Core Points - The establishment of a mandatory sustainable information disclosure system for listed companies in China marks a significant step towards promoting sustainable development and enhancing the long-term sustainability capabilities of these companies [2][3][9] Group 1: Current Status of Listed Companies - As of September 2025, there are 5,167 listed companies on the Shanghai and Shenzhen stock exchanges, with a total market capitalization exceeding 100 trillion yuan, ranking second globally [1] - In 2024, 1,869 companies disclosed sustainability reports, representing a disclosure rate of 34.7%, while an additional 612 companies released social responsibility reports [5] - The quality of disclosures has improved significantly, with 99.3% of reports including quantitative indicators and over 80% of companies disclosing more than 25 indicators [5] Group 2: Regulatory Framework and Guidelines - The new "National Nine Articles" introduced in April 2024 aims to enhance the sustainable information disclosure system for listed companies, with the China Securities Regulatory Commission guiding the development of the first systematic and mandatory disclosure guidelines [2][3] - The disclosure system combines mandatory and reference elements, requiring key companies to disclose essential data such as carbon emissions and energy consumption [2][3] - Specific guidelines on climate change, pollution emissions, and resource utilization have been published, with ongoing public consultations to refine these standards [2][5] Group 3: International Context and Trends - ESG (Environmental, Social, and Governance) has become a focal point in global capital markets, with the proportion of S&P 500 companies voluntarily disclosing ESG reports rising from approximately 20% in 2011 to over 90% in 2023 [4] - China's commitment to green and low-carbon transformation was reaffirmed at the UN Climate Change Summit, emphasizing the importance of sustainable development despite challenges from other nations [4][9] Group 4: Future Directions and Challenges - The sustainable disclosure system is expected to enhance the global image of Chinese enterprises and support their innovative development [7][9] - The transition from qualitative to quantitative disclosures is underway, with a focus on integrating ESG principles into corporate strategies and risk management [8][9] - Challenges such as increased disclosure costs and data complexity remain, prompting suggestions for incorporating verification of sustainability disclosures into the regulatory framework [8]

Core Viewpoint - The revised "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" focus on environmental issues, enhancing the practical capabilities of listed companies in environmental protection and resource utilization, contributing to a low-carbon sustainable market ecosystem [1][2]. Group 1: Regulatory Framework - The new "National Nine Articles" emphasizes the need to improve the sustainable information disclosure system for listed companies [1]. - The revised guidelines, effective from May 1, 2024, provide detailed guidance for companies in preparing ESG reports without imposing additional mandatory disclosure requirements [2]. Group 2: Specific Guidelines - The newly added guidelines include "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," which outline risk and opportunity identification, accounting processes, and disclosure points [2]. - These guidelines address common risks such as capacity restrictions due to pollutant emission controls and opportunities like cost reduction through new pollution prevention technologies [2]. Group 3: Industry Impact - The establishment of a sustainable development rule system is expected to enhance the quality of sustainable information disclosure and highlight the investment value of high-quality companies [2]. - As of June 30, 2023, 1,869 listed companies disclosed sustainable reports, achieving an overall disclosure rate of 34.72%, an increase of approximately 10 percentage points compared to the previous two years [3]. Group 4: Disclosure Quality - The quality of disclosure has improved, with 99.25% of companies reporting quantitative indicators, and 62.07% disclosing climate-related risks and opportunities [4]. - The proportion of companies with improved MSCI ESG ratings reached 32% by the end of 2024, with the share of companies rated AAA and AA increasing from 0% five years ago to 7.2% [4].

Group 1 - The core viewpoint of the news is the introduction of the second batch of guidelines for the preparation of sustainable development reports by listed companies, which aims to enhance the quality of ESG disclosures and align with international standards [1][2] - The guidelines include new chapters on pollutant emissions, energy utilization, and water resource utilization, providing a structured approach for companies to identify risks and opportunities, and improve their practices in environmental protection and resource utilization [1][2] - As of June 2023, 1,869 listed companies have disclosed sustainable development reports, achieving an overall disclosure rate of 34.72%, which is an increase of approximately 10 percentage points compared to the previous two years [3] Group 2 - The guidelines serve as a "toolbox" for companies to identify significant issues and analyze related risks and opportunities, while the existing directives provide the framework for mandatory disclosures [2] - The introduction of the guidelines has led to increased attention from listed companies on issues such as climate change and fair treatment of small and medium enterprises [3] - Companies like Kweichow Moutai and CATL have seen improvements in their ESG ratings, reflecting the positive impact of the guidelines on attracting international investment and enhancing recognition among foreign investors [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the sustainable development disclosure framework for listed companies, focusing on environmental issues such as pollutant emissions, energy use, and water resource utilization, to improve corporate awareness and standardize disclosures [1][2][4]. Group 1: New Guidelines and Framework - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release new disclosure guidelines on environmental issues, which do not impose additional mandatory disclosure requirements but provide reference for companies [2][3]. - The guidelines include detailed examples of common risks and opportunities related to environmental issues, such as capacity restrictions due to pollutant emission controls and the challenges of fossil energy extraction [2][3]. - The sustainable development disclosure rules are being continuously improved, with a focus on a systematic approach that combines international experience with local conditions [3][6]. Group 2: Implementation and Compliance - Starting from May 1, 2024, the new guidelines will require certain listed companies to disclose their sustainable development reports by April 30, 2026, aligning with international standards while integrating Chinese practices [5][6]. - The overall quality of sustainable reporting among listed companies has improved, with a disclosure rate of 34.72% as of June, an increase of approximately 10 percentage points compared to the previous two years [7][8]. Group 3: Impact on ESG Ratings - The enhancement of sustainable disclosure rules is contributing to an increase in ESG ratings for listed companies, with 32% of companies in the Shanghai and Shenzhen markets seeing improvements in their MSCI ESG ratings [8][9]. - The number of companies disclosing climate-related risks and opportunities has significantly increased, with 62.07% reporting such information, reflecting a growing commitment to sustainability [8].