Core Insights - The article highlights Vatti's recognition as a leading brand in the kitchen appliance industry, winning the "Annual Listed Company Brand Influence Model" award due to its strong brand impact, continuous technological innovation, and stable operational performance [1] - Vatti has been a pioneer in the kitchen appliance sector for 33 years, setting an excellent example for high-quality development among listed companies [1] Innovation and R&D - Vatti emphasizes innovation as the key to navigating industry cycles, moving away from price wars and focusing on user value through R&D [3] - In the first half of 2025, Vatti's R&D investment reached 116 million yuan, an 18% increase year-on-year, with total R&D spending for the first three quarters at 172 million yuan, maintaining a leading position in the industry [4] - The company has accumulated 4,690 national-level patents, including 835 invention patents, showcasing its technological strength [4] - Vatti's new ultra-thin smoke machine, J6230ZS, features a powerful suction of 31m³/min and a static pressure of 1350Pa, exceeding the upcoming national standards for smoke machines [4] Product Innovation - Vatti has developed 543 patented cleaning technologies, enhancing kitchen experiences by achieving a 99.2% cleaning rate for its smoke machines and international-leading standards for its dishwashers [6] - The company is committed to creating a "clean kitchen" experience, transforming kitchens into appealing spaces for younger consumers [6] ESG Strategy - Vatti integrates ESG principles into its corporate strategy, focusing on environmental management, social responsibility, and corporate governance to balance economic, environmental, and social values [7] - The company is actively pursuing sustainability goals, including a digitalized smart industrial park and a rooftop photovoltaic project, aiming for 32% of its total electricity consumption to come from renewable sources by 2024 [9] - Vatti's commitment to social responsibility includes a total of 4.55 million yuan in public welfare investments in 2024 and initiatives to support families with autism [9] Financial Performance - Vatti achieved a gross margin increase to 43.29% in 2025, demonstrating resilience in a challenging market environment [11] - The company's strategic focus on user value, technological innovation, and social responsibility reflects a commitment to long-term growth amidst shifting industry dynamics [11]

近日，银河证券发布了家居/包装/玩具行业2026年度策略报告。银河证券指出，受第三季度"国补"退坡影响，家居板 块业绩整体承压，其中相比定制家居，软体家居行业呈现更高的韧性。展望未来，定制家居：全品类+全球化，需求 承压背景下龙头公司积极自救，第四季度国补回归有望拉动下游需求进一步修复；软体家居：各公司AI产品布局进一 步提速。以AI床垫产品为例，预计智能床垫市场规模在2030年将达近600亿元，2020—2030年复合增速达15%，拉动 行业天花板持续向上。 A股成品家居行业中，恒林股份、梦百合、匠心家居、致欧科技等个股有5家以上机构评级且机构一致预测2026年及 2027年净利增速均超20%。从ESG综合得分角度来看，恒林股份最新得分创出历史新高，达到8.53分，高居行业第 一。 在今年半年报中，恒林股份表示，公司积极响应"双碳"战略和全球绿色发展倡议，将环保理念深度融入产品设计与材 料应用，广泛采用环保可降解材料与天然再生面料，引领家居行业迈向低碳、美学与功能并重的可持续新时代。面向 未来，公司将继续以科技为笔、舒适为魂、环保为心，为全球用户打造智慧、绿色、充满幸福感的理想家居生活。 （文章来源：证券时 ...

12月16日，由南方都市报主办，上海财经大学富国ESG研究院与妙盈科技共同支持的"2025责任中国 ·ESG可持续创新生态大会"在上海举行。会上，南方都市报"可持续创新实验室"课题组发布了 《2025·ESG可持续创新趋势洞察报告》。 ESG可持续创新生态大会现场。 上海财经大学富国ESG研究院副院长郭峰教授从信息披露角度指出，部分企业的ESG报告仍停留在形式 层面，与实际要求存在差距。罗兰贝格副合伙人屈思啸则从战略创新角度，阐述了ESG对企业的赋能价 值。 在圆桌讨论环节，来自妙盈科技、协鑫能科、波克公益基金会、中国电力及特步集团的嘉宾，围绕"价 值共生 碳路中国特色的可持续创新"展开深度交流。 为促进经济向绿向善发展，激励企业开展ESG创新实践，南方都市报"可持续创新实验室"联合上海财经 大学富国ESG研究院、妙盈科技组织专业评审委员会，综合评选出2025年度在ESG各领域表现卓越的企 业与案例。其中，九方智投控股（9636.HK）凭借"AI助推'投资平权'"项目，与腾讯"碳寻计划"、百 度"AI助老公益计划"等项目共同入选"年度ESG创新实践案例"。 九方智投控股入选"年度ESG创新实践案例" 业界共议 ...

Core Insights - The report focuses on the monetization of ESG value accounting, analyzing the ESG performance of A-share and Hong Kong-listed companies in 2024, and exploring the application of accounting systems in investment and corporate operations to support sustainable development [1]. Group 1: ESG Performance Overview - In 2024, 2,373 companies achieved a positive net impact, an increase of 934 companies year-on-year, with the banking and computer industries leading in positive representation [2]. - The disclosure rate of ESG reports reached 54.66% in 2024, with significant improvements in environmental and social key indicators, and the number of A-rated companies for carbon emission data increased by over 50% compared to 2022 [1][33]. - 3,460 companies created positive social value, with contributions in tax intensity and employee training investments, and the net value for common prosperity grew by over 20% year-on-year [2]. Group 2: ESG Risk and Opportunity Value - Approximately 3,200 companies exhibited visible opportunities, accounting for nearly 60%, with over 60% of companies showing environmental opportunities and a growth of over 10% in social opportunity companies compared to 2023 [2]. - The report indicates that ESG net value and risk opportunity factors have good stock selection effectiveness, with backtesting showing positive cumulative excess returns from 2018 to August 2025 [2][12]. Group 3: Industry-Specific ESG Insights - The agriculture, forestry, animal husbandry, and fishery sector had 84.85% of companies generating positive social impacts, while the beverage and dairy industry had 63.83% of companies showing ESG opportunities [3]. - The food processing industry excelled in waste emission control, but there remains room for improvement in areas like common prosperity and employee training [3]. Group 4: Future Directions and Recommendations - ESG reports are expected to become the "new language" for sustainable disclosure, driving upgrades in corporate management paradigms and supporting sustainable investment and governance [3]. - Companies are encouraged to enhance the quality of ESG data disclosure, while investors should incorporate ESG accounting factors into decision-making [3]. - The report emphasizes the need for further refinement of accounting standards and incentive mechanisms at the policy level to promote a virtuous cycle of "disclosure - accounting - improvement" [3].

Core Viewpoint - Shenzhen's environmental credit system is evolving to redefine corporate environmental responsibility, emphasizing both regulation and service, as well as punishment and incentives [1] Group 1: Environmental Credit Evaluation System - Shenzhen's environmental credit evaluation began in 2011 and has become a leading system in China, with a comprehensive upgrade in 2023 to include all pollution permit management and key regulatory units [2] - The evaluation process has been automated, improving accuracy and efficiency by integrating data from administrative penalties and other business systems [2] Group 2: Evaluation Indicators - The revised evaluation indicators include 20 penalty items and 14 reward items, reflecting a balance of strict regulation and encouragement for self-improvement [3] - Penalty items now include non-compliance with administrative penalties, allowing for correction opportunities for minor violations, while reward items incorporate "dual carbon," environmental compliance, and ESG-related criteria [3] Group 3: Dynamic Evaluation Mechanism - The evaluation is conducted quarterly, allowing for timely reflection of a company's environmental credit status [4] - The evaluation uses a 100-point system to categorize companies into four levels: Environmental Integrity, Good Environmental Performance, Environmental Warning, and Poor Environmental Performance [5] Group 4: Credit Repair Mechanism - Companies can apply for credit repair after penalties through timely rectification and payment of fines, with around 80 companies successfully completing the repair process [6] - A "buffer period" is established to prevent abuse of the repair mechanism, restricting companies with poor ratings from achieving high credit ratings in subsequent evaluations [6] Group 5: Training and Communication - The Shenzhen Environmental Protection Bureau has established regular training and communication mechanisms to ensure effective policy transmission and timely feedback [7] Group 6: Application of Evaluation Results - The evaluation results are linked to regulatory intensity, with compliant companies enjoying reduced inspection frequencies and access to environmental subsidies, while non-compliant companies face increased scrutiny [8] - Since 2022, Shenzhen has implemented differentiated sewage treatment fees based on environmental credit ratings, with significant fee reductions for compliant companies [8] Group 7: Financial and Market Implications - Environmental credit ratings are becoming crucial for companies in securing financial support and participating in market competition, with poor ratings leading to loan restrictions and impacts on subsidies and procurement qualifications [9] - The evaluation serves as a regulatory tool to promote compliance and will continue to evolve to integrate with various regulatory and financial systems [9]

记者 吴卫群 见习记者 高晨辉 环境、社会和公司治理又称为ESG，如今已成为全球资本市场、监管机构、投资者及企业自身衡 量"非财务绩效"的关键标准。上海作为国内较早推动ESG发展的地区，正凭借开放的营商环境与清晰的 政策导向，吸引外资企业将中国市场作为ESG创新试验田，实现"本土实践—全球输出"的良性循环。 日前，2025年上海外商投资企业ESG报告及案例发布会传出信息，一批在沪外企的在华优秀ESG实 践案例已被成功纳入其全球总部报告，为全球ESG实践贡献"中国方案"。 在循环经济领域，外企的跨界合作正打破产业边界，推动材料与供应链的绿色闭环。沙特基础工业 （SABIC）携手东京、巴黎奥运会3×3篮球地板独家供应商英利奥（ENLIO），参与了由沙特阿美发起 的球场改造计划。该项目首次将SABIC通过先进回收技术生产的化学回收塑料应用于篮球场地板，实现 材料闭环利用。 今年2月，GE医疗中国与贝莱胜电子（厦门）共同打造的"医疗器械绿色保税维修"项目正式落地福 建自由贸易试验区厦门片区。该项目将医疗技术创新与包括备件维修/设备维修在内的供应链协同创新 等环节打通，推动医疗设备产业链绿色可持续发展。 在气候与资源领 ...

■"夯实文化软实力 积极履责显担当"系列专题报道 党的二十届四中全会提出，"实现人民对美好生活的向往是中国式现代化的出发点和落脚点"。"十五 五"规划建议将"人民生活品质不断提高"作为经济社会发展的主要目标。国新证券党委书记、董事长张 海文日前在接受中国证券报记者专访时表示，加入中国国新以来，国新证券坚定传承央企红色基因，深 刻把握金融工作的政治性和人民性，坚决扛起央企社会责任，通过做好金融"五篇大文章"、开展ESG咨 询特色业务、认真做好帮扶工作、强化投资者教育和保护及加强对员工的关心关爱，将履行社会责任与 公司经营管理有机融合，推动经济价值与社会价值共创共享，促进可持续发展。 积极践行国家战略 认真做好金融"五篇大文章" 张海文表示，国新证券始终把功能性放在首要位置，坚持立足国新、服务央企、助力国家战略的发展定 位，在深化国有资本运营改革、培育发展新质生产力的时代命题中找准金融服务的切入点与着力点，助 力科技、产业、金融的良性循环。科技金融方面，完成铜冠矿建、科隆新材等IPO发行，孚能科技、国 新健康等定向增发，川力智能、奉加科技等新三板挂牌，助力科技创新企业利用资本市场做大做强。加 大科创债发行力度，完 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes that "realizing people's aspirations for a better life is the starting point and goal of Chinese-style modernization" and that improving the quality of people's lives is a primary goal of economic and social development during the 14th Five-Year Plan [1] Group 1: Financial Services and National Strategy - The company positions itself to serve state-owned enterprises and assist national strategies by focusing on functional financial services, particularly in the context of state-owned capital operation reform and the cultivation of new productive forces [2] - The company has completed IPOs and directed placements for various technology and innovation enterprises, facilitating their growth through capital market access [2] - The issuance of technology innovation bonds and the establishment of a bond basket for state-owned enterprises are aimed at enhancing liquidity and value discovery in the market [2] Group 2: Green Finance Initiatives - The company has issued multiple green bonds and provided financial services to over ten enterprises in the energy-saving and environmental protection sectors, investing nearly 200 million yuan in green bonds [3] - It actively supports clean energy development and addresses financing needs in the green and environmental sectors [3] Group 3: Inclusive Finance and Digital Transformation - The company is focused on supporting small and micro enterprises by underwriting bonds that meet their funding needs and enhancing digital customer operations [3] - It has launched a new APP with advanced features to improve customer service and operational efficiency, significantly enhancing transaction capabilities [4] Group 4: ESG Commitment and Sustainable Development - The company is building a local ESG ecosystem by providing comprehensive ESG consulting services and assisting over 300 companies in ESG reporting [5][6] - It has developed an ESG evaluation system and is involved in creating standards and guidelines for ESG disclosures and management [6][7] Group 5: Social Responsibility and Community Engagement - The company emphasizes a people-centered development approach, engaging in targeted assistance for rural revitalization and community welfare [8] - It has established a multi-faceted support system for local communities, including financial, intellectual, and consumer assistance [9] - The company is committed to investor education and protection, enhancing public awareness of investment risks and rights [9] Group 6: Employee Welfare and Corporate Culture - The company prioritizes employee care and has implemented various initiatives to enhance team cohesion and morale [10][11] - It has established a supportive environment through cultural and health initiatives, reinforcing the company's commitment to employee well-being [11]

近日，由证券时报社主办，五粮液（000858）、中泰证券（600918）协办的"第十九届上市公司价值论 坛暨2025新质生产力巡礼宜宾行"在四川省宜宾市举办，证券时报中国资本市场研究院与价值在线共同 编制的《上市公司可持续发展报告》（下称"报告"）在会上发布。 国际能源署数据显示，2025年全球能源领域投资预计攀升至23.49万亿元人民币，达历史峰值，较去年 增长2%。 国内绿色债券规模持续扩大，金融机构参与日益增多。截至2025年7月4日，我国银行间市场绿色金融债 券发行规模已突破3000亿元人民币，超过2024年全年发行规模，发行只数也同步增加。 综合观察，在政策与市场驱动下，我国绿色债券市场正快速发展，成为支持实体经济绿色低碳发展的重 要力量。 报告显示，2025年在政策体系持续完善、技术迭代不断加快、市场需求日益多元的驱动下，ESG发展格 局呈现出系统性、融合性加强，战略高度提升等新特征。各维度之间的界限逐渐模糊， 多维协同正在 重塑企业价值创造的基本逻辑。本文对报告的重要结论进行了总结，展现了2025年国内ESG发展的变化 及趋势，为企业提升ESG治理水平提供参考。 一、ESG监管新格局逐步清晰 全 ...

在鼎汉技术的发展中，"战略先行、系统思考"是我始终秉持的经营哲学。2010年，我们主动推动"从地 面到车辆、从增量到存量"的战略转型；2014年至2016年，通过系列并购，我们实现了从铁路信号向车 辆装备与信息化跨越；2020年至2021年，我们积极响应国家混改，成为国资企业的一员。 获评第十九届上市公司价值论坛年度ESG先锋人物，我深感荣幸。这份荣誉，与其说是对我个人的嘉 奖，不如说是对鼎汉技术（300011）二十余年如一日坚守长期主义、走可持续发展道路的见证与勉励。 我的职业生涯始于华为，那段经历塑造了我对技术、管理与纪律的深刻理解。2002年，我创立鼎汉技 术，并于2009年作为创业板首批上市企业之一，在深交所成功上市。从创业第一天起，我便坚信"企业 的价值不在于一时的规模，而在于其能否前瞻趋势、持续创造真实价值"。 我始终认为，ESG不是外部的约束，而是内生的竞争力。我们将ESG理念深度融入"1+N"发展蓝图，推 动每一款产品向绿色化、智能化升级，也将可持续发展理念贯穿于公司运营与战略合作之中。对于我而 言，践行ESG，既是企业家的本分，也是实业报国的路径之一。 展望前路，我与鼎汉技术仍将坚持以技术为 ...