2025年11月26日，由中国证券报与中国国新联合主办的"2025金牛企业可持续发 展论坛暨第三届国新杯·ESG金牛奖颁奖典礼"在苏州举行，申万宏源凭借在可持续发展 与ESG治理方面的卓越表现，成功入选"ESG金牛奖百强"，彰显了公司在环境、社会与 治理领域的领先实践与行业影响力，这是申万宏源再次获得该奖项。 在公司治理层面， 申万宏源 持续完善"1+N"全面风险管理体系，深交所信息披露评价九 次获评A级，投行业务质量评价获A类最高等级，筑牢了资本市场"看门人"的坚实防线。 在社会责任方面，申万宏源积极探索"金融赋能+产业帮扶"双轮驱动模式，累计投入无偿 帮扶资金超3.5亿元，实施帮扶项目200余个；红枣"保险+期货"项目入选联合国"全球减贫案 例"，形成可复制、可推广的乡村振兴"申万宏源经验"。 在环境与绿色金融领域， 申万宏源 积极服务"双碳"目标，发行绿色债券525亿元，支持 绿色企业股权融资296亿元，助力科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇 大文章"落地见效。 此外， 申万宏源 持续推进金融科技融合，率先应用AI模型优化服务流程，提升客户体验； 构建"研究+投资+投行"全生命周期金 ...

Macro and Strategy - The report highlights a significant shift in China's economic growth engine from the secondary industry to the more promising tertiary industry (services) in 2025, with a focus on expanding domestic consumption as the main driver of demand [8][9] - The concept of "anti-involution" is introduced, emphasizing the need to control supply while expanding demand, particularly in the physical product sector, which is crucial for optimizing supply and enhancing new productive forces [8][9] - The interdependence between the service and manufacturing sectors is emphasized, where manufacturing acts as an incubator for productive services, and the growth of services creates a substantial market for manufactured goods [8][10] Industry and Company Insights - The public and environmental protection industry report indicates that the Ministry of Finance has preemptively allocated the first batch of ecological and environmental protection funds for 2026, and there is an analysis of the electricity trading plan in Sichuan for 2026 [3] - The electronic industry report discusses the resonance between AI computing power and terminal innovation, suggesting that PCB (Printed Circuit Board) technology is reshaping high-density connectivity [3] - The agricultural industry report notes a steady increase in beef prices, indicating a positive outlook for the meat and dairy cycle [3] - The financial engineering report highlights the performance of various investment strategies, with a focus on small-cap growth stocks outperforming [3][20] Market Trends - The report provides an overview of major market indices, noting that the Shanghai Composite Index closed at 3888.59 points, with a slight increase of 0.34% [2] - The bond market experienced a significant correction, with short-term bonds remaining stable due to central bank liquidity support, while long-term bonds faced fluctuations due to policy concerns [12][18] - The REITs market is expanding, with the report indicating that the China Securities Regulatory Commission has initiated a pilot program for commercial real estate REITs, which is a key step in diversifying the REITs market [20][24]

Core Viewpoint - The core value of ESG lies in promoting a win-win situation for economic benefits and environmental and social outcomes, but "greenwashing" by some companies misleads consumers and investors, eroding trust in sustainable development [1] Group 1: Regulatory Changes - The revised Corporate Governance Code by the China Securities Regulatory Commission will take effect on January 1, 2026, requiring main board companies to disclose ESG information in their annual reports, with a one-year extension for the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - This marks the beginning of stricter mandatory ESG disclosure requirements in Hong Kong and mainland China, focusing on climate-related emissions data, green financial instruments, and corporate governance [1] Group 2: ESG Practice Evolution - Over the past decade, various Chinese regulatory bodies have issued ESG-related disclosure rules and frameworks, but the risk of "greenwashing" remains a challenge due to inconsistent governance and regulatory requirements across regions [2] - Companies need to shift from viewing ESG as a compliance task to implementing substantial actions, such as using technology for carbon reduction and developing long-term ESG strategies [2] Group 3: Challenges and Solutions - As China transitions from high-speed growth to high-quality development, some small and medium-sized enterprises are reducing their focus on long-term non-financial indicators like brand premium and risk avoidance, leading to insufficient motivation for ESG advancement [3] - To address the "greenwashing" issue, a multi-dimensional governance system involving regulation, enterprises, and the market is necessary, including unified ESG disclosure details, third-party audits, and incorporating "greenwashing" into market fraud regulations [3] - Companies should integrate ESG into their strategies and daily operations, using traceable data to demonstrate environmental achievements [3]

TOKYO, Nov. 30, 2025 /PRNewswire/ -- Manoa Energy ("Manoa" or the "Company") today announced the start of commercial operations for the Helios 50MW Battery Energy Storage System ("BESS") in Sapporo City, Hokkaido, Japan. Accessibility StatementSkip Navigation The Helios 50MW / 104 MWh BESS was developed in partnership with Brawn and HD Renewable Energy Japan (HDJP) by Brawn's 100% owned Japan based development platform Manoa Energy ("Manoa"). "Successful completion of our first standalone Extra High Voltag ...

Core Insights - In the first three quarters of this year, Yiwu's total import and export value exceeded 600 billion yuan, approaching last year's total of 668.93 billion yuan, with a year-on-year growth of 26.3% [1] - The export of holiday goods, dolls, and animal-shaped toys from China surpassed 50 billion yuan, reaching over 200 countries and regions, showcasing the resilience of Chinese manufacturing and foreign trade [1] - The intelligent transformation of small commodity foreign trade is breaking traditional bottlenecks and creating new growth opportunities through innovation [2] Industry Trends - The intelligent transformation is not only reflected in product innovation but also enhances the efficiency of the entire trade chain, with platforms like "Yi Payment" enabling global transactions and digital supply chain platforms connecting domestic and international logistics [2] - AI technologies are widely applied in various aspects of small commodity foreign trade, such as AI quality inspection and flexible production lines, improving overall trade efficiency and competitiveness [2][3] - Yiwu's market procurement trade model, empowered by intelligence, has overcome traditional foreign trade issues, enabling same-day order acceptance and next-day shipping [3] Competitive Landscape - The intelligent transformation is reshaping the core competitiveness of China's small commodity foreign trade, moving away from low-price competition and enhancing pricing power for enterprises [4] - The diversification of markets has strengthened China's partnerships in global trade, with imports and exports to Belt and Road countries reaching 429.39 billion yuan, a growth of 28.9% [4] - The industry is increasingly adopting green development practices, aligning with international ESG standards, and moving towards a new trade paradigm characterized by intelligence, globalization, service orientation, and sustainability [4]

Core Viewpoint - The rapid development of AI technology poses significant environmental risks, particularly in terms of energy consumption, water usage, carbon emissions, and resource depletion, which could hinder sustainable development in the AI sector [3][4][5]. Group 1: Environmental Risks - AI's environmental risks are primarily categorized into four areas: electricity consumption, water resource consumption, carbon emissions, and mineral consumption and waste [3]. - Electricity consumption is critical, with AI hardware manufacturing being energy-intensive, especially in chip and data storage device production. The energy consumption during the training of large language models is expected to grow exponentially as model parameters increase from billions to trillions [3][4]. - Water resource consumption is significant due to the cooling requirements of data centers. The water usage for global data centers is projected to rise from 239 billion liters in 2024 to 664 billion liters by 2030, with AI data centers' water consumption increasing from 43 billion liters to 3.38 billion liters during the same period [4]. - Carbon emissions from AI training processes are substantial, with the training of models like GPT-3 resulting in emissions equivalent to that of 480 cars driving 5,000 kilometers annually [4][5]. Group 2: Resource Depletion and Waste - The digital economy relies heavily on physical resources, with AI's growth leading to increased demand for various minerals and metals used in hardware and infrastructure [5]. - Electronic waste has surged by 30% from 2010 to 2022, reaching 10.5 million tons, yet only 24% of this waste was formally collected in 2022 [5]. Group 3: Governance and Ethical Concerns - The initial intent of AI technology is to enhance efficiency and improve quality of life; however, the lack of ethical constraints and legal regulations can lead to misuse and data security issues [5][6]. - Data collection for AI training often raises privacy concerns, as seen in cases where companies collect public images without consent for facial recognition systems [6]. Group 4: Solutions and Recommendations - To mitigate ESG risks, a comprehensive approach is necessary, focusing on reducing high energy, water, and emission levels associated with AI [8][9]. - In hardware, promoting energy-efficient technologies like liquid-cooled servers can significantly reduce electricity consumption [9]. - In technology, innovations such as the MoE architecture can drastically lower energy usage during AI training, with some models consuming only 5.6% of the energy required by others [10]. - Transitioning to a circular economy for AI-related industries is essential, emphasizing the recycling and reuse of old AI equipment to minimize electronic waste [10]. - Establishing standardized environmental footprint accounting and reporting for AI companies is crucial for transparency and accountability [10][11].

国开行发行 90 亿元绿色金融债券，欧盟将发布《工业脱碳加速器法案》立法 提案 [Table_Industry] ESG 周报 [Table_R 2025 年 1eportDate] 1 月 30 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] ESG | | | --- | --- | | 投资评级 | —— | | 上次评级 | —— | 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 本期内容提要: [Table_S [Table_Summary 热点聚焦 ummary]：] 国内：国开行发行 90 亿元绿色金融债券，重点支持基础设施绿色升级。国 家开发银行日前在上海清算所成功发行 90 亿元 3 年期绿色金融债券，发行 利率为 1.52%，认购倍数 2.46 倍。截至 11 月 28 日，国开行已累计发行绿 色金融债券 2295 亿元。本次发行严格 ...

人民网北京11月30日电 (记者杜燕飞)随着全球化深入发展，中国企业"走出去"成为推动国家经济发展的 重要力量。如何在复杂多变的国际环境中实现可持续发展，是中国企业亟待解决的课题。 近日发布的《德勤中国2025财年社会影响力报告》(以下简称《报告》)显示，中国企业出海经历了从产 品出海、营销机构出海、产供销本地化、全球产业布局的发展过程。当前，企业拓展海外市场面临着地 缘政治、合规化与供应链重构等挑战，要加强全球运营能力建设，越来越多的中国企业主动管理 ESG(环境、社会和公司治理)。 值得注意的是，我国正在坚定不移地履行"双碳"承诺。今年4月，财政部、生态环境部联合发布《企业 可持续披露准则第1号——气候(试行)(征求意见稿)》；9月，中国证监会指导沪深北交易所发布修订后 的《上市公司可持续发展报告编制指南》。 随着顶层设计的不断完善，有越来越多的中国企业从"被动合规"走向"主动布局"，ESG从"差异化竞争 优势"转变为"市场准入的基础门槛"。 业界人士表示，企业出海需要从全球布局上规划策略，完善运营体系、供应链、国际化人才建设。此 外，企业"出海"已经是管理经营输出而非简单产品输出，要打造数智化管理的基础 ...

Core Insights - Yunda Express has been recognized for its outstanding performance in corporate governance, value creation, and sustainable development by being included in both the "Excellent Practice Cases of Listed Company Boards" and "Best Practice Cases of Sustainable Development" lists by the China Listed Companies Association [1] Group 1: Corporate Governance - Yunda Express has established a well-structured and efficient board system, emphasizing diversity and professionalism among directors, and has set up specialized committees for strategy, audit, nomination, and compensation [3] - The company strictly adheres to internal control norms and has built a comprehensive risk management system covering the entire business chain to ensure compliance and asset safety [3] Group 2: Environmental Responsibility - Yunda Express promotes green development by implementing a low-carbon transformation strategy, including the use of eco-friendly packaging materials and optimizing transportation routes to reduce carbon emissions [2] - The company has installed photovoltaic power generation projects at multiple hubs, with a total area of 136,554 square meters and a cumulative power generation of 16,157,760 kWh, resulting in a reduction of 13,265.52 tons of CO2 equivalent emissions [2] Group 3: Social Responsibility - Yunda Express focuses on building harmonious relationships with stakeholders, providing employee training and benefits, enhancing service quality for customers, and engaging in social welfare activities [3] - Since the establishment of the Shanghai Yunda Public Welfare Foundation in 2017, the company has supported over 1,800 underprivileged students through its "Yun Miao" scholarship program, with total social welfare donations reaching 9.2416 million yuan in 2024 [3] Group 4: Information Disclosure - Yunda Express prioritizes transparent communication with investors, ensuring timely and accurate information disclosure through various channels, including open days and investor hotlines [4] - In 2024, the company disclosed six regular reports and 143 temporary announcements, receiving a total of 526 investors, thereby safeguarding their rights to information and participation [4] Group 5: Future Outlook - Yunda Express aims to continue its commitment to corporate governance reform and ESG management, focusing on digital transformation, green development, and social responsibility to enhance its value creation and societal impact [4]

这波逆势崛起绝非空谈，一组爆发式增长的业绩数据直接亮出了底牌。2025年上半年，海辰储能营收狂飙至69.71亿元，同比暴涨224.6%，更让人惊喜的 是，公司实现净利润2.13亿元，成功扭亏为盈。更硬核的是市场地位：全球储能电池出货量、电力储能出货量双双冲进Top2，硬生生从储能赛道的"后起之 秀"变成了"顶流玩家"。但这波逆袭绝非偶然，背后藏着两大"制胜法宝"——把ESG做成"硬通货"，让全球化落地成"家常菜"。 很多企业还在把ESG当成"面子工程"时，海辰储能早就把它刻进了企业基因里。2025年，公司拿下了EcoVadis金牌评级，直接跻身全球前5%，还入选了"能 源ESG100"双十佳案例，这些奖项可不是靠花钱就能刷来的。秘诀在于一套实打实的战略：制定"HIMPACT2037"可持续发展战略对接联合国目标，从绿色 工厂到供应链协同，搭建全生命周期环境管理体系。 更关键的是，这些投入真的转化成了商业优势——公司拿到了储能可融资性A评级，对项目开发商来说，这简直是"定心丸"：用海辰的产品，银行贷款不仅 批得快，利息还更低，相当于给合作方直接送钱，谁能不心动？原来ESG从来不是成本，而是能赚钱的"软实力"。 ...