace of industrial transformation and upgrading is accelerating, with over 800 application scenarios laid out under the "AI+" initiative, and the establishment of 1,854 smart factories, leading to a reduction in energy consumption and carbon emissions per unit of output value by 12.8% and 13.9% respectively [1] Group 2 - The Sina Finance ESG Rating Center provides 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance sustainable development performance [2] - The center aims to promote sustainable development and responsible investment, establishing a platform for ESG information and ratings, and facilitating the development of ESG assessment standards in China [2] - Through the ESG Rating Center, Sina Finance has launched multiple ESG innovation indices to offer more choices for investors concerned about corporate ESG performance [2]

中国环境保护产业协会副会长、标委会主任委员滕建礼介绍，当前，应对气候变化是全球可持续发展面 临的核心挑战，企业的社会责任和可持续发展实践也越来越受到重视。企业通过发布ESG报告，能够展 示其在可持续发展方面的承诺与实际行动，有效增强企业公信力与市场竞争力。对环保企业来说，ESG 评价体系不仅能客观体现其在环境保护方面的成效，还可全面反映企业在社会责任和治理水平等多维度 的综合能力。但生态环保行业一直缺乏一套体系完整、行业适配且被广泛认可的ESG评价标准。 在此背景下，中国环境保护产业协会组织编制了《生态环保企业环境、社会与公司治理评价指标体系》 团体标准。本标准的制定响应了国家各项规定说明，旨在针对企业ESG信息披露水平进行科学评价，引 导环保企业使用规范的标准完成自身的ESG信息披露工作，助力国家绿色低碳发展。 中化新网讯 9月10日，在第四届中国生态环保产业服务"双碳"战略院士论坛上，《生态环保企业环境、 社会与公司治理评价指标体系》正式发布，并将于10月10日正式实施。 ...

针对本次大会，冯慧君进一步指出，此次大会以"管理体系"为核心主题，意在聚焦ESG从理念到行动、 从承诺到实操的关键环节。华夏时报社作为一家深耕财经领域、肩负社会责任的媒体，长期关注并推动 中国ESG生态体系的建设。华夏时报社深知建立科学、规范、透明的ESG管理体系，对于引导资本向 善、推动企业转型升级、有效防范风险、提升国际竞争力具有至关重要的意义。这不仅是响应国家"高 质量发展"和"共同富裕"战略的具体实践，更是中国企业融入全球产业链、赢得国际社会信任的通用语 言。 冯慧君表示，希望通过本次大会，能够搭建一个高层次的对话平台，共同探讨：如何构建兼具国际标准 与中国特色的ESG披露和评价体系；如何更好地帮助企业将ESG深度融入战略决策和日常运营中去；以 及在面对多元化的利益相关方时，如何更好地倾听包括残疾人群在内的弱势群体的声音，实现更有效的 沟通与共创。 "我们相信，唯有建立坚实的管理体系，ESG的理想才能落地生根，迸发出真正的生命力。一个真正负 责任的企业，它的优秀不仅体现在财报上，更应写在它为社会创造的广泛福祉中，写在它为每一位社会 成员所创造的公平机会和人文关怀里。"冯慧君称。 致辞最后，冯慧君呼吁， ...

Macro Overview - The Federal Reserve lowered interest rates by 25 basis points, bringing the target range for the federal funds rate to 4.0-4.25% and indicated an additional 50 basis points of cuts may occur within the year [2][3] - The employment market is showing signs of slowing down, with a slight increase in the unemployment rate, leading to a more dovish stance from the Fed [2][3] Precious Metals Industry - Following the Fed's rate cut, gold prices may face short-term pressure due to profit-taking, although the long-term investment value remains intact [3] - The Fed's continued path of rate cuts amidst economic adjustments and persistent inflation concerns supports the long-term appeal of gold as a hedge against economic stagnation [3] ESG Investment Insights - ESG factors are increasingly influencing asset pricing, with improved disclosure rules in the A-share market leading to a rise in ESG report quality [4] - Empirical analysis shows that ESG factors have positive stock selection capabilities and are less correlated with traditional price-volume factors, indicating a growing pricing power for ESG in the A-share market [4] Japanese Gaming Industry - Japan's gaming industry, a pioneer with over 40 years of history, remains the third-largest market globally, with leading companies leveraging classic IPs to create resilient business models [5] - The success of Japanese gaming firms is attributed to their ability to diversify game distribution and localize operations, providing valuable lessons for Chinese companies looking to expand internationally [5] Company Spotlight: Shangmei Co., Ltd. - Shangmei Co., Ltd. reported strong revenue and profit growth in the first half of 2025, with continued expansion in product categories and brands expected to drive growth in the second half [7] - The company's operational capabilities in multi-brand and multi-category strategies have been validated, suggesting potential for further growth if these capabilities are replicated effectively [7]

Group 1 - The company, Zijin Mining International (02259.HK), plans to globally offer 349 million shares, with 34.89 million shares available in Hong Kong and 314 million shares for international sale, along with an overallotment option of 52.35 million shares [1] - The subscription period for the shares is from September 19 to September 24, with a maximum offer price of HKD 71.59 per share and an entry fee of approximately HKD 7,231.19 for a board lot of 100 shares [1] - The total expected fundraising amount is HKD 24.984 billion, with a net amount of HKD 24.470 billion, which will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities across all mining operations [1] Group 2 - The company is a leading global gold mining company formed by integrating all gold mines of Zijin Mining (601899) outside of China, inheriting management advantages in low-grade and difficult-to-extract resource exploration, development, and operation [2] - The company focuses on gold exploration, mining, ore processing, smelting, refining, and sales, leveraging global acquisitions to integrate high-potential gold mining resources [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are USD 230 million, USD 481 million, and USD 520 million, respectively, with year-on-year growth rates of 25.43%, 108.94%, and 142.69% [2]

紫金黄金国际预计于2025年9月29日在主板上市，摩根士丹利亚洲有限公司、中信证券（香港）有限公 司为联席保荐人。 公司是紫金矿业的所有黄金矿山(除中国之外)整合而成的全球领先黄金开采公司，公司继承了紫金矿业 在低品位难采选资源勘查、开发及运营的管理竞争优势，成为一家全球领先的市场化的黄金开采公司， 主要从事黄金的勘查、开采、选矿、冶炼、精炼及销售。公司通过全球併购整合高潜力黄金矿山资源， 并运用行业领先的自主地质勘查、研发、工程、建设和矿山运营能力，以及先进的国际环境、社会和治 理(「ESG」)系统，使公司能够实现持续增储增产与高效运营。 公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为2.30亿美元、4.81亿美元、5.20 亿美元，同比变动幅度为25.43%、108.94%、142.69%。（数据宝） 紫金黄金国际(02259.HK)发布公告，公司拟全球发售3.49亿股股份，其中香港发售股份3489.91万股，国 际发售股份3.14亿股，另有5234.86万股超额配股权。招股日期为9月19日至9月24日，最高发售价71.59 港元，每手买卖单位100股，入场费约7231.1 ...

Quantitative Models and Construction ESG Factor Construction and Analysis - **Factor Name**: "Final Holding of Invention Patent Quality Total Score" **Construction Idea**: This factor measures the quality of a company's innovation output, reflecting its technological barriers and commercialization potential, which can translate into future profitability and competitive advantages[38][42] **Construction Process**: The factor is derived from the total score of invention patent quality held by the company at the end of the period. It is categorized under the "business innovation" type of ESG factors[38] **Evaluation**: The factor demonstrates strong positive stock selection ability, with high-quality patents receiving higher valuation premiums from the market[38][42] - **Factor Name**: "Wages, Bonuses, Allowances, and Subsidies" **Construction Idea**: This factor reflects a company's ability to attract and retain core talent through human capital investment, indirectly indicating employee satisfaction and productivity[39][42] **Construction Process**: The factor is based on the total expenditure on wages, bonuses, allowances, and subsidies, categorized under the "human capital" type of ESG factors[39] **Evaluation**: Companies with higher human capital investment tend to exhibit greater long-term operational stability and innovation potential[39][42] - **Factor Name**: "Equity Concentration Change Rate" **Construction Idea**: This factor captures changes in shareholder confidence, where increased concentration may indicate optimism or governance strengthening, while decreased concentration may signal disagreements or cash-out intentions[40][42] **Construction Process**: The factor measures the rate of change in equity concentration, categorized under the "shareholder" type of ESG factors[40] **Evaluation**: The factor provides insights into shareholder behavior and its implications for governance and company prospects[40][42] - **Factor Name**: "Average Age of Executives" **Construction Idea**: This factor evaluates the stability and strategic maturity of the governance team, where younger teams may lean toward aggressive innovation, and older teams may favor steady operations[40][42] **Construction Process**: The factor calculates the average age of executives, categorized under the "governance structure" type of ESG factors[40] **Evaluation**: The factor reflects investor perceptions of decision-making reliability and governance stability[40][42] - **Factor Name**: "Total Amount of External Donations" **Construction Idea**: This factor highlights a company's commitment to social responsibility and brand image building, which can enhance trust and stakeholder relationships[41][42] **Construction Process**: The factor is based on the total monetary value of external donations, categorized under the "social capital" type of ESG factors[41] **Evaluation**: Companies with consistent and generous donations may reduce operational risks and gain potential policy support[41][42] ESG Composite Factor Construction - **Construction Idea**: The top 10/20/30 ESG factors with the highest RankIC averages are selected and combined using equal weighting or classification-based weighting methods[55] - **Construction Process**: 1. **Equal Weighting**: All selected factors are equally weighted to form the composite factor 2. **Classification Weighting**: Factors within the same secondary indicator category are first equally weighted, and then the resulting category-level factors are equally weighted to form the composite factor[55] - **Evaluation**: The composite factors exhibit robust stock selection effectiveness, with high ESG-scoring portfolios consistently outperforming low-scoring ones. The results are stable across different weighting methods[55][59] --- Backtesting Results of Factors Single Factor Backtesting Results - **"Final Holding of Invention Patent Quality Total Score"**: - RankIC Mean: 5.60% - Annualized Excess Return (Long Portfolio): 6.23% - Annualized Excess Return (Short Portfolio): -7.91% - Turnover Rate (Long Portfolio): 16.80% - Turnover Rate (Short Portfolio): 19.55%[42] - **"Wages, Bonuses, Allowances, and Subsidies"**: - RankIC Mean: 4.27% - Annualized Excess Return (Long Portfolio): 4.12% - Annualized Excess Return (Short Portfolio): -6.98% - Turnover Rate (Long Portfolio): 19.45% - Turnover Rate (Short Portfolio): 21.80%[42] - **"Equity Concentration Change Rate"**: - RankIC Mean: 2.88% - Annualized Excess Return (Long Portfolio): 2.18% - Annualized Excess Return (Short Portfolio): -4.82% - Turnover Rate (Long Portfolio): 68.05% - Turnover Rate (Short Portfolio): 62.90%[42] - **"Average Age of Executives"**: - RankIC Mean: 2.01% - Annualized Excess Return (Long Portfolio): 2.16% - Annualized Excess Return (Short Portfolio): -2.20% - Turnover Rate (Long Portfolio): 16.06% - Turnover Rate (Short Portfolio): 17.00%[42] - **"Total Amount of External Donations"**: - RankIC Mean: 1.83% - Annualized Excess Return (Long Portfolio): 1.17% - Annualized Excess Return (Short Portfolio): -0.56% - Turnover Rate (Long Portfolio): 21.33% - Turnover Rate (Short Portfolio): 22.50%[42] Composite Factor Backtesting Results - **Top 30 Equal Weight Composite Factor**: - RankIC Mean: 5.23% - Annualized Excess Return (Long Portfolio): 4.97% - Annualized Excess Return (Short Portfolio): -7.38% - Turnover Rate (Long Portfolio): 21.72% - Turnover Rate (Short Portfolio): 26.31%[55] --- Index Enhancement Strategy Results CSI 300 Index Enhancement - Annualized Excess Return: 5.75% - Information Ratio (IR): 0.76 - Maximum Excess Drawdown: 14.78%[62][65] CSI 500 Index Enhancement - Annualized Excess Return: 9.11% - Information Ratio (IR): 1.68 - Maximum Excess Drawdown: 9.24%[67][70] CSI 1000 Index Enhancement - Annualized Excess Return: 8.43% - Information Ratio (IR): 1.50 - Maximum Excess Drawdown: 8.47%[73][75]

Core Insights - Gildan Activewear Inc. will participate in the 24th Annual CIBC Eastern Institutional Investor Conference in Montreal on September 25, 2025, with key executives engaging in a fireside chat and one-on-one meetings with investors [1] Company Overview - Gildan is a leading manufacturer of everyday basic apparel, offering products such as activewear, underwear, and socks to a diverse customer base including wholesale distributors, screenprinters, retailers, and global lifestyle brand companies [2] - The company markets its products across North America, Europe, Asia Pacific, and Latin America under various owned brands, including Gildan, American Apparel, Comfort Colors, GOLDTOE, and Peds, as well as through an exclusive licensing agreement for Champion in the printwear channel [2] Manufacturing and ESG Practices - Gildan operates large-scale, vertically integrated manufacturing facilities primarily located in Central America, the Caribbean, North America, and Bangladesh [3] - The company is committed to industry-leading labor, environmental, and governance practices throughout its supply chain, which is integrated into its comprehensive ESG program aligned with its long-term business strategy [3]

哈密百万千瓦"光热+光伏"项目全容量并网发电。 今天（9月1 8日）， 全国最大的"线性菲涅尔"光热综合能源示范项目——三峡集团哈密百万千瓦"光热+光伏"项目实现全容量并网发 电，标志着"光热+光伏"协同运行新模式正式开启 ，有助于增强电网对新能源的接纳能力。 "线性菲涅尔"是太阳能光热发电技术的一种，它利用法国物理学家菲涅尔提出的光的反射和折射原理，通过太阳能的转化来发电。 项目位于新疆哈密市伊州区，总装机容量1 0 0万千瓦，包括1 0万千瓦光热储能电站和9 0万千瓦光伏电站。光热部分通过2 6万块线性排列 的反射镜聚集太阳光，加热熔盐储存热能。整个集热系统最多可实现8小时储能，有效实现太阳能的高效转化和稳定利用。 三峡集团新疆分公司现场负责人石勇介绍，项目充分发挥光热电站的储能调峰功能与9 0万千瓦光伏电站形成深度互补。白天，光伏发电 满足电网基础负荷；夜晚或阴雨时段，光热储热系统无缝衔接供电，实现2 4小时稳定输出。 来源：央视新闻客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 项目全容量并网后，光热储能电站可充分发挥基础调节电源的调峰作用，与 ...

Group 1 - Cleantek Industries Inc. is an innovative provider of patented clean technology solutions aimed at reducing costs and carbon intensity in wastewater management and industrial lighting sectors [1][5][6] - The company will participate in the Smallcap Discoveries Conference in Vancouver on September 29-30, 2025, where its President and CEO will present recent achievements and growth plans [1][2] - Cleantek focuses on ESG-accretive solutions, offering specialized wastewater treatment, disposal equipment, and sustainable lighting rental solutions to a diverse client base, including blue-chip companies [5][6] Group 2 - The Smallcap Discoveries Conference aims to strengthen Canada's microcap ecosystem by connecting engaged investors with select growth companies, fostering meaningful connections and access to capital [2][4] - Cleantek is well-positioned to meet the rising demand for water treatment and sustainable lighting, driven by a commitment to sustainability, safety, and operational excellence [6]