Group 1 - The report indicates that the ESG screening strategy (CSI 300) has shown a total return of -2% for the latest month, with a relative total return of -5%, a maximum gain of 1%, and a maximum loss of -3% as of December 30, 2025 [3][6] - The ESG sentiment integration strategy (CSI 300) has reported a total return of -5% for the latest month, with a relative total return of -8%, a maximum gain of 0.16%, and a maximum loss of -5% as of December 30, 2025 [6][9] - The overall market performance in December showed a decline in both pure ESG strategies and ESG & central state-owned enterprise strategies, while the pure central state-owned enterprise strategy yielded positive returns [10][11] Group 2 - The cumulative return rates as of December 29, 2025, are as follows: ESG & central state-owned enterprises at 88.80%, central state-owned enterprises at 74.30%, ESG at 100.13%, and the entire A-share market at 31.52% [10][11] - The monthly performance for December indicates a decline of -2.20% for ESG & central state-owned enterprises, a slight increase of 0.27% for central state-owned enterprises, and a minor decline of -0.11% for the ESG sector [10][11] - The number and issuance of ESG funds have decreased during the month [10] Group 3 - Valuation metrics show that the price-to-earnings (P/E) ratio for the entire A-share market is at 22.28, while the P/E ratios for central state-owned enterprises and state-owned enterprises are at 10.07 and 10.41, respectively [15][16] - The average daily trading volume for the entire A-share market was 18,724 billion yuan, while central state-owned enterprises and state-owned enterprises had trading volumes of 591 billion yuan and 919 billion yuan, respectively [15][16] Group 4 - The national carbon market has seen a decrease in trading volume, with the closing price for carbon emission allowances at 72.87 yuan per ton, up from 59.65 yuan per ton previously [21][23] - The total trading volume for carbon emission allowances in December was 46.2182 million tons, down from 47.7532 million tons [21][23]

Group 1 - The report indicates that the ESG strategy for central state-owned enterprises (SOEs) achieved an excess return of 5.09% in October 2025, highlighting the effectiveness of integrating ESG factors into investment strategies [1] - The ESG screening strategy based on the CSI 300 index reported a total return of 2% for the month ending October 31, 2025, with a maximum drawdown of -1% and a Sharpe ratio of 3.33 [3][6] - The ESG sentiment integration strategy also performed well, yielding a total return of 3% for the same period, with a maximum drawdown of -1% and a Sharpe ratio of 4.81 [7][8] Group 2 - The cumulative return for the ESG & central SOE strategy reached 89.78% since January 3, 2023, while the cumulative return for the central SOE strategy was 72.79% and for the ESG strategy was 95.40% [11] - In October 2025, the ESG & central SOE strategy had a monthly return of 5.59%, while the central SOE sector saw a return of 7.78% and the ESG sector returned 5.57% [11] - The report notes a decline in the number and issuance of ESG funds during the month, indicating a potential shift in market sentiment [11] Group 3 - Valuation metrics show that the price-to-earnings (P/E) ratio for the Wind All A index is at 22.39, while the P/E ratios for central SOEs and state-owned enterprises are 10.36 and 10.17, respectively [16] - The average daily trading volume for the Wind All A index was 21,521 billion yuan, while central SOEs had a trading volume of 933 billion yuan [16] - The national carbon market saw an increase in trading volume, with a total of 40.03 million tons traded in October 2025, although the closing price per ton decreased to 51.25 yuan [22]