Core Viewpoint - The article emphasizes the role of technology in enhancing financial services and social responsibility, showcasing how digital finance can empower individuals and improve their lives through innovative solutions [1][3][20]. Group 1: ESG and Financial Innovation - 2024 is a pivotal year for ESG standardization in China, with new guidelines issued by the Ministry of Finance and other departments to enhance corporate sustainability disclosures [3]. - The central financial work conference highlights the importance of financial services in supporting high-quality economic and social development, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [3]. - The chairman of the company asserts the commitment to integrating stable business operations with long-term social responsibility, aiming to enhance inclusive financial service efficiency through technological innovation [3][5]. Group 2: Technological Advancements - The company has invested a total of 4.79 billion yuan in research and development, leading to over 100 domestic and international standards being established [5]. - The company ranks seventh globally in patent innovation in the financial model sector, showcasing its technological prowess alongside top global financial institutions [6][5]. - The introduction of the "Tianjing" retail financial model has evolved to version 3.0, enhancing risk control capabilities through over 2,000 risk control data models [7]. Group 3: Social Impact Initiatives - The "Fuhuiyang" smart farming project has significantly improved management efficiency for farmers, increasing chicken output rates by 3% and reducing overall breeding costs by over 15% [9]. - The emotional support robot "Peipei" has been deployed in welfare institutions, providing companionship and addressing the needs of the elderly through advanced AI technology [12][14]. - The "Yili Job" platform has connected over 317,000 new citizens with job opportunities, demonstrating the company's commitment to social welfare and employment support [14]. Group 4: Environmental Responsibility - The company has implemented a carbon reduction strategy, achieving a reduction of 259.05 million tons of carbon emissions, equivalent to the annual CO2 absorption of approximately 1.439 billion mature trees [15]. - The "Mǎshàng Lǜzhōu" platform has attracted over 4.09 million users to open personal carbon accounts, promoting a low-carbon ecosystem [16]. Group 5: Security and Consumer Protection - The company has established a comprehensive risk management framework to address challenges in financial security, including the formation of the AIF alliance to combat financial crime [18]. - A robust consumer protection system has been integrated into the company's governance structure, ensuring comprehensive rights protection for over 200 million users [19].

尽责管理与行业ESG分析框架的整合： 基于投资者寻求自身与企业利益的一致性，我们提出了以"财务重要性"为纽带对尽责管理与行业ESG框架进行整合 的方法论，并根据申万行业标准的一级行业分类提出了30个行业对应参与治理活动中可重点关注的环境与社会议题。 Abstract 摘要 点击小程序查看报告原文 2025年5月7日证监会印发关于《推动公募基金高质量发展行动方案》的通知，其中第二十条要求"强化对基金长期投资行为的引导"，包括"出台公募基金 参与上市公司治理规则，助力提升上市公司质量"[1]。同月9日，中国证券投资基金业协会发布《公开募集证券投资基金管理人参与上市公司治理管理规 则》（以下简称《参与治理规则》）的公告[2]。 我国公募基金参与上市公司治理规则出台，完善企业治理体系 影响：（1）从公募基金管理人以及上市公司的角度，《参与治理规则》的实施或将推动流通股本结构较为集中的上市公司股东大会投票表决相关信息的 透明化。对于非强制披露投票表决情况的公募持仓，我们认为在《参与治理规则》的催化下，对应尽责管理活动亦或将增强。（2）参与治理实践对推动 长期资金发展、构建中国特色现代企业制度、双碳战略等多个国内政策热点 ...

Group 1: Company Developments - BlueFocus has submitted an application for an "A+H" listing on the Hong Kong Stock Exchange, aiming to finance its international business, primarily serving gaming and e-commerce platforms [1] - iQIYI's international version app is now available in over 190 countries, supporting 12 languages, with over 1,700 series and 3,500 movies, showing a revenue growth of over 30% year-on-year in Q1 2025 [2] - BlueFocus plans to launch AI-driven platforms, BlueX and BlueTurbo DSP, to enhance its international marketing capabilities, covering over 200 countries [3] Group 2: Industry Trends - The cultural export sector is increasingly focusing on digital cultural products like games, films, and animations, which are becoming significant in ESG reports [1][2] - The integration of AI technology in content creation and overseas dissemination is a growing trend among companies, enhancing operational efficiency and user experience [3][4] - Cultural enterprises are embedding ESG principles into their global strategies, which can lead to sustainable profit models and enhance international brand reputation [5] Group 3: Challenges and Recommendations - Cultural products face risks related to cultural adaptation, as different countries have varying acceptance levels for topics like religion and gender [6] - Companies are encouraged to improve their ESG management to reduce barriers in entering overseas markets and to enhance compliance with local regulations [7] - There is a need for increased support for small and medium-sized enterprises (SMEs) in cultural exports, including financial assistance and access to professional services [9]

Group 1 - The article emphasizes the importance of ESG (Environmental, Social, and Governance) as a guiding principle for companies expanding internationally, highlighting its role in navigating cultural differences and enhancing corporate reputation [1] - ESG is increasingly viewed as a critical factor for investment decisions, with investors prioritizing companies that demonstrate strong ESG practices [1] - The article discusses how companies that align their strategies with ESG principles can achieve better financial performance and attract more investment [1] Group 2 - The article outlines the growing trend of companies integrating ESG into their business models, which is seen as essential for long-term sustainability and competitiveness in the global market [1] - It mentions that regulatory frameworks are evolving to support ESG initiatives, creating a more favorable environment for companies committed to these practices [1] - The article highlights case studies of successful companies that have effectively implemented ESG strategies, showcasing the tangible benefits they have realized [1]

Core Viewpoint - The core argument emphasizes that listed companies are not solely the assets of major shareholders but are jointly owned by diverse investors, necessitating the transformation of differing expectations into collaborative development to enhance comprehensive value management [1][2]. Group 1: Importance of Diverse Investor Participation - The trend of socialized equity structure in China's A-share market shows a decline in the proportion of institutional holdings from 50.7% in 2018 to 42.0% in 2024, indicating an increase in the influence of individual and institutional investors [3]. - Attracting diverse social capital is crucial for the development of listed companies, especially in sectors like biotechnology and information technology, where early-stage investments are vital for overcoming innovation challenges [4]. Group 2: Comprehensive Value Management - Comprehensive value management aims to align the interests of various investors, addressing the financial stability needs of financial investors, the innovation expectations of industrial investors, and the social responsibility demands of societal investors [8]. - Companies should elevate comprehensive value management to a strategic level, integrating financial, industrial, and social value dimensions into their evaluation systems [8]. Group 3: Addressing Investor Discrepancies - Discrepancies between major shareholders and minority investors pose challenges in decision-making regarding profit distribution, mergers, and R&D investments, necessitating a balanced approach to governance [10][11]. - Companies should optimize shareholder checks and balances to foster collaboration between major and minor shareholders, ensuring that both long-term growth and short-term returns are addressed [12]. Group 4: Innovation and Technology Development - Disparities in understanding technology innovation between industrial investors and company management can hinder progress, necessitating a collaborative approach to decision-making in technology paths and innovation outcomes [14][16]. - Companies should establish processes that involve both management and industrial investors in technology decisions to align their interests and enhance innovation [16]. Group 5: Risk Sharing Mechanisms - Financial and industrial investors often have differing risk preferences, complicating the establishment of effective risk-sharing mechanisms in innovation [19][21]. - Companies should adopt diversified financing strategies to distribute risks among various investor groups, enhancing stability and flexibility in funding [21]. Group 6: Balancing Economic and Social Value - Social investors prioritize long-term societal impacts over short-term economic benefits, creating potential conflicts in corporate decision-making [24]. - Companies must recognize the influence of social perceptions on their investment value and strive to balance economic performance with social responsibility [25][26].

Core Viewpoint - The establishment of the Strategic and ESG Committee aims to enhance the company's core competitiveness, improve decision-making quality, and strengthen governance structure [1][2]. Group 1: Committee Structure - The Strategic and ESG Committee consists of three directors, including at least one independent director, and is chaired by the company's chairman [2][3]. - The term of the committee members aligns with that of the board of directors, allowing for re-election [2]. Group 2: Responsibilities and Authority - The committee is responsible for researching and proposing suggestions on the company's long-term development strategy, major investment decisions, and ESG-related matters [2][3]. - It supervises the assessment of sustainability-related impacts, risks, and opportunities, guiding management on ESG responses [2][3]. Group 3: Working Procedures - The committee's working group prepares decision-making materials, including feasibility reports and ESG development plans, for the committee's review [3][4]. - Meetings are held at least once a year, with provisions for emergency meetings and remote participation [4][5]. Group 4: Voting and Confidentiality - Decisions require the presence of at least two-thirds of the committee members, with each member having one vote [5]. - All attendees of the meetings are bound by confidentiality obligations regarding discussed matters [5][6].

前言 在ESG中，G（公司治理）也是其三大支柱之一。G（公司治理）主要从公司治理的角度分析，关注公 司的董事会结构、股权结构、管理层薪酬及商业道德等问题。 按照GICS行业分类，在软件与服务业上市公司中，主动披露ESG相关报告的公司数量不断增加，这些 上市公司G（公司治理）表现如何？联洲信评（UCCR）ESG专项小组基于2022年度和2023年度的评级 结果进行分析比对，从ESG战略、股东治理、董事会治理、监事会监督、高级管理人员、薪酬激励机 制、道德合规建设、信息披露、党组织建设、风险管理、网络技术安全等多个维度研究软件与服务业上 市公司G（公司治理）绩效的发展和变化。 股东治理 股权结构是公司治理机制的基础，公司的股东结构、股权集中程度、大股东性质会影响股东行使权力的 方式和效果，股权结构决定了公司内部权力的归属，决定了公司利益的分配。股权结构的不同影响企业 的治理模式、运作方式及绩效。公司的股权结构一般分为分散型、集中型和制衡型三种模式，不同的股 权结构都存在优缺点。ESG评级中我们更关注股权是否具有相互制衡的作用。 通过分析软件与服务业发布2022年度和2023年度 ESG相关报告的上市公司的表现，2 ...

Group 1 - JD.com announced rewards for children of frontline employees who were admitted to universities, including cash gifts, free campus delivery, and priority employment opportunities [1][2] - Many listed companies have introduced family-oriented benefits, such as flexible working arrangements, maternity subsidies, and educational allowances [2][4] - The sustainability of these benefits, their effectiveness, and fairness to other employees are questioned [3][12] Group 2 - Companies like Haidilao and Ctrip have developed comprehensive welfare systems for employees' families, which include housing subsidies and educational allowances [6][10] - Ctrip has implemented various maternity benefits since 2015, including transportation costs during pregnancy and subsidies for childbirth, with a total investment expected to reach 1 billion yuan [10] - The welfare policies are seen as a way to enhance talent attraction and employee loyalty, contributing to long-term business growth [7][12] Group 3 - The extension of welfare policies to employees' families is part of ESG (Environmental, Social, and Governance) considerations, with a focus on employee well-being [9] - Companies are moving towards multi-layered and diversified welfare systems rather than one-time benefits, aiming to provide comprehensive support [10] - The effectiveness of these welfare policies in retaining employees and enhancing productivity remains uncertain, with some concerns about potential negative effects on employee motivation [12][13] Group 4 - There are concerns about the fairness of welfare policies, particularly if benefits are concentrated on employees with children, potentially alienating those without [12][14] - Companies like Ctrip emphasize inclusivity in their welfare policies, ensuring that all employees have equal opportunities for career development regardless of their parental status [14]

近日，因业绩稳定、分红丰厚而口碑出众的长江电力（600900）(SH600900，股价27.99元，市值6849亿 元)面临来自中小投资者的质疑。 7月30日晚间，长江电力发布董事会决议公告，宣布拟出资建设葛洲坝（600068）航运扩能工程，出资 金额约为266亿元(可研估算)。 然而，部分投资者担忧，上述工程是否缺乏经济效益、是否影响公司未来业绩及分红表现？ 长江电力披露上述公告次日(7月31日)，公司股价下跌3.00%。8月1日，公司股价小幅上涨0.54%，但尚 未修复至公告披露前的水平。 8月1日，《每日经济新闻》记者就此事致电长江电力，询问公司是否有进一步解释或回应。接电话的工 作人员表示，这一点以后续审批流程为准。关于上述工程实施后能否提高葛洲坝电站上网电价的问题， 其表示还在争取，尚未确定。 拟用于葛洲坝航运扩能 令中小投资者担忧的是，266亿元的大笔投资是否影响公司未来业绩的稳定性、是否影响分红和估值表 现、是否影响中小投资者的利益？从短期来看，上述项目建设能为长江电力带来多少业绩增量或其他收 益？这些投资者认为答案目前还不够清晰明确。 8月1日，长江电力工作人员向《每日经济新闻》记者表示，目前 ...

Core Viewpoint - Changjiang Electric Power is facing skepticism from small and medium investors regarding its recent decision to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about the economic viability and potential impact on future performance and dividends [1][7]. Investment Decision - The company announced a board resolution to invest about 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which is aimed at enhancing the shipping function of the Gezhouba dam, a major hydropower project on the Yangtze River [1][4]. - The project is expected to address the current overcapacity of the existing shipping facilities, which have been operating beyond their designed capacity of 50 million tons per year [4]. Financial Impact - The total construction period for the project is estimated to be 91 months, including a 12-month preparatory phase, with funding sourced from the company's own funds [4]. - In 2024, the expected cargo throughput through the Gezhouba lock is projected to reach 156 million tons, indicating a growing demand for shipping capacity [4]. Social and Environmental Benefits - The project is anticipated to reduce waiting times for vessels, leading to significant shipping efficiency gains and contributing to a greener transportation system [5]. - It is also expected to enhance the company's ESG (Environmental, Social, and Governance) ratings, particularly in water resource management [5]. Investor Concerns - Investors are worried about whether the large investment will affect the company's future performance stability, dividend distribution, and overall valuation [7]. - The company has not yet clarified whether the expansion will lead to increased electricity prices for the Gezhouba power station, as the current shipping through the lock is free [8]. Performance Metrics - For the year 2024, the company is projected to achieve a net profit attributable to shareholders of 32.496 billion yuan, representing a year-on-year growth of 19.28%, with a proposed cash dividend distribution of 23.074 billion yuan, which constitutes 71% of the net profit [9].