来源：联洲信评 背景介绍 在全球可持续发展理念深入人心的当下，ESG正从边缘走向主流，成为各界关注的焦点。ESG 中的 S（社 会）维度，秉持以人为本的核心理念，聚焦企业与政府、员工、客户、债权人及社区等多元内外部利益相 关者的期望与诉求，督促企业创造价值、遵纪守法、保障居民与雇员权益，减少各类社会矛盾，构建和谐 共生的社会关系。 制药、生物科技与生命科学行业作为关乎国计民生的战略性产业，直接影响着国家的产业竞争格局，在推 动社会建设方面扮演着无可替代的关键角色。近年来，随着国内外政策导向的积极转变以及行业自身发展 的深刻变革，落实 ESG 治理已成为制药、生物科技与生命科学行业无法回避的重要议题。构建高质量的 ESG 标准和实践，既是制药、生物科技与生命科学行业应尽的社会责任，也是其实现长期商业目标、在激 烈市场竞争中脱颖而出的重要前提。S（社会）作为ESG的重要核心议题，其表现影响了ESG的整体表现， 因此企业加强S（社会）的治理变得十分必要。 S（社会）绩效对比分析 联洲信评（UCCR）ESG专项小组通过对企业官网及巨潮资讯网披露的ESG相关报告的情况进行统计，截至 2025年5月5日，A股制药、生物科 ...

Investment Rating - The report maintains a "weaker than the market" rating for the U.S. stock market [4] Core Insights - The overall market trend is fading, with continued capital inflow into the semiconductor sector [2] - The S&P 500 index decreased by 1.0% this week, while the Nasdaq fell by 1.5% [1] - Energy sector showed the best performance with a gain of 3.3%, while the automotive sector saw the largest decline at -7.0% [1] Summary by Sections 2.1 Investment Returns - Energy sector recorded a weekly return of 3.3%, while the automotive sector experienced a decline of 7.0% [13] - The capital goods sector increased by 1.1%, and the semiconductor products and equipment sector had a slight gain of 0.2% [13] 2.2 Capital Flows - The estimated net capital inflow for the semiconductor products and equipment sector was $2.061 billion this week [15] - The automotive sector faced significant outflows, with a net capital outflow of $2.562 billion [15] - The capital goods sector saw a net inflow of $394 million [15] 2.3 Earnings Forecast - The earnings per share (EPS) forecast for the semiconductor products and equipment sector was adjusted upward by 0.5% this week [16] - The automotive sector's EPS forecast was increased by 0.7% [16] - Overall, the EPS expectations for all 24 sectors have risen [3] 2.4 Valuation Levels - The report does not provide specific valuation levels in the provided content [18]

Market Performance - The S&P 500 index increased by 2.4% this week, while the Nasdaq rose by 3.9%[1] - Large-cap growth stocks (Russell 1000 Growth) outperformed with a gain of 3.2%, compared to small-cap value (Russell 2000 Value) at +2.5%[1] - The technology hardware and equipment sector led the gains with an increase of 3.9%[1] Fund Flows - Estimated fund flow for S&P 500 components was +$65.6 billion this week, down from +$91.7 billion last week[2] - Semiconductor products and equipment saw the highest inflow at +$22.9 billion, while media and entertainment experienced the largest outflow at -$13.2 billion[2] Earnings Forecast - The forward 12-month EPS estimate for S&P 500 components was revised up by 0.4% this week, consistent with the previous week[3] - The automotive sector saw a significant upward revision of 9.0% in earnings expectations, while durable goods and apparel experienced a downward revision of -0.5%[3] Risk Factors - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies[3]

Core Viewpoint - The implementation of ESG principles has become a mandatory requirement for companies in the pharmaceutical, biotechnology, and life sciences sectors in China, especially in the context of achieving carbon neutrality and high-quality development goals [1][23]. Group 1: ESG Reporting and Ratings - As of May 5, 2025, 161 companies in the A-share pharmaceutical, biotechnology, and life sciences sectors have actively disclosed their 2024 ESG reports, indicating a growing trend in ESG practices [2]. - The overall ESG practice level in the pharmaceutical, biotechnology, and life sciences sectors is relatively good, with most companies rated at the BBB level, reflecting a positive distribution of ratings [2][23]. - The clarity of environmental management goals is positively correlated with ESG ratings, with 100% of AA and A-rated companies having clear environmental management goals [5][11]. Group 2: Energy Efficiency and Environmental Policies - Companies that prioritize ESG initiatives are increasingly implementing comprehensive energy-saving and renewable energy policies, which are positively correlated with higher ESG ratings [7][8]. - The effectiveness of energy-saving and emission reduction measures is directly proportional to ESG ratings, with higher-rated companies showing better implementation results [19]. Group 3: Environmental Management Certifications - The proportion of companies with ISO 14001 environmental management system certification increases with higher ESG ratings, indicating a correlation between certification and ESG performance [10][11]. - The relationship between green factory certification and ESG ratings is less clear, as many companies with lower ratings have not obtained such certifications, suggesting a need for improvement in this area [13]. Group 4: Environmental Information Disclosure - The quality of environmental information disclosure is crucial for ESG ratings, with companies that provide comprehensive and high-quality disclosures achieving better ratings [15][23]. - Companies with low environmental disclosure quality tend to have lower ESG ratings, highlighting the importance of transparency in environmental performance [15]. Group 5: Biodiversity and Environmental Investment - The emphasis on biodiversity protection is positively correlated with ESG ratings, with higher-rated companies showing a greater commitment to biodiversity initiatives [21][22]. - Environmental investment levels do not show a strong correlation with ESG ratings, indicating that many companies in the sector have low investment in environmental protection [17][23].

Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - After a pullback, the U.S. stock market has shown significant recovery, with small-cap stocks outperforming [3] - The S&P 500 index increased by 0.3%, while the Nasdaq decreased by 0.6% [3] - Among 18 sectors, 12 experienced gains, with notable increases in banking (+3.2%), automotive (+2.9%), and energy (+2.8%) sectors [3] Price Trends - Small-cap value stocks (Russell 2000 Value) rose by 4.1%, outperforming small-cap growth (Russell 2000 Growth +2.6%) and large-cap value (Russell 1000 Value +1.7%) [3] - The report highlights that 18 sectors saw price increases, while 6 sectors faced declines, with the largest declines in food and staples retailing (-2.0%) and software and services (-1.9%) [3] Fund Flows - The estimated fund flow for S&P 500 constituents was +1.7 billion USD this week, a significant decrease from +75.8 billion USD the previous week [4] - Notable inflows were observed in automotive (+11.0 million USD), diversified financials (+4.6 million USD), and banking (+3.8 million USD) sectors [4] - Conversely, significant outflows were recorded in software and services (-29.9 million USD) and semiconductor products and equipment (-7.7 million USD) [4] Earnings Forecast - The report indicates a 0.3% upward revision in the 12-month forward EPS expectations for S&P 500 constituents, following a 0.2% increase the previous week [5] - 21 sectors saw upward revisions in earnings expectations, with the semiconductor sector leading with a +1.2% increase [5]

Investment Rating - The report maintains a "Underperform" rating for the U.S. stock market [1] Core Insights - The U.S. stock market continues to reach new highs, with small-cap stocks showing strong performance [3] - The S&P 500 index increased by 0.9%, while the Nasdaq rose by 0.8% [3] - 18 out of 24 sectors experienced gains, with notable increases in pharmaceuticals, biotechnology, and life sciences (+5.5%) and healthcare equipment and services (+4.2%) [3] Price Trends - The report highlights that small-cap value stocks (Russell 2000 Value) outperformed small-cap growth stocks, with a rise of 3.4% compared to 2.8% [3] - The sectors with the largest gains include pharmaceuticals and biotechnology (+5.5%), healthcare equipment and services (+4.2%), and durable goods and apparel (+3.6%) [3] - Conversely, sectors that declined include food and staples retailing (-2.4%) and commercial and professional services (-1.4%) [3] Fund Flows - Estimated fund flows for S&P 500 constituents showed a significant increase to +$7.58 billion this week, up from +$1.70 billion last week [4] - The healthcare equipment and services sector saw the highest inflow at +$2.76 billion, followed by media and entertainment (+$1.31 billion) and pharmaceuticals (+$1.09 billion) [4] - Notably, the software and services sector experienced an outflow of -$476 million [4] Earnings Forecast - The report indicates a 0.2% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [5] - 22 sectors saw an increase in earnings expectations, with semiconductor products and equipment leading at +0.6% [5] - The energy sector was the only one to experience a downward revision, with a decrease of -0.3% [5] Global Asset Overview - The S&P 500 index closed at 6,450, reflecting a 0.9% increase for the week and a 16.1% increase year-to-date [11] - The Russell 2000 index, representing small-cap stocks, rose by 3.1% this week, indicating strong performance in this segment [11] Sector Observations - The healthcare sector recorded a price return of 5.0% this week, outperforming other sectors [16] - The materials sector also performed well, with a 1.8% increase, while the energy sector lagged with only a 0.5% increase [16] - The report notes that the pharmaceutical and biotechnology sector had the highest price return at 5.5% [16]

Investment Rating - The report maintains a neutral investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market is experiencing a steady recovery, led by the technology sector, with the S&P 500 rising by 5.3% and the Nasdaq increasing by 7.2% [3] - Significant capital inflows have been observed, particularly in the semiconductor and automotive sectors, indicating strong investor interest [4] - Earnings expectations for the S&P 500 constituents have been slightly adjusted upwards, with traditional industries showing the most significant upward revisions [5] Summary by Sections Price Trends - The S&P 500 increased by 5.3% and the Nasdaq by 7.2% this week, with the automotive and semiconductor sectors leading the gains at +16.2% and +13.3% respectively [3] Capital Flows - Estimated capital inflows for the S&P 500 constituents reached +$25.71 billion this week, a significant increase from the previous week's +$2.99 billion [4] - The semiconductor sector saw the highest inflow at +$9.17 billion, followed by automotive at +$6.59 billion [18] Earnings Forecasts - The dynamic F12M EPS expectations for the S&P 500 were adjusted up by 0.1%, with 19 sectors seeing upward revisions, particularly real estate (+0.7%) and materials (+0.5%) [5]