Core Viewpoint - The core viewpoint emphasizes that the modernization of China is centered around the people's aspirations for a better life, with a focus on improving the quality of life as a primary goal of economic and social development [1] Group 1: Financial Services and National Strategy - The company positions itself to support state-owned enterprises and national strategies by enhancing financial services, particularly in technology and innovation sectors [2][3] - It has successfully completed multiple IPOs and bond issuances, including the first "ESG + Technology Innovation" corporate bond in the national chemical industry [2][3] - The company has invested over 1.6 billion yuan in more than 30 projects focused on early-stage and hard technology investments [2] Group 2: Green Finance Initiatives - The company has issued seven green bonds, providing financial services to over ten enterprises in the energy-saving and environmental protection sectors [2] - It has invested nearly 200 million yuan in green bonds and has actively supported financing needs for clean energy development [2] Group 3: Inclusive Finance and Digital Transformation - The company has focused on issuing bonds to support small and micro enterprises, enhancing digital customer operations and offering a wide range of financial products [2] - It has developed a new generation app that integrates AI technology to improve customer service and operational efficiency [3] Group 4: ESG (Environmental, Social, and Governance) Initiatives - The company provides comprehensive ESG consulting services, having assisted over 300 companies in preparing ESG reports to enhance compliance and market recognition [3][4] - It has established an ESG evaluation system and has been involved in creating national standards for ESG disclosures [4][5] Group 5: Social Responsibility and Community Support - The company actively engages in rural revitalization efforts, providing financial and intellectual support to various regions [6][7] - It has implemented investor education programs to enhance public awareness of investment risks and rights [6][7] - The company prioritizes employee welfare, establishing a supportive work environment and providing assistance to employees in need [7]

全球可持续发展监管环境正经历重大转型。面向未来，主要经济体纷纷将ESG披露从自愿性倡议推向强 制性要求。中国ESG监管体系在过去五年中快速发展，逐步从分散的社会责任指引走向系统的可持续发 展披露要求。 监管层面，2022年成为关键转折点。国务院国资委发文，明确要求央企控股上市公司在2023年实现ESG 报告披露全覆盖。2024年，沪深北交易所和财政部先后发布ESG信披指引或准则。政策内容上，中国 ESG框架既借鉴了国际共识，又强调中国特色议题。2025年，中国ESG相关政策体系持续完善，标志着 中国ESG披露体系基本形成。 二、ESG投融资规模持续扩大 全球新能源投资规模扩容与结构优化，成为驱动可持续发展的核心资本力量。 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 ...

近年来，公司已构建起清晰的"1+N"业务版图：在稳固轨道交通主业的同时，积极向人工智能、绿色节 能、智能制造等新领域拓展。这一布局的背后，是对产业周期规律的尊重，也是对"持续创新才是最好 防御"这一理念的践行。 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笔、以责任为墨，在轨道交通与高端装备的画卷上，持续绘 制智能、绿色、可持续的未来。我们愿与各方携手，不仅成为行业的参与者，更成为中国制造业高质量 发展进程中的推动者与见证者。 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 ...

Group 1 - The core viewpoint of the article highlights the achievements of Zhou Jie, the Chairman of Zhongyan Chemical, who has been recognized as an ESG pioneer for integrating ESG principles into the company's development strategy and aiming for world-class standards in the chemical industry [2][3] - Zhou Jie has led significant capital operations, including a full acquisition of Faitou Alkali Industry for 2.83 billion yuan, enhancing the company's soda ash production capacity, and strategic acquisitions totaling 325 million yuan and 215 million yuan to integrate the chlor-alkali industry chain [2] - The company has also secured mining rights for natural soda in Naimanqi for 6.809 billion yuan, reshaping the strategic landscape of the soda ash industry and strengthening its resource advantages [2] Group 2 - In the field of technological innovation, Zhou Jie has spearheaded key projects such as the localization of PVC resin and efficient operation of calcium carbide furnaces, earning multiple provincial and national awards, and has led 16 provincial-level technology projects while obtaining 216 patents [2] - The company has implemented significant management reforms, achieving turnaround and major asset restructuring, while introducing a dual-center assessment and contribution-oriented compensation system, resulting in sustained employee income growth and enhanced organizational vitality [3] - Zhou Jie has received numerous accolades for his contributions, including the title of ESG Pioneer and recognition for the company's consistent performance in ESG rankings and disclosures, establishing a benchmark for leadership in state-owned enterprises [3]

Core Viewpoint - The company is committed to high-quality development in highway management, focusing on operational strength, asset scale expansion, and optimized industrial layout to contribute to the construction of a strong transportation province in Shanxi [1] Group 1: Operational Enhancements - The company has implemented a maintenance management improvement project, creating a new model of "data-enabled highway maintenance" that significantly enhances management precision and efficiency [1] - High standards are set for upgrading service areas, creating open integrated transportation and tourism service zones [1] - The company has completed the transformation of six toll stations into smart booths and implemented unmanned supervision on key road sections [1] Group 2: Business Optimization - The company is actively optimizing its business layout and has successfully integrated quality resources through cash contributions, completing asset injections and asset securitization projects [2] - It has accelerated the upgrade of qualifications for its affiliated engineering company, achieving multiple new construction and specialized contracting qualifications [2] - The company is developing a new path for "transportation-energy integration" by constructing and operating gas stations and methanol refueling stations [2] Group 3: Green Energy and Innovation - The company is advancing green energy and low-carbon transformation by promoting distributed photovoltaic projects and charging station construction, establishing nine "solar-storage-charging-supply" demonstration stations [3] - It is exploring an integrated intelligent control system for renewable energy and storage facilities along highways, aiming for a self-sufficient comprehensive energy system [3] - The company has implemented cash dividends totaling 359 million yuan over two years, promoting value creation and enhancing corporate governance [3] Group 4: ESG and Governance - The company is committed to sustainable development and has initiated the construction of an ESG system, with its first ESG report receiving an A rating from Wind [3] - It is deepening the integration of state-owned enterprise reforms with capital market requirements and enhancing internal control, risk management, and compliance systems [3] - The company is focusing on building a "six-integration" party-building brand to align party leadership with core business operations [3]

证券时报记者 杨霞 在ESG理念深度融入全球商业版图的当下，上市公司正以创新实践，积极探寻可持续发展的新路径。近日，由证 券时报主办，五粮液、中泰证券协办的"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，会上公布了"2025上市公司ESG百强"公司，表彰在ESG实践方面主动作为、成效突出的上市公司。本文对 百强公司在ESG实践方面的特点进行全面梳理和分析，旨在引导和推动更多上市公司贯彻落实新发展理念，践行 高质量发展。 登录新浪财经APP 搜索【信披】查看更多考评等级 信披质量稳步提升 随着"双碳"目标的深入推进，衡量企业长期价值的标尺正发生深刻变革。ESG实践已从"附加题"跃升为上市公司 的"核心必答题"，深刻重塑着价值的底层逻辑。 ESG百强企业作为实践中的佼佼者，在多个维度展现出卓越表现。78家公司设立了ESG专项工作组，另有76家公司 披露了ESG管理工作。ESG管理的最高层级由董事长或董事会牵头，能够确保ESG战略更加顺利地执行，百强公司 中72家公司的最高层级为董事会，体现了百强公司对ESG治理工作的高度重视。 ESG委员会与工作小组的设立，是实现战略统筹与执行落地 ...

Core Viewpoint - Zhongyan Chemical (600328) has been recognized for its commitment to ESG principles, with Chairman Zhou Jie being awarded as the annual ESG Pioneer at the 19th Listed Company Value Forum, reflecting the company's strategic focus on becoming a world-class chemical enterprise through modern governance and innovation [1][2] Group 1: Corporate Achievements - Zhou Jie has led Zhongyan Chemical in significant capital operations, including a full acquisition of Faitou Alkali Industry for 2.83 billion yuan, enhancing the company's soda ash production capacity [1] - The company has also acquired Tianchen Company for 323 million yuan and a building materials company for 215 million yuan, further integrating the chlor-alkali industry chain [1] - Zhongyan Chemical secured mining rights for natural soda in Naimanqi for 6.809 billion yuan, reshaping the strategic landscape of the soda ash industry [1] Group 2: Technological Innovation - The company has focused on becoming a source of original technology, leading key projects in PVC resin localization and efficient operation of calcium carbide furnaces, earning multiple provincial and national awards [1] - It has undertaken 16 provincial and ministerial-level technology projects and holds 216 patents, including 7 personal invention patents, positioning itself as a technology leader in the industry [1] Group 3: Management Practices - Zhou Jie has implemented significant reforms, leading the company to turnaround from losses and complete major asset restructuring, while promoting a dual-center assessment and contribution-oriented compensation system [2] - The company has been recognized with multiple awards, including the ESG Top 100 Award for two consecutive years and the benchmark enterprise recognition from the State-owned Assets Supervision and Administration Commission for three years [2] - Zhou Jie emphasizes the primary responsibility of state-owned enterprise leaders to serve the party, transforming political advantages into competitive advantages [2]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Japanese equity market, particularly in the context of the 2026 outlook and the performance of various sectors within Japan [3][6][7]. Core Insights and Arguments 1. **Profit Growth Expectations**: Stronger prospects for double-digit profit growth in FY26 are anticipated, driven by solid H1 results, particularly in B2B sectors. Companies are positioned to improve profitability through price increases due to labor shortages [3][6]. 2. **Market Confidence**: Market confidence in achieving double-digit profit growth in FY26 is expected to increase over time, supported by tax breaks for capital expenditures and increased government spending on infrastructure [3][6]. 3. **Sector Performance**: - Construction, heavy machinery, IT & software, and industrial electronics sectors are expected to benefit from productivity improvements and price hikes [6]. - B2C businesses are likely to recover as real wages increase, while headwinds remain for businesses in China and those serving inbound visitors to Japan [6][3]. 4. **Macroeconomic Conditions**: Nominal economic growth (G) is projected to exceed the nominal 10-year JGB yield (R), which historically supports equity performance over bonds [4][7]. 5. **Corporate Governance Revisions**: Revisions to the Corporate Governance Code in 2026 will require companies to demonstrate effective use of cash and deposits, potentially impacting investment strategies [4][7]. 6. **Earnings Forecasts**: The TOPIX EPS growth forecasts were raised from +0.7% to +3.2% for FY25 and from +13.8% to +14.3% for FY26, reflecting improved economic conditions and currency assumptions [8][21]. 7. **Share Buybacks**: Nonfinancial corporations are expected to be the largest net purchasers of Japanese equities in 2026, driven by share buybacks and tender offers [7][30]. Additional Important Insights 1. **Sector Preferences**: Preferred sectors include electric appliances, machinery, banks, real estate, and trading companies, while sectors to avoid include steel, retail trade, and those reliant on inbound tourism [8][49]. 2. **Valuation Trends**: The TOPIX is currently trading at a 12-month forward P/E of 17.0x, but is expected to appear less overvalued as forecasts for FY26 suggest a P/E of 15.9x [39][40]. 3. **Investment Strategy**: Selective investment is emphasized, as not all companies will effectively implement measures to improve ROE. The outlook includes a potential upside scenario for the TOPIX at 3,900 and a downside scenario at 3,200 by the end of 2026 [48][49]. This summary encapsulates the key points discussed in the conference call, highlighting the optimistic outlook for Japanese equities, sector-specific insights, and macroeconomic conditions that are expected to influence market performance in 2026.

作为全球动力电池领域的重要一员，孚能科技在ESG管理和实践，尤其是在可持续供应链上已经取得显 著成效。 在全球新能源转型的宏大叙事中，动力电池扮演着"核心枢纽"与"关键使能者"的双重角色。而动力电池 产业的可持续发展，更是全球可持续发展目标体系中不可或缺的一环。其终极目标在于，通过持续的技 术创新和完善的循环体系，最大化全链条实现绿色效益，使动力电池成为推动全球绿色发展的"强劲引 擎"。 作为全球动力电池领域的重要一员，孚能科技在ESG管理和实践，尤其是在可持续供应链上已经取得显 著成效。 在顶层设计上，孚能科技将ESG视为公司发展的重要战略基石，在常态化管理上，组建了由总经理统筹 领导的"决策层—管理层—执行层三级可持续发展治理架构，成立了可持续发展部，设立专岗专职负责 公司ESG专项工作，保障ESG治理深度融入公司战略并切实贯穿于日常运营。 目前，孚能科技构建了从上游供应链、自身生产、下游资源回收全链条的ESG实践生态。 孚能科技坚信，只有与供应商、合作伙伴及利益相关方共同努力，才能实现供应链的绿色转型与可持续 发展，为行业树立责任标杆，为社会创造长期价值。公司通过系统化的管理体系、严格的供应商评估机 制 ...

Core Viewpoint - Yunnan Betaini Biotechnology Group Co., Ltd. has received authoritative recognition in the ESG field due to its systematic layout and innovative practices in public welfare and charity [1][2][4] Group 1: ESG Recognition and Strategy - The company has been awarded AAA level by Huazheng and AA level by Wind in the ESG field, reflecting its commitment to social responsibility and long-termism [1] - Betaini integrates the concept of "gratitude and kindness" into its corporate DNA, establishing a charity ecosystem that balances public welfare and business [1][4] Group 2: Charitable Initiatives and Goals - The establishment of the "Betaini Public Welfare Fund" and "Red Cross Winona Public Welfare Fund" in 2021, along with a management system for public welfare funds, has standardized the management of charitable contributions [2] - The mid-term plan aims for a cumulative public welfare investment exceeding 100 million yuan, over 10,000 hours of volunteer service, and direct benefits to 1 million people by 2030 [2] Group 3: Focus Areas and Financial Contributions - Betaini has focused on five core areas for its charitable projects, including biodiversity protection and intangible cultural heritage [2][3] - From 2021 to 2024, the company has invested a total of 68.2368 million yuan in public welfare initiatives [2] Group 4: Innovative Charity Model - The company has created a unique model that deeply integrates public welfare with business, achieving a win-win situation for social and commercial value [3] - Initiatives such as reducing plastic in packaging and promoting sustainable practices in product design have enhanced both environmental responsibility and brand trust [3] Group 5: Transparency and Collaboration - Betaini collaborates with professional organizations to ensure project professionalism and transparency in fund management, with annual audits by third-party accounting firms [4] - The company promotes a shared governance model that enhances stakeholder engagement in its public welfare efforts [4] Group 6: Future Commitment - Moving forward, Betaini will continue to pursue its "2030 Sustainable Development Strategy," focusing on long-term public welfare while creating commercial value [5]