2024年4月，沪、深、北证券交易所正式发布《上市公司可持续发展报告指引》（简称"指引"），要求强制披露主体在2026年4月30日前发布2025年度的《可 持续发展报告》，并在报告中披露范围1、范围2排放量，鼓励披露范围3排放量，其它上市公司自愿适用。《指引》鼓励所有上市公司提前适用《指引》披 露2024年度可持续发展报告。 强制披露"大考"在即，2025年的"模拟考"中上市公司的表现如何？本文通过综合分析中国上市公司协会发布的统计数据呈现最新进展及变化趋势。 Highlight Q* ：驱动上市公司践行可持续发展理念的因素有哪些？ A：排名前五的驱动因素分别是监管合规要求、创造企业长期价值、提升品牌与声誉的需求、满足消费者等利益相关方的需求、满足投资者尤其是机构投资 者的要求。 Q：可持续发展报告的整体披露情况 A：近50%的上市公司（2,481家）披露了2024年度可持续发展报告，强制披露主体的披露率约95%。 Q：哪些公司是强制披露主体？ A：满足《指引》强制披露主体条件的上市公司，包括被纳入上证180指数、科创50指数、深证100指数、创业板指数等相关指数公司，以及境内外同时上市 的公司。 Q**：强 ...

在全球化浪潮下，环境、社会及公司治理（ESG）已然成为衡量企业长期价值的关键维度，而"双碳"目标更是指引着经济向绿色低碳转型的方向。踏入2025 年，中国在ESG信息披露以及双碳政策方面展开了全新且深入的战略部署，为企业勾勒出一幅清晰的可持续发展蓝图。这一变革不仅重塑着企业的运营模 式，更深刻影响着整个社会的发展轨迹。 步入2025年，中国于ESG信息披露领域的政策架构愈发成熟稳健。回溯至2024年4月12日，沪深北三大交易所携手推出了《上市公司可持续发展报告指 引》。依据该指引，那些持续跻身上证180、科创50、深证100、创业板指数样本之列的公司，还有境内外同时上市的企业，最迟需在2026年首次公布其2025 年度的可持续发展报告。时光推进到2025年1月17日，配套的编制指南重磅登场，其中涵盖"总体要求与披露框架""应对气候变化"两大详尽板块，宛如精准 导航，为上市公司呈上细化至极的操作手册。 同年3月，证监会审时度势，对《上市公司信息披露管理办法》予以修订升级，正式将可持续发展报告纳入法定披露范畴。倘若企业未能依规行事，监管部 门将果断亮剑，采取责令改正、监管谈话等一系列有力举措。此举无疑如同一记重锤 ...

Group 1 - In April 2024, the three major domestic stock exchanges released guidelines for sustainable development report disclosure, leading to an increase in the number of listed companies disclosing their 2024 sustainable development reports [1] - A total of 2,469 A-share listed companies published independent 2024 sustainable development reports, representing 45.6% of all A-shares, a year-on-year increase of 17% [1] - The ESG report disclosure rates vary by index, with the large-cap index at 90.3%, mid-cap at 66.6%, small-cap at 38.8%, and micro-cap at 19.4% [2] Group 2 - 62 listed companies received an AAA ESG rating, accounting for 1.1% of all A-share companies, with the financial, industrial, and healthcare sectors leading in AAA ratings [3] - Over 1,350 listed companies established ESG-related committees or working groups, indicating a significant increase in the emphasis on ESG governance [4] - The external verification of ESG reports remains low, with only about 200 companies having their reports verified by third parties, representing less than 4% of the total [5] Group 3 - 1,856 listed companies disclosed their 2024 carbon emissions data, accounting for 34.3% of all A-shares, with a year-on-year increase of over 40% [6] - The disclosure rate for Scope 3 emissions remains low at about 5%, primarily due to the lack of mandatory reporting and unified standards [7] - Approximately 270 listed companies have set long-term carbon neutrality goals, reflecting a growing commitment to low-carbon transformation [7] Group 4 - 3,759 listed companies announced or implemented cash dividend plans for 2024, with a total cash dividend amounting to 2.3 trillion yuan, an 18.3% increase year-on-year [8] - Central and state-owned enterprises have a higher disclosure rate for sustainable development reports at 75.4%, compared to 33.8% for non-state-owned enterprises [9] - The proportion of central and state-owned enterprises establishing ESG-related committees or groups is 41.8%, higher than the overall market average of 25.1% [10]

Core Viewpoint - The level of ESG (Environmental, Social, and Governance) information disclosure among A-share listed companies is gradually improving, with a significant increase in the number of companies publishing ESG-related reports for 2024 compared to previous years [1][3]. Group 1: ESG Report Disclosure - As of May 29, 2024, a total of 2,461 A-share listed companies have disclosed ESG-related reports, marking an increase from 1,008 companies that published social responsibility reports in 2023 [3][6]. - Among these, 396 companies have transitioned from social responsibility reports to ESG or sustainable development reports for 2024 [3][6]. - The naming conventions for ESG-related reports include "Social Responsibility Report," "Sustainable Development Report," and "ESG Report," among others, with no mandatory naming requirements from regulators [3][4]. Group 2: Rating Changes and Trends - Of the 396 companies that switched to sustainable development reports, 125 have seen an increase in their Wind ESG ratings, while 47 have experienced a decline [6][7]. - Notable companies with significant rating improvements include Tianya Pharmaceutical, which improved from B to AA, and Jiangsu Cable, which improved from B to A [6][7]. - The trend of companies moving towards sustainable development reporting is influenced by the desire to enhance ESG ratings and align with international standards [4][6]. Group 3: Challenges and Considerations - 612 companies have opted to continue disclosing social responsibility reports, potentially due to the need for time to enhance ESG capabilities or limited resources among smaller firms [5][6]. - The transition from social responsibility reports to sustainable development reports involves more than just a name change; it requires a comprehensive upgrade in content and focus on ESG performance [7]. - The decline in ratings for some companies may not solely be attributed to superficial changes but could reflect a lack of understanding of new rating standards or existing issues in their sustainability practices [7].

Core Viewpoint - The disclosure of Environmental, Social, and Governance (ESG) reports has evolved from passive compliance to an active demonstration of sustainable leadership among listed banks, reflecting a growing emphasis on social responsibility and the integration of commercial and social value [1][2]. Group 1: New Regulations and Reporting - In 2024, the Shanghai, Shenzhen, and Beijing stock exchanges issued guidelines for sustainable development reporting, marking a significant shift in how listed companies disclose sustainability information [2][3]. - Major banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, released their first reports in accordance with these new guidelines, rebranding their social responsibility reports as sustainable development reports [2][4]. Group 2: Importance of Double Materiality Principle - The guidelines introduced the "double materiality principle," requiring companies to assess and respond to stakeholder concerns regarding environmental information, focusing on both financial and impact significance [3][4]. - This principle aims to enhance the identification and analysis of sustainable risks and opportunities, allowing companies to prioritize issues based on their specific circumstances rather than adhering to a standardized disclosure format [3]. Group 3: Key Issues Identified by Major Banks - The six major banks identified a range of important social responsibility issues, with the number of identified issues varying: Industrial and Commercial Bank (19), Agricultural Bank (22), Bank of China (23), China Construction Bank (23), Bank of Communications (29), and Postal Savings Bank (19) [4]. - Commonly identified issues include financial stability, rural revitalization, consumer rights protection, data security, and shareholder returns, reflecting a comprehensive approach to sustainability [4]. Group 4: Adaptation and Future Implications - The swift adaptation of major banks to the new disclosure regulations indicates their commitment to regulatory compliance and alignment with international trends [4]. - Experts believe that as disclosure practices become more standardized, sustainable development reports will serve as a "compliance passport" and "value certificate" for banks in global competition, shifting the focus from "why to disclose" to "how to reshape the future of finance through disclosure" [4][6]. Group 5: Commitment to Sustainable Development - For listed banks, publishing sustainable development reports is not only a demonstration of social responsibility but also a core tool for addressing global challenges and achieving long-term strategic value [6]. - The chairman of Industrial and Commercial Bank emphasized the transition from social responsibility reports to sustainable development reports as an upgrade in strategic goals and a deepening of development connotations, reinforcing the bank's commitment to sustainable practices [6].