Core Insights - The article compares two global equity ETFs: SPDR Portfolio Developed World ex-US ETF (SPDW) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC), highlighting their differing investment strategies and target audiences [2][3] Cost and Size Comparison - NZAC has an expense ratio of 0.12% and a 1-year return of 15.4%, while SPDW has a lower expense ratio of 0.03% and a higher 1-year return of 31.3% [4] - SPDW also offers a higher dividend yield of 3.3% compared to NZAC's 1.9%, with SPDW's assets under management (AUM) at $33.4 billion versus NZAC's $180 million [4] Performance and Risk Analysis - Over a 5-year period, NZAC experienced a maximum drawdown of -28.29%, while SPDW had a slightly deeper drawdown of -30.20% [5] - The growth of a $1,000 investment over 5 years would yield $1,501 for NZAC and $1,321 for SPDW, indicating that NZAC has outperformed in terms of growth [5] Portfolio Composition - SPDW focuses on developed international equities outside the U.S., with major sectors including financial services (23%), industrials (19%), and technology (11%), featuring 2,390 holdings [6] - NZAC, on the other hand, emphasizes a climate-focused ESG mandate with a significant technology allocation of 35%, including major companies like Nvidia, Apple, and Microsoft [7] Investment Implications - SPDW is positioned as a more cost-effective option with a higher yield and stronger recent returns, while NZAC appeals to investors prioritizing technology and ESG criteria [9] - Both ETFs provide access to international stocks but define "international" differently, with SPDW focusing on developed markets excluding the U.S. and NZAC including American tech giants while adhering to climate criteria [10]

以下文章来源于肖小跑 ，作者肖小跑 肖小跑 . 金融世界不讲道理的时候，向文史哲求救，大概率"叮"的一下就扣上了。因为在这里，您才能再次看 到"人"：人的情绪，人的荒诞，人的大举动小动作。这里有世界最本质的规律。 本文来自微信公众号： 肖小跑 ，作者：肖小跑 最近在写关于能源和电力的报告，恶补了很多东西。 看来要补的课确实很多，越补越觉得这是一个很反常识的领域，充满了反直觉的悖论。没想到在能源 行业，这个充满着自然规律的物理世界，人性也会起到作用？ 这也是为什么经济学不会消失，它永远在潜移默化中起作用。Long Live Economics。 下面是我的几个反直觉笔记： 01 一个被喊了一百多年的"狼来了"故事：为什么旧能源看不到尽头？ "Peak oil"（石油峰值）这个词，大家可能都听过。意思是石油需求或产量会在某一年达到顶峰，然 后开始走下坡路。 问题是，这个"顶峰"已经被预测了无数次，每次都往后推。 那么问题来了：如果新能源是未来，为什么化石燃料的生命周期却一直在延长？ 因为人性和博弈。或者更具体一点：PTSD。 早在1880年代，就有美国专家预言宾夕法尼亚油田枯竭后，美国石油工业就完了。1956年， ...

2026.01. 23 本文字数：1066，阅读时长大约2分钟 作者 | 一财国际 瑞士时间1月21日，在达沃斯举办的世界经济论坛2026年年会召开期间，由腾讯新闻、腾讯财经主 办、第一财经Yicai Global作为独家英文合作媒体的2026冬季达沃斯愿景晚宴在达沃斯当地举行。 此前，茅台集团党委副书记、总经理王莉以"全球视野下的茅台ESG实践"为主题发表演讲。王莉表 示，茅台始终考虑顾客、员工、股东、供应商、社区等相关方利益，以产业带动，追求与各相关方的 可持续发展。 ESG是由环境、社会和治理三个维度构成的可持续发展评估体系，王莉认为，对于茅台而言，践行 ESG并不是为了ESG而ESG，而是将ESG所代表的可持续发展理念与茅台自身发展实践相融合，一 直以来，茅台始终将保护生态环境作为头等大事、头等要事，而对于茅台的广大供应商而言，要共同 践行"双碳战略"。以2030年全产业链碳足迹下降20%、水足迹下降30%为目标，将绿色低碳转型 纳入企业核心发展战略。茅台将进一步把环保要求嵌入供应商准入、评估与退出全流程。 王莉表示，要坚守产品质量与安全、持续开展负责任营销，提升营销活动合规性，大力倡导理性饮 酒，切 ...

Core Insights - The Framework Agreement aims to support large-scale sustainability and decarbonization initiatives in the Brazilian State of Mato Grosso, a vital agricultural region [1][2] Industry Overview - Brazil's decarbonization market was valued at approximately USD $43.1 billion in 2024 and is projected to reach USD $76.8 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 10.1% from 2025 to 2030 [3] - The sustainability management software market in Brazil, which includes carbon management, compliance, reporting, and related ESG solutions, was valued at approximately $141.4 million in 2024 and is projected to reach $341.4 million by 2030 [4] Company Initiatives - Diginex Limited has signed a Joint Venture Framework Agreement with BGlobal and the State of Mato Grosso to establish a digital infrastructure platform for decarbonization and ESG reporting [2][6] - The Framework Agreement focuses on creating standardized, auditable sustainability and emissions data aligned with international standards, and aims to implement a "Digital Green Passport" concept to support export market access [2][6] - The collaboration intends to enhance existing initiatives like the "Passaporte Verde" program by providing a structured digital backbone for disclosure, traceability, and reporting across agriculture and natural-resource value chains [7] Strategic Focus - The initial focus of the Framework Agreement will be on the beef sector, with potential expansion to additional sectors over time [2][8] - The parties aim to explore how digital tools can help companies in Mato Grosso measure, disclose, and manage sustainability performance in a consistent and credible manner [6][9]

Core Insights - The Framework Agreement aims to support large-scale sustainability and decarbonization initiatives in the Brazilian State of Mato Grosso, a vital agricultural region [1][2] Group 1: Framework Agreement Details - Diginex Limited has signed a Joint Venture Framework Agreement with BGlobal and the State of Mato Grosso to create a digital infrastructure platform for decarbonization and ESG reporting [2][6] - The agreement focuses on developing standardized sustainability and emissions data, implementing a "Digital Green Passport," and creating MRV-ready data for credible carbon initiatives [2][6][7] - The initial pilot will concentrate on the beef sector, with potential expansion to other sectors over time [2][8] Group 2: Market Opportunities - Brazil's decarbonization market was valued at approximately USD $43.1 billion in 2024 and is projected to reach USD $76.8 billion by 2030, with a CAGR of about 10.1% from 2025 to 2030 [3] - The sustainability management software market in Brazil, which includes carbon management and ESG solutions, was valued at approximately USD $141.4 million in 2024 and is expected to grow to USD $341.4 million by 2030 [4] Group 3: Importance of Mato Grosso - Mato Grosso covers over 900,000 km² and is crucial for global food supply, with approximately 60% of its territory preserved, contributing to climate and biodiversity outcomes [5] - The Framework Agreement aims to enhance existing initiatives like the "Passaporte Verde" program by providing a digital backbone for sustainability reporting and traceability [7][9] Group 4: Company Expertise - Diginex combines its expertise in ESG reporting and emissions accounting with BGlobal's local engagement to help companies in Mato Grosso manage sustainability performance [6][10] - The company utilizes advanced technologies such as blockchain and AI to improve transparency in corporate regulatory reporting and sustainable finance [11]

Core Insights - Yihai Kerry's Golden Dragon Fish is redefining the global grain and oil industry with a unique growth path and industry philosophy, transitioning from "importing Western standards" to "defining Chinese standards" and "exporting Eastern wisdom" [1] - The company has established a deep-rooted presence in over 50 countries, leveraging its parent company, Wilmar International, to create a comprehensive agricultural network [1] Group 1: Long-term Commitment and Localization - Golden Dragon Fish's narrative is rooted in a patriotic sentiment, initiated by overseas Chinese who aimed to support China's modernization by introducing capital and advanced grain processing technology [2][5] - The company has adopted a "deep localization" strategy, with a management team primarily composed of local Chinese elites, ensuring decisions align with local market needs while maintaining a global perspective [5][7] - The commitment to localization is further demonstrated through significant investments, totaling nearly 100 billion yuan, establishing over 80 production bases across China [8] Group 2: Food Safety and Management Systems - Golden Dragon Fish has developed a self-driven management system known as the "Safety Pyramid," which aims to exceed international standards in food safety [10][12] - The company has implemented a rigorous quality management framework that integrates various global standards, ensuring compliance and continuous improvement [12][13] - The effectiveness of this system is evidenced by its ability to control harmful substances in edible oils below the strictest EU standards, showcasing its technological capabilities [10][15] Group 3: Innovation and Circular Economy - The company is redefining agricultural value through innovative practices, particularly in the "circular economy," which emphasizes maximizing the use of agricultural products [16][18] - Golden Dragon Fish's rice circular economy model exemplifies this approach, transforming by-products into valuable resources, such as using rice husks for energy and producing high-performance materials from ash [18][21] - The implementation of a six-step fresh rice control technology aims to minimize food loss and enhance product quality, aligning with national goals for food conservation [21][23] Group 4: Integration of Eastern Wisdom and Modern Technology - Golden Dragon Fish is merging traditional Eastern dietary wisdom with modern food technology, addressing global challenges in health and nutrition [24][26] - The company is expanding its product offerings to include health-oriented foods, leveraging its large-scale processing capabilities to ensure affordability and accessibility [26] - The upcoming launch of the "Golden Dragon Fish Fengyitang" health brand reflects its strategic shift towards leading in nutrition and health [26] Group 5: Global Responsibility and Sustainable Development - The company's evolution from "investing in China" to "contributing to the world" highlights its commitment to global agricultural and food industry development [27][28] - Golden Dragon Fish has received international recognition for its sustainability efforts, ranking first among Chinese food companies in the S&P Global Sustainability Yearbook 2025 [28] - The company's ESG practices demonstrate a commitment to sustainable development, maintaining a leading position in the industry [28]

AI基金华夏ESG可持续投资一年持有混合A（014922）披露2025年四季报，第四季度基金利润28.66万元，加权平均基金份额本期利润0.0043元。报告期内， 基金净值增长率为0.53%，截至四季度末，基金规模为6368.99万元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.166元。基金经理是潘中宁，目前管理的3只基金近一年均为正收益。其中，截至1月22日，华夏 ESG可持续投资一年持有混合A近一年复权单位净值增长率最高，达38.24%；截至1月21日，华夏全球股票(QDII)(人民币)最低，为13.18%。 基金管理人在四季报中表示，本基金坚持对产业趋势的深度研判，坚持基本面研究与 ESG 研究的深度结合。首先，我们看好 AI 的发展前景，有超过 50% 左右的资产投资于 AI 大模型应用公司、国产 AI 芯片公司和海外 AI 巨头的核心供应商。 其次，我们认为铜、锂等上游资源品将受益于 AI 爆发性增长、储能规模化建设和电网投资对全球需求的拉动，而黄金作为非美元结算体系的最终信用背书 将得到持续增持。此外，我们对中国的资本市场充满信心，并认为保险资金入市有助于形成保险行业与资本市场的良 ...

Group 1: Core Insights - Suzhou's 2026 government work report introduces nearly 40 new terms, indicating a proactive approach to technology and innovation, with each term potentially representing a new industry track or capital leverage point [1] - The RISC-V open instruction set architecture is highlighted as a key area for innovation in the chip industry, with Suzhou establishing an RISC-V open-source chip innovation center in collaboration with Damo Academy [1] - The "Three Firsts and Two New" initiative focuses on pioneering equipment, new materials, software, technologies, and products, aiming to stimulate innovation potential in various industrial tracks [1] Group 2: Capital Empowerment - The introduction of the "Science and Technology Innovation Index" financing system and other measures reflects Suzhou's ongoing efforts to optimize its capital ecosystem [2] - The "Science and Technology Innovation Index Loan" integrates cross-departmental data to create a comprehensive credit evaluation system for innovation enterprises, facilitating precise allocation of financial resources [2] - The S Fund and QFLP initiatives aim to enhance investment channels and support the growth of science and technology enterprises, while infrastructure REITs are expected to improve liquidity for quality assets [2] Group 3: Resource Assurance and Green Development - Suzhou aims for a computing power scale of 34,000 PFLOPS by 2026, emphasizing the importance of computing, electricity, and data support for digital economic development [3] - The deepening of ESG principles encourages enterprises to enhance their sustainable development capabilities across environmental, social, and governance dimensions [3] - Suzhou's shift from "bringing in" to "dual-way opening" in foreign trade reflects its commitment to expanding cooperation and attracting global resources [3]

2026年伊始，全球低碳治理格局迎来标志性节点。欧盟碳边境调节机制（CBAM）正式全面实施，海南 自贸港同步启动全岛封关运作。国内外绿色规则的双向演进，正深刻重塑产业竞争格局与资本流动方 向。与此同时，中国ESG投资生态走向成熟，如何从被动筛选走向主动进行价值发现与创造，成为市场 参与各方共同关注的议题。 中国证券报记者日前专访了中国银河证券国际ESG中心主任、首席ESG分析师马宗明，围绕CBAM落地 影响、自贸港机遇、ESG尽责管理中的痛点以及新规则下的投资策略等热点，进行了深入解读。 规则演进加速产业与估值重构 欧盟CBAM的落地，被视为影响全球贸易流动的"绿色阀门"。马宗明认为，该机制覆盖了水泥、钢铁、 铝等六大行业，对这些行业的"走出去"中国企业而言，短期内增加了合规成本与负担。尽管允许用本国 已缴纳的碳价进行抵扣，但中欧碳价存在显著差距，将对企业构成实质性成本压力。更重要的是， CBAM规则倒逼出口企业建立自身碳核算体系，并加速供应链的绿色重构。 此外，在马宗明看来，近期市场上出现的"ESG增强型指数"等工具，标志着国内ESG投资正从被动的风 险规避转向主动的价值影响。"这向企业发出了明确信号：良好 ...

Annual results – Neuilly-sur-Seine, Thursday, January 22, 2026 – 5.45 pm 2025: An exceptional year Rental income: +7% Recurring net income: +13% Portfolio: €4bn excl. duties, +4% Strong increase in financial results Rental income: +7% at €212 million, annual target exceeded1Group share recurring net income: +13% at €155 million, i.e. €6.0 per share, annual target exceeded 1 Group share consolidated net income (IFRS): €245 million, including a positive fair value impact of €91 million A PREMIUM portfolio o ...