2025年4月30日，财政部、生态环境部联合印发了《企业可持续披露准则第1号——气候（试行）（征求 意见稿）》（下称《气候准则》（征求意见稿））（财会〔2025〕17号）。 这是中国首个聚焦气候相关信息披露的具体准则，其发布实施标志着中国在全球气候治理中从"被动参 与"转向"规则引领"，也为企业绿色转型和社会经济可持续发展带来更多可能性。 中央财经大学可持续准则研究中心主任刘轶芳认为，《气候准则》（征求意见稿）意义远超单一政策范 畴，有望重塑企业价值逻辑与市场生态。 她对经济观察报表示，对市场而言，这能推动可持续金融生态加速成型，也能推动气候相关信息的标准 化发展，降低投资者评估"可持续发展溢价"的成本。随着气候相关披露数据积累，ESG评级、ESG投资 将快速发展，引导百万亿级资金向真正可持续的领域聚集，形成"披露、评级、投资"的正向循环。在目 前的国际发展趋势下，中国将不断提升自己在全球气候治理中的制度性话语权。 《气候准则》（征求意见稿）共六章47条，规范了企业如何向投资者、债权人、政府及其有关部门和其 他利益相关方提供重要的气候相关信息，便于其作出经济决策、资源配置或者其他决策。 经济观察报：为什么要在 ...

Core Insights - Audi FAW New Energy's latest products, the Audi A6L e-tron and Q6L e-tron, were showcased at the 2025 Shanghai Auto Show, highlighting the company's commitment to electric vehicle (EV) development in China [2][3] - The PPE platform, co-developed with Porsche, is designed for luxury electric vehicles, aiming for efficient electric drive, long range, and smart configurations [3] - Audi FAW New Energy's Long Chuan electric factory is a key part of Audi's electrification strategy in China, with an annual production capacity of 150,000 vehicles and a localization rate of 90% [4] Product Highlights - The Audi Q6L e-tron features a 107 kWh battery with a maximum CLTC range of 750 kilometers and supports 800V fast charging, while the A6L e-tron offers a range of 770 kilometers and 0-100 km/h acceleration in 4.5 seconds [3] - Both models utilize Huawei's advanced driving assistance technology, achieving L2-level autonomous driving capabilities [3] Sustainability Initiatives - The Long Chuan factory aims for "near-zero carbon emissions" through 100% green energy and a closed-loop water system, saving 100,000 cubic meters of water annually [5] - The factory's sustainability goals align with ESG investment trends, including waste recycling and biodiversity protection measures [5] Manufacturing Innovations - The factory employs over 800 robots, achieving over 90% automation in welding processes, and utilizes digital twin technology throughout the manufacturing process [5] - Audi FAW New Energy's manufacturing capabilities are expected to support the "oil-electric coexistence" strategy, allowing for parallel development of fuel and electric vehicles [6]

随着欧盟准备收紧与投资基金名称相关的"反漂绿"规则，ESG基金的监管压力正在增加。据晨星数据，今年第一季度，欧 洲有335个可持续基金产品更改了名称，其中116个删除了与ESG相关的术语。此外，欧洲有94个基金被清算或合并，而美 国此类基金关闭数量创下季度纪录，达到20个。 在美国，ESG抵制浪潮已影响到资产管理公司的全球业务，改变了他们在国际市场上推广和销售ESG产品的方式。 ESG投资曾被视为未来投资的主流趋势，但如今正面临严峻挑战。全球投资者的撤资潮和"反漂绿"监管的加强，反映出 ESG基金在市场接受度和合规性方面的双重压力。然而，ESG投资的长期价值依然存在，特别是在应对气候变化和可持续 发展方面的重要作用。 【环球网财经综合报道】全球ESG（环境、社会和公司治理）基金市场正面临前所未有的挑战。据晨星最新数据，2025年 第一季度，全球投资者持续抛售ESG可持续基金，净流出额高达86亿美元（约合人民币627亿元），远超历史任何时期。这 一趋势背后，是全球范围内对ESG投资热情的显著降温，以及"反漂绿"监管风暴的来袭。 晨星数据显示，美国投资者已连续第十个季度减少对可持续共同基金和交易所交易基金的敞口。 ...

Core Insights - The synergy between "mining + finance" is becoming a strategic pivot for enhancing energy and mineral cooperation under the Belt and Road Initiative (BRI) [1] - The upcoming Asia Mining Innovation Development Summit aims to deepen international cooperation in the energy and mineral industry, addressing investment bottlenecks and promoting integrated development across the entire industry chain [2] Group 1: Strategic Development - The collaborative development model under the "mining + finance" framework showcases multi-level interactions, reflecting the core philosophy of shared consultation, construction, and benefits of the BRI [1] - Financial institutions are establishing regional mining investment funds and cross-border financing platforms to guide capital flow towards strategic nodes in Central Asia and Southeast Asia, achieving a dynamic balance between resource-rich areas and consumer markets [1] Group 2: Institutional Innovation - Multilateral development banks are collaborating with countries along the BRI to design innovative institutional frameworks such as resource sovereign funds and environmental rights trading, ensuring long-term benefits for resource-rich countries while mitigating risks for international capital [1] - The establishment of strategic reserves for mineral resources and price hedging mechanisms enhances regional economic resilience against commodity price fluctuations [1] Group 3: Forum Objectives - The fourth Asia Mining Innovation Development Summit, scheduled for May 25-26, 2025, in Beijing, will focus on the theme of "mining + finance to support the development of energy and minerals along the BRI" [2] - The forum will feature a segment for matching high-quality mining rights projects from BRI countries, facilitating precise alignment between Chinese capital and overseas projects in gold, copper, coal, iron ore, and fluorite [2] - The event aims to strengthen regional mining collaboration and support China's transition from a "mining power" to a "mining strong power," while injecting new vitality into the economic potential of resource-rich countries along the BRI [2]

Delphine Dirat LSEG 政府关系与监管战略高级经理 Elena Philipova LSEG 可持续发展金融总监 David Harris LSEG 可持续发展金融总监 欧洲委员会已公布针对其可持续发展金融议程关键要素的全面改革方案，以简化欧盟的各项要求并提升欧洲 的竞争力。委员会提出的综合方案提议大幅减少受披露规则约束的公司数量，并力求简化与该披露相关的技 术性要求。 尽管报告中的削减方案以及聚焦于更具实质性数据的提案已得到广泛支持，但综合方案中的豁免条款也使投 资者可获取的企业可持续性信息的数量和全面性有所降低。 我们一直密切关注相关进展，并与监管机构及其他利益相关方保持紧密合作，以确保金融专业人士能够获取 所需数据，从而更有效地管理风险并履行监管报告义务。我们最近提出了一系列改革建议，并正在组织讨 论。接下来， 我们将深入探讨这些提案对投资者和发行人的影响，以及LSEG是如何帮助他们应对这些变化 所带来的不确定性。 综合提案背景 近年来，欧盟的可持续发展金融战略已推出多项举措，旨在引导资本投向欧盟所设定的环境目标。这些举措 包括： 欧盟分类法（EU Taxonomy） 该分类法明确了哪些 ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金（Managed Positions）在当地期货市场的各种部署，继而反 映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚 过去的周二（如果过去一周原本工作日是假日的话数据出炉会延期）。 概要 上周美股出现股灾，金价（像之前担心那样）在流动性紧张的时候被获利。纵使这周美股或会暂 时回稳，但任何回稳/回升都可能是做空的机会。特别是在市场预期5月有近一半机率减息的期望 下，联储局如果维持偏鹰的立场会再触发大跌市——如果联储局不想办法"维持体面"，市场就会 帮联储"维持体面"。 市场原本是估计联储6月减息，但随着上周的美股暴跌，市场认为5月减息的几率增加至近半，就 连减息幅度也有所增加；最乐观的情况（目前机率尚低），已经有资金猜美国今年减息从多达8次 增加至10次。 预期减息的风险是在于联储——要是美国4、5月份的通胀居高不下 ，便是笔者早在疫情时便预测 联储总有一天要在保经济/就业和保美元二者之能选择一者，而我担心联储选择的会是后者。 即使 联储 ...

富岭股份高度依赖美国市场的业务模式正面临"三重挤压"。首先，其台州基地输美商品的综合税率飙升 至79%，远超24.89%的毛利率水平，若完全承担新增关税，对美业务将直接陷入亏损。 其次，麦当劳等核心客户已启动成本转嫁机制，要求分摊54%累计关税增幅中的27%，这种议价能力的 显著不对称性将进一步侵蚀利润空间。 更严峻的是，公司规划的印尼生产基地虽被寄予厚望，但投产时间延至2025年三季度且面临32%关税壁 垒，叠加生物降解材料募投项目延期三年，产能替代与产品转型的"时间窗口"正在关闭。 从财务指标看，公司风险敞口已突破安全边际。存货周转天数激增至93.83天，同比增幅达34.47天，显 示终端需求疲软已导致库存积压。 （注：本文结合AI工具生成，不构成投资建议。市场有风险，投资需谨慎。） 责任编辑：AI观察员 股价近期21.3%的异常涨幅与基本面形成危险背离。深交所已就信息泄露风险发出问询，而龙虎榜数据 显示游资主导交易（财通证券温岭中华路等营业部频繁上榜），这种短期资金博弈难以持续。 更本质的预期差在于：市场尚未充分定价印尼产能爬坡不及预期的风险，以及生物降解材料业务收入占 比不足6%的现实困境。若Q2季报 ...

Group 1 - The future five years will see financial trends influenced by technological advancements, market changes, and evolving financial concepts [1] - The development of digital currencies and blockchain technology will attract investors, with a focus on the increasing use of Central Bank Digital Currencies (CBDCs) [1] - The rise of robo-advisors will transform traditional financial management by providing personalized investment advice through AI and big data analysis [1] Group 2 - ESG (Environmental, Social, and Governance) investment principles will gain importance as investors seek companies with strong sustainability and social responsibility performance [2] - The proliferation of personal finance education will enhance public financial awareness, enabling individuals to make more informed investment decisions [2] - Financial technology innovations will present new opportunities and challenges for traditional financial products, with a focus on enhancing user experience through services like mobile payments and online investment platforms [2] Group 3 - Psychological factors will play a significant role in investment decisions, with investors needing to manage their emotions to avoid poor decision-making during market volatility [3] - Diversification of asset allocation will become a key strategy for financial management, helping investors mitigate risks associated with single asset investments [3] - The overall financial trends in the next five years will encompass digital currencies, robo-advisors, ESG investments, financial education, fintech, psychological factors, and asset allocation strategies [3]

Core Viewpoint - BlackRock, the world's largest asset management company, is navigating complex financial and political landscapes, balancing its investment strategies in China while facing scrutiny and opposition from various U.S. states regarding its ESG policies [3][12][20]. Group 1: BlackRock's Financial Maneuvers - In early 2025, BlackRock made headlines by defaulting on a loan for two office buildings in Shanghai, despite having a substantial asset management scale of $11.6 trillion by the end of 2024 [3]. - BlackRock's net profit for 2024 was approximately $6.4 billion, indicating that the default was not due to a lack of funds [3]. - The company also participated in a significant transaction involving the Panama Canal, offering $22.8 billion, which is roughly equivalent to its total profits over the past four years [3]. Group 2: Historical Context and Growth - BlackRock's rise to prominence was significantly influenced by its acquisition of Barclays Global Investors in 2008 for $13.5 billion, which propelled its assets from $1.3 trillion to $3.3 trillion [8][9]. - Under Larry Fink's leadership, BlackRock's market capitalization grew from $1.1 billion at its IPO in 1999 to $44.8 billion by 2009, marking a 40-fold increase over ten years [9][11]. Group 3: ESG Investment and Political Dynamics - Larry Fink has been a strong advocate for ESG (Environmental, Social, Governance) investing, aligning with Democratic agendas and promoting sustainable investment practices [12]. - Despite initial success with ESG funds, BlackRock has faced backlash from Republican-led states, leading to significant withdrawals, such as $7.94 billion from Louisiana and $8.5 billion from Texas [13][14]. - The political landscape has shifted, with some officials now recognizing potential benefits from collaboration with BlackRock, especially following the Panama Canal deal [14]. Group 4: Opportunities in China - BlackRock views China as a significant opportunity, having been one of the largest beneficiaries of China's financial market opening since 2011 [16]. - The firm has established a strong presence in China, acquiring various licenses to operate in the asset management sector, including QDLP and RQFII licenses [17][20]. - However, recent geopolitical tensions and regulatory scrutiny have raised questions about the viability of continuing operations in China, prompting a reassessment of investment strategies [20][22]. Group 5: Challenges and Future Outlook - Despite its strong licensing position, BlackRock's public fund management in China has not seen significant growth, with its assets remaining below 100 billion RMB [21]. - The firm faces challenges in maintaining its competitive edge amid increasing regulatory pressures and changing market dynamics [22]. - The future of BlackRock's operations in China may hinge on its ability to navigate these complexities while continuing to seek growth opportunities [22].