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].