上交所表示，下一步，将持续做好规则培训工作，同时认真听取各方意见建议，根据市场需求适时推进其他议题编制指南 的出台，以高质量的可持续发展信息披露规则助力提升上市公司质量。 （编辑 李家琪） 本报讯 （记者毛艺融）1月30日，记者从上海证券交易所（以下简称"上交所"）获悉，近日，在中国证监会的指导下，上 交所制定发布三项可持续发展报告编制应用指南，涉及污染物排放、能源利用和水资源利用，中英文版本同步向市场公开。 绿色发展是中国式现代化的鲜明底色。党的二十届四中全会明确提出，加快经济社会发展全面绿色转型，建设美丽中国。 近年来，上交所认真贯彻落实新发展理念，不断完善可持续发展信息披露规则体系，引导上市公司牢固树立并积极践行"绿水 青山就是金山银山"的理念，推动可持续发展信息披露质量和评价水平稳步提升。 2026年是"十五五"开局之年，也是沪市公司ESG信息披露"首考"之年。本次出台的三项可持续发展报告编制应用指南，与 前期发布的《第二号 应对气候变化》共同构建了绿色转型议题的指南体系。指南内容全面覆盖风险评估、工作流程、常见披露 数据核算流程和方法等重难点问题，在强化规范性的同时兼顾行业包容性，助力上市公司稳妥做 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何昕怡）记者1月30日从上交所获悉，近日，在中国证监会的指导下，上交 所制定发布三项可持续发展报告编制应用指南，涉及污染物排放、能源利用和水资源利用，中英文版本 同步向市场公开。 绿色发展是中国式现代化的鲜明底色。近年来，上交所认真贯彻落实新发展理念，不断完善可持续发展 信息披露规则体系，引导上市公司牢固树立并积极践行"绿水青山就是金山银山"的理念，推动可持续发 展信息披露质量和评价水平稳步提升。 2026年是"十五五"开局之年，也是沪市公司ESG信息披露"首考"之年。本次出台的三项可持续发展报告 编制应用指南，与前期发布的《第二号 应对气候变化》共同构建了绿色转型议题的指南体系。指南内 容全面覆盖风险评估、工作流程、常见披露数据核算流程和方法等重难点问题，在强化规范性的同时兼 顾行业包容性，助力上市公司稳妥做好首个强制披露报告期的相关工作，全面夯实可持续发展根基，开 创"十五五"时期沪市公司高质量发展新局面。 前期，上交所已就上述应用指南向社会公开征求意见，共收到意见80余份，市场各方普遍认可新增三项 ...

1月30日，在中国证监会的指导下，沪深北交易所修订发布上市公司可持续发展报告编制指南（以下简 称《指南》），新增《第三号 污染物排放》《第四号 能源利用》《第五号 水资源利用》三个应用指 南，中英文版本同步向市场公开。 此次发布的三个应用指南，与前期发布的《第二号 应对气候变化》共同构建了绿色转型议题的指南体 系。新增内容注重与企业实际相结合，不额外增设强制性披露义务，旨在引导上市公司循序渐进提升环 保与资源节约责任意识，推动形成规范、透明、可持续的信息披露机制。 2026年是A股可持续发展报告强制披露的元年。随着《指南》对重要议题覆盖面提升，上市公司ESG信 息披露迎来更加全面且细致的指导，有助于提高ESG信披质量和评级。 为企业解决系统性难题 修订后的《指南》重点围绕相关议题的风险与机遇识别、核算方法规范、披露内容明确三个方面展开： 一是系统说明各议题涉及的主要风险与机遇，如生产运营中的环境合规风险、绿色技术应用带来的市场 机遇等。 二是提供披露数据的计算流程与方法，涵盖污染物排放量统计、综合能耗计算、水资源取用与消耗计量 等，增强数据可比性与可靠性。 三是进一步明确信息披露要点，包括排放物对周边社区与员 ...

Group 1 - The core viewpoint is that China's economy faces long-term challenges due to demographic changes, necessitating the exploration of "talent dividends," "market dividends," and "industry dividends" for high-quality growth [1] - International investors' confidence in China's economic situation and reforms is recovering, driven by significant changes in export structure, with high-value-added products like electromechanical products accounting for 60% of total exports [1] - The diversification of markets has made substantial progress, with a significant increase in exports to emerging markets, effectively reducing reliance on a single market and forming new growth momentum [1] Group 2 - China has over ten million college graduates annually, a large middle-class consumer market, and the world's most complete industrial supply chain, providing a solid foundation for the economy's transition to innovation-driven growth [1] - The government is committed to creating more jobs, increasing residents' income, and optimizing public services, as indicated by the emphasis on "investing in people" in last year's government work report [1] - In the AI sector, China's advantages in population scale, industrial chain, and market size align well with the key demands of AI development, which relies heavily on computing power and resource investment [2] Group 3 - The concept of "happiness return" integrates social impact with financial returns, demonstrating that high-quality investment opportunities can be discovered even in uncertain times [2] - The transition finance is crucial for supporting the green transformation of high carbon-emitting industries under China's "dual carbon" strategy, with increasing demands for climate risk and ESG information disclosure from capital markets [2] - From 2026, all listed companies in Hong Kong will need to comply with ISSB standards for disclosure, which may increase short-term costs but is expected to drive profound changes towards sustainable development in the long run [2]

Group 1 - The core viewpoint of the article is the expansion of government procurement policies to support green building materials and promote sustainable construction practices across 101 cities starting January 1, 2025 [7] - The new "Demand Standards (2025 Edition)" introduces a "mandatory + optional" selection rule for green building materials, enhancing operational feasibility and adaptability [7] - The mandatory category includes key materials with significant carbon reduction benefits, while the optional category allows cities to select cost-effective green materials, ensuring at least 40% of the total materials used are green [7] Group 2 - The establishment of a national asset adjustment sharing platform aims to enhance the efficiency of state-owned asset utilization and promote environmental sustainability through resource recycling [8] - The platform has successfully facilitated the adjustment of over 20,000 assets worth 375 million yuan in Yunnan province alone, demonstrating significant improvements in asset utilization [8] - The initiative reflects a commitment to reducing operational costs and optimizing resource allocation within government institutions [8] Group 3 - Shenzhen has included energy management contracts in its government procurement directory, marking a significant step in promoting energy efficiency through centralized procurement [9] - The integration of energy management services into procurement processes is expected to enhance fiscal management and support the achievement of carbon reduction goals [9] - The move is seen as a model for other regions to follow, aligning with the dual pressures of carbon reduction targets and refined fiscal management [9] Group 4 - Beijing has introduced ESG (Environmental, Social, and Governance) evaluations as a scoring criterion in government procurement, marking a pioneering effort in integrating sustainability into public procurement practices [10] - This initiative is expected to set a precedent for other regions and encourage greater emphasis on ESG disclosures among businesses [10] - The application of ESG principles in procurement is viewed as a critical step towards high-quality economic and social development [10] Group 5 - The implementation of centralized green electricity procurement in Beijing aims to promote the use of renewable energy among public institutions, with a total procurement of 203 million kWh of green electricity [11][12] - This initiative is projected to reduce carbon emissions by 122,000 tons, aligning with national goals for expanding green energy applications [11][12] - The procurement process has streamlined operations and enhanced market negotiation capabilities for public institutions [12] Group 6 - The government is actively promoting the use of bamboo products as a sustainable alternative to plastic, with various provinces implementing supportive procurement policies [13] - Fujian province has established a "Bamboo Products Pavilion" to facilitate the integration of bamboo products into government procurement, showcasing a successful model for other regions [13] - The initiative has led to significant economic benefits for local bamboo industries and is expected to drive broader adoption of bamboo products in public institutions [13]

2024年ESG相关报告名称类别。 另一值得关注的问题是，上市公司ESG信息披露偏重宏大叙事而缺乏具体举措。报告指出，在气候变化 议题、员工安全等议题上，多数企业虽建立相关的规章制度和委员会，但并未有具体的实施举措和数 据。此外，上市公司ESG负面信息披露的规范性严重不足。其中，企业以形象宣传心态对待ESG报告的 发布，负面信息披露率极低，或将负面信息包装成正面治理成就，"丧事喜报"现象突出。 对此，为完善ESG生态，助力企业ESG信息披露，报告认为，企业要高度重视ESG的重要价值，补充完 善ESG信息披露准则体系，推进ESG信息的规范化披露。同时，加快完善ESG基础设施与生态体系—— 这就需具备专业的人才和技术条件，可通过创新高校教学组织模式，培养"ESG+"复合型人才。 上市公司披露的ESG报告存在哪些问题？12月16日，南方都市报举办的"2025可持续发展创 新生态大会"上，上海财经大学富国ESG研究院副院长郭峰以《我国上市公司ESG信息披露 现状的大模型诊断》为题发表了演讲。 近年来，我国上市公司ESG信息披露进程加速，其 成效与挑战究竟如何？郭峰教授及其团队历时一年，开创性地运用大模型技术对海量ES ...

Group 1 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau have jointly issued 11 policy measures to enhance the collaboration between commerce and finance to boost consumption [1] - The policies include exploring various methods such as financing guarantees, loan interest subsidies, and risk compensation to guide credit funds towards key consumption areas [1] Group 2 - The mandatory disclosure of sustainable development reports for listed companies is approaching, with many companies starting to prepare their reports for the 2025 fiscal year [2] - Companies are focusing on core performance indicators and aligning with international standards to improve communication with global clients [2] - The industry is transitioning from passive compliance to proactive enhancement in ESG information disclosure [2] Group 3 - The Central Financial and Economic Affairs Commission plans to introduce incremental policies next year based on the evolving economic situation [3] - Emphasis will be placed on stabilizing and improving quality and efficiency while enhancing macroeconomic governance effectiveness [3] Group 4 - The A-share market has shown a "weak Shanghai, strong Shenzhen" trend, with the ChiNext Index rising by 2.74% and the Shenzhen Component Index by 0.84%, while the Shanghai Composite Index fell by 0.34% [4] - The central economic work conference has positively influenced market expectations and confidence, indicating a gradual unfolding of the cross-year market trend [4] Group 5 - Over 50 funds have doubled their net value this year, with the top-performing fund achieving a return of 218% [5] - Most of these funds are heavily invested in artificial intelligence stocks, and individual stock performance will be crucial for final rankings [5] Group 6 - 14 companies undergoing restructuring are entering the execution phase of their plans, with significant risks of stock price declines due to capital reserve transfers [6] - Investors are advised to focus on the details of restructuring plans and the potential for fundamental improvements [6] Group 7 - The performance of consumption-themed funds has raised questions due to significant deviations from their performance benchmarks, prompting regulatory responses to recalibrate these benchmarks [8] - Regulatory measures aim to ensure that performance benchmarks accurately reflect fund managers' capabilities and stability [8] Group 8 - The ETF market has seen significant expansion this year, with total growth exceeding 2 trillion yuan, particularly in core index-linked products [9] - Four categories of index-linked ETFs have each surpassed 100 billion yuan in growth, indicating a shift in the use of ETFs as a diversification tool [9] Group 9 - New regulations for public fund sales are being proposed to address issues of blind scale growth and unregulated practices in live sales [10] - The proposed guidelines emphasize the importance of assessing fund performance based on investor outcomes rather than just sales volume [10] Group 10 - Insurance companies have made 38 equity stakes this year, the highest since 2016, with a focus on H-share listed companies [11] - The trend of multiple stakes in the same company is expected to continue into 2026, with traditional sectors remaining stable while technology sectors may see increased interest [11] Group 11 - Several communication equipment-themed ETFs have shown remarkable performance, with many exceeding a 100% increase in net value this year [12] - There are noticeable differences in fund flows among various themes, indicating diverse investor behaviors [12] Group 12 - Public fund institutions are actively targeting opportunities in the Hong Kong stock market, with many shortening fundraising periods for new funds [13] - The enthusiasm for investment in Hong Kong stocks is evident despite recent market adjustments [13]

Core Viewpoint - The mandatory disclosure of sustainable development reports for listed companies in China is approaching, with significant changes in regulatory requirements and practices expected by 2026 [1][2]. Group 1: Regulatory Changes - The revised "Management Measures for Information Disclosure of Listed Companies" came into effect on July 1, 2023, mandating the publication of sustainable development reports by listed companies [2]. - The Shanghai and Shenzhen Stock Exchanges will implement the "Guidelines for Sustainable Development Reports of Listed Companies" in 2024, requiring companies to disclose their 2025 reports by 2026 [2]. Group 2: Current Practices and Trends - Companies are enhancing their sustainable development report practices by focusing on core performance indicators and aligning with international standards [1][3]. - There is a trend towards separating sustainable development reports from social responsibility reports to improve clarity and focus [3][4]. Group 3: Challenges in Data Disclosure - The disclosure of quantitative data remains a significant challenge, particularly in areas related to climate and supply chain management [5][6]. - As of September 2023, only 37.80% of listed companies disclosed quantitative performance related to greenhouse gas emissions, indicating a gap in data transparency [5]. Group 4: Importance of Quantitative Data - Quantitative data is crucial for linking ESG performance to financial outcomes, influencing investment decisions and company valuations [5][6]. - Companies are encouraged to develop comprehensive indicator systems for effective data collection and management, which is currently hindered by fragmented processes across departments [6][7]. Group 5: Recommendations for Improvement - Suggestions include enhancing policy guidance, promoting industry leaders to set examples, and developing third-party platforms for technical support [9]. - Establishing a standardized framework for information disclosure that aligns with international rules is essential to reduce compliance costs for companies [9].

Core Viewpoint - The mandatory disclosure of sustainable development reports for listed companies in China is approaching, with many companies already preparing their 2025 reports, marking a significant shift from passive compliance to proactive enhancement of ESG information disclosure [1][2]. Group 1: Regulatory Changes - The revised "Management Measures for Information Disclosure of Listed Companies" came into effect on July 1, 2023, mandating companies to publish sustainable development reports as per exchange regulations, elevating ESG disclosure from voluntary to regulatory compliance [2]. - The Shanghai, Shenzhen, and Beijing Stock Exchanges will implement the "Guidelines for Sustainable Development Reports of Listed Companies" in 2024, requiring companies to disclose their 2025 reports by 2026 [2]. Group 2: Reporting Practices - Companies are focusing on core performance indicators to enhance readability and are separating sustainable development reports from social responsibility reports to strengthen thematic clarity [1][3]. - The emphasis on supply chain management and sustainability is increasing, with companies aiming to meet both domestic and international disclosure requirements [3]. Group 3: Challenges in Disclosure - The transition to quantitative data disclosure is challenging, with companies facing difficulties in data collection, talent shortages, and insufficient tools [1][4]. - A significant gap exists in the quantitative disclosure of climate-related data, with only 37.80% of companies actively reporting their greenhouse gas emissions performance [5][6]. Group 4: Industry Insights - The demand for ESG quantitative data is rising, with 102 fund companies issuing 1003 ESG public fund products by September 2023, reflecting an 11.94% increase from the previous year [6]. - Companies are encouraged to develop a comprehensive indicator system for quantitative data, which includes target setting, progress monitoring, and data collection [6][7]. Group 5: Recommendations for Improvement - Suggestions for enhancing ESG disclosure include strengthening policy guidance, promoting industry leaders as role models, and developing third-party platforms for technical support [9]. - Establishing a standardized system for ESG disclosure that aligns with international rules is essential to reduce compliance costs and improve efficiency [9].

本文由第三方AI基于财新文章 [https://a.caixin.com/8So80ZOk](https://a.caixin.com/8So80ZOk) 提炼总结而成，可能与原文真实意图存在偏差。不代表财新观点和立场。推荐点击链接阅读原文细致比对和校验 Summary of Key Points Industry Overview - The report focuses on the emerging micro-drama industry in China, particularly in the cities of Xi'an and Zhengzhou, which are becoming significant hubs for internet content production [15][21][24] Core Insights and Arguments - **Production Capacity**: Xi'an and Zhengzhou are producing 40%-60% of the country's micro-drama content, with over 200 companies in Xi'an alone [19][21] - **Rapid Production**: Micro-dramas can be filmed quickly, with some productions completing 60 episodes in just five days [19][21] - **Economic Impact**: The micro-drama industry is generating substantial revenue, with some productions achieving over 50 million yuan in user recharge on their launch day [16][19][34] - **Talent Pool**: Both cities have a large population and numerous universities, providing a steady stream of young talent for the industry [28][44] - **Business Models**: Companies operate on two main models: contract-based production for platforms and self-developed scripts for direct sales [24][34] Emerging Trends - **Content Quality**: There is a shift towards higher quality content as audiences become fatigued with low-quality productions [37][56] - **Market Dynamics**: The industry is experiencing a "bottleneck" in terms of profitability, with production costs rising and profit margins shrinking [56][58] - **Platform Dependency**: The success of micro-drama companies is heavily reliant on platforms like Hongguo, which provide funding and distribution [36][56] Challenges and Risks - **Regulatory Scrutiny**: The industry faces increased regulation, with authorities cracking down on low-quality content [36] - **Sustainability**: The rapid growth of the industry raises concerns about sustainability and the potential for oversupply [56][58] - **Labor Conditions**: The intense work schedules and high demands on crew and actors have raised concerns about labor conditions in the industry [58] Additional Important Insights - **Technological Integration**: The use of AI and data analytics is becoming more prevalent in content creation and audience engagement strategies [11][12] - **Educational Initiatives**: Collaborations between universities and production companies are emerging to enhance skill development in the industry [47][48] - **International Expansion**: Some companies are exploring opportunities to produce content for international markets, although challenges remain [38][40] This summary encapsulates the key points from the report, highlighting the growth, challenges, and dynamics of the micro-drama industry in China.