从B上调至A的"三连升"，贵州茅台明晟（MSCI） ESG评级只用了两年，其在可持续发展领域的ESG实践进一步获得国际资本市场的认 可。 7月29日，国际权威指数公司MSCI（摩根士丹利资本国际公司，简称明晟）在最新公布的环境、社会及治理（ESG）评级结果中，将贵州 茅台的ESG评级由BBB上调至A。 这是继2024年8月从B级升至BBB后，茅台MSCI ESG评级连续第二年提升。截至目前，贵州茅台MSCI ESG评级在中国（包含香港）饮料 行业排名第二，成为白酒行业首家获评A级的企业，属于国际认证的可持续领先行列。 明晟ESG评级两年"三连升"背后的内生变革 MSCI（明晟）是全球领先的金融指数和ESG评级机构，其ESG评级体系被广泛视为国际资本市场的重要参考标准。全球约7500家机构客 户依赖其指数和评级，覆盖超过9万亿美元的资产规模，且在北美及亚洲市场，90%以上的国际股本资产以MSCI指数为基准。其ESG评级 结果不仅影响资本流向，还成为企业提升国际认可度、优化融资能力的关键工具。可以说，MSCI ESG评级堪比ESG领域的"奥运会"。一 纸评分，左右着企业的可持续发展路径，搅动着全球资本的流向。 在 ...

近日，证券之星第三届ESG新标杆企业评选结果揭晓，美的集团凭借在环境、社会和治理(ESG)领域的卓越实践，荣获"ESG新标杆企业奖"。该奖项是由证券之星联合妙盈科技等专业权威机构， 如果说把企业比作一个人，那么治理结构就是人的"骨架"。美的集团将ESG提升至战略高度，搭建了由董事会、ESG 委员会、ESG执行组及ESG秘书处、三大ESG分委会组成的四层级气候变化治 治理的骨骼稳了，美的开始在环境的"肌肉"上发力。"守护蓝色星球"不仅是口号，更是硬核行动。美的将气候治理纳入核心战略，投入1.07亿元实施1,741个节能项目，范围一、二温室气体排 环境的肌肉练好了，美的更是把温度写进了公司与社会的"血液"。"科技尽善，生活尽美"的愿景在社会责任中生动演绎。对内，美的构建了"有保障""享工作""乐生活""爱家人""有关爱"及"专 从董事会会议室里的ESG议题审议到乡村振兴的村企共建，美的用同一条逻辑把三件事串了起来：让责任成为方法，让方法产生价值，让价值反哺善意。ESG新标杆的奖杯因此不只是荣誉，更像 ...

Core Viewpoint - GenScript Biotech Corporation has received an upgraded ESG rating of AA from MSCI, reflecting its strong commitment to sustainability and responsible business practices in the biotech industry [1][2][3]. Group 1: ESG Rating and Recognition - The AA rating from MSCI positions GenScript as a global leader in ESG, highlighting its excellence in product safety, quality, and human capital development [1][2]. - GenScript's sustainability initiatives have been recognized through various accolades, including a Silver Medal from EcoVadis and inclusion in the FTSE4Good Index Series [3]. Group 2: Commitment to Sustainability - The company is a participant in the United Nations Global Compact, adhering to principles on human rights, labor, environment, and anti-corruption [3]. - GenScript's carbon reduction targets have been validated by the Science Based Targets initiative (SBTi), showcasing its commitment to combating climate change [3]. Group 3: Company Overview - Founded in 2002, GenScript Biotech Corporation employs over 5,500 individuals and has served more than 200,000 customers across 100 countries [4]. - The company's mission is to enhance health for people and nature through biotechnology, positioning it as a trusted global leader in the industry [4].

Core Viewpoint - Harbin Bank's Wind ESG rating has improved from BBB to A for 2025, reflecting its recognized efforts in environmental, social, and governance practices [1] Group 1: ESG Rating and Importance - The Wind ESG rating has become a crucial factor for global institutional investors in their investment decisions [2] - Wind ESG rating covers over 12,000 companies in Greater China, assessing substantial ESG risks and sustainable operational capabilities [2] Group 2: Harbin Bank's ESG Initiatives - Harbin Bank is enhancing its ESG management system and governance effectiveness, focusing on five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [3] - The bank has achieved a historical high of 10.8 billion yuan in green credit balance for 2024 and has implemented various innovative financial products linked to ESG [3] - The bank is improving climate-related information disclosure to meet Hong Kong Stock Exchange standards and is enhancing support for small and micro enterprises [3] Group 3: Social Responsibility and Future Plans - Harbin Bank is actively fulfilling its social responsibilities by supporting the Harbin 2025 Winter Asian Games and sponsoring local events like the Harbin Marathon [4] - The bank aims to integrate sustainable development into its management practices, focusing on ecological protection, social responsibility, and governance improvement [4]

Macro and Strategy - The US Federal Reserve's July FOMC meeting indicated a hawkish stance from Powell, suggesting a low probability of interest rate cuts in September [3][9] - The PMI data for July shows a seasonal decline, with manufacturing PMI remaining below the growth line for four consecutive months, indicating economic pressure [3][9] - The "anti-involution" policy is starting to show effects, with manufacturing price indicators recovering, although overall demand recovery remains uncertain [3][9] Industry and Company - The energy storage industry is experiencing rapid growth, with domestic storage system shipments reaching 110 GWh in the first half of 2025, nearly matching the total for 2024 [15][17] - Emerging markets are expected to become significant export destinations for domestic energy storage companies, driven by power shortages and supportive government policies [16][17] - The fluorochemical industry is seeing a rise in mainstream refrigerant prices, with expectations for continued price strength due to seasonal demand increases [19][22] - Adidas reported a 12% increase in brand revenue for Q2 2025, despite tariff impacts, maintaining a positive outlook for the year [25][26] - The US agricultural sector anticipates an upward trend in beef prices for 2026, with a slight reduction in milk inventory expected [26][29]

Core Viewpoint - Harbin Bank's Wind ESG rating has improved from BBB in 2024 to A in 2025, reflecting its recognized efforts in environmental, social, and governance practices [1] Group 1: ESG Rating and Importance - The Wind ESG rating has become a crucial factor for global institutional investors in their investment decisions [3] - Wind's ESG rating methodology aligns with international standards and assesses the substantive ESG risks and sustainable operational capabilities of companies [3] Group 2: Harbin Bank's ESG Management Initiatives - Harbin Bank is enhancing its ESG management system and governance effectiveness, focusing on five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - The bank has achieved a historical high in green credit balance, reaching 10.8 billion yuan in 2024 [4] - The bank has implemented various innovative financial products, including the first "ESG-linked data asset pledge loan" in the country and the first carbon footprint-linked loan in Heilongjiang Province [4] Group 3: Social Responsibility and Community Engagement - Harbin Bank is actively fulfilling its social responsibilities by supporting the Harbin 2025 Asian Winter Games and providing comprehensive financial services for the event [5] - The bank has sponsored the Harbin Marathon for seven consecutive years, enhancing its brand presence and supporting the city's image [5] - The bank aims to integrate sustainable development principles into its management activities, focusing on ecological protection, social responsibility, and corporate governance [5]

Core Insights - Haier Smart Home is leveraging technological and industrial innovation to enhance its production capabilities amidst the global trend of smart and green appliances [1] - The company emphasizes user-centric development to strengthen its core competitiveness [1] User Insights and Innovation - The Chinese consumer market is undergoing significant changes, with a long-term trend of consumption upgrading and a current focus on rationality, where users are more cautious about product quality, price, and service experience [3] - Sales of products like the "Lazy Multi-Tub Washing Machine," "Mai Lang Refrigerator," and "Mai Lang Small Blue Bottle Water Heater" are increasing, reflecting the intertwining of consumption upgrading and rationality [3] - Haier Smart Home has increased R&D investments to cater to the specific needs of different demographics, including young people, the elderly, and women [3] - The company has embraced digital transformation across its supply chain, manufacturing, and marketing, significantly improving operational efficiency and market responsiveness [3] - Innovative marketing strategies, including live streaming, have helped the executive team connect more closely with users [4] Global Localization and Competitiveness - Haier Smart Home has developed a unique global user insight by serving over 1 billion users, successfully transitioning from exporting products to localized operations and becoming a preferred brand in local markets [5] - The "three-in-one" deep localization strategy is crucial for global success, with R&D, manufacturing, and marketing rooted in local markets [5] - The "Ren Dan He Yi" model enhances local team motivation by linking employee compensation to the value created for users [5] - Global resources and local innovations support precise market adaptations, exemplified by products tailored to regional needs, such as the Profile series washing machine in North America [5] ESG and Sustainable Development - Haier Smart Home integrates ESG principles into its overseas operations, creating job opportunities and economic value for local communities, which builds long-term brand trust [6] AI Empowerment and Smart Home Ecosystem - Artificial intelligence is seen as a key driver for future development, enhancing supply chain optimization, precise marketing, and smart manufacturing [7] - AI technologies are also pivotal in product innovation and creating smart home scenarios, addressing real user pain points [7] - The company is developing the "Home GPT" model for proactive smart home services, enhancing user comfort and experience [7] Competitive Advantages and Future Outlook - Haier Smart Home's nearly 40 years of experience in the appliance industry provides deep insights into user needs, supporting its comprehensive hardware development capabilities [9] - The company aims to strengthen its integrated capabilities in hardware, software, and scenarios while maintaining innovation vitality [9] - Haier Smart Home is committed to driving the entire industry chain's growth, likening its goal to building a "tropical rainforest" ecosystem through collaboration with suppliers, government, and users [9] - The company expresses confidence in the future of manufacturing in Qingdao, advocating for the development of strategic emerging industries and new service consumption scenarios [9]

Core Viewpoint - Bosideng, a leading company in the Chinese down jacket industry, has released its ESG report for the fiscal year 2024-2025, marking the ninth consecutive year of such reports, highlighting its commitment to climate responsibility, energy management, biodiversity protection, green products, and employee rights [1] Group 1: Social Responsibility Initiatives - The Bosideng Public Welfare Foundation has established various projects such as "Warm China," "Shin Ai Fund," and "Orange Love Plan," providing material support and conducting volunteer activities, with total donations exceeding 1.4 billion RMB, benefiting 1.589 million people across 30 provinces and 112 cities [1] - In the fiscal year 2024-2025, the "Warm Families" project donated over 26.5 million RMB worth of high-quality cold-resistant clothing to more than 20,000 underprivileged individuals, with distributions planned for several provinces including Tibet, Xinjiang, and Gansu [1] Group 2: Disaster Relief Efforts - Following the 6.8 magnitude earthquake in Shigatse, Tibet, on January 7, 2025, Bosideng's Public Welfare Foundation quickly activated its emergency aid mechanism, donating over 11.4 million RMB in cold-resistant materials to support affected communities and rescue workers [2] Group 3: Educational Support - The "Shin Ai Fund" project has provided targeted financial assistance for tuition and living expenses to over 800 students from low-income families, helping them complete their education and pursue university degrees [2] - In 2024, the project donated a total of 200,000 RMB to support underprivileged students at Jiangnan University and Changshu Institute of Technology [2] Group 4: Volunteer Services and Sustainability - Bosideng has formed a volunteer service team that participates in the "Public Welfare 100" initiative, ensuring team members engage in over 100 minutes of volunteer service annually, thereby establishing a sustainable service mechanism [3] - The company promotes green and low-carbon sustainability through energy resource management and responsible material procurement, with all offline stores using energy-saving lighting that reduces energy consumption by 40% compared to traditional lighting [3] - In the fiscal year 2024-2025, Bosideng launched a carbon neutrality performance conference and initiated the fifth phase of the Alashan "Carbon Neutral Forest" project, planning to plant 23,000 trees over an area of 460 acres [3]

Core Insights - Haier Smart Home is leveraging technological and industrial innovation to enhance production capabilities amidst the global trend of smart and green home appliances [1] - The company emphasizes user-centric product development to strengthen its core competitiveness [1] User Insights - The long-term trend of consumption upgrading remains, but current consumer behavior shows a rational focus on product quality, price, and service experience [1] - Sales of products like the "Lazy Multi-Tub Washing Machine," "Wheat Wave Refrigerator," and "Wheat Wave Small Blue Bottle Water Heater" are increasing, reflecting the intertwining of consumption upgrading and rationality [1] - Haier Smart Home has increased R&D investments to cater to the specific needs of different demographic groups, including young people, the elderly, and women [1] Digital Transformation - The company is advancing digital transformation across supply chain, manufacturing, and marketing, significantly improving operational efficiency and market responsiveness [2] - Innovative marketing strategies, including live streaming by executives, have fostered closer interactions with users, allowing for real-time feedback collection [2] Global Localization - Haier Smart Home has developed a unique global user insight by serving over 1 billion users, successfully transitioning from product export to localized operations and becoming a preferred brand [3] - The company implements a "three-in-one" deep localization strategy, adapting products to local market needs, such as optimizing refrigerator designs for Indian consumers [3] - The "people-oriented" model enhances local team dynamics by linking employee compensation to user value creation [3] ESG Commitment - Haier Smart Home integrates ESG principles into its overseas operations, creating job opportunities and economic value in local communities, thereby building long-term brand trust [4] AI Empowerment - Artificial intelligence is seen as a key driver for future development, enhancing supply chain optimization, precise marketing, and smart manufacturing [5] - AI technologies are also focused on product innovation, addressing real user pain points, such as the AI gas stove that prevents overflow by adjusting heat automatically [5] Competitive Advantage - Haier Smart Home's nearly 40 years of experience in the home appliance industry provides a deep understanding of user needs, supporting its comprehensive hardware development capabilities [6] - The company aims to build a "tropical rainforest" ecosystem through collaboration with suppliers, government policies, and user co-creation [6] - The company expresses confidence in the future of manufacturing in Qingdao, advocating for the development of strategic emerging industries like AI and integrated circuits [6]

Core Insights - Morningstar reported strong quarterly earnings with adjusted EPS of $2.40, surpassing the $2.11 estimate, and GAAP revenue of $605.1 million, slightly above the consensus of $604.57 million [1][2] - The company experienced year-over-year profitability improvements, with operating margin increasing to 20.7% despite a significant drop in free cash flow, which fell by 48.3% to $62.4 million due to higher tax payments [1][2][9] Financial Performance - Non-GAAP EPS increased by 19.4% year-over-year from $2.01 to $2.40, while GAAP EPS rose by 30.6% from $1.60 to $2.09 [2] - GAAP revenue grew by 5.8% from $571.9 million in Q2 2024 to $605.1 million in Q2 2025 [2] - Operating income improved by 15.3% year-over-year, reaching $125.1 million [2] Business Segments - The Direct Platform generated $209.2 million in revenue, up 6.2%, while the PitchBook platform saw a 9.8% increase in sales to $166.5 million [5] - The Morningstar Credit segment reported a 9.5% revenue increase to $85.0 million, driven by strong demand for credit ratings [5] - The Morningstar Wealth segment's revenue grew by 2.7%, with assets under management increasing by 13.0% to $66.8 billion [6] Strategic Focus - Morningstar is concentrating on expanding its core data and analytics offerings, scaling investment management services, and enhancing credit ratings coverage [4] - The company aims to maintain high-quality data, innovate platforms, and respond to regulatory changes to sustain growth [4] Challenges and Developments - The ESG segment, Morningstar Sustainalytics, faced a revenue decline to $27.3 million due to reduced demand and a reorganization effort [7] - Operating expenses rose by 3.8%, primarily due to increased salaries and costs associated with the ESG reorganization [8] - The company continued share repurchases and dividends, spending $112.0 million on buybacks and $19.3 million on dividends [9] Future Outlook - Management did not provide specific financial guidance but emphasized ongoing investments in platform enhancements and new data capabilities [10] - Key areas for future progress include technology innovation and expanding analytics coverage [10]