Core Viewpoint - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces, indicating a strategic shift for Hong Kong's small and medium-sized listed companies towards a dual core function of "technology + capital" [1][2] Group 1: Market Context - There are approximately 2,600 listed companies in Hong Kong, with nearly 80% having a market capitalization below 5 billion HKD, highlighting long-standing issues of low valuation, weak liquidity, and financing difficulties [2][3] - The current environment presents significant structural rebound potential, as small and medium-sized companies are at a critical point of transitioning from passive survival to proactive transformation [2][3] Group 2: Transformation Directions - The "14th Five-Year Plan" outlines six definitive mainlines, providing seven transformation directions for Hong Kong's small and medium-sized listed companies [3][4] 1. **AI-Driven Industrial Upgrade**: Companies should leverage AI to achieve asset-light transformation across various sectors [3] 2. **Integration into National Unified Market**: Companies are encouraged to align with mainland standards and supply chain certifications to access broader growth opportunities [3][4] 3. **Promotion of Consumer Technology and Innovation**: There is a push for technological upgrades in sectors like elderly care, education, and culture, creating new consumption technology markets [3][4] 4. **Innovation in Mergers and Acquisitions**: Companies should utilize the flexible advantages of the Hong Kong market to engage in cross-border industrial integration [3][4] 5. **Deepening High-Level Openness and International Connectivity**: Hong Kong can leverage its position to facilitate cross-border data flow and green finance innovations [4] 6. **Participation in New Urbanization Construction**: Companies can engage in urban renewal projects in mainland China, tapping into significant investment opportunities [4] 7. **Embracing Green Finance and Zero-Carbon Economy**: Companies should promote green certification and utilize financial instruments like green bonds to broaden financing channels [5] Group 3: Steps for Transformation - The transformation process is outlined in three steps: 1. **Industrial AI Transformation**: Companies must view AI as a strategic asset and integrate it into all operational aspects [5][6] 2. **Mergers and Acquisitions**: This is seen as an effective path for scaling and enhancing innovation capabilities through horizontal and vertical integration [6] 3. **Green Transformation**: Companies should adopt green manufacturing standards and establish systems for monitoring carbon emissions to attract ESG investments [6][7] Group 4: Policy Recommendations - Seven policy recommendations are proposed to invigorate small and medium-sized listed companies: 1. **Improve M&A Regulations**: Relax restrictions on mergers and acquisitions to facilitate corporate transformation [7] 2. **Establish a Multi-Tiered Capital Market System**: Create a more inclusive capital market structure to support companies at various development stages [8] 3. **Promote Re-Industrialization and Research Commercialization**: Align capital market reforms with re-industrialization strategies to enhance industry upgrades [8] 4. **Relax Intellectual Property Financing**: Encourage financial institutions to recognize intangible assets for financing [8] 5. **Establish Development Funds and Credit Guarantee Mechanisms**: Create funds to support AI transformation and green upgrades [9] 6. **Advance Green Finance and Carbon Asset Marketization**: Develop a carbon asset trading system to incentivize green development [9] 7. **Promote Policy Coordination and Performance Assessment**: Ensure effective implementation of supportive policies for small and medium enterprises [9] Conclusion - The "14th Five-Year Plan" marks a pivotal transition for Hong Kong's economy, urging small and medium-sized listed companies to embrace transformation and innovation to thrive in the new economic landscape [10]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to advancing green finance and sustainable development, aligning with national strategies to promote ecological civilization and green transformation in the economy and society [1][2]. Group 1: Green Financing Initiatives - SSE will support and encourage more eligible green enterprises to raise funds through equity and debt financing, including REITs projects in energy-saving and environmental protection sectors [1][2]. - As of September 2023, the SSE has issued over 950 billion yuan in green and low-carbon transition bonds, demonstrating a robust market for green financing [2]. Group 2: Sustainable Information Disclosure - SSE is enhancing the quality and quantity of ESG information disclosure among listed companies, with over 1,300 companies disclosing sustainability reports in 2024, achieving a historical high disclosure rate of 57% [3]. - The MSCI ESG ratings for SSE-listed companies show a significant improvement, with 31% of companies receiving upgraded ratings by July 2025 [3]. Group 3: Product and Service Innovation - SSE has developed a variety of sustainable investment products, including 164 ESG-related indices and nearly 100 products tracking these indices, with a total scale exceeding 80 billion yuan [4]. - The SSE has listed 46 green ETFs with a combined scale of 51.7 billion yuan, further promoting green investment [4]. Group 4: International Cooperation - SSE actively participates in international platforms to build green finance standards and leads the development of sustainable exchange principles, contributing to global environmental governance [4].

Core Viewpoint - The Shanghai Stock Exchange (SSE) is committed to advancing green finance and sustainable development, aligning with national strategies to promote ecological civilization and green transformation in the economy and society [1][2]. Group 1: Green Financing Support - SSE will support and encourage more eligible green enterprises to raise funds through equity and debt financing, including REITs projects in energy-saving and environmental protection sectors [1][2]. - As of September 2023, the SSE has facilitated the listing of 68 new energy and environmental protection companies on the Sci-Tech Innovation Board, raising approximately 181.1 billion yuan through IPOs and refinancing [2]. Group 2: Sustainable Information Disclosure - SSE aims to enhance the quality of sustainable information disclosure among listed companies, with a target of 57% of companies disclosing sustainability reports by 2024, marking a historical high [3]. - The SSE is also focused on improving ESG disclosure regulations and has implemented an electronic standard for sustainable development reports [1][3]. Group 3: Investment in Sustainable Development - The SSE is expanding its range of green and ESG-related indices and products, with nearly 100 products tracking sustainable development indices and a total scale exceeding 80 billion yuan [4]. - By September 2023, the SSE had issued over 950 billion yuan in green and low-carbon transition bonds, enhancing market vitality [2]. Group 4: International Cooperation - SSE is actively participating in international platforms to build green finance standards and is a key member of the World Federation of Exchanges, leading the development of sustainable exchange principles [4]. - The SSE aims to enhance China's influence in international sustainable development discussions and contribute to global environmental governance [4].

Core Insights - The 2025 Sustainable Global Leaders Conference is held in Shanghai from October 16-18, focusing on global action, innovation, and sustainable growth [1] - The conference aims to explore new paths for sustainable development and inject "Chinese momentum" into global governance [1] Group 1: Financing Tools Innovation - The Shanghai Stock Exchange (SSE) is enhancing the inclusivity and adaptability of its financing tools to support green industry and project connections with capital markets [4] - By the end of September, the SSE has listed 68 new energy and environmental protection companies on the Sci-Tech Innovation Board, raising approximately 181.1 billion yuan through IPOs and refinancing [5] - The SSE has issued over 950 billion yuan in green and low-carbon transition bonds, with innovative products like carbon-neutral bonds and blue bonds emerging [5] Group 2: Regulatory System Innovation - SSE emphasizes the importance of sustainable development information disclosure, having established a regulatory framework for sustainability reporting [6] - In 2024, over 1,300 companies disclosed sustainability reports, achieving a record disclosure rate of 57% [7] - The number of companies rated A-AAA in the ESG rating system increased by 26.44% from 2022 to 2024 [7] Group 3: Product and Service Innovation - The China Securities Index Company has developed an ESG evaluation system that covers nearly 5,000 listed companies and 2,500 bond issuers [8] - SSE has launched 164 sustainable development indices, with nearly 100 products tracking these indices, totaling over 80 billion yuan in scale [9] - 46 green ETFs have been listed on the SSE, with a combined scale of 51.7 billion yuan [9] Group 4: International Cooperation Innovation - SSE has been actively participating in international platforms to promote sustainable finance and has contributed to the G20 Sustainable Finance Report [10][11] - The SSE is involved in developing sustainable exchange principles and enhancing cooperation with foreign exchanges to guide sustainable investment [11] - The SSE aims to strengthen its international influence in sustainable development through ongoing collaboration and communication [12]

上海证券交易所党委委员、副总经理苑多然出席2025可持续全球领导者大会并做主题演讲。苑多然表 示，为便利广大投资者在交易所市场一键布局绿色资产，我们大力发展指数化可持续投资产品。截至今 年9月末，上交所已联合中证指数公司累计发布ESG等可持续发展指数164条，包括基于中证ESG评价体 系的ESG系列指数，聚焦绿色低碳产业领域的绿色能源、新能源车等主题指数，刻画企业碳排放和脱碳 轨迹的碳中和系列指数，以及绿色债券及基于发债主体ESG评价的债券系列指数；涵盖股票、债券、多 资产类别，运用负面剔除、正向优选、多因子组合等多种投资策略。跟踪相关指数的产品已近百只，规 模逾800亿元；已有46只绿色ETF在上交所挂牌上市，规模合计517亿元；基于中证A500等"A系列"指 数、上证180指数等使用中证ESG评价的宽基指数产品超170只，规模近3000亿元，有效引导资金流向可 持续发展领域。 责任编辑：张恒星 2025可持续全球领导者大会由世界绿色设计组织（WGDO）与新浪集团联合主办，国际财务报告准则 基金会（IFRS Foundation）北京办公室协办，新浪财经与世界绿色设计组织北京代表处承办，上海市黄 浦区人民政 ...

Group 1 - As of August 2025, there are 46 green ETFs listed on the Shanghai Stock Exchange, covering diverse themes such as ESG, "dual carbon," new energy, and photovoltaics, with a total scale approaching 50 billion [1] - Additionally, there are over 160 broad-based index products using the China Securities ESG evaluation based on indices like CSI A50, CSI A100, CSI A500, and SSE 180, with a total scale exceeding 260 billion [1]

Group 1 - As of August 2025, there are 46 green ETFs listed on the Shanghai Stock Exchange, covering diverse themes such as ESG, "dual carbon," new energy, and photovoltaics, with a total scale approaching 50 billion yuan [1] - Additionally, there are over 160 broad-based index products using the China Securities ESG evaluation based on indices like CSI A50, CSI A100, CSI A500, and SSE 180, with a total scale exceeding 260 billion yuan [1]

Core Insights - The "dual carbon" goals have become a social consensus in China, driving the economy towards low-carbon and sustainable development over the past five years [2] - The Shanghai Stock Exchange (SSE) is actively building a green financial market with diverse products and participation from various entities, serving as a crucial hub for connecting industry and capital [2] Group 1: Product Supply and Financing - SSE has facilitated the listing of 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by providing lifecycle consulting services [2] - 19 listed companies in the energy-saving and new energy sectors have completed refinancing on the Sci-Tech Innovation Board, raising a total of 648 billion yuan [3] - SSE has issued over 930 billion yuan in green bonds and low-carbon transition bonds, supporting traditional industries in energy conservation and low-carbon transformation [4] Group 2: ESG and Investor Engagement - SSE has published 155 ESG-related indices, with nearly 100 products tracking these indices, amounting to over 70 billion yuan in scale [4] - 46 green ETFs have been listed on SSE, covering various themes such as ESG and new energy, with a total scale approaching 50 billion yuan [5] - SSE has conducted training sessions for over 870 listed companies to improve ESG information disclosure, with over half of the companies expected to publish ESG reports by 2025 [6][7] Group 3: International Collaboration and Standards - SSE has actively participated in G20 discussions on sustainable finance, showcasing China's progress in this area and contributing to global climate governance [9][10] - As a member of the World Federation of Exchanges, SSE has led the development of sustainable exchange principles, enhancing its role in the global sustainable development agenda [10]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively developing a green financial market to support China's carbon peak and carbon neutrality goals, integrating green development into various sectors of the economy and facilitating connections between industries and capital [1][8]. Group 1: Product Supply and Market Development - SSE is enhancing its green financial market by providing diverse products and services, including lifecycle consulting for green enterprises, which has led to 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by August 2025 [2]. - SSE has streamlined refinancing processes for listed companies, resulting in 19 companies in the energy-saving and new energy sectors completing refinancing with a total of 648 billion yuan raised [2]. - The bond market has seen significant innovation, with SSE issuing over 9,300 billion yuan in green and low-carbon transition bonds since 2016, supporting projects like hydropower station construction [3]. Group 2: Indexes and Fund Products - SSE has launched 155 ESG-related indexes, with nearly 100 products tracking these indexes, amounting to over 700 billion yuan in scale, facilitating investment in green sectors [4]. - There are 46 green ETFs listed on SSE, covering various themes related to ESG and green development, with a total scale approaching 500 billion yuan [4]. Group 3: Policy and Governance - SSE is promoting ESG information disclosure among listed companies, with over half of the companies expected to publish ESG reports by 2025, enhancing their competitiveness [5][6]. - The SSE has implemented action plans to improve the quality of ESG disclosures, resulting in 22% of listed companies seeing an increase in their ESG ratings by August 2025 [6]. Group 4: International Engagement - SSE actively participates in international discussions on sustainable finance, representing China at the G20 Sustainable Finance Roundtable and contributing to the development of global sustainable finance principles [7]. - SSE has made ESG investment a core topic at its international investor conferences, providing opportunities for local companies to showcase their green development efforts to global investors [7].