北交所策略专题报告 北交所 ESG 信披体系再完善：聚焦绩优股，掘金 ESG 组合领先的超额收益 北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | 事件：北交所增补三项环境议题指南，ESG 披露框架持续完善 2026 年 1 月 30 日，沪深北交易所修订发布《上市公司可持续发展报告编制指南》， 增补《第三号 污染物排放》《第四号 能源利用》《第五号 水资源利用》三项议 题指南。北交所于 2025 年 1 月 17 日首次发布《指南》及其附件《第一号 总体 要求与披露框架》《第二号 应对气候变化》。北交所表示，本次修订在保持原有 框架基础上，新增《第三号 污染物排放》《第四号 能源利用》《第五号 水资 源利用》三个应用指南，进一步细化环境维度披露要求，为上市公司提供更清晰、 可操作的披露指引。三份指南主要内容均分为相关风险和机遇评估、核算、披露 要点三大板块。《第 ...

Economic Outlook - The Bank of Canada is expected to maintain the benchmark interest rate during the monetary policy meeting on January 28, with a focus on potential adjustments to economic growth forecasts amid a complex trade environment [1] - The Canadian economy heavily relies on manufacturing, high-tech industries, and services, supported by natural resources, with steel, aluminum, and automotive sectors being critical [3] Steel and Aluminum Industry - Canada's steel and aluminum industry faces significant challenges, with over $12 billion in annual exports to the U.S., where more than 40% of revenue is dependent on the U.S. market [4] - U.S. tariffs on Canadian steel and aluminum are set to increase from 25% to 50% by 2025, severely impacting export competitiveness and leading to a reduction in orders and idle machinery [4] - The automotive industry, which relies on steel and aluminum, is also experiencing a slowdown, with annual production nearly halving compared to a decade ago [4] Automotive Industry - The automotive sector's decline is exacerbated by high tariffs, which are expected to reduce the share of U.S. imports from Canada from nearly 50% to one-third by 2025 [6] - High interest rates are dampening consumer enthusiasm for vehicle purchases, contributing to a shrinking automotive market [4] Economic Impact and Consumer Sentiment - The decline in manufacturing is expected to negatively affect related sectors such as mining, logistics, and technology services, ultimately lowering national economic growth [6] - Canadian consumer prices are projected to rise, with the Consumer Price Index (CPI) expected to exceed the 2% target, reaching 2.6% by February 2025 [7] - Consumer spending has shown a decline, with a notable drop in September and October 2025, despite a slight rebound in November [7] Employment Market Dynamics - A survey indicates that the percentage of Canadians expecting an economic recession within a year has increased from 15% to 32%, with 66.5% of consumers expressing pessimism [9] - The unemployment rate rose to 6.8% in December 2025, the highest in over two years, with a record number of job seekers entering the market without a corresponding increase in job creation [9] - The job market shows a dichotomy, with growth in sectors like healthcare and education, while manufacturing and construction, particularly in steel, aluminum, and automotive, face significant job losses [9][10] Steel Industry Export Decline - Canadian steel exports to the U.S. are projected to plummet by 36.6% year-on-year by October 2025, leading to reduced hiring and investment in the sector [10] - The cycle of external shocks leading to low employment and subsequent consumer spending decline is creating a negative feedback loop for the economy [10]

【博时市场点评2月6日】节前情绪谨慎，两市继续调整 每日观点 今日沪深三大指数调整，两市成交较昨日继续缩量。国外方面，美国初请失业金与JOLTS职位空缺数据 双双不及预期，显示就业市场正在放缓，美国经济韧性的交易逻辑出现回摆。未来一段时间，美国经济 数据与联储政策的博弈将成为扰动全球市场的重要变量。国内方面，财政部等三部门发布海南自贸港岛 内居民"零关税"新政，此项政策是区域消费刺激的制度创新，通过赋予岛内居民特定免税额度，旨在促 进境外消费回流，挖掘内部消费潜力。在复杂外部环境下，此类政策体现了通过制度型开放和区域试点 来扩大内需、促进"国内大循环" 的战略思路。国内权益市场方面，市场结构性分化明显，节前投资者 在宏观经济数据空窗期或外部不确定性增加的情况下，倾向于选择业绩相对稳定、受经济周期影响较小 的行业。节前市场驱动逻辑或从全局流动性宽松预期，向寻找具备业绩确定性和政策支持的结构性方向 转变。 2月6日，A股三大指数下跌。截至收盘，上证指数报4065.58点，下跌0.25%；深证成指报13906.73点， 下跌0.33%；创业板指报3236.46点，下跌0.73%；科创100报1585.49点，下跌0 ...

市水产科学研究所党支部积极培育"鱼跃春城"党建品牌，推动党员在攻坚克难和服务基层中发挥先锋模 范作用，支部典型经验参与市直机关党建交流展示，土著鱼类繁育和放流工作在云南省长江禁渔考核中 获得加分，滇池土著鱼类保护成效获肯定。 市技术合同认定登记站党支部做实"科创服务，为技术市场护航"党建品牌，设置"党员示范服务窗口"， 搭建"一站式"服务惠民阵地。党员带头开展"政策直通车，服务零距离"上门服务58场，创新大额技术合 同"四站会商"模式，推动单笔超5000万元合同登记8项；2025年合同成交额达205.46亿元，全市技术合 同认定成交额持续稳步增长。 市科技局有关负责人表示，今年，全市科技系统将坚持政治建设常态化，提升"凝心铸魂"的引领力；坚 持组织建设标准化，提升"固本强基"的组织力；坚持党建融合特色化，提升"赋能发展"的推动力；坚持 活动形式多样化，提升"创新有为"的战斗力。 本报讯 记者张怡报道 1月22日，市科技局召开2025年度基层党组织书记述职评议考核暨直属事业单位述 法考评会议，通过亮成效、查不足、谋思路，以党建助力创新事业发展。 2025年，市科技局机关第二党支部围绕"创新引领·科技兴昆"品牌培 ...

连日来，世界与中国的对话很频繁。十天前，加拿大总理卡尼对中国进行正式访问，签署多项合作文 件；紧接着，在瑞士达沃斯举办的世界经济论坛2026年年会上，人们热议"中国机遇"，认为与中国对话 比以往任何时候都更加重要；从25日开始，芬兰总理奥尔波率多家企业高管访华，展现了深化双边经贸 关系的强烈意愿。 世界为何纷纷把目光投向中国？ "中国以实际行动表明，一个国家完全可以在摆脱零和博弈的情况下实现发展，并为世界发展贡献智慧 与方案。"23日，美中合作基金会执行主席约翰·米勒-怀特与《国际锐评》交流了看法。根据世界经济 论坛公布的最新一批灯塔工厂名单，施耐德电气武汉工厂入选。施耐德电气高级副总裁、全球供应链中 国区负责人张开鹏告诉《国际锐评》，这体现了中国"在先进制造和人才管理领域的全球影响力"。 他们的表态，一定程度上回答了为什么世界上越来越多的国家期待与中国对话。以刚刚闭幕的达沃斯论 坛为例。论坛开幕前发布的报告直言：地缘经济对抗成为2026年首要风险。今年年会的主题是"对话的 精神"，呼应了国际社会寻求对话、弥合分歧的迫切心声。作为世界第二大经济体，中国正成为越来越 多国家期待对话合作的伙伴。会场上，中国元素和 ...

Core Insights - The "Two New" policies in China are effectively driving investment and consumption, optimizing supply structure, and enhancing economic quality, providing a solid foundation for stable and long-term economic growth [1] Investment Sector - Equipment investment is experiencing strong growth, with a year-on-year increase of 11.8% in 2025, contributing 1.8 percentage points to overall investment growth and accounting for 18.0% of total investment, an increase of 2.5 percentage points from the previous year [2] - The growth in equipment investment is attributed to a combination of government policies, such as fiscal subsidies and tax incentives, and proactive responses from enterprises in the manufacturing and high-tech sectors [2] - This investment is not only expanding production capacity but also driving the digitalization, intelligence, and greening of production systems, thereby enhancing the resilience and safety of the industrial supply chain [2] Consumption Sector - The "old-for-new" consumption policy has been significantly strengthened in 2025, stimulating potential consumer demand and promoting the optimization of consumption structure, with retail sales of consumer goods above designated size increasing by 3.4% year-on-year, accelerating by 0.7 percentage points from the previous year [3] - Key trends in consumption include: - Green and smart products becoming the main theme, with retail sales of communication equipment and cultural office supplies growing by 20.9% and 17.3% respectively [4] - Home furnishings seeing a 14.6% increase in retail sales, significantly up by 11 percentage points from the previous year [4] - New energy vehicle retail sales reaching 12.809 million units, a 17.6% year-on-year increase, with a penetration rate of 53.9%, up 6.3 percentage points from the previous year [4] Mechanism and Policy Integration - The success of the "Two New" policies is attributed to their integration with industrial, technological, and environmental policies, creating a virtuous cycle of investment, supply enhancement, demand creation, and re-investment [5] - The policies effectively address structural contradictions in the market, such as overcapacity in some industries and insufficient high-end supply, accelerating the marketization of new technologies and products [5] - The policies are also aligned with the "dual carbon" goals, promoting energy efficiency and reducing pollution, thus facilitating a comprehensive green transformation of economic and social development [6] Future Outlook - The ongoing implementation of the "Two New" policies is expected to further release their synergistic effects, solidifying the economic recovery and supporting the cultivation of new productive forces, the construction of a modern industrial system, and the achievement of carbon neutrality goals [6]

Group 1 - The central economic work meeting emphasizes the need to continuously expand domestic demand, optimize supply, enhance incremental growth, and revitalize existing resources, which will influence corporate strategies [1] - The company plans to leverage its technical expertise and brand advantages in professional markets to accelerate the development of AI products, aiming to reduce service costs and better penetrate the mass market [1] - The company aims for a 50% growth in performance by 2026, focusing on consolidating its leading position in professional markets while deepening its presence in vertical application areas [1] Group 2 - The company intends to accelerate the research and market expansion of mass-market products, actively exploring consumer scenarios with similar demands [1] - The company will also seize opportunities to expand into the cultural and tourism market, providing innovative video consumption experiences for consumers in these contexts [1]

Group 1: Oil and Petrochemical Sector - The oil and petrochemical sector has experienced a continuous rise, marking its 10th consecutive trading day of gains, with an increase of over 2% today [3]. - Notable stocks within this sector include Kangpudun, which hit the daily limit, and Unification Holdings and Hengyi Petrochemical, both of which saw increases exceeding 7% [3]. Group 2: New Stock Listings - Three new stocks were listed today, all of which saw significant gains during trading [8]. - Double Happiness Environmental saw a remarkable increase of over 260% during trading, focusing on the production and sales of polyvinyl alcohol and other related products [9][11]. - Strong One Co. also performed well, with a trading increase of over 220%, specializing in semiconductor testing hardware [13][15]. - Yufan Technology experienced a rise of over 180%, providing comprehensive services for drainage pipeline maintenance [17][19]. Group 3: Other Market Movements - The media sector also showed positive movement, with an increase of over 1.5%, highlighted by stocks such as Bainacheng, Hubei Broadcasting, and Jinyi Film, all reaching their daily limit [5][6].

Core Insights - The implementation of the Energy Conservation Law in China has led to significant achievements in energy efficiency, with a cumulative reduction of energy consumption per unit of GDP by approximately 43% from 2007 to 2024, equating to about 2.3 billion tons of standard coal saved [1] - Since the 18th National Congress, the energy consumption per unit of GDP has decreased by 27.2%, making China one of the fastest countries in the world to reduce energy intensity [1] - The report highlights the continuous improvement of supporting policies and regulations, with over 800 departmental regulations and policy documents issued in key sectors such as industry, construction, transportation, and public institutions [1] Energy Efficiency in Key Sectors - In the industrial sector, a special action for improving industrial energy efficiency has been implemented, with 206 "leading" enterprises and 246 national green data centers identified [2] - The construction sector is advancing energy-saving renovations and promoting green buildings, with over 97% of new urban buildings expected to be green buildings by 2024 [2] - In transportation, the structure of transport is continuously optimized, with railway freight volume and water transport cargo volume expected to increase by 17.3% and 31.3% respectively by 2024 compared to 2019 [2] Challenges and Strategic Recommendations - The report identifies new challenges in energy conservation efforts and issues in implementing the Energy Conservation Law, emphasizing the need to strengthen the priority of energy conservation and its role in high-quality development [3] - Recommendations include improving energy management mechanisms, enhancing the legal framework for energy conservation, and fostering innovation in energy-saving technologies [3] - The report calls for the cultivation and development of the energy-saving service industry to stimulate internal motivation for energy conservation [3]

Group 1 - The core viewpoint of the article is that university students who obtain their graduation certificates during internships should be recognized as having an employment relationship, as demonstrated by a recent arbitration case in Beijing [1][2]. - The case involved a student, Feng, who began an internship in early 2022 and continued working after graduating in January 2023, but the company refused to convert the internship agreement into a labor contract despite being aware of his graduation [1]. - The Beijing Arbitration Committee ruled that there was a labor relationship between Feng and the company for 10 months in 2023, ordering the company to pay compensation for the unlawful termination of the internship agreement [1][2]. Group 2 - The arbitration committee emphasized that once an intern completes their studies and obtains a graduation certificate, their legal status changes fundamentally, necessitating a transition from an internship agreement to a labor contract [2]. - The article also highlights that other selected arbitration cases focus on issues related to technological innovation, international relations, and the challenges posed by AI technology in the job market, as well as risks associated with cross-border operations [2].