随着《育儿补贴制度实施方案》正式落地，食品饮料行业迎来政策利好。从2025年起，每孩每年3600元 的育儿补贴将直接刺激乳制品等婴幼儿相关消费需求。与此同时，贵州茅台在MSCIESG评级中跃升至 A级，成为全球首家获此评级的白酒企业，展现了头部企业在可持续发展领域的标杆价值。 育儿补贴政策落地，乳制品消费预期改善 《育儿补贴制度实施方案》明确，自2025年起，符合条件的3岁以下婴幼儿家庭将每年获得3600元补 贴，补贴资金由中央与地方财政按9：1比例分担。政策直接降低了育儿家庭的经济负担，并释放出提振 内需的明确信号。经济学家预估，育儿补贴在全国范围内实施后，有望拉动社会消费品零售总额增长约 0.2个百分点。 乳制品作为婴幼儿刚需品类，需求端改善预期显著。根据政策细则，2022年1月1日后出生的婴幼儿均可 享受补贴，叠加当前人口结构优化趋势，未来三年乳品市场增量空间值得关注。头部乳企在供应链、渠 道布局及产品创新上的优势将进一步放大，行业集中度或持续提升。 此外，政策配套的长期规划逐渐清晰。免费学前教育试点、生育支持政策体系完善等举措，将持续增强 家庭消费信心。从短期看，乳企需关注渠道下沉与差异化产品布局；长 ...

Core Viewpoint - The Chinese liquor industry is experiencing varied performance among major companies, with some showing signs of recovery while others face challenges in sales and profitability [3][4][19]. Financial Performance - Budweiser APAC reported a revenue of $3.136 billion for the first half of 2025, with a normalized EBITDA of $983 million, despite a decline in key operating metrics compared to the previous year [3]. - Heineken's revenue in China reached €16.924 billion, with a 30% increase in authorized beer sales under China Resources Beer, although overall sales volume decreased by 1.2% [4][5]. - Luzhou Laojiao announced a cash dividend of approximately ¥6.759 billion, distributing ¥45.92 per 10 shares [6]. Company Developments - The controlling shareholder of Baijiu Co. pledged 35.1 million shares, representing 8.25% of his holdings, while the total pledged shares reached 72 million [7][8]. - Jinhuijiu's major shareholder pledged 1 million shares, with a total of 75% of his holdings now pledged [9]. - Moutai opened two new cultural experience centers in Shanghai and Kunming, expanding its brand presence [10]. Industry Trends - The production of beer in Guangdong province decreased by 0.6% in the first half of 2025, with a total production of 241.89 million liters [18]. - The liquor, beverage, and refined tea manufacturing industry in Guizhou province grew by 3.7% in the first half of 2025, with retail sales of tobacco and alcohol increasing by 7.4% [19]. New Products - Kuaijishan announced the launch of new products, including 1743 raw yellow wine, utilizing advanced preservation techniques [13]. - Langjiu will begin accepting orders for the 2025 version of Langjiu on August 11, with shipments starting on August 25 [14]. Personnel Changes - The resignation of the former chairman of Shede Liquor, Ni Qiang, was announced, marking a significant leadership change [20]. - The vice president of Guyue Longshan, Lü Danlin, also resigned, indicating further shifts in management [21]. - Tianyoude Liquor appointed Lu Shuilong as vice president, focusing on market strategy and expansion [22][23].

Core Insights - The report titled "Leading Change: Climate Information Disclosure and Outlook for Key Industries of Hong Kong Listed Companies" focuses on the status of climate information disclosure and low-carbon transition among Hong Kong listed companies [1][5] - It highlights the urgent need for companies to improve climate information disclosure and develop net-zero transition plans, especially in light of new mandatory disclosure requirements set to take effect in January 2025 [4][11] Industry Analysis - The report examines six key industries: apparel, food and beverage, household goods, hotels, logistics, and transportation and automotive [5][11] - It identifies significant gaps in three areas: 1. Over half of the companies have not disclosed Scope 3 emissions data, which accounts for approximately 70% of total emissions in the consumer goods sector [1][14] 2. Most companies lack science-based decarbonization targets; while 85% have reduction commitments, 57% have not set or followed international standards [1][14] 3. Only 10% of surveyed companies have well-developed net-zero transition plans [1][14] Regulatory Context - Hong Kong's regulatory environment is evolving, with the Hong Kong Stock Exchange (HKEX) implementing new climate-related disclosure requirements aligned with IFRS S2, effective January 2025 [11][32] - The new requirements aim to enhance transparency and consistency in ESG disclosures, which are crucial for sustainable finance and corporate responsibility [11][32] Future Outlook - As new disclosure requirements are implemented, companies are expected to change their disclosure practices, potentially narrowing data gaps [2][11] - Companies that address data and knowledge gaps may attract more funding, facilitating their transition and sustainable growth [2][11] Recommendations for Companies - Companies are encouraged to improve supply chain transparency, integrate sustainability into procurement strategies, and actively engage stakeholders to implement effective decarbonization plans [19][22] - Specific steps for disclosing Scope 3 emissions data include identifying relevant activities, determining boundaries, collecting data, allocating emissions, and publicly disclosing the information [44][45]

新华财经新加坡8月3日电（记者刘春涛）中国银行新加坡分行亚洲债券承分销中心负责人王东良近日在 一场分享会上表示，随着ESG（环境、社会及公司治理）理念深入人心，绿色债券已成为全球资本市场 主流品种，市场发行量持续增长，吸引了众多发行人和投资者的关注。 王东良援引数据显示，2024年全球可持续发展类债券发行量达1.05万亿美元，同比增长11%。其中，绿 色债券占比最高，达到64%。从区域看，欧洲是最大的发行市场，亚洲紧随其后，占比26%。他指出， 发行绿色债券有助于发行人实现投资者多元化、在定价上获得优势，并提升市场形象。 为吸引更多发行体，新加坡和香港均推出了补贴政策。新加坡在2020年推出可持续发展债券资助计划， 为外部评审和认证费用提供补贴。香港金管局也已将"绿色和可持续金融资助计划"延长至2027年，为发 行和认证双环节提供资助。 作为市场的深度参与者，中国银行不仅自身是活跃的ESG债券发行主体，还作为绿色结构顾问和主承销 商，协助了中国财政部、深圳市地方政府等机构在境外成功发行多笔里程碑式的绿色债券，并积极服务 于欧洲、中东和新加坡本地的绿色项目融资。 （文章来源：新华财经） 他介绍，当前境外绿色债券 ...

中注协就可持续信息鉴证业务基本准则公开征求意见，城市商业医疗险新规下 发 [Table_Industry] ESG 周报 [2T0a2b5l年e_8Re月po2rt日Date] [Table_ReportType] 行业周报 [ETSaGble_StockAndRank] 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 [Table_Title] 中注协就可持续信息鉴证业务基本准则公开征求意 行业研究 见，城市商业医疗险新规下发 [Table_ReportDate] 2025 年 08 月 2 日 本期内容提要: [Ta[Tbalbel_热eS_u点Smum聚mamr焦ya]：ry] 邮 箱：guoxue @cindasc.com 国内：中注协就可持续信息鉴证业务基本准则公开征求意见。7 月 ...

Core Viewpoint - The article emphasizes the importance of ESG (Environmental, Social, and Governance) practices for sustainable development in the corporate sector, highlighting how companies like Bosideng are integrating these principles into their business strategies to achieve high-quality growth and social responsibility [2][4][12]. Group 1: ESG Implementation and Strategy - Bosideng has established a comprehensive ESG strategy framework called "1+3+X," aiming for net-zero emissions in operational processes by 2038, focusing on three core areas: product innovation, environmental sustainability, and human-centric practices [6][9]. - The company has developed a digital management platform for ESG that tracks 349 core suppliers, ensuring transparency and accountability throughout the supply chain [6][9]. - Bosideng's commitment to sustainable fashion includes the development of eco-friendly materials, such as protective fabrics with over 70% bio-based content, and achieving 100% certification for responsible down sourcing [7][9]. Group 2: Technological Innovation and Efficiency - The company has implemented an intelligent manufacturing system that enhances energy efficiency and reduces carbon footprints, achieving a 5.5% reduction in Scope 3 emissions [9]. - Bosideng has pioneered technologies in automated filling and packaging, significantly improving production efficiency and sustainability [9]. - The brand is actively involved in setting industry standards for circular fashion, including the establishment of design guidelines for recyclable clothing [7][9]. Group 3: Community and Global Engagement - Bosideng is engaged in various community initiatives, such as tree planting projects in the Tengger Desert, contributing to ecological preservation and combating desertification [10]. - The company has joined global sustainability initiatives, including the UN Global Compact and the "Retail Impact" initiative, showcasing its commitment to international sustainability goals [10][11]. - Bosideng's ESG efforts have garnered recognition, including being named a national green factory and achieving an AA rating in MSCI ESG ratings, positioning it as a leader in the global apparel industry [11][12]. Group 4: Future Vision and Commitment - The company envisions a future where sustainable fashion is integral to its identity, aiming to balance economic growth with social responsibility [12]. - Bosideng's leadership emphasizes the need for a collaborative approach to sustainability, engaging with partners across the value chain to create a resilient and shared future [12].

Core Viewpoint - The forum emphasizes the importance of ESG (Environmental, Social, and Governance) practices for sustainable development in enterprises, highlighting the role of innovation in achieving high-quality growth [1][2]. Group 1: ESG Strategy and Implementation - Bosideng has integrated the national "dual carbon" strategy into its operations, committing to sustainable development throughout its business processes [2][3]. - The company established a "1+3+X" ESG strategic framework, aiming for net-zero emissions in operational processes by 2038, focusing on three core areas: product leadership, environmental sustainability, and human-centric approaches [3][7]. - Bosideng has developed a digital management platform for supply chain ESG, enabling traceability across 349 core suppliers and linking executive compensation to climate performance [3][6]. Group 2: Technological Innovation and Sustainable Practices - The company has collaborated with suppliers to develop eco-friendly protective fabrics with over 70% bio-based content, achieving global leadership and winning the ISPO award [6]. - Bosideng has initiated the CIRCULAR 3.0 series, which promotes closed-loop regeneration in fashion, and has completed carbon footprint certifications for five products [6][7]. - The company has implemented energy-efficient manufacturing systems and innovative technologies, resulting in a 5.5% reduction in Scope 3 emissions [7]. Group 3: Community and Environmental Initiatives - Bosideng's afforestation project in the Tengger Desert aims to plant 23,000 sand-fixing plants over 1,000 acres, contributing to land desertification reduction [8]. - The company has adopted 100% energy-efficient lighting in its stores and ensured that logistics packaging meets FSC certification standards [8]. Group 4: Industry Leadership and Recognition - Bosideng actively promotes sustainable development within the industry, participating in various initiatives and receiving recognition for its ESG governance, including an AA rating from MSCI [9][10]. - The company was selected as a case study for ESG practices at the 2025 Enterprise ESG Development Forum, showcasing its contributions to the global fashion industry [9][10]. Group 5: Future Commitment and Vision - Bosideng aims to continue its commitment to global development initiatives and sustainable goals, striving to create a green, resilient, and shared future [10].

Core Insights - The 2025 government work report emphasizes the role of central state-owned enterprises and large companies as "ballast stones," integrating social responsibility into their development strategies, focusing on "dual carbon" goals, new productivity, and common prosperity, and highlighting high-quality development through technological innovation and green transformation [2] Group 1: Policy Implementation - The State-owned Assets Supervision and Administration Commission (SASAC) has issued the "Central Enterprises ESG Special Action Plan," mandating full ESG information disclosure by central state-owned enterprises by 2025, incorporating carbon reduction and rural revitalization into executive assessments [2] - The China Securities Regulatory Commission (CSRC) has strengthened requirements by revising the "Guidelines for Sustainable Development Reports of Listed Companies," mandating ESG report disclosures for companies in the CSI 300 index, and introducing quantifiable core indicators such as "new productivity contribution," "carbon emission intensity," and "technology ethics governance," while enhancing data authenticity scrutiny [2] Group 2: ESG Initiatives and Events - Southern Metropolis Daily has launched the 2025 Responsibility China ESG special topic, focusing on three innovative themes: "Quality Leap into the Future," "Technology for Good," and "Green Together," soliciting corporate social responsibility innovation practice cases from society [3] - An ESG think tank will be established by Nandu Bay Financial Society to gather socially responsible entrepreneurs, scholars, and cross-disciplinary individuals to explore sustainable development and corporate social responsibility through on-site visits and in-depth dialogues [3] - The Responsibility China ESG Annual Ceremony will be held in Guangzhou at the end of October, where the 2025 Responsibility China ESG Think Tank Report will be released, and discussions on relevant topics will take place with industry experts and benchmark enterprises [3]

Core Insights - The ESG public fund database established by the "Everyday Brand Value Research Institute" tracks the performance of ESG funds and analyzes the reasons behind ranking changes to help investors identify valuable ESG investment opportunities [1] Group 1: Fund Performance Overview - The observation period for the latest ESG public fund weekly ranking was from July 28 to August 1, with the latest net value as of August 1 [1] - The performance of the listed funds showed a further decline in returns, with several products reporting negative returns [1] - Active ESG funds outperformed index funds, with average returns for active funds remaining positive while index funds experienced an average decline [1] Group 2: Specific Fund Performance - The average return for broad ESG-themed active funds was 4.04%, while two ESG-themed active funds reported an average return of 0.35% [1] - All ESG-themed index funds experienced declines, with an average return of -1.39%, and half of the broad ESG-themed funds reported an average return of -0.62% [1] Group 3: Top Performing Funds - The top-performing ESG-themed active funds included: - Guotou Ruijin New Energy A with a weekly return of 6.95% and a cumulative return of 62.09% since inception [2] - Guoshou Anbao Low Carbon Economy A with a weekly return of 6.72% and a cumulative return of -27.45% since inception [2] - The top-performing ESG-themed index funds included: - Zhongjin Zhongzheng 500 ESG Enhanced Index A with a weekly return of -0.7% and a cumulative return of 9.02% since inception [8] - Puyin Ansheng Zhongzheng ESG120 Strategy ETF with a weekly return of -1.1% and a cumulative return of -6.19% since inception [8] Group 4: Fund Classification and Methodology - ESG funds are categorized into two main types: ESG-themed funds and broad ESG-themed funds, further divided into active and index funds based on investment strategies [12] - The ranking methodology includes only normally operating funds, excluding those that have been liquidated, and focuses on A-class shares when multiple share classes exist [12]

Core Insights - The article discusses the growing trend of companies, particularly in the service industry, implementing family-oriented benefits such as maternity and education subsidies, and flexible work arrangements to enhance employee satisfaction and retention [1][4][6]. Group 1: Company Initiatives - Haidilao has introduced a "Return Home Plan" and various child-related benefits, including education subsidies and housing support, to help employees balance work and family life [2][6]. - Ctrip has been offering maternity benefits since 2015, including transportation costs during pregnancy and subsidies for childbirth, with a total investment expected to reach 1 billion yuan [6][4]. - Companies like Yum China and Ctrip are focusing on creating a multi-layered benefits system that evolves with employee needs, aiming to strengthen employee loyalty and attract talent [4][6]. Group 2: Sustainability and Evaluation of Benefits - There are concerns regarding the sustainability of these benefits, especially during economic downturns when companies may face pressure to cut costs [8][9]. - The effectiveness of these benefits in improving employee retention and productivity is still under-researched, with some experts suggesting that high benefits could lead to complacency among employees [9][10]. - Companies are encouraged to manage costs effectively while ensuring that benefits do not disproportionately favor certain employee groups, which could lead to perceptions of unfairness [9][10]. Group 3: Fairness and Inclusivity - The implementation of family-oriented benefits raises questions about fairness for non-parent employees, who may feel overlooked [10]. - Companies like Ctrip emphasize a culture of inclusivity, ensuring that all employees have equal opportunities for career advancement, regardless of their parental status [10].