当前，我国对外直接投资规模持续扩大，已深度融入全球经济发展格局。截至2024年底，中国境内投资 者在全球190个国家和地区设立境外企业5.2万家，其中在共建"一带一路"国家设立企业1.9万家。随着全 球气候变暖加剧，极端天气事件频发，东道国气候风险已成为影响我国对外投资安全不可忽视的重要因 素。2024年全球平均气温较工业化前水平升高约1.55℃，首次突破《巴黎协定》设定的1.5℃控温目标， 凸显了防控气候风险的现实紧迫性。 从投资布局看，我国对外直接投资存量约90%分布于发展中经济体，主要集中在制造业、批发零售业、 租赁和商务服务业等领域。这些地区和行业对气候变化较为敏感，更容易受到洪水、干旱、风暴等自然 灾害的影响，导致运营中断、供应链波动和成本攀升。未来，极端天气的发生频率和强度将进一步上 升，东道国气候风险正从偶发性威胁演变为系统性挑战，必须引起高度重视。 强化企业气候风险管理能力，稳定对外直接投资意愿。 企业是对外投资的微观主体，其风险应对能力直接关系到整体投资安全。要将气候风险纳入企业对外投 资决策核心环节。引导企业建立覆盖投资全周期的气候风险评估机制，同步制定极端天气应对应急预 案，从源头降低风 ...

Wind数据显示，截至12月14日，银行业今年以来已发行68只绿色金融债券，发行规模超5300亿元，较 去年全年增加3336亿元，较去年同期增超186%。 ● 本报记者 石诗语 近日，杭州银行发行规模50亿元绿色金融债券，其中品种一为3年期固定利率债券，发行规模40亿元， 票面利率1.78%；品种二为3年期浮动利率债券，发行规模10亿元。 今年以来，在政策精准引导与市场需求驱动下，银行业绿色金融债券发行驶入"快车道"，呈现规模翻 倍、主体多元、成本优化的显著特征。Wind数据显示，截至12月14日，银行业今年以来已发行68只绿 色金融债券，发行规模超5300亿元，较去年全年增加3336亿元，较去年同期增超186%。从发行主体 看，国有大行持续发挥"压舱石"作用，股份行积极跟进，区域性中小银行加速入场，形成多元主体共同 参与的发展格局。 中小银行加速入场 据统计，今年以来，区域性中小银行的绿色金融债券发行数量已由去年同期的22只增加至30只，发行显 著提速。 今年6月，南京银行发行全国首单符合《多边可持续金融共同分类目录》境内主题绿色金融债券，规模 100亿元，期限3年，票面利率1.69%。该笔创新性债券募集资 ...

Core Insights - The report by Dongfang Caifu Securities highlights the significant progress made by A-share listed companies in Environmental, Social, and Governance (ESG) practices, while also identifying ongoing challenges in their development [1][3]. Policy Landscape - A multi-layered policy framework for ESG has been established in China, with a focus on mandatory disclosure of sustainability reports for certain listed companies starting in 2026 [1][15]. - International standards such as ISSB and GRI are becoming benchmarks for cross-border disclosures, with various markets enhancing their disclosure requirements [1][21]. Value Creation - There is a notable positive correlation between ESG performance and corporate profitability, with governance dimensions having the most significant impact on profitability metrics like ROA and ROE [1][33]. - High ESG-rated companies tend to enjoy lower financing costs and greater consumer preference for green products [1][3]. ESG Management Practices - 9.31% of listed companies have fully articulated their ESG strategies, with a tiered structure from basic to excellent levels of maturity, particularly among financial institutions and state-owned enterprises [2]. - 34.84% of companies have established ESG management frameworks, with larger firms showing higher rates of implementation [2]. Information Disclosure - The disclosure rate of ESG information has reached 45.85%, positively correlated with company market capitalization, although only 9.46% of reports have undergone third-party verification [2][3]. - Companies are increasingly using various channels, such as official websites and ESG press releases, to communicate their sustainability values [2]. Sector-Specific Practices - ESG practices are deepening across supply chains, human resources, and product services, with many industries implementing supplier ESG assessment mechanisms [2]. - The concept of Diversity, Equity, and Inclusion (DE&I) is gaining traction, although the representation of female employees remains below the national average [2]. Sustainable Finance - The ESG bond market is steadily growing, with green bonds as a core component, and the scale of ESG public funds and bank wealth management products is gradually recovering [3]. Future Directions - A-share listed companies are transitioning from compliance-driven ESG responses to value creation, but there is still significant room for improvement in disclosure quality, strategic implementation, and issue depth [3].

Core Viewpoint - The article emphasizes the growing importance of ESG (Environmental, Social, and Governance) practices among Chinese beauty companies, highlighting their commitment to sustainable development and social responsibility through innovative practices and reporting [2][3]. Group 1: ESG Practices and Reporting - The "Sustainable Innovation Laboratory" by Southern Metropolis Daily is collaborating with Shanghai University of Finance and Economics to evaluate and recognize outstanding ESG practices among companies, culminating in the release of the "2025 ESG Sustainable Innovation Trend Insight Report" [3]. - Major Chinese beauty companies, including Up Beauty, Proya, and Huaxi Biological, are increasingly focusing on "green packaging" as a key ESG issue, with a consensus emerging on carbon reduction and product circular consumption [3][4]. - Proya has provided detailed disclosures regarding its green packaging initiatives, including a 20% increase in sustainable materials and a 15% reduction in packaging usage intensity [4]. Group 2: Specific Initiatives by Companies - Up Beauty has implemented eight guidelines for sustainable packaging, including using FSC-certified paper and eco-friendly inks, while Huaxi Biological has improved packaging processes to minimize waste [4]. - Beitaini reported a significant increase in its bottle recycling program, achieving 2.67 million bottles recycled in 2024, which is eight times the amount from 2023 [5]. - L'Oréal has committed to ensuring that 100% of its plastic packaging is refillable, reusable, recyclable, or compostable by 2025, promoting refillable options for its products [6]. Group 3: Emerging Trends in ESG Reporting - Chinese beauty companies are beginning to incorporate "Chinese characteristics" into their ESG narratives, such as employee welfare initiatives and rural revitalization projects [7][8]. - The trend of "pure beauty" is gaining traction, with companies focusing on the safety and transparency of product ingredients, responding to consumer demand for cleaner products [14][15]. - Companies are increasingly establishing anti-corruption mechanisms, with some, like Mao Geping, including anti-corruption training in their ESG reports [10]. Group 4: Challenges and Opportunities - There is a notable lack of quantifiable targets in ESG reporting among Chinese beauty companies, particularly regarding greenhouse gas emissions and sustainable sourcing [16][19]. - The complexity of supply chains poses challenges for accurate carbon emission reporting, with many companies struggling to obtain reliable data from suppliers [19]. - The regulatory environment in China is less stringent compared to Western markets, leading to a reliance on voluntary commitments rather than mandatory compliance for ESG goals [19].

Investment Rating - The report does not specify a direct investment rating for the industry but emphasizes a positive outlook on green finance initiatives and ESG investments [2][3]. Core Insights - The report highlights the strengthening of green finance supply by two departments, focusing on three key support directions: technological breakthroughs and industrial applications, enterprise green transformation, and zero-carbon factory construction [3][12]. - By 2030, the goal is to increase the output value of green factories at national, provincial, and municipal levels to 40% [3][12]. - The report indicates a significant growth in ESG bonds, with a total issuance of 3,832 bonds and a stock scale of 5.72 trillion RMB, where green bonds account for 62.15% [5][29]. - The ESG public fund market consists of 944 products with a total net value of 11,645.22 billion RMB, with ESG strategy products making up 45.09% [5][35]. - The report notes that 95% of business leaders view climate transition as a source of growth and opportunity, indicating a shift in perspective towards sustainability [21][22]. Summary by Sections Domestic Focus - The Ministry of Industry and Information Technology and the People's Bank of China have issued a notice to enhance green finance support, targeting three main project categories [3][12]. - The report outlines the implementation of a carbon footprint factor database by 2027, aiming to improve data quality and international influence [13]. - Hubei Province has completed the first compliance of multiple industries under the national carbon market, marking a significant local practice for the market's operation [14]. International Focus - The World Bank's report on Mauritania highlights the country's economic challenges and the need for diversification beyond the mining sector, which currently contributes 70% of exports and one-fifth of GDP [4][18]. - The ISSB has made targeted revisions to the IFRS S2 to support the implementation of climate-related disclosures [19]. - Munich Re has set new climate targets for its insurance and investment portfolios, emphasizing a commitment to climate solutions [20]. ESG Financial Products Tracking - The report provides detailed statistics on ESG bonds, public funds, and bank wealth management products, indicating a robust market presence and growth potential [5][29][40]. - The issuance of ESG bonds in the past year totaled 1,231 bonds with a total amount of 13,668 billion RMB [5][29]. Index Tracking - As of December 12, 2025, major ESG indices have shown varied performance, with the Shenzhen ESG 300 index having the highest increase of 14.75% over the past year [7][41]. Expert Opinions - Experts emphasize the integration of technology and finance to build a resilient and efficient sustainable development paradigm, highlighting China's advantages in climate technology [8][42].

| | | 中国企业ESG实践12个重点议题 | | --- | --- | --- | | 维度 | 序号 | 议题名称 | | 环境领域 | 1 | 应对气候变化(包括温室气体排放管理、增强气候适应能力等) | | | 2 | 污染防治与生态系统保护(包括污染物排放、废弃物处理、生态系统和生物多样 | | | | 性保护、环境合规管理等) | | | 3 | 资源利用与循环经济(包括能源利用、水资源利用、循环经济等) | | | 4 | 乡村振兴与社会贡献(包括乡村振兴项目、公益事件捐款、公益重点领域、共同 | | | | 富裕投入、一带一路及海外履责等) | | | 5 | 产品责任与科技伦理(包括质量管理体系、客户满意度、召回管理、投诉管理、客 户隐私管理、数据安全管理、负责任营销等） | | 社会领域 | 6 | 供应链管理(包括供应链安全、平等对待中小企业、产品和服务安全与质量等) | | | 7 | 员工权益与发展(包括劳工管理、员工参与度与多样性、职业健康与安全) | | | 8 | 新质生产力(包括创新管理策略、创新目标、杰出创新项目及奖项;研发投入;环 | | | | 保创新技术等) | ...

高金执行院长、会计学讲席教授、可持续投资研究中心理事长程仕军表示，当前，我们正站在一个由科 技重构未来的关键节点。全球可持续发展进程不断深化，以人工智能为代表的科技革命浪潮正蓬勃兴 起，这两股深刻影响未来世界发展格局的力量融合交汇。这就要求从根本上超越"先污染，后治理"的传 统路径，转而依托科技的颠覆性力量与金融的系统性赋能，共同构建一个更具韧性、更富效率、更为包 容的可持续发展新范式。在他看来，可持续未来的构建，离不开科技创新与绿色金融的协同共进。 联合国开发计划署可持续发展目标影响力指导委员会委员、招商银行原行长马蔚华说，攻克气候难题的 核心在于气候科技。气候科技是联合国气候变化框架公约定义的特定概念，指能减少温室气体排放、适 应气候变化影响、促进绿色低碳发展的一系列技术，覆盖能源生产、消费、存储、碳减排等全产业链。 针对全球气候融资缺口超2万亿美元、国内缺口同样较大的现状,马蔚华表示，气候科技攻关周期长、风 险高，部分基础理论研究可能长期无直接回报，需动员更多资本成为"耐心资本"，不追求短期收益，注 重长期价值，与气候科技企业价值观保持一致，做好长期陪跑。他呼吁建立长期主义价值观、完善激励 约束机制与容 ...

今天分享的是：2025年A股上市公司ESG评级分析报告 报告共计：48页 A股ESG评级全景扫描：头部企业引领提升，质量转型进行时 近年来，随着可持续发展理念日益深入人心，ESG（环境、社会与治理）已成为衡量企业综合价值的重要标尺。一份最新发布 的2025年A股上市公司ESG评级分析报告，揭示了国内上市公司在ESG领域的整体表现与发展趋势。数据显示，A股ESG绩效呈 现稳步提升态势，尤其是头部企业表现突出，但从中也反映出从"披露驱动"向"绩效驱动"转型过程中的挑战。 整体评级持续向上，中证800成分股表现引领 根据报告统计，A股上市公司ESG评级整体呈现上升趋势。2024年，全A股中ESG评级在A-及以上的公司占比达到14.13%，较往 年有明显提高。以中证800成分股为代表的规模较大公司，ESG提升更为显著：2018年至2025年间，其ESG平均绩效增长超过 27%，评级在B+及以上的公司比例从不足8%大幅提升至81%以上。尤其值得注意的是，中证800成分股中ESG评级为A-及以上的 公司数量从2018年仅3家增长至2025年的456家，显示龙头企业正带头推进ESG实践。 行业表现分化明显，环境维度成提升难 ...

中经记者 杜丽娟 北京报道 （编辑：朱会珊 审核：朱紫云 校对：颜京宁） 依托"All in AI"战略，安永推出基于EY METIS平台的安永智能问答及智能风控平台"玄策"等AI工具， 将AI技术深度应用于风险管控与ESG治理，提升决策效率与透明度。 安永中国主席、大中华区首席执行官陈凯表示，安永大中华区已连续五年发布ESG报告，体现了安永积 极响应国家"双碳"目标和高质量发展战略的实践与探索。在全球可持续发展愿景和中国高质量发展交织 并行中，安永以"All in"的之志融入国家发展大局，以专业力量服务高水平对外开放，与时代同频，与 改革共振。 随着全球ESG发展进入标准趋同、监管强化与价值融合的新时期，中国在推动可持续金融、应对气候变 化等领域展现出积极行动力与国际影响力。 《安永大中华区2025财年环境、社会和治理报告》指出，2025财年，安永近期以"All in"战略推动业务 深度脱碳，远期通过自然友好实践，力争在2050年或更早实现净零排放。通过购买国际自愿碳标准项目 （VCS）及绿色电力证书，成功实现运营层面碳中和。 ...

专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。上海交通大学上海高级金融学院副院长、金融学讲席教授、可持续投资研究中心主任 严弘出席论坛并介绍了高金可持续投资研究中心最近一年的研究成果。 2025年中心应时代和行业之需开展了多项重大课题研究，完成了包括《2025上海ESG发展报告》《上海 市涉外企业ESG发展报告》《中国多层次REITsESG实践标准的设计和推广》在内的多项前沿课题，还 有一批专项研究正在紧锣密鼓推进中，如《沪滇协作框架下生物多样性保护机制研究》《生成式人工智 能如何影响企业估值：劳动力重塑的关键作用》等。中心聚焦金融赋能产业低碳转型、绿色价值创造等 议题举办多层次交流活动，以多渠道汇集国内外顶层智慧，探索引导资本投入可持续发展目标的最佳路 径与模式。 严弘表示，中心仍有多项在研项目持续推进，未来将继续深耕可持续发展领域，通过研究、实践与交流 的多元发力，为构建ESG良好生态、推动绿色高质量发展贡献力量。 责任编辑：曹睿潼 专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2 ...