2024年是中国股权投资行业的重塑之年。数据显示，2024年，中国股权投资市场新募集基金数量和募资规模延续了紧缩趋势，募资难向下传导，机构的投资 步伐显著放缓。 作为财经媒体和智库，我们致力于成为行业的观察者、记录者和思考者，我们正式启动"2024-2025年度21世纪股权投资竞争力系列调研"。 但与此同时，我们也看到诸多向好迹象。在2024年下半年，多只大额基金完成设立，新募规模降幅持续减小；全年投资案例数及金额降幅较前三季度及2023 年均有所收窄。这无疑展现出市场的韧性与潜力。 进入2025年，一级市场回暖的信号已经愈发明显。随着DeepSeek、宇数科技等中国科创企业的突破与爆火，让市场重新认知中国在科技创新领域的实力， 并引发外资对中国科技企业价值的重估。 在政策层面，今年年初国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕1号），为政府投资基金高质量发展注入强心 剂。 同时，金融资产投资公司（AIC）投资范围拓宽与阵营扩容、保险公司对单只创业投资基金最高投资占比提升、债券市场"科技板"启航等政策接连落地，也 让更多长期资金、耐心资本涌入股权投资行业。 当中国叙事得到 ...

其中，华泰资产管理有限公司荣获"金牛保险资管公司奖"；华泰资产旗下产品"华泰资产稳利二号资产 管理产品"荣获"五年期组合类保险资管产品奖（固收类）"，"华泰资产-价值严选资产管理产品"荣获"一 年期组合类保险资管产品奖（权益类）"。 保险业投资金牛奖设立于2021年，旨在展示行业内优秀的保险机构和资管产品，促进行业健康、可持 续、高质量发展。自该奖项设立以来，华泰资产已连续五年榜上有名，累计斩获11座金牛奖奖杯。 第三方业务占比领跑行业 在大资管时代下，保险资管行业是不可忽视的力量。作为脱胎于保险公司的专业资产管理机构，保险资 管公司经过多年发展，在服务保险主业、稳定资本市场、服务实体经济等方面扮演着日益重要的角色。 目前，国内已开业的保险资管公司达35家，行业整体管理规模持续增长。 9月28日，由中国证券报主办的"长钱 长投 长青"2025保险业、信托业高质量发展大会在北京举办。会 上，第五届保险业投资金牛奖获奖名单正式揭晓。 其中，作为国内首批设立的保险资管公司之一，华泰资产的成长历程与行业发展同频共振。华泰资产于 2005年1月成立，其前身为华泰财险投资部，经过二十年的发展与积淀，已从最初单一的保险资金 ...

Fund Issuance - 12 new ESG funds were launched this month, with a total issuance of 6.21 billion units[9] - In the past year, 255 ESG public funds were issued, totaling 177.81 billion units[9] - The total number of existing ESG funds is 930, with the largest categories being ESG strategy (388 funds) and environmental protection (269 funds)[11] Market Performance - The A-share market showed signs of recovery, with the CSI 300 index rising by 0.44% and the ESG 300 index increasing by 1.07% during the week of September 22-26, 2025[5] - The average daily trading volume for the entire A-share market was approximately 2.32 trillion yuan, indicating a contraction in liquidity[5] Fund Performance - The top-performing fund last week was the Harvest Green Theme A, with a weekly return of 7.64% and a year-to-date return of 65.33%[12] - Other notable funds included the Shenwan Hongyuan New Economy A and Harvest Carbon Neutral Theme, with returns of 6.17% and 6.13% respectively for the week[12] Green Bond Issuance - A total of 141 ESG bonds were issued this month, amounting to 116.2 billion yuan[15] - Over the past year, 1,116 ESG bonds were issued, with a total value of 1,251.9 billion yuan[15] - The existing ESG bond market consists of 3,677 bonds, with green bonds making up the largest share at 2,510 bonds[15] Trading Activity - The total trading volume of ESG green bonds last week was approximately 52.78 trillion yuan, with the interbank market accounting for 75.02% of the transactions[19] - Repo transactions dominated the trading methods, comprising 94.22% of the total trading volume[22] Bank Wealth Management Products - 90 ESG bank wealth management products were launched this month, with a total of 1,087 existing products in the market[20] - The largest share of existing products is pure ESG themes, accounting for 55.47%[20] Risk Factors - Potential risks include insufficient ESG policy enforcement, lack of standardized data reporting, and lower-than-expected product issuance scales[23]

在投研层面，将ESG研究纳入到银华基金分析股票的九个驱动因素之一；在基金设计层面，积极开发银 华华证ESG领先等ESG主题产品；积极参与行业交流，助力行业建立健全ESG投资管理相关流程。 随着中国企业不断奔赴高质量发展，ESG投资日渐成为主流。展望未来，银华基金将继续聚焦ESG投资 实践，赋能实体经济高质量发展。 中证报中证网讯(记者张凌之)近日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、 基金销售机构、基金评价机构及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"，活动 以"新时代.新基金.新价值——北京公募基金高质量发展在行动"为主题，打造北京金融高质量发展新名 片。 作为公募行业重要一员，银华基金自成立以来一直秉持"坚持做长期正确的事"这一理念，将长期投资、 价值投资的理念贯穿于投研过程和目标中。ESG投资是在长期投资、价值投资基础上对投资模式的重要 升级，银华基金努力通过整合可持续理念的投资管理，力争为持有人获取高质量的回报。 作为联合国支持的负责任投资原则(PRI)签署方、气候相关财务信息披露工作组(TCFD)的支持机构，银 华基金积极推进ESG因素与公司投研框架、决策流程和 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 作为联合国支持的负责任投资原则（PRI）签署方、气候相关财务信息披露工作组（TCFD）的支持机 构、财新中国ESG30人论坛常务理事机构，银华基金积极推进ESG因素与公司投研框架、决策流程和基 金产品设计的融合，使ESG研究贯穿整个股票研究流程。 在投研层面，将ESG研究纳入到银华基金分析股票的九个驱动因素之一；在基金设计层面，积极开发银 华华证ESG领先等ESG主题产品；积极参与行业交流，助力行业建立健全ESG投资管理相关流程。 5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），着力督促基金 公司、基金销售机构等行业机构从"重规模"向"重回报"转变，形成行业高质量发展的"拐点"。 9月8日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构、基金评价机 构及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"，以"新时代·新基金·新价值——北京 公募基金高质量发展在行动"为主题，打造北京金融高质量发展新名片。 作为公募行业重要一员，银华基金立足 ...

● 本报记者 薛瑾 对于下一步商业养老保险、第三支柱建设、产品和服务创新，周延礼表示，要注重针对老年人专属疾病 险的开发，在投保年龄放宽问题上做出成绩，满足老年人的保障需求。 周延礼还表示，近年来绿色保险呈现快速增长态势，2024年保费达3331亿元，中国已经成为全球最大的 绿色保险市场。未来，保险业应进一步聚焦绿色保险、绿色投资、ESG投资等重点领域。 在科技保险方面，周延礼认为，保险业应紧跟科技发展趋势，开发更多针对新技术、新产业的保险产 品；加强与科技企业合作，利用科技手段提升保险服务效率和精准度。此外，巨灾保险未来也应该成为 保险业发展的重要课题。 周延礼建议，保险业应提升长期投资占比，优化资产结构，提高保险资金投资收益和稳定性，降低资产 负债错配风险；在负债端，应确保保险业务资金流稳定，保障保险责任履行；根据市场变化和公司经营 状况，动态调整资产负债结构，实现平衡发展。 9月28日，原中国保监会副主席周延礼在"长钱 长投 长青"2025保险业、信托业高质量发展大会上表示， 保险业实现高质量发展，需要坚持政治性、人民性、专业性，践行金融为民、保险姓保，创造性地发挥 经济减震器和社会稳定器的作用，对国家 ...

中国人民大学经济研究所联席所长毛振华 中经记者 李晖 北京报道 2025年9月23—24日，由《中国经营报》主办的"绿色引领 重塑未来——2025中国企业可持续发展行动 大会"在北京盛大举行。 此次大会上发布了《2025中国ESG投资发展报告》（以下简称"《报告》"）投资蓝皮书。中国人民大学 经济研究所联席所长毛振华在《报告》发布环节发言时指出，在当前全球变局的情况下，中国ESG投资 领域的实践，为中国在新一轮全球合作中开辟了新领域，提供了新思路。 根据《2030年前碳达峰行动方案》分阶段设定目标，到2025年非化石能源消费比重达20%，单位GDP能 耗比2020年下降13.5%；到2030年非化石能源消费比重达25%，二氧化碳排放量比2005年下降65%以 上。 在毛振华看来，随着ESG理念的不断深入，中国在可持续发展之路上正取得越来越多重要成就，也推动 我国快速向实现碳达峰目标迈进。 毛振华认为，可持续发展、绿色发展、低碳发展、和谐发展等一系列发展理念的联动，不仅是中国作为 一个发展中国家对世界的承诺，更为中国经济的高质量发展提供了方向引领，切合中国当前发展的实 际。"当前我国在新能源领域取得巨大技术进步 ...

Core Insights - The equity market has shown strong recovery over the past year, with equity-based financial products performing well, particularly the "Tiangong" series products from Huaxia Wealth Management [1] - Huaxia Wealth Management has established a "Wealth Management Factory" 2.0 model, focusing on customized production and a dual emphasis on products and services [2][3] - The company has achieved a product management scale exceeding one trillion yuan, marking a significant milestone and a foundation for future growth [4][5] Group 1: Product and Service Development - The "Wealth Management Factory" model emphasizes research-driven investment, credit evaluation, strategy production, asset creation, product assembly, and unified quality control [2] - The transition from version 1.0 to 2.0 of the "Wealth Management Factory" highlights a shift towards customer-centric and channel-centric operations, enhancing service delivery and client engagement [2][3] - Huaxia Wealth Management has diversified its product offerings across seven categories, including cash management, fixed income, equity, mixed assets, and ESG, catering to various risk preferences and investment horizons [3] Group 2: Growth and Market Position - The company has expanded its sales network through collaboration with Huaxia Bank and external distribution channels, achieving a 60% share of external and direct sales [4] - The rapid growth in product management scale has been attributed to proactive channel development, with over ten million clients served [4] - Huaxia Wealth Management aims to leverage its scale to enhance product yield competitiveness and improve client experience, focusing on three dimensions: products, channels, and clients [5] Group 3: Strategic Initiatives - The "Tiangong" series of passive index financial products aligns with national strategic priorities, offering a diverse range of investment options and competitive fee structures [6] - The company has actively engaged in green finance, issuing over 32 billion yuan in ESG financial products and integrating ESG principles into its business operations [7] - Huaxia Wealth Management is committed to enhancing its research capabilities and contributing to the preservation and appreciation of residents' wealth, while supporting the high-quality development of the economy [8]

Core Viewpoint - Greeenme's unique position in China's new energy industry is highlighted, focusing on its mission to eliminate pollution and recycle resources, evolving from electronic waste processing to a global leader in new energy materials and key metal resource recovery [1][2]. Group 1: Business Model and Market Position - Greenme's business model integrates "urban mining" and "new energy materials," aligning with the themes of carbon neutrality and resource security [2]. - The company is a leader in the recovery of nickel, cobalt, and tungsten resources in China, with its lithium-ion battery and scrapped vehicle recovery business being particularly significant [2]. - Greenme holds a top position in the domestic third-party retired lithium-ion battery recovery sector, accounting for over 10% of China's total recovery volume [2]. - The company focuses on producing key materials for ternary lithium batteries, ranking among the global leaders in both ternary precursors and cobalt oxide production [2]. Group 2: Financial Performance and Challenges - Greenme's total revenue is projected to grow from CNY 29.392 billion in 2022 to CNY 33.199 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 6.3% [4]. - The revenue structure is shifting, with the share of revenue from new energy materials decreasing from 74.2% in 2022 to 60.0% in 2024, while the share from key metal resources, particularly nickel, is increasing from 16.9% to 30.4% [4]. - Despite steady revenue growth, the company's net profit shows significant volatility, primarily due to its reliance on the prices of commodities like nickel and cobalt, which are subject to global supply and demand fluctuations [5]. - The company recorded a non-financial asset impairment loss of CNY 830 million in 2023, largely due to inventory write-downs, indicating high sensitivity of profitability to external market factors [5]. Group 3: Capital Strategy and Global Expansion - Greenme's ongoing global expansion, particularly in nickel resource and ternary material base construction in Indonesia, has led to substantial capital expenditures, resulting in negative cash flow from investment activities [3][6]. - The upcoming H-share issuance aims to alleviate capital pressure, improve the company's balance sheet, and attract international long-term capital focused on green economy and ESG investments [3]. - The anticipated "retirement wave" of power batteries is expected to peak between 2027 and 2030, providing a significant growth market for Greenme, with a projected CAGR of 52.1% for retired electric vehicle batteries from 2024 to 2030 [7]. - The demand for high-nickel ternary precursors is expected to rise, with penetration rates increasing from 35.2% in 2024 to 70.0% by 2030, positioning Greenme to capitalize on this high-value growth trend [7]. Group 4: Strategic Outlook - Greenme's unique resource recycling model and technological barriers in new materials, particularly in the context of the "power battery retirement wave" and "resource security," provide long-term strategic investment value [8]. - However, the company's high-growth, high-investment strategy is accompanied by a high debt structure and potential liquidity risks, posing significant financial challenges in the short to medium term [8]. - The A+H listing represents a strategic move to balance global expansion with financial risks, necessitating careful evaluation of the company's long-term value against short-term risks [8].

Group 1 - The core viewpoint of the article emphasizes the growing significance of ESG (Environmental, Social, and Governance) investment, predicting that the global ESG market is expected to exceed $40 trillion by 2030, driven by the "dual carbon" strategy and the need for sustainable development [2] - ESG investment is becoming a crucial link between economic, social, and environmental values, with venture capital institutions increasingly integrating ESG factors throughout the investment process to achieve both financial returns and social value [2] Group 2 - In June, the "Best Practices Award for ESG in Venture Capital Institutions" was launched for the fourth consecutive year, recognizing significant achievements in ESG investment practices among various institutions [3] - The award evaluation process involved rigorous standards and data analysis, assessing institutions based on their ESG practices in areas such as system framework, capability building, investment processes, adherence to international initiatives, and transparency [3] Group 3 - Over 90% of award-winning institutions have established ESG organizational structures, and 98% conduct regular ESG training for employees, integrating ESG principles into investment decision-making and operational management [15] - More than 60% of award-winning institutions have joined influential domestic organizations or signed international initiatives, with half of them being members of the UNPRI (United Nations Principles for Responsible Investment) [16] Group 4 - 30% of award-winning institutions focus on ESG principles during fundraising, while all institutions practice ESG principles during the investment phase, with 90% and 45% considering ESG factors in post-investment management and exit stages, respectively [18][20] - Institutions provide potential investors with detailed ESG policies and historical performance data to enhance investor confidence and prioritize those who align with ESG principles [20] Group 5 - The article highlights the challenges faced by institutions in identifying and managing ESG risks in emerging industries due to the lack of mature ESG standards and frameworks, leading to significant uncertainties and information asymmetries [23] - Institutions are encouraged to develop internal ESG assessment models and strengthen collaborative efforts to identify ESG risks, aiming for a robust domestic ESG investment ecosystem [24]