Group 1 - China announced a new round of Nationally Determined Contributions (NDCs) at the UN Climate Change Summit, showcasing its commitment to global climate governance and responsibility as a major power [1][2] - The scale of China's green low-carbon industry is approximately 11 trillion yuan, with over 2 million related enterprises, and it leads the global market in affordable lithium batteries and photovoltaic products [1] - By the end of 2024, China's installed capacity for wind power is expected to reach 520 million kilowatts, and solar power capacity is projected to reach 890 million kilowatts, both ranking among the highest in the world [1] Group 2 - China emphasizes the importance of international cooperation in addressing climate change, despite rising unilateralism and protectionism in the global landscape [2] - The country has proposed a global governance initiative to enhance and reform existing governance systems, reflecting its commitment to providing global public goods and taking on major power responsibilities [2][3] - China has declared that it will no longer seek any new special and differential treatment in World Trade Organization negotiations, reinforcing its support for a multilateral trading system [3]

Core Insights - On September 24, Jingyuntong's stock rose by 6.1%, reaching 4.35 CNY per share, with a trading volume of 147 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 10.504 billion CNY [1] Company Overview - Beijing Jingyuntong Technology Co., Ltd. is located in Beijing Economic and Technological Development Zone and was established on August 8, 2002, with its listing date on September 8, 2011 [1] - The company's main business areas include high-end equipment manufacturing, photovoltaic power generation, new materials, and energy conservation and environmental protection [1] - The revenue composition of the main business is as follows: silicon wafers 36.93%, electricity 36.00%, silicon rods 16.94%, others 5.26%, denitration catalysts 4.84%, and equipment 0.03% [1] Shareholder Insights - Among the top ten circulating shareholders of Jingyuntong, one fund under Huaxia Fund holds a significant position. The Huaxia CSI 1000 ETF (159845) increased its holdings by 1.8749 million shares in the second quarter, totaling 7.889 million shares, which accounts for 0.33% of the circulating shares [2] - The estimated floating profit from this investment is approximately 1.9722 million CNY [2] Fund Performance - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, and currently has a total scale of 38.227 billion CNY [2] - Year-to-date, the fund has achieved a return of 25.57%, ranking 1956 out of 4220 in its category; over the past year, it has returned 67.36%, ranking 1299 out of 3814; since inception, it has returned 26.34% [2]

Core Insights - The Guangxi Zhuang Autonomous Region's fiscal expenditure on people's livelihood reached 331.14 billion yuan from January to August this year, marking an 8.1% year-on-year increase and the highest scale, growth rate, and proportion in the past five years [1] Summary by Categories Education - Guangxi's education expenditure amounted to 84.28 billion yuan, reflecting a 12.3% year-on-year increase [1] Employment - Social security and employment expenditure totaled 82.90 billion yuan, with a year-on-year growth of 10.3%, including an 11.1% increase in employment subsidies [1] Health - Health expenditure reached 44.31 billion yuan, showing an 11.4% year-on-year increase [1] Basic Living Security - Minimum living security expenditure was 8.25 billion yuan, with a year-on-year growth of 7.5% [1] Infrastructure and Environment - Transportation expenditure grew by 29.6% year-on-year, while energy conservation and environmental protection expenditure increased by 27.4%, and commercial service expenditures rose by 13.4% [1]

Core Viewpoint - The September EPMI (Emerging Industry Purchasing Managers Index) increased by 4.6 points to 52.4, indicating a seasonal recovery typical of autumn, although the absolute level remains historically low [1][6][24]. Group 1: EPMI and Industry Trends - The EPMI's increase aligns with the seasonal average of 4.5 points from 2014 to 2024, with the number of industries in the expansion zone rising from 2 to 4 [1][6][7]. - Despite the improvement, the absolute EPMI value of 52.4 is the second lowest for September in history, down 0.9 points from the previous year [6][24]. Group 2: Supply and Demand Indicators - Key supply and demand indicators showed improvement: production volume, product orders, and export orders increased by 7.8, 6.5, and 6.8 points respectively [2][9]. - The production-to-demand ratio turned positive, with an average of 0.7 for the first three quarters of 2025, indicating an improvement in supply-demand balance compared to previous years [9][10]. - Price indicators also improved, with purchase prices and sales prices rising by 0.8 and 0.2 points respectively, although the growth rate has slowed compared to July and August [9][12]. Group 3: Employment and Financing Environment - The EPMI loan difficulty index decreased by 0.9 points, suggesting a more favorable financing environment for emerging enterprises due to increased credit support and coordinated fiscal and monetary policies [15][16]. - Employment indicators have shown a two-month recovery, with a 2.6-point increase in September, indicating stronger demand for jobs in new industries during the graduation season [15][16]. Group 4: Sector Performance - In September, the highest absolute economic performance was observed in the new generation information technology and energy-saving environmental sectors, driven by demand growth related to AI computing power and domestic substitution [19][20]. - The new energy vehicle sector also saw a month-on-month increase in economic performance, with retail sales growing by 6% year-on-year and 10% month-on-month [19][20]. - The performance of traditional sectors varied, with some industries like petroleum asphalt and automotive tires showing increased operating rates, while others like high furnace and PVC saw declines [23][24]. Group 5: Economic Outlook - The third quarter has shown signs of continued economic slowdown, with September data being crucial for short-term economic assessment [24]. - The EPMI data suggests a neutral economic outlook, with seasonal recovery not extending the trends observed in July and August, indicating that achieving annual growth targets will require further policy support [24].

□ 本报记者崔昊何钰 上市公司的ESG(环境、社会和公司治理)信息披露"说明书"迎来更新。9月5日，中国证监会指导沪深北 交易所发布了第二批《上市公司可持续发展报告编制指南》(下称《指南》)，新增了"污染物排放""能源 利用"和"水资源利用"三个环境议题披露指南，尤其强调了量化数据的披露。 ESG信披实操"工具箱"持续更新的背景下，A股江苏上市公司在ESG信息披露方面持续发力。iFind数据 显示，截至9月20日，江苏256家A股上市公司披露2024年度可持续发展相关报告(含ESG报告、社会责任 报告、可持续发展报告等)，披露率达到35.96%，披露占比连续三年持续增长。记者梳理发现，江苏企 业可持续信息披露已逐步从"合规要求"转化为"战略工具"。 指引：从模糊披露到精准治理 今年1月，证监会指导沪深北证券交易所发布了首批《指南》，包括"总体要求与披露框架""应对气候变 化"两个具体指南，为上市公司提供细化工作指导。9月5日，证监会再次指导沪深北证券交易所发布"污 染物排放""能源利用""水资源利用"三个环境议题指南，体例结构基本一致，再为上市公司编制ESG报 告提供参考。 "去年5月起正式实施的《上市公司可 ...

Core Insights - The "dual carbon" goals have become a social consensus in China, driving the economy towards low-carbon and sustainable development over the past five years [2] - The Shanghai Stock Exchange (SSE) is actively building a green financial market with diverse products and participation from various entities, serving as a crucial hub for connecting industry and capital [2] Group 1: Product Supply and Financing - SSE has facilitated the listing of 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by providing lifecycle consulting services [2] - 19 listed companies in the energy-saving and new energy sectors have completed refinancing on the Sci-Tech Innovation Board, raising a total of 648 billion yuan [3] - SSE has issued over 930 billion yuan in green bonds and low-carbon transition bonds, supporting traditional industries in energy conservation and low-carbon transformation [4] Group 2: ESG and Investor Engagement - SSE has published 155 ESG-related indices, with nearly 100 products tracking these indices, amounting to over 70 billion yuan in scale [4] - 46 green ETFs have been listed on SSE, covering various themes such as ESG and new energy, with a total scale approaching 50 billion yuan [5] - SSE has conducted training sessions for over 870 listed companies to improve ESG information disclosure, with over half of the companies expected to publish ESG reports by 2025 [6][7] Group 3: International Collaboration and Standards - SSE has actively participated in G20 discussions on sustainable finance, showcasing China's progress in this area and contributing to global climate governance [9][10] - As a member of the World Federation of Exchanges, SSE has led the development of sustainable exchange principles, enhancing its role in the global sustainable development agenda [10]

Core Viewpoint - ST New Power (300152) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company claims its operations remain normal during the investigation [2][6]. Group 1: Investigation and Regulatory Actions - ST New Power has not specified the exact reasons for the investigation in its announcement, but it has faced multiple regulatory penalties over the past year [6]. - In January, the Hebei Securities Regulatory Bureau issued several administrative regulatory measures against ST New Power, citing violations in operational norms, internal controls, and information disclosure [6]. - The company has been criticized for poor governance, including unclear understanding of governance requirements by the chairman and directors, ineffective decision-making mechanisms, and inadequate management of insider information [6]. Group 2: Financial Performance - ST New Power has reported continuous losses for four consecutive years since 2021, with a revenue of 0.97 billion yuan in the first half of this year, representing a year-on-year decrease of 5.66% [7]. - The net profit for the same period was -7.2861 million yuan, showing a reduction in losses compared to previous periods but still indicating a loss [7]. Group 3: Business Overview - The main business of ST New Power focuses on energy-saving combustion, providing comprehensive solutions for energy-saving ignition, clean combustion, and industrial exhaust gas treatment, serving various industries including power generation, petrochemicals, metallurgy, and construction [7].

Group 1 - ST New Power (SZ 300152) announced the appointment of key management positions, including Mr. Qi Longlong as General Manager and Ms. Cheng Fangfang as Secretary of the Board [1] - The company reported that its revenue composition for the first half of 2025 is 100% from energy-saving and environmental protection [1] - As of the announcement, ST New Power has a market capitalization of 1.9 billion yuan [1]

Core Insights - The 2025 BRICS Forum, themed "Releasing the Potential of BRICS Cooperation for Inclusive and Sustainable Industrialization," aims to enhance collaboration among BRICS nations and partners in new industrialization, digital transformation, and green low-carbon initiatives [2][3] - The establishment of the "BRICS Industrial Capability China Center" is a significant step to deepen cooperation, leveraging Xiamen's advantages in high-level openness and resource aggregation [3] - The forum announced the expansion of the "International Cooperation Initiative for New Industrialization" to 19 national departments and released an action plan to promote sustainable development and investment cooperation in sectors like new energy vehicles, photovoltaics, wind power, hydrogen energy, and energy conservation [3] Industry Developments - The forum facilitated the signing of 14 industrial cooperation projects, including the Innopraktika Innovation Center project and the Raflon membrane new material industrialization project, indicating a strong focus on innovation and collaboration in various sectors [3][4] - The emphasis on green low-carbon transformation aligns with global trends towards sustainability, positioning BRICS nations as key players in the transition to a more sustainable industrial landscape [3]

Group 1: Corporate Governance and Board Matters - The board of directors has been overdue for re-election for over a year, with efforts made to address this issue [2] - A temporary shareholders' meeting is scheduled for September 19, 2025, to discuss the re-election of directors and supervisors [2] - The company is committed to complying with regulations and will disclose any significant matters as required [3] Group 2: Financial Performance and Market Confidence - The company is focused on improving operational efficiency and core competitiveness, particularly in the energy-saving and environmental protection sectors [3] - The stock price is influenced by various factors, including macroeconomic conditions and market sentiment [3] - The company plans to enhance its asset securitization rate and combine internal growth with external development to increase its value [2] Group 3: Internal Control and Risk Management - The company is currently addressing internal control issues that led to a negative opinion from its auditor regarding the 2024 financial report [4][7] - The company is implementing measures to rectify internal control and optimize business processes [5][6] - Monthly updates on the status of risk warnings will be provided during the period of risk warning implementation [7] Group 4: Future Outlook and Strategic Plans - The company is working on a "main business optimization transformation" and will report on its effectiveness in future financial disclosures [6] - There are ongoing discussions regarding the potential for stock repurchases by executives if confidence in the company's future develops [5][7] - The company aims to meet regulatory conditions for lifting risk warnings and will take necessary actions to address challenges [6][7]