随着国家正式启动"十五五"规划的宏伟蓝图，可持续发展正从一项关键战略，升级为衡量未来经济高质量发展的重要标尺。在此承前启后的 关键时刻，2025年成为中国可持续发展进程从"理念构建"迈向"实践深化"的关键年份。 企业非财务信息披露正经历一场深刻的"范式迁移"。 国务院国资委、证监会及沪深北交易所密集出台《央企ESG专项行动指南(2025)》、《上市公司信息披露管理办法》、《上市公司自律监管指 引——可持续发展报告（试行）》等相关政策，明确要求将可持续发展纳入公司治理核心，推动信息披露从"可选披露"迈向"规范披露"。 在此新周期下，金融机构作为资源配置的核心，已从理念倡导者转变为关键行动者。银行、保险、资管等机构正将ESG深度融入其战略与业 务流程，通过大力发展绿色金融、创新可持续金融产品、践行负责任投资、强化环境风险管理等一系列努力，精准引导金融活水支持实体经 济绿色低碳转型。 为系统梳理并推广实践，《清华金融评论》正式启动"2025可持续发展典型案例征集"活动，旨在搭建一个高层次的实践交流平台，通过征 集、遴选并展示在绿色金融、社会责任及可持续发展治理等领域的优秀案例，树立行业标杆，促进经验共享，共同助力中 ...

专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。上海交通大学上海高级金融学院执行院长、会计学讲席教授、可持续投资研究中心理 事长程仕军发表致辞。 程仕军表示，当今世界我们正站在一个由科技重构未来的历史节点上。一方面，全球可持续发展进程日 益深化；另一方面，以人工智能为代表的科技革命浪潮蓬勃兴起，两股力量相互交汇，深刻影响着未来 的发展格局，这要求我们必须超越"先污染、后治理"的传统路径，转而依靠科技的颠覆性力量与金融的 系统性支持，共同构建一个更有韧性，更有效率，也更加包容的可持续发展新范式。 程仕军介绍，上海交通大学上海高级金融学院自创立以来，始终秉持国际化高起点的办学模式，致力于 回应国家与时代的重大命题。在可持续金融领域，学院开展了一系列前沿探索，兴学育才，成绩斐然。 学院不仅在国内高校中率先构建起可持续金融课程体系，也积极与各界在绿色金融可持续发展等领域开 展深度合作。 据了解，2022年上海交通大学上海高级金融学院成立了高金可持续投资研究中心，中心在专项课题研 究、多层次专题活动、高水平人才培养 ...

Core Viewpoint - The company recognizes that the reduction of emissions by a single enterprise is limited, and true green transformation must extend throughout the entire supply chain [1] Group 1: Initiatives and Strategies - The company has taken the lead in establishing the "Low Carbon Supply Chain Alliance" to prioritize partnerships that meet carbon reduction standards [1] - The alliance operates under the ISO 20400 sustainable procurement framework, which provides guidelines for integrating sustainability into organizational procurement processes [1] Group 2: Leadership Perspective - The CEO of the company emphasizes that embedding low-carbon actions into every link of the supply chain is essential for achieving long-term sustainability and responding to the demands of the current era [1]

经济观察网自2018年启动低碳转型以来，统一股份（600506）系统性构建覆盖能源、供应链、原料、包 装、技术、产品与生态的七大"绿色账本"。工厂70%用电来自自有光伏，电价低至0.3元/度；推广液袋 +纸盒包装减少70%塑料使用；开发零碳润滑油降低对化石资源依赖。在统一股份的实践中，ESG不是 附加题，而是竞争力的底层代码。 ...

安永中国主席、大中华区首席执行官陈凯表示："安永大中华区已连续五年发布ESG报告，我们始 终以'All in'的热忱贡献着专业力量，深化ESG实践，携手员工、合作伙伴及社会各界，共赴人与自然和 谐共生的美好明天。" 当日，安永现场发布由人工智能驱动的"ESG学一学"智能问答功能。该模块集"学、问、考"于一 体，形成"学习—提问—测验—进阶"的完整知识闭环，致力于降低ESG学习门槛，助力用户高效掌握相 关标准与前沿动态。 在发布会现场，安永大中华区ESG可持续发展主管合伙人李菁携手安永智能问答ESG.ai，共同解读 《报告》亮点绩效和创新内容。 12月11日，安永大中华区（安永）在北京、上海、香港三地共同发布以"智启华章 绿绘新程"为主 题的《安永大中华区2025财年环境、社会和治理报告》（以下简称《报告》）。 此次ESG报告有三大创新，一是运营碳中和：2025财年，安永大中华区通过购买国际自愿碳标准项 目（VCS）和绿色电力证书，首次实现绿色运营碳中和。二是议题精细化：参考国际、国内最新可持续 发展准则编制，紧跟最新监管政策要求，精准细化ESG议题，共有48个议题237个指标，体现ESG标准 应用的先进性。三 ...

Core Insights - The report indicates that Chinese enterprises are transitioning from "compliance disclosure" to "proactive layout" in their ESG practices, reflecting a deeper and broader engagement in sustainability efforts [2]. Group 1: ESG Development in China - The Chinese ESG ecosystem is maturing, with an improving regulatory framework that supports sustainable development [1]. - China is leading in global sustainable development through significant advancements in non-fossil energy and biodiversity protection initiatives [1]. - The sustainable investment market in China is shifting from a "scale-oriented" approach to one focused on "value creation," with a total scale of ESG public funds reaching 268.29 billion yuan by June 2023 [1]. Group 2: Corporate ESG Practices - Over 70% of companies are expected to disclose carbon reduction measures by 2024, with 38% addressing biodiversity or land resource protection [2]. - Companies have reported a year-on-year decrease in total greenhouse gas emissions and intensity by 11% and 12%, respectively [2]. - More than 27% of companies will achieve 100% employee training coverage, and 75% are focusing on resilient supply chain management [2]. Group 3: Governance and Oversight - Over 70% of companies will establish board or committee oversight for sustainability efforts, with more than 40% integrating ESG factors into risk management and internal control systems [2]. - There is a notable decrease in corporate governance negative events, and employee stock ownership and incentive mechanisms are being more widely adopted [2]. Group 4: Recommendations for ESG Practices - The report suggests six measures to enhance ESG practices, including strengthening policy implementation, building internal mechanisms for sustainable practices, and enhancing local ESG rating functions [3]. - It emphasizes the importance of digital integration to improve governance efficiency and the need for international collaboration to support sustainable development [3].

Core Insights - The report highlights the evolving landscape of ESG development globally, characterized by standardization, enhanced regulation, and value integration [1] - Ernst & Young (EY) has been actively supporting Chinese enterprises in their international expansion, executing over 100,000 overseas service projects in the past three years [1] Group 1: ESG Development and Regulatory Framework - The ESG regulatory framework in China is continuously improving, with the China Securities Regulatory Commission guiding major stock exchanges to release sustainability reporting guidelines [1] - The Ministry of Finance and other departments have jointly issued the "Basic Standards for Corporate Sustainability Disclosure (Trial)" to enhance the ESG information disclosure system [1] Group 2: EY's Commitment and Achievements - EY Greater China has published its ESG report for five consecutive years, reflecting its commitment to the national "dual carbon" goals and high-quality development strategy [1] - The company aims to deepen its ESG practices and collaborate with employees, partners, and society to promote harmony between humanity and nature [1] Group 3: Social Impact and Carbon Neutrality - EY's social impact initiatives include the "EY Entrepreneur Of The Year" award and the EY Ripples global philanthropy program, which has reached over 11.5 million people since its launch in 2019 [2] - In the fiscal year 2025, EY Greater China achieved carbon neutrality in its operations through the purchase of international voluntary carbon standard projects and green power certificates [2]

Core Insights - The "Greater Bay Area Green Finance and Sustainable Development Summit Forum and ESG Disclosure Excellence List 2025" was held in Shenzhen, focusing on ESG, green finance innovation, and AI-enabled sustainable development [1] - A strategic cooperation agreement was signed between Shenzhen Financial Stability Development Research Institute and Benxi Consulting to enhance collaboration in green finance training, ESG consulting, and regional sustainable development research [1] - A number of companies were recognized for their transparency in ESG information disclosure and effective green governance, promoting the implementation of ESG concepts in the Greater Bay Area [1] Company Highlights - Xia Bo Xia Bo Catering Management (China) Holdings Co., Ltd. was included in the "Greater Bay Area ESG Disclosure Excellence List 2025" for its consistent nine-year track record in disclosing ESG practices [1] - The company integrates sustainable development concepts into its strategic decision-making and daily operations, actively building collaborative mechanisms with stakeholders [1] - Xia Bo Xia Bo is engaged in innovative explorations in green operations, food waste reduction, and low-carbon transformation of the supply chain, contributing to the green transformation and high-quality development of the catering industry [1]

Core Viewpoint - The aluminum industry is experiencing a significant price divergence between alumina and electrolytic aluminum, with alumina prices dropping sharply while electrolytic aluminum prices are on the rise, creating a "ice and fire" scenario in the market [1][8][13]. Price Trends - As of December 10, the main contract for alumina futures fell below 2500 yuan/ton, marking a significant decline from last year's peak of 5500 yuan/ton, representing a "halving" in price [1][4]. - The price of electrolytic aluminum has increased, with the average price reaching 22,100 yuan/ton as of December 5, reflecting a year-on-year increase of 7.60% [6][10]. Cost Dynamics - The production cost for electrolytic aluminum is heavily influenced by alumina prices, which have decreased by over 3000 yuan/ton compared to last year, thus improving profit margins for electrolytic aluminum producers [4][5]. - The production of 1 ton of electrolytic aluminum requires 1.92 tons of alumina, 0.46 tons of anode, and 13,500 kWh of electricity, which together account for 90% of the production cost [5]. Supply and Demand Factors - The supply of alumina is expected to remain high, with a projected production of 74.46 million tons in 2025, a year-on-year increase of 8.1%, while electrolytic aluminum production is only expected to grow by 2% [9][10]. - The disparity in supply growth between alumina and electrolytic aluminum is leading to a continued decline in alumina prices, while electrolytic aluminum prices are supported by tight supply conditions and strong demand [9][10]. Future Outlook - Analysts predict that the price divergence between alumina and electrolytic aluminum will continue, with alumina prices likely to remain under pressure due to oversupply, while electrolytic aluminum prices may see further increases driven by demand from sectors like electric vehicles and renewable energy [13][14]. - The expected supply surplus for alumina could exceed 10 million tons, while the electrolytic aluminum market may face tighter conditions in certain months due to production constraints [13][14].

Group 1 - The core event is the annual summary meeting of the "Together for a Better Future - Protecting One Kilometer of River" environmental public welfare activity, held in Shanghai on December 11, which was initiated on World Environment Day, June 5, and has been implemented in 15 cities [1][4] - The activity included various forms such as riverbank cleaning, cultural science popularization, water quality education, biodiversity observation, technology displays, and artistic creation, with a total of 30 events and over 3,000 participants from diverse backgrounds [1][4] Group 2 - Four significant highlights of the environmental public welfare activity were identified: the mainstream trend of technology empowering river protection, deep integration of ecological protection and cultural co-creation, a broad volunteer service group becoming a new driving force for river protection, and the widespread popularity of interactive and experiential actions [2][5][6] - The Chinese Environmental Protection Association plans to continue leveraging its platform advantages to deepen cooperation with various parties, promote iterative upgrades of the river protection project, and encourage more public participation [2][6] Group 3 - The Sina Finance ESG Rating Center is the first Chinese professional information and rating aggregation platform for ESG, dedicated to promoting sustainable development and responsible investment, and advancing the establishment of ESG evaluation standards in China [3][7] - The center has launched multiple ESG innovation indices to provide more options for investors concerned about corporate ESG performance and has established a forum for Chinese ESG leaders to promote the development of ESG investment in the asset management industry [3][7]