证券研究报告|深度研究| ESG 及绿色金融 深度研究 报告日期:2025年07月21日 长线资金 ESG 投资经验启示:保险资管篇 委外投资、组合脱碳与绿金实践 核心观点 保险资金开展 ESG 及绿色投资主要呈现两大优势与特点:长期性和战略性,并在此基 础上延伸出作为大型资产所有者对市场其他参与主体的影响力。保险资金委外投资中 的 ESG 整合对市场培育起到关键作用。大型资产所有者投资组合脱碳可考虑两类目 标:碳排放强度目标允许业务增长带来的排放增量,而碳排放绝对值目标要求无论业 务规模如何变化都必须实现既定的总量减排。 保险资金 ESG 及绿色投资特点与优势:长期性、战略性和市场塑造性。 保险资金开展 ESG 及绿色投资主要呈现两大优势与特点:长期性和战略性,并 在此基础上延伸出作为大型资产所有者对市场其他参与主体的影响力。长期性由 保险机构的业务属性决定。保险资金具有来源稳定、规模较大、偿付周期长的特 是典型的"长线资金",也是资本市场平稳有序健康发展的重要力量。战略 点. 分析师:祁星 执业证书号: S1230524120002 qixing@stocke.com.cn 相关报告 1 《最新绿金目录出 ...

Core Viewpoint - The article discusses China's strategic control over critical mineral supply chains, particularly in the context of the ongoing trade tensions with the United States, highlighting the implications of China's export restrictions on rare earth elements and other key minerals [1][3][4]. Group 1: China's Control Over Critical Minerals - China dominates approximately 60% of global rare earth production, which is essential for electric vehicle (EV) motors, and its export restrictions have led to production halts in major automotive companies like Ford and Suzuki [3][4]. - In the refining stage of 20 key minerals surveyed by the International Energy Agency (IEA), China holds an average market share of about 70%, indicating its significant influence in the global supply chain [4][5]. - For cobalt, a critical material for EV batteries, while 70% of the raw material is sourced from the Democratic Republic of Congo, China controls around 80% of the refining market [5]. Group 2: Global Demand and Technological Dominance - The demand for critical minerals is increasing due to the transition to renewable energy, with China also leading in the production of solar panels (approximately 80%), wind turbines (around 60%), and EV batteries (over 70%) [6]. - As the world accelerates its energy transition, reliance on China for these critical minerals is expected to grow, emphasizing the strategic importance of China's resource control [6]. Group 3: Historical Context and Strategic Initiatives - China's focus on rare earth elements dates back to the 1980s, where it gained a competitive edge due to more lenient environmental regulations compared to Japan, the US, and Europe [7]. - The Belt and Road Initiative has further strengthened China's resource security by investing in mineral projects in countries like the Democratic Republic of Congo and Indonesia [7]. Group 4: Geopolitical Implications and Supply Chain Strategies - The article highlights the geopolitical risks associated with China's dominance in supply chains, particularly as the US seeks to revitalize its manufacturing sector [8][9]. - Companies are encouraged to diversify their supply chains and develop alternative technologies to mitigate risks associated with reliance on critical minerals [9].