喻宝才表示，当前世界战略格局重组与秩序变革加速演进，全球性挑战交织叠加，不确定性显著上升， 极端气候和各类灾害频发，粮食安全危机愈演愈烈，能源体系加快转型，可持续发展形势严峻，希望报 告能为企业更好地把握当前形势和未来发展方向提供帮助和启示。 这十大趋势分别是：能源转型与低碳实践加速推进高质量发展与绿色发展；人类面临气候变化和生物多 样性丧失双重危机；循环经济正成为推动经济转型升级的重要动力，再生资源行业快速发展；数字技术 赋能可持续发展，人工智能引领新一轮科技革命和产业变革；打造韧性供应链，协同提升绿色化和安全 发展；ESG信息披露日趋规范，监管更趋务实；城市更新与高质量发展，是对企业的新要求，也是企业 面临的新机遇；筑牢粮食安全底线，加快农业农村现代化步伐；银发经济释放增量空间，劳动力市场供 需结构性矛盾有待化解；可持续生活逐渐成为主流行动，及时提供符合可持续需求的产品和服务是企业 获得新增长的关键。 中化新网讯 8月21日，中国可持续发展工商理事会会长喻宝才在第二十一届可持续发展新趋势报告会上 发布《2025中国企业可持续发展十大趋势》。 ...

Group 1: Overview of Green Finance Development - The year 2025 marks the 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" theory and the fifth anniversary of China's "dual carbon" goals, highlighting significant achievements in green finance development in China [1] - As of the end of Q1 this year, China's green loan balance exceeded 40 trillion yuan, ranking first globally, with a thriving green bond market attracting substantial investments into green industries [1] - Green insurance is also advancing, supporting the green development of the real economy [1] Group 2: Challenges and Market Dynamics - Despite the progress, challenges remain as the easy gains have been realized, raising questions about future growth and the role of the national carbon market in providing market incentives [1][2] - The national carbon market has seen a decline in carbon emission allowance prices, with the average price dropping to 74.96 yuan/ton, approximately a 30% decrease from last November's peak [2] - Factors contributing to this price drop include the compliance window and the lack of tightened allowances, with concerns that high carbon prices could increase costs for the real economy [2] Group 3: International Carbon Market and Pricing - The example of the EU, where carbon prices reached around 1000 yuan/ton, illustrates the potential for high carbon prices to drive global green technology development [3] - Current carbon pricing levels in China lack sufficient incentives for social capital to engage in costly green technology research and application, such as carbon capture and storage (CCUS) [3] - The potential for international connectivity in carbon markets exists, particularly in voluntary carbon markets, which are smaller and less sensitive to pricing power issues compared to mandatory markets [4] Group 4: Nationally Determined Contributions (NDC) and Disclosure Standards - China's upcoming announcement of a comprehensive NDC covering all greenhouse gases by 2035 is expected to accelerate the transformation of local and market entities [5][6] - The establishment of a sustainable disclosure framework by the Ministry of Finance is seen as a significant step towards enhancing ESG information disclosure in China [6][7] Group 5: Transition Finance Standards and Products - The development of transition finance is a key focus, with the People's Bank of China compiling transition finance directories for various industries [8] - Clear standards for defining transition finance are necessary to prevent risks such as "greenwashing" and to encourage financial institutions' participation [8][9] - There is a growing demand for equity-based transition financial tools, with initiatives to support the development of transition funds targeting high-quality transition enterprises [9]

Group 1 - The global trend towards mandatory ESG (Environmental, Social, and Governance) disclosure is strengthening, with various countries implementing policies to enhance transparency and comparability [1][2] - The European Union has established strict ESG disclosure requirements through the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD) [1] - In China, the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange have released guidelines for sustainable development reporting, effective from May 1, 2024, requiring certain listed companies to disclose sustainability reports by 2026 [1][2] Group 2 - The Ministry of Finance and other regulatory bodies in China are coordinating the development of a sustainable disclosure standards system, aiming for a unified framework by 2030 [2] - The construction industry plays a crucial role in the national economy, maintaining a GDP contribution of over 6.6% since 2020, with a slight increase to 6.67% in 2024 [3] - The number of construction enterprises in China has increased by 5.57% to 168,011, while the average number of employees in the sector has decreased by 12.26%, indicating improved labor productivity [3] Group 3 - The transition to low-carbon practices is essential for construction companies to remain competitive in both domestic and international markets, as the industry has a significant share of global carbon emissions [3] - The introduction of mandatory ESG disclosures provides a new dimension for assessing corporate value and helps construction firms manage ESG risks and seize transformation opportunities [4] - Companies are encouraged to integrate ESG disclosure requirements into their strategic planning and business development to support sustainable economic growth in China [4]

Core Viewpoint - The article emphasizes the transition to a "penetrating supervision" era in China's anti-corruption governance, highlighting the increased compliance management requirements for enterprises following the implementation of the new "Supervision Law" and related guidelines [1]. Group 1: Compliance Management Trends - The new "Supervision Law" officially took effect on June 1, marking a significant shift in compliance management expectations for enterprises [1]. - In 2024, a total of 1,011 listed companies faced penalties for violations, resulting in 2,289 fines totaling 1.033 billion yuan, with industries such as banking, computer, and power equipment being heavily impacted [1]. - The integration of AI into compliance decision-making processes indicates a trend towards "penetrating regulation" and "intelligent tools" in compliance management [1]. Group 2: Key Compliance Issues and Risk Prevention - The article outlines six core modules where compliance issues are most concentrated, which will be detailed in the "Enterprise Compliance Practice Analysis - 2025 Mid-Year Special" [1]. - The six major compliance issues include corporate governance, responsibilities of directors and supervisors under the new company law, and human resources compliance management [2][4][15]. Group 3: Specific Compliance Areas - Corporate governance compliance issues focus on shareholder contribution disputes, equity transfer risks, and related party transaction compliance, supported by six real case studies [5]. - The responsibilities of directors and supervisors under the new company law will be analyzed, including criminal and civil liabilities related to insider trading and illegal disclosures [8]. - Human resources compliance management will address potential pitfalls throughout the employment process, including discrimination disputes and trial period termination controversies [15]. Group 4: ESG Disclosure and Compliance - The article highlights the increasing regulatory scrutiny on ESG disclosures, urging listed companies to enhance the quality of their disclosures in line with the latest requirements from stock exchanges [17]. - A comparative analysis of different ESG rating methodologies will be provided, along with case studies from companies like SMIC and GoerTek to illustrate practical disclosure points [17].

Core Viewpoint - The new Anti-Corruption Law marks the beginning of a "penetrative supervision" era in China, emphasizing the protection of enterprise property rights and autonomy, leading to heightened compliance management requirements for companies [1] Group 1: Regulatory Changes - The implementation of the new Anti-Corruption Law and related guidelines indicates a comprehensive strengthening of compliance supervision across various sectors [1] - In 2024, a total of 1,011 listed companies faced penalties for violations, resulting in 2,289 fines amounting to 1.033 billion yuan, with banking, computer, and power equipment industries being the most affected [1] Group 2: Compliance Management Trends - The integration of AI into compliance decision-making reflects a trend towards "regulatory penetration" and "intelligent tools" in compliance management [1] - Companies are urged to establish comprehensive and effective compliance management systems to achieve sustainable development [1] Group 3: Compliance Issues and Training - The article outlines six core modules where compliance issues are most concentrated, highlighting the need for targeted training and risk identification [1] - The "Enterprise Compliance Practice Analysis - 2025 Mid-Year Special" is introduced to assist companies in navigating compliance challenges [1]

Core Viewpoint - The company participated in the 2024 Shanghai Stock Exchange Low Carbon New Energy Collective Performance Briefing, discussing its operational results, financial status, and ESG performance for 2024 and Q1 2025 [1][2]. Group 1: Performance Briefing Overview - The performance briefing was held on May 28, 2025, with key executives present to engage with investors [2]. - The company disclosed its participation in the briefing on May 21, 2025, through the Shanghai Stock Exchange website [1]. Group 2: Key Issues Raised by Investors - Investors inquired about the impact of the new national standards for electric bicycles and the progress of the trade-in subsidy policy [3]. - The company responded that the 2024 national standard includes significant optimizations in safety, smart features, and quality assurance, which will drive technological advancements in the industry [3][4][8]. Group 3: Industry Impact of New Standards - The new standards set a maximum speed of 25 km/h for electric bicycles and include anti-tampering requirements to enhance safety [4][6]. - Fire safety measures have been strengthened, limiting the use of plastic materials in electric bicycles to reduce fire hazards [7]. - The standards also require manufacturers to ensure production consistency and quality assurance, raising the entry barriers for the industry [8]. Group 4: Trade-in Subsidy Policy - The trade-in subsidy policy for electric bicycles has been officially implemented, with significant subsidies available in various regions, reducing the cost for consumers [15]. - The policy aims to stimulate consumer demand and promote the replacement of old electric bicycles with compliant new models [15]. Group 5: Capital Expenditure Plans - The company plans to maintain significant capital expenditures in 2025-2026 for the construction of new production bases and facilities [15]. Group 6: ESG Disclosure and Compliance - The company intends to integrate the new sustainable disclosure guidelines into its overall strategy and improve ESG reporting based on governance, strategy, risk management, and indicators [16]. Group 7: Financial Management Strategies - In response to declining financial interest income, the company is adjusting its fund structure to focus on low-risk financial products [17][18]. Group 8: International Market Expansion - The company has established branches in Vietnam, Indonesia, and the United States, with plans for localized supply capabilities and channel development [19]. - A tiered strategy for international expansion is being implemented, focusing on different market characteristics and regulatory environments [20]. Group 9: Product Upgrade Strategy - The company is advancing product upgrades through technological innovation, aesthetic design, and platform-based manufacturing [21][22]. - Emphasis is placed on creating a smart ecosystem for electric bicycles, enhancing user experience and product performance [21]. Group 10: Dividend Policy - The company plans to distribute a cash dividend of 0.592 yuan per share for the 2024 fiscal year, with a total payout of approximately 510 million yuan [23]. - The management is authorized to consider mid-term dividends based on financial conditions and future plans [23]. Group 11: Q1 2025 Performance Drivers - The growth in Q1 2025 is attributed to the ongoing trade-in policy and the company's strategic efforts in channel development, product innovation, and operational efficiency [24].

Group 1 - The 2025 Global Investor Conference held in Shenzhen focuses on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - The conference was attended by nearly 400 representatives from various financial institutions, asset management companies, and listed companies [1] Group 2 - The A-share market has over 5,000 listed companies, reflecting a complete range of industries in China's economy [2] - Approximately 75% of A-share companies reported profits, with 50% showing profit growth, indicating resilience despite multiple pressures [2] - The proportion of high-tech enterprises among newly listed companies in 2024 exceeds 90%, with strategic emerging industries accounting for over 40% of the market capitalization [3] - In 2024, the total R&D expenditure of listed companies reached 1.6 trillion yuan, a year-on-year increase of 3.1%, with over 800 companies having an R&D intensity exceeding 10% [3] - A-share companies implemented a record 2.4 trillion yuan in dividends and 147.6 billion yuan in share buybacks in 2024, enhancing the stability and predictability of returns to investors [3] - The current valuation level of A-shares remains relatively low, with the CSI 300 index's price-to-earnings ratio at 12.6, significantly lower than major overseas indices [3] Group 3 - The revised "Management Measures for Major Asset Restructuring of Listed Companies" aims to enhance support for asset restructuring [4] - The regulatory body will continue to guide listed companies to improve investment value through cash dividends, share buybacks, and mergers and acquisitions [4]

文/中国再保险（集团）股份有限公司与中国人民大学联合培养博士后 傅哲明 为了应对气候变化带来的巨大挑战，各司法管辖区纷纷在传统ESG信息披露基础上 增设气候信息披露监管要求。如何立足我国实际、借鉴国际经验，我国的气候信息 披露制度建设任重道远。本文对新近的全球气候信息披露制度进行梳理、比较和讨 论，以期对我国后续相关制度建设提供参考建议。 引言 为了应对气候变化带来的巨大挑战，各司法管辖区（Jurisdiction）纷纷在传统ESG信息披露基础上增设气候信息披露监管要求。气候信息披露可将商业主 体相关表现公之于众以使其接受市场检验、减少信息不对称，力求证券市场公开信息之准确、真实、完整、及时，以促进形成有效的证券市场，引导资本 向善。如何立足我国实际、借鉴国际经验，我国的气候信息披露制度建设任重道远。本文将对新近的全球气候信息披露制度进行梳理、比较和讨论，以期 对我国后续相关制度建设提供参考建议。 国际组织初步建立了气候信息披露制度的统一基础框架 ISSB准则具备的可比性包括了横向可比性和纵向可比性，横向可比性包括行业内不同报告主体可比、不同国家或地区可比等，纵向可比性指的是同一报 告主体在不同时期的数据可比 ...

Core Viewpoint - The release of the first "ESG Information Disclosure Report for Major Engineering Projects in China (2024)" marks a significant step in sustainable information disclosure in the engineering construction sector in China [1][2]. Group 1: Importance of ESG Disclosure - The importance of ESG information disclosure and evaluation for major engineering projects is emphasized as a means to enhance corporate competitiveness and sustainable development capabilities [1]. - The report aligns with various regulations and policies aimed at improving transparency in major engineering projects [1]. Group 2: Analysis of Current ESG Disclosure Practices - The report analyzes ESG disclosure standards and practices, referencing authoritative organizations such as ISSB and GRI, and evaluates the comprehensiveness and applicability of existing disclosures [2]. - A sample of 134 major engineering projects from 2014 to 2024 was selected, providing a representative overview of ESG disclosure practices in China [2]. Group 3: Current Status of ESG Disclosure - Despite positive developments in environmental protection, social responsibility, and governance structures, the overall ESG disclosure level remains at an initial stage, with an average score below passing [3]. - There are significant gaps in the breadth and depth of environmental indicators, particularly in the quantification of actual environmental impacts [3]. - Disclosure regarding social responsibility, employee rights, community impact, and supply chain management is insufficient, with some projects failing to fully disclose their contributions to social development [3]. - Progress has been made in compliance management and risk control, but comprehensive ESG mechanism construction requires substantial improvement [3]. Group 4: Recommendations for Improvement - The report suggests optimizing ESG disclosure quality through three dimensions: disclosure system, standard system, and incentive mechanisms [4]. - Recommendations include expanding mandatory disclosure from environmental to social and governance dimensions and establishing a comprehensive disclosure mechanism covering the entire project lifecycle [4]. - The aim is to shift ESG disclosure from passive compliance to proactive innovation, establishing a new system for full lifecycle ESG information disclosure in construction projects [4].