Core Insights - The article compares two ETFs: URTH, which tracks developed markets without an ESG overlay, and NZAC, which focuses on climate alignment and incorporates ESG criteria [4][5][9]. Group 1: URTH Overview - URTH has 1,320 holdings with a technology bias of 28% and greater weight in financials and industrials [1]. - It has $6.5 billion in assets under management (AUM), providing greater scale and liquidity, which can reduce trading friction for larger trades [1]. - The fund charges a 0.24% expense ratio, which is twice as high as NZAC's [8]. Group 2: NZAC Overview - NZAC tracks an ESG-screened index with a 36% allocation to technology and 16% to cash and others, holding 687 stocks [2]. - It has $178.1 million in AUM, making it significantly smaller than URTH [2]. - The fund has a low expense ratio of 0.12% and targets climate-focused investors by screening out companies involved in controversial sectors [7]. Group 3: Investment Considerations - URTH offers broad exposure to developed markets, with over 60% of its holdings in U.S. companies, making it suitable for traditional market-cap-weighted global diversification [8]. - NZAC, on the other hand, is designed for investors who prioritize climate alignment and sustainable investing principles [9]. - The choice between URTH and NZAC depends on whether investors value climate considerations in their investment strategy [9].

施涵认为， 发展至今ESG的核心内涵已发生根本性位移 ，这一变化同时体现在理论与实践的双重维 度上。 在理论层面，ESG正经历一场深刻重构：其本质从以往常被误读的规范性道德义务—— 即企业"在赚 钱之余要体面"，转向"非财务风险的财务化"。 学界与业界现已形成共识：ESG的核心不再仅是追求 道德高地，而是履行对投资者与社会的信托责任。在极端气候常态化、供应链地缘政治风险攀升的背 景下，ESG能力已成为衡量企业反脆弱性和长期生存能力的关键指标。 与此同时，ESG在实践层面也实现了深度进化：它已从品牌部门用于塑造形象的"公关修辞"，升级为 董事会与CFO办公室核心的管理工具。如今，ESG是供应链准入的硬性门槛（例如应对欧盟CBAM碳 关税）、影响融资成本的关键变量，也是挂钩高管薪酬的核心绩效指标。它不再只是锦上添花的装 饰，而真正成为了企业经营不可逾越的底线。 谈及ESG发展背后的关键驱动力，吕建中认为关键驱动力分内外两个方面。 外部因素之一是政策法 规的推动以及对信息披露要求的强化。 从近几年来ESG信息披露报告数量的逐年上升当中，可以印 证这一点，今年国内上市公司披露量已经提升到47.5%。很多企业都采取了" ...

在公司治理上，刘晓梅积极推动完善公司治理结构与机制，协助董事会下设的审计委员会、提名委员会、薪酬与考核委员会、战略委员会和ESG委员会高 效运作。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上 市公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，海尔智家刘晓梅荣获"投资者信赖董事会秘 书"称号。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院 紧密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六 大维度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 "投资者信赖董事会秘书"聚焦具备专业素养与责任担当的上市公司核心治理参与者，以 "诚信履职、专业赋能、价值传递、合规护航"为核心评选标准。 旨在引导董事会秘书充分发挥资本市场 ...

Core Insights - The article highlights the transformation of Zijin Mining from a local enterprise to a global mining giant, emphasizing its commitment to sustainable and intelligent mining practices [2][14]. Group 1: Company Transformation and Strategy - Zijin Mining has evolved from a county-level enterprise to a global mining leader, showcasing a shift from traditional resource extraction to a focus on green, intelligent, and sustainable development [2]. - The company has implemented a "resource-first" strategy, achieving a gold resource volume of nearly 4,000 tons by 2024, ranking sixth globally in both gold resource volume and production [4]. - Zijin Mining's innovative management model, "Five Rings of Ore Flow Integration," enhances the utilization of low-grade gold resources, resulting in an all-in sustaining cost (AISC) that is better than 80% of global peers [4][5]. Group 2: Global Expansion and Market Position - Since its international expansion began in 2005, Zijin Mining has established significant mining investments in 17 countries, with overseas gold resources and profits surpassing domestic figures [6]. - The company aims to become a "first-class international mining group" by 2028, targeting a gold production goal of 110 tons [6][10]. Group 3: ESG Commitment and Achievements - Zijin Mining integrates ESG (Environmental, Social, Governance) principles into its corporate strategy, establishing a governance structure that ensures ESG objectives are met at all levels [8][9]. - The company has achieved a 34.9% reduction in carbon emissions per unit of industrial added value compared to 2020, with a water resource recycling rate of 93.46% [10][11]. - Zijin Mining's ESG practices have received global recognition, with high ratings from various ESG assessment organizations, placing it in the top 1.7% of its industry [11]. Group 4: Technological Innovation and Sustainability - The company has made significant investments in clean energy, with a total installed capacity of 767 MW and a renewable energy generation of 565 GWh, marking a 48% year-on-year increase [10]. - Zijin Mining has developed smart mining technologies, including autonomous vehicles and intelligent scheduling systems, which enhance operational efficiency and set new industry standards [10][15]. Group 5: Community Engagement and Local Impact - The company actively participates in community development, employing nearly 4,000 local workers and engaging in various social responsibility projects [10][13]. - In its international projects, Zijin Mining respects local cultures and promotes sustainable development, achieving a local employment rate of 96% in overseas operations [13][14].

中国基金报记者赵心怡邵好 ESG不是口号，而是共同认可的价值；ESG不是选项，而是现代矿业立足的根本逻辑。中国矿企的做法是：将这份价值，融入每一个切实的决策。 技术与管理构成了中国矿企在非洲稳健发展的双翼，而真正让这些项目扎根成长的，是跨越文化隔阂、谋求共同发展的真心。 （一）改道河流，共建一汪"金山湖" 在刚果（金）科卢韦齐的原始丛林中，一座现代化铜钴矿的崛起仅用了两年多。从2020年12月完成收购，到2022年12月30日投料试车，再到2023年第一季 度产出首批铜钴产品，洛阳钼业KFM项目正是"中国速度"的印证之一。 速度之下，还有许多故事未被提及。当KFM项目还是一片绿地时，洛阳钼业的ESG规划就已经同步启动。在KFM营地旁，一片郁郁葱葱的树林得以保 留：树林边是由河流改道后筑坝形成的"金山湖"，湖水在非洲的阳光下波光粼粼。谁能想到，这项庞大的工程，不仅关乎矿山生产，更成了一项惠及长远 的民生工程。 （KFM营地旁的金山湖） "河床下有矿体，河流必须改道。但怎么改，才能对自然和社区最友好？"KFM地质团队反复研究自由港时期的旧方案，都觉得不尽如人意。"我们不能只 考虑成本，还要考虑五十年一遇的洪水，考 ...

ESG不是口号，而是共同认可的价值；ESG不是选项，而是现代矿业立足的根本逻辑。中国矿企的做法是：将这份价值，融入每一个切实的决策。 技术与管理构成了中国矿企在非洲稳健发展的双翼，而真正让这些项目扎根成长的，是跨越文化隔阂、谋求共同发展的真心。 (一)改道河流，共建一汪"金山湖" 在刚果(金)科卢韦齐的原始丛林中，一座现代化铜钴矿的崛起仅用了两年多。从2020年12月完成收购，到2022年12月30日投料试车，再到2023年第一季度 产出首批铜钴产品，洛阳钼业（603993）KFM项目正是"中国速度"的印证之一。 速度之下，还有许多故事未被提及。当KFM项目还是一片绿地时，洛阳钼业的ESG规划就已经同步启动。在KFM营地旁，一片郁郁葱葱的树林得以保 留：树林边是由河流改道后筑坝形成的"金山湖"，湖水在非洲的阳光下波光粼粼。谁能想到，这项庞大的工程，不仅关乎矿山生产，更成了一项惠及长远 的民生工程。 (KFM营地旁的金山湖) "河床下有矿体，河流必须改道。但怎么改，才能对自然和社区最友好？"KFM地质团队反复研究自由港时期的旧方案，都觉得不尽如人意。"我们不能只 考虑成本，还要考虑五十年一遇的洪水，考虑对上下游 ...

中国基金报记者 赵心怡 邵好 ESG 不是口号，而是共同认可的价值； ESG 不是选项，而是现代矿业立足的根本逻辑。中国矿企的做法是：将这份价值，融入每一个切 实的决策。 技术与管理构成了中国矿企在非洲稳健发展的双翼，而真正让这些项目扎根成长的，是跨越文化隔阂、谋求共同发展的真心。 （一）改道河流，共建一汪 " 金山湖 " 在刚果（金）科卢韦齐的原始丛林中，一座现代化铜钴矿的崛起仅用了两年多。从 2020 年 12 月完成收购，到 2022 年 12 月 30 日投 料试车，再到 2023 年第一季度产出首批铜钴产品，洛阳钼业 KFM 项目正是 " 中国速度 " 的印证之一。 速度之下，还有许多故事未被提及。当 KFM 项目还是一片绿地时，洛阳钼业的 ESG 规划就已经同步启动。在 KFM 营地旁，一片郁郁葱 葱的树林得以保留：树林边是由河流改道后筑坝形成的 " 金山湖 " ，湖水在非洲的阳光下波光粼粼。谁能想到，这项庞大的工程，不仅关 乎矿山生产，更成了一项惠及长远的民生工程。 这一切，正如洛阳钼业副总裁、 ESG 发展部总经理梁玮所强调的： " 我们从一片绿地开始，就决心将 KFM 打造为行业 ESG 最 ...

郭峰教授代表研究院课题组发布了上海财经大学富国ESG丛书（第二辑）暨《上市公司ESG合规披露诊 断——中国ESG发展报告·2025》（下文简称《报告》）。他提到，在当前ESG全球进程波动、中国ESG 体系基本建立领先优势的背景下，推动合规披露已成为深化ESG实践，衔接政策要求与企业行动的关键 路径。 上海财经大学富国ESG研究院副院长郭峰发布《上市公司ESG合规披露诊断——中国ESG发展报告 ·2025》。主办方供图 本次发布的《报告》对2024年2478份上市公司的ESG报告进行了系统诊断，研究发现，上市公司ESG相 关报告披露率虽然持续提升，但整体仍有较大改进空间，而且当前ESG报告命名与标准尚不统一，表现 出典型的过渡期特征。据其总结，当前ESG披露存在的四个突出问题：一是行业间差异显著，教育行业 披露进展尤其滞后；二是信息披露往往未能兼顾影响实质性和财务实质性；三是信息披露偏重宏大叙事 缺乏具体举措；四是负面信息披露的规范性与完整性有待提升。 第三届ESG创新论坛会场。主办方供图 上海财经大学党委副书记、纪委书记何鹏程，上海财经大学滴水湖高级金融学院实践教授张为国，商道 咨询首席专家、商道融绿董事长郭 ...

Core Insights - Bosideng Group has been recognized as a member of the "25 Sustainable Development Chain Leader Alliance" for its practices in building a transparent, symbiotic, and responsible supply chain ecosystem, alongside companies like Tencent and Yili [1] ESG Strategy - Bosideng has integrated ESG principles into its core strategy, establishing a long-term commitment to sustainability with a "1+3+X" ESG strategic framework, aiming for net-zero emissions in operational processes by 2038 [3] - The company focuses on three key areas: product innovation, environmental sustainability, and human-centric approaches, embedding sustainable practices throughout its research, production, logistics, and partnerships [3] Supply Chain Innovations - The company promotes a circular economy through closed-loop design, exemplified by the CIRCULAR 3.0 down jacket, achieving a "garment-to-garment" (G2G) closed-loop goal [4] - All down materials used are certified under the Responsible Down Standard (RDS), ensuring sustainability from the source, and the company collaborates with suppliers to develop eco-friendly protective fabrics with over 70% bio-based content [4] - Bosideng has adopted FSC-certified eco-friendly packaging and implemented smart logistics systems, reducing the carbon footprint of individual shipments by 4% [4] Social Responsibility and Governance - The company has established a sustainable development oversight mechanism directly accountable to the board, linking executive compensation to carbon reduction progress to ensure the effective implementation of ESG goals [5] - In the 2024/25 fiscal year, Bosideng invested 8.908 million yuan in employee training and granted equity incentives to core employees [5] - The company and its philanthropic foundation have donated a total of 1.55 billion yuan, benefiting 1.923 million people, contributing to rural revitalization and improving social welfare [5] - Bosideng has initiated the fifth phase of the "Carbon Neutral Forest" project in the Alashan League, planning to plant 23,000 trees over an area of 460 acres [5] Future Outlook - The recognition as a member of the "25 Sustainable Development Chain Leader Alliance" marks a significant achievement for Bosideng in advancing national "dual carbon" goals [5] - The company plans to deepen its collaboration with the United Nations Global Compact and work with global value chain partners to build resilient supply chains, contributing to sustainable fashion [5]

Core Insights - Guangdong Nanyue Bank is actively supporting the "Hundred Million Thousand Project" and rural revitalization through innovative financial services, achieving a loan balance of 46.483 billion yuan by September 2025, a 27.3% increase from the beginning of the year [1][10] - The bank has established a comprehensive financial service system for county economies, addressing financing difficulties and infrastructure funding gaps in rural areas [2][3] Financial Performance - As of September 2025, the bank's loans related to the "Hundred Million Thousand Project" reached 46.483 billion yuan, with a 27.3% year-on-year growth [1][10] - The balance of agricultural loans increased by 15% year-to-date, with inclusive agricultural loans amounting to 1.714 billion yuan, benefiting over 1,000 small and micro agricultural entities [10] Strategic Initiatives - The bank has implemented a "one county, one policy" strategy to tailor financial services to local industries and key projects, creating replicable service models [4] - A three-tiered collaborative mechanism has been established, involving the head office, local branches, and all staff to enhance the efficiency of financial services [3] Innovative Financial Solutions - The bank has introduced a "one party alliance + N financial services" model, facilitating quick loan approvals, such as a 2 billion yuan credit approval completed in just five working days [5][6] - Innovative financing solutions include a circular economy loan project linked to ESG criteria, with a loan of 50 million yuan for a company focusing on a full-cycle economic model [6][7] Rural Revitalization Focus - The bank is committed to supporting rural revitalization by extending financial services across the agricultural production, circulation, and processing sectors [7][8] - Specific initiatives include customized loans for local agricultural enterprises, such as a 10 million yuan loan for a fish farming company that increased production capacity by 40% [8][9] Collaboration with Local Governments - The bank has signed strategic cooperation agreements with multiple local governments to enhance the collaborative ecosystem of "government + bank + enterprise" [3] - Efforts to streamline credit approval processes and enhance service efficiency have been made to better serve rural areas [3][5]