Group 1 - The core viewpoint emphasizes the importance of listed companies in the capital market, with 5,167 companies in the Shanghai and Shenzhen exchanges having a market value exceeding 100 trillion yuan, ranking second globally [1] - By the end of 2024, 1,869 companies disclosed sustainability reports, representing a disclosure rate of 34.7%, indicating a significant portion of companies are systematically reporting sustainability-related information [5] - The establishment of a mandatory sustainability information disclosure system marks a significant step in promoting sustainable development and enhancing the long-term sustainability capabilities of listed companies [2][3] Group 2 - The new "National Nine Articles" introduced in April 2024 aims to improve the sustainability information disclosure system for listed companies, combining mandatory and reference guidelines [2] - The quality of disclosures has improved, with 99.3% of reports including quantitative indicators, and 62.1% of companies identifying climate risks and opportunities [5] - The international recognition of Chinese companies' sustainability efforts is increasing, with about one-third of companies in the Shanghai and Shenzhen markets receiving improved MSCI ESG ratings by the end of 2024 [6] Group 3 - The sustainable disclosure system is designed to align with international standards while considering China's unique circumstances, promoting a gradual and flexible approach to implementation [7] - The shift from disclosure to governance reflects a broader trend where ESG principles are increasingly integrated into corporate strategy and risk management [8] - The next steps involve guiding companies to implement new development concepts and continuously improving disclosure standards to achieve more balanced and focused sustainability reporting [9]

Group 1: Conference Overview - 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 100 international attendees, will participate, featuring politicians, Nobel laureates, and leaders from Fortune 500 companies [1] Group 2: Insights on ESG Practices - Zhang Lili, Vice President of Government Affairs and Public Relations at Bureau Veritas, emphasized that sustainable development should be viewed as a driver of technological innovation and market competitiveness rather than a cost burden [2][4] - Companies should treat sustainability reports as "health check-ups" rather than "report cards," highlighting both achievements and areas for improvement [4][8] - There is a call for companies to establish transparent and verifiable data systems to build trust in sustainability efforts, avoiding "greenwashing" practices [4][6] Group 3: Strategic Recommendations for Companies - Companies are encouraged to align their sustainability strategies with overall business strategies, integrating sustainability into corporate governance and management structures [6][9] - Successful companies have demonstrated that technology innovation and supply chain collaboration are crucial for sustainable development [7][9] - The importance of third-party certifications is highlighted, as they can enhance trust and facilitate access to international markets [10][11] Group 4: Global Engagement and Leadership - Chinese private enterprises are encouraged to expand internationally and participate in global energy systems, leveraging the established reputation of state-owned enterprises [4][11] - There is a push for Chinese companies to share their experiences and contribute to international standard-setting, transitioning from "followers" to "rule-makers" in sustainability [4][11] - The need for inclusivity in sustainable development is emphasized, with a focus on supporting developing countries in their sustainability efforts [4][11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has guided the Beijing Stock Exchange (BSE) to release new disclosure guidelines focusing on environmental issues, aiming to enhance the quality of ESG reporting among listed companies [1][2]. Group 1: Guidelines and Framework - The BSE has revised the "Guidelines for the Preparation of Sustainable Development Reports" to include new application guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," effective from September 5, 2025 [1][2]. - The guidelines aim to improve awareness and systematic management of sustainable development risks, while providing clear disclosure requirements without imposing additional burdens on companies [2][3]. - The guidelines serve as a reference for companies in preparing their sustainable development reports, detailing common risks and opportunities related to environmental issues [3][4]. Group 2: Industry Response and Practices - Companies listed on the BSE, such as BetterRay and others, have actively engaged in ESG reporting, with 16 companies already disclosing their 2024 ESG reports [1][4]. - BetterRay has integrated ESG principles into its corporate strategy, setting long-term goals for carbon neutrality and aiming for a 5% annual reduction in carbon emissions per product by 2030 [5][6]. - The BSE encourages innovative small and medium-sized enterprises to gradually enhance their ESG disclosures, reflecting a growing commitment to sustainable practices within the industry [4][3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has guided the Beijing Stock Exchange (BSE) to release new disclosure guidelines focused on environmental issues, aiming to enhance the quality of ESG reporting among listed companies [1][2][4]. Group 1: New Guidelines and Objectives - The BSE has revised the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies," which will be open for public consultation starting September 5, 2025 [2]. - The new guidelines include three specific application guidelines on "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," aimed at improving awareness and management of sustainability risks [2][3]. - The guidelines emphasize providing reference materials rather than imposing additional mandatory disclosure requirements, thereby reducing the burden on companies [2][3]. Group 2: Impact on Listed Companies - Listed companies on the BSE have actively engaged in ESG information disclosure, with 16 companies, including Better Energy, already releasing their 2024 ESG reports [1][6]. - Better Energy has integrated ESG principles into its corporate strategy, setting ambitious long-term goals for carbon neutrality and reduction in carbon emissions per product [6]. - The guidelines are expected to enhance the ability of listed companies to prepare ESG reports by providing detailed explanations and practical steps for implementation [5]. Group 3: Industry Response and Trends - The new guidelines are seen as a response to the global "dual carbon" goals and environmental regulations, pushing companies like China National Offshore Oil Corporation to adopt green development as a core strategy [7]. - Companies are increasingly focusing on ESG performance to attract international clients and gain competitive advantages in the market [7].

Core Viewpoint - The revised "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" aims to enhance the environmental practices of listed companies in China, focusing on pollution emissions, energy utilization, and water resource management [1][2]. Group 1: New Guidelines - Three new specific guidelines have been added: "Pollutant Emissions," "Energy Utilization," and "Water Resource Utilization," providing a structured approach for companies to identify risks and opportunities, accounting processes, and disclosure points [2]. - The new guidelines detail common risks such as production capacity limitations due to pollutant emission controls and opportunities like cost reductions through new pollution prevention technologies [2]. - The guidelines do not impose additional mandatory disclosure requirements but emphasize key workflows and examples to improve the quality of sustainability reporting [2][3]. Group 2: ESG Reporting Trends - As of June 2025, 1,869 listed companies have disclosed sustainability reports, achieving an overall disclosure rate of 34.72%, a 10 percentage point increase from the previous two years [4]. - Over 2,200 companies are expected to disclose sustainability or social responsibility reports for 2023, with an annual growth rate of 20% in disclosures over the past three years [4]. - More than 1,000 companies have reported carbon emissions, with a 50% annual growth in the number of companies disclosing such information [4]. Group 3: Governance and Management - 67.27% of companies have established governance structures, and 63.93% have disclosed strategic information related to sustainability [5]. - 78.07% of companies conduct materiality assessments to identify key issues, while 93.32% disclose information on stakeholder communications [5]. - The guidelines are facilitating a shift from mere disclosure to precise governance, with over 70% of companies establishing dedicated ESG management bodies [5]. Group 4: ESG Ratings Improvement - The ESG ratings of listed companies have significantly improved, with the proportion of companies rated AAA or AA increasing from less than 3.2% at the end of 2023 to 7.2% by the end of 2024 [6]. - Companies like Guizhou Moutai and Sungrow Power have seen their ESG ratings improve, leading to increased foreign investment and recognition in international capital markets [6][7]. - The ongoing development of additional guidelines is expected to further systematize sustainability disclosures, enhancing the capital market's ability to differentiate pricing based on ESG performance [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking opinions on the second batch of guidelines for the preparation of sustainable development reports by listed companies, indicating a structured approach to enhance ESG disclosures in the market [1][2]. Group 1: Guidelines and Regulations - The newly revised guidelines include three additional chapters on pollutant emissions, energy utilization, and water resource utilization, providing a comprehensive framework for companies to enhance their sustainable development reporting [1][2]. - The guidelines aim to strengthen companies' awareness of risks and opportunities while standardizing information disclosure practices without imposing additional mandatory disclosure requirements [2]. Group 2: ESG Performance and Market Impact - 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]. - The introduction of the guidelines has led to a significant rise in attention to issues such as climate change and fair treatment of small and medium enterprises among listed companies [3]. - Companies like Kweichow Moutai and CATL have seen improvements in their ESG ratings, reflecting increased recognition from international investors and enhancing their attractiveness for sustainable investment [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking opinions on the second batch of guidelines for listed companies' sustainable development reports, focusing on environmental issues such as pollutant emissions, energy utilization, and water resource usage, aiming to enhance sustainable development awareness and improve disclosure standards among listed companies [1][2]. Group 1: Guidelines Overview - The newly revised guidelines include three chapters on pollutant emissions, energy utilization, and water resource usage, providing detailed explanations and examples for companies to enhance their sustainable development reporting capabilities [2][3]. - The guidelines aim to strengthen companies' awareness of risks and opportunities while standardizing information disclosure without imposing additional mandatory requirements [3][4]. Group 2: Implementation and Compliance - The guidelines serve as a "toolbox" for companies to identify key issues and analyze sustainability-related risks and opportunities, while the disclosure framework outlines mandatory reporting requirements for specific companies by May 1, 2024 [4][5]. - As of 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 [5][6]. Group 3: ESG Ratings and Market Impact - The integration of ESG factors into credit ratings has gained traction, with 32% of companies in the Shanghai and Shenzhen stock markets seeing improvements in their MSCI ESG ratings by the end of 2024 [7][8]. - Enhanced ESG performance is expected to positively influence companies' public image and attract long-term investment, as seen with companies like Kweichow Moutai and CATL, which have received significant upgrades in their ESG ratings [8].

Core Viewpoint - The release of the "Guidelines for the Sustainable Development Report of Listed Companies" marks a shift from voluntary to mandatory disclosure, with a deadline for companies to publish their 2025 reports by April 30, 2026, focusing on emissions reporting [1][24]. Group 1: Disclosure Requirements - Nearly 50% of listed companies (2,481) disclosed their 2024 sustainable development reports, with a disclosure rate of about 95% among mandatory disclosure entities [3][24]. - The mandatory disclosure entities include companies listed on major indices such as the Shanghai 180 Index and the ChiNext Index, as well as companies listed both domestically and internationally [5][24]. - The disclosure rate for mandatory entities reached 94.42% in 2024, indicating a high level of compliance [6][24]. Group 2: Emission Reporting - The proportion of A-share listed companies disclosing greenhouse gas emissions has shown a significant upward trend, with 59.81% reporting Scope 1 emissions, 60.02% for Scope 2, and 11.37% for Scope 3 in 2024 [12][24]. - Among mandatory disclosure entities, approximately 98% have initiated carbon reduction actions, and nearly two-thirds have implemented measures to reduce emissions in their supply chains [7][24]. - The number of companies disclosing Scope 3 emissions has increased by 11% over two years, with over a quarter of mandatory entities voluntarily reporting this data [17][24]. Group 3: Industry-Specific Disclosure Rates - Most industries have achieved a 100% disclosure rate among mandatory entities, with the manufacturing sector at 91.73%, indicating a need for improvement to meet regulatory requirements [10][24]. - The financial, manufacturing, and cultural sectors have not reached 100% disclosure rates, highlighting areas for potential enhancement [10][24]. Group 4: Carbon Management and Goals - In 2024, 24.87% of companies that disclosed sustainable development reports set and disclosed greenhouse gas reduction targets, with over 98% regularly tracking their progress [21][24]. - The most commonly used standards for emissions accounting include ISO 14064 and GHG Protocol, reflecting a trend towards standardized reporting practices [22][24]. - Among mandatory disclosure entities, 97.94% have undertaken carbon reduction initiatives, and 53.47% have developed transition plans to address climate-related risks [23][24]. Group 5: Future Outlook - The establishment of a robust standard system and third-party verification mechanisms, along with the influence of green finance and investors, is expected to enhance the low-carbon transition and sustainable development of listed companies in China [25][24].

Core Insights - The report analyzes the work of the secretarial teams of A-share listed companies based on a survey of 818 companies, focusing on work hotspots and employment conditions [1][2][9]. Group 1: Work Hotspots - The report identifies four main areas of focus for secretarial teams: market value management, ESG sustainable development, corporate governance and information disclosure, and digital transformation [15][30]. - In market value management, over half of the companies have incorporated it into their performance assessments, with major tools including mergers and acquisitions, cash dividends, and investor relations management [1][15]. - ESG initiatives are shifting from voluntary to mandatory disclosures, with over 60% of companies advancing their ESG work due to regulatory requirements and social responsibility [1][15]. - The implementation of the new Company Law has led to adjustments in governance structures and increased requirements for information disclosure, with common violations being related to timeliness and accuracy [1][15]. - AI tools are being utilized to enhance efficiency in information disclosure, with regulatory bodies also promoting digital transformation in this area [1][15]. Group 2: Employment Conditions - The average size of secretarial teams is typically 3 to 4 members, with a female representation of 66%, and most members hold at least a bachelor's degree, primarily in finance and management [2][16]. - Information disclosure is the primary responsibility of these teams, with widespread overtime work and challenges related to high pressure and extensive documentation [2][16]. - Training is mainly sourced from official channels, with a strong demand for new regulation interpretations [2][16]. - The common career path for secretarial staff is from "specialist to representative to secretary," with an average annual salary of approximately 761,000 yuan [2][16]. - Overall, secretarial teams are expanding their responsibilities under stringent regulations, needing to balance compliance with value creation, with digital tools becoming increasingly important [2][16].

Core Insights - The article emphasizes the growing importance of Environmental, Social, and Governance (ESG) criteria and the "dual carbon" goals in guiding China's economic transition towards sustainability by 2025 [1][4][15] ESG Information Disclosure - By 2025, China will implement a robust policy framework for ESG information disclosure, with companies listed on major indices required to publish their sustainability reports by 2026 [3] - The China Securities Regulatory Commission (CSRC) has revised the information disclosure management measures to include sustainability reports as a legal requirement, enhancing regulatory oversight [3] - The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines for central enterprises to integrate ESG into their social responsibility frameworks [4] Dual Carbon Policy - The Chinese government has launched comprehensive policies to promote green development and carbon neutrality, including the "Opinions on Promoting Beautiful China Construction" [6] - A detailed carbon footprint management system has been established, outlining standards for carbon accounting, reporting, and labeling [6][7] - The implementation of the Energy Law aims to regulate the entire energy industry chain, supporting the transition to a clean and low-carbon energy system [7] Green Finance Initiatives - In 2025, China’s green finance policies are set to evolve, encouraging companies to disclose sustainability information and integrating ESG factors into credit assessments [8] - The People's Bank of China and other regulatory bodies are working to create a leading financial support model for green and low-carbon development [8] Corporate Strategy and Management - Companies are urged to align their strategies with ESG and dual carbon goals, establishing leadership teams to oversee implementation and set measurable targets [9][11] - A thorough review of existing business models is necessary to identify areas for improvement in line with ESG principles [9][11] Innovation and Technology - Investment in green technology and innovation is crucial for companies to enhance their competitive edge and achieve sustainability goals [12] - Utilizing digital tools and collaborative innovation with research institutions can help companies overcome technological challenges [12] Reporting and Transparency - Companies must improve the quality and transparency of their ESG reports by establishing robust data management systems and engaging third-party audits [14] - Building communication platforms to address stakeholder concerns and enhance trust is essential for successful ESG implementation [14][15]