Core Viewpoint - The article discusses the recent release of guidelines for sustainable development reporting by the three major stock exchanges in China, aimed at enhancing the quality of ESG disclosures among listed companies and promoting sustainable practices [1][4]. Group 1: Guidelines Overview - The newly revised guidelines include three chapters focusing on "pollutant emissions," "energy utilization," and "water resource utilization," providing detailed guidance on risk and opportunity identification, accounting processes, and disclosure points [3][4]. - The guidelines serve as a "toolbox" for companies to identify important issues and analyze related risks and opportunities in sustainable development, while the disclosure rules act as a "syllabus" for ESG reporting [6][7]. Group 2: Implementation and Impact - By June 2025, 1,869 listed companies had disclosed sustainability reports, achieving an overall disclosure rate of 34.72%, an increase of approximately 10 percentage points compared to the previous two years [8]. - The guidelines emphasize the importance of risk and opportunity awareness among listed companies, aiming to standardize disclosure practices without imposing additional mandatory requirements [4][8]. Group 3: ESG Ratings Improvement - As of the end of 2024, 32% of companies in the Shanghai and Shenzhen stock markets saw improvements in their MSCI ESG ratings, with the proportion of companies receiving leading ratings (AAA, AA) rising from 0% five years ago to 7.2% [11][12]. - Enhanced ESG performance is expected to improve the public image of listed companies, attracting long-term capital and providing positive incentives for sustainable disclosures [11][12].