Core Viewpoint - The article emphasizes the importance of collaboration and integration within the supply chain to achieve mutual growth and innovation in the automotive industry, particularly highlighting Chery Automobile's strategic approach to supplier partnerships and quality assurance [5][6][29]. Group 1: Company Development - Chery Automobile has evolved from a small establishment in Wuhu, Anhui, to a Fortune Global 500 company, ranking 233rd in 2025, a significant leap of 152 places from the previous year [13]. - As of November 2025, Chery has sold a total of 2.5615 million vehicles, with nearly 1.2 million exports and over 800,000 new energy vehicles sold within the year [16]. - The company has accumulated over 18 million global users, with more than 4.2 million overseas users, maintaining its position as the top exporter of passenger cars in China for 22 consecutive years [13]. Group 2: Supply Chain Strategy - Chery's "361" supply chain development strategy focuses on three key integrations: ideology, strategy, and capability, which must be highly aligned for effective collaboration [7][29]. - The six consensus areas for collaboration include quality as the foundation, innovation as the soul, vertical integration as the rule, global development as the bridge, digital empowerment as the channel, and ESG as the future of long-term cooperation [7][29]. - The company aims to create a high-quality industrial ecosystem where the supply chain becomes the core engine of competitiveness for automotive companies [7][29]. Group 3: Quality and Innovation - Quality is deemed the lifeline and survival baseline for Chery, with a zero-tolerance approach to quality issues being essential for long-term partnerships [8][31]. - Chery emphasizes that quality should not be viewed as a cost but as a source of profit and the foundation of cooperation [31]. - The company advocates for embracing innovation as the essence of collaboration, aiming to work closely with innovative partners to enhance product development and exceed customer expectations [33][35]. Group 4: Globalization and ESG - Chery's international strategy includes product globalization, localized manufacturing, and brand recognition, aiming to build a global supply chain that integrates high-quality resources [18]. - The company recognizes ESG (Environmental, Social, and Governance) as a mandatory aspect of business, integrating it into every facet of development to gain trust and respect from local communities [21][38]. - Chery believes that future competition will be between entire supply chains rather than individual companies, advocating for collaborative development across the industry [38].

Core Viewpoint - Zijin Mining has shown a positive stock performance, reaching a near one-year high, while also engaging in strategic financial management and partnerships to enhance its operational capabilities and risk management [1][2][3][4] Company Announcements - Zijin Mining's board of directors held a meeting on January 14, 2026, approving revisions to several internal regulations, including the introduction of a management system for the departure of directors and senior management [1][3] - The company authorized a commodity and foreign exchange hedging business for 2026, with a maximum position limit of 5% of the annual planned production for mining enterprises [1][4] - Zijin Mining plans to use idle self-owned funds for entrusted wealth management, with a maximum daily balance of 10 billion RMB, focusing on low-risk financial products [2][4] Strategic Partnerships - On January 15, 2026, Zijin Mining signed a project cooperation and equity transfer agreement with Jintong Co., focusing on the integrated development and deep processing of the Shapinggou molybdenum mine in Anhui Province [2] - Zijin Mining will transfer 24% of its stake in Jinsan Molybdenum to Jintong Co. for 173.087 million RMB, resulting in a shareholding structure of 60% for Zijin Mining, 34% for Jintong Co., and 6% for the local investment company [2][4] Committee Work Guidelines - The company has established multiple board committees, including the ESG Committee, Executive and Investment Committee, Audit and Supervision Committee, and Nomination and Compensation Committee, detailing their composition, responsibilities, and procedural rules [3] - The Audit and Supervision Committee consists of six directors, five of whom are independent, responsible for reviewing financial information and overseeing audits [3]

Group 1: Global ESG Policy Overview - In 2025, global ESG policies underwent structural adjustments, shifting from rule construction to efficiency optimization, with the EU focusing on balancing sustainability and economic competitiveness through regulatory simplifications [12][14] - The EU introduced the "Omnibus packages" to streamline regulations like CSRD and CBAM, reducing compliance burdens for businesses while maintaining environmental goals [14][23] - The US exhibited a dual pattern of federal retreat and state-level advancement, with federal policies relaxing ESG regulations while states like California and New York intensified climate disclosure requirements [25][26] Group 2: China's ESG Policy Development - China's ESG policy framework achieved significant progress in 2025, characterized by a systematic approach that integrates top-level design with market practices, transitioning from voluntary to mandatory disclosure [2][38] - The establishment of a unified disclosure system, led by the Ministry of Finance, incorporates ISSB standards and local issues like "rural revitalization" and "common prosperity," addressing fragmentation in standards [2][39] - Major stock exchanges in China implemented mandatory disclosure requirements for key index constituents, with a focus on greenhouse gas emissions and other sustainability metrics [2][39] Group 3: Market Trends and Investment Opportunities - The global ESG investment landscape showed signs of cooling, particularly after the US withdrawal from the Paris Agreement, yet the overall development trend remained positive with a significant increase in companies submitting SBTi targets [2][10] - China's ESG market continued to expand, with the scale of ESG strategy funds surpassing 500 billion, indicating strong resilience driven by policy guidance and market demand [2][10] - The carbon market in China saw historic expansion, incorporating high-energy-consuming industries like steel and cement, with a focus on achieving carbon reduction targets during the 14th Five-Year Plan [2][39] Group 4: Regional ESG Policy Innovations - Asian markets demonstrated a trend of regulatory enhancement and standard collaboration, with countries like Singapore and Malaysia adopting ISSB standards and promoting mandatory disclosures for listed companies [28][29] - Japan and South Korea are localizing ISSB standards while enhancing carbon footprint management in key industries, reflecting a commitment to sustainable finance [28][29] - The ASEAN region showcased collaborative efforts in sustainable finance, with countries aligning their classification laws and climate goals, indicating a unified approach to ESG governance [31][32]

Core Viewpoint - The US investment-grade (IG) credit market is showing signs of recovery after a challenging start to 2021, with opportunities arising from price corrections and attractive yields for investors, particularly those based in Europe [4][6]. Group 1: Market Conditions - In 2020, investment-grade credit was favored due to wider spreads to government bonds and central bank support [3]. - By the end of 2020, rising US Treasury yields and the cessation of the Federal Reserve's buying program led to negative returns and net selling in Q1 2021 [4]. - Recent stability in Treasury yields has created an incentive for investors to reassess their positions in IG credit, as economic and inflation data have shown positive surprises [6]. Group 2: Investment Opportunities - Yields on US IG credit funds are now above 2%, making them attractive compared to similar EUR exposures, which yield around 30 basis points [6]. - The cost of hedging against currency risks is historically low, making US credit investments more favorable for EUR-based investors, with spreads close to 100 basis points being the most favorable since early 2017 [6]. Group 3: ESG Considerations - Recent announcements from the UK and US governments regarding carbon emissions are expected to heighten focus on climate and ESG themes, influencing investment strategies in US IG credit [11]. - There has been a notable trend of European investors moving towards ESG-based investment strategies in US credit over the past year [11]. - The Bloomberg SASB US Corporate ESG Ex-Controversies Select Index excludes companies involved in controversial industries and optimizes for ESG exposure while aligning closely with the broader Bloomberg Barclays US Corporate Index [12][13].

Group 1 - Investment-grade (IG) credit was favored by investors in 2020 due to wider spreads to government bonds and central bank support, making it an attractive investment choice [3] - By the end of 2020, positive sentiment towards IG credit diminished as rising US Treasury yields and the cessation of the Federal Reserve's buying program led to negative returns and net selling in Q1 2021 [4] - Despite risks from inflation, the spread compression between US Treasuries and German Bunds indicates a shift by investors towards higher-yielding US assets [5] Group 2 - Treasury yields have stabilized, prompting investors to reassess their positions in IG credit, which now offers yields above 2%, appealing particularly to EUR-based investors [6] - The cost of hedging against currency risks is historically low, making US credit investments more favorable for EUR-based investors, with spreads close to 100 basis points being the most advantageous since early 2017 [6] - Recent announcements on carbon emissions by the UK and US governments are expected to heighten focus on climate and ESG themes, influencing investment strategies in US IG credit [11] Group 3 - The SPDR Bloomberg SASB US Corporate ESG UCITS ETF provides exposure to investment-grade, fixed-rate, US dollar-denominated corporate bonds while excluding controversial industries [9] - The index is optimized to maximize ESG exposure while aligning sector weights closely with the Bloomberg Barclays US Corporate Index, minimizing tracking error for investors transitioning to ESG-compliant funds [13] - The trend of European investors moving towards ESG-based investment strategies in US credit highlights the growing importance of ESG considerations in investment decisions [11]

Core Viewpoint - The article emphasizes the commitment of Moutai to green development and sustainable practices, showcasing its initiatives in eco-friendly packaging and supply chain management as part of a broader industry trend towards environmental responsibility [1][3][18] Group 1: Green Practices and Innovations - Moutai's 2026 Procurement and Supply Chain Conference highlighted the theme of "digital empowerment, green coexistence, and chain innovation," showcasing a notebook made from brewing by-products as a symbol of its green philosophy [1] - The company promotes a comprehensive green approach, from sourcing high-quality sorghum to ensuring traceability and sustainability throughout the production process, reflecting a deep-rooted commitment to ecological preservation [3][5] - Moutai has upgraded its packaging materials, replacing traditional components with environmentally friendly alternatives, such as using bamboo pulp paper instead of plastic, thereby enhancing the sustainability of its product offerings [9][11] Group 2: Supply Chain and Collaboration - Moutai is actively integrating green principles into its supply chain, collaborating with suppliers to achieve green certifications and reduce carbon emissions, resulting in a cumulative reduction of 35,000 tons of carbon emissions [12][14] - The company has initiated a glass bottle recycling program, successfully recovering over 525,000 bottles in a pilot scheme, which significantly reduces energy consumption compared to producing new glass [12][14] - Moutai's efforts have earned it national and provincial "green factory" titles, recognizing its commitment to sustainable practices in land use, raw material safety, and waste resource utilization [14] Group 3: Consumer Engagement and Industry Impact - Moutai's approach to green consumption is designed to resonate with consumers, integrating environmental considerations into product design without compromising quality, thus promoting a higher standard of consumer choice [15][18] - The company's MSCI ESG rating has improved to A, positioning it as a leader in the Chinese liquor industry, and its sustainable packaging initiatives serve as a model for other companies in the sector [15][18] - Moutai's long-term commitment to sustainability is expected to influence industry standards and consumer behavior, fostering a culture of eco-consciousness within the market [18]

Core Insights - The SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) is characterized by its lower cost and technology focus, while the iShares MSCI ACWI ex US ETF (ACWX) provides a higher yield, greater international diversification, and significantly more assets under management [1][2] Cost and Size Comparison - NZAC has an expense ratio of 0.12% compared to ACWX's 0.32%, making NZAC more cost-effective [3][4] - As of January 9, 2026, NZAC has a 1-year return of 22.0% and a dividend yield of 1.9%, while ACWX has a 1-year return of 34.2% and a dividend yield of 2.7% [3][4] - NZAC has assets under management (AUM) of $182.0 million, whereas ACWX has AUM of $8.4 billion [3][12] Performance and Risk Comparison - Over a five-year period, NZAC experienced a maximum drawdown of -28.29%, while ACWX had a maximum drawdown of -30.06% [5] - An investment of $1,000 in NZAC would have grown to $1,501 over five years, compared to $1,267 for ACWX [5] Sector Exposure - ACWX holds approximately 1,700 stocks, with major sector allocations in financial services (25%), technology (15%), and industrials (15%) [7] - NZAC has a heavier tilt towards technology at 35% and includes major U.S. companies like Nvidia, Apple, and Microsoft [8][11] Investment Focus - NZAC integrates climate-focused screening and includes U.S. stocks, aligning with the Paris Climate Agreement by excluding fossil fuels and controversial weapons [10][11] - ACWX focuses solely on non-U.S. companies, providing pure international exposure without climate or ESG considerations [10][12] Strategic Considerations - Investors must decide between NZAC's climate alignment and ACWX's dedicated international allocation, depending on their portfolio strategy [10][13]

在1月16日举行的"博鳌亚洲论坛新年展望2026"活动中，博鳌亚洲论坛秘书长张军介绍了博鳌亚洲论坛 2026年年会筹备工作情况。博鳌亚洲论坛2026年年会将于3月24日至27日在海南召开，主题为"塑造共同 未来：新形势、新机遇、新合作"，将举办一系列高端对话、分论坛、圆桌会等活动。 伴随着"十五五"规划即将实施，中国围绕扩大高水平对外开放作出一系列新的部署，包括高标准建设海 南自由贸易港。年会将安排关于中国经济前景展望等议题以及海南自贸港分论坛，围绕有关问题进行讨 论。通过年会可以更好地了解中国、了解海南，更好地把握投资中国、实现共赢的新机遇。 来源：海南日报 区域合作在新形势下更显重要和紧迫。年会将探讨如何进一步释放RCEP潜力、重振APEC以迈向亚太 共同体愿景、促进亚洲新能源合作、建设多元化跨境支付体系、维护金融安全稳定、加强区域组织合作 等话题，深入推进区域一体化合作，增强关键领域互联互通，为建设开放、稳定、包容的区域经济格局 提供有力支撑。 全球经济正经历深刻转型。年会将探讨数智赋能产业升级、人形机器人的进阶与飞跃、落实可持续发展 目标、加快绿色转型的路径与行动、AI+健康的未来、发展蓝色经济、建设 ...

Core Insights - The surge in nickel prices on the London Metal Exchange (LME) is driven by Indonesia's significant production cut plans, which aim to reduce nickel output by 34% in 2026 [1][5] - Chinese companies are heavily investing in Indonesia's nickel industry, with investments primarily focused on nickel downstream processing, accounting for 44% of total investments in the last five years [1][2] - The competition landscape is evolving from a "factory building race" to a comprehensive competition focusing on cost control, technology choices, and market positioning [2] Group 1: Market Dynamics - Nickel prices reached a high of $18,905 per ton on January 15, 2026, marking a significant increase and reflecting market reactions to Indonesia's production cuts [1] - The Indonesian government aims to boost nickel prices and fiscal revenue while promoting industrial upgrades through production cuts [5] - The competition among companies is intensifying, with established players like Qingshan Holding and newcomers vying for market share [2][6] Group 2: Company Strategies - Qingshan Holding, controlling about 30% of Indonesia's nickel production, is adapting its internal strategies to manage potential supply constraints and optimize resource allocation [3][4] - DeLong Group is facing pressure to transition from traditional nickel production to more advanced methods, such as HPAL technology, to remain competitive [6][7] - Huayou Cobalt is focusing on vertical integration and strategic partnerships to enhance its position in the nickel market, with significant projects underway [8][9] Group 3: Future Outlook - The nickel market is expected to see a shift in focus from quantity to quality and sustainability as new projects come online [10][11] - Companies are exploring the establishment of a complete industrial chain from nickel mining to battery recycling, which is seen as a strategic advantage [11] - The uncertainty surrounding policy changes remains a significant concern for companies, impacting long-term investment decisions [11][12]

过去十余年，中国新能源汽车产业取得了举世瞩目的规模优势。当前，行业内部一定程度上存在着同质 化竞争加剧、盲目追求续航里程堆砌电池，以及价格战引发的利润空间压缩等问题。如果企业仅仅为了 抢占市场份额而牺牲研发投入、忽视产品全周期的碳排放管理，那么行业规模的增长或许将是难以持续 的。 真正的可持续，要求车企从粗放的扩张转向精细化的技术沉淀。这意味着，未来的竞争高地将不再是单 纯的销量数字，而是谁能研发出更高能量密度且易于回收的电池技术，谁能构建更低碳的数字化制造工 厂，谁能在整车设计之初就充分考虑到材料的可拆解性与回收率。只有坚持长期主义的技术投入，产业 才能在激烈的市场竞争中站稳脚跟。这也要求企业不仅需关注产品本身的质量，更应关注供应链的合规 性，关注企业的ESG（环境、社会和公司治理）表现。 随着第一批新能源汽车动力电池大规模进入退役期，如何处理这些曾经的"动力心脏"，不仅是一道环保 必答题，更是检验整个产业能否实现真正闭环、能否具备长期可持续发展能力的试金石。 长期以来，公众与业界对新能源汽车的环保属性多聚焦于其行驶过程中零排放的优势，但其实电池生产 与报废环节同样需引起重视。如果退役电池得不到妥善处置，其 ...