今天分享的是：2025年A股上市公司ESG评级分析报告 报告共计：48页 A股ESG评级全景扫描：头部企业引领提升，质量转型进行时 近年来，随着可持续发展理念日益深入人心，ESG（环境、社会与治理）已成为衡量企业综合价值的重要标尺。一份最新发布 的2025年A股上市公司ESG评级分析报告，揭示了国内上市公司在ESG领域的整体表现与发展趋势。数据显示，A股ESG绩效呈 现稳步提升态势，尤其是头部企业表现突出，但从中也反映出从"披露驱动"向"绩效驱动"转型过程中的挑战。 整体评级持续向上，中证800成分股表现引领 根据报告统计，A股上市公司ESG评级整体呈现上升趋势。2024年，全A股中ESG评级在A-及以上的公司占比达到14.13%，较往 年有明显提高。以中证800成分股为代表的规模较大公司，ESG提升更为显著：2018年至2025年间，其ESG平均绩效增长超过 27%，评级在B+及以上的公司比例从不足8%大幅提升至81%以上。尤其值得注意的是，中证800成分股中ESG评级为A-及以上的 公司数量从2018年仅3家增长至2025年的456家，显示龙头企业正带头推进ESG实践。 行业表现分化明显，环境维度成提升难 ...

Core Insights - The China SME Development Index for July remains stable at 89.0, indicating a steady performance amidst external uncertainties and slow domestic demand growth [1] - The index shows a positive trend in various sectors, with six industries experiencing growth while two saw slight declines [1] Industry Performance - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering sectors all reported significant increases in their indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] - The industrial and wholesale retail sectors experienced minor declines of 0.2 and 0.1 points respectively [1] Financial Conditions - The financial situation for SMEs has improved, with the funding index rising by 0.2 points in July [1] - There is an increase in working capital and a faster turnover of accounts receivable, with six out of eight surveyed industries reporting growth in working capital and quicker collection of receivables [1] Investment Sentiment - Investment willingness among SMEs has shown signs of recovery, with the investment index increasing by 0.1 points in July [1] - Six out of the eight surveyed industries reported an increase in their investment indices [1] Future Outlook - The China SME Association emphasizes the need for comprehensive economic reforms to stimulate domestic demand, foster new growth points in service consumption, and enhance private and SME investment vitality [2] - The focus will be on stabilizing employment, businesses, markets, and expectations to support the innovative development and quality improvement of private and small enterprises [2]

Group 1 - The China SME Development Index for July is 89.0, remaining stable compared to the previous month, indicating a steady but pressured performance of SMEs amid external uncertainties and slow domestic demand growth [1] - In July, the industry index showed 6 sectors rising and 2 declining, with notable increases in construction, transportation, real estate, social services, information transmission software, and accommodation and catering sectors, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] - The funding situation for SMEs improved in July, with the funding index rising by 0.2 points, indicating better liquidity and faster accounts receivable turnover across 6 out of 8 surveyed industries [1] Group 2 - The investment willingness of SMEs showed signs of recovery, with the investment index increasing by 0.1 points in July, as 6 out of 8 surveyed industries reported an increase in investment [1] - The China SME Association emphasizes the need for comprehensive economic reforms to effectively release domestic demand potential, stimulate private investment, and support the innovation and quality improvement of SMEs [2]

Group 1 - The China SME Development Index for July is 89.0, remaining stable compared to the previous month, indicating that SMEs are facing significant external uncertainties and slow domestic demand growth [1] - In July, the index for six industries increased, while two industries saw a decline, suggesting an overall positive trend in industry operations [1] - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering industries showed notable increases in their indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] Group 2 - The funding situation for SMEs improved in July, with the funding index rising by 0.2 points, indicating better liquidity and faster accounts receivable turnover [1] - Investment willingness among SMEs has also increased, with the investment index rising by 0.1 points in July, reflecting a positive outlook in six out of eight surveyed industries [1] - The China SME Association emphasizes the need for comprehensive economic reforms to stimulate domestic demand, support private and small enterprises, and achieve the goals set for the 14th Five-Year Plan [2]

Group 1 - The Small and Medium Enterprises Development Index (SMEDI) in China remained stable at 89.0 in July, unchanged from June [1] - In July, the funding index and input index increased by 0.2 points and 0.1 points respectively compared to June, while the comprehensive operation index and efficiency index remained flat [1] - The construction, transportation, real estate, social services, information transmission software, and accommodation and catering industries showed significant increases in their development indices, rising by 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points respectively [1] Group 2 - The development environment for small and medium enterprises in China is stabilizing, with improved funding conditions and reduced operational cost pressures [2] - There is an increasing willingness for investment among enterprises, supported by effective macroeconomic policies [2] - Future efforts will focus on deepening economic reforms, stimulating domestic demand, and supporting innovation and efficiency improvements in private and small enterprises [2]

Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for July remains stable at 89.0, unchanged from the previous month [1] Industry Summary - The index shows a positive trend in various sectors, with 6 industries experiencing growth and 2 industries seeing a decline [1] - Notable increases were observed in the construction, transportation, real estate, social services, information transmission software, and accommodation and catering industries, with respective increases of 0.6, 0.4, 0.3, 0.3, 0.3, and 0.3 points [1] - The industrial and wholesale retail sectors experienced slight declines of 0.2 and 0.1 points, respectively [1] - Overall, the operational status of the industries is improving [1]

Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for Q2 2025 is reported at 89.1, a decrease of 0.4 points from the previous quarter, but higher than the levels in 2023 and 2024. Overall, costs for SMEs have slightly decreased [1]. Industry Summary - The wholesale and retail industry index remained stable at 89.0, while seven other industries, including construction, transportation, real estate, social services, information transmission, and accommodation and catering, saw declines in their indices [2][3]. - The overall index for Q2 2025 is 89.1, down from 89.5 in Q1 2025, with all sub-indices showing a decrease, including macroeconomic sentiment, comprehensive operation, market, cost, funding, labor, input, and efficiency indices [4][5]. Regional Summary - The indices for the eastern, central, and western regions are 90.1, 89.7, and 88.6 respectively, all showing declines from the previous quarter, while the northeastern region saw a slight increase of 0.1 points to 81.5 [4]. Key Characteristics of SMEs - Business confidence is low, with the macroeconomic sentiment index at 98.2, down 0.8 points from the previous quarter, reflecting a decline across all surveyed industries [5]. - Market demand is contracting, as indicated by a market index of 81.2, which is a decrease of 0.3 points from the previous quarter [5]. - Funding conditions are tightening, with the funding index at 100.6, down 0.2 points, and six out of eight industries reporting declines in their funding indices [5]. - Labor supply is increasing while demand is decreasing, with the labor index at 105.9, down 0.1 points, and seven industries reporting a drop in labor demand [5]. - Investment willingness among enterprises is declining, with the input index at 82.3, down 0.6 points, particularly in construction, social services, and accommodation and catering sectors [5]. - Costs for enterprises have slightly decreased, with the cost index at 111.8, down 0.2 points, although the wholesale and retail sector saw a slight increase in costs [5]. - Efficiency has also declined, with the efficiency index at 74.2, down 0.3 points, and six industries reporting a decrease in their efficiency indices [6].

Core Insights - The Small and Medium Enterprises Development Index (SMEDI) in China rose to 89.5 in May, an increase of 0.3 points from April, marking a significant recovery after two months of decline [1] - The improvement in the index is attributed to enhanced macroeconomic policies, better supply-demand relationships in certain industries, and a noticeable recovery in economic sentiment, which has positively influenced small and medium enterprises' performance and investment willingness [1] Economic Indicators - In May, various economic indices showed positive changes compared to April: - Macroeconomic sentiment index increased by 0.7 points - Comprehensive operation index rose by 0.6 points - Market index up by 0.2 points - Capital index increased by 0.3 points - Labor index grew by 0.2 points - Input index up by 0.4 points - Efficiency index increased by 0.4 points - The cost index remained stable compared to April, indicating a favorable trend in the operational environment for small and medium enterprises [1] Industry Performance - In May, several industries experienced growth compared to April: - Industrial sector increased by 0.6 points - Transportation sector rose by 0.6 points - Real estate sector up by 0.2 points - Wholesale and retail sector increased by 0.1 points - Information transmission and software sector grew by 0.4 points - Accommodation and catering sector also rose by 0.4 points - However, the construction and social services sectors saw declines of 0.2 points and 0.3 points, respectively, indicating a mixed performance across industries [1] Regional Analysis - The development indices for small and medium enterprises in May by region were as follows: - Eastern region: 90.5 - Central region: 90.3 - Western region: 88.7 - Northeastern region: 81.8 - The ongoing release of policy effects has led to a noticeable recovery in development expectations for small and medium enterprises, although challenges remain due to external uncertainties and the need for further domestic demand and consumption stimulation [2]