国家外汇管理局：在 16 省市开展绿色外债业务试点，全国首个 SAF 专项政策 落地 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 8 月 24 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 ➢ ESG 产品跟踪： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 国家外汇管理局：在 16 省市开展绿色外债业务试 点，全国首个 SAF 专项政策落地 [Table_ReportDate] 2025 年 08 月 24 日 本期内容提要: [Table_S [➢Table_Summary 热点聚焦 umm ...

Domestic Developments - The Shanghai Stock Exchange has further optimized ESG disclosure standards, aiming to enhance corporate ESG performance and promote sustainable development in line with the "Two Mountains" concept[11] - Guangdong has introduced the first systematic judicial guarantee document for carbon emission quota pledge financing in China, providing a framework for dispute resolution and supervision[14] ESG Financial Products Tracking - As of August 16, 2025, China has issued 3,640 ESG bonds with a total outstanding amount of 5.58 trillion RMB, of which green bonds account for 61.79%[27] - In the past month, 52 ESG bonds were issued, raising 27.8 billion RMB, while in the last year, a total of 1,053 ESG bonds were issued, amounting to 1.24 trillion RMB[27] - The market currently has 911 ESG products with a total net asset value of 1,022.116 billion RMB, with ESG strategy products making up 50.33% of the total[33] - There are 1,051 ESG bank wealth management products, with pure ESG products representing 54.52% of the total[38] Index Performance - As of August 15, 2025, major ESG indices have shown positive performance, with the Wind All A Sustainable ESG index increasing by 3.21% and the CSI 300 ESG index rising by 0.91%[39] - Over the past year, the Wind All A Sustainable ESG index has surged by 27.68%, while the CSI 300 ESG index has increased by 20.24%[39] Expert Insights - Liu Feng, Chief Economist at the Central University of Finance and Economics, emphasizes that ESG disclosure is becoming a key variable influencing bank valuation and sustainable value creation, urging state-owned banks to view ESG reporting as a catalyst for risk management and business innovation[40] Risk Factors - Potential risks include slower-than-expected ESG development, delays in the dual carbon strategy implementation, and insufficient policy advancement[40]

证券研究报告 | 金融工程 2025 年 08 月 08 日 国内绿金标准升级，海外气候金融热度不减 ——ESG 动态跟踪月报（2025 年 7 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、《ESG 热点洞察系列报告之 一：宽基指数编制中的 ESG 整 合趋势》2025-07-21 2、《ESG 热点洞察系列报告之 二：国际气候倡议调整背景下 低碳投资策略的本土化探索》 2025-07-30 风险提示： ❑ 本报告基于公开资料整理，内容仅供参考，不构成任何投资建议。ESG 相关政 策仍在持续完善过程中，标准体系和市场反应具有不确定性，相关投资产品可 能面临估值波动、流动性不足、主题偏离等风险，投资者需保持审慎判断。 任瞳 S1090519080004 rentong@cmschina.com.cn 麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 敬请阅读末页的重要说明 ❑ 2025 年 7 月，国内 ESG 政策密集出台，绿色金融支持目录、零碳园区、碳足 迹标识等新规不 ...

Core Insights - The ESG public fund products have shown significant performance, with a notable increase in the number of newly issued products peaking in November 2024, January 2025, and March 2025, while experiencing sharp declines in February and July 2025 [2][8] - The overall scale of ESG products has grown over the past two years, but with clear differentiation; ESG strategy funds and social responsibility theme funds have led in growth, while pure ESG and corporate governance themes have seen slower development [2][8] - The issuance of ESG bonds has been highly volatile, with a peak issuance amount of 190.155 billion yuan in April 2025, and a low of 37.844 billion yuan in January 2025 [2][13] - The number of ESG bank wealth management products has shown an "S-shaped" trend, with a steady increase in the number of products from 368 in June 2023 to 1,033 in June 2025 [2][17] ESG Product Overview - The monthly issuance of ESG public funds has fluctuated significantly, with the highest number of new products in November 2024 and January and March 2025, while February and July 2025 saw a sharp decline [8] - The total number and scale of ESG public funds have shown an upward trend from June 2023 to July 2025, with ESG strategy funds and social responsibility theme funds experiencing the most significant growth [8][9] ESG Bond Products - The monthly issuance amount of ESG bonds has shown considerable volatility, with peaks in April 2025 (190.155 billion yuan) and July 2025 (151.159 billion yuan) [13][2] - There are 13 ESG bonds rated A or above, with most having a term of 3 years and coupon rates above 2%, primarily classified as green bonds and sustainable development-linked bonds [13][2] ESG Bank Wealth Management Products - The number of ESG bank wealth management products has steadily increased, reaching 1,033 by July 2025, indicating strong market interest [17][2] - The growth in pure ESG theme products is steady, while social responsibility theme products have seen significant increases, although environmental protection themes have lagged [17][2] Public Fund Classification Tracking - For public equity and mixed equity funds, the pure ESG theme products have maintained a stable scale, with leading products like "Caitong Sustainable Development Theme" achieving a return of 16.31% in July 2025 [2][22] - The environmental protection theme funds have shown a declining trend in scale, with the "Penghua Carbon Neutral Theme C" product experiencing significant growth from 0.35 million yuan to 8.732 billion yuan [27][2] Representative Product Performance - The "Huatai-PB Quality Selection" fund achieved a return of 22.76% in July 2025, with a significant focus on information technology [61][2] - The "Huabao Core Advantage" fund recorded a return of 21.46% in July 2025, maintaining a high equity position [72][2]

[Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 07 月 27 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 中欧领导人关于应对气候变化的联合声明，IFRS 发布企业 ISSB 行业指南应用 文件 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 中欧领导人关于应对气候变化的联合声明，I ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The People's Bank of China, along with the Financial Regulatory Administration and the China Securities Regulatory Commission, issued the "Green Finance Support Project Directory (2025 Edition)" to enhance green finance tools for environmental improvement and sustainable development [3][11] - The UK government announced on July 15 that it would no longer pursue its sustainable finance taxonomy, indicating a shift in focus towards other policies [3][17] Summary by Sections Domestic Developments - The issuance of the "Green Finance Support Project Directory (2025 Edition)" aims to align with green development goals and enhance the green finance system [11] - Changzhou has launched an action plan to promote ESG system construction, targeting a 60% disclosure rate for listed companies by 2027 [12] - Hainan's low-carbon island construction plan aims for carbon peak by 2030 and carbon neutrality by 2060 [13] - Shandong's zero-carbon park construction plan emphasizes high standards and gradual implementation [14] - Fujian has issued trial regulations for forestry carbon credits [15] - Guizhou is organizing applications for national-level zero-carbon parks [16] ESG Financial Products Tracking - As of July 19, 2025, China has issued 3,631 ESG bonds with a total outstanding amount of 5.59 trillion RMB, where green bonds account for 61.80% [4][28] - The market has 906 existing ESG public funds with a total net asset value of 10,418.17 billion RMB, with ESG strategy products making up 51.78% [4][34] - There are 994 existing ESG bank wealth management products, with pure ESG products constituting 55.53% [4][39] Index Tracking - As of July 18, 2025, major ESG indices have shown positive performance, with the CSI 300 ESG index increasing by 0.21% and the Shenzhen ESG 300 index rising by 1.14% [5][40] Expert Opinions - The report highlights the acceleration of ESG policy development in China, emphasizing the need for systematic planning, international cooperation, and innovative thinking to enhance ESG practices [6][41]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the rapid progress in the construction of zero-carbon parks in China, as announced by three government departments, which sets clear guidelines and eight key tasks for the establishment of these parks [11] - The issuance of ESG bonds in China has reached 3,628, with a total scale of 5.57 trillion RMB, where green bonds account for the largest share at 61.88% [26] - The total net value of existing ESG public funds is 1,055.14 billion RMB, with ESG strategy products making up the largest proportion at 52.97% [32] - The report indicates that major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing the smallest increase of 0.06% [38] Summary by Sections Domestic Highlights - The National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Energy Administration have issued a notice to promote the construction of zero-carbon parks, outlining basic conditions and key tasks for low-carbon transformation [11] - The Ministry of Finance has allocated significant budgets for environmental governance in 2025, including 10.7 billion RMB for water pollution prevention and 25.4 billion RMB for ecological protection [12] International Highlights - The EU has passed a law to simplify classification reporting by 2026, aiming to reduce compliance burdens for companies [3][20] - The ISS STOXX has released a Sovereign Climate Impact Report to help investors assess climate risks and opportunities [18] ESG Financial Products Tracking - As of July 12, 2025, the total number of ESG bonds issued in China is 3,628, with a total issuance amount of 1,212.5 billion RMB in the past year [26] - The market has 904 existing ESG products, with a total net value of 1,055.14 billion RMB, and 238 ESG public funds issued in the past year [32] Index Tracking - Major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing a minimal increase of 0.06% [38] Expert Opinions - Experts highlight that strong governmental support, technological empowerment, and the role of Hong Kong as an international financial center are key factors in China's ESG governance progress [40]

[Table_ReportDate] 2025 年 06 月 28 日 GRI 发布符合全球气候目标的气候与能源报告标准 [Table_Industry] ESG 周报 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] GRI 发布符合全球气候目标的气候与能源报告标准 [Table_ReportDat ...

上交所制定推动提升沪市公司 ESG 评级专项行动方案，创业板指剔除国证 ESG 评级 B 级以下公司 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 06 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 上交所制定推动提升沪市公司 ESG 评级专项行动方 案，创业板指剔除国证 ESG 评级 B 级以下公司 [Tab ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the joint issuance of a plan by 15 departments to establish a national standard system for climate change response, aiming to enhance the scientific and practical framework for addressing climate change [3][12] - The International Finance Corporation (IFC) has committed $100 million to TPG's Global South Initiative Fund, which aims to attract $2.5 billion for climate-focused investment opportunities in emerging markets [4][19] - As of June 7, 2025, the total issuance of ESG bonds in China reached 3,546, with a total scale of 5.64 trillion RMB, where green bonds accounted for the largest share at 58.89% [5][30] - The report indicates that the market currently has 665 ESG products with a total net value of 823.841 billion RMB, where ESG strategy products represent the largest share at 47.52% [5][36] - The report notes that major ESG indices have shown positive growth, with the WanDe All A Sustainable ESG index increasing by 1.25% recently [6][42] Summary by Sections Domestic Highlights - The plan for building a national climate change standard system emphasizes the need for phased revisions of key standards across various sectors, enhancing their operability and foresight [3][12] - The establishment of the "CGT-ESG Bond Portfolio" marks a significant step in green finance connectivity, with an initial scale of $4 million aimed at renewable energy and sustainable projects [13] - The implementation of the first national standard for green data centers provides clear guidelines for energy-efficient practices in data center construction and operation [14] International Highlights - The European Union aims to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels, with a focus on renewable energy and carbon credit measures [19][20] - The International Energy Agency (IEA) reports that China's energy investment has surpassed that of the US and EU combined, with a projected global energy investment of $3.3 trillion in 2025 [20] ESG Financial Products Tracking - The report details the issuance of ESG bonds, with 27 bonds issued in the current month totaling 12.9 billion RMB, and a total of 940 bonds issued in the past year amounting to 1,049.2 billion RMB [5][30] - The report indicates that the market has 760 ESG bank wealth management products, with pure ESG products making up 62.89% of the total [5][41] Index Tracking - The report shows that major ESG indices have outperformed the market, with the Huazheng ESG Leading index showing the highest increase of 9.63% over the past year [6][42] Expert Opinions - The Deputy Director of the Climate Change Department at the Ministry of Ecology and Environment emphasizes the importance of climate finance in supporting green low-carbon projects and optimizing resource allocation [8][44]