随着ESG投资理念在资本市场的不断深化，ESG评价（包括评级、评分等）成为衡量企业可持续发展表 现的关键标尺。近年来，中国上市公司的ESG评级水平快速提升，反映出企业对ESG价值的日益重视。 然而，如何推动本土ESG评价与国际标准有效接轨？如何进一步夯实企业ESG信息披露质量？由新华财 经《高端访谈》联合绿色金融60人论坛（GF60）推出的《碳路司南·ESG圆桌会》，邀请业界专家进行 深入探讨。 本期圆桌嘉宾： 马雪莉（Sherry Madera）：全球环境信息研究中心（CDP）首席执行官 王晓书：明晟（MSCI）可持续与气候研究部亚太区主管 尹彬彬：上海金司南金融研究院副院长 记者：在您看来，ESG评级在资本市场和投资决策中扮演的核心角色是什么？您认为它还具备哪些潜在 价值？ 王晓书：在当下快速发展的全球市场中，资本流动越来越依赖于清晰、可信和可比较的信息。越来越多 的主动和被动投资策略，以ESG评级和指数为依据进行配置决策。企业在这个生态系统中的角色，正在 从信息提供者，逐步演变为战略引领者与市场参与者。 MSCI ESG 评级旨在衡量公司管理财务相关、行业特定可持续发展风险和机遇的韧性，基于ESG评级和 ...

（原标题：标普预测阿塞拜疆2025-2028年年均经济增长1.9%） 阿塞拜疆"Oxu"网12月6日报道，国际评级机构标普全球评级预测，2025年 阿塞拜疆GDP增长1.8%。2026年增速为1.7%，2027年、2028年分别达2%、 2.1%。2025-2028年，年均GDP增速为1.9%。根据标普报告，2025年下半年阿 GDP同比增长1.5%，主要靠非油气行业推动。因价格下降和产量萎缩，石油行 业持续拖累整体经济增长。2025年前10个月，石油产量降至约55.6万桶/日，同 比减少约2.7万桶/日，降幅达4.6%。天然气产量约84.9万桶/日（桶油当量）， 同比仅增加约1.4万桶/日（桶油当量），增长1.7%。天然气产量小幅增长不足 以抵消石油产量下降，传统油气行业仍处负增长状态。 ...

Summary of S&P Global Conference Call - December 09, 2025 Company Overview - **Company**: S&P Global (NYSE: SPGI) - **Key Speaker**: Martina Cheung, CEO Industry Insights Growth Targets - **Medium-term organic revenue growth**: 7%-9% with **margin expansion** of 50-75 basis points per year [2][6] - **Division-specific growth rates**: - Market Intelligence: 6%-8% - Ratings: 6%-9% - Commodity Insights: 6%-8% - Index: 10%-12% [3] Key Growth Drivers - **Private Markets**: Significant opportunities in private credit, private equity, hedge funds, and infrastructure [20] - **Energy Expansion**: Anticipated 50% increase in overall energy demand by 2050 and tripling of electricity demand [24] - **AI Integration**: Leveraging proprietary data and AI to enhance product offerings and customer engagement [8][12] Market Dynamics - **Refinancing Wall**: High levels of refinancing expected, with 9% growth in 2024 [27] - **Economic Outlook**: No anticipated recession; balanced growth expected [28] Core Business Segments Ratings - Focus on transparency in credit rating methodologies to build trust with investors and issuers [21] - Growth driven by both transaction and non-transaction revenue, including surveillance fees [29] Market Intelligence - Strong execution and innovation, particularly in integrating generative AI into workflows [31] - Recent acquisition of WIP intelligence aimed at enhancing data integration capabilities [32] Index - Fastest-growing segment with a focus on private market indices and decentralized finance [38] - Continued investment in growth opportunities while maintaining high margins [36] Risks and Challenges - **Macro-exogenous factors**: Potential risks from external economic conditions [6] - **Regulatory impacts**: Specific sanctions affecting revenue projections in the energy sector [34] AI and Technology Integration - **AI Opportunities**: Significant potential for new product creation and improved customer outcomes through AI [11][14] - **Partnerships**: Collaborations with LLMs and IBM to enhance data distribution and integration [15] Conclusion - S&P Global is well-positioned to leverage growth opportunities in private markets and energy while integrating AI to enhance its product offerings. The company maintains a positive outlook on revenue growth and margin expansion across its divisions, despite potential macroeconomic risks.

Group 1 - The core viewpoint of the news is that S&P Global Ratings has issued a second-party opinion (SPO) lifecycle review for China Power Construction Group Overseas Investment Co., marking it as the first lifecycle review in Greater China and the Asia-Pacific region [1] - The lifecycle review awarded a deep green assessment, confirming that the company's fundraising allocation remains consistent with pre-issuance commitments, fully directed towards renewable energy projects in solar and wind [1] - S&P Global Ratings has established itself as a comprehensive service provider for sustainable financing opinions, covering all stages before and after issuance [2] Group 2 - The "Shade of Green" rating by S&P Global Ratings reflects a qualitative opinion on the alignment of economic activities or financial investments with low-carbon climate resilience (LCCR) futures, consistent with the Paris Agreement [2][4] - LCCR aims to limit the global average temperature rise to below 2 degrees Celsius compared to pre-industrial levels, with efforts to restrict it to within 1.5 degrees Celsius [4] - S&P Global Ratings has been recognized as the leading provider of second-party opinions (SPO) in the Environmental Finance rankings for the first half of 2025, highlighting the trust of clients and the professionalism of its team [2][4]

Core Viewpoint - Moody's has confirmed the issuer rating of Nan Fung International Holdings Limited at "Baa3" [1] Group 1 - The confirmation of the rating indicates a stable outlook for Nan Fung International Holdings Limited [1]

Core Viewpoint - Moody's reported strong Q3 earnings with adjusted earnings per share of $3.92, exceeding estimates and reflecting a 22.1% year-over-year growth [2][3] Financial Performance - Revenues reached $2.01 billion, surpassing the consensus estimate of $1.96 billion, and increased by 10.7% year-over-year [4] - Total expenses were $1.09 billion, a 1.4% increase year-over-year, while adjusted operating income rose 22.5% to $1.06 billion, with an adjusted operating margin of 52.9% [4] - Net income attributable to Moody's was $646 million, or $3.60 per share, up from $534 million, or $2.93 per share, in the prior-year quarter [3] Segment Performance - Moody's Investors Service revenues increased by 11.8% year-over-year to $1.10 billion, driven by strong performance across various finance sectors [5] - Moody's Analytics revenues rose 9.4% year-over-year to $909 million, supported by growth in Decision Solutions, Research and Insights, and Data & Information [5] Balance Sheet and Cash Flow - As of September 30, 2025, Moody's had total cash and short-term investments of $2.26 billion, down from $2.97 billion at the end of 2024 [6] - The company reported $7 billion in outstanding debt and $1.25 billion in additional borrowing capacity [6] Share Repurchase and Guidance - Moody's repurchased 1 million shares at an average price of $503.66, with $398 million remaining in share repurchase authorization [7] - The company raised its guidance for adjusted earnings to $14.50-$14.75 per share and projected revenue growth in the high-single-digit percent range [8][9] Strategic Initiatives - Moody's is implementing a Strategic and Operational Efficiency Restructuring Program aimed at generating annual savings of $250–$300 million, with substantial completion expected by the end of 2026 [13] Market Outlook - Following the earnings release, there has been an upward trend in estimates, with a consensus estimate shift of 7.98% [14] - Moody's holds a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [17]

Financial Data and Key Metrics Changes - Moody's achieved record quarterly revenue exceeding $2 billion for the first time, marking an 11% increase from the same quarter last year [6] - Adjusted operating margin reached almost 53%, up over 500 basis points year-over-year, indicating significant operating leverage [6] - Adjusted diluted EPS was $3.92, reflecting a 22% increase from the previous year [6] Business Line Data and Key Metrics Changes - The Ratings business (MIS) reported a 12% revenue growth, surpassing $1 billion in quarterly revenue for the third consecutive quarter [7] - Transaction revenue in MIS rose 14%, with recurring revenue increasing by 8% year-over-year [20] - Moody's Analytics (MA) experienced a 9% revenue growth, with ARR reaching nearly $3.4 billion, up 8% compared to last year [12][26] Market Data and Key Metrics Changes - The issuance pipeline remains robust, with demand for debt financing strong in private credit, AI-powered data center expansion, and infrastructure development [8][9] - Refunding needs over the next four years are projected to exceed $5 trillion, indicating a compound annual growth rate of 10% from 2018 to 2025 [9] - Spec-grade bond maturities in the U.S. increased by over 20%, while EMEA spec-grade bonds and loans rose by approximately 20% [10] Company Strategy and Development Direction - Moody's is focused on investing in scalable solutions across high-growth markets while simplifying its product suite [12] - The company is expanding its presence in emerging markets, including acquiring a majority interest in Meris, a leading ratings agency in Egypt [18] - Partnerships, such as with Salesforce, are crucial for embedding data into partner ecosystems, enhancing customer integration and retention [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the issuance environment heading into 2026, citing tight spreads and potential Fed easing as positive factors [58] - The company anticipates continued growth in private credit and a robust M&A environment, with expectations for M&A issuance to increase by 15% to 20% for the full year 2025 [25][58] - Risks remain, including ongoing tariff negotiations and potential impacts from a prolonged government shutdown [26] Other Important Information - Moody's is increasing its full-year guidance across almost all metrics, reflecting strong growth and operating leverage [5][19] - The company is raising its adjusted diluted EPS guidance to a range of $14.50 to $14.75, implying roughly 17% growth at the midpoint compared to last year [34] - Free cash flow is anticipated to be approximately $2.5 billion, with share repurchase guidance increased to at least $1.5 billion [34] Q&A Session Summary Question: Thoughts on AI in the analytics business - Management indicated that AI is being embedded into various workflow solutions and that they have developed over 50 domain-specific agents leveraging proprietary data [38][40] Question: Impact of third quarter's record issuance - Management noted that pull forward activity is more prevalent in spec-grade than in investment-grade issuers, with healthy maturity walls expected [44] Question: Proprietary data sets in KYC solutions - Management highlighted the unique data sets used in KYC solutions, including Orbis and politically exposed persons data, which provide a comprehensive view of business relationships [47][49] Question: Differences in refi walls portrayal - Management clarified that the article referenced a decline in U.S. spec-grade refi walls, which is a subset of broader maturities, and emphasized the overall favorable refinancing environment [52][54] Question: Outlook for issuance in 2026 - Management expressed optimism about the issuance environment, citing more tailwinds than headwinds, including tight spreads and a robust M&A pipeline [58][60] Question: Concerns about private credit health - Management acknowledged potential credit stress in the private market but emphasized the importance of independent credit assessments and the flow back into public markets [70]

Core Insights - Fitch Ratings indicates that the sovereign ratings in the MENA region remain stable due to fiscal resilience and economic reforms [1] - Despite challenges from falling oil prices and regional conflicts, most oil-producing countries have achieved balance through non-oil economic growth [1] - Egypt and Morocco have shown outstanding economic performance [1] - Over the past 12 months, the average rating in the MENA region has been upgraded by +2, marking the longest period of stability since 2015 [1] - Fitch expects that ongoing regional reforms and fiscal discipline will continue to support credit resilience [1]

Group 1 - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on "Collaborating to Address Challenges: Global Action, Innovation, and Sustainable Growth" [1] - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government, and aims to explore new paths for sustainable development [1] - Approximately 500 prominent guests, including around 100 international attendees such as political figures, Nobel laureates, and leaders from Fortune 500 companies, will participate in discussions on nearly 50 topics related to energy, green finance, sustainable consumption, and technology [1] Group 2 - Liu Jingyun, CEO of United Equator Environmental Assessment Co., participated in a dialogue on the implementation and application of ESG evaluation standards [2] - Liu emphasized that the length of ESG disclosure reports does not determine ratings, highlighting a misalignment between what companies focus on and what rating agencies prioritize [4] - Companies should focus on their actual ESG performance rather than just report writing, and they need to make substantial progress in quantifiable goals and strategic planning to improve ratings [4] - Liu suggested that companies should also pay attention to industry-specific indicators and stakeholder concerns to achieve meaningful advancements in ESG ratings [4]

Core Viewpoint - The U.S. stock market has reached historical highs despite the government shutdown, indicating a disconnect between market performance and political events [1][3]. Market Reaction - The Dow Jones and S&P 500 have both hit record highs, with the S&P 500 stabilizing above 6700 points for the first time [1]. - The market's resilience is attributed to expectations that the government shutdown will be short-lived, as historical precedents suggest that prolonged shutdowns can negatively impact the economy and credit ratings [3]. Employment Data - The ADP report indicates a decline in private employment by 32,000 jobs in September, suggesting a softening labor market [3]. - The upcoming non-farm payroll report is critical, as the government shutdown will delay its release, impacting Federal Reserve decision-making [3]. Inflation and Valuation Concerns - Inflation remains a concern, and stock valuations are at high levels, raising questions about future Federal Reserve policy adjustments in the absence of key economic data [3][4]. Long-term Investment Perspective - Investors are advised to focus on long-term trends rather than short-term market fluctuations or political events, as the current market highs are driven by expectations of a quick resolution to the shutdown and stable Federal Reserve policies [4][5].