Core Viewpoint - The release of the revised "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" marks a significant step in the construction of a sustainable development information disclosure system in China's capital market, focusing on pollution emissions, energy utilization, and water resource utilization [1][2][3] Group 1: Guidelines and Framework - The revised guidelines are a key measure by the CSRC and the three exchanges to systematically and finely construct the sustainable development information disclosure rules [2] - The guidelines provide specific operational instructions for companies, especially those required to disclose by April 2026, addressing practical challenges in reporting on environmental issues [3][4] Group 2: Market Response and Impact - In 2025, nearly 1,900 listed companies voluntarily disclosed sustainable development reports, achieving an overall disclosure rate of approximately 35%, a 10 percentage point increase from previous years [7] - The quality of disclosures has significantly improved, with 99.25% of companies including quantitative indicators in their reports, reflecting a shift from qualitative to precise quantitative disclosures [8] Group 3: Future Directions and Support - The exchanges plan to enhance market training and consultation services to support companies in complying with the new disclosure requirements [11][12] - The guidelines will continue to evolve based on practical developments, with future focus on social and governance dimensions [12][13]

Core Viewpoint - The China Securities Regulatory Commission has guided the release of revised guidelines for the preparation of sustainability reports by listed companies, emphasizing the importance of environmental issues such as pollutant emissions, energy utilization, and water resource management [1][2]. Group 1: Guidelines and Implementation - The revised guidelines include three specific areas: "pollutant emissions," "energy utilization," and "water resource utilization," aimed at enhancing the sustainability awareness and disclosure practices of listed companies [1][2]. - The mandatory disclosure requirements will take effect on May 1, 2024, with companies needing to submit their first sustainability report by April 30, 2026 [1]. - The guidelines are designed to be compatible with international standards while integrating Chinese practices, covering 21 topics related to environmental, social, and governance (ESG) issues [1]. Group 2: Market Impact and Company Performance - In 2025, nearly 1,900 listed companies disclosed sustainability reports, achieving an overall disclosure rate of approximately 35%, an increase of about 10 percentage points from the previous two years [2]. - The MSCI China A-share index saw a significant increase in ESG ratings, with 34.3% of companies improving their ratings, and the number of companies rated AAA or AA rising from 7.2% to 14.13% [3]. - The total scale of sustainable index products reached approximately 125 billion, more than doubling since the end of 2020, indicating a growing interest in ESG investments [3]. Group 3: Future Directions and Support - The exchanges will focus on market training, rule consultation, and implementation services to support companies in their sustainability reporting efforts [4]. - Feedback from the public consultation on the new guidelines was largely positive, indicating broad recognition of their guiding role and content [4].

2025年，中国汽车产销量超过3400万辆，连续17年居全球第一；新能源汽车以超过1600万辆的产销量再创新高， 在国内乘用车市场的渗透率接近60%；汽车出口总量达710万辆，同比增长21%，继续保持全球汽车出口第一大国 的地位。 过去一年，汽车行业的价格战、60天账期、智驾安全等议题引发全社会广泛关注。国家对汽车行业过度内卷、网 络乱象等现象的治理力度空前，一系列与ESG相关的措施先后出台，推动着汽车行业的生态发展不断改善。 尤其可喜的是，汽车企业的ESG实践不断深入，从被动合规转向主动整合，在做好ESG信息披露的同时，ESG与业 务运营的融合不断深化，并延伸到价值链合作伙伴和产品全生命周期。未来，ESG更加注重实效的趋势将会持 续，成为汽车行业高质量发展的重要抓手。 新年伊始，华汽研究院与观察者网合作，共同发起"2025年中国汽车行业ESG十大事件"评选活动。通过网络投票， 结果如下： 四、中国汽车出口继续保持强势，汽车出海需重视ESG合规挑战 一、中国汽车上市公司ESG信息披露率逐年提升 近年来，中国证监会、沪深北三大交易所等监管机构相继发布了一系列关于ESG信息披露的指引和要求，要求汽 车行业上市公司 ...

Core Viewpoint - The three major stock exchanges in China have implemented new guidelines for sustainable development reporting, focusing on environmental disclosures to enhance the quality and transparency of ESG information for listed companies [1][2]. Group 1: New Guidelines Implementation - On January 30, under the guidance of the China Securities Regulatory Commission (CSRC), the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange released three new application guidelines: "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization" [1][2]. - The new guidelines aim to provide clearer and more actionable disclosure instructions for listed companies, aligning with the new development concepts and promoting sustainable development practices [2][5]. Group 2: Focus Areas of the Guidelines - The guidelines emphasize three main areas: identification of risks and opportunities related to environmental issues, standardized accounting methods, and clear disclosure content [3][4]. - They outline major risks such as environmental compliance risks in production operations and market opportunities from green technology applications [4]. - The guidelines also provide calculation processes for disclosure data, enhancing comparability and reliability of reported figures [4]. Group 3: Impact on ESG Ratings - By the end of 2025, 34.3% of companies in the MSCI China A-share index are expected to see improvements in their ESG ratings, with the proportion of companies rated AAA or AA increasing from 7.2% in 2024 to 14.13% [1]. - The number of leading rated companies has grown from 2 at the end of the 13th Five-Year Plan to 52, marking a significant increase in ESG rating improvements [1]. Group 4: Current Reporting Landscape - As of 2025, nearly 1,900 listed companies have disclosed sustainable development reports, representing an overall disclosure rate of approximately 35%, with a market capitalization share of about 70% [9]. - The quality of disclosures has improved, with 99.25% of companies providing quantitative indicators, and 62.07% disclosing climate-related risks and opportunities [10]. - The proportion of companies reporting on Scope 1, Scope 2, and Scope 3 emissions stands at 59.81%, 60.02%, and 11.37%, respectively [10].

上市公司可持续发展信息披露新增参考指南。 继去年指导沪深北证券交易所发布上市公司可持续发展报告首批编制指南（包括"总体要求与披露框 架""应对气候变化"）后，1月30日，证监会指导沪深北证券交易所发布"污染物排放""能源利用""水资 源利用"三个环境议题披露指南。针对相关风险和机遇的识别与评估、核算流程与方法、披露要点等重 点难点问题提供细化指导，推动上市公司提升可持续发展意识、促进规范披露。 2024年以来，证监会指导沪深北交易所发布上市公司可持续发展报告指引和上市公司可持续发展报告编 制指南，健全上市公司可持续发展披露规则体系。相关规则出台既提升了企业可持续发展意识，也帮助 企业明确了披露要点，A股上市公司ESG国际评级明显提升。 中国证券报记者了解到，后续相关部门将结合其他重要议题实践情况，加快制定相关议题编报指南，持 续丰富完善指南内容；加强市场培训，为上市公司披露可持续发展信息提供具体指导；支持推进ESG评 级、指数开发等工作，推动构建良好的可持续发展投资生态。 新设三个环境议题指南 不增加额外强制披露要求 本次发布的指南，新增污染物排放、能源利用、水资源利用三个章节。 一方面，详细解释相关议题的常 ...

Core Insights - The report highlights the progress of green finance development in Hunan Province, focusing on policy framework, market expansion, and innovative practices, while providing recommendations for future growth [1] Policy Framework - By 2025, Hunan's green finance policy system has achieved systematic enhancement, with key documents outlining the green transition path and incorporating innovative carbon reduction products into the support framework [2] - Collaborative efforts from multiple departments have led to the introduction of 11 measures aimed at supporting carbon reduction and environmental improvement through financial incentives [2] Market Performance - As of Q3 2025, the balance of green loans in Hunan exceeded 1.3 trillion yuan, marking a 21.1% increase from the beginning of the year, outpacing the national average growth rate by 3.6 percentage points [3] - The province has issued 67 green bonds totaling 648.41 billion yuan, although it remains behind other central provinces like Hubei and Anhui [3] Innovative Products - The "Xianglin Carbon Ticket" has facilitated 3,201 transactions by 2025, enabling 9.335 million yuan in collateralized financing, thus enhancing the liquidity of forestry ecological assets [4] - The carbon account pilot program has established accounts for over 500 enterprises and 2,200 individuals, with a loan scale exceeding 30 billion yuan [4] ESG Development - Hunan's ESG report disclosure rate stands at 36.98%, below the national average of 46.58%, indicating significant room for improvement [5] - The report suggests phased development plans, including a target for green loan balance growth of over 15% annually in the short term [5] Future Outlook - Hunan aims to leverage its ecological resources and industrial foundation to build a green finance system aligned with its development goals through cross-departmental collaboration and innovative mechanisms [6]

Core Insights - The report highlights the progress of green finance development in Hunan Province, focusing on policy framework, market expansion, and innovative practices, while providing recommendations for future growth [1] Policy Framework - By 2025, Hunan's green finance policy system has achieved systematic enhancement, with key documents outlining the green transition path and including innovative carbon reduction products like "Xianglin Carbon Ticket" in the support framework [2] - A collaborative effort from multiple departments has led to the introduction of 11 measures to support carbon reduction, pollution control, and green expansion through financial incentives [2] Market Performance - As of Q3 2025, the balance of green loans in Hunan exceeded 1.3 trillion yuan, growing by 21.1% year-on-year, which is 3.6 percentage points higher than the national average [3] - Green bonds have seen a total issuance of 67 bonds amounting to 648.41 billion yuan, although Hunan ranks lower compared to other provinces like Hubei and Anhui [3] - The establishment of various funds and financial products, including a 5.05 billion yuan industry fund in Huaihua, aims to support green manufacturing and new materials [3] Innovative Products - The "Xianglin Carbon Ticket" has completed 3,201 transactions by 2025, facilitating 9.335 million yuan in financing, thereby enhancing the liquidity of forestry ecological assets [4] - The carbon account pilot program has been implemented in cities like Loudi and Xiangtan, establishing accounts for over 500 enterprises and 2,200 individuals, with a loan scale exceeding 30 billion yuan [4] ESG Development - Hunan's ESG reporting rate for listed companies stands at 36.98%, below the national average of 46.58%, indicating significant room for improvement [5] - The report suggests a phased development plan to enhance ESG disclosures and ratings, aiming for a 15% annual growth in green loan balances from 2026 to 2027 [5] Future Recommendations - The report emphasizes the need for Hunan to leverage its ecological resources and industrial foundation, proposing measures for cross-departmental collaboration and the innovation of ecological product value realization mechanisms [5]

南财智讯1月30日电，阿特斯发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为9亿元 —11亿元，同比预减51%—60%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为 9亿元—11亿元，同比预减51%—60%。本期业绩变化的主要原因：2025年，光伏行业整体供需失衡状 态仍未缓解，行业继续在底部徘徊，产业链各环节开工率整体下行，叠加国际贸易保护政策以及硅料、 银浆等成本大幅上涨，使得光伏行业内企业盈利能力进一步承压。在光伏行业竞争加剧及外部环境不确 定性增加的背景下，公司积极响应和落实国家"反内卷"的号召，在销售策略上坚持"利润第一性"原则， 主动优化出货结构与节奏，聚焦高价值区域和长期战略客户，稳步提升在重点市场的份额占比。公司前 期大量的储能项目储备和在手合同订单进入收获期，储能业务在市场端的全球化品牌和渠道、一体化解 决方案能力和长期服务能力，为公司健康的盈利水平提供了有力支撑。公司将通过供应链全球化、客户 需求导向、重视碳足迹和ESG等方面，承担起更多的社会责任，通过全球跨文化的经营能力，为客户及 全球创造价值、分享利益，在逆全球化中坚持全球化；在技术差异化进程中，加 ...

凭借优秀的ESG实践，海尔智家获得了外界的广泛认可。在机构ESG评级中，海尔智家的MSCI、路孚 特、华证指数评级均为国内行业最高；在媒体ESG奖项中，海尔智家在《财富》中国ESG影响力榜、央 视中国ESG上市公司先锋100等榜单上均为行业榜首。 1月30日，由联合国全球领导力与ESG发展中心主办的"ESG产业赋能全球青年可持续发展使命圆桌会 议"在北京举行。会上，海尔智家与联合国全球领导力与ESG发展中心签署战略合作协议，成为首批加 入"跨国公司ESG全球青年可持续职业成长计划"的企业之一。同时，海尔智家副总裁、首席可持续发展 官黄晓武被授予"联合国青年可持续职业发展计划"高级导师。 海尔智家之所以能成为首批战略合作伙伴，离不开其在ESG领域的持续深耕。尤其是在绿色发展上，海 尔智家建立了全球碳管理体系，成为国内行业头部企业中首个"承诺不晚于2050年实现全球运营碳中 和"的企业，这为青年可持续人才的培养提供了实践基础。 据了解，该计划致力于落实联合国"2030青年发展议程"，借助联合国全球资源与影响力，跨国公司全球 发展资源网络及践行社会责任能力，共同致力于为大学生或青年提供全球实习机会与职业训练的能力建 ...

将ESG专项工作转为系统性能力的长期建设，是水井坊近年来企业治理与经营的重要方向。水井坊将 ESG(环境、社会和公司治理)理念和实践深度融入企业战略和经营管理各个环节，探索出独具特色的可 持续发展之路，也获得社会各界的广泛赞誉与奖项。 这一能力的持续落地，在2025年集中获得了外部权威机构的多维度验证与肯定。2025年，水井坊先后收 获了2024标普全球 "行业最佳进步企业"、 Sedex"社会贡献奖"、证券之星"ESG新标杆企业"等多个奖 项，覆盖国际评级、资本市场评价与创新实践等多个维度。 水井坊全面推进"水井坊·敬未来"ESG战略，以创新为驱动，以责任为基石。通过ESG战略的深化落地， 水井坊将持续为白酒行业的高质量与可持续发展创造长期价值。 行业最佳进步企业 中国企业帮普全球 CSA 2024 评分 NASE CA 2024 WA: 46.200 NASA 2021 A 2 8.21 B 2024标普最佳进步企业 2025 Sedex社会贡献奖 63 水井均 k 南方周末 2025年度ESG创新案例 南方都市报 2025责任中国ESG年度盛典 绿色低碳创新实践企业 eri ESG新标杆企业奖 lin ...