在全球可持续发展议程深化与国内外监管政策强化的背景下，ESG已成为A股上市公司高质量发展的核心议题。东方财富证券对5370家A股上市公司及2462 份可持续发展报告的研究显示，2024年A股ESG实践呈现政策驱动强劲、实践逐步深化但仍存短板的整体态势。 政策层面，国内外制度体系持续完善。国内方面，ESG首次纳入国家战略框架，沪深北交易所明确2026年起部分企业强制披露，地方政府也出台差异化推进 政策；国际上，ISSB、CSRD等标准推动披露标准化，境外主要市场强化合规要求，对跨境经营企业形成约束。 实践表现上，ESG与企业价值呈现正向关联，华证ESG评级得分与总资产净利率（ROA）、净资产收益率（ROE）均存在显著正相关，其中公司治理维度对 盈利能力影响最为突出。信息披露方面，报告披露率达45.85%，较上年显著提升，且市值越大、国企属性企业披露意愿更强，但第三方鉴证比例仅9.46%， 数据可信度待提升。 战略与治理层面，仅9.31%的上市公司完整阐述ESG战略，82%尚未制定相关战略，呈现"基础层为主、优秀层稀缺"的格局。治理架构搭建率34.84%，董事 会主导成为主流，但ESG与高管薪酬挂钩机制仍集中于金 ...

回购增持是信心的体现。在《指引》落地一年间，326家上市公司进行回购，累计金额达489.36亿元， 较上年同期增长13.85%；216家上市公司重要股东及董监高合计增持657.36亿元，同比增幅高达 72.88%。 来源：环球网 过去一年，A股市值管理工作取得了显著进展。据不完全统计，目前已有1001家A股公司披露了市值管 理制度（包括估值提升计划），数量是今年初的5倍左右，较前两年仅10余家的零星情况呈现出爆发式 增长。 在这千余家公司中，已有619家实施了并购重组（包括完成、预案等进展），占比高达61.84%；回购增 持与现金分红的现象也"蔚然成风"，实施数量与金额均同比显著增长；信息披露与投资者关系管理同步 升级，ESG报告与业绩说明会在数量和质量上都有提升。 市场是最客观的评判者。自发布市值管理制度以来，这批上市公司股价平均涨幅达20.63%，较同期沪 深300指数高5.9个百分点。有分析人士表示，《指引》明确了市值管理应基于提升上市公司质量与投资 者回报，而非短期股价操纵，有效遏制了部分伪市值管理行为。上市公司对市值管理的理解从"管股 价"向"管价值"转变，合规意识显著增强。 在多元工具运用方面，上 ...

Investment Rating - The report does not specify an explicit investment rating for the industry [2]. Core Insights - The National Energy Administration has issued guidelines to promote integrated development in the new energy sector, aiming to create a more resilient, efficient, and sustainable energy development model. This includes opportunities in areas such as the integration of new energy with computing infrastructure and the development of green hydrogen and ammonia [11][12]. - Brazil's political figure highlighted the potential for cooperation with China as a pathway to sustainable development, emphasizing China's efforts in environmental improvement and carbon reduction [3][17]. - The report tracks the issuance of ESG financial products, noting that as of November 15, 2025, there are 3,746 ESG bonds with a total value of 5.63 trillion RMB, of which green bonds account for 61.92% [4][27]. - The report also indicates that the ESG public fund market consists of 942 products with a total net value of 116.01 billion RMB, with ESG strategy products making up 45.15% of this total [4][32]. - Major ESG indices have shown varied performance, with the Shenzhen ESG 300 index experiencing a decline of 0.79% recently, while the 300 ESG Leading index saw an increase of 0.38% [5][38]. Summary by Sections Domestic Highlights - The National Energy Administration's guidelines emphasize multi-dimensional integration in new energy development, including collaboration with various industries and non-electric applications [11]. - Shenzhen's measures to support the green low-carbon industry include 11 specific initiatives aimed at high-quality development [12]. - The National Development and Reform Commission has set a target for at least 200 million kilowatts of new energy consumption annually, focusing on collaboration with computing and storage technologies [13]. - A pilot program for carbon footprint labeling has been initiated in Shandong, targeting specific industries for carbon footprint management [14]. - The world's largest green ammonia project is being developed in Jilin Province, showcasing a new paradigm for renewable energy commercialization [15][16]. International Highlights - Brazil's political figure emphasized the importance of collaboration with China for sustainable development during the COP30 conference [3][17]. - The "Belt and Road" initiative has expanded its international cooperation mechanism to include 34 countries, enhancing disaster prevention and emergency management [18]. - The U.S. Chamber of Commerce is seeking to halt California's new climate reporting law, arguing it infringes on free speech rights [19]. - The EU is negotiating with the UK to link their carbon markets, marking a significant step in post-Brexit environmental policy alignment [20][21]. ESG Financial Products Tracking - As of November 15, 2025, the ESG bond market includes 3,746 bonds with a total value of 5.63 trillion RMB, with 826 billion RMB issued in the current month [4][27]. - The ESG public fund market consists of 942 products with a total net value of 116.01 billion RMB, with 236 new funds issued in the past year [4][32]. - The ESG bank wealth management market includes 1,157 products, with pure ESG products making up 54.19% of the total [4][37]. Index Tracking - Major ESG indices have shown mixed performance, with the Shenzhen ESG 300 index down 0.79% recently, while the 300 ESG Leading index increased by 0.38% [5][38]. - Over the past year, the Shenzhen ESG 300 index has risen by 15.9%, while the CSI 300 ESG Leading index has increased by 11.34% [5][38]. Expert Opinions - The World Economic Forum's sustainable finance head noted that ESG discussions have shifted from theoretical to practical capital deployment, emphasizing the importance of long-term value creation and risk management [6][40].

Core Insights - The global beauty market is facing a "value return" challenge, with the Chinese market undergoing significant structural adjustments, moving from rapid growth to a more competitive landscape [1][2][6] - L'Oréal has demonstrated strong resilience and growth in this challenging environment, achieving "mid-single-digit growth" in the Chinese market, which is a notable performance amidst overall market stagnation [2][6][7] Financial Performance - L'Oréal's Q3 financial report shows a 3.7% year-on-year growth, with total sales reaching €32.8 billion, outperforming the sluggish market [5][6] - The online sales channel has seen double-digit growth, indicating L'Oréal's strong digital presence and market dominance [5] Market Strategy - L'Oréal's growth is driven by a robust recovery in the high-end cosmetics sector, capitalizing on the premium market segment [7] - The "Beauty Stimulus Plan" focuses on innovation and product line mobilization, enhancing the proportion of new products in the market [7][11] Innovation and R&D - L'Oréal is committed to long-term investment in China, marking the 20th anniversary of its R&D center, which has evolved from "in China" to "with China" and now "for China" [4][11] - The company showcased 26 new product launches at the recent expo, including three Asian debuts and four global launches, highlighting its innovation capabilities [11][12] Strategic Partnerships - L'Oréal has formed a strategic partnership with Kering, acquiring high-end fragrance brands and enhancing its position as a global leader in luxury beauty [10][15] - The "BIG BANG Beauty Tech Co-Creation Program" has successfully connected with numerous startups, fostering innovation in the beauty tech sector [13][21] Societal Impact and ESG - L'Oréal's commitment to ESG principles is evident, with a focus on creating jobs and driving economic growth, claiming to generate over 334,000 jobs in China [23][25] - The company has launched initiatives like the "New Age Beauty" concept, addressing societal issues related to aging and promoting a holistic view of beauty [24][25] Thought Leadership - L'Oréal aims to redefine beauty as a core economic driver, launching a book on the economics of beauty, which quantifies its impact on job creation and economic growth [20][23] - The company is positioning itself as a thought leader in the beauty industry, moving beyond product sales to influence industry standards and societal perceptions of beauty [17][18]

Core Viewpoint - The 30th United Nations Climate Change Conference (COP30) emphasizes that climate action is not merely a cost but a crucial element in addressing multiple crises, including energy security, food insecurity, and geopolitical instability [4][5]. Group 1: Climate Action as a Solution - Climate change is described as a "risk multiplier" that exacerbates various crises faced by humanity, necessitating a transition to clean energy and improved efficiency [4]. - Climate action is seen as central to resolving geopolitical issues, with inaction potentially leading to significant migration pressures and political instability in regions affected by agricultural decline [5]. Group 2: Sustainable Finance and Long-term Value - Investment in emerging sectors may reduce short-term returns but is essential for enhancing risk management and creating long-term value [6]. - The transition to a low-carbon, resource-efficient economy is critical; failure to do so may result in increased financing costs and economic vulnerability [6][7]. - Discussions around ESG (Environmental, Social, and Governance) have shifted from theoretical to practical applications, focusing on specific projects and asset transformations [6][7]. Group 3: Leadership and Coordination in Climate Action - Coordinated leadership is essential for effective climate action, with the World Economic Forum acting as a neutral platform to unite business, government, academia, and civil society [8]. - The Forum is involved in discussions on climate finance and private capital mobilization, aiming to translate climate commitments into actionable plans [8][9]. Group 4: Future Trends in Climate Action - Four key trends are identified for future climate action: 1. Improvement of infrastructure to meet increasing electricity demands driven by various factors, including AI and data centers [10]. 2. Integration of data and technology, such as AI and satellite data, to enhance risk management and climate disclosure accuracy [10][11]. 3. Focus on climate adaptation and resilience, emphasizing the importance of preparing high-risk regions for future climate impacts [11]. 4. Strengthening regional cooperation amidst geopolitical fragmentation, which may foster local financial innovations and partnerships [11].

Core Insights - The article discusses the strategic transformation of Zenlong Asset, a private equity firm, from fixed income investments to technology-driven and quantitative investment strategies, highlighting its commitment to social responsibility [1][2][3]. Group 1: Strategic Transformation - Zenlong Asset was established in 2014 and initially gained recognition in the private equity sector through fixed income investments, being rated among the top 100 bond trading institutions on the Shanghai Stock Exchange for two consecutive years [2]. - The firm began building its stock and quantitative teams in 2021, indicating a proactive approach to transitioning towards technology and innovation investments [2]. - Zenlong Asset currently manages approximately 7.5 billion yuan, with a product line that includes bonds, stocks, and quantitative composite strategies, focusing on sectors such as semiconductors, high-end manufacturing, and AI [2]. Group 2: Social Responsibility - Zenlong Asset integrates social responsibility into its corporate DNA, creating a unique "investment-empowerment-feedback" closed-loop model [3]. - The firm supports the growth of technology enterprises not only through financial investments but also by providing resources and technical interactions, enhancing the efficiency of fund utilization [3]. - Zenlong Asset has been involved in educational initiatives and mental health projects, such as the "Looking Up to the Stars Education Public Welfare Fund," which aims to promote educational equity and mental health support in schools [4]. Group 3: Future Outlook - The firm anticipates significant advancements in AI and quantitative strategies, aiming to enhance investment strategy intelligence through collaborations with technology companies [5]. - Zenlong Asset is expanding its collaboration with brokerage firms, recognizing their role in supporting the scalability of quantitative strategies through improved systems and tools [6]. - The company expects that within the next three years, its quantitative composite strategies and stock products will account for over 50% of its total managed assets, reinforcing its focus on technology finance [6].

本报（chinatimes.net.cn）记者于娜 北京报道 "十五五"规划的时代号角吹响，科技创新澎湃潮涌，为大健康产业注入奔涌动能。2025年11月21日，北 京将聚焦全行业目光——由华夏时报社主办的"2025华夏大健康产业发展暨康复服务大会"，正待盛大启 幕。 作为连续举办四届的产业标杆盛会，科技与创新始终是贯穿其中的灵魂主线。本次大会以"智领健康未 来"为主题，精准锚定"强化健康领域科技自立自强"的"十五五"规划航向，一举集结樊代明院士领衔的 顶尖学术天团，以及50余家全产业链领军企业，构筑起学术与产业深度交融的高质量赋能平台，让智慧 碰撞催生创新火花。 从7.4万亿元到12.3万亿元，我国大健康产业五年间完成跨越式规模跃升，AI医疗走进基层诊室、CAR- T疗法点亮重症患者希望，每一项成果都镌刻着科技赋能的印记。此次大会将立足这份坚实根基，洞察 行业热点、破解技术转化堵点、明晰产业突围路径，以顶尖智慧与全链资源，为"十五五"健康产业高质 量发展注入澎湃不竭的动能。 院士学术领航，锚定产业发展方向 （图源： 资料图） 在大健康产业从"跟跑"向"领跑"跨越的关键阶段，尤其是"十五五"规划明确将生命健康列 ...

为充分研究分析我国农业企业ESG发展的创新实践、政策支持和市场机遇，促进我国农业绿色转型发展升级，中 国农业科学院农业经济与发展研究所拟于2025年11月19日在北京举办"中国农业企业ESG发展报告发布会暨农业 ESG研讨会"。本次会议由中国农业科学院指导，中国农科院农业经济与发展研究所主办，中央财经大学可持续准 则研究中心、责扬天下（北京）管理顾问有限公司、北京融智企业社会责任研究院作为学术支持单位，新浪财经 作为媒体支持单位，旨在为农业企业、研究机构及其他利益相关方搭建交流平台，帮助农业企业提升ESG管理水 平，加快形成新质生产力，助力农业绿色发展。 一、发布会时间、地点和形式 会议时间：2025年11月19日（周三）上午9：00—12：00 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播 ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 2025年11月19日，中国农业科学院农业经济与发展研究所拟在北京举办"中国农业企业ESG发展报告发布会暨农业 ESG研讨会"。会议将围绕我国农业企业ESG发展创新实践、政策支持和市场机遇进行讨论 ...

Market Performance - The Shanghai Composite Index fell by 0.97%, closing below 4000 points, while the ChiNext Index dropped by 2.82% [1] - The Hang Seng Index and the Hang Seng Tech Index experienced significant declines, with the latter falling by 2.83% and reaching a low of 3.1% during trading [1] - For the week, the Hang Seng China Enterprises Index and the Hang Seng Index rose by 1.4% and 1.26%, respectively, while the Shanghai Composite Index saw a slight decline of 0.18% [1][2] ETF Performance - The "Global Vision, Betting on China" top ten core ETFs saw a minor pullback of 0.325% this week but recorded a year-to-date increase of 32.62%, outperforming the CSI 300 Index by 15 percentage points [3] - The Hong Kong Innovative Drug ETF was the best performer this week, rising by 5.9% and achieving a year-to-date increase of 93% [7] - The A500 ETF (512050) experienced a slight decline of 1.02% this week but had a net inflow of 2.36 billion yuan over the first four days of the week, totaling 27.07 billion yuan over the past 20 days [3][6] Innovative Drug Sector - The innovative drug sector is showing strong fundamentals, with companies like BeiGene reporting a 41.1% year-on-year revenue increase in Q3, reaching 10.077 billion yuan [9] - The sector is benefiting from a surge in overseas licensing deals, with total transaction amounts exceeding 100 billion USD by October 2025, indicating a significant revaluation of domestic innovative drugs [9] - Policy support, performance realization, and accelerated internationalization are driving improvements in the innovative drug sector's fundamentals, enhancing its medium to long-term investment value [9] U.S. Market Dynamics - The U.S. stock market is facing liquidity challenges due to a prolonged government shutdown and increased debt issuance, which has led to a significant cash drain from the market [12][13] - Hedge funds and institutions have been net sellers of U.S. stocks and ETFs, with over 67 billion USD sold this year, exacerbating liquidity pressures [13] - The Federal Reserve's mixed signals on interest rates have created volatility, particularly affecting technology stocks, as the market adjusts to changing rate expectations [12][14]

Core Viewpoint - Sina Finance has launched a free ESG report query function aimed at enhancing the accessibility and transparency of corporate sustainability reports, addressing the challenges of scattered and inconvenient report retrieval [2][3]. Group 1: Functionality - The new feature supports the query of sustainability/ESG reports for over 4,000 listed companies, covering more than 25,000 reports in total [3]. - Users can access real-time updates on the latest disclosures in the sustainability/ESG report section, improving the efficiency of information retrieval [3]. - The platform previously included over 80,000 ESG rating results from 16 rating agencies, enhancing the data available for users [3]. Group 2: Future Developments - An intelligent report scoring system based on ESG criteria will be introduced, helping companies identify gaps in their reports compared to international and domestic standards [3]. Group 3: Access Information - Users can access the ESG report query function for free by searching "ESG" on the Sina Finance app or visiting the official website [4].