Core Viewpoint - The article emphasizes the importance of sustainable information disclosure for listed companies in China, highlighting the progress made in the regulatory framework and the increasing rate of disclosure among companies [4][5][6]. Summary by Sections Sustainable Disclosure System - The China Securities Regulatory Commission (CSRC) has established a sustainable disclosure system for listed companies, which includes mandatory guidelines from stock exchanges and reference guidelines for best practices [4][6]. - The new "National Nine Articles" aims to enhance the sustainable information disclosure system for listed companies, marking the first systematic regulation in this area [4][6]. Disclosure Rate and Market Impact - In 2023, 1,869 listed companies disclosed their 2024 sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [5][6][7]. - The market capitalization of the disclosing companies accounts for about 70% of the total market [5][6]. Quality of Disclosure - The content of the disclosures has become more detailed and objective, with 99.3% of companies reporting quantitative indicators, and over 80% disclosing more than 25 indicators [7]. - There has been a significant increase in the disclosure of climate-related risks and greenhouse gas emissions, with 62.1% and 65.9% of companies respectively reporting these metrics [7]. Governance and Focused Topics - Companies are increasingly establishing governance structures for sustainability, with 67.3% having a governance framework and 63.9% disclosing strategic information [7]. - The introduction of guidelines has led to a more focused approach to sustainability topics, with increased attention on issues such as climate change and fair treatment of small and medium enterprises [7]. ESG Ratings Improvement - By the end of last year, one-third of companies in the Shanghai and Shenzhen stock markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [7]. Future Directions - The CSRC plans to continue refining the sustainable disclosure system by learning from international practices while adapting to local conditions [9][10]. - The focus will be on gradually implementing mandatory disclosures for key companies, with approximately 400 companies required to disclose by 2026, while encouraging voluntary disclosures from others [10][11]. - The emphasis will remain on high-quality development as the foundation for effective sustainable disclosures, with ongoing training and support for companies [11].

【导读】证监会：坚定不移支持引导上市公司做好高质量的可持续披露 事关上市公司可持续信息披露制度，监管最新发声！ 下一步，证监会将指导沪深北交易所以披露指引为依据，结合企业需求，适时丰富编制指南，并做好明 年强制披露后的政策评估，不断优化披露制度。 持续加强制度建设 上市公司可持续披露扩面、提质 毕晓颖表示，证监会持续加强制度建设，指导沪深北证券交易所制定上市公司可持续发展报告披露指 引，这是国内首个系统规范上市公司可持续披露的强制性规则。 同时，证监会指导交易所就其中的重点难点问题印发编制指南，为上市公司提供细化工作指导。目前， 已经印发"总体要求与披露框架""应对气候变化"两个具体指南；前不久，还就"污染物排放""能源利 用""水资源利用"三份议题指南公开征求意见。今年修订的部门规章《上市公司信息披露管理办法》也 专门明确，上市公司按照证券交易所的规定发布可持续发展报告。 "可以说，目前已经形成以'交易所指引'为强制性和底线要求、'编制指南'为参考性规范和典型实践推荐 的可持续披露制度体系。"毕晓颖称。 在政策持续引导下，上市公司可持续披露扩面、提质，彰显了上市公司高质量发展成效。具体体现为以 下五点： 一 ...

事关上市公司可持续信息披露制度，监管最新发声！ 10月16日—18日，2025可持续全球领导者大会在上海市黄浦区世博园区召开。首日，中国 证券监督管理委员会上市司一级巡视员毕晓颖围绕上市公司可持续信息披露制度主题发表演 讲。 毕晓颖指出，证监会持续加强制度建设，已形成以"交易所指引"为强制性和底线要求、以"编 制指南"为参考性规范和典型实践推荐的可持续披露制度体系。 今年，共有1869家上市公司披露了2024年可持续报告，披露率达34.7%，较前两年提升约 10个百分点；披露公司的市值占到全市场的七成左右。 下一步，证监会将指导沪深北交易所以披露指引为依据，结合企业需求，适时丰富编制指 南，并做好明年强制披露后的政策评估，不断优化披露制度。 持续加强制度建设 上市公司可持续披露扩面、提质 毕晓颖表示，证监会持续加强制度建设，指导沪深北证券交易所制定上市公司可持续发展报 告披露指引，这是国内首个系统规范上市公司可持续披露的强制性规则。 【导读】证监会：坚定不移支持引导上市公司做好高质量的可持续披露 同时，证监会指导交易所就其中的重点难点问题印发编制指南，为上市公司提供细化工作指 导。目前，已经印发"总体要求与披 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of sustainable information disclosure by listed companies, highlighting improvements in disclosure rates and the need for high-quality reporting to meet investor demands [1][2]. Group 1: Current Disclosure Status - In 2024, a total of 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [1]. - The market capitalization of the companies that disclosed sustainability reports accounts for about 70% of the total market [1]. - Additionally, 612 companies disclosed social responsibility reports, with 99.3% of these companies providing quantitative indicators, and over 80% disclosing more than 25 indicators [1]. Group 2: Future Directions - The CSRC plans to gradually improve the disclosure system by learning from international best practices and enhancing the alignment with global sustainability rules [2]. - The CSRC will guide stock exchanges to develop disclosure guidelines based on company needs and will conduct policy evaluations after mandatory disclosures are implemented next year [2]. - The CSRC aims to promote high-quality disclosures by encouraging companies to adopt sustainable development practices, enhance awareness of sustainability risks and opportunities, and provide training and case studies to assist companies [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable disclosure by listed companies, aligning with the new "National Nine Articles" to enhance the sustainability information disclosure system [2][3]. Summary by Sections Sustainable Disclosure System - The new "National Nine Articles" aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding the Shanghai, Shenzhen, and Beijing stock exchanges to create mandatory disclosure rules [3]. - Specific guidelines have been issued, including "Overall Requirements and Disclosure Framework" and "Response to Climate Change," with additional guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" currently open for public consultation [3]. Disclosure Rate and Company Engagement - In 2024, 1,869 listed companies disclosed their sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [4]. - The market capitalization of disclosing companies accounts for about 70% of the total market, with 612 companies also releasing social responsibility reports [4]. - Among the disclosing companies, 99.3% reported quantitative indicators, with over 80% disclosing more than 25 indicators [4]. Guidance for High-Quality Disclosure - The CSRC will support the gradual improvement of the disclosure system by learning from international best practices and ensuring alignment with global sustainability rules [5]. - The CSRC encourages companies not within the mandatory disclosure scope to disclose at their discretion, focusing on quality rather than quantity of disclosures [6]. - The commission aims to enhance companies' awareness of sustainable development, providing training and case studies to help identify and disclose significant risks and opportunities in sustainability [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable information disclosure by listed companies, aligning with the new "National Nine Articles" requirements to enhance the disclosure system and support companies in meeting investor needs [2][4]. Group 1: Sustainable Disclosure System - The new "National Nine Articles" aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding stock exchanges to create mandatory disclosure rules [4]. - The CSRC has already issued specific guidelines on "Overall Requirements and Disclosure Framework" and "Addressing Climate Change," with additional guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" under public consultation [4][5]. - A sustainable disclosure system has been formed, combining mandatory exchange guidelines and reference-based preparation guidelines, enhancing the quality and scope of disclosures [4][5]. Group 2: Disclosure Rate and Content - In 2024, 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points from the previous two years [5]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators. Additionally, 62.1% disclosed climate-related risks and opportunities, and 65.9% reported greenhouse gas emissions, a significant increase from 57.5% the previous year [5]. - Governance related to sustainability has strengthened, with 67.3% of reporting companies establishing governance structures and 63.9% disclosing strategic information [5]. Group 3: Rating Improvement - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [6]. Group 4: Guidance for High-Quality Disclosure - The CSRC will continue to support high-quality sustainable disclosures by gradually improving the system, drawing on international best practices while adapting to local conditions [8]. - The focus will be on a phased approach, with mandatory disclosures for key index sample companies and those listed both domestically and internationally, covering over 400 companies [9]. - The emphasis is on practical implementation, ensuring that high-quality development drives high-quality disclosures, with a focus on real sustainable practices rather than mere reporting [9][10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable information disclosure by listed companies, aligning with the new "National Nine Articles" requirements, and aims to enhance the disclosure system continuously [1][5]. Group 1: Sustainable Disclosure System - The new "National Nine Articles" issued in 2024 aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding the development of mandatory rules for sustainable disclosure [2]. - The CSRC has already released specific guidelines on "Overall Requirements and Disclosure Framework" and "Addressing Climate Change," and is seeking opinions on additional guidelines related to "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" [2][3]. Group 2: Disclosure Rate and Content - In 2024, 1,869 listed companies disclosed their sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [3]. - 99.3% of the companies that disclosed reports included quantitative indicators, with over 80% reporting more than 25 indicators. Additionally, 62.1% disclosed climate-related risks and opportunities, and 65.9% reported greenhouse gas emissions, a significant increase from 57.5% the previous year [3]. Group 3: Governance and Focused Issues - There is a growing emphasis on governance related to sustainability, with 67.3% of reporting companies establishing governance structures and 63.9% disclosing strategic information [3]. - The introduction of the guidelines has led to a more focused approach to sustainability issues, with increased attention on climate change, fair treatment of small and medium enterprises, and anti-competitive practices [3]. Group 4: ESG Ratings Improvement - By the end of last year, one-third of companies listed on the Shanghai and Shenzhen stock exchanges saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [4]. Group 5: Guidance for High-Quality Disclosure - The CSRC will continue to support high-quality sustainable disclosure by gradually improving the system, learning from international practices while considering local conditions [5][6]. - The CSRC emphasizes a phased approach to policy implementation, with mandatory disclosure requirements for around 400 companies, which collectively represent over half of the market's total value [6][7]. - The focus remains on practical implementation, ensuring that high-quality development drives high-quality disclosure, with an emphasis on real actions over mere reporting [7][8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on three environmental topics: "pollutant emissions," "energy utilization," and "water resource utilization," aimed at enhancing sustainable development awareness among listed companies and promoting standardized disclosures [1][2]. Group 1: Regulatory Framework - The CSRC has revised the "Management Measures for Information Disclosure of Listed Companies" and issued guidelines for sustainable development reporting, establishing a comprehensive disclosure rule system for listed companies [1][3]. - The new guidelines do not impose additional mandatory disclosure requirements but provide reference points for companies to prepare sustainable development reports, focusing on key processes and examples [1][2]. Group 2: Risk and Opportunity Analysis - The guidelines detail common risks and opportunities related to the environmental topics, such as capacity restrictions due to pollutant emission controls and challenges in fossil energy extraction, alongside opportunities from new pollution prevention technologies and water recycling systems [2][3]. - The core objective of the guidelines is to guide companies to proactively address key issues in sustainable development rather than merely fulfilling disclosure requirements [2][3]. Group 3: Implementation and Compliance - Mandatory disclosure subjects include companies listed in major indices like the Shanghai 180 and ChiNext 50, which must disclose their first sustainable development report by April 30, 2026 [4]. - The guidelines are compatible with international standards while integrating Chinese practices, helping companies improve their ESG ratings and reducing the learning costs associated with domestic and international standards [4][5]. Group 4: Continuous Improvement - The sustainable development disclosure rule system is continuously being refined, with the CSRC emphasizing the importance of feedback from various stakeholders during the drafting process [3][4]. - The introduction of the guidelines is expected to enhance the quality of sustainable information disclosure and highlight the investment value of high-quality companies [5].