证券研究报告 | 金融工程 2025 年 09 月 29 日 金融助力绿色转型征程（一）：公募基金绿色投资五年演进与展望 ——ESG 系列研究之十四 过去五年，中国绿色公募基金在政策与市场双轮驱动下迅速成长，整体绿色成 色持续提升，但资金高度集中于新能源赛道，呈现高集中度、高波动特征，与 更广泛的绿色经济结构存在偏差。展望未来，国内绿色金融因坚实的内需与政 策连续性而具备独特韧性，随着新一轮 NDC 目标确立，绿色投资需在盈利确定 性与政策导向之间寻找平衡，挖掘能源转型主线之外的投资机遇。 风险提示： 1. 数据与分类风险：本报告基于公开披露信息和绿色收入/产业分类进行分析， 相关标签具有一定主观性，信息披露质量存在差异，可能导致分类偏差或数据 不完全，分析结论仅供参考。 2. 政策与技术风险：绿色产业发展高度依赖政策支持，相关政策或技术迭代的 超预期变化可能影响行业景气、企业盈利及基金持仓回报。 3. 行业周期与市场风险：宏观经济、金融市场波动及行业自身周期可能对绿色 板块带来系统性冲击；部分绿色制造或基础设施类资产的盈利路径受周期和市 场流动性限制，可能导致收益不及预期。 任瞳 S109051908000 ...

Group 1 - Private equity investment serves as a crucial bridge connecting the innovation needs of the real economy with the effective supply of social capital, playing an indispensable role in enhancing the global resource allocation capability of Shanghai as an international financial center [2][29] - The recent Central Financial Work Conference emphasized accelerating the construction of a financial powerhouse, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which will guide the future development of the financial industry in China [2][8] - Shanghai aims to become a leading global financial center by 2035, characterized by an open modern financial market system and a global RMB asset allocation center, competing with New York and London [2][9] Group 2 - Private equity investment is a vital component of the direct financing system, guiding social capital towards the real economy, particularly innovative enterprises and strategic emerging industries [3][4] - The development level and activity of private equity investment are important indicators of the maturity and competitiveness of an international financial center [3][4] - Private equity investment enhances corporate governance and operational efficiency by actively participating in major decisions of invested companies, promoting the establishment of standardized governance structures [7] Group 3 - The "five key areas" outlined in the recent financial strategy highlight the historical mission of private equity investment to support national strategies, including technological self-reliance, green low-carbon development, and regional coordinated development [8][21] - Private equity investment must return to its core purpose of enhancing the quality and efficiency of financial services to the real economy, avoiding short-term speculation [8][21] - Promoting the healthy development of private equity investment is essential for preventing and mitigating financial risks, which includes improving fundraising, investment, management, and exit mechanisms [8][21] Group 4 - Shanghai's financial market is characterized by a high concentration of financial resources, talent, information, and technology, providing favorable conditions for private equity fund operations [9] - The city has been at the forefront of financial innovation in China, implementing pilot programs for qualified foreign and domestic limited partners, which fosters a conducive policy environment for private equity investment [9] - Strategic emerging industries in Shanghai, such as integrated circuits and biomedicine, offer a rich pool of quality investment targets for private equity [9][13] Group 5 - Private equity investment can significantly contribute to the development of technology finance by providing funding support across the entire chain of technological innovation [10][11] - The focus on "hard technology" projects in key sectors like integrated circuits and artificial intelligence is essential for Shanghai's goal of becoming a global technology innovation center [10][11] - Private equity investment should enhance post-investment support and management for technology enterprises, facilitating their growth and addressing challenges [11] Group 6 - Private equity investment plays a critical role in promoting green finance by directing capital towards environmentally sustainable projects and supporting the transition to a low-carbon economy [12] - Establishing green-themed funds and participating in carbon markets are key strategies for private equity firms to engage in green finance [12] - The transformation of traditional industries towards greener practices can be facilitated through private equity investment, which can help upgrade production methods [12] Group 7 - Private equity investment is essential for inclusive finance, aiming to provide affordable financial services to underserved groups, including small and micro enterprises [14][15] - Collaborating with government-led funds can enhance the reach of private equity investment in the inclusive finance sector [14][15] - Focusing on specific areas of inclusive finance, such as agricultural modernization and community businesses, can further support social equity [14] Group 8 - The development of pension finance is crucial for addressing the aging population in Shanghai, with private equity investment playing a role in creating specialized funds for the elderly care industry [16][17] - Collaborating with insurance capital to invest in the pension sector can leverage resources for better outcomes [16][17] - Exploring asset securitization in the elderly care sector can improve capital efficiency and support the development of sustainable pension services [17] Group 9 - Digital finance is a strategic focus for Shanghai, aiming to enhance the efficiency and inclusivity of financial services through technological innovation [19][20] - Private equity investment can support the digital transformation of traditional financial institutions and invest in foundational technologies for digital finance [19][20] - Engaging in the development of digital financial infrastructure is essential for creating a robust digital finance ecosystem [20]

ESG Development History - The evolution of ESG practices began in the early 2000s, focusing on investments in renewable energy sectors like solar and wind, gradually expanding to encompass the entire "dual carbon" field [3] - In 2020, the company released its first ESG report titled "Capital for Good, Future to Expect," introducing the industry's first ESG investment evaluation reference index and a negative investment list [4] - The 2021 report, "My Existence is Because of You," elaborated on the company's ESG investment philosophy and practices [8] - The 2022 report, "Good Work, Good Results," shifted focus to the invested enterprises, explaining how ESG investments can achieve "knowledge and action in unity" [5] - In 2023, the report "Harmony and Commonality, Nature is Good" was published, and the ESG Review Committee was officially established [6] - The 2024 report, "The Constant Will Go Far," introduced the "Red and Blue Army Mechanism" into ESG operations [9] ESG Management Structure - The governance structure is driven by top-level design, with the board of directors leading the strategy [10] - An ESG Review Committee oversees the implementation of ESG practices, supported by an ESG execution team that ensures thorough execution [10] ESG Investment Effectiveness - The company has paused 15 projects after comprehensive due diligence on potential target enterprises regarding their business environment and production safety [12] - Eight projects were also paused due to evaluations of policy environments, social opinions, and tax compliance [13] - An additional 11 projects were put on hold after assessing the equity structure, team incentives, and related transactions [13] Green Future - The company recognizes that green development is fundamental to high-quality growth, integrating "carbon peak and carbon neutrality" goals into its core strategy [15] - The mission is to leverage venture capital to promote green transformation, establishing a comprehensive green investment system covering fundraising, investment, management, and exit [15] - The company adheres to the philosophy that "lucid waters and lush mountains are invaluable assets," practicing low-carbon operations and empowering the industry chain to reduce carbon emissions [15] Green Investment Focus - The company has established a green thematic fund with a scale of 2.5 billion, focusing on clean energy, smart transportation, energy conservation, environmental protection, and digitalization [18] - Representative investment cases include companies specializing in perovskite solar cell equipment, waste-to-energy conversion, and lightweight materials for electric vehicles [19][21][23] Social Responsibility - The company emphasizes responsible investment, focusing on hard technology sectors such as semiconductors, aerospace, new materials, new energy, artificial intelligence, and biomedicine [27] - The investment strategy aims to promote key core technologies that are self-controllable and serve national strategic needs [27] Employee Growth - The company promotes a diverse and inclusive environment, establishing a nurturing system for career development [48] - During the reporting period, 52 new employees were hired, with a focus on professional and diverse team structures [48] - The company actively responded to national strategies by hiring 18 new employees from Tibet, including 14 Tibetan graduates, addressing employment challenges for this demographic [48] Community and Public Welfare - The company has made significant investments in community development and public welfare, focusing on innovative entrepreneurship, affordable housing, and medical infrastructure [49] - Following a major earthquake in Tibet, the company organized immediate support efforts, showcasing its commitment to social responsibility [54][59]

Core Viewpoint - The article emphasizes the resilience and adaptability of Yida Capital in the face of significant challenges in the Chinese venture capital industry during 2024, highlighting its strategic adjustments and achievements in investment and organizational structure [2][3]. Group 1: Achievements and Milestones - In 2024, Yida Capital managed to invest in 84 innovative enterprises, with over 96% of investments in the technology sector, achieving 5 IPOs and a record 101 non-listed exits, distributing over 4.9 billion yuan [2][10]. - The company expanded its mother fund management capabilities, successfully managing mother funds outside Jiangsu province and participating in the establishment of strategic emerging industry sub-funds [9]. - In the first half of 2025, Yida Capital restructured its organization, establishing several new departments including an AI research center and an angel investment division [11][12]. Group 2: ESG Practices and Responsibilities - Yida Capital integrates ESG principles into its development strategy, focusing on sustainable investment that aligns with national strategies, promoting green transformation and social benefits [22][51]. - The company has a history of ESG practices dating back to the early 2000s, with significant milestones including the release of its first ESG report in 2020 and the establishment of an ESG review committee in 2023 [25][28]. - Yida Capital has received multiple awards for its ESG investment practices, including the 2024 ESG Investment Practice Award and recognition as one of the top 20 ESG investment institutions in China [39][46]. Group 3: Investment Focus Areas - The company is focusing on hard technology sectors such as semiconductors, aerospace, new materials, and artificial intelligence, aiming to support key technologies that align with national strategic needs [64]. - Yida Capital has established a 2.5 billion yuan green theme fund, targeting investments in clean energy, smart transportation, and digital technologies [54]. - The investment strategy includes a comprehensive approach to AI, covering the entire industry chain from foundational technologies to application scenarios [114][116]. Group 4: Regional Development and Employee Growth - In 2024, Yida Capital's "Jiang Hai Plan" led to investments in eight provinces, totaling 69 projects, with a significant focus on the southwestern region [82]. - The company emphasizes employee development, having onboarded 52 new employees and actively participating in national strategies to alleviate employment challenges for minority groups [85]. - Yida Capital's community engagement includes initiatives for disaster relief and social welfare, demonstrating its commitment to social responsibility [92][96].