在全球可持续发展浪潮下， ESG（环境、社会、 公司 治理）已成为衡量企业高质量发展 的核心标尺，更是连接企业价值与社会价值的关键纽带。随着国内 ESG生态体系的加速完 善，政策监管持续收紧、资本市场对ESG表现关注度飙升，企业的可持续发展能力愈发成为 其核心竞争力的重要组成部分。 在此背景下，新浪财经 今日 正式发布 "2025中国企业ESG百强"榜单，以专业、客观的评 选标准，筛选出中国ESG实践的标杆企业，为行业树立发展典范，同时也为投资者提供极具 参考价值的决策依据。 | 39 | 隆县绿能 SH601012 | | LONGI BE | 17 8 | TV | | --- | --- | --- | --- | --- | --- | | 40 | 美的集团 | SZ000333 (HK0300) | Midea | | 可选消费 | | 41 | 中国联通 | SH600050 (HK0762) | | 文文文 | 电信服务 | | 42 | 工业富联 SH601138 | | 印工业富联 | | 信息技术 | | 43 | 东方证券 | (HK3a288) | | 文文文文 | 金融 | | 4 ...

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华鑫证券指出，随着十五五规划开局之年政策靠前发力，反内卷政策持续推进，部分行业供需格局改 善，盈利修复预期逐步显现。新质生产力逐步成为经济增长新引擎，高端装备制造、电子、新能源等 ESG相关产业工业增加值同比增速持续领先，对经济拉动贡献度提升。海外需求方面，非美地区出口保 持高增，高附加值产品占比提升进一步优化毛利率结构。PPI同比有望在2026年下半年转正，带动企业 盈利改善，ESG相关行业将迎来估值与盈利的共振修复。 MSCIESGETF（159621）跟踪的是MSCI中国A股ESG通用指数，该指数通过筛选中国A股市场中ESG （环境、社会和治理）表现优异的上市公司证券作为指数样本，重点增持ESG评级领先的企业。其行业 配置均衡，整体风格聚焦于具备可持续发展特征 ...

Core Insights - The article highlights the strong performance of ESG bonds in 2025, outperforming the global aggregate bond index by 439 basis points as of December 15, 2025 [3][4]. Group 1: ESG Bond Performance - The Bloomberg Global Aggregate Green Social Sustainable Development Bond Index (GSS) recorded a return of 12.28%, significantly higher than the global aggregate bond index's return of 7.89% [4]. - The excess return of GSS was primarily driven by the second quarter, where it achieved an 8.02% return compared to 4.52% for the global aggregate bond index, influenced by uncertainties in tariff policies [4]. - GSS experienced positive returns in November and the first half of December, contributing 0.42% and 0.48% respectively [9]. Group 2: Market Conditions and Influences - Following the Federal Reserve's interest rate cut in December, credit spreads, particularly for corporate bonds, narrowed from a high of 87 basis points to around 81 basis points [6]. - The GSS index's performance benefited from a strong demand for high-quality priority debt in the financial sector, leading to a return of 14.5% [11]. - The GSS index's largest currency exposure is to the Euro (63%), which appreciated by 1.9% since the end of October, contrasting with the global aggregate bond index's primary exposure to the US dollar [9]. Group 3: Sector Performance - In 2025, all sectors within the GSS index recorded positive total returns, with the financial sector leading at 14.5%, followed by real estate at 13.6% and utilities at 13.5% [11]. - The healthcare and technology sectors, despite low issuance volumes over the past two years, showed respectable returns of 9.4% and 9.8% respectively [11]. - The energy sector lagged with a return of 8.8%, although Raizen Fuels bonds rebounded during corporate restructuring and debt reduction efforts [11].

Core Insights - The "2025 China Enterprise ESG Top 100" list has been officially released by Sina Finance, highlighting benchmark companies in ESG practices and providing valuable decision-making references for investors [1][16]. Group 1: ESG Evaluation Framework - The evaluation framework is based on over 5,000 A-share listed companies and mainland companies listed in Hong Kong, utilizing 18 industry-specific ESG evaluation models [1][16]. - The rating system incorporates more than 150 ESG indicators derived from corporate sustainability reports and third-party data, resulting in a comprehensive ESG score for each company [1][16]. Group 2: Industry Distribution - The financial and consumer discretionary sectors are the most represented, each with 18 companies on the list, including major banks like China Construction Bank and Agricultural Bank of China in the top 10 [11][25]. - Information technology and industrial sectors follow closely, with companies like Tencent and Ningde Times achieving high rankings [11][25]. Group 3: Regional Distribution - The list shows a dominance of A-share listed companies, with 49 firms, reflecting the effectiveness of recent regulatory efforts to enhance ESG information disclosure [13][27]. - Companies listed in both A and H shares account for about 40% of the total, indicating a significant presence of firms adhering to stricter disclosure requirements in Hong Kong [13][27]. Group 4: ESG Practices and Impact - The listed companies exemplify the integration of business value and social responsibility, contributing to national goals like carbon neutrality and high-quality development through substantial green investments and innovative practices [14][28]. - These companies serve as models for others in their industries, promoting best practices in ESG that can be replicated across the supply chain [14][28]. Group 5: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, aiming to promote sustainable development and responsible investment [29]. - The center also collaborates with ESG leaders to establish a suitable evaluation standard system for China's unique context [29].

Core Insights - The 2026 Bloomberg Green Finance Awards ceremony was successfully held at the MGM Hotel in Shanghai, emphasizing the importance of aligning with China's "dual carbon" goals and the evolving global business landscape [2] - The event introduced two new evaluation systems: the "Green Finance List" and the "ESG Potential Enterprises" list, alongside existing categories for "ESG Leading Enterprises" and "Outstanding ESG Projects" [2] Green Finance List - The Green Finance List focuses on the green development and innovation within China's financial sector, developed in collaboration with the Central University of Finance and Economics [3] - It aims to respond to national green finance policies and promote the green transformation of financial institutions and enterprises [3] ESG Potential Enterprises - The ESG Potential Enterprises list is based on Bloomberg's proprietary analysis of corporate data, utilizing a comprehensive ESG matrix covering four dimensions, 16 core issues, and 41 sub-issues [4] - The matrix addresses nine major themes, including climate action, energy and ecological management, product safety, employee health, and social responsibility, to identify companies with long-term value and industry leadership potential [4] Complete Lists Released - The ESG Leading Enterprises include CHINT Group Co., Ltd., Tingyi Holding Corp. (Master Kong), Trina Solar Co., Ltd., and several others [5][6][7] - Outstanding ESG Projects feature initiatives from Beijing Fuping Social Venture Capital Co., Ltd., Envision Energy, LONGi Green Energy Technology Co., Ltd., and others [7][8] Green Financial Institutions - The Green Financial Institutions recognized include Bank of China (Hong Kong) Limited, Guotai Junan International Holdings Limited, Industrial Bank Co., Ltd., and others [9][10] Innovation Drivers - The ESG Innovation Drivers include organizations such as the Alliance for Water Stewardship, Climate Bonds Initiative, and Shanghai Advanced Institute of Finance [10] ESG Advocates - The ESG Advocates list features companies like Hydrowell (Taicang) Energy Technologies Co., Ltd., Ningbo Joyson Electronics Corp., and Skyworth Group Limited [11] Future Outlook - Bloomberg Green Finance aims to collaborate with more practitioners to explore core trends and future pathways for sustainable development, accumulating cross-disciplinary wisdom and solutions [13]

Core Viewpoint - The recent Central Economic Work Conference emphasized the importance of innovation-driven growth and green transformation, highlighting the need for companies to align with national strategies for sustainable development [1]. Group 1: Company Performance and Recognition - The company has been recognized as the global leader in the beauty and health instrument sector for two consecutive years (2023 and 2024) according to Euromonitor International, showcasing its strong market position [3]. - The company received multiple prestigious awards at the 2025 Global Makeup Awards, including silver for the best skincare product and bronze for the best moisturizing cream, reflecting its commitment to product excellence [3]. - The company has been awarded the title of "National Product and Service Quality Integrity Commitment Enterprise" by the China Quality Inspection Association, underscoring its dedication to quality management and consumer experience [5]. Group 2: Innovation and Product Development - The company integrates green principles into product innovation, focusing on sustainable raw material selection and eco-friendly packaging, which enhances consumer trust [5]. - The company has launched innovative products like the Prysm iO, which won the 2025 Blobee Business Awards for innovation, demonstrating its commitment to technological advancement [3]. Group 3: ESG Practices and Sustainability - The company has implemented comprehensive ESG practices, including carbon footprint management and green supply chain management, aligning with national goals for green transformation [9]. - The company has received multiple certifications for its sustainable practices, such as ISO 14064 for greenhouse gas management and recognition as a "Waste-Free Factory" [9]. - The company actively engages in social responsibility initiatives, receiving accolades for its charitable contributions and commitment to community welfare [11]. Group 4: Future Outlook - The company plans to continue responding to national economic strategies by focusing on technological innovation, green practices, and social responsibility, aiming to contribute to sustainable development and enhance consumer trust [13].

（原标题：Wind：2025年港股股权融资市场融资总额达6122亿港元 增长比率达250.91%） 智通财经APP获悉，1月6日，Wind发布2025年度港股承销排行榜。二级市场流动性的深度修复与风险偏好的显著回升，为一级股权融资市场提供 了理想的"发行窗口"，港股股权融资呈现出爆发式增长态势。据统计，2025年全年，港股股权融资市场融资总额达6,122亿港元，较去年同期1,745 亿港元明显翻倍，增长比率达250.91%，实现了规模上的跃迁。这一激增得益于大型中概股回归及特专科技企业(18C)的常态化发行，不仅重塑了 香港作为全球新股募资中心的地位，更在南下资金定价权提升的背景下，完成了从"估值洼地"向"资产定价枢纽"的核心转型。 2025年，港股二级市场的强劲复苏为一级股权融资提供了绝佳的"发射窗口"，恒生综合指数全年上涨30.98%。值得关注的是，市场风格呈现出明 显的"双轮驱动"特征：一方面，恒生金融类指数以39.26%的涨幅跨越式领跑，反映出宏观流动性改善下权重板块的压舱石作用；另一方面，恒生 科技指数与可持续发展企业指数分别上涨23.45%与31.36%，显示出资本对新质生产力与ESG长线价值的高 ...

Market Overview - In 2025, the Hong Kong stock market experienced a strong recovery, with the Hang Seng Composite Index rising by 30.98% [2] - The market exhibited a "dual-driven" characteristic, with the Hang Seng Financial Index leading with a 39.26% increase, while the Hang Seng Technology Index and Sustainable Development Enterprises Index rose by 23.45% and 31.36% respectively [2] - The performance of the Hang Seng Hong Kong Stock Connect Small and Medium-sized Enterprises Index (+30.93%) activated financing channels for small and medium-sized enterprises, indicating a significant structural development in the market [2] Equity Financing Trends - The total amount of equity financing in the Hong Kong stock market reached HKD 612.2 billion in 2025, a 250.91% increase from HKD 174.5 billion in the previous year [5][8] - Initial Public Offerings (IPOs) raised HKD 285.8 billion, up 224.24% from HKD 88.1 billion the previous year [22] - Placement financing saw a remarkable increase, raising HKD 289.6 billion, a 438.66% rise compared to the previous year [5] - The amount raised through rights issues decreased to HKD 7.6 billion, down 43.33% from the previous year [5] Financing Method Distribution - In 2025, the distribution of financing methods showed that IPOs accounted for 46.69% of total fundraising, while placements made up 47.31% [12] - Other methods included consideration issuance at 4.40%, rights issues at 1.23%, and public offerings at 0.37% [12] Industry Distribution of Financing - The top three industries for fundraising were Automotive and Parts (HKD 95 billion), Hardware Equipment (HKD 80.9 billion), and Pharmaceuticals and Biotechnology (HKD 80.8 billion) [13] - In terms of the number of financing events, the Pharmaceuticals and Biotechnology sector led with 68 events, followed by Software Services with 66, and Non-bank Financials with 56 [15] IPO Market Insights - A total of 117 companies went public in 2025, a 67.14% increase from 70 in the previous year [18] - The highest fundraising industry for IPOs was Electrical Equipment, raising HKD 44.6 billion, followed by Non-ferrous Metals at HKD 42.8 billion [28] - The top three IPOs by fundraising amount were CATL (HKD 41.006 billion), Zijin Mining International (HKD 28.732 billion), and SANY Heavy Industry (HKD 15.349 billion) [35] Refinancing Market Insights - The total amount raised through refinancing in 2025 was HKD 326.4 billion, a 278.15% increase from HKD 86.3 billion the previous year [40] - The Automotive and Parts sector led refinancing with HKD 66.2 billion, primarily from BYD's placement of HKD 43.5 billion [44] - The number of refinancing projects increased to 574, up 43.50% from 400 the previous year [40] Underwriting and Advisory Rankings - CICC topped the IPO underwriting scale with HKD 51.652 billion, followed by CITIC Securities (HK) at HKD 46.029 billion [54] - Goldman Sachs led the refinancing underwriting scale with HKD 32.244 billion, followed by CICC at HKD 24.967 billion [70]

2026 年 1 月 5 日 总量研究 被动资金显著加仓周期主题 ETF，国防军工主题基金表现占优 ——基金市场与 ESG 产品周报 20260105 要点 市场表现综述：大类资产方面，本周（下文如无特殊说明，本周均指代 2025.12.29-2025.12.31）黄金价格下跌，国内权益市场指数震荡分化。行业 方面，本周石油石化、国防军工、传媒行业涨幅居前，公用事业、食品饮 料、电力设备行业跌幅居前。基金市场方面，本周股混基金净值回撤，流动 性资产维持正收益。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周国防军工主题基 金净值上涨，其余主题基金净值均呈现回调，周期主题基金净值相对抗跌。 截至 2025 年 12 月 31 日，国防军工主题基金本周净值上涨 0.93%；周期、 TMT、金融地产、行业轮动、行业均衡、消费、新能源、医药基金本周净值 分别下跌 0.16%、0.29%、0.60%、0.61%、0.69%、1.14%、2.27%、 2.59%。 ETF 市场跟踪：本周股票型 ETF 资金流向转为净流出，资金减仓大盘宽基 ETF，明显加仓周期主题 ETF。 股票型 ETF 本周收益中位数为-0.4 ...

Core Insights - rYojbaba Co., Ltd. successfully went public on August 14, 2025, marking a significant milestone for the company and enhancing its transparency, governance, and global credibility [1][3] - The company aims to expand its labor, healthcare, and social contributions globally, focusing on sustainable growth through its core pillars of labor, health, and education [3][4] Operational Developments - In the past year, rYojbaba has made significant advancements, including expanding services into international markets such as Cambodia, Philippines, Vietnam, Taiwan, and Thailand [5] - The introduction of the Free Labor Union Program aims to improve worker welfare and support sustainable employment pathways, particularly in ASEAN countries [5] - The company has established partnerships with organizations like China Zhongqing International Holdings Co., Ltd. and the Koyamada International Foundation, aligning its initiatives with global missions [6][8] Strategic Initiatives - The company plans to deepen its presence in Southeast Asia, starting with Cambodia, by building partnerships and tailoring services to local needs [9] - Future expansion into the United States is being evaluated, focusing on partnership-driven initiatives to introduce scalable service concepts [10] - rYojbaba is exploring additional strategic partnerships to enhance its global expansion and address social challenges through integrated labor and health solutions [11] International Sports-Medicine Programs - The company intends to expand its role in international sports-medicine projects, leveraging past engagements to provide medical support at global sporting events [12] - Initiatives like the Guardian Girls Ju-Jitsu project exemplify how rYojbaba's osteopathic clinics can contribute to athlete health and recovery [12] Closing Remarks - The company's strategic priorities reflect a commitment to creating social value through health, labor stability, and education, positioning rYojbaba as a trusted global partner in sustainable solutions [13]