Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The primary reason for the protection dilemma of minority shareholders is the differentiation of capital decision-making power. Appropriate equity checks and balances can retain the advantages of relatively concentrated ownership while effectively curbing the infringement of large shareholders on the interests of listed companies [1][2] - Institutional investors, represented by public funds, are advised to adopt a strategy that balances quantitative and qualitative identification and participation, focusing on governance quality indicators and maintaining close communication with listed companies on relevant issues [3] Summary by Sections Section 1: Introduction - The report emphasizes that the most universal issue in responsible management for public funds should focus on enhancing corporate governance, particularly the protection of minority shareholders' rights [10] Section 2: Protection of Minority Shareholders' Rights from the Perspective of Equity Checks and Balances - The differentiation of capital decision-making power is the primary cause of the protection dilemma for minority shareholders. This mechanism allows large shareholders to elevate their will to that of the company, weakening the substantive influence of minority shareholders on corporate decisions [11] - The report categorizes the ownership structure of listed companies into three types: highly concentrated, highly dispersed, and moderately concentrated. The moderately concentrated structure is deemed most beneficial for improving corporate governance and protecting minority shareholders' rights [14][15] Section 3: Three Major Issues of Equity Checks and Balances: Board Governance, Related Transactions, and Financial Companies - Public funds should focus on excess delegation and the independence of board members in governance, risk identification in related transactions based on ownership structure and regulatory penalties, and the efficiency of fund usage in financial companies [3][32] - The report highlights the importance of the board's independence and the separation of ownership and management, which is expected to enhance decision-making professionalism and corporate governance capabilities [33]

证券研究报告 | 深度研究 | ESG 及绿色金融 以责促优，共筑价值：公募基金 ESG 尽责管理新范式（一） 核心观点 尽责管理本质上是投资者结构变迁下的公司治理新模式。国内公募基金管理人在短中 期内应采取软性治理策略，并尽可能地成为上市公司治理中"具有互惠性质的积极参 与者"，降低公司治理环节的内部摩擦。公募基金尽责管理现阶段的主要任务和最具普 适性的议题应集中在提升公司治理水平，特别是中小股东权利保护上。 ❑ 尽责管理本质上是投资者结构变迁下的公司治理新模式 以美国市场为代表的资管机构主导公司治理模式的形成，是资本市场长期发展过 程中满足较多严苛条件下的产物。但可能也是现阶段可实现"覆盖度广+影响力高" 的一种上市公司治理模式，对我国资本市场和公募基金高质量发展有重要的参考 意义。 ❑ 公募基金尽责管理三大问：委托代理、投资者结构和组合分散化 委托代理问题将因监管要求和尽责管理的投资价值而得到有效缓解。目前 A 股公 司治理模式的最大特点是混合了"控股大股东+专业机构+居民部门"，这一模式并 非终局，而仍在动态演变中。被动指数化会导致低换手率和退出减少，公募基金 逐渐成为耐心资本，实现"组合分散+股东权 ...