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]

Core Insights - Huabao Leasing has recently received multiple accolades, including "Leading Enterprise in Serving the Real Economy," "Comprehensive Quality Model of Financing Leasing Institutions," and "ESG Influence Model of Chinese Financing Leasing Institutions," showcasing its multidimensional leadership in serving the real economy, comprehensive quality, and sustainable development [1][6]. Group 1 - At the 2025 Global Leasing Industry Competitiveness Forum held on December 4-5 in Tianjin, Huabao Leasing was awarded the title of "Leading Enterprise in Serving the Real Economy" for its solid practices in deepening the Baowu industrial chain, continuously optimizing its business structure, and strengthening its risk control system [3][8]. - The evaluation committee noted that this honor recognizes Huabao Leasing's long-term focus on the steel industry and its role in empowering the industrial chain ecosystem, as well as its positive shift from scale expansion to quality leadership [3][8]. - Earlier, on November 25, Huabao Leasing received two awards at the Industrial and Financial Ecosystem Conference co-hosted by Shanghai Trading Group and Yicai Media, highlighting its industry benchmark status in comprehensive operational quality and ESG system construction [3][8]. Group 2 - In recent years, Huabao Leasing has aligned its operations with national strategies, closely following the industrial layout of China Baowu, and has continuously promoted changes in its business model [3][8]. - The company has implemented a series of measures such as "accounting management, high-quality efficiency enhancement, and extreme cost reduction" to solidify its development resilience and expand its business moat [3][8]. - In the ESG domain, Huabao Leasing integrates green finance and technological empowerment into its entire business process, actively exploring new models of leasing services that connect with new productivity enterprises, gradually forming a sustainable development path with industrial financial characteristics [3][8]. Group 3 - Huabao Leasing has expressed its commitment to further deepen business innovation and ESG practices, focusing on building core competitiveness and collaborating with various partners to create a high-quality industrial and financial ecosystem, injecting more sustainable financial vitality into the real economy [4].

2025年，在全球经济分化加剧、资本市场强监管常态化的复杂环境下，广东泰恩康（301263）医药股份 有限公司(以下简称"泰恩康")秉持"以投资者为本"核心理念，扎实推进信息披露、公司治理、市值管 理、社会责任等各项工作，以专业高效的履职成效筑牢合规经营根基，推动企业价值稳步提升。与此同 时，泰恩康在资本市场及行业领域捷报频传，凭借在创新研发、市值管理、公司治理、ESG实践等多维 度的卓越表现斩获多项权威大奖；董事、副总经理兼董事会秘书李挺亦荣膺多项个人殊荣，全方位彰显 泰恩康高质量发展所获的广泛市场认可。 泰恩康持续优化治理体系，积极响应监管新规，完善"三会一层"运作机制，全年高效召开股东大会、董 事会、监事会会议13次。同时，公司系统性推进ESG建设，入选"第三届国新杯.ESG金牛奖新锐二十 强"，实现经济效益与社会价值的协同发展。 泰恩康董事、副总经理兼董事会秘书李挺，凭借在信息披露、公司治理、投资者关系管理、市值管理等 领域的专业表现接连斩获多项奖项。个人殊荣的背后，是董办团队专业素养与履职能力的集中体现，更 折射出泰恩康在资本市场的良好品牌形象。 2025年，泰恩康以精准的信息披露、高效的治理体系、 ...

Group 1 - The core viewpoint is that the industry style is shifting from technology growth to upstream resources, midstream manufacturing, and downstream consumption as the PPI decline narrows and turns positive [1] - In the MSCI China A-share ESG sector, three main directions are highlighted: cyclical recovery industries such as energy metals, wind power equipment, and engineering machinery; technology growth areas like AI computing power and energy storage; and consumer recovery sectors including food and beverage, social services, and personal care [1] - The anti-involution policy is improving the supply-demand dynamics in certain industries, combined with resilient overseas demand, indicating a continued trend of profit recovery in ESG-related industries [1] Group 2 - The MSCI ESG ETF (159621) tracks the MSCI China A-share Renminbi ESG General Index (MSC278), which selects listed companies with robust ESG performance and positive improvement trends from the Chinese A-share market [1] - The index employs an industry-balanced distribution strategy, leaning towards core asset allocation, aiming to reflect the overall market performance of high-quality Chinese A-share companies that adhere to ESG investment principles [1]

一、项目背景：政策驱动下的企业可持续发展必修课 随着 ESG （环境、社会、治理）成为衡量企业长期价值的核心维度，监管层已构建起多层次、强约 束的信息披露与合规体系： 2024 年证监会《上市公司可持续发展报告指引》明确核心指数样本股及 跨境上市公司 2026 年前需完成首次强制披露， 2025 年中注协可持续信息鉴证准则征求意见稿落 地，进一步筑牢披露质量底线，而工信部将 ESG 表现纳入绿色工厂等评定及政府补贴依据，更让 ESG 从"合规要求"升级为"发展红利"。 在此背景下，上市公司面临三重核心挑战：如何精准对接监管要求实现合规披露，如何将 ESG 理念 转化为企业战略能力与市值增长动力，如何通过可持续品牌叙事构建差异化竞争优势。为破解企业痛 点，第一财经可持续发展研究中心联合国家知识产权运营 ( 上海 ) 国际服务平台、上海知识产权交易 中心等权威机构，重磅推出 「 ESG 领航计划」 定制化研修项目，以"合规筑基、能力进阶、价值升 维"为核心，助力企业在 ESG 转型浪潮中抢占先机。 二、主办单位 第一财经可持续发展研究中心 国家知识产权运营 ( 上海 ) 国际服务平台 上海知识产权交易中心 上海市 ...

Core Viewpoint - Shenzhou Holdings has been recognized for its outstanding ESG practices, winning multiple awards and achieving a leading position in ESG ratings, reflecting its commitment to sustainable development and corporate responsibility [1][2][4][6]. Group 1: ESG Recognition - In 2025, Shenzhou Holdings received an AA rating in the latest ESG assessment by Huazheng Index, ranking first among its peers in the Hong Kong stock market [2]. - The company has won several awards, including the "Social Responsibility Pioneer Award" and the "Best ESG Company Award," forming a comprehensive recognition system for its ESG performance [4]. - These accolades signify the market's trust in the company's long-term sustainability capabilities [6]. Group 2: Environmental Initiatives - Shenzhou Holdings employs AI and big data to enhance its green practices, focusing on optimizing its operations and empowering the industry [7]. - The company has implemented AI-driven innovations in its supply chain, achieving a 1.4-hour reduction in average delivery time during the 2025 "Double 11" shopping festival and a 1-hour decrease in package dwell time, leading to significant carbon emission reductions [7]. - Collaborations with educational institutions have led to initiatives like the "Green Supply Chain Initiative," promoting sustainable procurement and clean production [8]. Group 3: Social Contributions - The company adheres to the principle of "Technology for the People," making strides in smart governance, talent development, and public welfare [9]. - Shenzhou Holdings has established a smart governance model in Zhangzhou, significantly improving online service efficiency and user experience [9]. - The company collaborates with universities to foster talent and has initiated public welfare activities to promote educational equity [10]. Group 4: Governance Framework - Shenzhou Holdings has elevated ESG management to a strategic level, establishing a dedicated ESG task force to ensure comprehensive integration of ESG principles into its operations [11]. - The company has contributed to national and industry standards, leveraging its expertise in data intelligence and smart supply chains to promote standardized development [11]. - Enhanced communication and transparency have earned the company multiple awards for investor relations and brand building, improving information disclosure and market communication [12].

Core Viewpoint - Shenzhou Holdings (00861.HK) has been awarded the "ESG Excellence Sustainable Development Enterprise" award for 2025 at the Hong Kong Global ESG Investment Annual Conference, marking a significant milestone in the company's ESG practices for 2025 [1][10]. Group 1: ESG Recognition - In 2025, Shenzhou Holdings' ESG performance received dual recognition from capital markets and industry institutions, with the company achieving an AA rating in the latest ESG rating by Huazheng Index, ranking first among its peers in the Hong Kong stock market [2][11]. - The company has also received multiple awards, including the "Social Responsibility (S) Pioneer Enterprise Award" and the "Best ESG Company Award," creating a comprehensive recognition system covering both overall performance and specific areas [4][13]. Group 2: Environmental Performance - Shenzhou Holdings has established a dual-dimensional green practice system centered on artificial intelligence and big data, focusing on optimizing its operations and empowering the industrial ecosystem [6][15]. - During the 2025 "Double 11" shopping festival, the company reported a 1.4-hour reduction in average delivery time and a 1-hour decrease in package dwell time in transfer areas, achieving substantial carbon emission reductions [7][15]. Group 3: Social Value Creation - The company adheres to the "Technology for the People" philosophy, actively engaging in smart governance, talent development, and public welfare to release social value [8][16]. - In smart governance, Shenzhou Holdings developed the first fully covered intelligent government service assistant in Fujian Province, significantly improving service efficiency by reducing required form fields by 71% and increasing online approval rates by approximately 80% [8][16]. Group 4: Governance and Future Outlook - Shenzhou Holdings has elevated ESG construction to a strategic level, establishing a dedicated ESG working group in 2025 to implement a closed-loop mechanism for training, review, and annual planning [9][17]. - The company is actively participating in the formulation of national and industry standards, transforming its practical experience in data intelligence and smart supply chains into shared industry outcomes [9][17]. - Looking ahead, Shenzhou Holdings aims to deepen the integration of ESG and technological innovation, continuing to advance practices in green transformation, social responsibility, and governance optimization [9][17].

Group 1 - The State Council issued the "Solid Waste Comprehensive Governance Action Plan" to strengthen environmental law enforcement and supervision, aiming to combat illegal activities related to solid waste [1] - The plan emphasizes strict enforcement of laws and regulations regarding solid waste pollution prevention and establishes a cross-departmental regulatory mechanism to address illegal dumping across provinces [1] Group 2 - ByteDance reported internal violations for Q3 2025, with 120 employees dismissed for breaching company policies, including 14 individuals referred to judicial authorities for criminal offenses [1] - The company has communicated the information to industry alliances and revoked stock options for the involved employees [1] Group 3 - 25 A-share listed companies, including Shunxin Agriculture and CITIC Securities, revised their ESG guidelines or management measures during the specified period [2] - Companies like Dongsheng Technology and Crystal Optoelectronics have set clear responsibilities for ESG management and accountability for failing to meet ESG targets [2] Group 4 - Yibin Paper announced plans to appeal a criminal judgment regarding its subsidiary Huijie Environmental Protection, which was fined 100,000 RMB for environmental pollution [3] - The company believes there were errors in the judgment and intends to seek a retrial [3] Group 5 - A total of 3,767 A-share listed companies distributed cash dividends amounting to 2.6 trillion RMB in 2025 [5] - Industrial and Commercial Bank of China led the dividend payouts with 160.169 billion RMB, followed by China Construction Bank with 149.359 billion RMB and Agricultural Bank of China with 126.484 billion RMB [5]