Core Viewpoint - The acceleration of green transformation in economic and social development is a strategic choice aligned with China's modernization and high-quality development goals, with a focus on integrating green finance and sustainable investment into the financial sector [1] Group 1: ESG Investment Strategy - The ESG (Environmental, Social, and Governance) investment philosophy has rapidly gained traction in global markets, emphasizing a comprehensive evaluation that includes environmental protection and social responsibility alongside financial performance [2] - Since becoming a signatory to the UN Principles for Responsible Investment (PRI) in 2022, the company has achieved the highest five-star rating in the 2024 PRI assessment across multiple dimensions, including passive equity and active quantitative strategies [2] - An ESG research team has been established to set sustainable investment goals and ensure the integration of ESG principles throughout the investment research process [2] Group 2: Green Financial Research Framework - The company is focused on building a rigorous research framework to support its green finance strategy, ensuring that ESG principles are embedded in the investment decision-making process [4] - Investment decisions incorporate positive and negative screening, as well as ESG integration, using an ESG rating system to assess the green governance performance of investment targets [4] - Fund managers consider both internal and external ESG ratings when constructing investment portfolios, prioritizing investments with strong green governance [4] Group 3: Product Innovation - The company is committed to supporting the energy revolution and sustainable investment, focusing on clean energy utilization and the development of a new energy system [6] - A diverse range of green financial products is offered, including various ETFs and actively managed funds, aimed at directing social capital towards green industries [6] - The product lineup includes industry-leading innovations and specialized tools, providing long-term funding support for green industry development and offering investors a variety of options to participate in the green transition [6] Group 4: Collaborative Ecosystem - The company recognizes the importance of collaboration in advancing green finance and aims to enhance its ESG investment ecosystem through product innovation, technology, and industry partnerships [7] - Plans include leveraging big data and AI to improve risk assessment and yield analysis for green projects, as well as fostering communication among investment institutions, enterprises, and regulatory bodies [7] - The company aims to guide social capital towards green sectors, contributing to the low-carbon transition of the real economy while achieving its own high-quality development [7]

2025年以来，西部利得基金在公益领域持续深耕，以"西部利得灯塔"公益品牌为核心，构建起"教育赋 能、社区关怀、民生帮扶"三大公益矩阵。在教育领域，新增捐助陕西商南县"梦想中心"公益教室1所， 配套开展"小犀万里行"财商教育公益课4场，持续推进"乡村学生一对一资助"项目。在社区关怀领域， 延续"温暖身边人"系列行动，为上海浦东新区东明路街道辖区内3家敬老院捐赠爱心物资。 西部利得基金副总经理、工会主席蔡晨研在活动中展示了西部利得基金九年公益的成绩单：九年来，慈 善拍卖会累计成交拍品超千件，筹集爱心款超190万元，联合上海真爱梦想基金会等机构捐建"梦想中 心"多媒体教室6所，覆盖乡村师生超4900人次，公益足迹已覆盖8个省市。他表示，这些数字的背后， 是每一位员工的爱心汇聚，更是公司"责任精神"理念的持续落地。 在本届拍卖会现场，一套来自陕北地区的手工作品《一针一线寄感恩》引发多轮角逐，它是西部利得基 金帮扶学生家长的心意之作，既是跨越山海的爱心回响，也是双向奔赴的善意见证。最终，150余件拍 品均成功拍出，筹得爱心款逾16万元。这笔凝聚温暖的善款将跟随西部利得基金公益的步伐，送往更多 需要的地方。 本届活动的 ...

Core Viewpoint - Guangfa Fund has been awarded the "Sustainable Responsibility Model" award for its outstanding practices in green finance and inclusive finance, reflecting its commitment to ESG investment and social responsibility [1] Group 1: ESG Investment Practices - Guangfa Fund integrates ESG factors into its investment decision-making process, combining traditional financial metrics with environmental, social, and governance assessments [2] - Since joining the UN Principles for Responsible Investment (UNPRI) in 2021, the company has systematically embedded sustainable investment research into its investment framework [2] - The fund manages 13 ESG public products, with a total market value of ESG assets reaching 847.8 billion, a 24% increase from the previous year [3] Group 2: Investor Education Initiatives - Guangfa Fund has established a comprehensive investor education network that aims to make financial knowledge accessible to the public [4] - The company has launched over 480 educational programs, attracting more than 1.75 million followers, utilizing various formats such as micro-films and interactive activities [5] Group 3: Social Responsibility and Philanthropy - The company actively engages in philanthropic activities focusing on rural revitalization, education support, and disaster relief, extending its social responsibility efforts [6] - Guangfa Fund has contributed to infrastructure, healthcare, and tourism projects in various regions, enhancing local living conditions and supporting economic development [6][7] - The firm encourages employee participation in volunteer services, reinforcing its commitment to social welfare and community support [7]

（原标题：盛世投资姜明明：推动责任投资，S策略将成为核心发力方向） 21世纪经济报道记者 赵娜 上海报道 进入年末，股权投资行业会议密集举行。近期由私募股权行业ESG倡议（CID）主办的第八届创投责任 投资论坛上，盛世投资董事长姜明明主旨分享了盛世投资在推动行业ESG生态建设和S领域的负责任投 资实践。 在论坛现场，姜明明的分享首先围绕责任投资与ESG实践展开。对他而言，这绝非一次突如其来的转 向，而是与盛世投资过往在行业中的探索路径一脉相承。 在内部管理与投资流程方面，其已将ESG要求嵌入项目筛选、投资决策、投后管理及退出等多个环节。 无论基金投资还是直投项目，在投资决策过程中，相关项目团队均需就ESG相关问题进行回应和说明。 此外，该机构还对部分投资案例进行系统梳理。近年来，其从直投及基金投资项目中筛选出多项符合 ESG标准的案例，并向行业协会及相关机构提供研究素材。 在国内股权投资行业，盛世投资长期以来被视为母基金管理人和政府投资基金管理人。姜明明仍清楚记 得，在早年推广市场化母基金模式之初，不少投资人甚至会将"FOF"逐字读作"F、O、F"。 而如今，一级市场的基金出资人不仅已熟悉FOF配置，还在主动 ...

MSCIESGETF（159621）跟踪的是MSCI中国A股人民币ESG通用指数（MSC278），该指数基于母指数 构建，涵盖上海和深圳上市的大中盘A股。指数通过调整成分股权重以反映稳健ESG表现及积极改善的 公司，并综合考量环境、社会与治理因素筛选成分股，行业配置广泛且注重可持续投资标准，旨在反映 符合ESG投资理念的上市公司证券的整体表现。 信达证券指出，工业和信息化部与中国人民银行联合印发《关于用好绿色金融政策支持绿色工厂建设的 通知》，明确聚焦三类重点方向强化绿色金融供给：一是支持传统产业绿色低碳重大工艺革新、"卡脖 子"技术攻关及产业化应用；二是推动企业实施节能降碳、资源循环利用等绿色改造项目；三是推进国 家绿色工厂开展零碳工厂建设。同时，我国ESG债券市场持续扩容，截至2025年12月存量规模达5.72万 亿元，其中绿色债券占比62.15%。公募ESG产品总规模达1.16万亿元，策略类产品占比45.09%，显示 ESG投资工具日益丰富。当前中国在气候科技领域已形成研发投入大、产业链完整的优势，光伏技术全 球领先，储能产业链完备，并建成全球最大规模的碳捕捉项目。 （文章来源：每日经济新闻） ...

Core Viewpoint - The report highlights a significant transformation in China's ESG (Environmental, Social, and Governance) investment landscape, moving from passive compliance to value creation driven by market forces [2][3]. Group 1: ESG Development in China - The 2025 ESG framework in China has transitioned from a macro blueprint to an execution framework, indicating a qualitative change in how listed companies approach ESG [2][3]. - Over 63% of surveyed A-share companies plan to maintain or increase their investments in carbon reduction, with the raw materials sector showing a strong growth intention [3]. Group 2: Market-Driven Factors - The core drivers for corporate investment in ESG have diversified, with energy costs (81%), customer demands (45%), and green financing (30%) emerging as key market-driven factors [6]. - Nearly 70% of surveyed companies are using green energy in their operations to reduce carbon emissions, while over 60% are improving processes and upgrading equipment to enhance energy efficiency [8]. Group 3: Green Financing - As of September 2025, China's green loan balance reached 43.51 trillion yuan, and the issuance scale of green bonds exceeded 840 billion yuan, providing a robust financial framework for low-carbon transitions [10]. Group 4: International Expansion and ESG - Companies with overseas operations are more strongly driven to improve their ESG performance, with 55% increasing carbon reduction investments due to downstream customer requirements [12]. - The demand for improved social performance driven by consumer expectations is also higher among companies with international business compared to those without [12]. Group 5: Role of Institutional Investors - Institutional investors are increasingly active in corporate governance, with a significant shift from being passive shareholders to engaged participants, particularly in the context of new regulations [14]. - Communication with shareholders is the most favored method for companies to engage with institutional investors, focusing on financial health and strategic issues [14]. Group 6: Commitment to ESG - 华夏基金 has been a pioneer in ESG investment in China, actively engaging with over 70 listed companies and participating in more than 1,000 shareholder meetings by 2025 [15]. - 紫顶股东服务 is recognized as a leader in voting rights management services, supporting institutional investors in corporate governance and responsible investment practices [15].

内生动力：超六成企业增加减排投入 这份白皮书基于对520家A股上市公司的广泛问卷调研与深度数据分析，发现尽管面临宏观经济挑战，仍有超六成上市公司明确表示将维持或增加未来在碳 减排方面的投入。四分之一计划增加10%及以上。其中，原材料行业最为积极，52%的企业计划投入增长10%以上，煤炭行业更是100%计划增加投入。其次 为可选消费行业，39%的企业有较强投入意愿。 从实现手段看，华夏基金调研显示，在用能环节"使用绿电"、在生产环节"改进工艺流程"以及"升级设备"是最广泛采用的三种碳减排路径。 随着"双碳"战略的深入，中国企业的减碳逻辑正在发生重大转变。华夏基金《2025中国ESG投资发展创新白皮书》调研显示，中国上市公司的减排驱动力已 超越单一的政策约束，转向由经济效益、客户需求及绿色融资构成的内生性市场化要素。 客户需求已成为驱动产业链减碳的关键力量。白皮书指出，处于产业链下游的终端企业（如汽车、电子）正利用其主导地位，将减碳压力传导至上游。调研 显示，54%的企业表示会优先选择碳足迹较低的供应商。例如，苹果要求2030年供应链碳中和，立讯精密等供应商因此制定了严格的减排路线图。 金融引擎：绿色融资支持绿色 ...

编者按 强大的专业能力是金融服务实体经济的前提和保障。大成基金认为，对于公募基金而言，卓越的投研能 力、科学的风控体系以及与之相匹配的资产管理规模，共同构成了服务实体经济的"硬实力"。没有持续 提升的管理规模作为根基，服务实体经济就会流于空谈。 近年来，公募基金行业正主动开展一场深刻的自我变革：积极推动"平台式、一体化、多策略"投研体系 建设，全面推进中长期考核激励机制，持续强化业绩比较基准的重要作用，不断夯实合规风控管理举 措。这一系列扎实的内功修炼，推动公募基金管理规模持续提升，也直接转化为服务实体经济的强大动 能。 为深入学习贯彻党的二十届四中全会精神，中国证券报联合中国证券投资基金业协会推出"学习贯彻四 中全会精神"专栏，邀请部分有代表性的基金管理公司，围绕全会作出的重大战略部署，分享公司组织 学习、深化认识的心得体会，探讨将全会精神转化为服务实体经济、推动基金行业高质量发展具体实践 的思路与规划，努力为全面建设社会主义现代化国家贡献基金力量。 党的二十届四中全会围绕推进中国式现代化作出全面部署，明确提出坚持把发展经济的着力点放在实体 经济上，并就加强建设金融强国进行了专门部署，对金融工作提出更高要求 ...

Core Viewpoint - The "White Paper on the Development and Innovation of China's ESG Investment (2025)" indicates that by 2025, China's ESG ecosystem will transition from advocacy to a new phase characterized by "policy support, corporate leadership, and capital empowerment" [1] Group 1: Policy Framework - 2025 marks a watershed year for China's ESG policy system, showcasing features such as "standard unification, coverage expansion, mandatory implementation, and institutional empowerment" [2] - The "Green Finance Support Project Directory (2025 Edition)" achieves cross-departmental standard unification [2] - The national carbon market will expand to include industries like steel, cement, and electrolytic aluminum, covering over 60% of emissions [2] - The sustainable disclosure system is expected to be largely established by 2030, with ongoing releases of corporate sustainability disclosure standards by the Ministry of Finance [2] - New regulations will institutionalize the participation of institutional investors in corporate governance [2] Group 2: Corporate Transformation - Companies are shifting their view of ESG from a cost burden to a strategic engine for cost reduction and efficiency enhancement, with over 63% planning to maintain or increase future emissions reduction investments [3][5] - Economic benefits are becoming the primary driver for increased emissions reduction investments, with 81% of companies citing "lowering energy or raw material costs" as a key motivation [5] - The example of Sinopec's Qingdao Refining and Chemical Company illustrates that an investment of 170 million yuan in energy efficiency improvements is expected to yield annual savings of approximately 30.72 million yuan [5] Group 3: Market Dynamics - 54% of surveyed companies prioritize low-carbon suppliers, and 38% have required suppliers to take carbon reduction actions, particularly in the automotive and electronics sectors [7] - 30% of companies view attracting green financing as a motivation for emissions reduction, with green loans reaching 4.351 trillion yuan and green bond issuance at 840.2 billion yuan by September 2025 [7] - Companies with overseas operations are more likely to increase emissions reduction investments due to downstream customer demands, with 55% of such companies responding positively compared to only 10% of those without overseas operations [7] Group 4: Capital Engagement - Institutional investors, represented by public funds, are evolving from mere capital providers to active participants in corporate governance and value creation [9] - The new Company Law lowers the threshold for shareholder proposals from 3% to 1%, facilitating greater participation from institutional investors [10] - 84% of listed companies recognize that institutional investors primarily focus on financial health, with a significant portion of rejected proposals related to related-party transactions, indicating institutional shareholders' vigilance in governance [10] Group 5: Industry Leadership - 华夏基金 is one of the earliest public funds to engage in ESG investment in China, having signed the UN Principles for Responsible Investment in 2017 [11] - The company has actively participated in over 170 ESG communications with more than 70 listed companies and has established a digital platform for proxy voting [11] - 紫顶股东服务 is a leader in voting rights management services in China, providing professional voting recommendations to institutional investors [11]

Core Viewpoint - The Central Economic Work Conference has outlined the economic work for 2026, emphasizing high-quality development and the role of the insurance industry in supporting national strategies and improving social welfare [1][2]. Group 1: High-Quality Development - The conference provides a systematic deployment for the insurance industry's high-quality development, guiding companies to translate the conference's spirit into specific development paths [2]. - China Ping An aims to integrate its development with national strategies, focusing on "comprehensive finance + healthcare and elderly care" to support the construction of a financial powerhouse and national rejuvenation [2]. - China Export & Credit Insurance Corporation emphasizes supporting high-level opening-up and enhancing service quality for foreign trade and key projects [3]. Group 2: Support for Social Welfare - The conference highlights the importance of expanding health and long-term care insurance to better meet diverse resident needs [5]. - China Ping An is committed to enhancing its insurance product offerings in health and elderly care to support the public's varied protection demands [5][6]. - The insurance industry is encouraged to focus on improving financial supply efficiency and addressing social welfare challenges [6]. Group 3: Activation of Insurance Capital - Insurance institutions are leveraging their long-term and stable capital to meet the needs of the real economy, acting as "patient capital" [7]. - China Life Group plans to align its actions with the central government's economic governance strategies, focusing on technology finance and green finance [7]. - China Ping An is committed to increasing investments in strategic emerging industries and advanced manufacturing through a collaborative model of "technology + finance + ecology" [8]. Group 4: Green Transformation - The conference emphasizes the need for a comprehensive green transition, guiding various sectors towards high-quality development [8]. - TaiKang Asset is focused on ESG investment principles, increasing research on green industries like wind and solar energy to support the green transformation of the economy [8].