全国社会保障基金理事会9月29日发布的2024年基本养老保险基金受托运营年度报告显示，地方养老基 金2024年投资收益额1056.88亿元，投资收益率5.52%。 社保基金会相关负责人表示，社保基金会坚持并持续丰富"长期投资、价值投资、责任投资"理念，审慎 稳健开展投资运营管理，忠实履行好基金安全和保值增值主体责任。 近8年年均投资收益率5.06% 报告显示，2024年末，养老基金资产总额28396.52亿元，权益总额23350.03亿元，其中，直接投资 5826.42亿元，占基金权益总额的24.95%；委托投资17523.61亿元，占基金权益总额的75.05%。 地方养老基金资产总额28247.96亿元，权益总额23233.02亿元；风险基金资产总额150.81亿元，权益总 额117.01亿元。 投资业绩方面，地方养老基金2024年投资收益额1056.88亿元，投资收益率5.52%，其中，已实现收益额 662.79亿元（已实现收益率3.50%），交易性资产公允价值变动额394.09亿元。自2016年12月受托运营 以来，地方养老基金累计投资收益额4123.59亿元，年均投资收益率5.06%。 风险基金自20 ...

● 本报记者 昝秀丽 全国社会保障基金理事会9月29日发布的2024年基本养老保险基金受托运营年度报告显示，地方养老基 金2024年投资收益额1056.88亿元，投资收益率5.52%。 社保基金会相关负责人表示，社保基金会坚持并持续丰富"长期投资、价值投资、责任投资"理念，审慎 稳健开展投资运营管理，忠实履行好基金安全和保值增值主体责任。 近8年年均投资收益率5.06% 报告显示，2024年末，养老基金资产总额28396.52亿元，权益总额23350.03亿元，其中，直接投资 5826.42亿元，占基金权益总额的24.95%；委托投资17523.61亿元，占基金权益总额的75.05%。 地方养老基金资产总额28247.96亿元，权益总额23233.02亿元；风险基金资产总额150.81亿元，权益总 额117.01亿元。 投资业绩方面，地方养老基金2024年投资收益额1056.88亿元，投资收益率5.52%，其中，已实现收益额 662.79亿元（已实现收益率3.50%），交易性资产公允价值变动额394.09亿元。自2016年12月受托运营 以来，地方养老基金累计投资收益额4123.59亿元，年均投资收益率5.0 ...

Core Insights - The meeting focused on the private equity asset management business, discussing its role in supporting the financial "five major articles," industry development outlook, wealth management transformation, application of artificial intelligence technology, and product innovation directions [1][2]. Group 1: Industry Development - The private equity asset management business has been strictly adhering to the new asset management regulations, leading to continuous improvement in operational standards and optimization of business structures [1]. - The industry is encouraged to align its development with the strategic layout of the financial "five major articles," enhancing its ability to serve resident wealth management, the real economy, national strategies, and capital market reforms [2]. Group 2: Innovation and Technology - The industry should embrace a philosophy of innovation while maintaining integrity, strengthening core investment research capabilities, and exploring deep integration of artificial intelligence in various operational and decision-making processes [2]. - There is a focus on cultivating specialized operational capabilities in comprehensive financial services, wealth management, and elderly care services, promoting a path of differentiated development [2]. Group 3: Compliance and Risk Management - Compliance and risk control are viewed as essential not only for safeguarding the bottom line but also as a driving force for development [3]. - Industry institutions are urged to enhance compliance awareness and continuously optimize their compliance and risk control systems, improving institutional and cultural frameworks [3]. Group 4: Association's Role - The association aims to strengthen its role as a service-oriented, technology-driven, and research-oriented body, implementing decisions from the central government and regulatory authorities [3]. - The association will focus on addressing urgent issues raised by the industry, improving self-regulatory rules, and enhancing the quality of filing work [3].

Group 1 - The "Yangtze Pension Cup" college student pension finance simulation investment competition is co-initiated by Yangtze Pension and Southern Finance, with guidance from the Shanghai Financial Industry Association and academic support from Fudan University [1] - The competition rules have been refined based on feedback from participants, emphasizing compliance and clarifying the criteria for continuous violations and the final rules for deducting violation profits [1] - Specific conditions leading to disqualification from the finals include investments in prohibited assets, excessive holding periods in certain stocks, and exceeding specified holding percentages [1] Group 2 - The rules for deducting profits from violations state that if no continuous violations occur, the profit rate will be recalculated based on the proportion of violation holding days to total holding days [1] - The competition promotes long-term, value, stable, and responsible investment philosophies, encouraging participants to engage in intelligent investment for a worry-free future [1]

Group 1 - The A-share market has shown a rebound since August, with the Shanghai Composite Index surpassing 3800 points, reaching a nearly ten-year high, and the ChiNext Index increasing by nearly 20% within the month [2] - The total market ETF scale has reached 5 trillion yuan, with the ChiNext ETF (159915) exceeding 100 billion yuan in size [2] - Since its launch in October 2009, the ChiNext has become a crucial platform for supporting innovative and entrepreneurial enterprises, nurturing industry leaders such as CATL and Mindray [2] Group 2 - Recent mid-year reports indicate a recovery in overall performance for ChiNext companies, with steady improvement in profitability and continuous growth in R&D investment, highlighting strong growth resilience [2] - The ChiNext Index comprises a significant proportion of strategic emerging industries, with weights of 92% in these sectors, including new generation information technology (34%), new energy vehicles (24%), and the biomedical field (12%) [2] - The ChiNext Index has undergone an "upgrade" in its compilation scheme, introducing individual stock weight limits and an ESG negative exclusion mechanism to enhance investment functionality and reduce stock volatility [2] Group 3 - The ChiNext ETF (159915) is the largest product tracking the ChiNext Index, with an average daily trading volume of 3.6 billion yuan over the past month, attracting investor attention [3] - The Amova E Fund ChiNext Index ETF (CXT), linked to this product, has recently been listed on the Singapore Stock Exchange, facilitating overseas investors' access to opportunities in China's ChiNext market [3] - E Fund has established a diverse matrix of ChiNext index products, including the ChiNext ETF (159915), ChiNext 50 ETF (159369), and ChiNext 200 ETF (159572), all with a low management fee rate of 0.15% per year [3]

近年来，贯彻ESG——环境、社会和治理原则的责任投资理念不断深入人心。实际上ESG作为一个 整体概念被首次提出是在2004年，距离现在不过18年时间。18年前，联合国全球契约组织首次提出ESG 概念，并指出："ESG对企业的品牌、声誉及价值有重大影响，倡议金融业参与者应将ESG纳入工作体 系，以构建强大、有弹性的金融市场并推动可持续发展"。 2006年，责任投资原则组织（PRI）在联合国支持下成立，PRI将责任投资定义为："该投资把ESG 因素纳入投资决策和积极行使股东投票权，以提高回报、更好地管理风险，以及创造对现实世界的积极 影响。"PRI为广大投资机构建立了ESG投资的基本原则与框架。自此，ESG投资、责任投资理念开始在 全球资产管理行业快速发展。 当下，很多业内人士把ESG投资、责任投资、绿色金融、可持续金融等概念交叉使用。虽然这些词 汇的内涵不完全等同，但是都指向同一个目标——将过去常被忽视的环境保护、社会责任等因素纳入投 资研究体系——这也是资产管理行业的必然发展趋势。ESG因素早期在国内常被视为一种非财务因素， 与传统投资研究的财务因素进行区别。但是这种分类在一定程度上限制了ESG投资理念的发展 ...

Group 1 - The first Green Industry and Sustainable Consumption Expo (Green Expo) will be held from October 16 to 18, 2025, in Shanghai, organized by Sina Finance [1][2] - The expo aims to create an international and professional platform for showcasing green industries and facilitating trade connections [1][2] - Key themes include green technology, sustainable consumption, and ESG services, focusing on clean energy, carbon neutrality, and circular economy solutions [1][2] Group 2 - The expo will serve as a platform for enterprises to showcase their achievements in green development and connect with global resources [2] - It aims to promote sustainable consumption as a new market driver and create a complete green industry chain by linking production and consumption [2] - The event will leverage media exposure, precise industry matching, international resource connections, and dual empowerment from policies and capital [2][3] Group 3 - Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, promoting sustainable development and responsible investment [3] - The center aims to enhance ESG assessment standards and corporate ratings in China, supporting the development of the ESG investment sector [3] - It has launched multiple ESG innovation indices to provide more options for investors focused on corporate ESG performance [3]

Core Insights - The report titled "Global Ecological Civilization Transformation Development Report 2025" aims to provide a scientific path for global ecological civilization transformation, highlighting the importance of zero-carbon transition for ecological civilization construction [1][2] - The report emphasizes that ecological civilization, based on renewable energy, represents a value-added approach to nature, facilitating systemic economic and social transformation while protecting the environment [2] Summary by Sections - **Chapter 1**: Reviews the historical evolution of ecological civilization, addressing its origins [1] - **Chapter 2**: Deeply analyzes the characteristics of ecological civilization and contrasts it with industrial civilization across ten dimensions [1] - **Chapter 3**: Discusses how ecological civilization can overcome the limitations of industrial civilization through zero-carbon energy transformation [1] - **Chapter 4**: Introduces practical pathways for ecological civilization construction through nature-based solutions [1] - **Chapter 5**: Highlights the governance perspective of global ecological civilization, emphasizing harmonious and inclusive prosperity [1] - **Chapter 6**: Summarizes the report and provides future outlooks [1] Expert Opinions - The leading expert of the report, Pan Jiahua, emphasizes that the ecological civilization concept has become a global consensus and hopes the report will significantly contribute to the overall transformation of global ecological civilization [2] - Chen Li, Deputy Director of the Guizhou Provincial Ecological Environment Department, states that the report offers a window into global ecological civilization development dynamics and provides forward-looking and guiding suggestions [2] - Li Guojun, former Assistant to the President of Beijing University of Technology, believes the report focuses on nature-based systemic solutions, offering a reference framework for global zero-carbon transition and ecological governance [2]

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) is revising the compilation plan for the ChiNext Composite Index to enhance its representation and better meet capital allocation needs, with the new plan set to be implemented on July 25, 2025 [1]. Group 1: Index Overview - The ChiNext Composite Index was launched in August 2010 and includes all stocks listed on the ChiNext board, reflecting the overall market trend [1]. - The index has shown a cumulative increase of 197% over nearly 15 years, with an annualized return of 7.6% and a year-to-date increase of 10% [1]. Group 2: Changes in Compilation Plan - The revised plan introduces a monthly removal mechanism for stocks under risk warning (ST or *ST) and an ESG negative removal mechanism for stocks rated C or below by the National ESG rating [1][3]. - The changes aim to improve the quality of sample stocks without altering the index's positioning or operational characteristics, thus having a minimal impact on index products [1]. Group 3: Market Impact and Fund Response - After the announcement of the revised compilation plan, seven fund companies quickly submitted applications for ChiNext Composite Index-related ETFs, indicating strong market interest [2]. - The revised index now includes 1,316 sample stocks, covering 95% of ChiNext-listed companies and achieving a total market capitalization coverage of 98% [2]. Group 4: Investment Implications - The introduction of the risk warning stock removal mechanism is expected to enhance tail risk management and improve index stability [3]. - The ESG negative removal mechanism is anticipated to promote responsible investment practices and direct funds towards companies with strong governance and sustainability [3]. - The SZSE aims to focus on serving national strategic priorities and enhancing the "Chuang" series of indices and products to provide diversified options for medium to long-term capital allocation [3].

Core Insights - The core viewpoint of the article is that the governance of A-share listed companies in China is undergoing a significant transformation from "formal compliance" to "substantive checks and balances" as the total market value of A-share companies surpasses one trillion yuan [1] Group 1: Governance Transformation - The report indicates that most surveyed companies recognize the importance of enhancing internal systems (77%) and strengthening information disclosure (59%) to solidify corporate governance, reflecting a strong "compliance-oriented" mindset [1] - However, companies face challenges in implementing deeper measures that touch on the core of power balance, such as improving board independence and reducing related-party transactions, indicating a need for internal motivation and willingness to change [1][2] - The root cause of the "formal compliance" in listed companies is the conflict of interest between controlling shareholders and minority shareholders, leading to insufficient attention to the interests of minority shareholders [2] Group 2: Market Value Management - Approximately 67% of surveyed companies prefer high dividend strategies, primarily to attract dividend-seeking investors (60%), while only 4% favor high repurchase strategies [2] - The report suggests that companies need to enhance their understanding of share repurchase strategies, as dividends require continuity and stability, and sudden changes can lead to negative market reactions [2] Group 3: Equity Incentives - 48% of surveyed companies have implemented or plan to implement equity incentive programs in the next two years, with the primary goal being to "bind core management" (89%) and to convey performance expectations through performance assessments (55%) [3] - There has been a 28% decrease in new equity incentive plans compared to 2021, while the number of terminated plans has nearly tripled, indicating a decline in the enthusiasm for equity incentives [3] - The report warns that unrealistic or overly conservative performance targets in equity incentive plans can lead to negative market reactions, highlighting the need for careful evaluation of capabilities and market conditions [3] Group 4: Institutional Investor Role - The introduction of regulations by the China Securities Investment Fund Industry Association in May 2025 aims to clarify the role of public funds in corporate governance, expecting them to play a more significant role in improving governance quality [4] - Fund companies are required to develop policies for participating in corporate governance and must vote at shareholder meetings if they hold 5% or more of a company's circulating shares [4] Group 5: ESG Integration - 华夏基金 has established an ESG business committee to develop a comprehensive system for communication with listed companies, proxy voting, and responsible investment [5] - The firm has created a digital platform for proxy voting, significantly increasing participation and enabling fund managers to influence corporate governance [5] - The focus on ESG factors may impact short-term financial performance, but improving ESG governance can reduce negative risks and align with regulatory and public value standards, ultimately enhancing corporate value [6] Group 6: Challenges in Governance Participation - The report notes that listed companies prefer softer communication methods from institutional shareholders, showing lower acceptance of shareholder proposals and director nominations [7] - The reluctance of companies to engage in confrontational communication may stem from concerns about stability and harmony in governance [7] - The report emphasizes that institutional investors' participation in corporate governance is still in its early stages, and regulatory policies will drive significant progress in this area [8]