Investment Rating - The report does not specify a clear investment rating for the industry [2] Core Insights - The report highlights the issuance of the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" by nine departments in China, which mandates companies to disclose their greenhouse gas emissions across different scopes [12][3] - The EU's carbon reduction process is facing challenges, leading to adjustments in the automotive sector's emissions targets, allowing for a 90% reduction in carbon emissions by 2035 compared to 2021 levels, rather than a complete ban on fuel vehicles [3][17] - The report indicates a significant growth in ESG financial products, with a total of 3,882 ESG bonds issued in China, amounting to a market size of 5.74 trillion RMB, with green bonds making up 62.11% of this total [4][28] - The report notes that the ESG public fund market consists of 947 products with a total net value of 116.67 billion RMB, where ESG strategy products account for 45.01% [4][33] - The report emphasizes the importance of technological innovation in achieving carbon neutrality, identifying key challenges and opportunities in the energy transition [8][41] Summary by Sections Domestic Focus - The "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" requires companies to disclose their greenhouse gas emissions, with a phased approach from voluntary to mandatory disclosures [12] - Beijing's green finance policy aims to support the construction of green factories, focusing on energy-saving and carbon-reduction projects [12] International Focus - The EU's adjustment to its automotive emissions targets reflects a shift in its green transportation strategy, allowing for continued sales of certain traditional fuel vehicles [3][17] - The EU is also coordinating new rules for plastic recycling to address challenges in the recycling market [19] ESG Financial Products Tracking - The report details the growth of ESG bonds, public funds, and bank wealth management products, highlighting their respective market sizes and issuance volumes [4][28][39] Index Tracking - Major ESG indices have shown varying performance, with the Shenzhen ESG 300 index leading in growth over the past year [40] Expert Opinions - Insights from experts emphasize the need for strategic information disclosure and the role of technology in the transition to carbon neutrality, identifying significant opportunities in the energy sector [8][41]

Core Insights - The article compares two ETFs: URTH, which tracks developed markets without an ESG overlay, and NZAC, which focuses on climate alignment and incorporates ESG criteria [4][5][9]. Group 1: URTH Overview - URTH has 1,320 holdings with a technology bias of 28% and greater weight in financials and industrials [1]. - It has $6.5 billion in assets under management (AUM), providing greater scale and liquidity, which can reduce trading friction for larger trades [1]. - The fund charges a 0.24% expense ratio, which is twice as high as NZAC's [8]. Group 2: NZAC Overview - NZAC tracks an ESG-screened index with a 36% allocation to technology and 16% to cash and others, holding 687 stocks [2]. - It has $178.1 million in AUM, making it significantly smaller than URTH [2]. - The fund has a low expense ratio of 0.12% and targets climate-focused investors by screening out companies involved in controversial sectors [7]. Group 3: Investment Considerations - URTH offers broad exposure to developed markets, with over 60% of its holdings in U.S. companies, making it suitable for traditional market-cap-weighted global diversification [8]. - NZAC, on the other hand, is designed for investors who prioritize climate alignment and sustainable investing principles [9]. - The choice between URTH and NZAC depends on whether investors value climate considerations in their investment strategy [9].

Core Viewpoint - The article discusses the evolution of ESG (Environmental, Social, and Governance) from a concept driven by capital to a more pragmatic approach focused on measurable outcomes and long-term value, amidst increasing scrutiny and regulatory developments [2][5][20]. Group 1: ESG Evolution - ESG has transitioned from being perceived as a moral obligation to a critical factor in assessing financial risks and corporate resilience, especially in the context of climate change and geopolitical supply chain risks [5][9]. - The implementation of ESG has evolved from a marketing tool to a core management strategy, influencing supply chain access, financing costs, and executive compensation [5][8]. Group 2: Key Drivers of ESG Development - External drivers include regulatory pressures and enhanced information disclosure requirements, with ESG report disclosures from domestic listed companies rising to 47.5% this year [6]. - Internal drivers stem from corporate growth demands, where companies find innovation opportunities through ESG initiatives, enhancing governance and competitive differentiation [6][8]. Group 3: Changing Nature of ESG - The focus of ESG is shifting from narrative-driven to data-driven approaches, with regulations transitioning from soft laws to hard laws, emphasizing mandatory audits and legal accountability [8][21]. - Investment strategies are moving from broad ESG asset allocations to targeted "transition finance," utilizing AI tools to focus on low-carbon transitions in high-carbon industries [8][11]. Group 4: Challenges in ESG Implementation - Companies face challenges in transparency and sustainability of ESG disclosures, with many relying on outdated data management practices that hinder compliance with tightening regulations [13][14]. - The disconnect between ESG initiatives and business strategies often leads to difficulties in integrating ESG into operational management and financial performance [14][16]. Group 5: Future of ESG - ESG is expected to become a fundamental aspect of corporate governance, with CFOs playing a central role in ESG data management as carbon liabilities become as significant as financial liabilities [21][23]. - The next five years will see a significant shift in ESG practices, particularly in industries facing stringent compliance pressures, such as the electric vehicle and textile sectors [23][24]. Group 6: Multi-Dimensional ESG Focus - The environmental dimension of ESG is expanding to include broader natural capital considerations, while social responsibilities are increasingly enforced throughout supply chains [24][25]. - Governance aspects are focusing on board competency and ethical technology use, with a shift from mere compliance to strategic leadership in ESG [25][26]. Group 7: Integration of Technology in ESG - The integration of AI and blockchain is expected to revolutionize ESG management, enabling real-time data capture and predictive risk management, moving away from manual reporting [26][27]. - Effective ESG practices will be characterized by their deep integration into business models, reflecting in financial performance and long-term valuation [27][29].

Core Insights - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on "New Starting Point, New Momentum, New Journey" and gathered hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th Financial界 "Golden Wisdom Award" results were announced, with Liu Xiaomei from Haier Smart Home receiving the title of "Investor Trustworthy Secretary of the Board" [1] - The "Golden Wisdom Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their main business, continue innovation, and fulfill social responsibilities [1] Group 1: Award and Evaluation Criteria - The award focuses on core governance participants of listed companies who possess professional qualities and a sense of responsibility, with evaluation standards including "Integrity, Professional Empowerment, Value Transmission, and Compliance Safeguarding" [3] - The award aims to enhance the standardized governance level of listed companies and ensure effective communication between enterprises and the capital market, thereby boosting investor confidence [3] Group 2: Liu Xiaomei's Contributions - Liu Xiaomei has actively promoted the improvement of corporate governance structures and mechanisms, assisting various committees within the board to operate efficiently [4] - In terms of information disclosure, she has adhered to principles of truthfulness, accuracy, completeness, timeliness, and fairness, achieving zero errors in information disclosure throughout the year [4] - Liu has driven key tasks in capital operations, including the completion of share repurchase and cancellation in 2021, and has facilitated significant acquisition projects to accelerate Haier Smart Home's global strategy [4] Group 3: ESG Practices - Liu has contributed to the implementation of the "6-Green" strategy, integrating low-carbon energy-saving practices into the product lifecycle and promoting participation in public welfare areas such as youth education and rural revitalization [4] - Haier Smart Home has ranked first in the industry on the "Fortune" China ESG Influence List for four consecutive years and received an AA rating from MSCI, enhancing the company's brand reputation and social impact [4] Group 4: Future Directions - Haier Smart Home plans to further deepen communication with the capital market and improve corporate governance to achieve higher quality development and create greater value for investors [5]

Core Insights - The article highlights the transformation of Zijin Mining from a local enterprise to a global mining giant, emphasizing its commitment to sustainable and intelligent mining practices [2][14]. Group 1: Company Transformation and Strategy - Zijin Mining has evolved from a county-level enterprise to a global mining leader, showcasing a shift from traditional resource extraction to a focus on green, intelligent, and sustainable development [2]. - The company has implemented a "resource-first" strategy, achieving a gold resource volume of nearly 4,000 tons by 2024, ranking sixth globally in both gold resource volume and production [4]. - Zijin Mining's innovative management model, "Five Rings of Ore Flow Integration," enhances the utilization of low-grade gold resources, resulting in an all-in sustaining cost (AISC) that is better than 80% of global peers [4][5]. Group 2: Global Expansion and Market Position - Since its international expansion began in 2005, Zijin Mining has established significant mining investments in 17 countries, with overseas gold resources and profits surpassing domestic figures [6]. - The company aims to become a "first-class international mining group" by 2028, targeting a gold production goal of 110 tons [6][10]. Group 3: ESG Commitment and Achievements - Zijin Mining integrates ESG (Environmental, Social, Governance) principles into its corporate strategy, establishing a governance structure that ensures ESG objectives are met at all levels [8][9]. - The company has achieved a 34.9% reduction in carbon emissions per unit of industrial added value compared to 2020, with a water resource recycling rate of 93.46% [10][11]. - Zijin Mining's ESG practices have received global recognition, with high ratings from various ESG assessment organizations, placing it in the top 1.7% of its industry [11]. Group 4: Technological Innovation and Sustainability - The company has made significant investments in clean energy, with a total installed capacity of 767 MW and a renewable energy generation of 565 GWh, marking a 48% year-on-year increase [10]. - Zijin Mining has developed smart mining technologies, including autonomous vehicles and intelligent scheduling systems, which enhance operational efficiency and set new industry standards [10][15]. Group 5: Community Engagement and Local Impact - The company actively participates in community development, employing nearly 4,000 local workers and engaging in various social responsibility projects [10][13]. - In its international projects, Zijin Mining respects local cultures and promotes sustainable development, achieving a local employment rate of 96% in overseas operations [13][14].

中国基金报记者赵心怡邵好 ESG不是口号，而是共同认可的价值；ESG不是选项，而是现代矿业立足的根本逻辑。中国矿企的做法是：将这份价值，融入每一个切实的决策。 技术与管理构成了中国矿企在非洲稳健发展的双翼，而真正让这些项目扎根成长的，是跨越文化隔阂、谋求共同发展的真心。 （一）改道河流，共建一汪"金山湖" 在刚果（金）科卢韦齐的原始丛林中，一座现代化铜钴矿的崛起仅用了两年多。从2020年12月完成收购，到2022年12月30日投料试车，再到2023年第一季 度产出首批铜钴产品，洛阳钼业KFM项目正是"中国速度"的印证之一。 速度之下，还有许多故事未被提及。当KFM项目还是一片绿地时，洛阳钼业的ESG规划就已经同步启动。在KFM营地旁，一片郁郁葱葱的树林得以保 留：树林边是由河流改道后筑坝形成的"金山湖"，湖水在非洲的阳光下波光粼粼。谁能想到，这项庞大的工程，不仅关乎矿山生产，更成了一项惠及长远 的民生工程。 （KFM营地旁的金山湖） "河床下有矿体，河流必须改道。但怎么改，才能对自然和社区最友好？"KFM地质团队反复研究自由港时期的旧方案，都觉得不尽如人意。"我们不能只 考虑成本，还要考虑五十年一遇的洪水，考 ...

Core Viewpoint - ESG is not just a slogan but a shared value that underpins modern mining practices, particularly for Chinese mining companies, which integrate this value into every decision they make [2] Group 1: ESG Implementation in Mining Projects - The KFM project by Luoyang Molybdenum Company in the Democratic Republic of Congo exemplifies "Chinese speed," completing acquisition in December 2020 and producing its first copper-cobalt products by Q1 2023 [3] - The KFM project initiated its ESG planning early, preserving local forests and creating a reservoir, known as "Golden Mountain Lake," which benefits local communities [3][5] - The river diversion project involved careful planning to minimize environmental and community impact, with a 6.4 km diversion and a dam built to withstand rare flooding [5] Group 2: Community Engagement and Cultural Respect - Luoyang Molybdenum's ESG team engaged with local villages to find solutions that benefit both the mining operation and the community, leading to the construction of a larger, cleaner water reservoir [6][8] - The company has been recognized by local leaders for its willingness to engage and solve community issues, fostering trust and collaboration [8] - Pengxin Resources improved local infrastructure by repairing over 10 km of municipal roads and upgrading power facilities, enhancing transportation and electricity stability for mining operations [8] Group 3: Cultural Sensitivity in Operations - In Mali, Hainan Mining's project team chose to reroute a transportation road to preserve a culturally significant tree, demonstrating respect for local traditions and community values [9][11] - The company participated in community support activities, such as donating supplies to vulnerable groups, reinforcing its commitment to social responsibility [11][12] Group 4: Safety and Operational Standards - Hainan Mining enforced strict safety regulations, mandating the use of protective gear among local workers to ensure their safety on-site [13] - The company also contributed to local agriculture by donating tractors and building a water reservoir to address water scarcity issues for villagers [15] - The approach of balancing cultural sensitivity with strict operational standards reflects a dual strategy of being a responsible modern enterprise while respecting local customs [15]

中国基金报记者 赵心怡 邵好 ESG 不是口号，而是共同认可的价值； ESG 不是选项，而是现代矿业立足的根本逻辑。中国矿企的做法是：将这份价值，融入每一个切 实的决策。 技术与管理构成了中国矿企在非洲稳健发展的双翼，而真正让这些项目扎根成长的，是跨越文化隔阂、谋求共同发展的真心。 （一）改道河流，共建一汪 " 金山湖 " 在刚果（金）科卢韦齐的原始丛林中，一座现代化铜钴矿的崛起仅用了两年多。从 2020 年 12 月完成收购，到 2022 年 12 月 30 日投 料试车，再到 2023 年第一季度产出首批铜钴产品，洛阳钼业 KFM 项目正是 " 中国速度 " 的印证之一。 速度之下，还有许多故事未被提及。当 KFM 项目还是一片绿地时，洛阳钼业的 ESG 规划就已经同步启动。在 KFM 营地旁，一片郁郁葱 葱的树林得以保留：树林边是由河流改道后筑坝形成的 " 金山湖 " ，湖水在非洲的阳光下波光粼粼。谁能想到，这项庞大的工程，不仅关 乎矿山生产，更成了一项惠及长远的民生工程。 这一切，正如洛阳钼业副总裁、 ESG 发展部总经理梁玮所强调的： " 我们从一片绿地开始，就决心将 KFM 打造为行业 ESG 最 ...

郭峰教授代表研究院课题组发布了上海财经大学富国ESG丛书（第二辑）暨《上市公司ESG合规披露诊 断——中国ESG发展报告·2025》（下文简称《报告》）。他提到，在当前ESG全球进程波动、中国ESG 体系基本建立领先优势的背景下，推动合规披露已成为深化ESG实践，衔接政策要求与企业行动的关键 路径。 上海财经大学富国ESG研究院副院长郭峰发布《上市公司ESG合规披露诊断——中国ESG发展报告 ·2025》。主办方供图 本次发布的《报告》对2024年2478份上市公司的ESG报告进行了系统诊断，研究发现，上市公司ESG相 关报告披露率虽然持续提升，但整体仍有较大改进空间，而且当前ESG报告命名与标准尚不统一，表现 出典型的过渡期特征。据其总结，当前ESG披露存在的四个突出问题：一是行业间差异显著，教育行业 披露进展尤其滞后；二是信息披露往往未能兼顾影响实质性和财务实质性；三是信息披露偏重宏大叙事 缺乏具体举措；四是负面信息披露的规范性与完整性有待提升。 第三届ESG创新论坛会场。主办方供图 上海财经大学党委副书记、纪委书记何鹏程，上海财经大学滴水湖高级金融学院实践教授张为国，商道 咨询首席专家、商道融绿董事长郭 ...

Core Insights - Bosideng Group has been recognized as a member of the "25 Sustainable Development Chain Leader Alliance" for its practices in building a transparent, symbiotic, and responsible supply chain ecosystem, alongside companies like Tencent and Yili [1] ESG Strategy - Bosideng has integrated ESG principles into its core strategy, establishing a long-term commitment to sustainability with a "1+3+X" ESG strategic framework, aiming for net-zero emissions in operational processes by 2038 [3] - The company focuses on three key areas: product innovation, environmental sustainability, and human-centric approaches, embedding sustainable practices throughout its research, production, logistics, and partnerships [3] Supply Chain Innovations - The company promotes a circular economy through closed-loop design, exemplified by the CIRCULAR 3.0 down jacket, achieving a "garment-to-garment" (G2G) closed-loop goal [4] - All down materials used are certified under the Responsible Down Standard (RDS), ensuring sustainability from the source, and the company collaborates with suppliers to develop eco-friendly protective fabrics with over 70% bio-based content [4] - Bosideng has adopted FSC-certified eco-friendly packaging and implemented smart logistics systems, reducing the carbon footprint of individual shipments by 4% [4] Social Responsibility and Governance - The company has established a sustainable development oversight mechanism directly accountable to the board, linking executive compensation to carbon reduction progress to ensure the effective implementation of ESG goals [5] - In the 2024/25 fiscal year, Bosideng invested 8.908 million yuan in employee training and granted equity incentives to core employees [5] - The company and its philanthropic foundation have donated a total of 1.55 billion yuan, benefiting 1.923 million people, contributing to rural revitalization and improving social welfare [5] - Bosideng has initiated the fifth phase of the "Carbon Neutral Forest" project in the Alashan League, planning to plant 23,000 trees over an area of 460 acres [5] Future Outlook - The recognition as a member of the "25 Sustainable Development Chain Leader Alliance" marks a significant achievement for Bosideng in advancing national "dual carbon" goals [5] - The company plans to deepen its collaboration with the United Nations Global Compact and work with global value chain partners to build resilient supply chains, contributing to sustainable fashion [5]