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]

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 ...

指数型产品方面，泛ESG主题涨幅领先，平均收益率达4.84%；ESG主题为3.64%。 值得一提的是，本期上榜的泛ESG主题指数型基金行业集中度高，10只产品全为新能源汽车相关产业，分别是新能源汽车及新能源汽车电池。 | 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) | (%) | (%) | | | 161912 | 万家社会责任定开A | 2.8592 | 16.14 | 46.82 | 3 | | 017744 | 嘉实绿色主题A | 1.2512 | 14.77 | 28.39 | | | 000017 | 财通可持续发展主题 | 1.87 | 10.32 | 59.34 | 4 | | 016013 | 南方碳中和A | 1.082 | 8.61 | 29.22 | | | 014376 | 东吴新能源汽车A | 1.672 | 8.34 | 29.17 | | | 530019 | 建信社会责任A | 2.648 | 7.86 | 37.84 | | | 00 ...

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 | ...

每经记者｜黄宗彦 每经编辑｜张海妮 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4日至8月8日，最新净值以8月8日为准。统计结果显示，本期上 榜基金全部收涨，其中泛ESG主题主动型产品领涨，平均收益率为5.31%，泛ESG主题指数型产品的平 均收益率为2.69%。 | 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) | (%) | (%) | (%) | | | 015828 | 永赢新能源智选A | 0.4114 | 10.15 | 3.03 | -58.86 | 2022-06-17 | | 016530 | 腿华碳中和主题A | 1.6554 | 8.42 | -0.74 | 65.54 | 2023-05-05 | | 0158 ...

| 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 | 1.5203 | 6.95 | 14.12 | 62.09 | 2019-11-18 | | 012102 | 国寿安保低碳经济A | 0.7255 | 6.72 | 20.16 | -27.45 | 2022-06-01 | | 013469 | 泰信低碳经济A | 0.7533 | 5.21 | 25.13 | -24.67 | 2021-11-03 | | 001985 | 富国低碳新经济A | 2.842 | 4.06 | 26.59 | 216.69 | 2015-12-18 | | 530019 | 建信社会责任A | 2.369 | 3.4 | 18.33 | 209.55 | 2012-08-14 | | 005571 | 中银证券新能源A | 1.5356 | 3.31 | 16.4 ...

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 ...