Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality sustainable information disclosure by listed companies, aligning with the new "National Nine Articles" requirements to enhance the disclosure system and support companies in meeting investor needs [2][4]. Group 1: Sustainable Disclosure System - The new "National Nine Articles" aims to establish a comprehensive sustainable information disclosure system for listed companies, with the CSRC guiding stock exchanges to create mandatory disclosure rules [4]. - The CSRC has already issued specific guidelines on "Overall Requirements and Disclosure Framework" and "Addressing Climate Change," with additional guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization" under public consultation [4][5]. - A sustainable disclosure system has been formed, combining mandatory exchange guidelines and reference-based preparation guidelines, enhancing the quality and scope of disclosures [4][5]. Group 2: Disclosure Rate and Content - In 2024, 1,869 listed companies disclosed sustainability reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points from the previous two years [5]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators. Additionally, 62.1% disclosed climate-related risks and opportunities, and 65.9% reported greenhouse gas emissions, a significant increase from 57.5% the previous year [5]. - Governance related to sustainability has strengthened, with 67.3% of reporting companies establishing governance structures and 63.9% disclosing strategic information [5]. Group 3: Rating Improvement - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [6]. Group 4: Guidance for High-Quality Disclosure - The CSRC will continue to support high-quality sustainable disclosures by gradually improving the system, drawing on international best practices while adapting to local conditions [8]. - The focus will be on a phased approach, with mandatory disclosures for key index sample companies and those listed both domestically and internationally, covering over 400 companies [9]. - The emphasis is on practical implementation, ensuring that high-quality development drives high-quality disclosures, with a focus on real sustainable practices rather than mere reporting [9][10].