（原标题：佳鑫国际资源(03858)：谢文波获委任为执行董事及ESG委员会主席） 智通财经APP讯，佳鑫国际资源(03858)发布公告，查克兵先生已因工作调动原因辞任非执行董事及公司 审核委员会成员，自2025年12 月31日起生效。谢文波先生已获委任为公司执行董事及公司环境、社会 及管治委员会(ESG委员会)主席，并同时担任公司首席执行官，自2025年12月31日起生效。公云帆先生 已获委任为非执行董事及ESG委员会成员，自2025年12月31日起生效。 汪中伟先生已由公司执行董事调任为非执行董事及获委任为调任审核委员会成员，且其已不再为ESG委 员会成员及公司首席执行官，自2025年12月31日起生效。 因董事会对ESG委员会组成作出相应调整，邱怀智先生不再为ESG委员会成员，自2025年12月31日起生 效。 ...

Core Viewpoint - The company has signed a capital injection agreement to invest RMB 226 million to acquire an 11.6733% stake in Zhejiang Jiaotou Zhongtan Environmental Technology Co., Ltd., which aligns with national strategies for green energy and low-carbon transformation [1][2]. Group 1: Investment Details - The investment will allow the company to hold an 11.6733% stake in the target company after the completion of the capital injection agreement [1]. - The target company, a wholly-owned subsidiary of Zhejiang Provincial Commercial Group, focuses on digital comprehensive energy management, new energy asset investment and operation, distributed photovoltaics, energy storage, and electric vehicle charging [1]. Group 2: Strategic Alignment - The capital injection is expected to accelerate the company's green low-carbon transformation and enhance its ESG performance and policy responsiveness [1]. - The target company is anticipated to have clear growth visibility, flexible cash flow characteristics, and advantages in execution, digital operations, and risk control [1]. Group 3: Market Positioning - The agreement enables the company to quickly enter and establish a presence in the high-growth green energy sector, diversifying revenue streams and creating operational synergies with existing transportation assets [2]. - The company aims to strengthen its capital market strategy by exploring green energy assets, growth prospects, and investor recognition through this investment [1].

Group 1 - The Hang Seng Index (HSI) rose by 27.8% in 2025, marking its best performance since 2017, following a 17.7% increase in 2024 [1] - The rise in the HSI was driven by record capital inflows from the Hong Kong Stock Connect, optimism about the future of artificial intelligence, and interest rate cuts [1] - The HSI outperformed two other flagship indices: the Hang Seng China Enterprises Index (up 22.3%) and the Hang Seng Tech Index (up 23.5%) [1] Group 2 - The Hang Seng Composite Index (HSCI) increased by 31.0% in 2025, with mid-cap stocks leading the gains at 31.6%, followed by large-cap stocks at 30.8% and small-cap stocks at 28.8% [2] - Among industry indices in the HSCI, the materials sector had the best performance, rising by 161.3%, while utilities had the worst performance with a 5.7% increase [2] - The Hang Seng High Dividend Yield 30 Index led the high dividend indices with a rise of 38.1% in 2025 [2] Group 3 - The Hang Seng Climate Change 1.5°C Target Index performed well, with an annual increase of 31.2% [3]

Quantitative Models and Construction Methods 1. Model Name: Corporate Governance Impact Model - **Model Construction Idea**: The model aims to analyze the impact of corporate governance on stock prices through multiple dimensions, including shareholder behavior, debt management, working capital management, litigation and compliance, ESG scores, and disclosure transparency[1][2][3] - **Model Construction Process**: - **Shareholder Behavior**: Analyzes the impact of major shareholders' increase/decrease in holdings, stock pledges, and the sensitivity of management compensation to profits on stock prices[16][17][18] - **Debt Management**: Evaluates the impact of debt governance on stock prices through indicators such as asset-liability ratio, interest-bearing debt ratio, current ratio, and cash flow interest coverage ratio[21][22][23] - **Working Capital Management**: Assesses the impact of working capital management on stock prices through indicators such as accounts receivable turnover, inventory turnover, working capital turnover, and cash turnover[32][33][34] - **Litigation and Compliance**: Measures the impact of corporate violations and litigation events on stock prices through the number of violations and litigation cases within a certain period[38][39][40] - **ESG Scores**: Evaluates the impact of ESG performance on stock prices through environmental management scores, social management scores, and governance management scores[41][42][43] - **Disclosure Transparency**: Assesses the impact of information disclosure on stock prices through the evaluation of information disclosure and whether the company discloses ESG reports[49][50][54] - **Model Evaluation**: The model comprehensively evaluates the impact of corporate governance on stock prices through multiple dimensions, providing a complete analysis framework[56] Model Backtesting Results - **Corporate Governance Impact Model**: - **Shareholder Behavior**: Major shareholders' increase in holdings positively impacts stock prices, while high stock pledge ratios negatively impact stock prices[16][17][18] - **Debt Management**: Reasonable asset-liability ratios and low interest-bearing debt ratios positively impact stock prices, while high ratios negatively impact stock prices[21][22][23] - **Working Capital Management**: High accounts receivable turnover and inventory turnover positively impact stock prices, while low turnover rates negatively impact stock prices[32][33][34] - **Litigation and Compliance**: Fewer violations and litigation cases positively impact stock prices, while frequent violations and litigation cases negatively impact stock prices[38][39][40] - **ESG Scores**: High ESG scores positively impact stock prices, while low scores negatively impact stock prices[41][42][43] - **Disclosure Transparency**: High-quality information disclosure and ESG report disclosure positively impact stock prices, while poor disclosure negatively impacts stock prices[49][50][54] Quantitative Factors and Construction Methods 1. Factor Name: Shareholder Behavior - **Factor Construction Idea**: Analyzes the impact of major shareholders' increase/decrease in holdings, stock pledges, and the sensitivity of management compensation to profits on stock prices[16][17][18] - **Factor Construction Process**: - **Major Shareholders' Increase/Decrease in Holdings**: Evaluates the impact of major shareholders' increase/decrease in holdings on stock prices through the signal transmission mechanism[17] - **Stock Pledges**: Assesses the impact of stock pledges on stock prices through the risk transmission mechanism[18] - **Management Compensation Sensitivity to Profits**: Measures the impact of management compensation sensitivity to profits on stock prices through the interest binding mechanism[20] - **Factor Evaluation**: The factor effectively captures the impact of shareholder behavior on stock prices through multiple mechanisms[16][17][18] 2. Factor Name: Debt Management - **Factor Construction Idea**: Evaluates the impact of debt governance on stock prices through indicators such as asset-liability ratio, interest-bearing debt ratio, current ratio, and cash flow interest coverage ratio[21][22][23] - **Factor Construction Process**: - **Asset-Liability Ratio**: Measures the impact of the overall debt burden and long-term solvency risk on stock prices[22] - **Interest-Bearing Debt Ratio**: Assesses the impact of the proportion of interest-bearing debt on stock prices[26] - **Current Ratio**: Evaluates the impact of short-term solvency on stock prices[28] - **Cash Flow Interest Coverage Ratio**: Measures the impact of operating cash flow's ability to cover interest expenses on stock prices[31] - **Factor Evaluation**: The factor comprehensively evaluates the impact of debt management on stock prices through multiple indicators[21][22][23] Factor Backtesting Results - **Shareholder Behavior**: - **Major Shareholders' Increase/Decrease in Holdings**: Positive impact on stock prices when major shareholders increase holdings, negative impact when they decrease holdings[17] - **Stock Pledges**: Negative impact on stock prices when stock pledge ratios are high[18] - **Management Compensation Sensitivity to Profits**: Positive impact on stock prices when compensation is reasonably sensitive to profits, negative impact when sensitivity is too high or too low[20] - **Debt Management**: - **Asset-Liability Ratio**: Positive impact on stock prices within a reasonable range, negative impact when too high or too low[22] - **Interest-Bearing Debt Ratio**: Positive impact on stock prices when low, negative impact when high[26] - **Current Ratio**: Positive impact on stock prices within a reasonable range, negative impact when too low or too high[28] - **Cash Flow Interest Coverage Ratio**: Positive impact on stock prices when high, negative impact when low[31]

Core Viewpoint - The article discusses the current sentiment in the precious metals market based on the CFTC data, highlighting the potential volatility in asset prices due to uncertainties surrounding the Federal Reserve's leadership and interest rate decisions in 2026 [2][29]. Group 1: Market Sentiment and Predictions - The CFTC data indicates that the market sentiment towards precious metals is currently optimistic, with over half of surveyed retail investors believing that silver prices could reach $100 by 2026 [2][29]. - The article warns that while such targets may seem reasonable, price movements may not be linear, and participants should be cautious of leverage and potential losses [2][29]. - The article notes that both the platinum-to-copper and silver-to-copper ratios are expected to rise sharply in 2025, indicating that copper prices may lag behind precious metals [2][29]. Group 2: CFTC Data Insights - As of December 16, the net long positions for various metals show a mixed trend: gold's net long positions increased by 7.6%, while silver's decreased by 13.2% [4][8]. - The net long positions for platinum increased by 11.9%, while copper's net positions turned positive after being negative for a long time [11][14]. - The article highlights that the sentiment towards copper is overly optimistic, as short positions have reached their lowest level since 2007, suggesting a potential market correction [2][17]. Group 3: Interest Rate Outlook - The market anticipates a near 50% chance of a rate cut by the Federal Reserve in March 2026, with expectations of further cuts in April [22][29]. - There is speculation that the Fed may begin raising rates again in 2027, which could impact the ongoing commodity bull market [3][29]. - The article emphasizes the importance of monitoring the Fed's actions and the potential implications for asset prices, particularly in the context of inflationary pressures [30][29]. Group 4: Investment Strategies - The article suggests that investors should be cautious in the first half of 2026 due to expected price volatility and the need for careful leverage management [2][29]. - It also mentions that the gold-to-North American mining stock ratio has remained stable, indicating that mining stocks have underperformed relative to gold prices over the past few years [20][21]. - The article advises tracking overseas mining stock prices as a forward-looking tool to gauge market sentiment and potential price movements in gold [21][29].

2025年12月30日，由全球商报联盟、香港商报、香港经济导报联合主办的2025年度上市公司卓越ESG价值榜颁奖盛典在港举行。来自香港特区政府、行业 协会、上市公司、投资机构等上百位与会嘉宾出席。香港商报董事总经理戴杰、香港特区政府财经事务及库务局副局长陈浩濂等多位领导参会并致辞。 会上公布了2025年度上市公司卓越ESG价值榜获奖公司及企业家名单。国富量子（00290.HK）凭借其在环境、社会及管治领域的卓越实践与长期价值创造 能力，在一众参选公司中脱颖而出，最终斩获"ESG卓越影响力企业"大奖；联席首席执行官张华晨先生获评"ESG卓越领军人物"。 秉持"根植香港、反馈社会"的企业责任理念，为向参与大埔火灾救援的香港消防救援人员致以崇高敬意，今年12月1日，国富量子（00290.HK）联合旗下华 科智能投资（01140.HK）向殉职英雄何伟豪家属及香港消防处福利基金合共捐赠200万港元，以实际行动践行企业社会责任。 荣膺卓越ESG价值榜双项殊荣，展现可持续发展领导力与创新精神 2025年度上市公司卓越ESG价值榜系列活动将"以责任为锚，赴价值蓝海"作为主题，聚焦企业在环境、社会与治理领域的卓越实践，遴选把负 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 会议发布了《中交集团ESG白皮书》和《"中交助梦"社会责任品牌建设目标体系（2.0）》。《中交集 团ESG白皮书》系统梳理了过去一段时间公司ESG建设所取得的成绩，同时，面向未来，对标监管机构 要求、评级评价标准及头部ESG建设企业实践，立足公司实际，提出了"5461"ESG战略体系，发布了 ESG信息披露指标库，为公司可持续发展提供了实用的ESG管理工具。《"中交助梦"社会责任品牌建设 目标体系（2.0）》全面总结了公司社会责任品牌建设的探索与实践，提出了全新的品牌目标、口号、 定位和核心价值，确立了品牌建设的重点行动和关键举措，推动"中交助梦"社会责任品牌建设向更高层 次、更广领域深化。 会议还发布了公司及所属上市公司、双百企业、科改企业、品牌企业、重点国别、重点项目共计22份 ESG报告以及2025年"中交助梦"社会责任品牌"十佳"案例与"优秀"案例。 张晓松强调，中央企业在履行社会责任中发挥模范带头作用，是中央企业的性质、规模、定位所决定的 必然要求。中交集团在履行社会责任方面具有"高度重视、体系完善、理念先进、特色鲜明、亮点突 出、持之以恒、融合有力 ...

Core Viewpoint - The environmental protection industry is crucial for China's green transition, evolving from opportunistic development to building comprehensive competitiveness, with ESG becoming a core element for sustainable development [1]. Industry Overview - The environmental protection industry is increasingly recognized for its role in leading the transition to a low-carbon economy, with a notable shift towards integrating ESG principles into business strategies [1][2]. - The number of ESG reports published by listed companies in the environmental sector has increased from 30 in 2020 to 68 in 2024, with the disclosure rate rising from 28.16% to 48.23% [1][2]. ESG Reporting and Performance - Leading companies in the environmental sector have set an example in ESG management, with 7 out of the top 10 companies having disclosed ESG reports for over 5 years, and some for over 10 years [2]. - Key ESG issues identified for the industry include climate change response, emissions and waste management, water resource management, product quality and service, smart environmental protection, technological innovation, business model resilience, and occupational health and safety [2]. - The proportion of listed environmental companies incorporating climate change into their material issue management has increased from 20% in 2023 to 42% in 2024 [2]. ESG Ratings and Scores - The average ESG score for environmental companies in 2024 is 65.29 out of 100, categorizing the overall performance as BBB level, with 30.49% of companies rated A to AAA and 65.96% rated B to BBB [3]. - The public utility sector shows a high ESG disclosure rate of nearly 75%, with significant growth from 59.23% in 2022 to 74.81% in 2024 [4][5]. Company-Specific Insights - Huanlan Environment has been recognized for its long-standing commitment to ESG, having published its first social responsibility report in 2008 and achieving A-level ratings in various ESG assessments [8][11]. - The company has implemented comprehensive waste management and water resource management strategies, achieving a water supply loss rate of 6.84% in 2024, which is among the best in the country [9][10]. - Changjiang Electric has made significant strides in green energy production, generating 2,959.04 billion kWh of green electricity in 2024, a 7.11% increase from the previous year, while also reducing carbon emissions by over 240 million tons [14][16].

长江商报消息中国ESG监管正经历从鼓励披露到强制规范，再到驱动评级提升与价值实现的快速演进。 随着"双碳"战略的加速落地，ESG已然成为企业展现综合竞争力的高地；在投资人眼中，ESG也愈发成 为评估和衡量企业投资价值的重要指标。 近年来，中国证监会、沪深北三大交易所等监管机构相继发布了一系列关于ESG信息披露的指引和要 求，推动了汽车行业上市公司在ESG报告披露方面的规范化和标准化。 据长江商报资本战略研究院统计，2025年，A股汽车相关上市公司ESG报告披露率37.68%，港股汽车相 关上市公司披露率为88.64%，行业整体披露率为45.08%。 相比之下，2021年至2024年，汽车行业ESG披露率分别为23.7%、31.46%、34.2%和38.68%，呈现逐步 上升趋势。 吉利汽车有关人士介绍，2025年已经是公司连续第5年发布ESG报告。为了持续优化吉利ESG工作和提 升报告编制水平，2024年ESG报告提前遵守了港交所气候信息披露新规，并积极采纳国际披露准则，编 制上还首次采用双重重要性评估，新增财务重要性影响评估，也进一步扩大三方数据审验范围，新增社 会类指标审验，加强数据的准确性、可靠性和可信 ...

Group 1 - The capital expenditure growth rate in the refining industry is gradually slowing, with some companies nearing the end of their capital spending, and dividends are expected to remain at a high level, indicating significant potential for an increase in dividend yield as performance improves [1][2] - Oil prices have returned to a neutral range, leading to improved cost expectations for refining companies, and the competitive landscape for leading enterprises is expected to benefit from factors such as stricter domestic consumption tax and declining operating rates of local refineries [1][2] Group 2 - The refining industry is experiencing a shift in focus from scale efficiency to low-carbon and renewable sectors, driven by ESG requirements and declining refining capacity in Western countries due to aging facilities and rising maintenance costs [3] - Domestic refining capacity is approaching a ceiling of 1 billion tons, and the industry is facing a reshuffle due to stricter tax policies and narrowing price differentials for risk oil types, which will favor leading enterprises [4] - The demand for refined oil is expected to decline, accelerating the transition from oil to chemicals, while the supply of olefins is slowing down, indicating potential for profit recovery in the olefin sector [4][5]