证券研究报告 | 金融工程 2025 年 12 月 8 日 中法深化气候合作，国际 ESG 标准与监管加速落地 ——ESG 市场观察周报（20251207） 1、要闻速览：中法深化气候合作，国内外 ESG 监管持续细化 国内动态方面，中法两国发表联合声明，将在应对气候变化、生物多样性保 护、可再生能源及核电等多领域深化协作，共同支持全球治理机制；工信部部署"十 五五"工业绿色低碳规划，强调加快零碳工厂建设及技术装备升级；国家发改委发布 新版基础设施 REITs 行业清单，将租赁住房、消费基础设施、清洁能源及储能等多 个领域纳入发行范围，进一步拓宽绿色资产盘活渠道。 国际动态方面，纽约市审计长建议撤出对贝莱德等三家资管机构的委托，称其 脱碳计划未达城市养老金要求；欧洲财务报告咨询组织发布简化版 ESRS，大幅降 低企业信息披露负担；英国金融行为监管局拟出台 ESG 评级新规，提升评级透明度 和可靠性；英国广告标准局叫停耐克等品牌涉"环保"误导广告；国际机构 PCAF 发 布新版融资排放核算标准，完善金融机构碳排放计量框架。 2、市场动向：ESG 指数表现分化，绿色转型资金短期承压 本周国内 ESG 指数走势分化 ...

Core Insights - Sidetrade has achieved significant recognition for its ESG performance, receiving a Gold Medal from EthiFinance with a score of 79/100 and a Silver Medal from EcoVadis with a score of 70/100, placing it among the top 15% globally [1][3]. Group 1: ESG Ratings and Performance - Sidetrade's score from EthiFinance improved from 62/100 in 2023 to 73/100 in 2024, and then to 79/100 in 2025, indicating a consistent upward trajectory in ESG performance [1]. - EcoVadis rated Sidetrade in the "Advanced" category, significantly above industry norms where most companies score between 45 and 60/100 [3]. Group 2: Areas of Strength - EthiFinance highlighted Sidetrade's strong performance in human rights, diversity and inclusion, responsible procurement, and transparency in extra-financial reporting [2]. - EcoVadis recognized Sidetrade's advanced management systems in labor and human rights, ethics, and sustainable procurement, reporting no findings in third-party risk and compliance databases [4]. Group 3: Company Overview - Sidetrade is an AI company focused on enhancing enterprise cash flow, utilizing its agentic AI, Aimie, which has been trained on over $7.7 trillion in B2B transactions [6]. - The company operates in 85 countries and employs 450 people across Europe, North America, and Asia-Pacific [6].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 从睦邻友好到命运与共，共绘黄金产业的"同心圆" 在全球黄金产业链中矿山的开采从不是孤立的工业行为 它改变着土地，影响着人群，也塑造着一代人的生活方式。 正因如此，世界黄金协会在2019年推出《负责任黄金开采原则》（RGMPs） 从环境保护、社会责任到治理机制，为全球矿企ESG实践提供系统指引。 让我们一同探索黄金矿企从矿区运营到社区共建的进阶之路 责任，不止于开采 共建才是可持续发展的关键 本期我们聚焦"矿区与社区"主题 探索黄金开采企业如何与当地社区携手，实现共同发展 矿山的运营，绝非孤立的工业活动 它与周边社区的繁荣、稳定与未来息息相关 如何从"开采者"转变为"共建者"？ 01 | 开采前：从倾听开始的共建 一座矿山的开采，不该在沉默中启动矿山运营绝非孤立工业活动，与社区繁荣、稳定与未来息息相关。 图注：安革金公司（AngloGold Ashanti）与驻地原住民面对面交流，共同讨论社区权利、利益与文化传统 在加纳阿散蒂地区，安革金公司（AngloGold Ashanti）与长老、农户和青年面对面交流，理解土地的文 化意义，回应社区的顾虑。 ...

Core Insights - ING Group acknowledges the announcement from the European Banking Authority (EBA) and the European Central Bank (ECB) regarding the 2025 EU-wide Transparency Exercise [1] - The EBA Board of Supervisors approved the package for the EU-wide Transparency Exercise, which has been conducted annually since 2016 and is published alongside the Risk Assessment Report (RAR) [2] - Results for ING Group are available on the EBA website, ensuring transparency and accessibility for market participants [2] Summary of Transparency Exercise - The annual transparency exercise is based solely on COREP/FINREP data to provide sufficient information to market participants [2] - Templates for the exercise were filled in by the EBA and verified by banks and supervisors, allowing banks to correct errors and resubmit data [3] Company Profile - ING is a global financial institution with a strong European base, offering banking services through ING Bank, which operates in over 100 countries with more than 60,000 employees [6] - ING Group shares are listed on the Amsterdam, Brussels, and New York Stock Exchanges [6] Sustainability Efforts - ING aims to integrate sustainability into its operations, with an upgraded ESG rating from MSCI from 'AA' to 'AAA' in October 2025 [7] - As of June 2025, ING's management of ESG material risk is rated as 'Strong' by Sustainalytics, with a low ESG risk rating of 18.0 [7]

12月4日，2025第八届中国能源产业发展年会在北京举行。年会以"构建新型电力体系 建设能源强国"为 主题。本届年会由中国能源报、中国能源研究会主办，G20青年企业家联盟中国总部联合主办，中央和 国家机关有关部门负责同志、外国驻华使节、地方政府主管部门代表、中外企业负责人和专家学者等参 加论坛。 会议期间，由中国能源报、G20青年企业家联盟中国总部、苏州工业园区城市发展研究院、中国能源经 济研究院联合发起的ESG能源青年企业家创新TOP30正式发布。国际能源领域青年ESG创新标杆揭晓， 旨在发掘并推广青年企业家在能源领域的ESG典型实践，以榜样力量推动更多企业践行绿色低碳可持续 发展，助力全球气候治理与能源转型升级。 当前全球碳中和以及能源转型加速推进的背景下，ESG已成为衡量企业社会责任和可持续发展能力的重 要标准，一批兼具创新精神与社会责任感的青年企业家正迅速崛起。据苏州工业园区城市发展研究院副 院长李文杰介绍，经过推荐、选拔、专家评审等环节，从创新性、实效性、示范性、影响力等多维度综 合评审，最终有30家创新案例入围。"这不仅展示了年轻一代能源企业家在技术革新与可持续发展方面 的卓越成就，更为全球能源转 ...

Core Viewpoint - The article highlights the significant role of Master Kong in promoting sustainable development within the food and beverage industry, showcasing its achievements and leadership in ESG practices during the UNGC's 25th anniversary event in Beijing [1][3][14]. Group 1: Event Overview - The UNGC's 25th anniversary event took place on December 1-2, 2025, in Beijing, featuring notable speakers including UN officials and industry leaders [1]. - Master Kong was recognized as a benchmark enterprise for sustainable development in China's food and beverage sector, being included in the inaugural "25 Chain Leader Alliance Excellent Case Collection" [3][10]. Group 2: Master Kong's ESG Initiatives - Master Kong's CEO, Chen Yingrang, participated in a leadership roundtable to discuss ESG strategy integration and sustainable growth [6]. - The company has established a "dual-driven" ESG capability system, focusing on top-level design and internal motivation to encourage employee innovation in ESG practices [8]. - Master Kong's ESG initiatives have reportedly generated over 100 million yuan in profit annually through cost-saving measures and environmental efforts [8]. Group 3: Recognition and Impact - UNGC's representative, Liu Meng, praised Master Kong as an ESG benchmark for Chinese enterprises, highlighting its innovative cross-sector collaboration [5]. - The company has been recognized for its "Economic-ESG" model, which reframes sustainability as a core growth driver rather than an additional cost [10][12]. - Master Kong's practices in supply chain management and collaboration with industry leaders have been commended for creating quantifiable economic benefits while addressing environmental and social responsibilities [12]. Group 4: Future Directions - Master Kong aims to deepen its collaboration with UNGC and continue exploring sustainable development solutions that create value and promote ecological growth [14]. - The company plans to maintain its commitment to the UNGC's ten principles and further develop its "Economic-ESG" model in partnership with global stakeholders [14].

原标题：华贸中心的ESG进化论：从商业地标到生态共同体 从废旧工业区到亚洲ESG新地标，北京华贸中心在北京CBD核心区用二十余年时光书写了一个关于 重生的故事，完成了一场关于"长期主义"的实践，重绘了都市品质生活的底色。 10月，华贸中心首次参评GRESB，即获得"五星评级"，并在"综合体赛道"中取得全球第一名的成 绩，荣膺"全球行业领导者"称号。其中，在混合用途、内部管理和绩效等多个核心维度和指标上获得满 分，被授予"房地产绿色之星"称号。GRESB评级体系被业界视为ESG表现的"通用语言"，并被全球金融 和资本市场广泛认可，标志着华贸中心ESG实践得到国际权威标准认证。 这样的成就并非一蹴而就。从诞生之初，ESG的理念和基因就深深植入了华贸中心，到如今登顶全 球行业领导者，华贸中心的生态商业密码到底是如何炼成的？ 顶层设计：从建造地标到编织可持续生命体 从2003年破土动工开始，"对城市负责、对社会负责、对历史负责"的理念就开始融入华贸中心建设 的方方面面。华贸团队将ESG顶层设计落成了一项项脚踏实地的工作。以可持续发展为出发点，华贸中 心通过中空Low-E玻璃幕墙、VAV变风量中央空调、先进的楼宇自控系 ...

白酒行业除头部五家企业外，其余企业整体表现分化较大。其中，古井贡酒获得AApi评级，舍得酒业 和水井坊获得AA-pi评级，三者ESG表现达到行业头部企业水平；酒鬼酒和顺鑫农业获得A+pi评级；今 世缘、口子窖和金徽酒获得Api评级；金种子酒和迎驾贡酒获得A-pi评级；老白干酒获得BBB+pi评级； 伊力特获得BBB-pi评级；*ST岩石获得BB+pi评级；天佑德酒获得BBpi评级；皇台酒业获得B-pi评级。 泸州老窖、贵州茅台、洋河股份三家企业环境评级均为A+pi。其中，贵州茅台在水资源管理上形成了 独特的管理模式，规范各环节用水管理制度和管理标准，完善水资源考核机制，聘请第三方机构开展水 足迹测算工作，识别出各环节高耗水的关键节点，开展水压力评估，制定针对性方案。泸州老窖在土地 资源管理方面表现突出，通过建立制度体系将原粮种植与生态保护相结合，构建示范性可持续农业模 式，并通过科学管理、优化生产、鼓励休耕，提升土壤肥力，保障农田生态稳定；山西汾酒环境得分较 其他四家企业较低，评级为BBB+pi，主要是在废气和废水绩效指标披露丰富度、环境相关管理目标设 定的精细化程度、环保投入等方面存在差距。 社会（S）维度 ...

光大兴陇信托有限责任公司(以下简称光大兴陇信托)凭借其在绿色金融领域的卓越贡献，荣获"值得托 付金融机构·年度ESG创新实践企业"标杆案例，为行业高质量发展提供了可借鉴的实践样本。 绿色领航，业务规模稳健增长 11月26日，由《经济观察报》主办的"第十一届资产管理高峰论坛暨值得托付金融机构盛典"在京举行。 本次盛典以"资管向优·智启新程"为核心主题，汇聚金融监管代表、行业领军人物、学术领袖及资深专 家，共话全球大资管市场趋势与高质量发展路径。 2025年作为"十四五"规划收官与"十五五"规划谋篇的关键节点，中国资产管理行业正式迈入高质量发展 新起点。在全球气候变化和资源环境压力日益加剧的背景下，绿色发展理念深入人心，绿色金融成为连 接环境保护与经济增长的重要桥梁。光大兴陇信托紧跟时代潮流，积极响应国家"碳中和"目标，充分发 挥信托功能优势与自身资源特色，在绿色金融领域持续发力。 据《光大兴陇信托有限责任公司2024年度社会责任报告》，截至2024年末，公司存续实体经济信托业务 规模约4765.77亿元，占总受托规模约 71.21%。 截至2024年末，光大兴陇信托绿色金融存续规模约35.26亿元，投资行业分布 ...

Core Insights - The "2025 Overseas Listed Companies CFO Summit and CFO Top 100 Awards Ceremony" was successfully held in Shanghai, attracting over 100 guests from various stock markets to share experiences and discuss future trends [1] Group 1: Event Overview - The event was guided by the Shanghai Hongqiao Management Committee and involved multiple supporting institutions, including Ernst & Young, SoftBank China, and Gobi Partners [1] - The summit featured keynote speeches and roundtable discussions, focusing on the challenges and opportunities in international capital markets [3][4] Group 2: Keynote Speeches - Professor Li Ruoshan from Fudan University discussed the opportunities and challenges for Chinese companies going global, emphasizing the need for CFOs to enhance compliance awareness and governance structures [3] - Ernst & Young's partner, Mr. Tang Zhehui, highlighted the importance of "security, technology, and development" as strategic cores for the next five years amid global geopolitical tensions [6] Group 3: Roundtable Discussions - The "Consumer Retail" session focused on financial resilience and value reconstruction, with CFOs sharing practical experiences on store returns, inventory optimization, and AI applications [8] - The "Pharmaceutical and Medical" session discussed the hot topics and outlook for 2025, emphasizing Hong Kong as a crucial bridge for companies going global [10] - The "Going Global" session highlighted the evolving role of CFOs from financial controllers to strategic integrators and risk managers in international operations [12] - The "ESG and Capital Markets" session underscored the necessity of ESG compliance for companies, linking it directly to valuation and financing efficiency [14] Group 4: Awards and Recognition - The CFO Top 100 list was unveiled, reflecting the evolving expectations of CFO roles in the global capital market [16] - The founder and CEO of YaoDa, Mr. Zhang Jianfeng, emphasized the summit's role as a professional platform for CFOs to showcase and exchange ideas [18][24] - The launch of the "TOP100 CLUB" community plan aims to enhance collaboration and value creation among CFOs [22][28]