证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 08 日 浙商早知道 2025 年 12 月 08 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要观点 重要点评 【浙商大消费中观策略 马莉/史凡可/陈钊】商贸零售 行业深度：TOP TOY 潮玩发展之路： IP 矩阵、全品类、 全球化——20251207 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 【浙商 ESG 祁星】专题研究：中国"双碳"政策体系继续完善，欧美气候监管转向灵活务实——20251205 【浙商金属新材料 何玉静/沈皓俊】有色金属 年度行业策略报告：供需矛盾催化升级，周期红利价值凸显—— 20251206 【浙商策略 廖静池/王大霁/高旗胜】A 股策略周报：冗余时刻还未结束，目标不变、守株待兔——20251206 【浙商固收 覃汉/沈聂萍】债券市场专题研究：本轮债市要调整多久？——20251206 浙商早报 1 重要观点 1.1 【浙商 ESG 祁星】专题研究：中国"双碳"政策体系继 ...

Core Viewpoint - Tungsten is a strategic metal essential for the development of new productivity, widely used in aerospace, new energy vehicles, and artificial intelligence. The company aims to build a globally competitive tungsten industry group by integrating ESG principles into its strategic decision-making and operations [1][2]. ESG Integration - The company has established a three-tier ESG governance structure, integrating ESG into its governance system and linking ESG performance with management responsibilities [1][2]. - Key ESG issues identified include compliance, innovation, product quality, customer service, and environmental management [2]. Compliance and Innovation - A compliance committee has been established to embed compliance processes into workflows, utilizing AI for effective risk management in various areas [2]. - The company plans to invest 694 million yuan in R&D in 2024, with R&D personnel making up 16.18% of the workforce [2]. Environmental Management - Environmental risks are incorporated into the comprehensive risk management system, with a dedicated department for environmental protection [3]. - The company promotes green production and aims to create a waste-free mining operation, focusing on water recycling and tailings resource utilization [3][4]. Green Manufacturing - The company is advancing energy-saving and carbon-reduction technologies, implementing solar power and heat recovery systems in its facilities [4]. - Six subsidiaries have achieved national green factory status, and two have received provincial recognition [4]. Carbon Management - The company actively engages in carbon management, calculating CO2 emissions quarterly, with a total of 401,500 tons of CO2 equivalent emissions in 2024 [5]. - Technological innovations have significantly reduced energy consumption and environmental pollution [5]. Core Competitiveness - The company is enhancing its core competitiveness through industry chain collaboration and technological innovation, with a closed-loop system from resource extraction to application [6]. - The company leads in hard alloy production globally, holding over 25% of the domestic market share [6]. International Competitiveness - The company is improving its supply chain management by integrating ESG requirements into supplier evaluations, promoting green and low-carbon development [7]. - The company aims to become a world-class tungsten industry group, focusing on innovation, coordination, green development, and sharing [7].

德勤中国近期发布《德勤中国2025财年社会影响力报告》时提到，中国企业出海目前已经从简单的产品 出海，演变到在海外建立营销机构，再到在海外建立产供销体系，现在领先企业已进入系统的全球产业 链布局阶段。在这一过程中，企业会面临一系列问题，需要避免盲目性，应进行系统性规划，包括充分 发挥ESG作用，更好地与当地社区建立联系并得到支持。 一个新的事实正在被验证：在国际体系中，企业的可持续能力与沟通能力逐步成为一种基础的"全球通 行证"。环境、社会和公司治理（ESG）表现已不再是锦上添花的"加分项"，而是关乎市场准入的"通行 证"。 对于中国企业而言，出海的底层逻辑已然改变。依赖成本与效率优势单兵突进的时代渐近尾声，一场围 绕ESG能力构建的全面竞赛已然展开。未来，建立相对统一的ESG监管体系、确保信息披露的持续性与 可信度、提升机构对于企业ESG指导与服务水平将是破局之道。 ● 本报记者 昝秀丽 合规与价值双轮驱动 面对不同国家和地区差异化的ESG监管规则，中国出海企业如何实现高水平、可持续发展，已成为必须 解答的时代课题。具体而言，各地监管与实践节奏不一、企业自身治理与信息披露能力存在短板、专业 服务机构支撑不足 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）近日，在由中国证券报、中国国新主办，国新证券承办，苏州工业园区城市发 展研究院全面战略支持的2025年金牛企业可持续发展论坛暨第三届国新杯·ESG金牛奖颁奖典礼上， ESG金牛奖百强、ESG卓越央企金牛奖、ESG碳中和金牛奖、ESG科技引领金牛奖、ESG治理金牛奖、 ESG乡村振兴金牛奖及ESG新锐金牛奖七项奖项获奖名单正式揭晓。爱婴室凭借在环境、社会及公司治 理（ESG）领域的卓越实践与突出成果，成功斩获"ESG治理金牛奖"，彰显了行业领先的可持续发展实 力。 "国新杯·ESG金牛奖"依托中国证券报的权威影响力与国新证券的专业金融服务，构建了覆盖环境、社 会责任与公司治理的全方位评价体系，已成为衡量企业ESG发展水平的关键标杆。 荣获"第三届国新杯·ESG治理金牛奖"，是对爱婴室在ESG领域长期投入与实践成果的高度认可。在国 家"双碳"目标引领高质量发展的背景下，这份荣誉亦意味着更深远的责任。爱婴室已连续两年发布ESG 专项报告，系统展现其在绿色运营、公司治理、可持续供应链、员工关怀与社会公益等方面的扎实行 动，实现了从理念到实践的关键跨越。 展望未来，爱婴室 ...

Group 1 - The core viewpoint emphasizes that sustainable information disclosure should be viewed as a strategic opportunity rather than a compliance burden, driving internal growth and international trust for companies [1][2] - The year 2025 is highlighted as a pivotal moment for China's modernization journey, where companies are encouraged to embrace sustainable practices as a means to enhance long-term resilience and core competitiveness [1][2] - A total of 2,481 A-share listed companies have disclosed their 2024 sustainable development reports, with a disclosure rate exceeding 46%, indicating a significant shift towards governance and management process optimization [2][3] Group 2 - The R&D investment of Chinese listed companies has exceeded 1 trillion yuan for three consecutive years, with a strategic emerging industry R&D intensity of 5.21%, signaling growing recognition from global capital [3] - The MSCI ESG ratings of one-third of companies in the Shanghai and Shenzhen stock exchanges have improved, with the proportion of companies rated AAA or AA rising from 0 to 7.2% over five years, demonstrating enhanced international trust [3] - The company association aims to optimize the investment ecosystem by promoting ESG investment concepts and attracting more international long-term capital to support sustainable development [4]

上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证券交易所和香港交易所的指数编制行情授权。证券之星成立ESG生态 联盟，旨在为上市公司和投资机构、ESG研究与评级机构等搭建沟通与交流平台，推动形成具有中国特 色、国际认同的ESG管理体系。 【ESG小知识】什么是ESG？ESG是Environmental, Social and Governance的缩写，即环境、社会和治 理。ESG 指标分别从环境、社会以及公司治理角度，来衡量企业发展的可持续性。 日前，华证指数公布了新一期（2025年10月31日）的ESG评级结果，宝利国际（300135.SZ）获得CC评 级（华证指数评级为C起至AAA九档，C为最低档，AAA为其最高一级评级/AA为其第二档），上一期 （2025年7月31日）ESG评级为CCC。本期ESG评级在494家化学制品行业A股上市公司中排名第429（上 一期排名第383）。 从细项得分来看，宝利国际E项得分63.23，评级为CC，行业内排名245/494（E项目评分维度包括气候 变化、资源利用、环境污染、环境友好、环境管理） ...

【ESG小知识】ESG中S维度包含哪些内容？社会（S）：关注企业对待员工、供应商、客户、社区和社 会的方式，包括劳工权利、多样性和包容性、社区投入、安全和健康等方面。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从细项得分来看，国际复材E项得分63.98，评级为CC，行业内排名25/43（E项目评分维度包括气候变 化、资源利用、环境污染、环境友好、环境管理）；S项得分83.92，评级为BBB，行业内排名18/43（S 项目评分维度包括人力资本、产品责任、供应商、社会贡献）；G项得分73.33，评级为B，行业内排名 34/43（G项目评分维度包括股东权益、治理结构、信披质量、治理风险、外部处分、商业道德）。 上海华证指数信息服务有限公司（简称"华证指数"），是一家专业从事指数与指数化投资综合服务的公 司，拥有上海证券交易所、深圳证券交易所和香港交易所的指数编制行情授权。证券之星成立ESG生态 联盟，旨在为上市公司和投资机构、ESG研究与评级机构等搭建沟通与交流平台，推动形成具有中国特 色、国际认同的ESG管理体系。 日前，华证指数 ...

此外，评选覆盖多个维度并具备专业性。 为对企业财务、鉴证、治理结构、合规等方面进行系统评 估，评审团汇聚了来自全球顶尖机构与知名高校的专家学者。同时，依托妙盈科技、Wind ESG、商 道融绿三家数据合作伙伴的支持，我们整合了上万家中国企业的ESG信息，为评审提供了扎实的数据 基础。虎嗅ESG向各位合作伙伴表达诚挚谢意！ 历经两个月的公开征集与专业评审后， 2025"可持续品牌典范" 榜单已于近日正式揭晓。究竟哪些企 业真正将ESG融入战略，在可持续发展道路上走在了前列？让我们一同关注这份凝聚专业与诚意的年 度榜单。 在近200家入围企业中，我们最终评选出55家上榜企业，他们分享了本届全部11项荣誉（包括1项年 度大奖及10项专项奖）。从环境到社会再到治理，这些企业将社会责任融进自己的商业血脉中。 本次榜单的核心价值首先体现在其公正性上 ——整个评审过程完全独立，未受任何商业因素干扰。 其次，榜单的权威性源于严谨的规则设计。 我们特邀业内资深专家担任观察员，全程监督申报与评 审各个环节，确保流程公平、杜绝偏颇。 "2025可持续品牌典范"组委会成员包括： 评委团成员（排名不分先后，按首字母排序）：李岷（虎嗅网 ...

Core Viewpoint - The "ESG and Corporate Value Growth" summit highlighted the increasing importance of ESG in enhancing corporate value among Chinese listed companies, marking a shift from policy-driven to value-driven ESG development [1][2] Group 1: ESG Development in China - Chinese listed companies recognize the significance of ESG in driving their value growth, with ESG becoming integrated into strategic governance, business processes, and risk management [1] - The transition to a systematic and institutionalized approach in ESG and carbon neutrality policies reflects China's growing role in global climate governance and sustainable development [1] Group 2: ESG Value Ranking - The "Top 50 ESG Value Ranking" was released, based on authoritative data from 2022-2024, emphasizing the core principle of "responsibility builds value, green leads the future" [2] - The selected top 50 companies exhibit strong ESG ratings, solid profitability, and market performance that outpaces major indices, often being industry leaders with notable governance and social responsibility [2] Group 3: Awards and Recognition - Seven annual awards were presented to recognize excellence in ESG, investor relations, and philanthropy, celebrating outstanding companies and individuals in these fields [4] - A white paper titled "Responsibility Drives Value: Research on ESG Ratings and Market Value of Chinese Listed Companies" was released, demonstrating the positive impact of strong ESG performance on corporate market value through various mechanisms [4] Group 4: Technological Advancements in ESG - The launch of the ESG AI platform "Bohang Xiao E" aims to address challenges in substantive issue investigation, report writing, and performance improvement using artificial intelligence, marking a new phase in ESG consulting services [4]

Group 1 - The first China "ESG and Corporate Value Growth" summit was held in Shenzhen, focusing on the core issues of ESG-driven long-term value growth for enterprises [1] - Over a hundred representatives from industry associations, financial institutions, research organizations, and listed companies participated in the event to explore the development and practice of ESG in China [1] - The CEO of China Chengxin Group emphasized that listed companies in China have recognized the importance of ESG for value growth, transitioning from policy-driven to value-driven ESG development [1] Group 2 - BYD's Chief Sustainability Expert introduced the company's three major green initiatives in photovoltaic, energy storage, and new energy vehicles, establishing a sustainable governance system that serves as a model for manufacturing enterprises to implement ESG [2] - The Chairman and CEO of Bohan Sustainable Development Center revealed the revolutionary changes AI brings to corporate ESG management, highlighting the deep integration of AI and ESG [2] - A white paper titled "Responsibility-Driven Value: ESG Ratings and Market Value Performance of Chinese Listed Companies" was released, indicating that excellent ESG performance can drive corporate market value growth by reducing risks and optimizing financing costs [2]