ESG 融资将环境（Environmental）、社会（Social）、公司治理（Governance）因素纳入融资决策，注 重企业可持续发展。在香港，这一融资方式愈发受关注，它能助力企业降低风险、提升回报，吸引更多 投资，推动香港构建可持续经济体系。 （一）优势 1. 竞争力提升：践行 ESG 可履行社会责任，吸引投资者，增强市场竞争力。 2. 成本降低：良好 ESG 表现企业易获低成本融资，契合投资者偏好。 3. 声誉增强：通过 ESG 实践塑造品牌形象，赢得消费者与投资者信任。 （二）创新案例 1. 绿色债券：香港政府发行 57.5 亿美元等值绿色债券，成亚洲最大规模 ESG 债券发行，企业亦积极跟 进。 3. 信息披露规范：依据香港联交所 ESG 披露规则（含强制要求与 "不遵守就解释" 条款），定期发布 ESG 报告，保证披露信息真实、准确、完整，增强透明度。 1. 自我评估：评估 ESG 现状，制定战略目标，构建管理体系。 2. 渠道选择：绿色债券（专款专用环保项目）、ESG 基金（股权融资）、可持续发展挂钩贷款（目标 挂钩优惠）。 3. 材料准备：ESG 报告、项目可行性报告、财务报表等资料。 ...

Market Performance Overview - The equity market indices collectively rose during the week of December 22-26, 2025, with the CSI 500 increasing by 4.03%. The sectors that performed well included non-ferrous metals, defense and military industry, and electric equipment, while beauty care, social services, and banking sectors saw declines [4]. Fund Product Issuance - A total of 65 new funds were established in the domestic market this week, with a combined issuance of 27.894 billion units. This included 19 bond funds, 18 stock funds, 18 mixed funds, 6 FOF funds, 1 REIT, and 3 money market funds. Overall, 23 new funds were issued across various types, including 8 mixed funds, 8 stock funds, 5 bond funds, 1 FOF fund, and 1 REIT [5]. Fund Product Performance Tracking - The defense and military theme funds saw a significant increase in net value this week, while the medical and consumer theme funds experienced a pullback. As of December 26, 2025, the net value changes for various thematic funds were as follows: defense and military (6.62%), new energy (6.34%), TMT (4.15%), industry balanced (3.08%), industry rotation (2.63%), cyclical (2.63%), financial real estate (0.14%), consumer (-0.21%), and medical (-0.81%) [6]. ETF Market Tracking - Stock ETFs continued to see significant inflows, with a net inflow of 36.341 billion yuan. The median return for stock ETFs was 2.74%. In contrast, Hong Kong stock ETFs had a median return of -0.09% with a net inflow of 1.612 billion yuan. Cross-border ETFs had a median return of 0.90% and a net inflow of 0.655 billion yuan. Commodity ETFs had a median return of 3.59% with a net inflow of 2.129 billion yuan. Notably, the broad market theme ETFs saw a total inflow of 43.784 billion yuan, while the medical theme ETFs had a net inflow of 0.403 billion yuan [7]. ESG Financial Product Tracking - This week, 31 new green bonds were issued, totaling an issuance scale of 22.114 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.17 trillion yuan and a total of 4,458 bonds issued as of December 26, 2025. The domestic fund market currently has 211 ESG funds with a total scale of 153.222 billion yuan. The median net value changes for various ESG fund types this week were 4.12% for active equity, 2.50% for passive stock index, and 0.06% for bond ESG funds, with themes like carbon neutrality, green energy, and environmental protection performing well [8].

Market Performance - The A-share market showed signs of recovery with the CSI 300 index rising by 1.95% and the ESG 300 index increasing by 2.62% during the week of December 22-26, 2025[5] - The average daily trading volume across the A-share market was approximately 3.22 trillion yuan, indicating a contraction in liquidity[5] ESG Fund Issuance - A total of 3 new ESG funds were launched in December 2025, with a total issuance of 810 million units, primarily focused on social responsibility and corporate governance[10] - Over the past year, 209 ESG public funds were issued, totaling 109.459 billion units[10] - The total net asset value of existing ESG funds reached 1,166.671 billion yuan, with ESG strategy funds accounting for the largest share at 45.01%[10] Fund Performance - The top-performing fund for the week was Guotai Asset's New Energy A, with a weekly return of 13.38% and a year-to-date return of 75.30%[11] - Guotai Asset's New Energy A and GF Carbon Neutral Theme A outperformed their benchmark returns by 10.86% and 8.48%, respectively[12] Green Bond Issuance - In December 2025, a total of 153 ESG bonds were issued, amounting to 120.2 billion yuan[14] - The total issuance of ESG bonds over the past year reached 1,343.43 billion yuan, with 3,882 ESG bonds currently outstanding[14] - The existing ESG bond market has a total size of 5.74 trillion yuan, with green bonds making up the largest share at 62.11%[14] Bank Wealth Management Products - In December 2025, 144 ESG wealth management products were issued, primarily focusing on pure ESG and environmental protection themes[19] - The total number of existing ESG bank wealth management products is 1,215, with pure ESG products representing the largest share at 53.42%[19] Risk Factors - Potential risks include insufficient ESG policy enforcement, lack of standardized data reporting, and lower-than-expected product issuance scales[21]

Market Overview - In the week of December 15-19, 2025, gold prices increased while domestic equity market indices experienced fluctuations, with the ChiNext index showing a significant decline [4] - The retail trade, non-bank financial, and beauty care sectors saw the highest gains, while the electronics, power equipment, and machinery sectors faced the largest declines [4] Fund Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 18.321 billion units. This includes 8 bond funds, 14 equity funds, 11 mixed funds, 3 FOF funds, and 4 money market funds [5] Fund Performance Tracking - The long-term thematic fund indices showed that financial and real estate theme funds performed well, while TMT theme funds experienced a net value decline. As of December 19, 2025, the net value changes for various thematic funds were as follows: financial and real estate (2.17%), national defense and military industry (1.75%), cyclical (1.68%), consumption (0.92%), industry rotation (-0.32%), industry balance (-0.65%), new energy (-1.66%), pharmaceuticals (-1.85%), and TMT (-2.02%) [6] ETF Market Tracking - This week, stock ETFs saw significant inflows, with various broad-based ETFs receiving increased investments. The median return for stock ETFs was -0.33%, with a net inflow of 55.232 billion yuan. Hong Kong stock ETFs had a median return of -2.06% and a net inflow of 12.373 billion yuan [7][8] - Broad-based ETFs experienced a total inflow of 33.739 billion yuan, while TMT theme ETFs saw an inflow of 6.652 billion yuan [8] ESG Financial Products Tracking - This week, 31 new green bonds were issued, totaling 18.530 billion yuan. The cumulative issuance of green bonds in the domestic market reached 5.15 trillion yuan, with 4,427 bonds issued [9] - The domestic market currently has 211 ESG funds with a total scale of 149.677 billion yuan. The median net value changes for various ESG fund types were: active equity (-1.35%), passive equity index (-0.54%), and bond ESG funds (0.06%) [9]

Market Performance Overview - In the week of December 15-19, 2025, gold prices increased while domestic equity market indices experienced fluctuations, with the ChiNext index showing a significant decline [4] - The retail trade, non-bank financial, and beauty care sectors saw the highest gains, while the electronics, power equipment, and machinery sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 18.321 billion units. This includes 8 bond funds, 14 equity funds, 11 mixed funds, 3 FOF funds, and 4 money market funds [5] Fund Product Performance Tracking - The financial and real estate theme funds outperformed this week, while TMT theme funds experienced a net value decline. As of December 19, 2025, the net value changes for various theme funds were as follows: financial and real estate (2.17%), national defense and military industry (1.75%), cyclical (1.68%), consumption (0.92%), industry rotation (-0.32%), industry balance (-0.65%), new energy (-1.66%), pharmaceuticals (-1.85%), and TMT (-2.02%) [6] ETF Market Tracking - This week, there was a significant inflow of funds into equity ETFs, with a net inflow of 55.232 billion yuan. The median return for equity ETFs was -0.33%, while the median return for Hong Kong stock ETFs was -2.06% with a net inflow of 12.373 billion yuan [7][8] ESG Financial Products Tracking - 31 new green bonds were issued this week, with a total issuance scale of 18.530 billion yuan. The cumulative issuance scale of the domestic green bond market reached 5.15 trillion yuan, with a total of 4,427 bonds issued [9] - As of December 19, 2025, there were 211 ESG funds in the domestic market, with a total scale of 149.677 billion yuan. The median net value changes for various ESG fund types were: active equity (-1.35%), passive equity index (-0.54%), and bond ESG funds (0.06%) [9]

Market Performance Overview - The domestic equity market showed mixed performance during the week of December 8 to December 12, 2025, with the ChiNext Index rising by 2.74% [4] - In terms of sectors, telecommunications, national defense and military industry, and electronics sectors led the gains, while coal, oil and petrochemicals, and steel sectors experienced the largest declines [4] Fund Product Issuance - A total of 28 new funds were established in the domestic market this week, with a combined issuance of 18.218 billion units. This includes 9 bond funds, 10 stock funds, 4 FOF funds, 3 mixed funds, 1 international (QDII) fund, and 1 money market fund [5] - Overall, 38 new funds were issued across the market, categorized as 13 stock funds, 8 FOF funds, 8 bond funds, 8 mixed funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The defense and military industry theme funds outperformed this week, while cyclical theme funds saw a net value correction. As of December 12, 2025, the net value changes for various theme funds were as follows: defense and military industry (3.39%), TMT (3.17%), industry balanced (1.08%), industry rotation (0.50%), new energy (0.12%), pharmaceuticals (-0.42%), financial real estate (-0.66%), consumption (-0.67%), and cyclical (-1.12%) [6] ETF Market Tracking - Stock ETFs experienced a slight outflow of funds this week, primarily from TMT, financial real estate, and ChiNext theme ETFs, while large-cap broad-based ETFs saw significant inflows from passive funds. Hong Kong stock ETFs also experienced notable inflows [7] - The median return for stock ETFs this week was 0.19%, with a net outflow of 2.974 billion yuan. In contrast, Hong Kong stock ETFs had a median return of -1.42% and a net inflow of 8.865 billion yuan. Cross-border ETFs had a median return of -0.11% with a net inflow of 1.115 billion yuan, while commodity ETFs had a median return of 0.81% and a net inflow of 241 million yuan [7] Broad-based ETF Insights - Broad-based ETFs saw a significant net inflow of 9.058 billion yuan this week. Additionally, the new energy theme ETFs also experienced notable net inflows totaling 778 million yuan [8] ESG Financial Products Tracking - This week, 28 new green bonds were issued, with a total issuance scale of 29.152 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.12 trillion yuan and a total of 4,396 bonds issued as of December 12, 2025 [8] - As of December 12, 2025, there were 211 ESG funds in the domestic market, with a total scale of 150.981 billion yuan. The median net value changes for various ESG fund types this week were as follows: active equity funds (0.60%), passive stock index funds (-0.01%), and bond funds (0.05%). Funds focused on low-carbon economy, carbon neutrality, and social responsibility performed well [8]

Market Overview - The A-share market experienced a pullback from December 8 to December 12, 2025, with the CSI 300 index down by 0.71%, the ESG 300 index down by 0.73%, and the CSI ESG 100 index down by 0.97%[5] - The average daily trading volume for the entire A-share market was approximately 3.15 trillion yuan, indicating a contraction in liquidity[5] ESG Fund Issuance - No new ESG fund products were issued in December 2025; however, a total of 206 ESG public fund products were issued in the past year, with a total share of 1,086.49 million[8] - As of December 15, 2025, there are 944 existing ESG fund products, with the largest share being ESG strategy funds at 45.09% of the total net asset value of 1,164.52 billion yuan[8] Green Bond Market - A total of 73 ESG bonds were issued in December 2025, amounting to 52.7 billion yuan, with 19 new green bonds issued in the week of December 8 to December 12, 2025, with a planned issuance scale of approximately 22.36 billion yuan[13] - The total issuance of ESG bonds over the past year reached 1,231 bonds, with a total amount of 1,366.8 billion yuan[13] Trading Activity - The weekly trading volume of ESG green bonds from December 8 to December 12, 2025, totaled 45,529.30 billion yuan, with the interbank bond market accounting for 75.77% of the total trading volume[16] - Repo transactions dominated the trading methods, comprising 95.18% of the total trading volume, while cash transactions accounted for only 0.01%[16] Bank Wealth Management Products - In December 2025, 71 ESG wealth management products were issued, primarily focused on pure ESG and environmental protection themes[18] - The total number of existing ESG bank wealth management products reached 1,203, with pure ESG products making up 54.20% of the total[18] Risk Factors - Potential risks include the possibility that ESG policy enforcement may not meet expectations, a lack of unified data reporting standards, and the issuance scale of products falling short of projections[19]

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The ESG indices have shown signs of recovery, although liquidity has narrowed [5][6]. - There were 65 new ESG bonds issued this month, with a total issuance amount of 469 billion RMB [13]. - The total number of ESG public funds issued in the past year reached 206, with a total share of 1,086.49 million [8][10]. - The total market value of existing ESG fund products is 1,164.52 billion RMB, with ESG strategy funds accounting for the largest share at 45.09% [8][10]. Summary by Sections ESG Indices and Fund Performance - The A-share market experienced a pullback, with the CSI 300 index down by 0.71% and the ESG 300 index down by 0.73% during the week of December 8-12, 2025 [5]. - No new ESG funds were issued this month, but the existing ESG fund products total 944, with various categories including pure ESG, ESG strategy, environmental protection, social responsibility, and corporate governance [8][10]. - The top-performing fund for the week was Huatai-PB Quality Selection A, with a weekly return of 9.61% and a year-to-date return of 136.38% [10][14]. Green Bond Issuance - A total of 19 new green bonds were issued in the week of December 8-12, 2025, with a planned issuance scale of approximately 223.57 billion RMB [13]. - The total number of ESG bonds issued in the past year reached 1,222, with a total issuance amount of 13,609 billion RMB [13]. - The existing ESG bond market consists of 3,833 bonds, with green bonds making up the largest share at 62.24% [13]. Bank Wealth Management Products - This month, 34 ESG wealth management products were issued, primarily focusing on pure ESG and environmental protection themes [18]. - The total number of existing ESG bank wealth management products is 1,166, with pure ESG products accounting for 55.40% of the total [18].

Market Performance Overview - The domestic equity market indices generally rose during the week, with the ChiNext Index increasing by 1.86% [4] - The sectors that performed well included non-ferrous metals, communications, and defense industry, while media, real estate, and beauty care sectors saw declines [4] Fund Product Issuance - A total of 39 new funds were established in the domestic market this week, with a total issuance of 36.589 billion units [5] - The breakdown of new funds includes 8 bond funds, 15 equity funds, 5 FOF funds, 9 mixed funds, and 2 money market funds [5] Fund Product Performance Tracking - The performance of long-term thematic funds showed that cyclical theme funds outperformed, while consumer and pharmaceutical theme funds experienced a net value decline [6] - The net value changes for various thematic funds were as follows: cyclical (2.92%), defense industry (2.49%), financial real estate (1.38%), industry rotation (1.30%), industry balance (1.15%), TMT (0.79%), new energy (-0.56%), consumer (-0.89%), and pharmaceutical (-1.56%) [6] ETF Market Tracking - There was a slight inflow of funds into equity ETFs, primarily in small and mid-cap and TMT theme ETFs, with significant inflows into Hong Kong stock ETFs [7] - The median return for equity ETFs was 1.09%, with a net inflow of 2.725 billion yuan, while Hong Kong stock ETFs had a median return of 0.80% and a net inflow of 6.043 billion yuan [7] Fund Positioning High-Frequency Monitoring - The estimated positioning of actively managed equity funds showed a decrease of 0.22 percentage points compared to the previous week [8] - Increased allocations were observed in household appliances, machinery, and electronics sectors, while reductions were noted in communications, automotive, and media sectors [8] ESG Financial Products Tracking - This week saw the issuance of 20 new green bonds, with a total issuance scale of 12.665 billion yuan [9] - The cumulative issuance scale of the domestic green bond market reached 5.09 trillion yuan, with a total of 4,369 bonds issued [9] - The existing ESG funds in the domestic market totaled 211, with a scale of 149.605 billion yuan, and the median net value changes for various ESG fund types were 0.64% for active equity, 1.06% for passive equity index, and -0.07% for bond funds [9]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3] - The report primarily focuses on market performance, fund issuance, ESG products, and ETF tracking without discussing quantitative models or factors[4][6][70] - No relevant quantitative models or factors are mentioned in the provided content[39][56][76]