"商业同质化""场景老化""电商平台竞争"是百货行业2024年年报中频繁提及的关键词。浓缩了本地特色 与时代记忆的百货商场近年来面临消费者流失的局面，行业进入调整改造期。中国证券报记者梳理申万 百货行业22家上市公司的ESG信息后发现，它们的ESG信息披露整体水平欠佳，多数公司ESG评级在A 股上市公司中处于中低水平。 治理架构 （吨二氧化碳当量） （吨二氧化碳当量） 天虹股份 -2.49 《2024年度环境、社会及公司治理报告》 披露 588987.8(范围一、二) 579484.7(范围一、 二) 王府井 -6.97 《2024环境、社会及治理（ESG）报告》 披露 487414.31（范围一、二） 543226.38（范围 一、二） 武商集团 -6.60 无 未披露 未披露 未披露 广百股份 3.46 《2024年度环境、社会及公司治理（ESG）报告》 披露 未披露 未披露 专家认为，未来，发力"首发经济"，加强消费场景创新，以"绿色消费"作为差异化卖点，通过可持续运 营节约经营成本，通过增强企业社会责任提升品牌价值，成为百货行业上市公司提质突围的方向。当 下，一些企业正借助ESG理念，将"逛腻了"的老 ...

ESG Policies - The Ministry of Finance released a draft application guide for the "Corporate Sustainable Disclosure Standards," detailing nine key areas for corporate sustainability information disclosure [1] - The guide aims to enhance the quality of sustainability disclosures and promote high-quality corporate development [1] Climate Change Reports - The China Meteorological Administration published the "China Climate Change Blue Book (2025)," highlighting ongoing global warming trends and significant climate changes in China [2] - The report indicates that China is experiencing a higher warming rate than the global average, with extreme weather events becoming more frequent and severe [2] - Monitoring indicators for 2024 are expected to reach new highs, emphasizing the urgency of climate change response measures [2] Global Energy Standards - The Global Energy Interconnection Development and Cooperation Organization announced the release of the first seven global energy interconnection standards, developed by nearly 160 experts from nine countries [3] - These standards cover various areas, including new power system planning and clean energy resource assessment, filling international standard gaps [3] ESG Events - The second China-Europe Enterprise ESG Best Practices Conference was held in Stuttgart, Germany, focusing on enhancing cooperation in the ESG field [4] - The conference highlighted the strategic consensus and practical alignment between China and Europe in ESG, aiming to reshape sustainable economic and trade paradigms [4] ESG Initiatives - The China Building Materials Federation released a report promoting sustainable development in the building materials industry and launched a public service platform for ESG practices [5] - This initiative aims to integrate key aspects such as information disclosure and financial support, establishing a closed-loop management system [5] Carbon Footprint Management - The Ministry of Ecology and Environment published China's first "Product Carbon Footprint Management System Progress Report 2025," indicating a strong start in carbon footprint management system construction [6] - The report states that over 70 national standards for carbon footprint accounting are in development, showcasing China's commitment to standardized carbon management [6] Green Energy Initiatives - The State Grid announced that the 2025 Summer Davos Forum will achieve 100% green energy supply, reducing carbon emissions significantly [7] - This initiative demonstrates a market-driven approach to clean energy consumption and provides a replicable model for green energy use in large events [7]

Group 1 - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on providing a high-end platform for Chinese companies to address challenges in international expansion amidst global industrial chain restructuring [1] - The summit aimed to facilitate resource connections, rule dialogues, and intellectual exchanges to explore paths for ecological win-win transformations [1] Group 2 - Ma She, former Deputy Director of the European Department of the Ministry of Commerce, highlighted the historical breakthroughs in Chinese enterprises' foreign investments over the past 40 years, which were once welcomed globally [3] - He pointed out that the current global landscape is marked by significant risks and challenges due to political and economic restructuring, including globalization protectionism and unilateralism impacting international trade rules [3] - Ma identified three major risk areas: the rise of political protectionism and unilateral sanctions against China, the increased risk of wars due to geopolitical conflicts, and the shift towards digital and green economies leading to trade investment protectionism under the guise of environmental concerns [3] - He cited ESG as an example of how some countries use development concepts to restrict Chinese enterprises, specifically mentioning unilateral restrictions on Chinese electric vehicles by the US and EU [3]

Core Viewpoint - The "2025 China Enterprises Going Global Summit" held in Shenzhen aims to provide a high-end platform for Chinese companies to address challenges in international expansion and explore paths for ecological win-win transformation [1] Group 1: Importance of NGO Collaboration - Chinese enterprises are entering a new stage of ecological construction, where collaboration with NGOs is crucial for breaking through challenges [3] - NGOs play a significant role in global public affairs and can help companies leverage their expertise and influence to enhance ESG practices as brand assets [4] Group 2: Role of China International NGO Cooperation Promotion Association - The association serves as an international hub for social enterprise cooperation, facilitating effective dialogue between Chinese companies and local NGOs [5] - It helps design and implement socially responsible projects that meet local needs, avoiding ineffective investments [5] Group 3: Recommendations for Enhancing International Cooperation - Establish a national risk map ecosystem to share risk data among government, research institutions, and enterprises, enabling small and medium-sized enterprises to have equal risk assessment capabilities [6] - Standardize communication between social enterprises and NGOs, integrating social organization participation into the overseas expansion process [6] - Create a global alliance for overseas navigation to transform risk prediction into business opportunities [6]

Group 1 - The core viewpoint emphasizes the necessity of ESG (Environmental, Social, and Governance) practices for companies, particularly in the context of the current market challenges, as highlighted by the president of JA Solar [2] - JA Solar has a significant reliance on overseas markets, with 60% of its market share coming from international sales, making ESG practices crucial for capturing these opportunities [2] - In 2024, China's total photovoltaic module exports are projected to reach 235.93 GW, marking a 13% year-on-year increase, with exports exceeding 200 billion yuan for four consecutive years [2] Group 2 - Europe is identified as the largest export market for Chinese photovoltaic modules, accounting for 40% of total exports, with stringent ESG requirements [3] - A customer survey conducted by JA Solar revealed that ESG factors are prioritized over technical standards by many overseas clients, particularly in Europe where 100% of clients have ESG requirements [3] - JA Solar ranks third globally in photovoltaic module shipments in 2024, with a market share of 12.3%, maintaining a position among the top four for ten consecutive years [3] Group 3 - JA Solar has submitted an application for listing on the Hong Kong Stock Exchange, with plans to use the funds for expanding overseas production capacity and enhancing global market promotion [4] - The capital market is increasingly demanding ESG compliance from photovoltaic companies, as meeting these standards is essential for attracting quality capital and ensuring long-term value [4] - JA Solar employs a dual management strategy for ESG, focusing on compliance to meet minimum requirements and enhancing competitiveness to ensure future sustainability [3][4]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The GRI has released new sustainability reporting standards, GRI 102 on climate change and GRI 103 on energy, aimed at promoting corporate responsibility and accelerating climate action [3][15] - The Chinese Ministry of Finance has issued a draft application guide for the "Corporate Sustainability Disclosure Standards," focusing on nine core issues and emphasizing the importance of the value chain [11][12] Summary by Sections Domestic Developments - The Ministry of Finance published a draft application guide for corporate sustainability disclosure standards on June 24, 2025, detailing nine key areas and aligning with international standards while reflecting Chinese characteristics [11] - The People's Bank of China is revising the sustainable disclosure guidelines for financial institutions, with over 87% of Chinese companies disclosing data points aligned with IFRS S2 [12] - The Ministry of Industry and Information Technology has released an implementation plan for green and low-carbon standardization, aiming to revise over 100 standards by 2027 [13] - Chengdu has established 1,458 "waste-free city cells," achieving a 15.64% reduction in energy consumption per unit of industrial added value [14] ESG Financial Products Tracking - As of June 27, 2025, China has issued 3,585 ESG bonds with a total outstanding amount of 5.52 trillion RMB, where green bonds account for 61.51% of the total [4][27] - The market has 899 existing ESG products with a total net asset value of 10,534.20 billion RMB, with ESG strategy products making up 53.03% [33] - There are 951 existing ESG bank wealth management products, with pure ESG products representing 56.68% of the total [38] Index Tracking - As of June 27, 2025, most major ESG indices outperformed the market, with the Wind All A Sustainable ESG index showing the highest increase of 2.63% [5][39] - Over the past year, major ESG indices have all increased, with the Huazheng ESG index showing the largest gain of 15.46% [39] Expert Opinions - An assistant researcher from Shanghai University of Finance and Economics noted that under low interest rates, green finance can still function effectively, although the issuance of green bonds has significantly decreased [41] - A director from Xi'an Jiaotong-Liverpool University emphasized that international investors' focus on ESG has evolved beyond mere compliance to include detailed assessments of carbon footprints and operational practices [41]

Group 1 - The second China-Europe ESG Best Practices Conference was held in Stuttgart, Germany, emphasizing ESG as a new pivot for cooperation between Chinese and European enterprises [1] - The conference highlighted the importance of ESG in modern corporate governance, with a focus on risk identification and building long-term partnerships [2][3] - The event featured a product exhibition area, showcasing Chinese high-end health food brands, including Beiwei 47°, which has gained popularity in North America, Europe, and Asia-Pacific [2] Group 2 - The conference awarded various categories, including social responsibility and environmental protection, with companies like China UnionPay and Lenovo receiving recognition [3] - Beiwei 47° was recognized for its environmental protection efforts, contributing to global agricultural sustainability and showcasing the strength of Chinese agricultural brands [2] - The event has established a platform for bilateral exchanges, promoting high-quality development and integration into global economic cooperation [3]

General Overview - The company establishes a Strategic and Sustainable Development Committee to enhance governance and core competitiveness in line with its strategic development needs [1][2] - The committee is responsible for researching and proposing recommendations on the company's long-term sustainable development strategy and major investment decisions [1][2] Committee Composition - The committee consists of six directors, including at least one independent director [2] - The chairman of the company serves as the committee's chairperson, while the vice-chairman serves as the deputy chairperson [2] Responsibilities and Authority - The committee's main responsibilities include researching and advising on the company's long-term sustainable development strategy, major investment financing plans, and significant capital operations [2][3] - The committee also focuses on Environmental, Social, and Governance (ESG) aspects, ensuring compliance with applicable laws and regulations [2][3] - The committee is accountable to the board of directors, and its proposals are submitted for board review [2] Decision-Making Procedures - The committee's daily operations are supported by a designated administrative body responsible for preparing materials and organizing meetings [5][6] - Meetings can be convened based on board requests or committee proposals, with decisions requiring a two-thirds majority of committee members present [6][7] Meeting Rules - The committee can invite company directors, supervisors, and senior management to attend meetings as necessary [7] - Professional advice from external agencies can be sought for decision-making, with costs covered by the company [7] - Meeting resolutions and records must be documented and preserved for a minimum of ten years [7][8] Implementation and Amendments - The implementation of these guidelines begins upon approval by the board of directors [8] - Any unresolved matters will be governed by relevant national laws and regulations, with amendments made as necessary [8]

Core Viewpoint - The establishment of the Strategic Investment and ESG Committee aims to enhance the company's core competitiveness, improve decision-making processes, and promote sustainable development through effective governance and ESG performance [2][4]. Group 1: Committee Formation and Structure - The Strategic Investment and ESG Committee is a specialized working body established by the board of directors, consisting of three to five directors, including at least one independent director [3][4]. - The committee is chaired by the company's chairman, and its members serve terms aligned with the board of directors [3][4]. - A working group is set up under the committee to provide daily operational and compliance support, composed of senior management and relevant personnel [3][4]. Group 2: Responsibilities and Authority - The committee's main responsibilities include researching and proposing suggestions on the company's long-term strategic planning, major investment financing plans, and capital operations [4]. - It is tasked with overseeing ESG-related strategies and significant decisions, monitoring annual ESG performance, and reviewing the annual ESG report [4]. - The committee is responsible for examining other significant matters affecting the company's development and ensuring compliance with legal and regulatory requirements [4][5]. Group 3: Decision-Making Procedures - The committee's decision-making process involves preparing necessary materials and conducting pre-examination of proposals before submission to the board [5][6]. - Meetings require the attendance of at least two-thirds of the committee members, and decisions are made based on majority votes [8][9]. - The committee may invite external advisors for professional opinions when necessary, with costs covered by the company [8][9].

Core Viewpoint - The implementation plan for the high-quality development of inclusive finance aims to establish a comprehensive inclusive financial system over the next five years, promoting common prosperity and addressing development gaps in areas like inclusive insurance [1][2]. Group 1: Implementation Plan Overview - The plan outlines six major areas with 16 measures to optimize the inclusive financial service system, enhance the inclusive credit system, and strengthen the inclusive insurance system [1]. - The plan reflects the financial regulatory authorities' response to central government strategies, ensuring policy coherence and execution [1][2]. Group 2: Inclusive Financial System Structure - The inclusive financial system is divided into three components: inclusive financial service system, inclusive credit system, and inclusive insurance system, marking a comprehensive approach by regulatory authorities [2]. - The plan emphasizes the need for a multi-tiered, widely covered, differentiated, and sustainable inclusive financial institution system [2]. Group 3: Impact and Significance - The construction of a high-quality inclusive financial system is expected to optimize the supply system, enhance credit supply capabilities, and significantly strengthen the inclusive insurance system [3]. - The plan aims to improve the quality and efficiency of credit services for small and micro enterprises, enhance credit support for agriculture, and increase assistance for impoverished regions and specific groups [4]. Group 4: Focus on Sustainability - The term "sustainable" is emphasized throughout the plan, highlighting the need for a balance between social benefits and commercial sustainability [6]. - The plan includes goals for establishing a long-term mechanism that is cost-effective and commercially sustainable, particularly in the context of inclusive credit and insurance [6][7]. Group 5: Addressing Challenges - The plan acknowledges the challenges in achieving commercial sustainability in inclusive finance, particularly in the context of high operational costs and risk management for small and micro enterprises [9]. - It suggests leveraging data-driven risk control models and automated approval systems to reduce operational costs and improve access to financing for underserved groups [9].