可持续信息披露系列研究 2025年 5 月 气候治理与公司领导力 本文版权归北京绿色金融与可持续发展研究院（北京绿金院）所有。本文用于在特定领域的研究与 交流，未经北京绿金院授权，请勿转载、摘编或以其他方式使用其内容。如引用报告内容，应清晰 注明来源。如有内容或合作等问题，请通过如下电邮联系我们：info@ifs.net.cn。 Copyright Policy The copyright of this publication belongs to the Institute of Finance and Sustainability (IFS). This publication is intended for research and knowledge sharing only. Any redistribution, reproduction or use in any other form of any part or all of its content without the authorization of the IFS is prohibited. Please clearly attr ...

Core Viewpoint - Jihong Co., Ltd. is launching a global offering of H shares, marking a significant step in its dual-platform strategy of "A+H" and aiming to inject global momentum into its cross-border e-commerce and green packaging businesses [1] Group 1: Global Offering Details - The global offering consists of 67,910,000 H shares, with 6,791,000 shares allocated for public offering in Hong Kong and 61,119,000 shares for international offering [1] - The price range for the H share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [1] Group 2: Cross-Border E-Commerce Performance - Jihong Co., Ltd. ranks second among Chinese B2C export e-commerce companies with a market share of 1.3%, generating revenue of CNY 336,590.31 million from its cross-border social e-commerce business in 2024 [2] - The company's unique "goods find people" model has contributed to its success, allowing for proactive identification of target customers based on consumer data [2][3] - Revenue from the cross-border social e-commerce business accounted for 57.8%, 63.6%, and 60.9% of total revenue from 2022 to 2024, with corresponding gross profit margins of 59.1%, 63.1%, and 60.5% [3] Group 3: Packaging Business Growth - Jihong Co., Ltd. is a leading provider of paper packaging solutions in mainland China, with a market share of 1.2% in the fast-moving consumer goods (FMCG) packaging sector [4] - The market size for paper FMCG packaging in mainland China is projected to grow from CNY 145.6 billion in 2020 to CNY 170.3 billion in 2024, with expectations to reach CNY 222.7 billion by 2029 [5] - The company has established strong partnerships with major FMCG brands, enhancing its competitive position in the packaging industry [6] Group 4: Environmental Trends and Innovations - The shift towards environmentally friendly packaging solutions is reshaping the industry, with increasing emphasis on sustainability and compliance with ESG policies [5] - Jihong Co., Ltd. has been proactive in developing eco-friendly packaging materials and technologies, positioning itself to benefit from the growing demand for sustainable packaging [6]

Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference, highlighting China's advancements in AI, robotics, and green energy, reshaping the global industrial landscape through technological innovation and sustainable development [1] - Gopi Mirchandan emphasized that Chinese AI technology has achieved leapfrog development, with local companies like DeepSeek significantly reducing reliance on high-end chips and hardware for AI training, opening up opportunities for more Chinese enterprises to develop AI products and services [2] - The widespread adoption of generative AI is enhancing operational efficiency and user experience for businesses, while also establishing China's global competitiveness in AI capital investment [2] Group 2 - Schroders is accelerating its green infrastructure strategy in China, having formed a dedicated team to integrate European renewable energy expertise with local experience, focusing on renewable energy development [3] - In April, Schroders launched a renewable energy fund exceeding $100 million in collaboration with Apple, aimed at providing institutional investors with stable long-term cash flows while promoting supply chain decarbonization [3] - The energy transition in China holds significant value potential, and Schroders aims to act as a "super connector" between international capital and China's green infrastructure needs, aligning with global ESG investment trends [3]

Core Insights - The ESG (Environmental, Social, and Governance) concept is a crucial tool for banking and insurance institutions to promote green finance [1] - The Chinese banking industry is witnessing a significant increase in ESG-themed financial products, with over 200 billion yuan raised in Q1 2025 [1] - The market for ESG investment is still in its early stages, with ESG-themed products accounting for less than 1% of the overall market size [3] Group 1: ESG Product Development - In Q1 2025, 33 ESG-themed financial products were issued, with a total fundraising exceeding 200 billion yuan, and the existing scale of these products reached nearly 3000 billion yuan [1] - The banking sector is increasingly launching specialized products, with nearly 300 thematic financial products related to specialized new technologies, rural revitalization, the Greater Bay Area, and green low-carbon initiatives, totaling over 1000 billion yuan [1] - ESG products are primarily focused on fixed-income and low-risk categories, with 267 fixed-income products accounting for over 80% of the total [2] Group 2: Market Trends and Challenges - The current ESG-themed products are mainly fixed-income, with a lack of diversity and innovation, leading to significant product homogeneity [3] - There is a need for asset management institutions to enhance their ESG capabilities and improve communication with investors regarding the significance and value of ESG investments [3] - The investment logic for ESG has evolved from merely avoiding tail risks to a comprehensive risk management approach, focusing on sustainable development capabilities of companies [2] Group 3: Future Directions for ESG Investment - Future initiatives for enhancing ESG investment include innovating product forms, such as exploring mixed strategies like "fixed income + ESG equity" and "carbon-neutral linked options" [4] - Strengthening capability building by establishing independent ESG research teams and collaborating with international institutions to improve assessment capabilities [4] - Promoting investor education and adopting mature overseas practices to drive unified ESG information disclosure standards for sustainable development [4]

近年来，ESG投资理念受到越来越多投资者关注，也推动了全球ESG指数及指数化投资的发展。 一方面，全球ESG指数发布数量快速增长，ESG指数已成为全球指数创新发展的重要趋势。据国际指数行业协会IIA（Index Industry Association，简 称"IIA"，）2022年度调查统计1，全球ESG指数已超5万条，2022年全球ESG指数数量同比增长高达55.1%。另一方面，境外ESG指数化投资规模也在持续扩 张，截至2024年年末，境外ESG权益ETF规模合计达到5579亿美元，同比增长达17.50%2。 1 https://www.indexindustry.org/sixth-annual-index-industry-association-benchmark-survey-reveals-continuing-record-breaking-esg-growth-multi-asset-expansion-by- index-providers-globally%ef%bf%bc/ ] 2 数据来源：Bloomberg 这些年我国境内ESG指数以及指数化投资的发展情况如何呢？一起来看看。 E ...

Core Insights - The report titled "ETF Industry on Overdrive: Shifting Gears, Breaking New Barriers" highlights the rapid acceleration and transformation of the global ETF industry, based on insights from over 600 professional investors managing more than $1.1 trillion in ETF assets [1][2] - Philippe Malaise, CEO of Trackinsight, emphasizes that ETFs are driving a global financial transformation focused on clarity, innovation, and investment opportunities [1] - Travis Spence from J.P. Morgan Asset Management indicates that 2025 will mark the era of active ETFs, with over 90% of respondents planning to maintain or increase their allocation to active ETFs [2] ETF Adoption Trends - Investors primarily choose ETFs for diversification, cost-effectiveness, and trading convenience, with performance, fees, liquidity, and issuer reputation being key selection criteria [3] - The usage of active ETFs is on the rise, benefiting from lower fees and higher transparency compared to mutual funds, with nearly 70% of respondents planning to increase their allocation to active ETFs in the next six months [3] - In fixed income, corporate and government bond ETFs are preferred, with 80% of investors planning to increase their allocation to active fixed income ETFs [3] - Theme-based ETFs are used for diversification and long-term strategic investments, with over half of respondents planning to increase their investment in thematic ETFs [3] - ESG ETFs are chosen based on personal beliefs and environmental concerns, with over half of European respondents indicating plans to increase their allocation to active ESG strategies [3] - Cryptocurrency ETFs are used primarily for risk diversification and long-term value growth, with nearly 60% of respondents planning to increase their allocation [3] - Income and options strategies remain popular, with about 60% of respondents expecting to increase investments in covered call and buffered products [3] Role of Financial Indices - Financial indices are increasingly being utilized by institutional investors as powerful tools for innovation within the ETF industry, as stated by Robert Ross from S&P Dow Jones Indices [4]

主题与内容 进入2025年，全球可持续发展面临严峻挑战。计划2030年实现的发展目标，推进情况不及预期。 正值国际社会需要紧密合作、加速行动之时，美国新一届政府宣布退出"巴黎协定"，冻结美国国际开发署援助资金，并 了一波针对"多元、平等、包容"倡议的打压。在大西洋的另一边，欧洲正在考虑简化信息披露要求，引发了人们对欧洲 续立法倒退的担忧。政策风向的变化，也正在私营部门逐渐发酵。 ESG投资、影响力投资、绿色金融，何去何从？在这风口浪尖，我们邀请国内外嘉宾共话可持续发展的困境、出路与未来 2025中国社会责任投资高峰论坛 将于5月15日在上海举行，分论坛主题包括 影响力投资、产业链主导企业的社会价值、 市场与金融"五篇大文章"、乡村可持续发展 等。 为回馈广大第一财经会员，为大家争取到了 限量免费线下席位 ，现场聆听嘉宾对话，更有机会提问大咖！报名从速， 无！ 点击此处，立即报名 组织架构 联合主办： 中国普惠金融研究院 上海交通大学上海高级金融学院 第一财经研究院 承办单位： 仁达普惠（北京）咨询有限公司 语 言 论坛的工作语言为普通话和英语，会场将安排同声传译。 第一财经会员金选活动， 粉丝专属， 席位有限 ...

E-commerce - Suning.com held the 618 e-commerce launch meeting, with offline stores nationwide participating in the promotion starting from May 13, 2023 [1] - The online promotion will also begin on May 13, with multiple promotional events scheduled throughout the 618 period [1] Legal Actions - Italian company Moltiply has filed a lawsuit against Google's parent company Alphabet, seeking €2.97 billion (approximately $3.34 billion) in damages for alleged abuse of market dominance [2] - The lawsuit claims that Google's actions hindered the development of Moltiply's subsidiary, 7Pixel, from 2010 to 2017 [2] Retail and Sales - During the "Young Product New Venue" merchant conference, it was reported that 6,120 brands on the Dewu platform have doubled their annual sales [4] - Dewu has introduced policies to reduce fees for over 30 categories, with a maximum reduction of 16%, and has invested over 1 billion yuan in marketing rebates [4] Automotive Industry - The three major U.S. automakers criticized the trade agreement between President Trump and the UK, which allows UK manufacturers to export 100,000 cars to the U.S. at a 10% tariff rate [5] - This quota is nearly equivalent to the total number of cars exported from the UK last year, raising concerns among U.S. manufacturers about competitive disadvantages [5] Technology and AI - Nvidia has open-sourced several code reasoning models, including 32B, 14B, and 7B parameters, based on Alibaba's Qwen models [6] - Quark, Alibaba's AI application, is set to launch "Deep Search Pro," which aims to assist users in solving complex tasks across various professional fields [10] Aviation - International Airlines Group (IAG) announced the purchase of 53 new long-haul aircraft from Boeing and Airbus, including 32 Boeing 787-10s and 21 Airbus A330-900neos [11] Financial Services - Zhongzheng Asset Management (Jiangsu) Co., Ltd. completed a 30 million yuan angel round of financing to accelerate the development of its intelligent investment advisory platform [8] - The funds will be used for platform development, team expansion, and market outreach [8] Pharmaceuticals - Fosun Pharma's subsidiary received FDA approval to conduct clinical trials for LBP-ShC4, a live biotherapeutic product aimed at treating androgenetic alopecia [9] - The cumulative R&D investment for LBP-ShC4 is approximately 17 million yuan as of April 2025 [9] Regulatory Developments - The People's Bank of China plans to deepen financial reform and enhance the monetary policy framework to support high-quality financial development [12][14] - The China Securities Regulatory Commission aims to strengthen the regulation of capital market activities to maintain a fair market order [13]

Core Insights - The public fund industry in China has shown a trend of "the strong getting stronger and niche breakthroughs" amid market reforms and international financial turbulence, with the total industry scale reaching 32.83 trillion yuan by the end of 2024, an increase of 5.23 trillion yuan or 18.95% year-on-year [1] - The number of products in the industry has grown to 12,367, an increase of 839 from the end of 2023, indicating a diversification in offerings [1] Group 1: Performance of Leading Institutions - Leading public fund institutions demonstrated resilience in 2024, with seven top firms, including E Fund, Tianhong Fund, and Southern Fund, collectively contributing 43% of the net profit of the industry despite facing pressure from fee reductions [2] - E Fund led with a revenue of 12.11 billion yuan and a net profit of 3.9 billion yuan, achieving a net profit growth of 15.33% year-on-year despite a slight revenue decline of 3.13% [2] - Tianhong Fund and Southern Fund also reported strong performances, with net profit growth rates of 19.29% and 16.92%, respectively, driven by diversified business strategies [2][3] Group 2: Strategies of Small and Medium Institutions - In contrast to the leading firms, some small and medium public funds achieved remarkable growth through differentiated strategies, with firms like Dongwu Fund and Zhongjin Fund seeing net profit increases exceeding 45% [4] - Dongwu Fund's net profit surged by 274.84% through a "fixed income + equity" dual-drive strategy, while Zhongjin Fund's focus on public REITs led to a 170.17% increase in net profit [4] - The growth of index funds has also benefited firms like Huatai-PB Fund, which saw a 45.53% increase in net profit, supported by its leading position in the non-monetary ETF market [4] Group 3: Path to High-Quality Development - The path to high-quality development for the public fund industry is becoming clearer, with institutions focusing on enhancing core investment research capabilities and asset allocation skills [6] - Institutions like Zhongjin Fund are prioritizing the development of high-quality fixed income products and public REITs, while firms like Southern Fund are optimizing customer service systems to improve investor satisfaction [6] - The industry is at a crossroads, with leading firms needing to leverage their scale for continuous innovation, while smaller firms must focus on differentiation to survive [6] Group 4: Strategic Recommendations - Public fund institutions are advised to focus on three strategic areas: product innovation, investment research system enhancement, and operational management optimization [7] - Key product trends include increasing exposure to index investments, optimizing fixed income product lines, and exploring green finance and ESG investments [7] - Strengthening investment research capabilities and enhancing investor engagement are also critical for creating long-term value and satisfaction [7]

Group 1: Company Overview - Shennong Group (605296.SH) reported a steady decline in breeding costs, maintaining industry-leading per-head profits, with 2024 revenue expected to increase by 43.51% to 5.584 billion yuan and a net profit of 687 million yuan [10] - The company aims to achieve an average complete cost target of under 13 yuan per kilogram by 2025, leveraging improvements in health, scale effects, and management efficiency [10][12] - The breeding performance is in the top tier of the industry, with a PSY of 29 heads and a survival rate of approximately 86% as of January 2025 [11] Group 2: Industry Insights - The agricultural sector, particularly in livestock, is expected to benefit from a recovery in breeding costs and an increase in demand for high-quality meat products [8] - The overall livestock industry is experiencing a recovery phase, with Shennong Group's breeding output target set at 3.2 to 3.5 million heads for 2025, indicating a stable growth trajectory [12] - The company has established a core breeding project in collaboration with PIC China and Juxing Agriculture, which is expected to ensure a stable supply of high-quality breeding pigs in the future [11]