本报记者 孟珂 10月16日，在2025可持续全球领导者大会上，北京证券交易所副总经理周箴做主题演讲时，系统介绍了北交所在推动创新 型中小企业践行可持续发展理念方面的阶段性成果与未来规划。她表示，北交所正通过系统化举措，引导中小企业将可持续发 展理念深度融入企业战略，实现从"小而美"向"强而久"的转型升级。 四是完善信披要求，稳步提高中小企业可持续发展信披质量。2024年4月份，北交所发布《可持续发展报告指引》，推动 可持续信披制度建设进入新阶段。2025年，北交所进一步发布两件可持续发展报告编制指南，并就另两件指南公开征求意见。 目前，已有40家公司主动发布2024年ESG报告，数量较上年增长近一倍；近六成公司参与ESG评级，全部获得BB及以上等级， 其中两成获评A级，体现出市场对北交所企业可持续发展实践的广泛认可。 周箴强调，北交所将继续发挥服务创新型中小企业"主阵地"作用，引导企业贯彻新发展理念，为构建新发展格局、推动高 质量发展贡献力量。 一是深化理念引领，充分激发中小企业可持续发展意识。北交所着力引导企业认识到，可持续发展不是"加分项"，而是关 乎长远生存与高质量发展的"必答题"。目前，北交所279 ...

Financial Data and Key Metrics Changes - M and T Bank reported diluted GAAP earnings per share of $4.82, up from $4.24 in the prior quarter, with net income increasing to $792 million from $716 million [7][6] - The operating return on tangible assets (ROTA) and return on tangible common equity (ROTCE) were 1.49% and 17.13% respectively [5][6] - The net interest margin expanded to 3.68%, reflecting a 6 basis point increase from the prior quarter [10][6] - The efficiency ratio improved to 53.6%, down from 55.2% in the linked quarter [17][6] Business Line Data and Key Metrics Changes - Average loans and leases increased by $1.1 billion to $136.5 billion, with commercial loans rising by $700 million to $61.7 billion [11][6] - Non-interest income reached $752 million, up from $683 million in the linked quarter, driven by strong performance across all fee income categories [13][6] - Non-interest expenses increased to $1.36 billion, reflecting a $27 million rise from the prior quarter [15][6] Market Data and Key Metrics Changes - Average total deposits declined by $700 million to $162.7 billion, with non-interest bearing deposits decreasing by $1.1 billion [13][6] - The liquidity position remained strong, with investment securities and cash held at the Fed totaling $53.6 billion, representing 25% of total assets [12][6] Company Strategy and Development Direction - The company aims to grow its New England and Long Island markets while optimizing resources through simplification and enhancing risk management capabilities [26][6] - M and T Bank remains focused on shareholder returns and consistent dividend growth, with a commitment to disciplined acquisitions [26][6] Management's Comments on Operating Environment and Future Outlook - The economic backdrop is resilient, but there are concerns about potential slowdowns due to a weakening labor market and ongoing uncertainties [21][6] - The company expects taxable equivalent net interest income of approximately $1.8 billion for the fourth quarter, with continued loan growth anticipated [23][6] Other Important Information - The company executed $49 million in share repurchases and increased its quarterly dividend by 11% to $1.15 per share [6][6] - The allowance for loan loss as a percentage of total loans decreased to 1.58%, reflecting lower criticized loans [18][6] Q&A Session Summary Question: Loan growth and CRE book status - Management noted a significant rebound in commercial real estate (CRE) approvals, with production rates doubling compared to prior quarters, particularly in multifamily and industrial sectors [29][30] Question: M and T's position in a consolidating regional environment - The company plans to continue growing its market share within its existing footprint, with potential for expansion into adjacent markets depending on acquisition opportunities [32][33] Question: Regulatory environment and profitability - Management highlighted a shift in regulatory observations, allowing for quicker resolutions and improved operational efficiency [39][40] Question: NDFI exposure and credit risk assessment - M and T's exposure to non-depository financial institutions (NDFI) is relatively low at 7-8% of total loans, focusing on lower-risk businesses [49][50] Question: Capital targets and share repurchases - The CET1 ratio remains at 10.99%, with discussions ongoing about potential adjustments to capital targets based on performance and regulatory clarity [62][61] Question: Competition and loan spreads - The competitive landscape has intensified, with loan spreads down approximately 10-15 basis points, but the company remains efficient in its pricing strategy [64][65] Question: Operating leverage and revenue growth - Management expressed optimism about revenue growth outpacing expenses, driven by strong fee income and net interest margin improvements [70][71]

Core Insights - The current landscape of Sustainable Aviation Fuel (SAF) in mainland China includes 16 projects, with 8 already operational, and global SAF production capacity is projected to reach 1 million tons by 2025 and 2 million tons by 2026 [2] - Despite the anticipated doubling of production capacity, it will only meet a small fraction of the demand from airlines [2] - SAF is viewed as a feasible solution for decarbonizing the aviation industry, but challenges such as scale and cost remain significant barriers to replacing traditional fossil fuels [2] Production Challenges - A recent IATA report indicates that sufficient raw materials for SAF production exist to support the aviation industry's goal of net-zero carbon emissions by 2050, provided they meet sustainability standards [3] - The slow progress in technology adoption is a major obstacle to developing various raw material pathways for SAF production [3] - The current commercial-scale SAF production relies on HEFA technology, which converts plant oils and waste oils into aviation fuel [3] Future Projections - By 2050, it is expected that over 300 million tons of bio-SAF could be produced annually, although competition for raw materials from other industries may limit this potential [4] - If policies and investments are appropriately directed, bio-SAF production could exceed 300 million tons annually by mid-century, with e-SAF projected to produce around 200 million tons [4] Cost and Economic Viability - The high cost of SAF production is a direct consequence of capacity limitations, which discourages airlines from increasing SAF usage [5] - HEFA-SAF currently costs 3-4 times more than traditional aviation fuel, while e-SAF is expected to be 7-8 times more expensive [5] - The average fuel cost constitutes about 30% of airline operating expenses, making policy incentives crucial for narrowing the cost gap and promoting large-scale adoption of SAF [6] Policy and Market Dynamics - The slow growth of global SAF production raises concerns within the aviation industry, highlighting the need for policy interventions to accelerate production [6] - IATA has identified 300 announced SAF projects globally, with 160 expected to be operational by 2030, collectively producing 5.5 million tons [6] - The Chinese government is also enhancing its SAF production capabilities, with Honeywell announcing a project in Shanxi province that will process 150,000 tons annually [6][7] Technological and Strategic Recommendations - To overcome the challenges facing SAF, IATA emphasizes the need for accelerated technology adoption and the unlocking of new SAF production methods, particularly PtL [8] - A coordinated government policy is essential to support innovation and investment, creating a functional SAF market and unlocking new economic opportunities [8] - IATA advocates for a "raw material neutral, technology neutral" approach to SAF development, emphasizing the importance of optimizing existing refining capabilities [10] Global Framework and Collaboration - IATA stresses the necessity of a coherent global framework for SAF development to avoid inefficiencies and market distortions caused by fragmented policies [10] - The CORSIA mechanism is highlighted as a key tool for addressing international aviation CO2 emissions, with participation expected to grow significantly by 2026 [10] - Regional differences in raw material availability will influence local SAF market development, necessitating alignment with globally recognized policies and standards [11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing high-quality sustainable disclosure practices, emphasizing the importance of a robust disclosure system for sustainable development [2][7]. Group 1: Institutional Development - The CSRC has strengthened the institutional framework for sustainable disclosure, establishing mandatory guidelines and reference standards for listed companies [4][5]. - In 2023, 1,869 listed companies disclosed their 2024 sustainability reports, achieving a disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [5][6]. Group 2: Quality of Disclosure - The content of disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators, and over 62.1% disclosing climate-related risks and opportunities [5][6]. - Governance related to sustainability has improved, with 67.3% of companies establishing governance structures and 44.0% setting and disclosing quantitative sustainability goals [5][6]. Group 3: Focused Topics and Ratings - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on climate change and fair treatment of small and medium enterprises [6][9]. - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [6][9]. Group 4: Future Directions - The CSRC plans to continue refining the disclosure system by learning from international practices while addressing domestic challenges, ensuring that the approach is tailored to local conditions [9][10]. - The CSRC will implement a phased approach to mandatory disclosures, starting with key index sample companies, which represent over half of the market's total value [11][12].

Group 1 - The 2025 Sustainable Global Leaders Conference commenced on October 16 in Huangpu District, Shanghai, focusing on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth" as its core theme [3] - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District People's Government [3] - Keynote speeches were delivered by prominent figures including former Maldives President Mohamed Waheed Hassan and Erkki Liikanen, Chairman of the IFRS Foundation [3] Group 2 - The opening ceremony featured the release of the "2025 Shanghai ESG Development Report," which emphasizes urban sustainable development and governance innovation [5] - Notable speakers included representatives from various sectors, such as banking and aviation, who shared insights on sustainable development [5] - A concurrent event, the "Green Industry and Sustainable Consumption Expo," showcased innovative practices in the field of sustainable development, with participation from international organizations and leading enterprises [5] Group 3 - The conference serves as a significant platform for international dialogue on sustainability, promoting collaboration among governments, businesses, academia, and social organizations [6] - Future initiatives will focus on the exchange and transformation of green innovation outcomes, aiming to enhance Shanghai's role as a global sustainable development demonstration city [6]

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。马上消费金融副总经理孙 磊出席并发表演讲。 浦区人民政府支持。大会以"携手应对挑战：全球行动、创新与可持续增长"为核心主题，汇聚全球智慧 力量，共探可持续发展新路径，为全球可持续治理注入澎湃的"中国动能"。 本届可持续大会在以往四届"ESG全球领导者大会"的基础上进一步升级！嘉宾阵容强大，可持续大会组 委会邀请约500位中外重磅嘉宾，其中约100位为海外嘉宾，不仅有政要、前政要、国际组织的代表，还 包括了诺贝尔奖得主、图灵奖得主、全球500强企业负责人等国际顶尖学者与业界领军代表。本届大会 将围绕近50个议题展开深入研讨，议题涵盖能源与"双碳"、绿色金融、可持续消费、科技与公益等细分 领域。 孙磊在演讲中深入剖析了企业在推进可持续发展道路上面临的现实挑战。他指出，可持续发展已成为企 业在不确定性中寻找确定性的关键路径，但在实践过程中，企业正面临来自外部环境、市场波动、内部 转型和激励机制等多重考验。 外部环境的不确定性成为企业面临的首要挑战。孙磊特别指出，在一些强监 ...

Core Viewpoint - The 2025 Sustainable Global Leaders Conference highlighted the significant differences in ESG (Environmental, Social, and Governance) development across various regions in China, with major cities like Beijing, Shanghai, and Hong Kong leading in ESG understanding and management [1] ESG Disclosure Rates - Shanghai has an ESG disclosure rate of 57%, while Beijing also shows a very high disclosure rate, making these two cities national leaders in ESG practices [1] - Hong Kong-listed companies have nearly achieved 100% ESG disclosure [1] Regional Differences in ESG Practices - There is a notable contrast in ESG practices between first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) and inland regions, with coastal cities being more receptive to international information and advanced experiences [1] - Inland companies are often still focused on meeting compliance requirements rather than fully embracing ESG management [1] Global Perspective on Chinese Companies' ESG Levels - From a global standpoint, Chinese companies are not lagging in ESG levels, with many new standards being introduced this year [1] - Policy guidance is contributing to the steady improvement of ESG management levels among Chinese enterprises, with aspirations for them to become global leaders in ESG and green finance [1] ESG as a Management Tool - ESG should be viewed as a management tool rather than merely an information disclosure tool, as it can modernize corporate governance [1]

Core Insights - The China Securities Regulatory Commission (CSRC) announced significant progress in establishing a sustainable information disclosure system for listed companies, with mandatory sustainability reporting set to begin in 2026, marking a key step in promoting sustainable development in the capital market [1][6] Group 1: Progress in Sustainability Reporting - In 2024, 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [2] - The total market capitalization of companies that disclosed sustainability reports accounted for about 70% of the entire market [2] - Nearly half of the listed companies have systematically disclosed sustainable information when including those that disclosed social responsibility reports [2] Group 2: Improvement in Disclosure Quality - 99.3% of the companies that disclosed reports included quantitative indicators, with over 80% of enterprises reporting more than 25 indicators [2] - 62.1% of companies disclosed climate-related risks and opportunities, while 65.9% reported greenhouse gas emissions, showing significant improvement from the previous year [2] - 67.3% of companies established relevant governance structures, and 44.0% set and disclosed quantitative sustainability goals [2] Group 3: Future Directions - The CSRC aims to gradually improve the disclosure system by learning from international experiences while respecting local conditions, with plans to enrich the guidelines and assess policies after the mandatory disclosure begins in 2026 [4] - The mandatory disclosure requirements will initially cover around 400 key sample companies, which represent over half of the market capitalization, with 95% of these companies already voluntarily disclosing relevant reports [4] - The CSRC will encourage but not mandate smaller companies to disclose, with a focus on gradually expanding the coverage [4] Group 4: Emphasis on High-Quality Development - The core of sustainable disclosure is high-quality development, with many international investors recognizing Chinese listed companies as significant contributors to sustainability [5] - The CSRC will enhance training and case guidance for companies to help them identify and disclose significant sustainable risks and opportunities, while also ensuring the accuracy and balance of disclosed information [5] - An invitation was extended to global investors committed to sustainability to increase investments in high-quality Chinese listed companies [5]

专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 四是完善信披要求，稳步提高中小企业可持续发展信披质量。2024年4月，北交所发布《可持续发展报 告指引》，推动可持续信披制度建设进入新阶段。2025年，北交所进一步发布两件可持续发展报告编制 指南，并就另两件指南公开征求意见。目前，已有40家公司主动发布2024年ESG报告，数量较上年增长 近一倍；近六成公司参与ESG评级，全部获得BB及以上等级，其中两成获评A级，体现出市场对北交所 企业可持续发展实践的广泛认可。 周箴强调，北交所将继续发挥服务创新型中小企业"主阵地"作用，引导企业贯彻新发展理念，为构建新 发展格局、推动高质量发展贡献力量。 北京证券交易所副总经 责任编辑：张恒星 理周箴出席并发表主题演讲 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。北京证券交易所副总经理 周箴出席并发表主题演讲，系统介绍了北交所在推动创新型中小企业践行可持续发展理念方面的阶段性 成果与未来规划。她表示，北交所正通过系统化举措，引导中小企业将可持续发展理念深度融入企业战 略，实现从"小而美"向"强而久"的转型升级。 在支持中 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) emphasizes the importance of sustainable development for small and medium-sized enterprises (SMEs) and aims to enhance the quality of information disclosure while supporting their growth and innovation [3][5]. Group 1: Sustainable Development Initiatives - The BSE has achieved significant results in promoting sustainable development among SMEs, including raising awareness that sustainability is a "must-answer question" [3]. - Over 10% of BSE-listed companies are involved in clean energy and environmental protection, contributing to energy conservation and emission reduction [4]. - In 2024, all BSE companies will disclose social responsibility information in their annual reports, providing approximately 180,000 job opportunities to support rural revitalization [4]. Group 2: Information Disclosure and ESG Reporting - The BSE has released the "Sustainable Development Report Guidelines" in April 2024 to enhance the quality of sustainability disclosures among SMEs [4]. - 40 companies have proactively published their 2024 ESG reports, nearly doubling the number from the previous year, with nearly 60% participating in ESG ratings and achieving BB or above ratings [4][5]. - The BSE plans to develop a sustainable disclosure system tailored for SMEs, providing phased guidelines and examples to reduce disclosure costs [5]. Group 3: Future Directions - The BSE aims to transition ESG from mere reporting to practical implementation, encouraging companies to integrate environmental, social, and governance factors into their strategies [5][6]. - The exchange will foster a supportive environment for SMEs' sustainable development by promoting the development of ETFs, supporting green bond issuance, and exploring green asset-backed securities [6]. - The BSE is committed to playing a key role in promoting innovative SMEs to implement new development concepts, contributing to high-quality development in China [6].