Core Insights - The company reported a net profit attributable to the parent company of 84.41 million yuan for the first half of 2025, marking a turnaround from loss to profit with a growth rate of 101.62% compared to the previous year [1] Financial Performance - The improvement in performance is primarily attributed to the optimization of lithium concentrate pricing mechanisms, increased profitability from joint venture SQM, and foreign exchange gains from the appreciation of the Australian dollar [1] Production Capacity - Lithium concentrate production capacity reached 1.62 million tons per year, with a mid-term target of 2.14 million tons per year - Lithium chemical product capacity is currently at 91,600 tons, with plans to expand to 122,600 tons - The Greenbushes chemical-grade lithium concentrate plant No. 3 is expected to be completed by the end of the year, while the Zhangjiagang 30,000-ton lithium hydroxide project has completed trial operations, and the Chongqing Tongliang 1,000-ton metallic lithium expansion is progressing simultaneously [1] Technological Innovation - The company is focusing on four major areas for technological innovation: high-value utilization of lithium slag, development of lithium extraction adsorbents from salt lakes, initiation of lithium sulfide pilot projects, and upgrading of waste battery recycling processes - The Innovation Research Institute has commenced operations and is deepening industry-university-research cooperation with institutions such as Harbin Institute of Technology and Beijing University of Science and Technology [1] Digital Governance and ESG Performance - The company has achieved significant results in digital governance, with comprehensive upgrades in smart manufacturing, integration of finance and operations, and risk control systems - The company's ESG performance has gained international recognition, being included in the S&P Global ESG Index series and receiving the Sedex Supply Chain "Environmental Contribution Award" [1]

Core Insights - The latest ESG public fund weekly ranking shows that all listed funds experienced gains, with an increase in the average returns compared to the previous week [1] - The average return for actively managed ESG theme funds was 12.22%, while index funds averaged 6.64%. Pure ESG theme funds had an average return of 5.35% for actively managed and 2.84% for index funds [1] Fund Performance Summary - The top-performing ESG theme actively managed funds include: - China Canada Low Carbon Economy Fund with a weekly return of 19.42% and a three-month return of 76.17% [2] - Caitong Sustainable Development Theme Fund with a weekly return of 13.21% and a three-month return of 79.01% [2] - The top-performing ESG theme index funds include: - Zhongjin CSI 500 ESG Enhanced Index Fund with a weekly return of 3.78% and a three-month return of 26.24% [7] - Yingda CSI ESG 120 Strategy A Fund with a weekly return of 3.28% and a three-month return of 16.87% [7] Fund Classification - ESG funds are categorized into two main types: ESG theme funds and broad ESG theme funds, further divided into actively managed and index funds [10] - The weekly ranking includes four categories: ESG theme actively managed funds, ESG theme index funds, broad ESG theme actively managed funds, and broad ESG theme index funds [10]

Core Viewpoint - The "Ping An 'Traffic Light' Public Welfare Action" initiated by Ping An Property & Casualty Insurance has been recognized as an ESG social responsibility case, highlighting its innovative approach to road safety and risk reduction in rural areas [1][4]. Group 1: ESG Initiatives - Ping An Property & Casualty Insurance is the only insurance company selected for the ESG social responsibility case, focusing on high-risk rural road governance through donations and upgrades of traffic facilities [4]. - The initiative has successfully transformed 251 high-risk road sections and donated 2,342 traffic safety facilities across various regions in China [4]. Group 2: Rural Road Importance - Rural roads are crucial for agricultural and rural development, comprising 464,000 kilometers, which is 84.5% of the total road network in China [5]. - The recent "Rural Road Regulations" emphasize the need for safety measures at high-risk rural road intersections [5]. Group 3: Data-Driven Solutions - The company utilizes big data to identify high-risk areas and develop tailored solutions for road safety, enhancing governance efficiency [7]. - Specific examples include customized safety solutions in various regions, such as the installation of warning lights and speed bumps based on local traffic conditions [7][8]. Group 4: Community Engagement - Ping An Property & Casualty Insurance has launched initiatives to engage local communities in traffic safety awareness, including educational campaigns in rural areas [11]. - The company emphasizes the importance of proactive risk management over traditional post-incident compensation, aiming to create a safer environment for rural residents [10][12].

郭玥婷。资料图 本次论坛积极践行绿色低碳理念，采用绿色办会方式，并向中诚信认证（深圳）有限公司申请了碳中和 第三方核查。中诚信认证副总裁郭玥婷在论坛现场为本次活动授予了碳中和声明。 她认为，成熟度矩阵为组织提供了一个评估和提升ESG实践的工具，帮助组织了解自身在ESG旅程中的 位置，并为持续改进提供方向。通过结合指标和成熟度矩阵，组织可以更全面地衡量和管理其ESG绩 效，推动可持续发展。 "ESG不是一个有勾选框、通过/失败结果的固定状态，而是一个成长和深化成熟度的旅程，以及一个持 续改进的过程"，郭玥婷指出，越趋近价值引领阶段，企业为自身及社会创造的价值越显著。 目前，ESG信息披露和评价评级受到社会各界的广泛关注。作为权威的第三方认证服务机构，中诚信认 证在ESG标准研制、企业实践及国际合作领域经验丰富。其副总裁郭玥婷在论坛上发表了题为《以标准 为引领，促进ESG高质量发展》的主题演讲，深入解读了ESG国际标准化的最新突破、核心框架及其在 中国的实践路径，为ESG从理念走向实质建设提供了方向指引。 ...

10年来，绿色金融已从摸索阶段进入快速发展阶段。雷曜表示，中国绿色金融是全球气候治理中不可或 缺的政策工具，为全球能源转型和绿色产业发展提供了市场化解决方案，提供了市场化金融资源，使环 境气候的复杂问题有可能在新市场边界内得到解决。当前，不少绿色金融、ESG领域概念已落地。 中国人民银行金融研究所副所长雷曜在主旨演讲环节中表示，支持绿色产业发展，金融市场需提升对环 境气候因素的定价能力，加强标准建设、信息披露、产品创新、国际合作和监管；并不断减少信披风 险，降低监管成本，提高定价效率。 雷曜表示，10年以来，在"两山"理念的引领下，在各方的共同努力下，中国的绿色金融创造性地提升了 现有金融机制，解决了上述市场难题。从规模上看，去年绿色债券发行量超过了六千亿元，存量超过两 万亿元，未来发展空间还很大；绿色贷款余额截至今年6月末同比增长25.5%，整个上半年的增速达到 14.4%。 同时，气候问题是典型的公共问题，具有难以量化、分配等特殊性。以商业化的机制来解决，需要承担 额外的成本，传统的市场机制很难解决气候问题。纠正市场参与者、组织者等主体观念，让市场主体愿 意分担气候成本成为关键问题。 雷曜总结了三方面的经 ...

Core Insights - The third "Vibrant ESG" Innovation Forum was held on August 16, focusing on green transformation and high-quality development, with participation from regulators, leading companies, multinational corporations, financial institutions, and universities [1] - ESG disclosure has gained significant attention from companies, with the disclosure rate of A-share ESG reports increasing from 36.96% to 45.72% over the past three years, and 2,500 A-share listed companies have disclosed their 2024 ESG reports [1] - A total of 56 exemplary ESG cases were selected for inclusion in the "21st Century Vibrant ESG Practice Report (2025)," categorized into environmental friendliness, social responsibility, and corporate governance [3] ESG Disclosure and Reporting - The ESG disclosure rate for major indices such as the Shanghai 180, Shenzhen 100, and others has reached 94.53%, with 432 out of 450 companies on the mandatory disclosure list having reported their 2024 ESG data [1] - The first "Vibrant ESG" innovation case collection was launched in 2023, receiving positive feedback and leading to the collection of over 100 practice cases for 2024 [2] ESG Case Categories - The 56 selected cases include 30 in environmental friendliness, 20 in social responsibility, and 6 in corporate governance, showcasing a diverse range of industries such as energy, consumption, finance, manufacturing, pharmaceuticals, and chemicals [3][4][5][7] Notable Companies in ESG Categories - **Environmental Friendliness**: Companies such as Adidas, AstraZeneca, and JinkoSolar were recognized for their green strategies and low-carbon practices [4] - **Social Responsibility**: Notable companies include BYD, JD Group, and Nestlé (China), highlighting their commitment to social value creation [5] - **Corporate Governance**: Companies like Orient Securities and China Minsheng Bank were acknowledged for their robust governance mechanisms [7]

刘涛指出，协鑫科技的技术创新无论是在ESG，还是在长久的持续发展上都是统一的。公司通过技术创 新，实现了在成本、质量以及碳减排上的长期发展。 刘涛表示，协鑫中央研究院建设的初衷正是为了解决公司在短期和中长期技术创新时与ESG可能会出现 的一些矛盾。"为了关注企业长远的技术发展，需要统一的平台进行长期人才、人力和智力的储备，围 绕绿色转型，协鑫从高校招聘以及在各个上市公司的子公司收集减碳领域的专家，进行战略性布局。目 前，协鑫科技全球硅基材料研究总院共约140人，其中预计有20人负责国外运营，其余主要面对国内上 游材料市场。" （作者：曹恩惠,朱泓慧 编辑：骆一帆） 协鑫科技中央研究院助理院长刘涛在以"绿色转型与技术创新的平衡术"为主题的圆桌对话中，分享了协 鑫科技如何解决技术创新和ESG发展并驱时出现矛盾的情况。 "绿色转型、技术创新和ESG建设的落地实施，这三个方向在当前整个社会的生产活动中会遇到如何协 调发展的问题。"刘涛表示。 在刘涛看来，新能源企业主要涉及到了长期和短期的矛盾。"在所有经济生活的运行中每一个个体都会 遇到这样的矛盾，如何让自己短期的生存和长期的理念实现真正的统一？"刘涛表示，参考协鑫科 ...

吴华认为，绿色转型、技术创新以及ESG建设三者从长期来看仍然协调一致，但从短期来看，如果企业 注重于国际化、全球化发展，ESG则可以成为避免罚款的优势项，而不做ESG则可能将面临市场准入的 问题。"ESG的建设不仅仅是技术和经济空间的工作，它同时还带有与社会密切相关的关联度，因而企 业的绿色转型和技术创新之间的平衡成为关键。" 上海大学文化新经济研究院秘书长吴华在以"绿色转型与技术创新的平衡术"为主题的圆桌对话中，分享 了联合国自然解决方案视角下技术创新和ESG发展的方向。 吴华表示，绿色转型一直是企业稳定不变的趋势，而ESG为企业出海保驾护航。在这一背景之下，技术 创新的主要功能导向之一就是服务于企业的减碳。 吴华认为，如今企业主要从三个方面入手减碳：一是通过企业生产环节的技术方面展开；二是通过绿电 直联的方式进行；三是通过自然的方式来解决。 ...

Group 1 - The core theme of the forum was "ESG Financial Revolution: Responsible Investment Reshaping Capital Value Logic," focusing on how ESG principles are redefining capital value judgment standards from a capital market perspective [1] - ESG investment has primarily been in an advocacy stage due to unresolved incentive misalignment issues, which is not unique to China but presents three distinct characteristics domestically [1] - Companies often lack motivation and view ESG as a burden, whereas ESG should be seen as a tool for risk mitigation and efficiency improvement rather than a cost [1] - The evaluation system for ESG is in urgent need of improvement, with significant discrepancies in ratings for the same company across different domestic systems, primarily due to the difficulty in quantifying non-financial indicators [1] - There is a prominent mismatch in cycles, as ESG benefits require 5-10 years of long-term cultivation, while market patience typically spans only 3-5 years, making it challenging to realize ESG value [1] Group 2 - Regulatory bodies are innovating policies to address these challenges, such as the Shanghai Stock Exchange removing stocks with poor ESG ratings from the Shanghai 180 index in 2024 [1] - By 2025, public funds will be required to participate in company voting if they hold more than 5% of shares, compelling institutions to clarify their ESG positions and promoting a deeper alignment between long-term investment and ESG principles [1] - The long-term competitiveness of good companies relies on intangible assets such as employee loyalty and transparency, with ESG elements helping companies "earn invisible money" similar to how R&D investments are viewed as long-term assets [2]

张政伟强调，这关乎企业本质，是检验其是否为"真实ESG主义者"的试金石。"若仅流于ESG形式主 义，则应旗帜鲜明地反对。" 针对涌向ESG的质疑，张政伟用四大"不变"锚定ESG底层逻辑——气候持续变暖、极端灾害频发、科学 共识深化、行动者赢得未来，并援引IPCC三十年间从"尚不明确"到"毋庸置疑"的结论演进，断言"装睡 者终将被三重力量唤醒"。 他提及，国际上ESG正遭遇某种"妖魔化"，部分企业刻意回避ESG表述，"不是不谈碳，就怕上法院"的 紧张氛围弥漫，更有甚者试图以行政手段推翻温室气体有害的科学认定。而与此形成鲜明对比的是，国 内ESG热度不减，"开会不谈碳，档次降一半"的氛围依然浓厚。 面对这"内外冰火两重天"的格局，张政伟抛出了核心诘问：ESG究竟是引领未来的真命题，还是华而不 实的"白象工程"？它是否仅是"锦上添花"的闲时之举？ 国际可持续准则理事会（ISSB）主席特别顾问、国际财务报告准则基金会北京办公室主任张政伟在本 次论坛中发表了题为"ESG全球大势与中国机遇：怎么看与怎么办"的主旨演讲。作为制定全球ESG披露 基准的核心机构，ISSB发布的IFRS S1、S2准则正重塑全球资本市场估值体系 ...