专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政府支持。 在论坛互动环节，主持人（CDP中国区市场总监李蜚）提问"GRESB是在不动产领域非常专业的评级机 构，GRESB如何从全球层面体现出它的共性，在评价过程当中是否考虑到不同地区的企业区域的差异 性？" GRESB（格睿思）全球不动产可持续发展评级体系中国首席代表邓耀华表示，GRESB是一个全球的 ESG的评级机构，我们是主动评级，参评企业会主动参加我们的评级，主要针对不动产和基础设施行 业。目前在全球大概有80多个国家和地区，3000多家企业参加我们的评级，我们背靠50万亿美金的国际 资本，参评企业参加我们主要是希望得到投资人的青睐。 我们是连接不动产，实物资产和国际金融的一个桥梁，我们有点像奥运比赛，每个赛道有金牌、银牌、 铜牌，房地产15大类 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中央财经大学可持续准则研究中心主任、中国认证认可协会可持续发展评价专业委员会主任刘轶芳参加 《 圆桌论坛——ESG评价标准的落地与应用》并发表演讲。 在分析中国本土ESG评级现状时，中央财经大学刘轶芳主任直指其核心挑战：当前主流的评价方法多是 面向宏观、综合性的组织层面整体评价，导致评价目标区分度不高。 刘轶芳解释道，当市场看到不同评级机构基于相似的评价方向却得出不一致的结论时，会感到极大的困 惑与困扰。这种混乱无疑削弱了ESG评级的市场公信力和实用价值。 专题：2025可持续全球领导者大会&首届绿色产业与可持续消费博览会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025可持续全球领导者大会于10月16日-18日在上海市黄浦区世博园区召开。 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政府支持。大会以"携手应对挑战：全球行动、创新与可持续增长"为核心主题，汇聚全 ...

Core Viewpoint - CrowdStrike's MSCI ESG rating has been upgraded from BB to A as of October 17, 2025, indicating improved performance in environmental, social, and governance factors [1] Group 1 - The upgrade reflects CrowdStrike's enhanced commitment to ESG principles [1] - The new rating positions CrowdStrike more favorably in the eyes of investors focused on sustainable practices [1]

Core Viewpoint - SF Holding (顺丰控股) reported a revenue of 27.007 billion yuan in September, marking an 8.78% year-on-year increase, driven by the peak delivery season during the National Day and Mid-Autumn Festival [1] Group 1: Revenue and Business Performance - The express logistics segment generated revenue of 20.854 billion yuan, reflecting a 14.21% year-on-year growth, with a total business volume of 1.504 billion parcels, up 31.81% year-on-year [1] - The average revenue per parcel was 13.87 yuan, while the supply chain and international business contributed 6.153 billion yuan in revenue [1] Group 2: Service Innovations and Market Expansion - SF Holding enhanced its service offerings for the seasonal delivery of hairy crabs by establishing temporary collection points and deploying smart logistics technologies, maintaining a competitive edge in the market [2] - The company launched its first intelligent transfer center for hairy crabs in Suzhou, featuring an automated sorting system that can process over 20,000 items per hour and exceed 400,000 items daily [2] Group 3: Strategic Initiatives and Regional Development - SF Holding is integrating logistics with branding and traffic, improving packaging for hairy crabs to reflect local culture while enhancing freshness [5] - The company is expanding its logistics network in regions like Shaanxi, addressing local farmers' needs and enhancing the distribution of regional agricultural products [5] Group 4: International Expansion - SF Holding is expanding its international logistics network, recently launching a cargo route from Ezhou to Chicago, enhancing cross-border service capabilities [6] - The company’s air cargo fleet has grown to 90 aircraft, covering domestic and international markets, supporting global logistics needs [8] Group 5: ESG Performance and Investment Value - SF Holding achieved a significant upgrade in its ESG rating from MSCI, moving from "BBB" to "A," making it the first logistics company in China to receive this rating [10] - The improved ESG performance is expected to enhance brand credibility and support the company's long-term investment value and international business expansion [10]

Core Viewpoint - *ST Yazhen (sh603389) experienced a limit down on October 17, 2025, with a closing price of 38.94 yuan, reflecting a decline of 5% and a total market capitalization of 10.728 billion yuan [1] Group 1: Reasons for Stock Decline - ESG rating decline impacts investor confidence: The Q3 ESG rating from Shandao Ronglv for *ST Yazhen was B-, a decrease from the previous period. This decline in ESG rating can negatively affect investor perception of the company's long-term prospects, leading to stock sell-offs and a limit down in price [2] - Overall market environment and concept influence: Despite the introduction of the "Annual Strong" concept on October 16, the overall market remains complex and uncertain. If the market does not sustain interest in this concept, it may not attract sufficient capital inflow to support stock price increases [2] - Performance of comparable sectors: The "Annual Strong" concept is relatively new, with few active comparable sectors. If the concept lacks substantial performance backing, its popularity may wane, leading to potential stock price corrections [2] - High price correction and capital factors: The stock reached a historical high of 43.04 yuan on October 16, with a rise of 4.86%. High stock prices inherently carry correction risks, and aggressive short-term trading by speculative capital may lead to profit-taking, resulting in significant price fluctuations or limit downs [2]

Core Insights - *ST亚太 experienced a significant decline, hitting the limit down price of 10.75 yuan, with a drop of 5.03%, resulting in a total market capitalization of 3.598 billion yuan [1] Financial Performance - The company is facing severe operational and financial difficulties, with a negative net asset of 2024 and continued losses in the first half of 2025, reporting a net profit of -23,722,119.05 yuan, a year-on-year decline of 67.13% [2] - The net cash flow from operating activities was -8,903,855.83 yuan, a year-on-year decrease of 187.12% [2] Risks and Uncertainties - The company is in a pre-restructuring phase, but this does not guarantee a successful restructuring, posing a risk of bankruptcy [2] - There are issues regarding control, with a high percentage of shares pledged and frozen, leading to disputes over control and judicial disposal of shareholder shares [2] ESG Rating - The company's ESG rating has declined to B- in the third quarter of 2025, indicating a regression in environmental, social, and governance performance, which may affect investor confidence in the company's long-term prospects [2] Market Sentiment - The combination of multiple risks has led to a negative market sentiment, resulting in capital outflows and a pessimistic outlook from investors, contributing to the stock's limit down [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing high-quality sustainable disclosures, in line with the new "National Nine Articles" requirements [1]. Group 1: Disclosure Expansion and Quality Improvement - The number of listed companies disclosing sustainable reports has increased, with 1,869 companies reporting for 2024, achieving an overall disclosure rate of 34.7%, a rise of approximately 10 percentage points compared to the previous two years [2]. - The market capitalization of disclosing companies accounts for about 70% of the total market, with 612 companies also disclosing social responsibility reports, indicating that nearly half of the companies are systematically reporting sustainable-related information [2]. - The quality of disclosures has improved, with 99.3% of reporting companies including quantitative indicators, and over 80% disclosing more than 25 indicators. Additionally, 62.1% of companies reported on climate-related risks and opportunities, and 65.9% disclosed greenhouse gas emissions, a significant increase from 57.5% the previous year [2]. Group 2: Focused and Substantive Disclosure Topics - The introduction of guidelines has provided clearer objectives for companies, reducing the costs associated with learning domestic and international standards. Topics such as climate change, fair treatment of small and medium enterprises, and anti-competitive practices have seen increased attention from listed companies [3]. - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets had improved their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0 five years ago to 7.2% [3]. Group 3: Ongoing Regulation and Guidance - The CSRC will continue to refine the disclosure system based on the principles of "actively learning, prioritizing domestic practices, integrating diverse approaches, and highlighting unique features." Future efforts will include enhancing guidelines and conducting policy evaluations after mandatory disclosures begin next year [4]. - Currently, the disclosure guidelines require certain key index sample companies and those listed both domestically and internationally to disclose, affecting over 400 companies. Although the number of mandatory disclosures is limited, these companies represent over half of the total market capitalization [4]. - The CSRC will encourage voluntary disclosures from thousands of companies and will not impose mandatory requirements on small and medium enterprises outside the mandatory disclosure scope [4]. Group 4: Practical Guidance and Training - The CSRC aims to enhance companies' awareness of sustainable development and will guide stock exchanges and associations in providing training and case studies to help companies identify and disclose significant risks and opportunities in sustainability [5]. - Continuous regulation of sustainable disclosures will be enforced to ensure balanced content and highlight key areas [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing high-quality sustainable disclosure practices, emphasizing the importance of a robust disclosure system for sustainable development [2][7]. Group 1: Institutional Development - The CSRC has strengthened the institutional framework for sustainable disclosure, establishing mandatory guidelines and reference standards for listed companies [4][5]. - In 2023, 1,869 listed companies disclosed their 2024 sustainability reports, achieving a disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [5][6]. Group 2: Quality of Disclosure - The content of disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators, and over 62.1% disclosing climate-related risks and opportunities [5][6]. - Governance related to sustainability has improved, with 67.3% of companies establishing governance structures and 44.0% setting and disclosing quantitative sustainability goals [5][6]. Group 3: Focused Topics and Ratings - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on climate change and fair treatment of small and medium enterprises [6][9]. - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [6][9]. Group 4: Future Directions - The CSRC plans to continue refining the disclosure system by learning from international practices while addressing domestic challenges, ensuring that the approach is tailored to local conditions [9][10]. - The CSRC will implement a phased approach to mandatory disclosures, starting with key index sample companies, which represent over half of the market's total value [11][12].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the sustainable disclosure system for listed companies, focusing on quality and relevance rather than merely increasing the number of disclosures [1][2]. Group 1: Sustainable Disclosure System - The CSRC is guiding the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory guidelines for sustainable disclosure, marking the first systematic regulations in this area in China [1][2]. - The revised "Management Measures for Information Disclosure of Listed Companies" mandates that companies publish sustainable development reports according to exchange regulations, establishing a dual system of mandatory and reference guidelines [2][3]. Group 2: Disclosure Rate and Quality - In 2024, 1,869 listed companies disclosed sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points from the previous two years [2][3]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators, indicating a trend towards more detailed and objective reporting [2][3]. Group 3: Governance and Focus Areas - 67.3% of companies have established governance structures for sustainability, and 63.9% disclosed strategic information, reflecting a shift from mere reporting to proactive governance [3]. - The introduction of guidelines has clarified the focus areas for companies, leading to increased attention on issues such as climate change and fair treatment of small and medium enterprises [3][4]. Group 4: ESG Ratings and Future Directions - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [3][4]. - The CSRC plans to continue supporting high-quality sustainable disclosures, emphasizing the importance of practical guidance and training for companies to enhance their sustainability awareness [4][5].

Core Points - The 2025 Sustainable Global Leaders Conference was held in Shanghai from October 16 to 18, focusing on sustainable development and corporate disclosure practices [1][2] - The China Securities Regulatory Commission (CSRC) emphasized the importance of enhancing the sustainable information disclosure system for listed companies, guided by the new "National Nine Articles" [2][4] - A total of 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, which is a 10 percentage point increase from the previous two years [5][6] Group 1: Sustainable Disclosure System - The CSRC is committed to supporting high-quality sustainable disclosures by listed companies, following principles of gradual improvement and practical guidance [2][8] - The sustainable disclosure system has been established with mandatory guidelines from exchanges and reference standards for companies [5][6] - The number of companies disclosing sustainability reports has increased significantly, with 612 companies also disclosing social responsibility reports [5][6] Group 2: Quality of Disclosure - The content of sustainability disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators [5][6] - There is a notable increase in the disclosure of climate-related risks and greenhouse gas emissions, with 62.1% and 65.9% of companies respectively providing this information [5][6] - Governance structures related to sustainability have been strengthened, with 67.3% of companies establishing governance frameworks [5][6] Group 3: Focused Topics and Ratings - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on climate change and fair treatment of small and medium enterprises [6][7] - By the end of last year, one-third of companies listed on the Shanghai and Shenzhen stock exchanges saw improvements in their MSCI ESG ratings, with the proportion of top-rated companies increasing from 0 to 7.2% over five years [6][7] Group 4: Future Directions - The CSRC plans to continue refining the sustainable disclosure system, incorporating international best practices while considering local conditions [8][9] - A phased approach will be taken for mandatory disclosures, with approximately 400 companies required to disclose sustainability reports by 2026 [9][10] - The focus will remain on practical implementation and high-quality development, ensuring that disclosures reflect genuine sustainable practices [10][11]