ESG 专题报告 研究助理 方嘉成 相关研究 银河 ESG 评级体系及研究 核心观点 2025 年 12 月 25 日 分析师 马宗明 ：18600816533 ：mazongming_yj@chinastock.com.cn 分析师登记编码：S0130524070001 1.【银河 ESG】厚积薄发，志存高远——ESG 投资策 略解析与优化构建 2.【银河 ESG】穿越市场周期变幻：ESG 舆情整合策 略新径 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 ⚫ 银河 ESG 评级体系目标是聚焦 ESG 底层数据与股价波动、公司基本面表 现的相关性分析，为市场参与方提供兼具参考价值与实操意义的评级依 据。评级过程严格遵循"自主、公开、完备、可比、时效、风控"六大核心准 则，保障评级规范性与结果公正性。覆盖范围全面囊括全部 A 股上市公司， 并基于投资端需求细分 31 个行业，实现行业内与跨行业的可比分析。指标架 构采用四层穿透式逻辑架构，构建维度间相互支撑、逻辑贯通的指标体系，确 保评级维度的全面性与系统性。评级矩阵由 ESG 专业研究团队与 ...

Core Viewpoint - The Chinese automotive industry is at a critical juncture in its globalization efforts, with a strong market presence but facing potential short-term growth slowdowns due to various constraints. The focus on deep localization and industry chain collaboration is essential for maintaining competitive advantages in international markets. Group 1: Globalization and Market Strategy - The Chinese automotive industry has successfully entered the global mainstream, achieving market share comparable to American and Korean manufacturers, with a promising outlook for future growth [1] - By 2030, it is projected that China's overseas sales share could reach 15% to 20%, although growth may slow in the next two years due to factors like overseas inventory and localization challenges [1] - Key criteria for selecting target markets include large market size and a relatively mature industry chain, or a faster transition towards electrification [5][10] Group 2: Localization and Industry Collaboration - "Industry chain collaboration" and "deep localization" are identified as critical factors for Chinese automotive companies to maintain their leading position in the global market [2] - Deep localization is emphasized as a key focus for the next phase of automotive globalization, requiring companies to adapt their products and strategies to local market needs [2][17] - Companies must integrate their core value propositions with local insights to transition from a purely global layout to a symbiotic local presence [17] Group 3: ESG and Core Competitiveness - ESG (Environmental, Social, and Governance) factors are not only entry barriers for international markets but also represent core competitive advantages for companies [6][13] - Quality and trust are highlighted as essential components of ESG, which are crucial for Chinese automotive companies to succeed globally [13][16] - The traditional supply chain structures are inadequate for meeting the demands of smart electric vehicles, presenting an opportunity for restructuring the supply chain [7][13] Group 4: Market Entry and Development Strategies - Companies are encouraged to develop differentiated market expansion strategies tailored to various regions, leveraging their technological and cost advantages from the domestic market [17] - Successful global companies must ensure their values are recognized globally, and their innovative technologies and products meet local demands [17][20] - Establishing distribution and service channels is critical for overseas development, and finding local partners can facilitate market entry [23]

培训首日，山东省工程咨询院专家深入解读了项目谋划的政策机遇；山东社会科学院学者系统分析了双碳背景下 产业与能源转型的挑战与机遇；来自工业和信息化部钢铁行业标准化工作组、上海环境（601200）能源交易所、 中国银行业协会绿色信贷专委会的专家，分别就工业绿色转型实践、碳市场交易分析、绿色金融创新等主题进行 了精彩分享。课程内容既有理论高度，又具实践指导性，现场互动热烈，思想碰撞频繁。 据悉，次日培训将聚焦ESG与可持续发展战略、绿色产品与碳足迹认证实践，并特邀人工智能领军企业专家，探 讨AI大模型如何赋能产业创新变革。培训结束后，学员将带着新的知识、联结与行动共识返回工作岗位，将学习 成果转化为推动本地、本行业绿色转型的具体实践。 本期培训班是山东省绿色低碳产业发展协会发挥平台功能、服务全省战略的重要举措。通过系统化、高质量的能 力建设，旨在培育一支理解政策、精通业务、敢于创新的骨干队伍，为山东省绿色低碳高质量发展先行区建设注 入强劲的专业动能与协同合力。 2025年12月25日，由山东省绿色低碳产业发展协会主办的"2025年全省绿色低碳高质量发展先行区建设专题培训 班"在济南珍珠泉宾馆正式开班。来自全省各级发 ...

来源：环球网 【环球网消费报道 记者 刘晓旭】南海之滨，椰风轻拂。2025年12月12日，一场关乎黄金产业未来的思想盛宴在三亚拉开帷幕。由世界黄金协会与中国黄金 协会联合主办的"2025黄金行业可持续发展大会"在此隆重举行。在全球ESG浪潮奔涌与"双碳"目标深入推进的时代背景下，本次大会汇聚国内外行业领袖、 顶尖学者与资深媒体，共同探讨黄金行业可持续增长的新路径，共建负责任的黄金产业生态，推动整个产业链向善而行。 大会伊始，主持人世界黄金协会中国区CEO王立新便点明了会议的深远意义。他提到，2025年是挑战与机遇并存的关键之年，可持续发展已从行业共识上升 为全球行动，这一议题正深刻重塑着全球黄金产业的格局。 在随后的主旨演讲环节，中国黄金、山东黄金、紫金矿业、山东招金四大黄金巨头的领军人物联袂登场，奉献了一场关于战略、实践与未来的深度对话，为 中国黄金产业的可持续发展之路提供了清晰的路线图和生动的实践样本。 作为行业的压舱石和领航者，四大黄金集团从各自企业的实践出发，系统阐述了对可持续发展的深刻理解与战略布局，展现了新时代中国黄金企业的责任与 担当。 0:00 战略引领，合规筑基：中金黄金的"新篇章"之道 中 ...

Core Viewpoint - The "2025 Qingdao Wealth Forum" aims to create a platform for dialogue on wealth management, focusing on its role in supporting China's modernization efforts and financial strategies [1][3]. Group 1: Forum Overview - The forum will take place on December 26 in Qingdao's Jinjialing Financial District, featuring a main forum and three parallel sub-forums [1][3]. - The main forum will discuss new paradigms in wealth management and national financial development directions, particularly in the context of the "14th Five-Year Plan" [3][5]. Group 2: Sub-Forums Focus - The first sub-forum will explore how financial technology is reshaping wealth management, with discussions on digital currency, data assetization, and smart investment advisory [4]. - The second sub-forum will focus on green finance and sustainable investment, discussing innovations in green financial products and ESG evaluation systems [4]. - The third sub-forum will showcase digital financial innovations and recognize outstanding financial technology projects, promoting the application of digital finance in wealth management [4]. Group 3: Strategic Importance - The "14th Five-Year Plan" period is critical for achieving socialist modernization and advancing high-quality financial development, with wealth management serving as a vital link between finance and the real economy [5]. - The forum aims to connect local, national, and global perspectives on wealth management, exploring integration with technology, green initiatives, and industry [5].

京基智农同时斩获两大奖项，彰显其社会责任实践的广泛影响力，为行业树立标杆。在环境(E)层面， 公司采用先进的"楼房养殖+6750自繁自养一体化"养殖模式，有效节约土地资源；生产过程中将养殖粪 污100%转化为有机肥，废水经处理后用于灌溉回用，沼气年发电量达9.4万千瓦时；通过研发生物发酵 技术，在广东徐闻将菠萝加工副产品转化为优质发酵饲料，实现菠萝渣100%资源化利用，形成"种植- 回收-养殖-还田"的绿色闭环。 在社会(S)责任层面，京基智农作为"国家级生猪产能调控基地"及广东省、深圳市、珠海市"菜篮子基 地"，持续为粤港澳大湾区优质猪肉产品保供稳价贡献力量。在乡村振兴领域，公司积极发展"公司+农 户"生猪代养，为合作农户提供技术、资金与市场支持，有效促进农户就业增收，并通过开展捐资助 学、敬老活动、援建乡村基础设施建设、赞助村BA等公益活动持续回馈乡村，2025上半年累计投入公 益资金55.67万元。 近期，京基智农(000048.SZ)在社会责任领域斩获双重荣誉，接连获评两大权威奖项，其深耕ESG建设、 践行社会责任的扎实实践获得行业与社会高度肯定。 12月16日，由上海报业集团智通财经发起的2025【 ...

2025年12月21日，钛媒体「2025 EDGE AWARDS」正式揭晓，国内综合物流服务领军企业韵达股份 （002120.SZ）凭借稳健的经营业绩、领先的数字化能力与卓越的可持续发展实践，成功斩获 "最具投 资价值上市公司" 奖项。这一荣誉不仅是行业与市场对其核心竞争力的高度认可，更印证了其在物流行 业变革浪潮中，以科技创新与ESG实践双轮驱动，构筑长期投资价值的战略定力。在电商渗透率持续提 升与物流全球化加速的背景下，韵达股份正从 "快递服务商" 向 "全球综合物流服务商" 稳步迈进，成为 资本市场值得长期关注的优质标的。 数智化+多业务布局，激活增长新动能 作为物流行业数字化转型的先行者，韵达股份始终以"全面数字化、移动数字化"为战略核心，构建 "1+N+AI"多层次科技体系，将技术创新深度融入全链路运营场景。在智能调度领域，自主研发的快件 运营信息系统与GPS卫星定位系统，实现全国2500条陆运主干线、800余条航空直发线路的实时监控与 动态优化；末端服务环节，无人车、智能快递柜与9.4万余个末端门店驿站形成高效网络，成本管控能 力领跑行业。 数智化投入的持续兑现，直接转化为强劲的业绩增长。2025 ...

Core Viewpoint - The increasing number of dissenting votes from H-share shareholders at various A+H listed companies indicates a growing concern over ESG (Environmental, Social, and Governance) standards, reflecting a shift in the importance of ESG from a supplementary factor to a prerequisite for engaging with global capital markets [3][4][5]. Group 1: Dissenting Votes in H-share Meetings - Numerous H-share shareholder meetings have seen significant opposition to ordinary resolutions, with dissenting votes reaching 3.08 billion shares (12.02%) at China Energy Construction and 1.21 billion shares (16.08%) at GF Securities [4]. - At China Telecom's meeting, two resolutions received 4.37 billion dissenting votes, exceeding 20% of the total [5]. - The trend of high dissenting votes has been persistent, with companies like Huatai Securities and Huaneng International also facing substantial opposition [6]. Group 2: ESG Concerns and Standards - Foreign investment institutions are increasingly critical of the ESG content in Chinese companies' reports, viewing dissenting votes as a statement on corporate governance [3][7]. - The disparity in ESG standards between domestic and international expectations poses a dual challenge for Chinese companies, as they must meet both international rating requirements and local policy directives [3][9]. - The MSCI research indicates that companies with lower ESG ratings face higher financing costs, with a difference of approximately 1.1 percentage points between the highest and lowest rated firms [8]. Group 3: Challenges in ESG Reporting - There is a perception among some overseas institutions that Chinese companies' ESG evaluations are biased, often focusing on documentation rather than practical actions [10]. - The Future Vision report highlights that 73.6% of Chinese companies lag in governance and behavior issues compared to a global average of 44.7%, indicating a significant gap in ESG performance [11]. - The need for a unified and industry-adapted disclosure standard is emphasized, with suggestions for collaborative governance among government, regulatory bodies, investment institutions, and companies to enhance ESG reporting quality [12][13]. Group 4: Progress in A-share ESG Reporting - A-share companies have made significant strides in ESG governance, with the disclosure rate of ESG reports increasing from 34.86% in 2022 to 41.51% in 2023, and projected to reach 46.34% in 2024 [14][15]. - The regulatory framework has evolved, with new guidelines promoting sustainable development reporting and aligning with international climate change disclosure requirements [14]. - Companies are shifting their perspective on ESG from viewing it as a cost to recognizing its potential as a capital-generating asset [15].

Core Insights - The Chinese mini-game market is experiencing significant growth, with actual sales revenue reaching 23.276 billion yuan in the first half of 2025, a year-on-year increase of 40.2%, far exceeding the mobile game market's growth rate of 16.55% [1] - The company, 37 Interactive Entertainment, is actively seeking transformation by expanding from gaming into artificial intelligence, quality education, and global distribution, aiming to create a future-oriented global entertainment technology ecosystem [1] Group 1: Market Trends - The mini-game market is projected to exceed 60 billion yuan in size by 2025, indicating that it remains unsaturated compared to the slowing mobile game market [1] - The company is reducing its reliance on traditional user acquisition methods and is focusing on technology-driven content efficiency through AI and data platforms [2] Group 2: Product Development - The company is enhancing its long-term operational capabilities for existing games, with titles like "Seeking the Path of the Universe" and "Time Grocery Store" effectively extending game lifecycles through various engagement strategies [3] - New products are achieving impressive results, with "Time Explosion" reaching the top of the iOS free chart upon launch, and "Heroes Have No Flash" quickly entering the top five of the iOS sales chart [4] Group 3: R&D and Global Strategy - The company is expanding its self-developed capabilities and diversifying its product line, forming a rich external development reserve through partnerships with quality developers [5] - 37 Interactive Entertainment has established itself as a leading global game publisher, successfully distributing numerous titles across over 200 countries and regions [7][8] Group 4: Talent Strategy - The company offers a comprehensive employee welfare system, including an enhanced insurance package and housing support for employees who have been with the company for over two years [9][10] - A focus on work-life balance is evident through policies like double weekends and early leave on certain holidays, alongside a robust talent development program [12][18] Group 5: Future Outlook - The company is committed to building a long-term competitive advantage through technological innovation, quality development, global distribution, ESG governance, and talent development strategies [26] - 37 Interactive Entertainment aims to enhance its global cultural expression and maintain a long-term perspective to improve the quality of cultural output [26]

12月22日，南方电网储能股份有限公司（南网储能，600995.SH）成功召开2025年第四次临时股东大 会，选举产生了第九届董事会。此次换届选举，是公司发展历程中的重要时刻，为南网储能的未来发展 注入了新的活力与智慧。 新一届董事会由刘国刚、李定林、范晓东、张昆、杜云辉5名非独立董事，陈启卷、王晓锦、张粒子3名 独立董事，以及职工代表董事肖植甫共同组成。在随后的选举中，由刘国刚先生担任董事长，李定林先 生担任总经理，全面主持经营。高磊先生担任公司副总经理兼会计师，周建为先生、孙立群先生、黄海 先生、李媛媛女士担任公司副总经理，钟林先生担任公司董事会秘书。 2025年，公司荣获 "第二十届中国上市公司董事会'金圆桌奖'" 的 "公司治理特别贡献奖" 和 "董秘好助 手"，充分体现了南网储能在公司治理结构、董事会运作、信息披露、投资者关系管理等方面的优秀表 现。公司始终坚持以规范的治理结构和高效的决策机制为核心，不断提升公司治理水平，保障股东和利 益相关者的合法权益。同时，公司注重信息披露的及时性、准确性和完整性，积极与投资者进行沟通交 流，增强了市场的信心和认可度。 在投资者关系管理方面，南网储能也取得了丰硕 ...