Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Insights - The differentiation in the sauce-aroma baijiu sector has intensified, with leading companies benefiting from increased market concentration. Despite pressure on the company's performance in the second half of 2024, proactive inventory control and channel structure optimization are expected to enhance market share and structural upgrades in the long term [3][12]. - The company holds over 100,000 tonnes of high-quality base liquor reserves, ranking third among Guizhou liquor companies, which creates a natural barrier for high-end product supply [3][12]. - The company has expanded into new consumption scenarios, including the "Zhen Shi" banquet scene and premium beer segments, enhancing brand sophistication through innovative marketing strategies [3][12]. - The company's operating net cash flow increased by 116% year-on-year to 780 million yuan in 2024, with a significant improvement in shareholder returns through a dividend payout ratio of 39% [4][13]. - The current valuation is at a historical low, with a trailing twelve-month price-to-earnings ratio of 14.8 times, significantly lower than industry peers, indicating substantial room for valuation recovery [5][14]. - The company is expected to capture a larger market share amid industry concentration trends, with projected net profits for 2025-2027 being 1.50 billion, 1.66 billion, and 1.92 billion yuan, respectively [6][15].

Domestic Developments - The Shanghai Stock Exchange has established a special action plan to enhance the ESG ratings of listed companies, implementing six key measures to improve ESG performance[3] - The ChiNext Index has removed companies rated below B in the National ESG rating system, aiming to strengthen the overall quality of listed firms[13] ESG Financial Products Tracking - As of June 23, 2025, a total of 3,573 ESG bonds have been issued in China, with a total outstanding amount of CNY 5.49 trillion, of which green bonds account for 61.40%[30] - In June 2025, 96 ESG bonds were issued, raising CNY 107.7 billion, while the total issuance over the past year reached 1,009 bonds with a total amount of CNY 1.15 trillion[30] - There are currently 893 ESG mutual funds in the market, with a total net asset value of CNY 1,044.95 billion, where ESG strategy products represent 52.70% of the total[36] - In June 2025, 14 new ESG products were launched, totaling 3.319 billion units, with a total of 240 ESG mutual funds issued in the past year, amounting to 179.629 billion units[36] - The market has 931 ESG bank wealth management products, with pure ESG products making up 57.79% of the total, and 61 new ESG products were issued in June 2025[41] Index Performance - As of June 20, 2025, most major ESG indices outperformed the market, with the CSI 300 ESG index showing the smallest decline at 0.09% and the Wind All A Sustainable ESG index showing the largest decline at 0.95%[42] - Over the past year, major ESG indices have generally increased, with the Huazheng ESG index leading with a rise of 12.35%, while the Shenzhen ESG 300 index had the smallest increase at 7.01%[42] Expert Insights - The ISSB Chairman emphasized China's commitment to enhancing the quality and transparency of climate-related financial disclosures, contributing to global comparability in information disclosure[44] - The Shanghai New Financial Research Institute highlighted five major imbalances in the development of green finance, including supply-demand imbalance and infrastructure disparities[44] Risk Factors - Potential risks include slower-than-expected ESG development, challenges in advancing carbon neutrality strategies, and delays in policy implementation[45]

2025 年 6 月 23 日 总量研究 国内新基市场发行火热，被动资金流入中小盘、科创板 ——基金市场与 ESG 产品周报 20250623 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.6.16-2025.6.20）原油价格延续上涨，权益市场指数全面回调。行业方 面，本周银行、通信、电子行业呈现上涨，美容护理、纺织服饰、医药生物 行业跌幅居前。基金市场方面，本周权益类基金净值集体下滑，中长期纯债 型基金涨幅占优。 基金产品发行情况：本周国内新基市场发行火热，新成立基金 50 只，以股 混基金为主，新成立基金合计发行份额为 459.23 亿份。其中债券型基金 10 只、混合型基金 14 只、股票型基金 20 只、FOF 基金 3 只、REITs2 只、国 际(QDII)基金 1 只。全市场新发行基金 19 只，从类型来看，股票型基金 14 只、债券型基金 3 只、FOF 基金 1 只、混合型基金 1 只。 基金产品表现跟踪：长期行业主题基金指数方面，本周医药主题基金净值显 著回撤，金融地产、TMT 主题基金维持正收益。截至 2025 年 6 月 20 日， 本周金融地产、T ...

Group 1: ESG Disclosure and Carbon Emission Focus - The ESG information disclosure rate of A-share listed companies in the paper industry has increased from 21% to over 79% in the past decade, with a particular focus on carbon emission reduction [1][2] - Major companies have begun to calculate and disclose their Scope 1 to 3 carbon emissions data, setting clear carbon reduction targets and achieving initial results [1][2] - Companies like Sun Paper, Hengfeng Paper, and Shanying International have provided comprehensive disclosures regarding their carbon emissions, highlighting a consensus on environmental responsibility within the industry [2][3] Group 2: Industry Growth Challenges - The paper industry is facing growth challenges, with projected profit declines of 2.7% in 2024 and a 22% drop in the first quarter of 2025, despite positive growth in paper and cardboard production [1][4] - The industry is experiencing a "growing pain" period as it transitions to a green and low-carbon model, necessitating cost reduction and efficiency improvements [1][4] - The total production of paper and cardboard in China is expected to reach 290 million tons in 2024, with a year-on-year growth of 1.5%, but profit levels are declining [4] Group 3: Carbon Reduction Goals and Achievements - Companies like Kain Co. aim to peak carbon emissions by 2026 and achieve a 90% reduction by 2035 compared to 2021 levels, with a 27% reduction in greenhouse gas emissions expected in 2024 [2][3] - Shanying International plans to reduce carbon intensity by 39% for Scope 1 and 2 by 2030, with significant progress already made [3] - Qing Shan Paper reported a 32.93% decrease in total carbon emissions in 2024, indicating a trend towards effective carbon management [3] Group 4: Need for Industry Transformation - The paper industry is at a critical juncture for green and low-carbon transformation, with a call for ecological innovation to address growth bottlenecks [5][6] - The industry is expected to undergo consolidation, with companies that can integrate renewable energy systems and improve efficiency likely to survive [6] - A sustainable industrial ecosystem is essential for the industry's transition, requiring collaboration across the supply chain [6][7] Group 5: Collaborative Ecosystem Development - Building a sustainable development ecosystem that involves upstream and downstream collaboration is seen as a key path for the industry [7][8] - The demand for innovative technologies in downstream packaging and printing sectors places pressure on the paper industry to provide specialized materials [7][8] - Chain-leading enterprises are encouraged to drive innovation and resource sharing across the industry to enhance sustainability [9]

Core Insights - Global ESG development is characterized by simultaneous technological innovation and policy improvement, indicating a steady progression towards deep technological innovation, diversified financial tools, and pragmatic policy adjustments in the ESG sector [2][6] - In the carbon neutrality field, Norway has launched the world's first comprehensive CCS value chain "Longship," with an annual storage capacity of 1.5 million tons [2][6][17] - The UK government has allocated £200 million for the Acorn carbon capture project, expected to reduce emissions by 18 million tons annually [2][6] - TerraPower has secured $650 million in funding to advance the construction of advanced nuclear reactors [2][6] - Australia has introduced the world's first sustainable finance taxonomy covering high-emission industries, aiming to guide investments towards green and transitional activities [2][6][13] International ESG Events - Amazon Air has begun using sustainable aviation fuel provided by Neste, with a supply of 7,500 tons planned for 2025 [6][9] - SAP has signed a carbon removal agreement with Climeworks for 37,000 tons of carbon removal credits by 2034 [6][9] - The European Union has simplified carbon border tax rules, exempting 90% of small business imports [6][9] Domestic ESG Developments - In China, the delivery of the world's largest and most efficient methanol reserve car carrier "Anji Hongsheng" marks a significant achievement in carbon neutrality [2][6] - Fujian has released a long-term hydrogen energy industry plan aiming for an annual green hydrogen production capacity of 100,000 tons by 2035 [2][6] - The Shanghai completion of the world's first ship-to-ship liquid CO2 unloading operation establishes a complete carbon cycle system [2][6] Academic Frontiers - Research published in the "International Review of Financial Analysis" indicates that incorporating climate risk factors into financial models can enhance the accuracy of industry volatility predictions [2][4] - A study in "Econometrica" highlights the significant impact of large-scale battery storage on electricity market prices and renewable energy integration [2][4] - Research in "Nature" assesses the impacts of climate change on global agriculture, emphasizing the challenges to food security despite adaptation measures [2][4] Sustainable Finance Initiatives - The Australian sustainable finance taxonomy aims to support the transition to a low-carbon economy and enhance investor confidence in low-carbon investments [13][12] - Volkswagen Bank has successfully issued its first green bond worth €1.5 billion to support electric vehicle financing [6][9] - Goldman Sachs has launched an emerging markets green and social bond ETF to provide investors with exposure to sustainable fixed-income securities [6][9]

Core Insights - The latest ESG public fund weekly ranking indicates a decline in performance for ESG funds during the observation period from June 16 to June 20, with pure ESG theme funds showing a significant gap compared to broader ESG theme funds [1] - Pure ESG theme funds had only 6 funds that increased in value, with an average return of -0.04% for active funds and -0.08% for index funds, while all broad ESG theme funds recorded gains, with active funds averaging 1.04% and index funds 0.15% [1] Fund Performance Summary - The top-performing pure ESG theme funds include: - Dongwu New Energy A with a weekly return of 1.52% and a total return since inception of 27.37% [2] - Guoshou Anbao Low Carbon Economy A with a weekly return of 1.47% but a total return since inception of -39.34% [2] - Other notable funds include Jiashi Green Theme A and Changjiang New Energy Industry A, with weekly returns of 1.38% and 1.35% respectively [2] - The top-performing broad ESG theme active funds include: - Guangfa ESG Responsible Investment A with a weekly return of 0.67% and a total return since inception of -12.96% [5] - Zhonghang Ruihua ESG One-Year Open A with a weekly return of 0.43% and a total return since inception of 13.79% [5] - The top-performing broad ESG theme index funds include: - ICBC Zhongzheng 180 ESG ETF with a weekly return of 0.08% and a total return since inception of -9.37% [8] - Ping An ESG 120 Strategy ETF with a weekly return of 0% and a total return since inception of -111.35% [8] Fund Classification and Methodology - The ESG funds are categorized into two main types: ESG theme funds and broad ESG theme funds, further divided into active and index funds based on investment strategies [11] - The ranking is based on a selection of operational public funds, excluding those that have been liquidated, and includes only A-share classes of funds [11]

华夏时报（www.chinatimes.net.cn）记者 刘诗萌 北京报道 2025年，尽管国际环境不确定性加剧，但中国履行气候承诺、推进绿色发展的脚步并未因此放缓。 6月19日，在由国际财务报告准则基金会北京办公室主办、中国中车集团有限公司承办的2025年北京国际可持续大 会上，中国财政部会计司司长林启云向包括《华夏时报》记者在内的媒体透露，财政部正在建立健全可持续信息 鉴证业务的准则体系。 这也意味着，继2024年三大交易所陆续出台《上市公司可持续发展报告指引》《上市公司可持续发展报告编制指 南》，财政部公布《企业可持续披露准则——基本准则（试行）》以及近期发布《企业可持续披露准则第一号 ——气候（试行）征求意见稿》后，中国ESG政策体系建设将再有新的动向。 Wind数据显示，截至6月21日，A股披露独立2024年度ESG报告公司数量为2475家，披露率达到45.98%。与去年的 2233家、41.86%和前年的1848家、36.47%相比，都有了相当大的提高。尤其是央企，截至今年6月11日，470家央 企上市公司中，462家发布ESG相关报告，披露率达98.3%，基本实现"全覆盖"。 并且，中国ESG ...

Core Viewpoint - The recent dialogue between Li Shufu, chairman of Geely Holding Group, and Wang Xingxing, founder of Yushu Technology, highlights the growing interest in humanoid robotics, especially following Yushu Technology's successful C-round financing led by Geely. This indicates a significant investment trend in the humanoid robotics sector, which is rapidly gaining competitiveness in China [1]. ESG Disclosure Summary - As of June 20, there are 28 listed companies in the Yushu robotics concept, with only 9 companies disclosing ESG reports, resulting in a disclosure rate of 32.14%, which is below the industry average [2][4]. - Only 7 companies disclosed carbon emission data, with a disclosure rate of 25%. Among these, only 2 companies provided Scope 3 emissions data, leading to a very low disclosure rate of 7.14% [2][4]. - The low ESG disclosure levels in the humanoid robotics sector reflect a lack of awareness and emphasis on the operational impacts among these companies [2]. Sustainable Supply Chain Insights - In the current year, 6 out of 28 companies disclosed information related to sustainable supply chains, a notable improvement compared to previous years [5]. - Companies like Jinfat Technology have established comprehensive supplier lifecycle management systems to enhance their sustainable supply chain practices [5]. - The importance of sustainable supply chains in the robotics industry is underscored by the reliance on materials like rare earth metals and semiconductors, which have significant environmental impacts [6]. Technology Ethics Discussion - The disclosure rate regarding technology ethics issues is notably low, with only one company reporting on the establishment of an ethics committee focused on business ethics [6][8]. - The robotics industry faces critical ethical concerns, including transparency in decision-making processes and potential impacts on employment [7]. - Companies are urged to ensure the legality, safety, and fairness of technology applications to prevent issues like algorithmic bias and data misuse [8].

Core Viewpoint - The Shanghai Stock Exchange has announced a special action plan to enhance the ESG rating levels of listed companies, transitioning from a "disclosure-oriented" to a "value-oriented" approach, aiming to integrate sustainable elements into the information, evaluation, and resource allocation processes [1][2]. Group 1: ESG Rating Enhancement Measures - The action plan includes six key initiatives: providing rating guidance, promoting communication between listed companies and rating agencies, improving information disclosure, forming best practice examples, strengthening positive incentives, and enhancing management performance [2][3]. - The plan aims to support financial institutions in incorporating ESG ratings into various financing products, thereby increasing the influence of ESG ratings in capital markets [3][4]. Group 2: Current ESG Rating Landscape - The number of Chinese companies rated AA and AAA by MSCI is expected to increase by 66% from 2023 to 2024, indicating a significant improvement in ESG rating levels among Chinese enterprises [6][7]. - As of the end of 2024, 342 listed companies in Shanghai are included in the MSCI ESG rating, with 100 companies receiving upgrades, and 8 companies achieving AAA ratings, which is significantly higher than lower-rated companies [7][8]. Group 3: Benefits of ESG Ratings for Companies - Companies adhering to the action plan can benefit from improved resource allocation, increased financing opportunities, and enhanced valuation advantages, leading to a shift from merely complying with ESG requirements to internalizing sustainable management practices [4][8]. - The overall ESG rating levels of A-share listed companies are steadily improving, with 39.22% rated BB and 34.43% rated BBB, indicating a foundational level of ESG management [8][9].

Core Viewpoint - China People's Insurance Group (PICC) aims to leverage its unique position in the insurance industry to support green development through innovative products and services, establishing standards, and becoming a long-term investor in the green economy [1] Group 1: Green Development Initiatives - PICC has established a community for urban and rural residential catastrophe insurance and developed a "PICC Meteorological Index Insurance Pricing Model" to expand catastrophe insurance coverage to multiple disaster causes, including typhoons and floods, covering 4.1 billion people across 20 provinces and 118 cities by 2024 [2] - The company plans to enhance the operational mechanism of the catastrophe insurance community and develop a catastrophe risk quantification model tailored to China's disaster realities, promoting diverse catastrophe insurance forms such as catastrophe bonds [2] - PICC is focusing on positive incentives through the development of green insurance products like new energy vehicle insurance and green building insurance, while also implementing negative constraints via environmental pollution insurance to correct negative externalities [2] Group 2: Green Insurance and Investment - In 2024, PICC signed the United Nations Principles for Sustainable Insurance (PSI) and established a green finance committee, creating a unified green insurance statistical system and an ESG risk assessment system for insurance clients [3] - The company provided risk coverage of 184 trillion yuan in green insurance, insuring 11.59 million new energy vehicles, a 57.3% year-on-year increase, and offering environmental pollution liability risk coverage of 19.7 billion yuan [3] - PICC is implementing green investment guidelines and creating ESG-themed products, with a planned investment scale exceeding 100 billion yuan in green development by 2024 [3] Group 3: Support for Shipping Industry - During the 2025 Lujiazui Forum, PICC and Bank of China jointly released an action plan to support the construction of the Shanghai International Shipping Center, focusing on financial services for shipping safety, convenience, and green transformation [4] - The "CSI Bank of China-PICC Shipping Development Theme Index" was launched to reflect the prosperity of the shipping industry, selecting 50 securities from various sectors related to shipping and logistics [5] - PICC aims to leverage its global advantages and lead in shipping insurance, creating an open cooperation platform for domestic and foreign shipping, shipbuilding, port, and logistics entities [5]