强制性与参考性相结合。要求重要指数样本公司、境内外同时上市公司等主体强制披露，同时通过编制 指南提供具体操作指导，以"交易所指引"为强制性和底线要求、"编制指南"为参考性规范的可持续信息 披露制度体系初步建成。 上市公司是资本市场的基石。截至2025年9月底，沪深交易所共有5167家上市公司，市值超过100万亿 元，居全球第二位。其中，1869家上市公司披露了环境、社会责任和治理（ESG）报告，披露公司的市 值占全市场的七成左右，成为诠释上市公司践行新发展理念、推动可持续发展的生动注脚。 制度体系初步建成 绿色低碳转型是时代潮流。金融资源配置和相关制度安排至关重要。 2024年4月，新"国九条"明确提出健全上市公司可持续信息披露制度。在此基础上，中国证监会指导沪 深北证券交易所制定发布了《上市公司可持续发展报告披露指引》，标志着我国首个系统规范的强制性 可持续信息披露制度正式建立。制度建设体现出三大亮点： 内容实质性显著提升。明确要求披露碳排放、能源消耗等关键量化数据，完善重点议题分析路径和利益 相关方参与机制，确保信息披露的深度和质量。 配套措施稳步推进。目前已发布"总体要求与披露框架""应对气候变化"两项 ...

近日，在中国证监会指导下，沪深北交易所对修订后的《上市公司可持续发展报告编制指南》（以下简 称《指南》）公开征求意见。本次修订主要聚焦环境议题，新增"污染物排放""能源利用""水资源利 用"3个具体指南，进一步加强上市公司在环境保护、资源利用领域的实践能力，助力构建低碳可持续发 展的市场生态。 同时，上市公司可持续相关治理能力进一步夯实，67.27%的公司搭建了治理架构，63.93%的公司披露 战略信息，44.01%的公司制定并披露了定量可持续相关目标。78.07%的公司开展重要性评估以确定重 要议题，93.32%的公司披露了与利益相关方沟通的信息。 近年来，上市公司可持续发展披露规则体系持续完善。新"国九条"提出，要健全上市公司可持续信息披 露制度。2024年4月12日，证监会指导沪深北交易所发布《上市公司可持续发展报告指引》（以下简称 《指引》），自2024年5月1日起正式实施。 披露内容也更加翔实客观。99.25%的公司在报告中披露了量化指标，其中83.95%的公司披露了25个以 上的量化指标。对于国际上重点关注的气候信息，62.07%的公司披露了气候相关风险和机遇类型， 65.90%的公司披露了温室气 ...

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].