Core Viewpoint - The increasing adoption of the Principles for Responsible Investment (PRI) by mainland institutions reflects a growing commitment to ESG (Environmental, Social, and Governance) investment, with 101 institutions having signed the PRI as of the report date, including 20 public fund managers [1][2]. Group 1: Adoption of PRI - The PRI, established in 2006 by UNEP FI and the UN Global Compact, has gained significant influence in China as the concepts of carbon peak and carbon neutrality become more prevalent [2]. - As of June 10, 2022, 101 mainland institutions have signed the PRI, with 74 being investment management institutions, including 20 public fund managers [2]. - Among the 18 social security fund managers in China, 13 have joined the PRI, and 15 out of 21 basic pension investment management institutions have also signed [2]. Group 2: Motivations for Joining PRI - Public fund managers are motivated to join the PRI to meet existing or potential demands from overseas clients, enhance brand and competitive advantage, prepare for future market and regulatory changes, and engage in responsible investment development through the PRI platform [2][3]. - The six principles of PRI guide institutions in integrating ESG issues into investment analysis and decision-making, becoming active owners, and promoting the acceptance and implementation of PRI principles within the investment industry [3]. Group 3: ESG Investment Strategies - Institutions like Southern Fund and GF Fund emphasize the importance of ESG performance in investment portfolios, stating that poor ESG performance can lead to significant risk exposure [4]. - Southern Fund has integrated ESG factors into its investment process since joining PRI in 2018, aiming to align ESG practices with Chinese investment logic [4][6]. - GF Fund has established an ESG investment leadership group and developed a foundational evaluation system and screening criteria for ESG investments, with a total ESG fund scale reaching 29.3 billion yuan by the end of Q1 2022 [7]. Group 4: Product Innovation and Development - The adoption of PRI has led to frequent actions by institutions to enhance their ESG investment systems and processes, resulting in innovative product offerings [6]. - Southern Fund has developed a comprehensive ESG investment system that integrates ESG factors across various asset classes, achieving a total scale of green investments of 232.13 billion yuan by the end of 2021, a 129% increase from the beginning of the year [6]. - GF Fund is actively promoting the integration of ESG investment with various investment strategies, including index-based and active quantitative approaches [7].

Core Viewpoint - The approval of the first batch of policy financial bond ETFs in China is expected to enhance the interconnectivity between the interbank and exchange markets, improve the overall scale of bond ETFs, and meet diverse investor needs [1][2]. Group 1: Product Characteristics - The newly approved policy financial bond ETFs cover various maturity periods including 0-3 years, 1-3 years, 1-5 years, 3-5 years, and 7-10 years, all utilizing a cash subscription and redemption model [1]. - Compared to traditional policy financial bond index funds, the new ETFs allow for both cash transactions and trading on the exchange, providing greater liquidity and flexibility for investors [2][3]. Group 2: Market Necessity - The development of policy financial bond ETFs is beneficial for connecting the interbank and exchange bond markets, attracting foreign investment, reducing issuance costs for national development bonds, and enriching market investment tools [2][3]. - The introduction of these ETFs is seen as a strategic move to promote ESG investments and support the green transformation of the economy [3]. Group 3: Future Outlook - The newly approved ETFs are expected to have significant market development potential due to their low-risk profile, cost-effectiveness, and transparency [3]. - The introduction of the national development bond ETF is anticipated to provide a distinct investment and asset management tool, potentially facilitating liquidity management through repo transactions in the future [3].

Group 1: ESG Investment as a Mainstream Strategy - The concept of ESG (Environmental, Social, and Governance) has gained significant traction globally, with its roots tracing back to 2004 when the UN Global Compact first introduced it [1][2] - ESG investment is increasingly recognized as a critical factor influencing long-term financial value, driven by regulatory changes and shifts in consumer attitudes [2][3] Group 2: Impact of "Dual Carbon" Goals on ESG Investment in China - The "dual carbon" goals proposed by the Chinese government align closely with global climate change initiatives, emphasizing the urgency of the environmental dimension of ESG in China [3] - Regulatory bodies are promoting green finance development, which is expected to create substantial long-term investment returns for asset management institutions [3] Group 3: Actions Taken by Bosera Fund in ESG Investment - Bosera Fund has established a comprehensive ESG investment framework, including an ESG investment decision-making committee and a dedicated research team [5][6] - The fund has developed a unique ESG scoring and rating system tailored to the characteristics of the Chinese capital market, integrating local sustainable development issues [9] - Bosera Fund actively engages with portfolio companies to promote sustainable practices and has initiated projects to assess corporate sustainability value [10] Group 4: Commitment to International ESG Initiatives - Bosera Fund became a signatory of the UN Principles for Responsible Investment (UN PRI) in 2018, committing to integrate ESG issues into investment analysis and decision-making [14] - The fund supports the Task Force on Climate-related Financial Disclosures (TCFD) and is exploring participation in other international sustainable development organizations [14] Group 5: Challenges and Future Outlook for ESG Investment - The main challenges for ESG investment in China include insufficient awareness and resource allocation among market participants, leading to inadequate ESG data quality and disclosure [20] - Bosera Fund is focused on enhancing its ESG investment system by learning from established international frameworks and engaging with various stakeholders to promote ESG practices [20][21]

Core Insights - The issuance of ESG-themed bank wealth management products is increasing year by year, with 36 products launched this year, continuing the acceleration seen since last year [1][2] - The overall characteristics of these products include longer durations, lower risk levels, and lower subscription thresholds, indicating a conservative investment style [1][4] Industry Trends - Since 2019, a total of 124 ESG-themed bank wealth management products have been issued, with a significant concentration in 2021 and 2022, where 72 products were issued in 2021 alone [2] - Bank wealth management subsidiaries are the primary issuers of ESG products, accounting for 28 out of the 36 products issued in 2022 [2] Market Dynamics - The rise of ESG-themed bank wealth management products is closely related to the rapid development of ESG investment in China, which emphasizes environmental, social, and governance performance [3] - The "14th Five-Year Plan" and the "dual carbon" goals reinforce the importance of green transformation, further validating the value of ESG investments in the domestic market [3] Product Characteristics - ESG-themed bank wealth management products primarily invest in fixed-income assets, focusing on green bonds, green ABS, and debt assets from companies with good ESG performance [4] - Most of the 36 products issued in 2022 have durations of 1 to 3 years, catering to client liquidity needs while enhancing product performance benchmarks [4] Performance Metrics - ESG-themed bank wealth management products have shown minimal instances of breaking the net value, with performance benchmarks generally around 4% [4] - Over 70% of fixed-income ESG products have annualized returns above 4%, while over 60% of mixed ESG products have returns exceeding 5% in the last three months [4] Challenges and Opportunities - Despite the growth in issuance, ESG-themed bank wealth management products still represent a small proportion of the total bank wealth management product issuance [5] - There is a need for improved information disclosure mechanisms and product diversification, as current offerings are still in the early stages [6][5] - Future product types are expected to diversify, potentially including equity investments and non-standard bonds from low-carbon and environmentally friendly enterprises [6] Investor Education - ESG investment remains a relatively new concept for most individual investors in China, highlighting the necessity for enhanced investor education to avoid missing opportunities or making uninformed decisions [7]

Core Viewpoint - Shenzhen Stock Exchange (SZSE) has launched the National ESG Evaluation Method and corresponding ESG benchmark indices to enhance the capital market's role in supporting sustainable development and meet diverse ESG investment needs [1][2]. Group 1: ESG Evaluation Method - The National ESG Evaluation Method provides a tailored ESG evaluation tool for the Chinese market, covering 15 themes, 32 fields, and over 200 indicators across environmental, social responsibility, and corporate governance dimensions [2]. - The evaluation method is based on local conditions while referencing international practices, focusing on national strategic goals such as carbon neutrality and rural revitalization [2]. Group 2: ESG Indices - The ESG benchmark indices include the Shenzhen Component ESG Index, ChiNext ESG Index, and Shenzhen 100 ESG Index, which are constructed by excluding the bottom 20% of stocks based on ESG scores within their respective industries [3]. - The ESG leading indices highlight high-quality ESG investment targets, selecting the top 200 stocks for the Shenzhen Component ESG Leading Index and the top 50 for the ChiNext and Shenzhen 100 ESG Leading Indices [3]. Group 3: Performance Metrics - From June 29, 2018, to June 30, 2022, the annualized returns for the Shenzhen Component ESG, ChiNext ESG, and Shenzhen 100 ESG indices were 9.4%, 17.0%, and 11.7%, respectively, showing a slight performance advantage over their parent indices [4]. - The annualized returns for the leading indices were 9.8%, 17.5%, and 14.0%, with excess returns of 1.5%, 2.5%, and 2.5% compared to their parent indices [4]. Group 4: Future Developments - The SZSE aims to enhance the sustainable finance regulatory framework and build a low-carbon sustainable investment and financing product platform to meet the diverse allocation needs of medium- and long-term funds [4]. - The exchange will continue to promote the application of ESG evaluation results and guide financial resources towards low-carbon sectors, contributing to high-quality economic development [4].

Core Viewpoint - Since 2025, China has increased policy support for sustainable development and green finance, leading to sustained attention on ESG investments in the capital market [1] Group 1: Policy and Regulatory Developments - On June 27, 2025, the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released the new version of the "Green Finance Support Project Catalog (2025 Edition)," which establishes unified standards and institutional foundations for various green financial products, effective from October 1 [1] - The catalog applies to all types of green financial products except for green stocks, aiming to standardize green bonds, green funds, and other ESG investment tools [1] Group 2: Market Trends and Product Performance - ESG products have been continuously issued, particularly in bank wealth management and bond funds, which have become favored choices for investors due to their low risk and stable returns [1] - As of June 30, 2025, the number of ESG-themed bank wealth management products and public funds reached 320 and 485, respectively, with a total scale of RMB 292.4 billion and RMB 376.2 billion, maintaining stability over the past year [1] - These products not only meet investors' demand for steady returns but also respond to societal concerns regarding environmental protection, social responsibility, and governance structures, promoting the popularization of ESG investment concepts [1] Group 3: Future Outlook - With clear policy guidance and sustained market demand, bank ESG wealth management and public ESG bond funds continue to be the main force in ESG investment, providing significant momentum for China's green and low-carbon transition [3]

Core Viewpoint - ABC Wealth Management Co., Ltd. emphasizes its commitment to providing flexible and secure wealth management products that cater to diverse customer needs, while also focusing on sustainable and responsible investment practices. Group 1: Product Offerings - The "农银时时付" series has expanded to over 20 products with a total fundraising scale exceeding 700 billion [5][6] - The "农银天天利" series, launched in 2021, has raised nearly 270 billion, offering daily liquidity and flexible access to funds [6][7] - The ESG series, introduced in 2019, reached a peak scale of over 800 billion, prioritizing investments in clean energy and environmental protection [9][10] Group 2: Performance Metrics - The "农银天天利" series has a recent annualized return of 2.01% and a cumulative annualized return since inception of 3.44% [7] - The "农银匠心·灵动" ESG product has an annualized return of 5.00% for 2024, with over 80% of assets in fixed income [10] - The "低波悦享" series, launched in 2023, has a scale exceeding 400 billion and aims for zero drawdown in its investment strategy [14] Group 3: Target Audience - The "农银时时付" products are designed for individual investors, providing a cash management solution [5] - The "农银天天利" series caters to both individual and corporate clients, enhancing liquidity and investment flexibility [7] - The "乡村振兴" series targets county-level clients, focusing on rural revitalization and agricultural support [11][12]

Group 1 - The issuance of green bonds in China has declined significantly, with a 14.96% decrease in quantity and a 46.75% decrease in amount in the first half of 2024 compared to the previous year, marking a consecutive decline since 2023 [1][3] - The total number of green bonds issued in China in 2023 was 479, reflecting a year-on-year decrease of 15.67% [1] - Green credit remains the dominant channel for ESG investment by banks, accounting for over 80% of the total ESG investment scale of 33.06 trillion yuan as of Q3 2023 [2][3] Group 2 - The structure of green bond issuance is heavily skewed towards state-owned enterprises, with only 21 out of 142 issuers being non-state-owned in the first half of 2024 [3] - The scale of green credit in China has expanded from 8.23 trillion yuan at the end of 2018 to 28.58 trillion yuan by Q3 2023, maintaining the largest global share [2] - ESG-themed wealth management products in banks are still in the experimental stage, with a total balance of approximately 188 billion yuan as of June 2024, compared to over 500 billion yuan for public funds [4] Group 3 - The lack of standardized ESG information disclosure and regulatory frameworks poses challenges for banks in diversifying their ESG investment offerings [6][7] - The current market environment has led banks to be more cautious regarding their capital status, limiting the channels and supply of ESG investments [6] - The phenomenon of "greenwashing" is prevalent, with 50% of surveyed institutions acknowledging its common occurrence, highlighting the need for improved transparency in ESG products [8] Group 4 - Recent policies aim to enhance support for transition finance and green financing costs, encouraging banks to guide credit resources towards green projects [9] - Innovations in ESG credit services are being introduced by some banks, such as unique loan products for carbon credits and environmental projects [11] - The potential for direct financing in the green sector is expected to rise from 10% to 40% as the industry evolves, indicating a promising outlook for green finance investments [11]

Group 1 - The core point of the news is the announcement of the departure of Li Yugang from the position of fund manager for the Zhongtai ESG Theme 6-Month Holding Mixed Fund [1][2] - Li Yugang has a significant background in the securities industry, having worked at Guotai Junan Securities and served as the general manager of the quantitative investment department at Shanghai Guotai Junan Securities Asset Management Company from October 2010 to August 2014 [1] - The Zhongtai ESG Theme 6-Month Holding Mixed Fund was established on January 23, 2024, and as of May 12, 2025, it has achieved a year-to-date return of 4.24% and a cumulative return of 23.68%, with a cumulative net value of 1.2368 yuan [1] Group 2 - The fund is managed by Zhongtai Securities (Shanghai) Asset Management Co., Ltd., and the announcement is made in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - The fund manager change is classified as the dismissal of the fund manager, with Wang Lubian being the co-manager of the fund [2] - The fund's main code is 016945, and it is referred to as the Zhongtai ESG Theme 6-Month Holding Mixed Fund [2]

基于对绿色普惠金融领域投资机遇的看好，今年以来，绿色债券基金持续受到资金热捧，Wind数据显 示，此前已成立的5只绿色普惠主题债基合计募集规模达333.22亿元。此次华润元大基金提前结束募 集，进一步印证市场对"绿色+普惠"双主题债券指数的旺盛需求。业内预计未来随着绿色和可持续投资 内涵的不断丰富，绿色普惠指数的发展空间值得期待。 2025年8月6日，华润元大基金发布公告，华润元大中债绿色普惠主题金融债券优选指数证券投资基金提 前结束募集，原定募集截止日为9月26日，现提前至8月6日，8月7日起不再接受认购申请。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 作为华润元大基金旗下首只聚焦"绿色普惠"双主题的债券指数基金，该基金自6月27日发行以来，受到 银行、保险等机构投资者的高度关注，首发规模超过50亿元。该基金由曹芙蓉担任基金经理，其投资风 格以稳健见长，擅长利率债及政策性金融债配置。 素材源：吕怡蕾 编辑：康书源 审核：王明月 从投资方 ...