来源：市场资讯 （来源：中央财经大学绿色金融国际研究院） 在全球能源转型、资源约束和地缘政治不确定性叠加的背景下，贵金属行业正经历深层次结构性变革。 传统价值评估逻辑正在被环境、社会与治理（ESG）因素重新定义。围绕矿产开发的环境保护、社会责 任与治理规范不断强化，国际标准与国内政策的双重约束推动行业向可持续竞争力的全新阶段迈进。在 这一过程中，贵金属行业既迎来了战略价值重估的机遇，也面临更高的合规压力与转型挑战。本文作 为"价值重估下贵金属行业面对的ESG挑战与机遇系列"的第二篇文章，将进一步聚焦贵金属行业的ESG 挑战与应对路径，系统梳理国内外相关政策、监管要求及行业自律标准，为贵金属行业绿色高质量可持 续发展提供建议。 一、价值重估下贵金属行业面临的ESG挑战 （一）国际层面 1.欧盟 欧盟已逐步构建起以专项矿产监管条例为基础，以企业层面ESG合规制度为核心，辅以战略性资源立法 的多层次监管体系。该体系通过将环境保护、人权责任与治理要求嵌入矿产进口、企业经营及供应链管 理全过程，对矿产行业的可持续发展提出系统性约束。 在专项矿产监管层面，《欧盟冲突矿产条例》（EU Conflict Minerals R ...

2026 年《财富》中国区榜单 ① 申报开启 + ERTH50 + 过去一年,中国商业世界在结构调整与技术跃迁 中持续演化。在复杂多变的环境下,那些真正具 备规模实力、长期价值、创新能力与社会影响力 的企业和个人,正被重新定义。 2026年,《财富》中国区系列榜单正式启动申 报。莫中,面向中国市场与中国商业生态的7项 中国区榜单首次同步开放申报,涵盖企业规模、 科技创新、ESG、设计、企业声誉及商业领袖等 多个关键维度。《财富》世界500强榜单亦将于3 月开启申报,敬请关注。 我们诚邀符合条件的企业与个人参与申报,共同 呈现中国商业的真实进展。 all control of the contraction of the fa all Comments of the Production As all control of the contraction of the fa all Comments of the Production As 申报方式说明 2026年《财富》中国区榜单申报将分为 预申报与正式申报两个阶段 all control of the contraction of the fa all C ...

近日，由中国企业改革与发展研究会和半月谈杂志社联合主办的"2025企业ESG可持续发展大会"在广东深圳召开，大会以"向绿而生·智创未来——ESG先 锋与高质量发展新动能"为主题，汇聚了"政企学研金服用"各界代表，共同探讨ESG理念在企业实践中的创新路径。会上正式发布汇聚行业标杆的"2025企 业ESG优秀成果"。 市属国企国信证券所属国信弘盛旗下 赣州市赣深产业股权 基金合伙企业（有限合伙） （简称"赣深母基金"） "跨区域产业协同投融资"案例 成功入选"2025企业ESG优秀成果" 赣深母基金目标规模50亿元，成立规模10亿元，由国信证券全资子公司国信弘盛担任基金管理人，江西省、赣州市及经开区、南康区三级共同出资。 下一步 国信弘盛将积极践行 国有创投机构的社会责任 依托国信证券综合金融服务优势 以赣深母基金为纽带凝聚合力 加快构建"产业+资本"融合共赢生态圈 充分激发"特区+老区+大湾区" 多重区域战略叠加效能 奋力谱写新时代区域协调发展新篇章 作为深赣建立对口合作关系以来的首只产业投资基金，该项目是金融服务实体经济、推动"特区+老区"协同发展的创新实践。基金采用"母基金+直投"双 轮驱动模式，聚合省、市 ...

Core Viewpoint - Chongqing Brewery demonstrates resilience and vitality in a challenging market environment, achieving stable growth in sales, revenue, and profit while focusing on product structure optimization and operational improvements [2]. Group 1: Performance Metrics - In 2025, Chongqing Brewery's sales increased by 0.68% year-on-year, outperforming the industry average, while the overall beer production in China declined by 1.1% [2]. - The company reported operating revenue of 14.722 billion yuan, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 1.231 billion yuan, reflecting a growth of 10.43% [2]. Group 2: Strategic Initiatives - Under the "Jia Su Yang Fan" strategy, the company actively responded to external changes by optimizing product structure, accelerating new product launches, and expanding non-traditional beverage channels [2]. - In 2025, Chongqing Brewery launched over 30 new products, including craft beers and flavored sodas, to meet diverse consumer needs and enhance product offerings [3]. Group 3: Marketing and Brand Strategy - The company has a diverse brand portfolio that includes both local and international brands, catering to various consumer scenarios [3]. - Chongqing Brewery is enhancing brand experiences by integrating with high-frequency consumption scenarios such as sports events and popular entertainment, thereby stimulating consumer engagement [3]. Group 4: ESG Commitment - The company is advancing its "Together Towards and Beyond Zero" ESG plan and has received an "AA" rating from MSCI ESG for two consecutive years, the highest rating among A-share food and beverage companies [3].

Group 1 - The company has been publishing an annual Social Responsibility Report since 2017 and will release its first ESG report in 2024 [2] - In 2023, the company established an ESG governance structure that operates from top to bottom, ensuring effective execution of ESG strategies [2] - The company aims to achieve EcoVadis Gold status for its longevity factory by 2025, emphasizing its commitment to sustainable development [2] Group 2 - The company is focusing on risk management and opportunities through ESG initiatives to promote sustainable and high-quality development [2] - The company is working on defining responsibilities, building organizational capabilities, and establishing incentive mechanisms to ensure the implementation of ESG goals [2]

近日，国家知识产权出版社发布《金融科技行业2025年专利分析白皮书》与《医疗健康行业2025年专利 分析白皮书》(以下简称"白皮书")，揭示全球产业技术竞争的新格局。白皮书显示，2019年至2025年 间，中国企业在两大战略性行业的创新主导地位愈发巩固。其中，中国平安集团凭借持续且庞大的创新 产出，在金融科技与医疗健康两大行业的全球专利人榜单中再度双双位列第一，并在多项核心技术与关 键应用场景中占据领先地位。 双榜首引领：专利规模构筑创新护城河 平安集团的创新布局呈现出"核心技术聚焦+全场景覆盖"的鲜明特征，人工智能(AI)与大数据是驱动战 略的核心技术引擎。 在金融科技专利布局中，平安集团的专利覆盖广度与规模领先全行业，在人工智能、区块链、大数据三 大技术领域的专利数量均位列第一，且相关技术已深度融入业务肌理。例如，在智能客服与保险理赔两 大场景中，人工智能成效已然显现：平安2025年前三季度报告显示，依托AI与大数据的"保单复效难度 评分模型"及智能派工体系，推动保单复效率提升23%。 表1 金融科技行业全球专利权人TOP 10 在医疗健康领域，平安集团的领先优势同样显著，同期累计专利量达到5704件，位 ...

Key Insights - The domestic financing leasing industry has issued a total of 571 ESG bonds by the end of 2025, with a cumulative issuance scale of 574.994 billion yuan. In 2025 alone, 142 ESG bonds were issued, amounting to 142.638 billion yuan, representing a year-on-year increase of 3.65% in the number of bonds and 3.45% in issuance scale compared to 2024 [1][6] - Green bonds remain the primary choice for the industry, accounting for 97.89% of total ESG bond issuance in 2025, with 139 bonds issued and a scale of 138.541 billion yuan, reflecting a year-on-year increase of 7.75% in quantity and 6.79% in scale [1][10] - The secondary market for ESG bonds in the financing leasing industry was highly active in 2025, with 246 bonds traded, marking a 40.57% increase from 2024, and a total trading volume of 1,406.01 billion yuan, up 3.62% year-on-year [2][38] Primary Market - By the end of 2025, the financing leasing industry accounted for 19.16% of the total number of ESG bonds issued and 12.41% of the total issuance scale, marking the first significant decline in market share in seven years [6] - The issuance of green bonds in the financing leasing industry reached a record high in 2025, with 139 bonds and a total scale of 138.541 billion yuan, both showing year-on-year growth [10][12] - The issuance of sustainable development-linked bonds was limited, with only 4 bonds issued in 2025, totaling 4.797 billion yuan [1] Secondary Market - The secondary market for ESG bonds saw a significant increase in trading activity, with 246 bonds traded in 2025, the highest growth rate in nearly nine years [2][38] - The most frequently traded instruments were asset-backed securities, while medium-term notes exhibited the strongest liquidity [2][40] - The interbank market was the primary venue for secondary market transactions, accounting for 65.04% of the total trading volume [42] Issuance Costs - In 2025, 61.29% of the green bonds issued in the financing leasing industry had lower coupon rates than similar bonds issued on the same day, indicating a cost advantage for green bonds [3][44] Notable Cases - Guangzhou Yuexiu Leasing Co., Ltd. issued carbon-neutral green corporate bonds aimed at rural revitalization, integrating environmental and social benefits [4][45] - Huadian Leasing Co., Ltd. issued green perpetual corporate bonds supporting the western development strategy, aligning financial resources with national development goals [4][45] - China Merchants Bank Leasing Co., Ltd. issued green financial bonds for offshore wind power projects, showcasing international engagement through the "Bond Connect" channel [4][46] Development Outlook - The financing leasing industry is expected to focus on standardizing and expanding transformation finance, aligning with international standards, and leveraging digital technologies for environmental impact measurement [5][49] - The market is characterized by a historical high in issuance scale and quantity, with a solid credit structure and a return to the interbank market as the main issuance venue [5][48]

Group 1 - The MOX Exchange has achieved significant growth in the bond market, with a total issuance of 10,759.79 billion MOP as of January 2026, including 1,801.92 billion MOP in green bonds, reflecting over 200 times growth since its establishment in 2018 and an annual compound growth rate exceeding 100% [1][2] - MOX Exchange has diversified its product offerings, launching various types of bonds such as green bonds, sci-tech bonds, blue bonds, and local government bonds, and has facilitated the first overseas issuance of sci-tech bonds by a Chinese financial institution in 2025 [1][2] - The collaboration between Shanghai and Macau aims to leverage their complementary advantages in ESG practices and cross-border financial innovation, with a focus on guiding international capital to support green industries and technological innovation [2] Group 2 - The 14th Five-Year Plan emphasizes the importance of 2026 as a pivotal year for achieving modernization and enhancing the quality of financial markets in Macau, aligning with the new five-year planning period [2] - MOX Exchange plans to optimize its ESG bond service system and promote the construction of a cross-border green bond channel, integrating quality green certification resources and connecting domestic and international green bond standards [2] - The call for collaboration in advancing the high-quality development of the bond market is aimed at contributing to Macau's economic diversification, the construction of Shanghai as an international financial center, and the dual opening of the national financial market [2]

证券日报网讯 2月4日，小熊电器在互动平台回答投资者提问时表示，公司已经根据《企业内部控制基 本规范》的要求，结合自身经营实际情况及行业特点，建立了较为健全的内部控制体系，并得到有效执 行，具体详见公司于2025年4月9日发布的《2024年年度报告》之"第四节公司治理"。公司秉持绿色可持 续发展理念，从企业环境、社会发展和公司治理等方面积极落实企业责任，以更好地服务利益相关方需 求和社会发展需要，前期在定期报告中的环境及社会责任相关章节进行了披露，后续将结合行业实践与 公司发展节奏，适时披露ESG报告，以更好地向股东和公众展示公司在环境保护、社会责任和公司治理 方面的表现和努力，不断提升公司治理水平，促进企业高质量发展。 （编辑 姚尧） ...

Core Viewpoint - The newly released guidelines for ESG disclosure in A-share listed companies provide a structured framework for reporting on pollution emissions, energy use, and water resources, aiming to enhance transparency and comparability in ESG practices across the industry [1][2][3]. Group 1: ESG Guidelines Overview - The guidelines serve as a detailed extension of the previously issued "Sustainable Development Report Guidelines," outlining 21 ESG topics and designating specific companies as strong ESG disclosure entities, with a deadline for submission set for April 30, 2026 [2]. - The guidelines are structured into three chapters focusing on risk assessment, data accounting methods, and disclosure points, addressing market needs for clarity and consistency in ESG reporting [2][3]. - The guidelines do not impose mandatory disclosure requirements but provide a flexible operational template for companies to adapt based on their specific circumstances [3]. Group 2: Challenges in ESG Implementation - Companies face significant challenges in data governance, including weak data foundations, missing historical data, and inconsistent cross-departmental statistics, which hinder effective ESG reporting [1][6]. - The complexity of data collection and accounting, especially across different regions and scenarios, poses a major hurdle for companies in their ESG efforts [7]. - There is a recognized need for improved data management systems and support from external resources, such as environmental data platforms and ESG-related fiscal incentives, to facilitate better ESG practices [7]. Group 3: Market and Regulatory Context - The increasing focus on ESG management is driven by both domestic regulatory requirements and international market pressures, with companies recognizing the importance of ESG compliance for maintaining competitiveness [5][9]. - The guidelines are expected to enhance the transparency and comparability of ESG disclosures, aligning Chinese companies with global investment frameworks and facilitating access to international capital [8][10]. - The implementation of international regulations, such as the EU's Carbon Border Adjustment Mechanism, is pushing companies to prioritize ESG management to meet external demands and improve their market positioning [9].