Core Insights - The company Beike-W (02423) has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - Significant progress in corporate behavior has been made through the continuous improvement of business ethics and anti-corruption policies, along with the implementation of comprehensive business ethics training programs [1] - The company's score in the environmental category of ESG has also seen a significant year-on-year improvement, attributed to the implementation of the "Apartment Environmental Pact," which guides tenants and apartment managers in adopting green practices [1] Group 2: Mission and Vision - The company adheres to the mission of "Dignified Service, Better Living," aiming to reshape the residential service industry in China through infrastructure transformation and technology-driven innovation [1] - The focus is on creating long-term sustainable value while empowering the professional growth of service providers and enhancing the living experience for consumers [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：2423） 自願性公告 MSCI ESG評級上調至AA級 本公告乃貝殼控股有限公司（「本公司」）自願作出。 本公司今日欣然宣佈，摩根士丹利資本國際公司（「MSCI」）在其環境、社會和管 治(ESG)評級中，將本公司ESG評級從「A」上調至「AA」，標誌著從2023年至2025 年連續三次評級上調。這一成就彰顯了本公司在行業內對推動ESG實踐的堅定承 諾。 在MSCI的最新評估中，本公司在ESG管治類別中獲得了令人矚目的6.6分，優於 行業平均水平。通過持續完善商業道德與反貪污細則政策，並實施全面的商業道 德標準培訓計劃，本公司在企業行為方面取得顯著進展。本公司在ESG環境類別 中的評分也同比顯著提升，這一成就得益於本公司推行《公寓環保公約》，該公約 引導租戶與公寓管理人員踐行綠色實踐，並通過公寓項目推動城市社區發展。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以 ...

Core Insights - KE Holdings Inc. ("Beike") has received a significant upgrade in its Environmental, Social and Governance (ESG) rating from Morgan Stanley Capital International (MSCI), moving from "A" to "AA," marking the third consecutive upgrade from 2023 to 2025, reflecting the company's commitment to ESG excellence [1][2] ESG Performance - Beike achieved an overall score of 6.6 in the ESG governance category, surpassing the industry average, indicating strong corporate governance practices [2] - The company has made notable advancements in corporate behavior by refining its business ethics and anti-corruption policies, alongside implementing comprehensive training programs on business ethics standards [2] - Beike's score in the ESG environmental category has also improved year-over-year, supported by its Sustainable Apartment Agreement, which promotes green practices among tenants and apartment managers [2] Company Mission and Strategy - Beike is dedicated to creating long-term, sustainable value in China's residential services industry through infrastructure transformation and technology-driven innovation, aiming to enhance service providers' professional growth and improve consumer living experiences [4] - The company operates an integrated online and offline platform for housing transactions and services, including home sales, rentals, renovations, and furnishings, leveraging over 23 years of experience through its leading real estate brokerage brand, Lianjia [5]

在全球供应链深度调整与绿色转型的关键时期，中国跨境物流领军企业广东拓威天海科技股份有限公司 （以下简称"拓威天海"）再度独家冠名全球可持续供应链学生竞赛，携手全球青年力量践行联合国可持 续发展议程。 汇聚全球智慧，破解发展难题 在全球气候变化加剧、环境风险凸显的当下 供应链作为全球碳排核心源头（占比约60%） 其脱碳进程已成为应对气候变化最有效的办法之一 绿色转型更是从"可选策略"升级为全球产业共识 2025年全球可持续供应链学生竞赛 作为国际供应链领域的顶级青年赛事 以联合国可持续发展目标为核心框架 深度呼应2025年联合国气候峰会 提出的"公正、有韧性且低碳的未来"行动倡议 旨在以青年创新力量推动供应链脱碳实践 搭建理论与实践融合的全球交流平台 本届赛事于2025年6月正式启动全球报名 截至目前已吸引五大洲20余个 国家的顶尖高校团队踊跃参与 赛事聚焦ESG（环境、社会、公司治理） 与联合国17项可持续发展目标 通过还原真实物流场景展开创新角逐 推动理论创新与实践落地的深度融合 不止于冠名，更躬身入局 全球可持续供应链学生竞赛，由联合国可持续交通之友（GFST）、国际货运代理协会联合会 （FIATA）、全 ...

- The report tracks the performance of long-term industry-themed fund indices, showing that TMT-themed funds had the most significant net value increase this week, with a weekly return of 7.24%[37][38][39] - Among actively managed equity funds, the median weekly return was 3.2%, with the top-performing fund being Manulife Revival Industry A (001170.OF), achieving a weekly return of 18.24%[40][41] - For stock passive index funds, the median weekly return was 3.28%, with the best-performing fund being Communication ETF (515880.SH), which recorded a weekly return of 13.88%[42][43] - The REITs comprehensive index rose by 0.25% this week, with the water infrastructure REITs index leading the gains at 3.23%[51][52][53] - ESG funds showed strong performance, with actively managed equity ESG funds achieving a median weekly return of 4.51%, and low-carbon economy-themed funds standing out with returns as high as 14.77%[84][85]

Core Insights - The ESG China Innovation Conference (2025) and the first ESG International Expo were held in Beijing from October 24 to 26, highlighting the progress of state-owned enterprises in Hainan Province [1][4]. Group 1: Economic Growth and Development - As of September 2025, the total asset scale of Hainan's state-owned enterprises reached 732.3 billion, which is 3.5 times that of 2020 [1]. - There are currently 18 state-owned enterprises in Hainan, with 8 of them having asset scales exceeding 10 billion [4]. Group 2: Innovation and R&D Investment - Hainan's state-owned enterprises have significantly increased their R&D investment, reaching 1.316 billion in 2025, over 10 times the amount in 2020 [7]. - The province is expanding its focus from traditional sectors to new productive forces, including commercial aerospace, semiconductor manufacturing, and underwater data centers [7]. Group 3: Green Transformation - Hainan's state-owned enterprises are actively pursuing green transformation in various sectors, including construction and transportation, aligning with national ecological development goals [7]. - The theme of the conference, "Full-chain Innovation Leading Green Transformation Future," aligns with the central government's directives for the development of Hainan Free Trade Port [7].

Core Insights - The third ESG China Innovation Conference and the first ESG International Expo were held in Beijing, focusing on high-quality development paths for ESG in the context of Chinese modernization [1][2] - The event showcased China's systematic innovation in ESG concepts, policies, and practices, emphasizing the transition from individual corporate actions to collaborative efforts across the entire supply chain [2][8] Group 1: ESG Development and Practices - ESG is now considered a critical component of China's modernization process, with increasing emphasis on its integration into corporate strategies [1][3] - Leading companies, such as China Minmetals and China Energy Conservation and Environmental Protection Group, presented their ESG initiatives, highlighting significant contributions to sustainable development [2][3] - The "Whale and Cow ESG 2.0" model was launched to enhance ESG management through AI, improving efficiency and reducing costs for enterprises [4] Group 2: International Collaboration and Standards - The conference served as a platform for international dialogue and collaboration, with over 70 ESG practitioners from state-owned, private, and foreign enterprises participating [5][6] - There is a call for the establishment of a comprehensive ESG standard system that aligns with China's realities, promoting active participation from enterprises in building these standards [4][5] Group 3: Public Engagement and Awareness - The event aimed to extend ESG concepts from policy and corporate perspectives to public engagement, making sustainable development a collective societal effort [7][8] - The first ESG International Expo included interactive public experiences to raise awareness and understanding of ESG principles among the general public [7][8] - Media partnerships were formed to enhance the visibility and influence of ESG initiatives across various sectors [7][8]

证券研究报告| 行业定期报告 2025 年 10 月 27 日 招商证券丨总量的视野 电话会议纪要（20251026） 研究部/总量研究 【宏观】二十届四中全会公报解读；【策略】四中全会公报解读和十五五规划 展望；【固收】压缩利差交易结束了吗；【地产】房地产及产业链数据解读； 【银行】H 股银行如何进入港股通；【资配】最新 A 股风格配置及交易信号跟 踪；【ESG】公募基金绿色投资五年演进与展望 q 【宏观 张一平】二十届四中全会公报解读 中国共产党第二十届中央委员会第四次全体会议，于 2025 年 10 月 20 日至 23 日在北京举行。全会听取和讨论了习近平受中央政治局委托所作的工作报 告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》。习近平就《建议（讨论稿）》向全会作了说明。 "十五五"时期的重要地位。公报指出，"十五五"时期是基本实现社会主义 现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程中具 有承前启后的重要地位。一方面，"十五五"时期我国发展环境面临深刻复杂 变化，不确定难预料因素增多。另一方面，"十五五"时期我国仍处于战略机 遇期，我国长期向好的支 ...

课题成果亮点：央企ESG实践的引领与突破 本次发布会系统展示并解读了《央企控股上市公司ESG评价体系研究》课题成果。该课题由国务院国资委研究中心指导，国新证券股份有限公司牵头，嘉实 基金管理有限公司、中节能皓信（北京）咨询有限公司联合参与，中国银河证券股份有限公司、中国国际经济咨询有限公司、融通基金管理有限公司等公司 支持，采取"机构+专家"方式，齐头并进。此次发布会的召开，标志着我国央企控股上市公司ESG评价体系迈入实质应用阶段，将进一步推动国资央企在 ESG领域的引领示范作用，为经济社会绿色可持续发展注入新动能。 2025年10月16日，由国务院国资委研究中心指导、国新证券股份有限公司承办的《央企控股上市公司ESG评价体系研究》课题结项暨成果发布会在京举行。 大成律师事务所高级合伙人徐文萍律师受邀参会，与来自政府机构、中央企业、金融机构及研究机构的代表共同见证了我国本土化ESG评价体系重要研究成 果的发布。 图/发布会现场 此次发布会旨在促进ESG研究成果进一步落地应用，充分发挥评价体系对央企可持续发展的引导作用，助力国资央企实现高质量发展。国务院国资委研究中 心主任、党委副书记衣学东，中国国新控股有限责 ...

Core Viewpoint - In the next 3-5 years, at least three leading Chinese gold mining companies are expected to enter the world's top ten, marking a shift towards a "Chinese era" in global gold mining [1][2]. Industry Overview - Currently, only Zijin Mining is among the top ten global gold companies [2]. - The driving force behind the globalization of Chinese gold mining has shifted from traditional economic and industrial drivers to strategic and national drivers [2]. - International gold prices have surged over 50% this year, with spot gold exceeding $4,300 per ounce, rising more than $1,000 in just two months [2]. M&A Activities - Chinese mining companies are accelerating overseas gold acquisitions, supported by government policies encouraging high-quality international cooperation [3]. - Zijin Mining completed the acquisition of the Akyem gold mine project in Ghana for $1 billion and the Raygorodok gold mine in Kazakhstan, increasing its operational gold mines to nine [5][6]. - Other companies, such as Shengton Mining, are also pursuing overseas acquisitions, with Shengton planning to acquire 100% of Canadian Loncor for $190 million [6]. Investment Trends - Over the past five years, Chinese mining companies have spent over $2 billion annually on overseas metal acquisitions, with a shift from lithium to gold investments due to market conditions [7]. - In 2024, Chinese gold overseas acquisitions are projected to reach six deals totaling approximately $1.7 billion [7]. Challenges and Strategies - Despite the growth in overseas acquisitions, challenges such as resource nationalism and complex legal and tax environments remain significant hurdles [11][12]. - Companies are advised to enhance their understanding of local laws and tax regulations to mitigate risks associated with acquisitions [12][13]. - The importance of talent, including local and international expertise, is emphasized as a critical factor for successful integration and operation in foreign markets [17].