新型能源体系建设是"双碳"转型的核心引擎，也是资本市场的布局方向。中信建投证券宏观首席分析师 周君芝指出，"加快新型能源体系建设"意味着能源结构将发生变化，光伏、风电、氢能等清洁能源全产 业链将受到更多重视，新型储能和智能电网等配套环节同样关键。 绿色转型与"反内卷"政策的共振，为传统高耗能行业带来结构性机会。张启尧分析，2025年中央经济工 作会议强调"深入推进重点行业节能降碳改造"，叠加"反内卷"相关政策逐步落地，煤炭、钢铁等传统领 域通过技术升级实现绿色转型后，有望迎来新的发展机遇。这与会议"因地制宜发展新质生产力"的部署 高度契合，传统产业的绿色改造不再是单纯的成本投入，而成为提质增效的重要路径。 绿色金融体系的持续完善，为产业转型提供了资本支撑。周君芝提到，《绿色金融支持项目目录（2025 年版）》统一了绿色项目界定标准，有助于引导资金精准流向绿色低碳领域。绿色金融债券、ESG主题 基金等产品的丰富，也为投资者提供了直达绿色产业的金融工具。 山西证券研究所所长助理、非银首席刘丽认为，资本市场应从标准、产品、合作三个维度协同发力把握 机遇。在标准层面，需建立强制规范的环境信息披露框架，推动跨市场绿色标 ...

当全球资本加速向东汇聚，香港作为国际金融中心的"超级联系人"价值愈发凸显。阿拉瓦利资管有限公 司（以下简称"阿拉瓦利资管"）正式启动香港上市筹备工作，这不仅是企业迈向资本化发展的关键布 局，更是精准把握香港政策红利、依托国际金融枢纽优势、抢占跨境资产管理赛道的战略抉择。这家以 跨境布局为核心、机构合作为支撑、产品创新为驱动的资产管理机构，正凭借对市场趋势的敏锐洞察与 扎实的综合实力，在规模达35万亿港元的香港资管市场中崭露头角，其筹备上市的进程与独特发展逻 辑，正为行业勾勒出一幅兼具潜力与价值的成长蓝图。 一、政策东风加持，筹备上市抢占跨境发展先机 阿拉瓦利资管启动上市筹备，恰逢香港资管行业政策红利密集释放的黄金窗口期。近年来，香港特区政 府与监管机构持续优化金融生态，跨境理财通2.0扩容、基金互认机制升级、QFLP政策落地等一系列利 好措施，为资产管理机构打开了连接内地与全球的广阔通道，也为企业上市融资、拓展业务创造了优越 环境。阿拉瓦利资管精准把握这一历史机遇，将政策红利转化为筹备上市的核心动力，以跨境业务为战 略支点，构建起多元协同的服务体系，为上市后的持续增长奠定坚实基础。 资本的认可更体现在实打实的 ...

服务金融强国建设 助力资本市场高质量发展 □ 海富通基金 在当前高质量发展的大背景下，公募基金行业应始终聚焦国家发展全局，将服务实体经济作为根本宗 旨。尤其是在支持科技创新、推动经济结构优化、助力居民财富管理转型等方面，公募基金发挥的作用 日益重要。 后续，公募基金应不断强化产品创新和投研能力建设，引导社会资本流向国家政策支持的关键领域和战 略性新兴产业：在产品端，设立科创主题基金、ESG主题基金等，精准支持绿色低碳、高端制造、人工 智能、生物医药等"硬科技"产业的发展；在投资端，深度研究产业链，不断提升对新兴科创企业的价值 发现和投资判断能力，助力优质企业成长壮大。 海富通基金持续优化投研体系，探索差异化发展路径；发挥专业优势，大力发展特色权益产品，推动更 多金融资源精准配置到经济社会发展的重点领域和薄弱环节；积极参与养老金一、二、三支柱建设，助 力养老资产保值增值；持续做大债券ETF产品线，为投资者提供良好的工具性产品。 党的二十届四中全会对加快建设金融强国、推进文化强国建设等方面作出部署，这为资本市场和基金行 业未来五年发展和行业文化建设提供了根本遵循和行动指南。 作为资本市场的重要力量，公募基金行业应 ...

金融工作的人民性，本质在于以增进人民福祉、推进共同富裕为出发点，将提升投资者获得感作为核心 目标。公募基金所募集的资金来源于广大投资者的托付，服务人民是其天然属性与根本宗旨。 从市场实践看，行业正经历从"重规模"向"重回报"的深刻转型。2025年5月发布的《推动公募基金高质 量发展行动方案》明确提出"坚持以投资者为本"，要求公募基金"实现从重规模向重投资者回报转型"。 2025年9月，证监会发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》，标志着公募费 率改革第三阶段销售费率改革落地，据测算每年可为投资者节省约300亿元。近日，《基金管理公司绩 效考核管理指引（征求意见稿）》下发，强调基金管理公司应当全面建立以基金投资收益为核心的绩效 考核体系，涵盖基金产品业绩、投资者盈亏情况等基金投资收益指标，将基金管理人切身利益与投资者 实际回报深度绑定。 这些改革举措背后，是对公募基金人民性本质的深刻认知——资产管理行业的价值创造必须体现为投资 者实际收益的增长，公募基金应始终"牢固树立以投资者最佳利益为核心的经营理念"。 践行人民性需紧扣服务新质生产力的时代命题 □ 富国基金 党的二十届四中全会指出，"十五 ...

证券研究报告 | 金融工程 2025 年 12 月 09 日 碳市场新增行业配额方案落地，国际政策分化下绿色金融保持活跃 ——ESG 动态跟踪月报（2025 年 11 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 定期报告 相关报告 1、《欧盟 SFDR 2.0 解析：国 际 ESG 投资影响与中国市场启 示——ESG 热点洞察系列报告 之三》2025-11-30 2、《ESG 动态跟踪月报（2025 年 10 月）：宏观锚定加快全面 绿色转型，海外 ESG 信披监管 多方调整》2025-11-05 3、《ESG 动态跟踪月报（2025 年 9 月）：NDC 新目标锚定长 期转型，荷兰养老金战略调整 引关注》2025-10-09 4、《ESG 动态跟踪月报（2025 年 8 月）：全国碳市场纲领性 文件落地，国际气候金融监管 分化》2025-09-05 5、《ESG 动态跟踪月报（2025 年 7 月）：国内绿金标准升 级，海外气候金融热度不减》 2025-08-08 任瞳 S1090519080004 rentong@cmschina. ...

Core Viewpoint - The enthusiasm for ESG (Environmental, Social, and Governance) practices in the A-share market remains strong, with 36 companies disclosing or updating their ESG management systems by November 20, indicating a shift from compliance to proactive engagement in ESG practices [1] Group 1: ESG Practice Development - A-share listed companies are increasingly integrating ESG practices across various industries, with a notable rise in the number of companies publishing sustainability reports, reaching 2,462 by April 30, 2025, a 5.72 percentage point increase from the previous year [2] - The proactive awareness of ESG among A-share companies is growing, focusing on institutional frameworks, digital capabilities, and value creation [2][3] Group 2: Institutional Framework - More A-share companies are embedding ESG principles into their strategic frameworks, establishing a three-tier governance structure that includes the board, management, and execution levels [3] - By 2025, 185 A-share companies have disclosed their ESG management systems, promoting standardization in ESG governance [3] Group 3: Digitalization and Value Creation - A-share companies are leveraging technologies like big data, AI, and blockchain to enhance their ESG management capabilities, improving accuracy and efficiency in areas such as carbon emissions accounting and supply chain risk monitoring [3] - ESG is becoming a crucial link between companies and capital, with 500 ESG-related indices in the A-share market, 91% of which have seen gains this year, indicating that companies with strong ESG performance attract more capital [4] Group 4: Market Ecosystem - The development of ESG practices is supported by a robust market ecosystem involving policies, capital, and intermediary institutions, with regulations mandating the disclosure of sustainability reports [5] - The issuance of green bonds has surged, with 316 green bonds issued this year, totaling 256.74 billion, marking a 22.48% increase in quantity and a 20.83% increase in scale compared to the previous year [6] Group 5: Future Directions - The future of ESG practices in China is expected to focus on product innovation, expanding from single tools to comprehensive solutions, and increasing participation from individual investors [7]

Core Insights - The "HSBC Greater Bay Area ESG Index" has shown a slight year-on-year increase, reaching 122.79 in Q3 2025, while the industry sub-index has hit a new high of 250.92, reflecting a 19% year-on-year growth [1] Group 1: ESG Developments in the Greater Bay Area - The Greater Bay Area is advancing in carbon footprint management and green financial innovation, establishing itself as a national hub for green development [1] - The launch of the Guangdong Carbon Label Information Management Platform facilitates digital management of carbon footprints for enterprises and allows consumers to easily check product carbon footprints, marking a significant step in aligning domestic carbon accounting with international standards [1] Group 2: Growth in Green and Sustainable Finance - The scale of GSSS (Green, Social, Sustainable, and Sustainability-Linked) bonds, green loans, and ESG-themed funds has been on the rise, indicating a maturing and multi-layered green financial ecosystem in the Greater Bay Area [1] - The financial sector's ESG performance has steadily improved, with a focus on the issuance of GSSS bonds and enhanced climate information disclosure [2] - Digital innovations in the financial industry, particularly in green finance, are lowering investment barriers and attracting more investors to participate in green investments [2]

- The report focuses on the regulatory dynamics, market trends, and product issuance in the ESG field, providing a systematic review of important information from the past month for investors' reference[1] - As of the end of September, there were 930 ESG-themed funds in the A-share market, with a total scale of approximately 1.03 trillion yuan, an increase of over 4% from the beginning of the year[4] - The newly issued ESG bonds in September amounted to 125.674 billion yuan, with green bonds dominating the market[81] - The report highlights the strategic shift of the Dutch pension fund PFZW towards active investment, ending cooperation with several institutions like BlackRock[51][52] - The report also discusses the launch of the "National Tea Carbon Footprint Digital Platform," exploring the carbon management system for agricultural products[43]

Group 1 - The Chinese government has launched a comprehensive set of policies aimed at stabilizing growth, markets, and expectations, signaling strong financial support for high-quality economic development [1] - The A-share market has seen significant trading activity, with daily transaction volumes reaching over 3 trillion yuan and margin financing balances exceeding 2.4 trillion yuan [1] - Market participants anticipate further reforms and opening-up measures in the capital market to enhance its attractiveness and stability [1] Group 2 - Approximately 87% of ESG-themed funds have reported positive returns this year, with the highest return exceeding 65% [2] - In August, six new ESG-themed funds were launched, with one fund achieving a record issuance scale of 960 million yuan, marking the largest ever for a public ESG index fund in China [2] Group 3 - The embodied intelligence industry is experiencing rapid development in both hardware and software, with human-like robots expected to reshape industrial ecosystems over the next 5 to 10 years [3] - Domestic companies are accelerating their product layouts in embodied intelligence, addressing gaps in specific application scenarios [3] Group 4 - The A-share market has shown mixed performance, with the Shanghai Composite Index declining by 1.30% while the ChiNext Index rose by 2.34% [4] - Analysts predict that the market may continue to experience fluctuations in the short term but expect improved risk appetite after the National Day holiday [4] Group 5 - Following a 25 basis point rate cut by the Federal Reserve, many domestic and foreign institutions view the external environment for Chinese assets as increasingly favorable [5] - There is an expectation of further rate cuts by the Federal Reserve, which could enhance the attractiveness of non-U.S. markets, particularly China [5] Group 6 - The stock price of Sunflower surged nearly 30% in the seven trading days leading up to its suspension, raising questions about preemptive buying ahead of its acquisition announcements [6][7] Group 7 - The gaming industry in China is experiencing a resurgence, with significant growth in both product performance and stock prices, driven by continuous issuance of licenses and successful new game launches [8] Group 8 - The number of securities analysts in China has surpassed 6,000, marking a historical high, while the market faces challenges due to declining commission revenues [9] Group 9 - The Hong Kong government is optimizing regulations to facilitate the return of Chinese concept stocks, enhancing the attractiveness and liquidity of the Hong Kong market [10] Group 10 - Foreign institutions are increasingly confident in the Chinese market, with significant net inflows of cross-border capital and heightened research activities on A-share companies [11] Group 11 - Huawei announced that the number of HarmonyOS 5 devices has surpassed 17 million and launched the "Tian Gong Plan" to invest 1 billion yuan in supporting the Harmony AI ecosystem [12][13]

Group 1 - The total scale of domestic ESG funds is projected to reach 10,223 billion yuan by September 1, 2025, an increase of 314 billion yuan compared to the end of 2024 [1][3] - Approximately 87% of the 107 ESG-themed funds have positive returns this year, with the highest return exceeding 65% [1][2] - In August, six new ESG funds were launched, including the Rongtong Zhongzheng Chengtong Central Enterprise ESG ETF, which became the largest initial scale of an off-market ESG index fund in China's public fund history at 9.6 billion yuan [2][3] Group 2 - The highest return among ESG funds this year is from the Caitong Sustainable Mixed Fund, achieving a return rate of 65.77%, focusing on sectors like AI, high-end manufacturing, and healthcare [2][3] - Other notable ESG funds include Huatai-PB ESG Sustainable Growth Stock A with over 50% return, and several funds with returns exceeding 30% [2][3] - Fund managers express optimism about the investment value in the AI industry, emphasizing a long-term perspective to capture related investment opportunities [3][4] Group 3 - The fund managers are focusing on sectors such as AI computing power, medical CRDMO companies, and global leaders in white goods and energy storage batteries [4][5] - The investment strategy includes a balanced allocation across various industries, with a focus on companies with strong cash flow and solid balance sheets to mitigate macroeconomic uncertainties [5]