Agenda | Opening Ceremony | Marcel Malczewski - Chairman of the Board of Directors | | --- | --- | | Designing the Future | Daniel Slaviero - President | | Copel Journey 2035: Expansion and Innovation | Diogo Mac Cord - VP of Strategy, New Business and Digital Transformation | | The Compound Factor of Value Creation | Felipe Gutterres - VP of Finance and IR | | Culture as a competitive advantage | Márcia Baena - VP of People and Management | | Legal Intelligence: Lever for Efficiency and Growth | Yuri Ledra ...

Core Viewpoint - The enhancement of ESG ratings among listed companies is a significant indicator of high-quality development, with a notable increase in the number of companies achieving leading global ratings [1][2]. Group 1: ESG Ratings Improvement - As of last weekend, 36.8% of MSCI China A-share index constituents have seen an improvement in their ESG ratings, with the proportion of companies rated AAA or AA rising from 7.2% at the end of last year to 14%, marking the largest increase in recent years [1]. - The number of companies with leading ratings has surged from 2 at the end of the 13th Five-Year Plan to 54 [1]. Group 2: Sustainable Disclosure Progress - Over the past five years, there has been significant progress in sustainable disclosure among listed companies, with a well-established sustainable rules system [2]. - In 2024, 1,869 listed companies disclosed sustainability reports, representing about 70% of the total market capitalization, effectively meeting sustainable investment needs and enhancing the international image of Chinese listed companies [2]. Group 3: Regulatory Guidance and Framework - The China Securities Regulatory Commission (CSRC) is committed to improving the sustainable disclosure system, focusing on adaptability and operability while drawing on international best practices [2][4]. - The CSRC emphasizes a practical approach to sustainable disclosure, encouraging companies to not only tell their stories well but also to implement effective governance structures, with 67.3% of disclosing companies establishing governance frameworks [3]. Group 4: Future Directions - The CSRC plans to continue enhancing the sustainable disclosure system in line with the principles of borrowing from others while maintaining a unique approach, and will promote policy implementation in a gradual manner [4].

中上协表示，明年是"十五五"规划开局之年，面对新形势，中上协将深入贯彻党的二十届四中全会、中 央金融工作会议精神，继续立足"服务、自律、规范、提高"的基本宗旨，搭建平台、整合资源、凝聚共 识、形成合力，支持和服务上市公司可持续发展工作，进一步推动上市公司质量提升。 中上协党委书记魏峰表示，面对全球复杂多变的市场环境，上市公司群体在发展过程中展现出了强大的 韧性与活力，迈向高质量发展的基础更加牢固，可持续发展的路径也更清晰。上市公司践行ESG理念的 动力显著增强，可持续发展工作取得了实质性进展。中国证监会上市公司监管司副司长张艳表示，在各 方积极探索和不懈努力下，上市公司可持续披露有了长足进步，可持续发展步伐更加坚定，高质量发展 成效更加显著。 2025年中上协围绕可持续发展多维度开展工作、深入研究，依托和组织委员会形成多项研究成果。本次 大会发布了四份研究报告：《中国上市公司ESG发展报告（2025年）》《中国上市公司ESG行业报告 （2025年）》《中国上市公司ESG价值核算报告（2025年）》《中国上市公司ESG评级报告（2025 年）》。同时，本次大会发布了210篇2025年上市公司可持续发展最佳实践案 ...

最新明确。 张艳表示，可持续披露量质齐升。今年共1869家上市公司披露了2024年可持续报告，披露公司的市值占 到全市场的七成左右，已基本能够满足可持续投资需要；披露家数占比达34.7%，较"十三五"末提升近9 倍。高质量的披露工作提升了我国上市公司的国际形象。截至11月16日，MSCI中国A股指数成份股有 36.8%的企业ESG评级提升，全球领先评级(AAA、AA级)的家数占比由去年底的7.2%大幅跃升至14%， 是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至54家。ESG评级的提升成为 上市公司高质量发展丰硕成果的重要体现。 张艳指出，可持续实践行稳致远。目前，披露相关报告的公司中，有67.3%的公司搭建了治理架构； 63.9%的公司披露战略信息，44.0%的公司制定并披露了定量可持续相关目标。上市公司积极践行新发 展理念，主动服务"双碳"目标等国家战略。聚焦新能源产业、新能源汽车、节能环保等战略新兴行业的 上市公司家数已达516家，市值9.43万亿元，较"十三五"末分别增长88%、126%。宁德时代 （300750）、比亚迪（002594）等一大批"新三样"龙头企业通过资本市场快速 ...

Core Viewpoint - Sustainable disclosure is not merely a formality but a crucial mechanism for driving high-quality development in enterprises [1] Group 1: Institutional Development - The sustainable development journey of listed companies in China has established a robust rule system, marked by the introduction of the new "National Nine Articles" and the mandatory "Guidelines for Sustainable Development Reports" [2] - The rule system is characterized by a coherent and distinctive disclosure framework, with the first mandatory regulation marking a new era for sustainable disclosure in A-shares [2] - The China Securities Regulatory Commission (CSRC) has emphasized the importance of execution and guidance to ensure smooth implementation of these rules [2] Group 2: Disclosure Practices - The number of listed companies disclosing sustainable reports reached 1,869 in 2025, representing 70% of market capitalization, with a disclosure rate of 34.7%, nearly a ninefold increase since the end of the 13th Five-Year Plan [3] - The quality of disclosures has significantly improved, with 99.3% of reporting companies using quantitative indicators, and over 80% disclosing more than 25 metrics [3] - The proportion of companies reporting greenhouse gas emissions rose from 57.5% to 65.9%, indicating enhanced awareness and capability in addressing environmental risks [3] Group 3: Market Response - By October 2025, the scale of domestic sustainable index products exceeded 120 billion, more than doubling since the end of 2020, with a continuous increase in the proportion of ESG funds [5] - Foreign institutional investors are increasingly investing in sustainable sectors in Asia, including China, reflecting a positive market response [5] Group 4: Strategic Commitment - The CSRC remains committed to maintaining confidence, continuous action, and unwavering efforts in the face of global challenges in the sustainable sector [5] - The focus is on improving disclosure systems and promoting high-quality development through practical guidance and a gradual policy implementation approach [5]

证监会上市公司监管司副司长张艳11月18日在2025上市公司可持续发展交流会上表示，截至上周末， MSCI中国A股指数成分股中有36.8%的企业ESG评级提升，全球领先评级（AAA、AA级）的家数占比 由去年底的7.2%大幅跃升至14%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家 增长至54家。ESG评级的提升成为上市公司高质量发展丰硕成果的重要体现。 张艳表示，证监会将继续按照"积极借鉴、以我为主、兼收并蓄、彰显特色"的原则，坚定不移逐步完善 可持续披露制度；继续按照"区分重点、试点先行、循序渐进、分步推进"的策略，坚定不移推动政策落 地；继续按照"行胜于言、言必求实"的实践导向，坚定不移引导以高质量发展推动高质量披露。 披露家数占比达34.7%，较"十三五"末提升近9倍 99.3%的公司在报告中披露了量化指标 截至上周末，MSCI中国A股指数成分股中有36.8%的企业ESG评级提升，全球领先评级（AAA、AA 级）的家数占比由去年底的7.2%大幅跃升至14% 截至10月底，中证、国证可持续指数产品规模合计约1250亿元，较2020年底增长了两倍多 可持续规则体系基本健全 张艳表示，回首 ...

Core Insights - The article emphasizes the importance of building a financial services ecosystem that supports sustainable transformation, focusing on both value protection and value creation [1] - It highlights the progress made in Nature-Positive Finance, including the COP29 agreement aimed at mobilizing resources for low-carbon development, while acknowledging the significant funding gap that remains [1][3] Group 1: Financial Sector's Role - The financial sector is shifting its focus from merely discussing sustainability to taking actionable steps to support sustainable transformation [1] - Major banks are recognizing the financial risks posed by climate change, with JPMorgan committing $2.5 trillion over the next decade to address climate change and promote sustainable development [3] - The insurance industry is also playing a crucial role by providing coverage for renewable energy projects, which helps mitigate financial risks and catalyze the transition to clean energy [5] Group 2: Investment Trends - There is a significant imbalance in climate funding, with over 90% directed towards mitigation efforts, while adaptation funding accounts for less than 10% [7][8] - Private sector investment in adaptation projects is limited due to unclear revenue models and long investment cycles, necessitating innovative financing mechanisms to enhance bankability [8][9] - The potential for substantial returns on investment in adaptation measures is highlighted, with an estimated $7.1 trillion return from a $1.7 trillion investment in key areas [5] Group 3: Collaborative Efforts - The article stresses the need for collaboration among various stakeholders to mobilize climate finance effectively, moving beyond mere capital increases to foster partnerships between businesses and governments [14] - It calls for the involvement of decision-makers with appropriate authority to set priorities and develop clear action plans in climate finance discussions [13] - The use of innovative financial mechanisms, such as blended finance and public-private partnerships, is essential for mobilizing funds for climate transition [9] Group 4: Internal Sustainability Practices - Financial institutions are encouraged to integrate sustainability into their core operations and risk frameworks, with many setting net-zero targets for their operations [10] - The collaboration between Visa and ecolytiq exemplifies how financial technology can help banks visualize and manage carbon footprints, enhancing climate education [10] - The article notes that a significant percentage of financial institutions are adopting climate transition plans to guide their internal decarbonization efforts [10]

2022年7月，瑞幸咖啡正式成立可持续发展委员会，并推出一系列可持续战略规划。截至目前，瑞幸已 建立起包括绿色工厂、绿色门店和原产地生态保护在内的绿色价值链。在生产端，瑞幸以智能化绿色生 产为底色，规划打造了中国最大的咖啡烘焙网络；在门店端，瑞幸致力于为消费者创造更健康、更可持 续的咖啡消费空间，从门店节能、节水、室内环境质量等细节入手，打造绿色门店体系；此外，在云南 保山，瑞幸携手世界自然基金会及一个地球自然基金会开展"商业向善"生物多样性保护项目，维护栗喉 蜂虎重要栖息地和咖啡原产地周边生态环境，成效显著。 "对瑞幸咖啡来说，可持续发展理念从来都不是一句口号"，瑞幸咖啡可持续发展负责人赵艳艳在大会主 题演讲中表示，瑞幸希望通过自身的探索实践，成为有担当、负责任的绿色创变者，为中国咖啡行业的 可持续发展做出引领性贡献。 11月19日，《南方周末》2025绿色创变者大会在成都举行。会上，来自政府、学界、企业和媒体的代表 聚焦全球可持续发展趋势，深入探讨了中国经济社会绿色发展的创新模式和路径。同时，大会发布年度 绿色标杆案例名单，瑞幸咖啡凭借可持续发展理念的系列实践，斩获"2025年度ESG低碳实践奖"，成为 ...

Core Points - The 2025 Dubai Airshow opened on November 17, showcasing over 200 aircraft and featuring more than 1,500 aerospace and defense companies from over 40 countries, with an expected attendance of 148,000 visitors during the five-day event [1] - China Commercial Aircraft Corporation (COMAC) made its debut at the airshow, presenting the C919 aircraft and the C909 business jet, along with various domestic large cargo drones and advanced aircraft engines [1][2] - The theme of the airshow is "The Future is Here," focusing on advancements in sustainable development, artificial intelligence, space exploration, and smart transportation within the aerospace industry [1] Company Highlights - The C919 aircraft, operated by China Southern Airlines, was showcased alongside the C909 business jet, marking a significant step for Chinese civil aviation and manufacturing on the international stage [1] - A Kuwaiti aerospace engineer praised the high construction quality of the C919, indicating its potential competitiveness in terms of economic efficiency, reliability, and service support as COMAC continues to optimize its aircraft and improve international airworthiness standards [1] - China Aviation Engine Group participated for the first time, presenting a comprehensive range of products including the Taihang engine and AES100 engine, highlighting the most extensive and diverse display of Chinese-made aircraft engines abroad [2]

Core Viewpoint - The company Suihengyun A (stock code: 000531) has been awarded the highest evaluation grade A (Excellent) in the 2024-2025 annual information disclosure assessment by the Shenzhen Stock Exchange, marking the seventh consecutive year of receiving this honor, which highlights its excellence in information disclosure and corporate governance [1][3]. Group 1: Evaluation Results - A total of 5,104 listed companies participated in the assessment, with only 953 companies achieving an A rating, representing 18.67% of the total [3]. - Only 176 companies have been rated A (Excellent) for seven consecutive years or more, accounting for a mere 3.45% of the total [3]. Group 2: Corporate Governance and Leadership - The achievement is attributed to the effective leadership of the board of directors and supervisory board, particularly under the leadership of Chairman Xu Hongsheng, as well as the collaborative efforts of all departments [4]. - The company is committed to high-quality development, as evidenced by its consistent performance in information disclosure and regulatory compliance [4]. Group 3: Sustainable Development Initiatives - Suihengyun has published its first "2024 Sustainable Development Report," focusing on carbon reduction and resource conservation to contribute to green development [4]. - The company emphasizes employee welfare and actively participates in rural revitalization efforts, demonstrating its corporate social responsibility [4]. - The internal structure has been continuously improved, enhancing risk management and governance effectiveness, leading to a significant increase in the company's ESG rating for 2024 [4]. Group 4: Future Commitments - Moving forward, the company aims to further enhance the quality of information disclosure and improve corporate governance structures while adhering to integrity in operations [4]. - The focus will remain on the energy sector, with an emphasis on innovation and transparent communication to reward the trust and support of investors and the broader community [4]. - The company is dedicated to contributing to regional energy structure optimization and achieving "dual carbon" goals, aspiring to write a new chapter of success [4].