Core Viewpoint - BASF is deepening its engagement in the Chinese market, focusing on innovation and sustainable development, with significant investments in research and production facilities to meet the growing demand in the chemical industry [11][12][14]. Group 1: Investment and Expansion - BASF has established a competitive production, marketing, technical service, and innovation network in China over its 140 years of presence [12]. - The company has invested approximately €2.8 billion in the Shanghai Innovation Park, which has become the largest R&D center for BASF in the Asia-Pacific region [13]. - By the end of 2024, BASF plans to have invested around €17 billion in the Greater China region, with sales in China accounting for over 13% of its global sales [13][14]. Group 2: Strategic Projects - The BASF Zhanjiang Integrated Base, with a total investment of about €10 billion, is the company's largest overseas investment project and is expected to become its third-largest production base globally [14]. - The Zhanjiang project includes a steam cracking unit with an annual capacity of 1 million tons of ethylene and several downstream production facilities [14]. - The project has received strong support from local governments, which have facilitated site selection and project preparation [15]. Group 3: Research and Innovation - BASF is collaborating with the Yangtze River Delta Physical Research Center and Beijing Weilan New Energy Technology Co., Ltd. to develop next-generation solid-state battery technology [11]. - The company is increasing its R&D investment in China, particularly in fast-growing sectors such as new energy vehicles and renewable energy [16]. - The establishment of the Asia Open Research Network has led to approximately 200 joint research projects focused on sustainable materials and advanced processes [17]. Group 4: Workforce and Talent Development - BASF employs over 12,000 people in China, with about 10% being R&D personnel, reflecting the company's commitment to local innovation [17]. - The company has signed a strategic cooperation framework agreement with South China University of Technology to enhance talent cultivation and industry-academia collaboration [16].

Core Insights - The cold chain logistics industry in China is experiencing steady growth, driven by effective consumption-boosting policies and increasing demand for food cold chain logistics services [1][2] - In the first half of the year, the total demand for food cold chain logistics reached 192 million tons, a year-on-year increase of 4.35%, while total revenue for food cold chain logistics service companies was 279.94 billion yuan, up 3.84% [1] - The rise in demand is particularly notable in the context of high temperatures, which has accelerated the turnover of refrigerated goods and maintained strong consumption of fresh agricultural products [1][2] Industry Trends - The demand for urban delivery is robust, fueled by the rapid development of fresh e-commerce and chain restaurants, leading to a significant increase in the sales of light refrigerated vehicles [2] - In the first half of the year, refrigerated vehicle sales reached 29,474 units, marking an 18.19% year-on-year growth, with sales of new energy refrigerated vehicles soaring by 119.61% to 10,548 units [2] - The penetration rate of new energy refrigerated vehicles reached 35.8%, an increase of 16.5 percentage points year-on-year, supported by government subsidies and relaxed road access policies [2] Future Outlook - The development of cold chain logistics is expected to be driven by the rise of new energy refrigerated vehicles, which align with green logistics principles and contribute to carbon emission reduction [3] - Continuous market demand growth is anticipated to push cold chain logistics towards greater intelligence and precision, integrating technologies such as big data and the Internet of Things for real-time monitoring of vehicle location and temperature [3] - The expansion of fresh e-commerce and cross-border cold chain services is likely to further enlarge the cold chain logistics market, enhancing service quality and efficiency for consumers [3]

Core Viewpoint - Eric Solheim emphasizes the significant progress China has made in ecological civilization and green development, positioning it as a leader in global climate governance and sustainable practices [1][4][10]. Group 1: China's Green Development Policies - China has consistently highlighted the importance of balancing ecological protection with economic development, marking a shift from reliance on fossil fuels to sustainable energy sources [4][5]. - The country has made substantial improvements in air quality and water quality, showcasing a successful transformation driven by the philosophy of nurturing the natural environment to promote economic growth [5][6]. - China is now a leader in various green technologies and has established a comprehensive national park system to protect endangered species, indicating its advancement in green development [6][10]. Group 2: Global Green Transition - The global shift towards green energy is unstoppable, with countries like China, South Korea, and Japan continuing to invest in renewable energy despite the U.S. withdrawing from the Paris Agreement [7][10]. - Solar energy has become one of the lowest-cost energy sources globally, and transitioning to solar not only saves costs but also enhances energy security for nations [9][12]. - The U.S. exit from climate cooperation may create challenges, but it primarily affects the U.S. itself, as other nations will continue to pursue green initiatives [8][10]. Group 3: China and Global Climate Leadership - China is positioned to fill the leadership void left by the U.S. in climate cooperation, with a focus on increasing investments in renewable energy technologies globally [10][11]. - The collaboration between China and Europe is seen as crucial for leading global climate action, especially in engaging developing countries [10][11]. - The importance of avoiding additional tariffs on green technologies is highlighted, as such measures could hinder the progress of the green transition [13][14].

谈及ESG数据披露话题时，刘锋提到了一项研究成果——与财报相比，企业披露的可持续发展报告在美 观性上远超前者，彩色图片等可视化内容占比高出30%。这表明此类报告篇幅虽长，却未充分纳入关键 信息，如对金融机构而言至关重要的范围三碳排放披露。若缺乏这些关键数据，ESG评价便无从谈起， 甚至可能扭曲评价结果，最终误导整个投资体系。 "ESG理念繁荣的背后，存在着实践层面的乏力。其实市场是很聪明的，已经在价格上有所反映。"刘锋 指出，ESG在投资领域显得欣欣向荣，贷款、债券、基金、碳交易市场、REITs等均发展迅猛，全球 ESG相关基金的数量持续增加。然而，ESG在实操环节，尤其是底层数据采集等方面，相关实践仍显乏 力。 过去五年，全球ESG相关基金的表现普遍落后于基准指数，ESG投入尚未真正转化为企业价值，企业 面临如何将ESG成本在财务报表中体现的难题。 21世纪经济报道记者 孙永乐 上海报道 8月16日，由南方财经全媒体集团指导，21世纪经济报道联合东方证券主办、上海环境能源交易所战略 支持的第三届21世纪"活力·ESG"创新论坛在上海隆重举办。 在论坛上，中央财经大学绿色金融学院首席经济学家刘锋发表"数据驱动 ...

Group 1: Innovative Energy Solutions - The "River Water Air Conditioning" system in Chongqing utilizes the natural temperature regulation properties of the Yangtze and Jialing rivers, providing a sustainable cooling and heating solution for buildings [1] - This system can save approximately 52,000 kW of electricity capacity annually and conserve 1.98 million cubic meters of water, while reducing carbon dioxide emissions by about 60,000 tons each year [1] Group 2: Waste Management and Recycling - The cement factory in Chongqing employs a technology that transforms organic waste into fertilizers, combustible materials into fuels, and solid waste into raw materials, integrating these into the cement production process [2][4] - The Chongqing Conch Cement Company has a daily capacity to process 200 tons of municipal waste, which not only addresses environmental issues in the Three Gorges area but also contributes 4% of the heat needed for cement production [4] Group 3: Culinary Waste Utilization - In Chongqing, waste cooking oil from the restaurant industry is processed through sorting and dehydration, then further refined into industrial oils for use in aviation and industrial products [5] Group 4: Circular Economy Initiatives - Chongqing Midea Refrigeration Equipment Co., Ltd. incorporates a circular economy approach in its production processes, reusing excess heat, oxygen, and pressure, and is developing a green circular industrial park to support the transformation of the home appliance recycling industry [5]

Financial Data and Key Metrics Changes - The group's total revenue increased by 7.1% to JPY 6,838 million [7] - Operating profit rose by 9.1% to JPY 1,305 million, with an operating profit margin improvement of 0.4 percentage points to 19.19% [8] - Net profit for the first half of the year was JPY 914 million, reflecting a year-on-year increase of 21.5% [9] - Annualized return on equity increased by 3.3 percentage points to 19.7% [9] - Operating cash flows were CHF 774 million, with net cash increasing by 94.3% to CHF 1.913 billion [9] Business Line Data and Key Metrics Changes - Revenue from the XTEP core brand increased by 4.5% to JPY 6,053 million, while the professional sports division, including Saucony and Merrell, saw revenue growth of over 32% to JPY 785 million [8][16] - The mass market segment's gross profit increased by 4% to JPY 2,641 million, with a slight decrease in gross margin by 0.3 percentage points [15] - The professional sports division's operating profit surged nearly 2.4 times to JPY 79 million, with an operating profit margin improvement to 10% [17] Market Data and Key Metrics Changes - Over 300 marathons were held in China in the first half of the year, with more than 3 million participants, indicating a growing interest in running events [24] - The group's brands maintained high wear rates in major marathons, with Saucony achieving second place in overall wear rates at the Wuxi Marathon [25] Company Strategy and Development Direction - The company is focused on strengthening its core strategy of running, enhancing synergies among its brands, and expanding its product portfolio [23][35] - Plans include optimizing retail channel management, improving customer experience, and expanding into shopping malls and outlets [27] - The company aims to reinforce its position as China's leading running brand through flagship products and a professional to mass influence strategy [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term development of the sports industry, supported by government investments in public health and sports activities [3][5] - The company plans to implement refined operational management to improve efficiency and create greater returns for investors [6] - The outlook remains positive, with expectations of continued growth driven by the popularity of running and marathon events in China [24][36] Other Important Information - The company declared an interim dividend of HKD 0.18 per share, a year-on-year increase of 15.4%, maintaining a dividend payout ratio of 50% [9] - The company achieved an AA rating in the 2025 MSCI ESG rating, marking its fourth consecutive year of rating improvement [34] Q&A Session Summary Question: What is the outlook for the running market in China? - Management highlighted the increasing popularity of marathons, with over 300 events and 3 million participants in the first half of the year, indicating strong growth potential in the running market [24] Question: How does the company plan to enhance its brand image? - The company will continue to reinforce its high-end sports brand image through flagship products and marketing campaigns, particularly for Saucony [31][36] Question: What are the expectations for the professional sports division? - The professional sports division is expected to maintain a mid to high single-digit operating profit margin for the full year, with continued product launches and marketing efforts [17][36]

人民网曼谷8月17日电 （记者孙广勇）8月15日，2025丝路青年论坛暨《2025年绿色发展报告》全 球发布会在泰国首都曼谷举行。此次活动由联合国丝路青年论坛、丝路国际智库、泰国中华总商会联合 主办。同时，《2025年绿色发展报告》全球发布会暨"绿水青山就是金山银山"理念提出20周年研讨会在 中国北京举行。两场活动都吸引了来自相关领域的专家学者和各界人士积极参与。 2025丝路青年论坛暨《2025年绿色发展报告》全球发布会的成功举办，在绿色发展领域搭建了重要 的交流合作平台，也为青年群体在全球绿色发展进程中发挥更大作用提供了广阔空间。活动在促进知识 共享、加强国际合作、激发青年行动等方面取得了丰硕成果。 泰国国家旅游局曼谷分局萨副局长哈拉进行了丝路名城（曼谷）推介。他详细介绍了曼谷作为"一 带一路"重要节点城市，在旅游资源开发与绿色旅游发展方面的独特优势和显著成果，展示了曼谷在促 进文化交流与经济发展融合上的积极探索。 雅迪科技（泰国）有限公司相关负责人带来"中国绿色发展实践分享"，讲述了雅迪在绿色出行产业 的创新实践与成功经验，生动展现了中国企业在全球绿色发展浪潮中的担当与作为。 会上，主办方为促进中泰交流 ...

经济观察网央行金融研究所副所长雷曜在8月16日举行的第三届21世纪"活力.ESG"创新论坛期间表示， 过去逾10年期间，绿色金融已从摸索阶段，进入快速发展阶段。中国绿色金融不仅是全球气候治理过程 不可或缺的政策工具，更为全球能源转型与绿色产业发展提供市场化的解决方案与金融资源，令环境气 候复杂问题与难解问题有可能在新的市场边界之内得到解决。 他指出，传统的市场机制，包括传统商业金融，很难解决气候问题。因为气候问题是一个典型的公共问 题，要以商业化机制解决，需承担额外成本，因此往往很难达到一个市场化的可行解决方案。此外，气 候问题还有其特殊性，包括气候变化对人类社会影响的复杂性与难以量化性，难以分配性，都很难用现 有机制进行解决，更不要说谁来承担。因此，市场参与者、组织者、主体要愿意分担气候成本，以及可 持续发展的额外成本，需要绿色金融在这方面开展探索，若能取得一定程度的成功，将有效解决这些挑 战。 雷曜认为，中国之所以在绿色金融发展方面取得一系列成功，主要基于三点，一是排除了行政强制或补 贴所产生的作用，金融机构与投资者都是根据市场形势，按照市场机制办事，二是绿色金融充分利用日 趋严格的环境规制作为一种支持性 ...

本报讯 （记者张文湘 见习记者占健宇）8月16日，第三届"活力·ESG"创新论坛在上海举办。此次论坛 以"智启新程，共筑未来"为主题，与会嘉宾来自监管、头部企业、跨国公司、金融机构、高校等领域， 共话绿色转型与高质量发展之道。 "一带一路"绿色发展国际联盟首席发展总监张建宇强调，绿色"一带一路"正日益成为全球落实2030可持 续发展目标的关键航道。无论身处国内还是海外，当中资企业将ESG理念内化为自觉行动与创新动力， 这些点滴努力必将汇成涓涓清流，最终融为助推全球SDG（可持续发展目标）愿景的澎湃海洋。 上海环境（601200）能源交易所副总经理李瑾表示："我们需要更多应用数字化技术工具，更好服务于 碳数据的获取、加工、分析、使用，为ESG及实现'双碳'目标提供更好支撑。" 在主旨演讲环节，全国社会保障基金理事会原副理事长、中国基金业协会母基金专业委员会主席王忠民 表示："当我们将内部市场和外部市场的变现打通，把最难的消纳通过智能合约链接通时，ESG将会推 动算力市场、绿电市场和基础设施的改变，让每一个链点实现社会、经济效果最好和ESG绿色价值最优 的结合。" "支持绿色产业发展，金融市场需提升对环境气候因素 ...

Group 1 - The Tsinghua University Global Sustainable Development Goals Public Policy Case Analysis Competition successfully held its finals in Beijing, sponsored by Pernod Ricard China and other organizations [1][6] - The competition attracted 90 teams from 75 universities across seven countries, with nearly 300 students participating, marking a record high [6] - The winning teams included "SHEmpowerment" (first prize), "Betelgeuse" and "Chaski Verde" (second prize), and "All 2gether," "HMSDGs," and "ZeroX" (third prize), with other teams receiving excellence awards [1][6] Group 2 - The competition aimed to encourage students to analyze sustainable development cases from a public policy perspective, focusing on the 17 UN Sustainable Development Goals (SDGs) [6] - Participants presented their cases on global cooperation, economic growth, gender equality, public health, and environmental protection, highlighting the urgent challenges in global sustainable development [6][10] - Professor Zhu Xufeng emphasized the increasing participation of youth in sustainable development, noting the significance of this trend for future change [7][10] Group 3 - Pernod Ricard China has been actively supporting sustainable development initiatives, including establishing scholarships and sponsoring global innovation competitions for climate solutions [13][14] - The company focuses on responsible corporate citizenship, promoting sustainable practices such as increasing glass recycling rates and energy conservation in its operations [13][14] - Pernod Ricard aims to continue collaborating with young talents to advance sustainable development efforts [13] Group 4 - Tsinghua University's School of Public Administration has developed a comprehensive talent training system, offering various master's and doctoral programs related to public management and sustainable development [15] - The Tsinghua University Global Sustainable Development Research Institute conducts interdisciplinary research on the UN SDGs and aims to become a leading think tank in this field [16]