(作者：雷椰编辑：李德尚玉) ...

展望未来，银河证券表示，"十五五"开局之年改革政策预期强化，人民币汇率向上等价格因素支撑流动 性向好，A股市场信心有望得到提振。在居民存款搬家持续演绎、机构投资者加大入市力度、全球资本 流向重塑叠加政策工具护航下，A股市场仍将受益于流动性向上逻辑。当前A股估值处于相对合理区 间，从全球主要权益市场比较来看仍处于中等偏低水平。2026年，A股市场盈利有望接棒估值，成为市 场聚焦的关键点。 资金流入方面，沪深300ETF博时最新资金流入流出持平。拉长时间看，近10个交易日内，合计"吸 金"1328.33万元。（数据来源：Wind） 沪深300ETF博时紧密跟踪沪深300指数，沪深300指数由沪深市场中规模大、流动性好的最具代表性的 300只证券组成，于2005年4月8日正式发布，以反映沪深市场上市公司证券的整体表现。 截至2025年11月26日 13:05，沪深300指数强势上涨1.00%，成分股中际旭创上涨16.05%，新易盛上涨 11.92%，沪电股份上涨9.86%，天孚通信，工业富联等个股跟涨。沪深300ETF博时(515130)上涨 0.96%，最新价报1.47元。拉长时间看，截至2025年11月25日， ...

Group 1 - A-share companies are experiencing an overall increase in ESG ratings due to regulatory and market demand, indicating improved sustainable development capabilities and a potential revaluation of quality assets in the global context [1] - The A-share market saw a significant rebound on November 25, with a total transaction volume of 1.83 trillion yuan, marking a shift in market sentiment as over 4,200 stocks rose, and more than 90 stocks hit the daily limit [2] - The number of active equity funds has increased, with 59 new funds established in November, indicating a clear trend of "buying the dip" as institutions begin to build positions [2] Group 2 - Fund distributions have surged, with total distributions exceeding 200 billion yuan this year, reflecting a strong market performance and a focus on enhancing investor experience [3] - Alibaba Group reported a revenue of 247.795 billion yuan for Q2 of fiscal year 2026, exceeding market expectations, with a 15% year-on-year growth when excluding sold businesses, driven by strong performance in AI and cloud sectors [4] - A-share buybacks have reached over 130 billion yuan this year, marking the second-highest level in history, significantly boosting stock prices, with over 100 companies doubling their stock prices [5][6] Group 3 - Cloud Aluminum Co. plans to acquire shares from a related party for 2.267 billion yuan, enhancing its control over key aluminum processing and sales assets [7] - The industrial robot market is thriving, with production exceeding last year's total by October, and high-tech industries showing robust growth, particularly in sectors like integrated circuits and industrial robots [7] - The demand for lithium battery products is strong, with companies reporting full production and sales, indicating a bullish outlook for the lithium battery supply chain [9] Group 4 - There are currently 80 public funds in the issuance phase, aiming to raise over 210 billion yuan, reflecting a stable fundraising environment driven by moderate economic recovery and improved investor risk appetite [8] - Foreign institutions have raised their focus on the Chinese market in their 2026 investment outlooks, highlighting the relative attractiveness of the market amid global economic shifts [8]

Market Overview - The domestic equity market index experienced a downward trend during the week of November 17-21, 2025, with all Shenwan industry sectors collectively declining. The banking, media, and food and beverage sectors showed relative resilience, while the power equipment, comprehensive, and basic chemical industries faced the largest declines [4] Fund Issuance - A total of 41 new funds were established in the domestic market this week, with a combined issuance of 36.035 billion units. This includes 7 bond funds, 3 FOF funds, 12 mixed funds, 16 stock funds, 1 REIT, 1 international (QDII) fund, and 1 money market fund [5] Fund Performance Tracking - The performance of long-term thematic funds was poor this week, with the financial real estate thematic fund showing relative resilience. As of November 21, 2025, the net value declines for various thematic funds were as follows: financial real estate -3.02%, national defense and military industry -3.19%, consumption -3.31%, TMT -4.47%, industry balance -4.92%, industry rotation -4.93%, cyclical -5.28%, pharmaceuticals -5.98%, and new energy -8.82% [6] ETF Market Tracking - Different investment range ETFs saw inflows this week, with significant passive fund accumulation in broad-based thematic ETFs, particularly in TMT. The median return for stock ETFs was -4.61%, with a net inflow of 49.533 billion yuan. Hong Kong stock ETFs had a median return of -6.25% and a net inflow of 17.821 billion yuan. Cross-border ETFs had a median return of -3.42% with a net inflow of 2.329 billion yuan, while commodity ETFs had a median return of -2.50% and a net inflow of 6.495 billion yuan. Notably, the small-cap thematic ETFs saw a significant net inflow of 11.983 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds increased by 0.14 percentage points compared to the previous week. In terms of industry allocation, there was an increase in funding for household appliances, non-ferrous metals, and banking, while basic chemicals, automobiles, and computers saw a reduction in funding [8] ESG Financial Products Tracking - This week, 24 new green bonds were issued, with a total issuance scale of 24.369 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.04 trillion yuan and a total of 4,323 bonds issued as of November 21, 2025. In terms of fund performance, the median net value changes for actively managed equity, passive stock index, and bond ESG funds were -5.71%, -4.76%, and +0.03%, respectively. High-quality governance, ecology, and ESG-themed funds showed significantly better performance. As of November 21, 2025, there were 213 ESG funds in the domestic market, with a total scale of 145.742 billion yuan [9]

Group 1: Market Overview - The domestic equity market indices experienced fluctuations and a downward trend, with various industry-themed funds performing poorly, while financial and real estate-themed funds showed relative resilience [4] - Passive funds significantly increased their positions in various broad-based ETFs, with notable inflows into TMT-themed ETFs [4] Group 2: Steel Industry Insights - The operating rates for cement and asphalt have dropped to the lowest levels for the same period in five years, indicating potential challenges in the construction sector [5] - The Ministry of Industry and Information Technology's recent policies aim to promote the orderly exit of outdated steel production capacity, suggesting a potential recovery in steel sector profitability to historical average levels [5] Group 3: Machinery Export Data - In October 2025, the export growth rates for various machinery products, including electric tools and forklifts, showed significant declines, primarily due to high base effects and calendar impacts [6] - The export amounts for electric tools, hand tools, and lawn mowers decreased by 17%, 16%, and 15% year-on-year, respectively, reflecting a broader trend of declining export performance in the machinery sector [6] Group 4: Company Performance - Company revenue for Q3 2025 reached 171 million yuan, marking a substantial year-on-year increase of 144%, driven by significant growth in robotaxi and robobus sales [7] - Product revenue surged by 429% to 79 million yuan, while service revenue increased by 67% to 92 million yuan, highlighting strong demand for intelligent data and driving support services [7] - Revenue from robotaxi-related businesses reached 35.3 million yuan, reflecting a remarkable year-on-year growth of 761% [7]

Core Insights - The ESG information disclosure of A-share listed companies is shifting from "passive compliance" to "active enhancement" due to regulatory push and market demand, indicating an overall upward trend in ESG ratings [1][2] - The improvement in ESG ratings reflects the enhanced sustainable development capabilities of Chinese enterprises and suggests a value reassessment window for high-quality A-share assets under the influence of ESG principles [1][2] International Rating Improvement - From 2021 to 2025, the total ESG scores of A-share listed companies increased by 4.93% according to Huazheng Ratings, while Shandao Ronglv Ratings rose by 6.79% [1] - The average scores for A-share companies in the China Chengxin Green Finance and MSCI ratings increased by 16.51% and 1.38% respectively from 2021 to 2024 [1] - By the end of 2023, 36.8% of MSCI China A-share index constituents saw an improvement in ESG ratings, with the proportion of companies rated AAA or AA rising from 7.2% to 14% [2] Market Response - As of October, the combined scale of the CSI and Guozheng sustainable index products reached approximately 125 billion, more than doubling since the end of 2020 [2] - There is a notable increase in foreign institutional investors' investments in sustainable sectors, particularly in Asia, including China [2] Value Reassessment Opportunities - The rise in ESG ratings is increasingly being used by investors as a key reference for investment decisions, impacting perceptions of future cash flow stability and capital costs [3] - A one standard deviation increase in ESG ratings can lead to an average reduction of about 5.17% in debt financing costs for companies [4] Collaborative Ecosystem Development - Companies, rating agencies, and regulatory bodies need to work together to build a healthier and more transparent ESG ecosystem to fully realize the value potential of ESG [4][5] - Companies should enhance the transparency and comprehensiveness of their ESG disclosures and establish leading advantages in key areas such as carbon emissions and green technology [5] Rating Agency Improvements - Rating agencies should enhance the transparency and stability of their methodologies to improve credibility, as discrepancies in ratings for the same company among different agencies are currently significant [6] - Agencies are encouraged to publicly disclose their rating criteria, weightings, and data sources to reduce volatility caused by sudden methodological changes [6]

中新社北京11月25日电 (记者王恩博)在ESG(环境、社会和公司治理)领域，中国企业正从"被动合规"走 向"主动布局"。德勤中国可持续发展与新兴技术鉴证业务主管合伙人胡建宇25日在北京举行的一场发布 会上表示，越来越多中国企业开始主动管理ESG，以应对"出海"过程中的挑战。 当天发布的《德勤中国2025财年社会影响力报告》显示，该财年，德勤跨越96个海外市场，助力2000多 家中资企业"出海"。 基于这些合作实践，胡建宇观察到，越来越多中国企业开始主动管理ESG，一方面响应国家"双碳"政策 和绿色转型号召，另一方面积极应对"出海"过程中的多方面挑战。他特别提到，许多企业已意识到，在 全球价值链中，上下游伙伴正以更严苛的标准审视其可持续发展表现。 胡建宇表示，这些政策不仅强调信息披露，更从合规角度出发，让企业科学准确地识别可持续发展过程 中的风险与机遇。(完) （文章来源：中国新闻网） 胡建宇强调，ESG已不再仅是企业合规的"底线要求"，更成为决定企业长期可持续运营、资本市场高效 稳健运作乃至整个价值链健康发展的关键因素。 尽管ESG评价体系在中国起步相对较晚，但发展迅速。胡建宇认为，中国在可持续发展方面，无 ...

Core Viewpoint - The global ESG regulations are reshaping the competitive landscape for Chinese companies going abroad, making ESG requirements a key consideration for core competitiveness in overseas markets [1][2]. Group 1: ESG Challenges and Opportunities - Chinese companies are transitioning from simple product exports to strategic global supply chain layouts, with ESG requirements becoming critical in this process [1]. - A private leader in the renewable energy sector faces multiple challenges such as compliance, taxation, and sustainability while expanding internationally, necessitating risk assessments and actionable strategies [1]. - The construction of a waste-to-energy plant in Southeast Asia illustrates the need for Chinese companies to understand strict ESG requirements tied to multilateral bank loans to ensure project funding and progress [2]. Group 2: Global Market Dynamics - The global market is forming new competitive rules centered around ESG principles, with over half of industries expected to have more than 10% of their revenue from overseas by 2024 [2]. - The EU and ASEAN are developing differentiated regulatory frameworks that impose both rigid and flexible constraints on Chinese companies, affecting their international operations [3]. - The EU employs a three-tiered regulatory framework focusing on disclosure, action, and access restrictions, while ASEAN adopts a localized approach to ESG policy development [3]. Group 3: Strategic Planning for International Expansion - The transition of Chinese companies going abroad has evolved from product export to global strategic industry chain layout, significantly increasing overseas profit contributions [3]. - Companies face three main risks in their international ventures: blind expansion, the need for systematic planning, and increased compliance pressures related to ESG [4]. - Strategic planning for global layouts, operational systems, supply chains, and international talent development is essential for successful international expansion [4].

Group 1 - The EU is positioning itself as a "normative power," packaging ESG standards as universal principles for global governance, while in practice, these standards are becoming new non-tariff barriers [1] - The EU's Carbon Border Adjustment Mechanism (CBAM) requires imported goods to pay a "carbon difference" based on carbon emissions intensity, effectively raising the entry threshold for Chinese products [1][2] - China's average carbon intensity for steel is 20% higher than that of EU manufacturers, leading to an additional cost of approximately 30 euros per ton of steel under the current formula [1] Group 2 - The EU's Supply Chain Due Diligence Regulation forces companies to trace upstream raw materials, effectively scrutinizing China's rare earth supply chain [2] - The EU's trade with China is projected to reach $785.8 billion in 2024, but the dynamics show a significant decline in EU exports to China by 47% from 2014 to 2024, indicating a relative decline in Europe's advantageous industries [2][3] Group 3 - Internal economic disparities within the EU are complicating unified trade policies, with countries like Germany heavily reliant on trade with China, while others focus on agricultural subsidies and energy security [3] - The EU's imposition of high anti-dumping duties on Chinese solar products in 2013 led to significant market losses for Chinese companies, highlighting the ongoing embedding of ESG standards into trade rules [3] Group 4 - The EU's approach to intertwining climate agendas with trade policies represents a shift from the "Washington Consensus" era, but it also reveals systemic delays in technological advancements within the EU [4] - China is actively building a national carbon market and aligning ESG disclosure standards with international norms, showcasing its commitment to addressing the challenges posed by the EU's CBAM [4] Group 5 - BYD has successfully navigated EU electric vehicle tariff barriers by localizing production and implementing technology transfers, achieving an 8% market share in the European electric vehicle market by mid-2025 [5] - The adjustment of international trade orders is seen as a necessary response to the imbalances in the distribution of globalization benefits, with China aiming to maintain its rights while promoting global development [5]

Financial Targets & Growth Strategy - The company aims for a Return on Equity (ROE) greater than 12% by 2028 [5, 79] - The company targets a Cost/Income (C/I) ratio of less than 55% by 2028 [5, 79] - The company aims to achieve an income greater than €10 billion by 2028 [5, 79] - The company targets a CET1 ratio greater than 13.75% [5, 79] - The company plans to allocate approximately 50% of its capital to the Corporate Bank, excluding Clearing [5, 79] Cost Reduction & Efficiency - The company plans to reduce FTEs (Full-Time Equivalents) by 5,200 by 2028 [42] - The company aims to reduce its cost base to around €5.5 billion by 2028 [210] - The company expects to realize approximately €900 million in gross cost savings between 2024 and 2028 [204] Business Expansion & Capital Allocation - The company aims to grow client assets in Wealth Management to over €335 billion by 2028 [35, 71, 135, 191] - The company plans to allocate approximately €1 billion in capital for NIBC, expecting a return on invested capital (RoIC) of around 18% [69, 119] - The company intends to generate at least €7.5 billion of capital over the period 2026-2028 [51, 52, 234]