Core Points - The establishment of the Strategic and Sustainable Development Committee aims to enhance the company's core competitiveness and sustainable development capabilities, improve decision-making efficiency, and elevate ESG standards [1][2] - The committee is responsible for researching and providing recommendations on long-term development strategies, major investment decisions, and ESG-related matters [2][3] Composition - The committee consists of three directors, including at least one independent director [3] - The chairman of the committee is the company's chairman, who also leads the committee's activities [3] Responsibilities - The committee's main responsibilities include researching long-term strategic planning, major investment financing proposals, and overseeing ESG-related initiatives [3] - It is tasked with reviewing reports related to sustainable development and ESG matters [3] Decision-Making Process - The committee convenes meetings based on proposals from the investment working group and submits discussion results to the board [4] Meeting Procedures - The committee must hold at least one regular meeting annually and can convene temporary meetings as needed [5] - Meetings can be conducted in person or via communication methods, ensuring all members can express their opinions [6] Voting and Confidentiality - Decisions require the presence of at least two-thirds of the committee members and must be approved by a majority [6] - Members are obligated to maintain confidentiality regarding meeting discussions and decisions [6] Additional Provisions - The committee's rules are subject to relevant laws and regulations, and any conflicts will defer to those legal standards [7] - The rules are established, modified, and interpreted by the board and take effect upon board approval [7]

本报记者 吴晓璐 9月5日，在中国证监会指导下，沪深北交易所就修订《上市公司可持续发展报告编制指南》（以下简称《指南》）公开征 求意见。此次修订新增《第三号污染物排放》《第四号能源利用》《第五号水资源利用》三个应用指南。 与首批《指南》侧重点有所不同，此次新增的三个应用指南，重点针对相关领域风险和机遇的识别与评估、核算流程与方 法、披露要点等重点难点问题，提供细化指导以及参考示例，推动上市公司提升可持续发展意识，促进规范披露。另外，《指 南》仅为上市公司编制可持续发展报告（以下简称"ESG报告"）提供参考，不增加额外强制披露要求。 在业内人士看来，《指南》为上市公司编制ESG报告提供了全面且细致的指导性框架及具体参考示例，有助于增强上市公 司ESG意识，提高ESG信披质量和评级，最终提高企业竞争力和吸引力，助力企业实现高质量发展。 据记者了解，后续，监管部门将推进其他重要议题指南的制定工作，逐步实现对《上市公司可持续发展报告信息披露指 引》（以下简称《指引》）重点内容的全覆盖。 为上市公司ESG报告提供参考 新"国九条"提出，健全上市公司可持续信息披露制度。为此，证监会在多年制度建设和上市公司信息披露实践的基 ...

Core Viewpoint - The new regulations on ESG disclosure for listed companies in China aim to enhance the quality of sustainable development information reporting and guide companies in implementing sustainable practices [1][4]. Group 1: New Guidelines - The revised "Guidelines for the Preparation of Sustainable Development Reports" now includes three new application guidelines focusing on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," expanding the framework to five specific topics [1][2]. - The new guidelines provide detailed guidance on common risks and opportunities related to pollutant emissions, energy utilization, and water resource management, without imposing additional mandatory disclosure requirements [2][3]. Group 2: Improvement in Disclosure Quality - As of the end of 2024, 32% of companies listed on the Shanghai and Shenzhen stock exchanges have seen improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [1]. - The overall quality of sustainable information disclosure among A-share listed companies has improved, with a disclosure rate of 46.09% in 2024, and significant progress in climate-related disclosures [5]. - The financial sector had the highest disclosure rate at 91.94%, followed by the electricity, heat, gas, and water production and supply sectors at 75.69%, and the transportation, warehousing, and postal sectors at 72.32% [5].

Core Viewpoint - The article highlights Sichuan Changhong Electric Co., Ltd.'s innovative approach at IFA 2025, showcasing a unique panda-themed home appliance line that combines advanced AI technology with Chinese cultural elements, signaling a shift towards a more emotional and cultural branding strategy in the global consumer electronics market [3][4][9]. Company Performance - In the first half of the year, Sichuan Changhong achieved a revenue of 56.705 billion yuan, representing a year-on-year growth of approximately 10.28%. The net profit attributable to shareholders was about 501 million yuan, an increase of approximately 78.60% [8][9]. - The smart home business segment generated approximately 25.124 billion yuan in revenue, reflecting a year-on-year growth of about 12.28% [8]. Product Innovation - The panda-themed home appliance matrix includes an AI TV featuring a personified intelligent agent "Panda Xiaobai," which offers a 24-hour interactive experience [5]. - The AI air conditioner utilizes data from the Wolong Nature Reserve to automatically adjust indoor conditions, while the design incorporates traditional ink wash aesthetics [8]. - The AI refrigerator employs cloud moisture preservation technology to simulate the panda's natural habitat, ensuring freshness for fruits and vegetables [8]. Marketing Strategy - Changhong's strategy includes leveraging the panda IP to enhance brand recognition globally, particularly in overseas markets where the panda is a well-known cultural symbol [9]. - The company is also focusing on sports marketing, having become an official partner of the FIS Ski Jumping World Cup for the next three seasons, aligning its brand with the spirit of excellence and innovation in sports [10][12]. ESG Commitment - Changhong emphasizes its commitment to ESG (Environmental, Social, and Governance) practices, which are integral to its corporate strategy, and has been rated "AA" by Wind for its efforts in sustainable development [14]. - The company aims to integrate its ESG initiatives with its product offerings, showcasing a commitment to social responsibility and environmental sustainability [15][17]. Cultural Integration - The panda IP not only enhances the cultural appeal of Changhong's products but also serves as a bridge to connect with global consumers on an emotional level [9][17]. - The integration of technology and culture in Changhong's offerings represents a paradigm shift in how Chinese brands are perceived internationally, moving from a focus on cost-effectiveness to emphasizing technological innovation and emotional connections [17].

Group 1 - The company held an analyst meeting from September 3 to 5, attended by 12 institutions, discussing performance, ESG initiatives, strategic planning, and more [1] - The company achieved a net profit of 719 million yuan, a year-on-year increase of 29.55%, and a total asset scale of 35.658 billion yuan, growing by 10.02% since the beginning of the year [1] - Revenue from environmental water services reached 786 million yuan, up 13.82%, while solid waste treatment revenue was 399 million yuan, increasing by 14.89% [1] Group 2 - In the ESG sector, the company focuses on environmental water, solid waste treatment, and renewable energy, contributing to the "Green and Beautiful Zhongshan" initiative [2] - The company plans significant revenue and asset growth during the 14th Five-Year Plan, targeting 5.678 billion yuan in revenue and over 3.241 billion yuan in total assets by 2024, representing increases of 160.07% and 55.16% respectively since 2020 [2] - The renewable energy fund has a paid-in capital of 1.5 billion yuan, with 27 projects invested, totaling 1.208 billion yuan [2] Group 3 - The company is enhancing its market value through a comprehensive management system focused on core business development, shareholder returns, governance structure, and investor relations [3]

Group 1 - China Shenhua plans to acquire equity stakes in 13 companies from the State Energy Group through issuing A-shares and cash payments, covering coal, pit coal power, and coal chemical industries, including several large coal mine assets [1] - In its 2024 Environmental, Social, and Governance (ESG) report, China Shenhua reported an environmental investment of 3.768 billion yuan and a comprehensive energy consumption of 2.87 tons of standard coal per 10,000 yuan of output value [1] - The company aims to focus on green low-carbon development in the power sector, supported by low-carbon technology research and a combination of clean energy substitution, energy-saving and emission reduction technologies, and carbon asset management to promote its carbon peak action strategy [1] Group 2 - During an earnings call, the company’s executive director and general manager stated that the overall goal for carbon peak and carbon neutrality is to reach peak carbon dioxide emissions before 2030 and strive for carbon neutrality before 2060, with mid-term and short-term targets set accordingly [3] - The acquisition of coal, pit coal power, and coal chemical assets will significantly enhance the company's asset scale, which will have a substantial impact on energy consumption and carbon emissions [3] - After the acquisition is completed, the company will adjust and optimize its management targets based on actual business conditions [3]

Group 1 - The core viewpoint is that China Ping An is a pioneer in ESG development in China, integrating sustainable development into its corporate strategy and establishing a clear ESG governance structure [1] - The company emphasizes a scientific governance structure, stable operations, and continuous dividend growth [1] - China Ping An is committed to green development and supports social low-carbon transformation [1] Group 2 - The company has been rated A by the Hong Kong Hang Seng Index Company for its outstanding performance in sustainable development, ranking in the top 10% of A-share companies and top 20% in the H-share financial sector [3] - In the latest Wind ESG rating, China Ping An has achieved the highest AAA rating [3]

上市公司可持续发展报告编制的"参考教材"正在逐步完善。9月5日，在中国证监会指导下，沪深北证券 交易所对修订后的《上市公司可持续发展报告编制指南》（下称《指南》）征求意见，持续推动上市公 司提升可持续发展意识、促进规范披露。 此前，沪深北证券交易所发布《指南》以及首批"总体要求与披露框架""应对气候变化"两个具体指南， 本次修订主要聚焦环境议题，新增"污染物排放""能源利用""水资源利用"三个具体指南，进一步加强上 市公司在环境保护、资源利用领域的实践能力，助力构建低碳可持续发展的市场生态。 新增三个应用指南 上海证券报记者获悉，本次修订新增应用指南《第三号污染物排放》《第四号能源利用》《第五号水资 源利用》，体例结构基本一致，主要包括风险和机遇的识别与评估、核算流程与方法和披露要点等内 容，为上市公司编制可持续发展报告提供参考。 具体而言，上述指南详细解释了相关议题的常见风险和机遇，如污染物排放总量控制要求导致的产能限 制、化石能源开采难度增加等风险，新污染防治技术的应用引入水循环利用系统降低废水排放成本等机 遇，并提供了披露数据的通用计算流程与方法，如提示常见的污染物类型和披露示例，核算能源用量的 具体方 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has guided the Shanghai, Shenzhen, and Beijing stock exchanges to revise the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies," adding three specific guidelines on "Pollutant Emissions, Energy Utilization, and Water Resource Utilization" to enhance ESG disclosure standards [1][2] Group 1: Relationship Between Guidelines - The newly introduced guidelines are a detailed implementation of the overarching "Guidelines for Sustainable Development Reporting," which serves as a framework for ESG disclosures [2] - The guidelines clarify what to disclose and how to disclose it, providing specific metrics and examples for companies to follow [2][9] Group 2: Significance of the New Guidelines - The primary aim of the new guidelines is to maintain a correct direction in promoting ESG principles, aligning with China's core policies on ecological civilization and common prosperity [3][4] - The guidelines reflect a pragmatic approach, focusing on key environmental issues that are relevant to China's sustainable development goals [5][6] Group 3: Gradual Implementation - The issuance of these guidelines demonstrates a "gradual and steady" approach to ESG disclosure, contrasting with the lengthy processes often seen in international organizations [7][9] - The guidelines are designed to be practical and applicable, avoiding overly complex regulations that may not suit the Chinese context [8][9] Group 4: Preparation for Mandatory Disclosure - Companies are advised to enhance training for staff to understand the guidelines, improve data collection systems, and simulate report preparation to identify potential issues before mandatory disclosures begin in 2026 [10][11] - Emphasizing action over words, companies should focus on identifying key issues and effectively communicating their sustainability efforts [11]

Core Viewpoint - The Hong Kong Hang Seng Index Company has upgraded China Ping An Insurance (Group) Co., Ltd. to an A rating in its 2025 sustainable development rating, placing it in the top 10% of A-share companies and the top 20% in the H-share financial sector [1] Group 1: Sustainable Development Ratings - China Ping An has received an upgrade to the highest AAA rating in the latest WindESG sustainable development rating [1] - The company is recognized as a pioneer in ESG development in China, integrating sustainable development into its corporate strategy [1] Group 2: Corporate Governance and Strategy - China Ping An has established a scientific governance structure, ensuring stable operations and continuous dividend growth [1] - The company adheres to a green development philosophy, contributing to social low-carbon transformation [1] - It emphasizes social responsibility by providing warm financial services [1] Group 3: Long-term Value Creation - Sustainable development is viewed as a solid foundation for maximizing long-term value [1] - The company aims to deepen its "comprehensive finance + medical and elderly care" dual-wheel strategy driven by technology, while enhancing governance and risk management mechanisms [1] - China Ping An is committed to promoting sustainable development for both the enterprise and society, creating long-term and stable value returns for customers, employees, shareholders, and society [1]