● 本报记者 昝秀丽 近年来，上市公司可持续发展披露规则体系持续完善。 1月30日，证监会指导沪深北证券交易所发布"污染物排放""能源利用""水资源利用"三个环境议题披露 指南。针对相关风险和机遇的识别与评估、核算流程与方法、披露要点等重点难点问题提供细化指导， 推动上市公司提升可持续发展意识、促进规范披露。 市场人士认为，我国已初步形成以指引为细化强制性和底线要求、指南为参考性规范和典型实践推荐的 可持续发展规则体系，有助于引导上市公司践行新发展理念，提高可持续信息披露质量，进一步彰显优 质公司投资价值。 新设三个环境议题指南 此次发布的指南新增污染物排放、能源利用、水资源利用三个章节。 一方面，详细解释相关议题的常见风险和机遇，如污染物排放总量控制要求导致的产能限制、化石能源 开采难度增加等风险，新污染防治技术的应用、引入水循环利用系统降低废水排放成本等机遇。 另一方面，提供披露数据的通用计算流程与方法，如提示常见的污染物类型和披露示例，核算能源用量 的具体方法，能耗、取水量和排放信息、减排信息、能源总消耗量、总耗水量等具体披露要点。 新增内容注重与企业实际相结合，不额外增设强制性披露义务，旨在引导上市公 ...

Core Viewpoint - The release of the revised "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" marks a significant step in the construction of a sustainable development information disclosure system in China's capital market, focusing on pollution emissions, energy utilization, and water resource utilization [1][2][3] Group 1: Guidelines and Framework - The revised guidelines are a key measure by the CSRC and the three exchanges to systematically and finely construct the sustainable development information disclosure rules [2] - The guidelines provide specific operational instructions for companies, especially those required to disclose by April 2026, addressing practical challenges in reporting on environmental issues [3][4] Group 2: Market Response and Impact - In 2025, nearly 1,900 listed companies voluntarily disclosed sustainable development reports, achieving an overall disclosure rate of approximately 35%, a 10 percentage point increase from previous years [7] - The quality of disclosures has significantly improved, with 99.25% of companies including quantitative indicators in their reports, reflecting a shift from qualitative to precise quantitative disclosures [8] Group 3: Future Directions and Support - The exchanges plan to enhance market training and consultation services to support companies in complying with the new disclosure requirements [11][12] - The guidelines will continue to evolve based on practical developments, with future focus on social and governance dimensions [12][13]

Core Viewpoint - The implementation of mandatory ESG disclosure for A-share listed companies is approaching, with the first reports due in 2026, marking a shift from voluntary to mandatory compliance in sustainability reporting [1][2][3]. Group 1: ESG Disclosure Requirements - Companies listed in major indices like the Shanghai Stock Exchange 180 and the Sci-Tech Innovation Board must disclose their 2025 sustainability reports by April 30, 2026 [2]. - A significant majority of companies (95%) have already begun disclosing sustainability or social responsibility reports ahead of the mandatory requirements, establishing a solid foundation for the new system [3]. Group 2: Strategic Initiatives by Leading Companies - Leading firms such as PetroChina and Shenwan Hongyuan are proactively developing comprehensive ESG strategies, with many adopting a three-year cycle for their ESG reports [2]. - 87% of companies that have disclosed ESG reports have established governance frameworks for sustainability, and 70% have conducted dual materiality assessments [2]. Group 3: Challenges and Support Mechanisms - Some companies, particularly in high-energy and complex supply chain industries, face challenges in transitioning to mandatory disclosure, necessitating targeted support and guidance [4][5]. - Recommendations include structured training and the development of simplified disclosure templates to assist companies in meeting the new requirements [6]. Group 4: Addressing "Greenwashing" Risks - The risk of "greenwashing" poses a significant challenge to the integrity of ESG disclosures, requiring robust technical and punitive measures to enhance compliance and accountability [7][8]. - Establishing a unified regulatory framework for ESG ratings is essential to improve transparency and comparability across the market [8]. Group 5: Future Directions for ESG Reporting - The transition to mandatory ESG disclosure is expected to drive the development of more refined ESG investment products and enhance the overall quality of capital market operations [9]. - Future guidelines may include specific frameworks for biodiversity protection and supply chain ESG management, further enriching the ESG reporting landscape [9].

Core Viewpoint - The major stock exchanges in China, including the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, have revised their guidelines for the preparation of sustainability reports by listed companies, introducing new attachments focused on pollution discharge, energy utilization, and water resource utilization, effective from September 5, 2025 [1] Group 1: Regulatory Changes - The new attachments titled "Attachment 3: Pollution Discharge," "Attachment 4: Energy Utilization," and "Attachment 5: Water Resource Utilization" will serve as application guidelines for sustainability reporting [1] - This initiative is part of a broader effort to enhance the disclosure of sustainability information by listed companies, providing a clearer framework for environmental-related issues [1] Group 2: Background Information - In January 2025, the three major exchanges released initial guidelines along with two specific attachments: "Attachment 1: General Requirements and Disclosure Framework" and "Attachment 2: Response to Climate Change" [1] - The latest updates build upon these existing attachments, further emphasizing the importance of environmental considerations in corporate reporting [1]

Core Viewpoint - The major stock exchanges in China have revised their guidelines for sustainable development reporting, introducing new attachments focused on pollution emissions, energy utilization, and water resource usage, effective from September 5, 2025 [1][2]. Group 1: New Guidelines and Attachments - The new attachments include specific guidelines for pollution emissions, energy utilization, and water resource usage, aimed at enhancing the sustainability reporting framework for listed companies [1][2]. - The guidelines are designed to provide a reference for companies without imposing additional disclosure burdens, as they are based on existing requirements [1][2]. Group 2: Disclosure Requirements - Specific disclosure requirements include pollution emission information, reduction measures, impacts on employees and local communities, and environmental compliance for pollution emissions [2]. - For energy utilization, companies are required to disclose total energy consumption by type, energy structure, clean energy usage, and energy-saving goals [2]. - Water resource utilization guidelines mandate disclosures on total water consumption, usage intensity, water-saving goals, and water recycling practices [2]. Group 3: ESG Integration and Future Plans - The exchanges aim to enhance ESG (Environmental, Social, and Governance) governance awareness among listed companies and promote standardized operations through these guidelines [2]. - Future revisions of the guidelines will incorporate feedback from the public consultation process, further strengthening sustainable disclosure rules [2][3]. - The exchanges have committed to integrating ESG principles into capital market regulations, with ongoing efforts to improve the quality of ESG disclosures [2][3].

Core Viewpoint - The new regulations on ESG disclosure for listed companies in China aim to enhance the quality of sustainable development information reporting and guide companies in implementing sustainable practices [1][4]. Group 1: New Guidelines - The revised "Guidelines for the Preparation of Sustainable Development Reports" now includes three new application guidelines focusing on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," expanding the framework to five specific topics [1][2]. - The new guidelines provide detailed guidance on common risks and opportunities related to pollutant emissions, energy utilization, and water resource management, without imposing additional mandatory disclosure requirements [2][3]. Group 2: Improvement in Disclosure Quality - As of the end of 2024, 32% of companies listed on the Shanghai and Shenzhen stock exchanges have seen improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [1]. - The overall quality of sustainable information disclosure among A-share listed companies has improved, with a disclosure rate of 46.09% in 2024, and significant progress in climate-related disclosures [5]. - The financial sector had the highest disclosure rate at 91.94%, followed by the electricity, heat, gas, and water production and supply sectors at 75.69%, and the transportation, warehousing, and postal sectors at 72.32% [5].

Core Viewpoint - The three major stock exchanges in China have taken significant steps towards enhancing sustainable development information disclosure by revising the "Sustainable Development Report Preparation Guidelines" and inviting public feedback until September 19, 2025 [1][3] Group 1: Purpose and Goals - The revision aims to guide listed companies in actively practicing sustainable development principles and to standardize their information disclosure related to sustainability [3] - The updated guidelines are expected to provide clearer and more actionable instructions for companies, particularly small and medium-sized enterprises, to improve the quality of their Environmental, Social, and Governance (ESG) disclosures [4][5] Group 2: New Application Guidelines - Three new application guidelines have been introduced: "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," which complement the previously released overall framework and climate change guidelines [4] - The revisions follow principles such as reinforcing conceptual guidance, clarifying disclosure points, providing reference examples without imposing additional mandatory disclosures, and ensuring continuous improvement [5] Group 3: Current Disclosure Practices - A-share listed companies have shown significant progress in sustainable development information disclosure, with over 1,300 companies in the Shanghai market alone publishing separate sustainability reports in 2024, accounting for 57% of listed companies [6] - In the Shenzhen market, 1,164 companies proactively published sustainability reports for 2024, representing over 40% of the total [6] - The ESG investment ecosystem is expanding, with over 162 index products based on the China Securities ESG evaluation, totaling more than 260 billion yuan, indicating a steady flow of long-term capital towards companies committed to sustainable development [7] Group 4: Future Developments - The China Securities Regulatory Commission plans to guide the three exchanges in launching more detailed guidelines on various topics to build a more complete, transparent, and practical sustainable development information disclosure rule system [8]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has completed the compilation of three application guidelines for sustainable development reporting, focusing on pollutant emissions, energy utilization, and water resource utilization, and is seeking public feedback in both Chinese and English [1][2]. Group 1: Sustainable Development Reporting - Over 1,300 companies listed on the Shanghai Stock Exchange have independently disclosed their sustainable development reports for the 2024 fiscal year, representing 57% of listed companies [1]. - The number of companies rated A or above by the China Securities Index ESG rating has reached 431, with nearly 30% of listed companies improving their MSCI ESG ratings in the latest assessment [1]. - As of August 2025, the total scale of "A series" indices and broad-based indices products based on the China Securities Index ESG evaluation exceeds 260 billion [1]. Group 2: Guidelines and Implementation - The SSE has published the "Self-Regulatory Guidelines No. 14 - Sustainable Development Reports (Trial)" to standardize the preparation of sustainable development reports, addressing practical challenges faced by companies [2]. - The new guidelines focus on four main principles: enhancing management awareness, detailing disclosure points, providing examples, and limiting disclosure content to avoid increasing the burden on companies [3]. - The SSE aims to create more accessible and straightforward guidelines for sustainable development reporting in response to feedback from listed companies and market participants [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the sustainable development disclosure framework for listed companies, focusing on environmental issues such as pollutant emissions, energy use, and water resource utilization, to improve corporate awareness and standardize disclosures [1][2][4]. Group 1: New Guidelines and Framework - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release new disclosure guidelines on environmental issues, which do not impose additional mandatory disclosure requirements but provide reference for companies [2][3]. - The guidelines include detailed examples of common risks and opportunities related to environmental issues, such as capacity restrictions due to pollutant emission controls and the challenges of fossil energy extraction [2][3]. - The sustainable development disclosure rules are being continuously improved, with a focus on a systematic approach that combines international experience with local conditions [3][6]. Group 2: Implementation and Compliance - Starting from May 1, 2024, the new guidelines will require certain listed companies to disclose their sustainable development reports by April 30, 2026, aligning with international standards while integrating Chinese practices [5][6]. - The overall quality of sustainable reporting among listed companies has improved, with a disclosure rate of 34.72% as of June, an increase of approximately 10 percentage points compared to the previous two years [7][8]. Group 3: Impact on ESG Ratings - The enhancement of sustainable disclosure rules is contributing to an increase in ESG ratings for listed companies, with 32% of companies in the Shanghai and Shenzhen markets seeing improvements in their MSCI ESG ratings [8][9]. - The number of companies disclosing climate-related risks and opportunities has significantly increased, with 62.07% reporting such information, reflecting a growing commitment to sustainability [8].