2025 年 11 月 05 日 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 牟璋瑾 A0230524100002 mujj@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 构建建筑央企 ESG 评价体系: 信披与绿色建筑 A 股央企 ESG 报告系列报告之十一 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 建筑行业作为绿色发展的重点关注行业, 《"十四五"建筑节能与绿色建筑发展规划》 明确了"十四五"时期建筑节能与绿色建筑发展 9 项重点任务。建筑行业的绿色发展主 要集中在基础设施绿色升级和绿色服务方面。当前 A 股各家建筑企 ...

Core Viewpoint - The article highlights the significant progress made in housing development and urban renewal during the "14th Five-Year Plan" period in China, emphasizing the importance of providing affordable housing and improving living conditions for citizens. Group 1: Housing Delivery and Urban Renewal - Over 7.5 million units of unsold housing have been delivered nationwide [3] - More than 1.1 million units of various types of affordable housing and urban renewal projects have been constructed, benefiting over 30 million people [3][6] - During the "14th Five-Year Plan," over 240,000 old urban communities have been renovated, benefiting over 40 million households and 110 million people [6] Group 2: Housing Standards and Technology - New housing standards have increased ceiling heights from 2.8 meters to no less than 3 meters, and elevators must be installed in buildings over four stories [9] - Advanced technologies such as AI, big data, and BIM are being integrated into urban construction, with new construction machines achieving world-leading levels [11] Group 3: Green Building Initiatives - The development of green building materials and energy-efficient construction practices has been emphasized, with 800 million square meters of existing buildings undergoing energy-saving renovations [13] - Public space renovations in residential buildings have also been implemented alongside energy-saving upgrades, totaling 370 million square meters [14] Group 4: Financial Support and Policy Measures - The government has lowered down payment ratios and interest rates for housing provident funds and commercial bank loans, providing tax rebates for residents buying new homes [17] - Various local policies have been introduced to reduce housing costs, including lowering deed tax rates and offering purchase subsidies [19] Group 5: Infrastructure Development - By 2024, the construction industry is projected to reach a value of 32.7 trillion yuan, a 24% increase from 2020, with significant infrastructure projects completed [27]

Investment Rating - The report rates the construction industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][31]. Core Insights - The construction industry is a key focus for green development, with the "14th Five-Year Plan" outlining nine key tasks for energy efficiency and green building development [5][10]. - The report aims to establish an ESG evaluation system for central state-owned enterprises (SOEs) in the construction sector, incorporating unique industry indicators [5][13]. - The ESG evaluation system includes five categories of positive indicators and one category of negative indicators, focusing on "green development" and "safety prevention" [5][14]. Summary by Sections 1. Construction SOEs ESG Policies - Frequent policy updates are enhancing the management measures for green construction and buildings [11]. - Key policies include the "14th Five-Year Plan for Energy Efficiency and Green Building Development," which aims for all new urban buildings to be green by 2025 [11][12]. 2. Building the ESG Evaluation System for Construction SOEs - The ESG evaluation system consists of five positive categories: "Importance Assessment," "Environment," "Climate Change Response," "Social," and "Corporate Governance," with a total of 18 primary indicators and 51 secondary indicators [5][14]. - The "Importance Assessment" is a core component, emphasizing the evaluation process of significant issues [14][15]. - Environmental indicators are tailored to the construction industry's characteristics, with a focus on enhancing green building quality and energy efficiency [5][18]. - The "Climate Change Response" section includes four primary indicators and 18 secondary indicators, focusing on climate governance and management [5][19]. - The "Social Responsibility" category includes indicators related to safety and quality management, reflecting the industry's unique nature [5][21]. - Governance indicators emphasize the importance of governance mechanisms and include three primary indicators [5][23]. 3. Appendices - The report includes tables summarizing the ESG policies and the evaluation system's structure, detailing the scoring for each indicator [8][24].

Core Viewpoint - The article highlights the strong growth of China's GDP supported by green transformation initiatives, with companies like Jianfa Co., Ltd. integrating sustainable practices into their operations to enhance long-term competitiveness and resilience [1][2]. Economic Growth and Green Transformation - In the first three quarters of 2025, China's GDP reached 101.5 trillion yuan, growing by 5.2% year-on-year at constant prices, indicating a stable macroeconomic environment [1]. - The integration of green transformation into economic development is becoming increasingly significant, with companies playing a crucial role in this transition [2]. ESG Practices and Corporate Responsibility - Jianfa Co., Ltd. has embedded sustainable development into its business model, focusing on low-carbon transformation across various industries, including steel and textiles, while also enhancing its position in the new energy supply chain [1][3]. - The company has received multiple accolades for its ESG efforts, including being recognized as an "Excellent ESG Practice Case" by the China Listed Companies Association in 2024 and achieving high ratings in various ESG assessments [1][3]. Sustainable Development Initiatives - Jianfa Co., Ltd. has implemented comprehensive measures in green development, including adhering to national green building standards and launching multiple green building projects [4]. - The company has integrated the United Nations Sustainable Development Goals into its operations, focusing on community engagement and resource sharing [4]. Governance and Performance Metrics - The company has established a sustainable development committee led by its chairman, incorporating ESG metrics into performance evaluations to ensure effective execution of sustainability strategies [5]. - Jianfa Co., Ltd. has demonstrated strong financial performance, with average annual revenue growth of 26.46% and net profit growth of 23.79% since its listing in 1998 [6]. Resilience and Market Position - In the first half of 2025, Jianfa Co., Ltd. reported a revenue of 267.845 billion yuan in its supply chain operations, reflecting a year-on-year growth of 1.62%, while its real estate segment achieved a contract sales amount of 70.83 billion yuan, up 7.31% [7]. - The company's focus on ESG practices has enhanced its risk management capabilities, contributing to its resilience in fluctuating market conditions [8]. Broader Impact on GDP and Industry - Jianfa Co., Ltd.'s ESG initiatives are positioned as a vital link between micro-level corporate practices and macro-level green economic growth, with its ESG ratings reflecting its commitment to sustainable development [11]. - The company is actively expanding its green business boundaries, including investments in commercial photovoltaic projects, which support the broader goal of GDP growth through sustainable practices [12][13].

Group 1 - The core achievement of Dezhou's construction industry during the 14th Five-Year Plan is a significant increase in scale and output, with total output value reaching 46.08 billion yuan in 2024, 1.3 times that of 2020, and a consistent contribution to GDP at an average of 5.1% annually [1][2] - The number of first-class construction enterprises has increased to 33, 2.5 times that of 2021, with 13 enterprises recognized as "Qilu Construction" brand and 7 enterprises approved as leading enterprises in the construction industry [2] - The quality of construction projects has improved significantly, with awards including 1 National Quality Engineering Award and 48 Taishan Cup awards, reflecting a commitment to high-quality project construction [3] Group 2 - The city has achieved 100% compliance with energy-saving design standards and has added 53.03 million square meters of green and energy-efficient buildings during the 14th Five-Year Plan [2] - Dezhou has been recognized as one of the four provincial pilot cities for intelligent construction, promoting advanced construction technologies and establishing several demonstration bases for prefabricated buildings [2] - Landmark projects such as the Sports Park and Cultural Technology Center have been constructed, showcasing the city's focus on high-quality development through premium engineering [3]

Core Viewpoint - The city of Dezhou has made significant progress in housing and urban construction during the "14th Five-Year Plan" period, focusing on high-quality development that prioritizes people's well-being and urban renewal [3][4][5]. Group 1: Focus on People's Livelihood - The city has emphasized improving living conditions, transitioning from "housing for all" to "quality housing for all," ensuring that development outcomes benefit all citizens [3][4]. - Housing security has been enhanced, with 88,000 units for relocation and 176,000 units of affordable housing constructed, benefiting 105,000 households [4]. - Initiatives such as the "micro-renovation" project have improved 845 old communities, adding 100,000 electric vehicle charging ports and installing 861 elevators in existing residential buildings [4]. Group 2: Urban Quality Enhancement - Urban renewal has been a key strategy, with 78 comprehensive area renovations and an investment of 87 billion yuan in 526 urban construction projects [5]. - Infrastructure improvements include the establishment of 238 square kilometers of sponge city, with water supply, gas, and sewage treatment rates exceeding 98% [5]. - The construction of 300 prefabricated rural houses and the renovation of 3,490 dangerous houses have been completed, enhancing rural living conditions [5]. Group 3: Industry Transformation and Innovation - The construction industry has seen a significant increase in output, growing from 34.41 billion yuan in 2020 to 46.08 billion yuan in 2024, with an average annual growth rate of 7% [6]. - The city has introduced policies to promote residential quality upgrades, with five projects recognized as national high-quality housing [6]. - A new model for real estate development has been explored, with the city approved as a pilot for nationwide pre-sale housing [6]. Group 4: Safety and Quality Assurance - Safety remains a top priority, with extensive actions taken to improve gas safety, including the renovation of 598.9 kilometers of gas pipelines [7]. - Quality control measures have been strengthened, leading to national awards for engineering quality and safety [7].

Investment Rating - The report provides a positive outlook on the real estate sector, emphasizing its potential for growth in green development and social welfare initiatives [3][7]. Core Insights - The real estate industry is positioned as a key area for green development and social welfare, with government policies aimed at enhancing energy efficiency and increasing the supply of affordable housing [4][9]. - The establishment of an ESG evaluation system for state-owned enterprises in the real estate sector focuses on integrating green building standards and social responsibility into corporate governance [4][21]. Summary by Sections 1. Real Estate State-Owned Enterprises ESG Policies - The report highlights the increasing frequency of government policies aimed at promoting green construction and affordable housing, indicating a commitment to sustainable development [7][8]. - Key policies include the 2024 plan for energy conservation and carbon reduction in the construction sector, which aims for comprehensive implementation of green building standards by 2025 [8][10]. 2. Construction of the ESG Evaluation System for Real Estate State-Owned Enterprises - The ESG evaluation system includes five categories of positive indicators and one category of negative indicators, focusing on green building, climate response, customer service, affordable housing construction, delivery assurance, and compliance risk management [4][19]. - The evaluation system is designed to assess the importance of various ESG factors, with a total of 16 primary indicators and 54 secondary indicators [4][14]. 3. Environmental Indicators - The environmental indicators are tailored to the real estate sector, emphasizing the importance of green building and construction practices, with specific targets for energy efficiency and carbon emissions reduction [18][19]. - The report outlines that by 2025, the construction sector should see a significant increase in the area of ultra-low energy and near-zero energy buildings [19][20]. 4. Climate Indicators - The climate indicators focus on the real estate sector's responsibility in achieving national carbon neutrality goals, with specific metrics for carbon emissions and energy consumption [18][19]. - The report sets ambitious targets for the construction sector, including a substantial increase in the area of new energy-efficient buildings by 2025 [19][20]. 5. Social Indicators - The social indicators emphasize customer service, affordable housing construction, and delivery assurance, reflecting the industry's commitment to social responsibility and customer satisfaction [21][22]. - The report stresses the need for real estate companies to enhance their service quality and ensure timely delivery of housing projects to maintain market stability [21][22]. 6. Governance Indicators - The governance indicators focus on compliance and risk management, highlighting the importance of establishing robust governance frameworks to mitigate risks associated with non-compliance [24][25]. - The report calls for real estate companies to strengthen their compliance mechanisms to address potential legal and regulatory challenges [24][25].

Investment Rating - The report maintains a positive outlook on the real estate sector, emphasizing its importance in green development and social welfare [3][4]. Core Insights - The real estate industry is identified as a key area for green development and social welfare, with significant government policies aimed at promoting energy efficiency and affordable housing [4][9]. - The establishment of an ESG evaluation system for state-owned enterprises in the real estate sector includes new indicators focused on green building, construction, and compliance with carbon neutrality goals [4][22]. - The report highlights the collaboration between green development and social welfare initiatives, with a focus on enhancing the quality of life for citizens through sustainable housing solutions [4][11]. Summary by Sections 1. Real Estate State-Owned Enterprises ESG Policies - The report outlines the increasing frequency of government policies aimed at enhancing green construction and affordable housing, indicating a dual focus on environmental sustainability and social equity [9][10]. - Key policies include the establishment of a 300 billion yuan loan for affordable housing and the promotion of green building standards by 2025 [11][12]. 2. Construction of the Real Estate State-Owned Enterprises ESG Evaluation System - The ESG evaluation system incorporates five categories of positive indicators and one category of negative indicators, focusing on environmental, social, and governance aspects [4][22]. - Specific indicators include "green building," "green construction," and "compliance and risk management," with a total of 16 primary indicators and 54 secondary indicators [4][22]. - The evaluation emphasizes the importance of customer service and the construction of affordable housing as critical components of social responsibility [25][27]. 3. Environmental Indicators - The report details the environmental indicators that align with national policies aimed at reducing carbon emissions and promoting energy efficiency in the construction sector [22][24]. - New indicators include "green building" and "green construction," which are tailored to the characteristics of the real estate industry [17][19]. 4. Climate Indicators - The climate indicators are designed to align with national carbon neutrality goals, focusing on reducing emissions throughout the construction and operational phases of real estate projects [22][23]. - The report sets specific targets for new low-energy and near-zero energy buildings by 2025, reflecting the industry's commitment to sustainability [23][24]. 5. Social Indicators - The social indicators focus on customer service, affordable housing construction, and delivery assurance, highlighting the industry's role in enhancing living standards and ensuring market stability [25][27]. - The report emphasizes the need for improved customer feedback mechanisms and the importance of delivering quality housing to meet public expectations [25][26]. 6. Governance Indicators - Governance indicators are centered on compliance and risk management, addressing the need for robust governance structures within real estate enterprises [28][30]. - The report stresses the importance of establishing comprehensive compliance mechanisms to mitigate risks associated with regulatory violations [28][30].

Core Viewpoint - The Taibai Lake New District in Shandong Province has been recognized as a pilot green low-carbon city, marking a significant achievement in its green development efforts and setting a benchmark for the city's low-carbon construction initiatives [1][3]. Group 1: Green Development Strategy - The Taibai Lake New District emphasizes planning and top-level design, integrating green low-carbon concepts into urban development strategies based on the "Jining Land and Space Planning" [3]. - A "1+N" planning system has been established to clarify green development directions across multiple sectors, including energy, industry, transportation, and construction [3]. - The district has implemented supportive policies in land, planning, approval, and funding to facilitate pilot construction [3]. Group 2: Achievements in Low-Carbon Development - The district has made significant progress towards its "dual carbon" goals, promoting energy-efficient buildings and renewable energy utilization [3]. - Notable projects include the Jining Cultural and Technological Integration Innovation Center and the Public Health Traditional Chinese Medicine Center, with a total of approximately 266.3 million square meters of renewable energy application projects constructed [3]. - All new residential buildings in the district adhere to green building standards, with the Hongshun Guandi residential community achieving a two-star design and operational certification [3][5]. Group 3: Future Plans and Initiatives - The district has developed detailed implementation plans and annual goals to promote high-quality green low-carbon building development [5]. - Strict adherence to green building standards is enforced, with government investment projects required to meet high-star standards [5]. - Future efforts will focus on deepening green low-carbon development, advancing construction tasks, and providing replicable experiences for the city's green low-carbon urban construction [5].

Group 1: Core Views - The document outlines the central government's opinions on promoting high-quality urban development, emphasizing green and low-carbon transformation in cities [4][5][12] - It highlights the shift from rapid urbanization to stable development, focusing on quality improvement and efficiency in existing urban structures [4][5] Group 2: Urban Infrastructure and Services - The plan calls for optimizing urban infrastructure layout, structure, and function, including the construction of underground utility corridors and enhancing 5G and gigabit optical network coverage [2][11] - It emphasizes the need for a modern comprehensive transportation system to improve commuting efficiency and the development of convenient facilities like parking spaces and charging stations [2][11] Group 3: Green and Low-Carbon Transition - The document stresses the importance of energy conservation and carbon reduction in production, promoting advanced green technologies and the orderly exit of outdated capacities [12] - It advocates for the development of green buildings and the implementation of a carbon footprint labeling system for key products [12] Group 4: Urban Governance and Management - The document proposes enhancing urban governance capabilities through a coordinated management system that involves various stakeholders, including community organizations [19][20] - It emphasizes the need for digital transformation in urban governance, promoting data integration and efficient service delivery [19][20] Group 5: Cultural and Community Development - The plan encourages the protection and utilization of urban historical and cultural resources, promoting community engagement in cultural heritage preservation [17][18] - It aims to enrich urban cultural life by enhancing public cultural spaces and promoting diverse cultural products [18]