Core Viewpoint - The Shanghai Stock Exchange (SSE) released a report titled "Implementing the 'Two Mountains' Concept: 20 Years of ESG Practices in the Shanghai Market," highlighting the progress and impact of ESG practices over the past two decades, aiming to encourage market participants to engage in sustainable development [1][2]. Group 1: ESG Development Overview - The report reviews the evolution of ESG practices in the Shanghai market, categorizing it into three stages: initial emergence, exploratory development, and deepening enhancement, documenting the trajectory from policy breakthroughs to systematization [2]. - It includes a timeline of significant events and milestones in ESG policy, showcasing the influence of the "Two Mountains" concept on the capital market [2]. Group 2: Industry Case Studies - The report features 32 benchmark companies across 17 industries, including biomedicine, petrochemicals, and public utilities, presenting key case studies that reflect the annual progress in ESG practices [2]. - It illustrates the transition from sporadic voluntary disclosures to systematic and standardized reporting among listed companies over the past 20 years [2]. Group 3: ESG Performance Metrics - As of now, over 1,300 companies in the Shanghai market have disclosed ESG reports for the 2024 fiscal year, achieving a disclosure rate of 57%, the highest on record [3]. - The cumulative issuance of green bonds in the Shanghai market has reached 862.7 billion yuan, establishing it as a major global market for green bonds [3]. - There are currently 90 sustainable development index tracking products with a total scale of 73.192 billion yuan, and 157 broad-based index products using ESG evaluations, totaling 252.848 billion yuan [3]. Group 4: Future Initiatives - The SSE plans to enhance ESG disclosure standards, improve ESG rating levels, and diversify green financial products to further support corporate ESG performance and sustainable development [3].

每经记者｜徐肖逍 每经编辑｜张海妮 8月15日，在"绿水青山就是金山银山"理念提出二十年之际，上海证券交易所（以下简称上交所）发布 中英文版本《贯彻"两山"理念 沪市ESG实践二十年》（以下简称《ESG实践》），向境内外市场参与者 系统介绍沪市二十年来ESG实践探索的阶段性进展。 数据显示，截至目前，沪市超过1300家公司单独披露2024年度ESG相关报告，披露率达到57%，创历史 新高；沪市绿色债券累计发行8627亿元，沪市成为全球主要绿色债券市场之一。 截至2025年7月，MSCI（注：国际ESG评级机构明晟）ESG评级受评对象中，31%的沪市上市公司在最 新一次ESG评级中实现评级提升。2022年至2024年，沪市上市公司中证ESG评级为A、AA及AAA的公 司数量分别为348家、420家和440家，累计增长26.44%。 施懿宸表示："相关成果表明，沪市上市公司ESG实践在'质'与'量'两个维度均实现显著跃升。上交所作 为建设国际金融中心的重要载体，其样本表现既体现了监管、交易所与上市公司自上而下的协同推进， 也标志着中国资本市场与国际可持续准则的加速接轨。" 上交所累计发布可持续发展指数155条 相 ...

Group 1: ESG Practices and Reports - The Shanghai Stock Exchange released a report titled "20 Years of ESG Practices in the Shanghai Market," highlighting that over 1,300 companies disclosed ESG reports for 2024, achieving a record disclosure rate of 57% [1] - The Shanghai Huazheng Index Information Service Co., Ltd. published the 2025 ESG series rankings for public funds, aiming to recognize outstanding practices in sustainable investment within the domestic public fund industry [2] - The "2025 Analysis Report on Sustainable Information Disclosure of Listed Companies" was released, emphasizing the need for unified disclosure standards to avoid selective reporting by companies [4] Group 2: Carbon Management and Financing - The Shanghai government announced that from 2028, public institutions such as universities and hospitals with carbon emissions of 10,000 tons or more will be included in carbon quota management, expanding the carbon market's coverage [5][6] - Guangdong Province introduced a judicial guarantee system for carbon emission quota pledge financing, providing a comprehensive framework to support green finance and address legal bottlenecks in carbon asset financing [8] Group 3: Technological Innovations in Energy - Envision Group launched the "AI Super Charging Network," integrating energy storage, charging, AI scheduling, and electricity trading, marking a significant step towards a smart energy ecosystem [7]

Core Viewpoint - The strategic partnership between Master Kong and Haier aims to promote green living and low-carbon manufacturing through collaboration in various sectors, including eco-friendly food and beverage, green low-carbon manufacturing, and social welfare initiatives [1][3][6] Group 1: Strategic Collaboration - Master Kong and Haier will leverage their respective brand strengths, with Master Kong's "Kang Baobao" and Haier's "Haier Brothers" becoming ambassadors for green living [3] - The collaboration is rooted in shared corporate cultural values and aims for mutual success and industry leadership in high-quality development [3][6] Group 2: Focus Areas - The partnership will focus on three main areas: "Joyful Diet," "Smart Supply Chain and Park," and "Smart Logistics," emphasizing deep collaboration based on ESG principles [3][5] - In the smart kitchen sector, Haier will provide energy-efficient solutions, while Master Kong will deploy vending machines offering a range of green products [4] Group 3: Environmental Initiatives - Master Kong's "Suda Noodle Shop" will use eco-friendly packaging that reduces plastic usage by 90%, potentially saving 800-1000 tons of plastic for every 100 million servings sold [4] - The introduction of a "no-label lightweight bottle" for drinking water will further reduce carbon emissions and simplify recycling processes [4] Group 4: Supply Chain and Logistics - The partnership will establish a smart energy management system in industrial parks, aiming for a 30% reduction in energy consumption on Master Kong's production lines [5] - Collaborative efforts in logistics will explore customized solutions to enhance efficiency and promote low-carbon transportation models [5] Group 5: Economic and Environmental Impact - The collaboration is expected to transform environmental benefits into economic value, with significant cost savings anticipated from energy-efficient technologies [6] - Plans include creating a green low-carbon case library and hosting events to share technological innovations and promote high-quality industry development [6]

截至目前，沪市超过1300家公司单独披露了2024年度ESG相关报告。 昨日（8月15日），在"绿水青山就是金山银山"理念（以下简称"两山"理念）提出二十周年之际，上交所发布 中英文版本《贯彻"两山"理念 沪市ESG实践二十年》（以下简称《ESG实践》），向境内外市场参与者系统介 绍沪市二十年来ESG实践探索的阶段性进展，旨在引导市场参与各方继续积极参与、践行可持续发展理念。 "两山"理念是我国生态文明建设的核心理念，是推进中国式现代化的重要指导思想。上交所积极贯彻"两山"理 念，充分发挥资本市场枢纽功能和平台作用，以ESG作为核心发力点，通过加大制度供给、创新金融工具、提 升服务质效等方式，引导上市公司、投资者等各类市场主体将更多资源投向绿色低碳转型和承担社会责任领 域，推动实现绿水青山和金山银山的双向转化。 责编：李丹 校对：杨立林 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司 ...

《ESG实践》全面回顾沪市ESG二十年的实践发展，通过梳理沪市ESG大事记、收录代表性案例、总结 市场建设成果等方式，力图呈现沪市ESG实践视角下，"两山"理念对资本市场的深刻影响。一是时间线 完整覆盖。《ESG实践》以"大事记"形式，梳理政策脉络，勾勒发展轨迹，展现沪市ESG实践所经历的 萌芽起步、探索发展和深化提升三个阶段，系统记录政策破冰、制度构建到体系深化的实践轨迹。二是 微观年度"切片"。《ESG实践》选取了生物医药、石油石化、电力设备、公共事业等17个行业的32家绿 色发展标杆企业，以"年份切片"的形式，还原每一年份对应的标杆性案例或重要突破。通过逐年典型案 例，微观折射沪市上市公司ESG二十年来从零星自愿披露走向规范系统披露的完整历程，展现企业绿色 低碳转型与社会责任履行的实践成果。三是实践成果"数说"。《ESG实践》用数据展示二十年来沪市 ESG实践的今昔对比。 截至目前，沪市超过1300家公司单独披露2024年度ESG相关报告，披露率达到57%，创历史新高；沪市 绿色债券累计发行8627亿元，成为全球主要绿色债券市场；可持续发展指数跟踪产品共计90只，规模合 计731.92亿元，基于中证A5 ...

一是时间线完整覆盖。《ESG实践》以"大事记"形式，梳理政策脉络，勾勒发展轨迹，展现沪市ESG实 践所经历的萌芽起步、探索发展和深化提升三个阶段，系统记录政策破冰、制度构建到体系深化的实践 轨迹。 二是微观年度"切片"。《ESG实践》选取了生物医药、石油石化、电力设备、公共事业等17个行业的32 家绿色发展标杆企业，以"年份切片"的形式，还原每一年份对应的标杆性案例或重要突破。通过典型案 例，微观折射沪市上市公司ESG二十年来从零星自愿披露走向规范系统披露的完整历程，展现企业绿色 低碳转型与社会责任履行的实践成果。 ● 本报记者 黄一灵 在"绿水青山就是金山银山"理念提出二十年之际，8月15日，上交所发布中英文版本《贯彻"两山"理念 沪市ESG实践二十年》报告，向境内外市场参与者系统介绍沪市二十年来ESG实践探索的阶段性进展。 上交所表示，将通过进一步优化ESG披露标准、推动提高ESG评级水平、丰富绿色金融产品等措施，助 力提升企业ESG表现、共建可持续发展生态，推动"两山"理念在更广范围、更深层次落地见效，助力金 融"五篇大文章"建设，更好地服务经济社会高质量发展。 上交所介绍，《ESG实践》的发布旨在引导 ...

Core Viewpoint - The company emphasizes its commitment to enhancing operational efficiency and investor returns through strategic initiatives and governance improvements [20][22]. Company Overview - The company is focused on becoming a comprehensive service provider in the urban construction and development sector, integrating technology and innovation into its operations [14]. - The company has a strong emphasis on digitalization and smart technology to enhance its service offerings [17]. Financial Data - The company completed a bond issuance of 600 million RMB with a 1.75% interest rate to optimize its debt structure and reduce financing costs [19]. - The company distributed cash dividends totaling 124.07 million RMB, representing 30.55% of the net profit attributable to shareholders for the year 2024 [20]. Major Shareholder Information - There were no changes in the controlling shareholder or actual controller during the reporting period [2]. Important Matters - The company held a board meeting to approve the 2025 semi-annual report and related documents, ensuring compliance with legal and regulatory requirements [3][5]. Strategic Initiatives - The company is actively pursuing a "Quality Improvement and Return Action Plan," focusing on enhancing its service capabilities and fostering collaboration with educational institutions [16]. - The company has initiated a project aimed at creating a technology park that integrates academic research and industry applications [16]. Investor Relations - The company has implemented measures to enhance communication with investors, including the release of its first ESG report, which has improved its ESG rating [21]. - The company maintains a transparent information disclosure process to ensure investors are well-informed [21]. Governance and Compliance - The company adheres to strict governance practices, holding regular board meetings and ensuring compliance with relevant laws and regulations [22][23]. - The company has developed new management policies to improve decision-making and operational efficiency [23].

Group 1 - The company intends to reappoint Tianheng Certified Public Accountants as its auditing firm for the year 2025 [2][10] - Tianheng Certified Public Accountants was established on November 4, 2013, and has a total of 85 partners and 386 registered accountants as of the end of 2024 [2][3] - The firm reported total audited revenue of 529.38 million yuan for 2024, with 460.09 million yuan from auditing services and 155.19 million yuan from securities business [3] Group 2 - The project partner for the audit is Mr. Wu Ting, who has been involved in auditing listed companies since 2000 [6] - The signing registered accountant, Ms. Zhao Ye, has been with Tianheng since 2018 and has signed off on two listed companies in the past three years [6][7] - The quality control reviewer, Mr. Zhang Xu, has been with Tianheng since 2008 and has signed and reviewed 11 listed company audit reports in the last three years [6] Group 3 - Tianheng has established a professional risk fund of 24.45 million yuan and has a cumulative insurance compensation limit of 100 million yuan [4] - The firm has not faced civil liability in lawsuits related to its professional conduct in the past three years [4] - Tianheng has received three administrative penalties and six supervisory measures in the last three years, but these do not affect its ability to continue providing securities services [5] Group 4 - The company’s board of directors approved the reappointment of Tianheng on August 15, 2025, and the decision will be submitted to the shareholders' meeting for final approval [12] - The shareholders' meeting is scheduled for September 1, 2025, and will utilize both on-site and online voting methods [18][20] - The meeting will address several resolutions, including the reappointment of the auditing firm and the election of independent directors [21][22] Group 5 - The board has renamed the Strategic Committee to the Strategic and ESG Committee to enhance the company's sustainability management [15][16] - The new committee will incorporate sustainable development responsibilities into its existing duties [16] - The adjustments aim to integrate sustainability into the company's strategic planning and decision-making processes [16]

据介绍，《ESG实践》全面回顾沪市ESG二十年的实践发展，通过梳理沪市ESG大事记、收录代表性案 例、总结市场建设成果等方式，力图呈现沪市ESG实践视角下，"两山"理念对资本市场的深刻影响。一 是时间线完整覆盖。《ESG实践》以"大事记"形式，梳理政策脉络，勾勒发展轨迹，展现沪市ESG实践 所经历的萌芽起步、探索发展和深化提升三个阶段，系统记录政策破冰、制度构建到体系深化的实践轨 迹。二是微观年度"切片"。《ESG实践》选取了生物医药、石油石化、电力设备、公共事业等17个行业 的32家绿色发展标杆企业，以"年份切片"的形式，还原每一年份对应的标杆性案例或重要突破；通过逐 年梳理典型案例，微观折射沪市上市公司ESG二十年来从零星自愿披露走向规范系统披露的完整历程， 展现企业绿色低碳转型与社会责任履行的实践成果。三是实践成果"数说"。《ESG实践》用数据展示二 十年来沪市ESG实践的今昔对比。 截至目前，沪市超过1300家公司单独披露2024年度ESG相关报告，披露率达到57%，创历史新高；沪市 绿色债券累计发行8627亿元，成为全球主要绿色债券市场；可持续发展指数跟踪产品共计90只，规模合 计731.92亿元， ...