在实施路径上，《气候准则》现阶段定位为试行文件，采取企业自愿实施模式。后续将采取"区分重 点、试点先行"的渐进策略，逐步实现从上市公司到非上市公司、从大型企业到中小企业、从定性要求 到定量要求、从自愿披露到强制披露的扩展。 财政部会计司有关负责人表示，该准则的发布强化了绿色低碳发展的标准供给，通过构建透明可靠的信 息披露制度，引导资本精准流向低碳项目，为培育新质生产力注入制度动力。 作为国家统一可持续披露准则体系下发布的首项具体准则，《气候准则》为"双碳"目标从国家战略向企 业实践转化提供了关键制度支撑。此前，2024年11月《企业可持续披露准则——基本准则（试行）》 （以下简称《基本准则》）发布，《气候准则》成为该体系下首个落地的具体主题准则，具有承上启下 的重要意义。 在业界看来，随着我国"双碳"目标稳步推进，绿色金融体系不断完善，《气候准则》的发布，不仅能为 企业提供清晰、系统的披露框架，也能为资本市场、监管机构及其他利益相关方构建统一、可比的信息 基础，是我国参与全球气候治理和国际可持续信息披露建设的重要阶段性成果。 财政部会计司有关负责人在答记者问时表示，《气候准则》在制定目的、披露目标、体例结构、 ...

21世纪经济报道记者雷椰 李德尚玉 北京报道 凡是挑战，必蕴机遇。 "问题的关键在于我们的认知视角。若我们将可持续信息披露视为被动的'合规成本'，它便只是负担； 但若我们将其视为企业'强身健体'、融入全球体系的'通用语言'，它就能成为驱动内生增长、赢得国际 信任的强大引擎。"中国上市公司协会（以下简称"中上协"）会长宋志平在2025年联合国全球契约组织 年会暨机构成立25周年纪念活动上表示。 宋志平进一步表示，2025年是中国式现代化征程上承前启后的关键一年，在"加快经济社会发展全面绿 色转型，建设美丽中国"总体要求的引领下，上市公司群体通过践行科技创新、实现绿色转型、促进共 同富裕，愈发深刻地认识到可持续发展不仅是回应外部监管的要求，更是构筑企业长期韧性、培育核心 竞争力的内在战略支点。中国上市公司要化被动为主动：将信息披露从"合规负担"升维为"全球治理通 行证"。 今天，站在一个新的起点上，宋志平认为，将可持续信息披露的挑战转化为战略机遇，需要企业家的远 见与担当，需要监管机构的智慧与引领，需要投资人的耐心与支持。 宋志平进一步表示，中国上市公司协会作为全国性的上市公司自律组织，积极发挥"桥梁、平台、阵地 ...

Core Insights - Dongguan has implemented a groundbreaking practice by utilizing agricultural support re-loan monetary policy tools to provide a 10 million yuan sustainable information disclosure-linked loan to a core enterprise's upstream suppliers in the metal manufacturing industry, creating a new paradigm that deeply binds sustainable information disclosure with credit resource allocation [2][3] Group 1 - The innovative practice addresses the growing demand from stakeholders such as creditors and investors for corporate sustainable information disclosure, transforming the quality of such disclosures into a "credit passport" for financing [3] - By integrating data resources from core enterprises' supply chains, including tax, invoices, utility bills, and bank statements, the practice allows for direct credit limit determination for upstream suppliers based on their sustainable development performance [3][4] - This initiative shifts the focus from "individual disclosure" to "whole chain disclosure," enhancing the overall ESG management level of the supply chain and enriching the operational profiles of small and micro enterprises [3] Group 2 - Under the guidance of the People's Bank of China Dongguan Branch, Dongguan Bank has established a comprehensive sustainable information disclosure mechanism based on the principles of reliability, relevance, comparability, and verifiability, which aids in precise corporate profiling and optimizing financial resource allocation [4] - The next steps include encouraging more enterprises to disclose sustainable information, enhancing green competitiveness, and expanding the information disclosure-linked mechanism to other green industries such as renewable energy and energy conservation [4] - The plan involves developing a full-cycle product system that links disclosure quality grading, dynamic interest rate adjustments, and quota recycling, while utilizing big data technology to create a digital platform for the supply chain [4]

Core Viewpoint - ESG has gradually become a core strategic indicator for measuring long-term corporate value, with rapid development in China, but further efforts are needed in top-level design, data governance, and technology application [1][2]. Group 1: ESG Development - The rapid development of financial technology over the past decade, including AI, big data, and cloud computing, has reshaped financial service models and accelerated ESG development in China [1]. - Continuous improvement of top-level design is necessary to implement ESG policies effectively, with sustainable information disclosure entering a systematic promotion phase [1][2]. - Establishing and improving an ESG data governance system is crucial due to the complexity and diversity of ESG data, which involves environmental, social, and governance dimensions [2]. Group 2: Technological and Institutional Support - Strengthening technology-driven approaches and increasing the application of AI in the ESG sector will enhance data processing and analysis capabilities, providing new solutions for ESG innovation [2]. - Financial institutions and enterprises need to firmly establish sustainable development concepts, recognizing the importance of ESG and addressing issues such as talent shortages and weak data foundations [2]. - Large enterprises, including state-owned enterprises, should play a leading role in promoting ESG collaboration with small and medium-sized enterprises through carbon management platforms and ESG training [2].

Core Points - The establishment of a mandatory sustainable information disclosure system for listed companies in China marks a significant step towards promoting sustainable development and enhancing the long-term sustainability capabilities of these companies [2][3][9] Group 1: Current Status of Listed Companies - As of September 2025, there are 5,167 listed companies on the Shanghai and Shenzhen stock exchanges, with a total market capitalization exceeding 100 trillion yuan, ranking second globally [1] - In 2024, 1,869 companies disclosed sustainability reports, representing a disclosure rate of 34.7%, while an additional 612 companies released social responsibility reports [5] - The quality of disclosures has improved significantly, with 99.3% of reports including quantitative indicators and over 80% of companies disclosing more than 25 indicators [5] Group 2: Regulatory Framework and Guidelines - The new "National Nine Articles" introduced in April 2024 aims to enhance the sustainable information disclosure system for listed companies, with the China Securities Regulatory Commission guiding the development of the first systematic and mandatory disclosure guidelines [2][3] - The disclosure system combines mandatory and reference elements, requiring key companies to disclose essential data such as carbon emissions and energy consumption [2][3] - Specific guidelines on climate change, pollution emissions, and resource utilization have been published, with ongoing public consultations to refine these standards [2][5] Group 3: International Context and Trends - ESG (Environmental, Social, and Governance) has become a focal point in global capital markets, with the proportion of S&P 500 companies voluntarily disclosing ESG reports rising from approximately 20% in 2011 to over 90% in 2023 [4] - China's commitment to green and low-carbon transformation was reaffirmed at the UN Climate Change Summit, emphasizing the importance of sustainable development despite challenges from other nations [4][9] Group 4: Future Directions and Challenges - The sustainable disclosure system is expected to enhance the global image of Chinese enterprises and support their innovative development [7][9] - The transition from qualitative to quantitative disclosures is underway, with a focus on integrating ESG principles into corporate strategies and risk management [8][9] - Challenges such as increased disclosure costs and data complexity remain, prompting suggestions for incorporating verification of sustainability disclosures into the regulatory framework [8]

Investment Rating - The report maintains a positive outlook on the ESG industry, indicating a "Look Forward" rating for the sector [3]. Core Insights - The G20 Environment and Climate Sustainability Ministerial Meeting held in Cape Town focused on biodiversity protection, climate change, land degradation, waste management, air quality, and marine environment protection. China emphasized its commitment to global environmental governance and green development [3][12]. - The issuance of ESG bonds in China has reached 3,685, with a total outstanding amount of 5.61 trillion RMB, where green bonds account for 62.04% of the total. In the past month, 36 ESG bonds were issued, totaling 27.5 billion RMB [5][23]. - The market currently has 936 ESG public funds with a total net asset value of 1,035.32 billion RMB, where ESG strategy products represent 50.41% of the total. No new ESG public funds were issued in the last month [5][32]. - The report highlights the performance of major ESG indices, noting that all indices except for the 300ESG Leading Index underperformed the market recently, with the largest decline being 3.58% for the Wind All A Sustainable ESG Index [6][38]. - Zhang Zhengwei, a special advisor to the ISSB chairman, stated that China is entering a new phase of high-quality development in sustainable information disclosure, which is expected to reveal high-quality investment opportunities [7][40]. Summary by Sections Domestic Highlights - The G20 meeting emphasized China's role in global environmental governance and its achievements in improving air quality, forest resource cultivation, and renewable energy development [3][12]. - The launch of Hubei's ecological environment rights trading platform aims to streamline green transition solutions for enterprises [13]. - The National Energy Administration announced the first batch of hydrogen energy pilot projects, supporting 41 projects across various regions [14]. - The National Development and Reform Commission will support projects related to green methanol and sustainable aviation fuel production [15]. International Highlights - The International Maritime Organization (IMO) postponed the vote on the "Net Zero Framework" for one year, allowing member states to reach a consensus [4][18]. - Singapore and Australia have agreed to enhance cooperation on sustainable aviation fuel and biofuels, marking a significant step in green aviation development [19][20]. ESG Financial Products Tracking - The report details the issuance and performance of ESG bonds, public funds, and bank wealth management products, highlighting the dominance of green bonds and ESG strategy products [5][23][32][37]. Index Tracking - Major ESG indices have shown varied performance, with the Wind All A Sustainable ESG Index experiencing the largest decline over the past week [6][38]. Expert Opinions - Zhang Zhengwei emphasized the importance of high-quality sustainable information disclosure in identifying investment opportunities, reflecting China's unique advantages in market scale and talent resources [7][40].

Core Viewpoint - The 2025 Sustainable Global Leaders Conference emphasizes China's unwavering commitment to green and low-carbon transformation since the announcement of the "dual carbon" goals in 2020, regardless of international circumstances [1][3]. Group 1: China's Green Transition Strategy - The concept of green and low-carbon development is a crucial part of sustainable development, and the advancement of sustainable information disclosure in China is equally steadfast [3]. - By 2030, China aims to establish a unified national sustainable information disclosure standard system, along with various policies and management systems related to carbon control and evaluation [3]. Group 2: Sustainable Information Disclosure - The introduction of high-quality sustainable information disclosure is seen as a new phase for the development of sustainable information in China, which will lead to better decision-making and the identification of high-quality investment opportunities [3][4]. - High-quality information disclosure serves a dual purpose: it acts as a "mirror" to filter out greenwashing and reveals real risks and opportunities [4]. Group 3: Future Outlook - The focus on high-quality information disclosure is expected to drive the growth of high-quality green, low-carbon, and sustainable investments in China, presenting significant opportunities for global investors [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in high-quality sustainable information disclosure in accordance with the new "National Nine Articles" requirements [1][3]. Group 1: Sustainable Disclosure Framework - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to establish the first mandatory rules for sustainable disclosure, including specific guidelines on climate change and resource utilization [2]. - In 2023, 1,869 listed companies disclosed their 2024 sustainability reports, achieving a disclosure rate of 34.7%, an increase of approximately 10 percentage points compared to the previous two years [1][2]. - The CSRC has developed a sustainable disclosure system that includes mandatory exchange guidelines and reference standards for companies [1][2]. Group 2: Improvement in Disclosure Quality - The quality of disclosures has improved, with 99.3% of companies providing quantitative indicators, and over 80% disclosing more than 25 quantitative metrics [2]. - There has been a significant enhancement in governance related to sustainability, with most disclosing companies establishing governance structures and strategic information [2]. - One-third of companies in the Shanghai and Shenzhen markets have seen improvements in their MSCI ESG ratings, with the proportion of globally leading rating companies increasing from 0% five years ago to 7.2% [2]. Group 3: Policy Implementation and Future Plans - The CSRC plans to implement mandatory disclosures for over 400 key index sample companies and dual-listed companies starting in 2026, with 95% of these companies already disclosing relevant reports ahead of time [3]. - For smaller companies, the CSRC encourages voluntary participation without mandatory requirements, expanding coverage based on policy evaluations and company capabilities [3]. - The focus of sustainable disclosure is on high-quality development rather than mere information disclosure, with ongoing training and regulatory oversight to enhance corporate awareness and risk identification [3].

Core Viewpoint - The 2025 Sustainable Global Leaders Conference highlighted advancements in sustainable information disclosure standards and the application of AI in analyzing ESG data for listed companies in China [1][3]. Group 1: Sustainable Information Disclosure - The report indicates that standards and policies for sustainable information disclosure are continuously improving, with international standards becoming more detailed [3]. - In China, various regulatory bodies have refined disclosure requirements for different entities, enhancing clarity for investors in selecting sustainable subjects [3][5]. - The overall disclosure rate among listed companies is concentrated between 60%-70%, with approximately 500 companies (about 20% of the sample) falling within this range [5]. Group 2: AI Application in ESG Analysis - The research team utilized AI models to systematically analyze unstructured sustainable disclosure reports from listed companies, aiming to provide clearer and more efficient insights into the progress and structural characteristics of sustainable information disclosure in China [3][5]. - AI technology has shown high efficiency and potential in processing unstructured ESG information, although further exploration is needed in qualitative data analysis [5]. Group 3: ESG Dimensions and Trends - The analysis framework encompasses three dimensions: Environmental, Social, and Governance (ESG), with a focus on climate change and the increasing number of institutions formulating and implementing emission reduction plans [5]. - Changes are also observed in social and governance issues, reflecting evolving trends in corporate sustainability practices [5].

Group 1 - President Trump had a productive phone call with President Putin regarding the Ukraine conflict and future trade relations between the US and Russia [2] - Secretary of State Rubio will represent the US in an upcoming meeting with Russia, with details yet to be confirmed [2] - Trump plans to meet Putin in Budapest to discuss the potential resolution of the Russia-Ukraine conflict [2] Group 2 - US stock markets saw a collective decline, with the Dow Jones down 0.65%, Nasdaq down 0.47%, and S&P 500 down 0.63% [3][4] - Major tech stocks mostly fell, with Tesla and AMD dropping over 1%, while Nvidia saw an increase of over 1% [3][4] - The Nasdaq Golden Dragon China Index fell by 0.91%, with most popular Chinese stocks declining [3] Group 3 - International oil prices fell, with WTI crude oil futures down 1.36% to $57.46 per barrel, and Brent crude down 1.37% to $61.06 per barrel [5] - Precious metals prices rose, with spot gold reaching a new high of $4,370 per ounce, and COMEX gold futures up 3.4% [5] - The yield on the US two-year Treasury note dropped to 3.42%, the lowest since September 2022 [5] Group 4 - Fuyao Glass announced that its chairman, Cao Dewang, resigned to optimize the company's governance structure, while Cao Hui was elected as the new chairman [8] - Chinese government officials expressed commitment to high-level opening and improving the business environment for foreign companies, welcoming Apple's continued investment in China [9] Group 5 - The China Securities Regulatory Commission emphasized support for high-quality sustainable disclosures by listed companies [10] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations related to a terminated contract worth 3.69 billion yuan [11] Group 6 - TSMC reported record high revenue and net profit for Q3 2025, with revenue of NT$989.92 billion, a 30% year-on-year increase [12] - NIO's executives responded to a lawsuit from Singapore's GIC, stating that previous allegations had been independently reviewed and found unsubstantiated [12] Group 7 - Tmall's Double 11 sales event saw significant user engagement, with coffee orders up 800% and supermarket orders up 670% on the first day [13] - Apple is preparing to launch a new MacBook Pro with a touch display and M6 series chips, expected to be released in late 2026 or early 2027 [14] Group 8 - Google launched a new video generation model, Veo 3.1, with improvements in audio output and editing control, deployed across its video editing platforms [15] - Honor unveiled a new concept phone, the "ROBOT PHONE," featuring a modular design and advanced camera capabilities [16] Group 9 - Nestlé announced plans to cut 16,000 jobs to improve operational efficiency, part of a cost-saving plan aimed at saving 3 billion Swiss francs by 2027 [18] - The Chinese Ministry of Commerce indicated openness to new rounds of trade talks with the US, emphasizing mutual respect [19] Group 10 - The People's Bank of China aims to enhance the financial market system to better support high-quality development [20] - Federal Reserve Governor Waller suggested a gradual approach to interest rate cuts to support the labor market [21]