习近平宣布中国新一轮国家自主贡献 [Table_Industry] ESG 周报 [2T0a2b5l年e_9Re月po2rt6D日ate] 行业研究 [ETSaGble_StockAndRank] 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 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 证券研究报告 [Table_Title] 习近平宣布中国新一轮国家自主贡献 [Table_ReportDate] 2025 年 09 月 26 日 [Table_ReportType] 行业周报 本期内容提要: [Ta[Tbalbel_热eS_u点Smum聚mamr焦ya]：ry] 投资评级 —— 上次评级 —— 国内：习近平在联合国气候变化峰会发表视频致辞。9 月 24 日，国家主席 习近平在联合国气候变化峰会发表视频致辞。习近平指出，今年是《巴 ...

Core Insights - The article discusses the performance of ESG public funds, highlighting that all funds listed in the latest weekly ranking experienced gains, with a notable lead from broad ESG-themed funds [1] - Active ESG-themed funds achieved an average weekly return of 7.57%, while index funds had an average return of 2.92% [1] - Pure ESG-themed active funds reported an average weekly return of 3.14%, and index funds saw an average return of 1.58% [1] - The concentration in the broad ESG-themed index fund sector is high, with all listed funds related to the new energy vehicle industry, achieving an average return of 30.96% over the past three months [1] Fund Performance Summary Broad ESG-Themed Funds - The top-performing broad ESG-themed active funds include: - 嘉实绿色主题A with a weekly return of 9.25% and a three-month return of 38.92% [2] - 中加低碳经济六个月持有A with a weekly return of 8.9% and a three-month return of 77.62% [2] - 国投瑞银新能源A with a weekly return of 8.28% and a three-month return of 68.3% [2] ESG-Themed Active Funds - The top-performing ESG-themed active funds include: - 财通可持续发展主题 with a weekly return of 5.44% and a three-month return of 66.18% [5] - 博时ESG 量化选股A with a weekly return of 4.15% and a three-month return of 24.41% [5] - 兴证全球可持续投资三年定开 with a weekly return of 3.9% and a three-month return of 24.26% [5] ESG-Themed Index Funds - The top-performing ESG-themed index funds include: - 中金中证500ESG基准指数增强A with a weekly return of 2.9% and a three-month return of 25.63% [7] - 融通中证诚通央企ESGETF with a weekly return of 2.28% and a three-month return of 13.78% [7] - 财通中证ESG100指数增强A with a weekly return of 1.53% and a three-month return of 13.66% [7] Broad ESG-Themed Index Funds - The top-performing broad ESG-themed index funds include: - 华宝中证智能电动汽车ETF with a weekly return of 3.16% and a three-month return of 27.58% [9] - 浦银安盛中证智能电动汽车ETF with a weekly return of 3.11% and a three-month return of 26.24% [9] - 易方达中证智能电动汽车ETF with a weekly return of 3.07% and a three-month return of 27.75% [9]

2022年10月，每经品牌价值研究院构建ESG公募基金数据库，并自此推出"ESG公募基金周榜"，通过追踪ESG基金表现、分析排名及变动背后可能的原因， 帮助投资者更好地了解、识别、筛选更具投资价值的ESG基金。 本期ESG公募基金周榜的观察周期为9月1日至9月5日，最新净值以9月5日为准。统计结果显示，本期上榜基金没能延续前几周全部收涨的表现，纯ESG主题 指数型基金中有4只基金收跌。 值得一提的是，本周泛ESG主题基金和纯ESG基金表现进一步分化：泛ESG指数型基金罕见领涨，平均收益率达11.31%，泛ESG主动型基金平均收益率为 10.02%；在纯ESG基金方面，主动型基金平均收益率为0.95%，指数型基金则仅有0.05%。 ESG基金收益率周榜TOP10 | 基金代码 | 基金名称 | 最新净值 | 近一周收益率 | 近三月收益率 | 成立以 | | --- | --- | --- | --- | --- | --- | | | | (元) | (%) | (%) | | | 159368 | 华夏创业板新能源ETF | 1.3522 | 13.13 | 50.97 | | | 159387 | 国泰创 ...

Global ESG Trends - The global ESG landscape continues to show divergence, with a reported net outflow of $8.6 billion from sustainable funds in Q1 2025, marking the tenth consecutive quarter of outflows in the U.S. and the first outflow in Europe since 2018 [2][21] - As of Q1 2025, the total size of global sustainable funds reached $3.16 trillion, with the U.S. experiencing a net outflow of $6.1 billion and Europe $1.2 billion [2][21] Europe: Regulatory Framework - The EU has established a comprehensive ESG information disclosure framework, including the EU Taxonomy, Corporate Sustainability Reporting Directive (CSRD), and Sustainable Finance Disclosure Regulation (SFDR) [3][4] - The CSRD will be fully implemented by July 2024, requiring large companies and listed firms to disclose "double materiality" data, which includes the financial impact of environmental factors and the company's impact on the environment [4][6] United States: Political and Regulatory Challenges - The U.S. ESG landscape is marked by political division, with federal policies regressing under the Trump administration and states like California and New York pushing for stricter ESG disclosures [8][9] - The SEC's climate-related disclosure rules have faced legal challenges, leading to a decrease in ESG shareholder proposals by 34% in 2025 [9][10] China: Practical Approach to ESG - China's approach to ESG is characterized by a pragmatic strategy linked to national development goals, focusing on energy independence and supply chain resilience [10][11] - By May 2025, China's cumulative installed solar capacity surpassed 1,080 million kilowatts, accounting for over 40% of the global total, while the sales of new energy vehicles reached 5.608 million units, representing 68.3% of global sales [11][12] ESG Investment Products in China - The number of ESG investment products continues to rise, but the scale is beginning to shrink, with the total size of ESG public funds at approximately 504.59 billion yuan as of June 2025, down from 572.6 billion yuan in 2024 [22][21] - Despite the overall decline in scale, over half of passive ESG equity index funds have outperformed the market, and more than 80% of passive ESG bond index funds have shown stable returns [21][38] ESG Reporting and Disclosure in China - As of June 2025, 46.1% of A-share listed companies have published ESG reports, with a notable increase in disclosure rates among large firms [14][16] - The quality of ESG reports has improved, but issues of "formalistic disclosure" remain prevalent, particularly among smaller companies [18][19] Performance of ESG Funds - ESG public funds have shown mixed performance, with a one-year average return of 8.55%, which is on par with the overall public market, but a three-year average return of -20.20%, indicating underperformance [35][36] - In contrast, ESG bond funds have demonstrated more stability, with average returns of 1.11% over the past year and 2.98% over three years [37]

Investment Rating - The report does not specify an explicit investment rating for the industry [2] Core Insights - The State Administration of Foreign Exchange has initiated a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [12] - The European Central Bank President warned against diluting the requirements for sustainable development reporting, emphasizing the importance of maintaining robust regulations to manage climate risks in the financial system [20] - The issuance of ESG bonds in China has reached 3,635, with a total outstanding amount of 5.59 trillion RMB, where green bonds account for 61.81% of the total [29] - The market for ESG public funds consists of 914 products with a total net asset value of 10,222.16 billion RMB, with ESG strategy products making up 50.32% of the total [35] - Major ESG indices have shown positive growth, with the WanDe All A Sustainable ESG index increasing by 35.32% over the past year [42] Summary by Sections Domestic Highlights - The State Administration of Foreign Exchange has launched a green foreign debt pilot in 16 provinces, promoting the use of funds for green projects [12] - The China Sustainable Aviation Fuel Industry Alliance was established, with a dedicated policy for SAF development, planning to invest over 100 million RMB in three years [14] International Highlights - The European Central Bank's President cautioned against reducing sustainable reporting requirements, which could hinder the management of climate risks [20] - BlackRock's GIP is set to acquire a 49.99% stake in Eni's carbon capture business, part of a broader strategy to fund these operations [21] ESG Financial Products Tracking - As of August 23, 2025, 3,635 ESG bonds have been issued in China, with a total issuance amount of 12,541 billion RMB in the past year [29] - The market has 914 ESG public fund products, with a total net asset value of 10,222.16 billion RMB [35] - The total number of ESG bank wealth management products stands at 1,075, with pure ESG products making up 55.44% of the total [41] Index Tracking - Major ESG indices have shown positive performance, with the WanDe All A Sustainable ESG index increasing by 4.22% recently [42] Expert Opinions - The report highlights the potential for banks to innovate in personal green finance, such as through carbon accounts and green consumption initiatives [43]

Core Insights - The article discusses the performance of ESG mutual funds, highlighting that all listed funds experienced gains, although the returns decreased compared to the previous week [1] - Active ESG-themed funds led the performance with an average return of 9.14%, while ESG-themed funds achieved a return of 5.25% [1] - In the index fund category, the average return for broad ESG-themed funds was 4.84%, and for ESG-themed funds, it was 3.64% [1] - The top-performing index funds were concentrated in the new energy vehicle sector, with all ten products related to this industry [1] Fund Performance Summary Active ESG-Themed Funds - The top-performing fund was "万家社会责任定开A" with a weekly return of 16.14% and a three-month return of 46.82% [2] - Other notable funds included "嘉实绿色主题A" with a 14.77% weekly return and "财通可持续发展主题" with a 10.32% weekly return [2][4] Broad ESG-Themed Funds - "万家社会责任定开A" again led with a weekly return of 16.14% [6] - "嘉实绿色主题A" and "南方碳中和A" followed with returns of 14.77% and 8.61% respectively [6] Index ESG-Themed Funds - The top index fund was "华夏沪深300ESG基准ETF" with a weekly return of 3.86% [7] - Other significant funds included "富国沪深300ESG基准ETF" and "南方沪深300ESG基准ETF" with returns of 3.83% and 3.82% respectively [7] Broad Index ESG-Themed Funds - The leading fund was "泰康中证智能电动汽车ETF" with a weekly return of 5.74% [9] - Other notable funds included "浦银安盛中证智能电动汽车ETF" and "易方达中证智能电动汽车ETF" with returns of 5.73% [9]

Core Insights - The latest ESG public fund weekly ranking shows that all listed funds experienced gains, although the returns decreased compared to the previous week [1] - Active products led the performance, with the average return of broad ESG-themed active funds reaching 9.14%, while ESG-themed active funds had an average return of 5.25% [1] - In the index fund category, broad ESG-themed funds outperformed with an average return of 4.84%, while ESG-themed index funds returned 3.64% [2] Active Fund Performance - The top-performing ESG-themed active funds include: - Wanjiash Social Responsibility Open A with a weekly return of 16.14% and a three-month return of 46.82% [3] - Jiashi Green Theme A with a weekly return of 14.77% and a three-month return of 28.39% [3] - Caitong Sustainable Development Theme with a weekly return of 10.32% and a three-month return of 59.34% [5] Index Fund Performance - The top-performing broad ESG-themed index funds include: - Huaxia CSI 300 ESG Benchmark ETF with a weekly return of 3.86% and a three-month return of 10.07% [7] - Fuguo CSI 300 ESG Benchmark ETF with a weekly return of 3.83% and a three-month return of 10.44% [7] - Nanfang CSI 300 ESG Benchmark ETF with a weekly return of 3.82% and a three-month return of 9.78% [7] Sector Concentration - The listed broad ESG-themed index funds are highly concentrated in the new energy vehicle sector, with all ten products related to new energy vehicles and their batteries [2] Fund Classification - ESG funds are categorized into two main types: ESG-themed funds and broad ESG-themed funds, further divided into active and index funds based on investment strategies [11][12]

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]

每经记者｜黄宗彦 每经编辑｜魏官红 2022年10月，每经品牌价值研究院构建ESG公募基金数据库，并自此推出"ESG公募基金周榜"，通过追 踪ESG基金表现、分析排名及变动背后可能的原因，帮助投资者更好地了解、识别、筛选更具投资价值 的ESG基金。 本期ESG公募基金周榜的观察周期为8月11日至8月15日，最新净值以8月15日为准。统计结果显示，本 期上榜基金延续强势表现，其中泛ESG主题产品依然领涨：主动型平均收益率最高，达11.25%；指数型 平均收益率为7.77%。 纯ESG主题方面，主动型表现优于指数型：前者平均收益率为5.82%；后者为2.22%。 ESG基金收益率周榜TOP10 | 基金代码 | 基金名称 | 最新净值 | 近一周收益率 | 近三月收益率 | 成立以来收益率 | 成立时间 | | --- | --- | --- | --- | --- | --- | --- | | | | (元) | (%) | (%) | (%) | | | 007689 | 国投瑞银新能源A | 1.8211 | 17.29 | 40.73 | 94.16 | 2019-11-18 | | 012102 | ...

Core Insights - The latest ESG public fund weekly ranking shows that all listed funds experienced gains during the observation period from August 4 to August 8, with an average return of 5.31% for broad ESG-themed actively managed products and 2.69% for broad ESG-themed index products [1][2] - Actively managed pure ESG-themed funds outperformed index funds, achieving an average return of 3.1% compared to 1.26% for index funds [1][2] ESG Themed Actively Managed Funds - The top-performing actively managed ESG-themed funds include: - Dongfanghong ESG Sustainable Investment A with a weekly return of 4.87% and a net value of 0.931 [2] - Zhongyin ESG Theme A with a weekly return of 4.74% and a net value of 1.0982 [2] - Huabao Sustainable Development Theme A with a weekly return of 3.95% and a net value of 0.9313 [2] Broad ESG Themed Actively Managed Funds - The top-performing broad ESG-themed actively managed funds include: - Yongying New Energy Smart Selection A with a weekly return of 10.15% and a net value of 0.4114 [3] - Tihua Carbon Neutral Theme A with a weekly return of 8.42% and a net value of 1.6554 [3] - Green Carbon Neutral Theme A with a weekly return of 4.98% and a net value of 1.4218 [3] ESG Themed Index Funds - The top-performing ESG-themed index funds include: - Rongtong Zhongzheng Shitong Central Enterprise ESG ETF with a weekly return of 1.73% and a net value of 1.0213 [5] - Gongge Zhongzheng 180 ESG ETF with a weekly return of 1.65% and a net value of 0.9707 [5] - Yinhua Huazheng ESG Leading with a weekly return of 1.41% and a net value of 0.9972 [5] Broad ESG Themed Index Funds - The top-performing broad ESG-themed index funds include: - Yifangda Guozheng New Energy Battery ETF with a weekly return of 3.74% and a net value of 1.4408 [6] - Guangfa Guozheng New Energy Battery ETF with a weekly return of 3.72% and a net value of 1.2828 [6] - Yifangda Guozheng New Energy Battery Link A with a weekly return of 3.53% and a net value of 1.2008 [6] Ranking Methodology - The ESG public fund database includes only actively managed products that are operational, excluding those that have been liquidated. The database will also incorporate ESG bond funds in future rankings [7] - ESG funds are categorized into two main types: ESG-themed funds and broad ESG-themed funds, further divided into actively managed and index funds [7]