证券研究报告 | 专题研究 | ESG 及绿色金融 专题研究 报告日期：2026 年 02 月 11 日 经济修复不及预期；ESG 相关政策推行不及预期；市场情绪与偏好波动风险。 分析师：祁星 执业证书号：S1230524120002 qixing@stocke.com.cn 全球 ESG 基金 2025 海外市场回顾: 4 万亿在望，欧美监管张力下 规模仍稳中有进 ——全球 ESG 基金 2025 第四季度市场点评 核心观点 2025 年全球 ESG 基金市场录得 840 亿美元净流出，是 2018 年来的首次年度净流出。 但我们认为，市场不必对该数据过于悲观。流量数据的阶段性转负体现的是欧美监管 张力下不同的市场情绪，欧洲市场更多呈现"反漂绿下的脱虚向实"，而美国市场则仍 受制于政治极化。 ❑ 市场总量：全球 ESG 基金规模向 4 万亿美元迈进，欧洲市场仍占据主导地位 截至 2025 年底，全球 ESG 基金市场规模突破 3.90 万亿美元，较三季度末 3.75 万 亿美元规模上涨约 4%。受益于资本市场整体抬升，年初以来全球 ESG 基金市场 规模持续增长。相较 2018 年底大约 6000 亿美元的 ...

资讯汇总 [table_Header]2026.02.09 【ESG 投资周报】本月新发绿色债券 24 只，流 动性环比宽松 2026.02.02 【行业 ESG 周报】沪深北交易所修订可持续发展 报告编制指南，三部门联合发文促工业园区绿色 发展 2026.02.02 【ESG 投资周报】本月新发绿色债券 80 只，银 行理财稳步发行 2026.01.26 【行业 ESG 周报】五部门印发指导意见支撑零碳 工厂建设，我国新型自然保护地体系初步建成 2026.01.26 【ESG 投资周报】本月新发 ESG基金 1 只，绿色 债券稳步发行 2026.01.19 【ESG 投资周报】本月新发 ESG 基金 2 只，流动性环比收窄 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编 ...

Market Performance Overview - In the week from February 2 to February 6, 2025, gold prices increased while domestic equity market indices experienced fluctuations downward [4] - The food and beverage, beauty care, and power equipment sectors showed the highest gains, while non-ferrous metals, communication, and electronics 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 30.859 billion units [5] - The breakdown of new funds includes 9 FOF funds, 16 equity funds, 7 bond funds, and 8 mixed funds [5] - Across the entire market, 33 new funds were issued, comprising 14 equity funds, 7 mixed funds, 6 FOF funds, and 6 bond funds [5] Fund Product Performance Tracking - Long-term thematic fund indices showed that consumer and new energy thematic funds increased in net value, while other thematic funds performed poorly, with TMT thematic funds experiencing significant declines [6] - As of February 6, 2026, the net value changes for various thematic funds were as follows: consumer (+0.94%), new energy (+0.38%), financial real estate (-0.03%), pharmaceuticals (-0.61%), national defense and military (-1.37%), industry rotation (-2.23%), industry balance (-2.56%), cyclical (-4.60%), and TMT (-5.74%) [6] ETF Market Tracking - This week, the pace of profit-taking in equity ETFs slowed, with a total outflow of 24.3 billion yuan from small and large-cap thematic ETFs, while Hong Kong stock ETFs saw a net inflow exceeding 10 billion yuan [7] - The median return for equity ETFs was -1.75%, with a net outflow of 7.801 billion yuan [7] - Hong Kong stock ETFs had a median return of -2.12% and a net inflow of 18.493 billion yuan, while cross-border ETFs had a median return of -2.51% with a net inflow of 3.210 billion yuan [7] - Commodity ETFs recorded a median return of -6.07% and a net outflow of 2.887 billion yuan [7] Broad-based ETF Insights - The week saw significant net inflows into the Sci-Tech Innovation Board thematic ETFs, totaling 5.507 billion yuan [8] - TMT thematic ETFs also experienced notable net inflows, amounting to 9.964 billion yuan [8] ESG Financial Product Tracking - This week, 21 new green bonds were issued, with a total issuance scale of 20.191 billion yuan [9] - The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.26 trillion yuan and a total of 4,548 bonds issued as of February 6, 2026 [9] - The existing ESG funds in the domestic market total 211, with a combined scale of 156.021 billion yuan [9] - In terms of fund performance, the median net value changes for active equity, passive stock index, and bond ESG funds were -1.15%, -0.84%, and +0.05%, respectively, with low-carbon economy, clean energy, and carbon neutrality thematic funds performing well [9]

【ESG 投资周报】本月新发绿色债券 24 只，流动性环比宽松 产业研究中心 资讯汇总 [table_Header]2026.02.02 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 010-83939781 | | | wangjia7@gtht.com | | 登记编号 | S0880524010001 | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | [Table_Report] 往期回顾 【ESG 投资周报】本月新发绿色债券 80 只，银 行理财稳步发行 2026.01.26 【行业 ESG 周报】五部门印发指导意见支撑零碳 工厂建设，我国新型自然保护地体系初步建成 2026.01.26 【ESG 投资周报】本月新发 ESG基金 1 只，绿色 债券 ...

在政策持续引导下，A股市场已经出现了一批稳定披露可持续发展报告的优质公司。数据显示：2025年 内，近1900家上市公司披露了可持续报告，整体披露率近35%，较前两年提升约10个百分点，市值占比 约七成；另有超600家公司披露社会责任报告。 同时，ESG评级不断提升，成为上市公司高质量发展的重要体现。截至2025年底，MSCI中国A股指数 成分股有34.3%的企业ESG评级提升，全球领先评级（AAA，AA级）的家数占比由2024年底的7.2%大 幅跃升至14.13%，是近年来最大的一次提升，领先评级公司数量由"十三五"末期的2家增长至52家。同 期，中证、国证可持续指数产品规模合计约1250亿元，较2020年底增长了两倍多，ESG基金在新发与存 量产品中的占比持续攀升。 （上接1版） 记者获悉，近期调研情况显示，境外机构投资者还在持续加大可持续领域的投资，特别是加大了对以中 国为代表的亚洲区域的投资。 2026年是"十五五"开局之年，也是A股上市公司ESG信息披露"首考"之年。在业内人士看来，本次沪深 北交易所同步新增发布污染物排放、能源利用、水资源利用等三个可持续发展报告编制应用指南，全面 覆盖了风险评估、 ...

回顾2025年ESG发展，国际分化与监管细化并存。欧美政策摇摆导致市场短期调整，但生物多样性等新 兴议题仍加速落地；我国通过法律框架、细则指南和准则层层推进ESG信披体系建设。 2026年是我国"十五五"规划的开局之年，也是ESG强信披时代的开启之年。未来，在ESG强信披框架 下，ESG报告的完整性与公司间可比性将是关注重点，企业也需强化数据治理与供应链协同以应对合规 要求。 21碳中和课题组梳理了2024年国内、国际具有较高影响力的ESG政策和事件，邀您一文回顾—— 总揽：ESG报告纳入法定披露、交易所下发ESG新指南、财政部气候准则落地、欧盟简化ESG信披、美 国暂停SEC气候披露规则、生物多样性国标发布、471家A股上市公司ESG强信披、A股ESG评级历史新 高、我国ESG基金总规模破万亿、全球可持续基金退潮 1、ESG报告纳入法定披露 2025年3月，证监会发布修订后的《上市公司信息披露管理办法》第六十五条明确提出"上市公司按照证 券交易所的规定发布可持续发展报告"，这意味着证监会已将ESG报告纳入法定披露范畴。该《信披办 法》于2025年7月1日起正式施行。 3、财政部气候准则落地 2025年6月， ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - Hong Kong is steadily progressing towards its carbon neutrality goal by 2050, with strategies including government policies to incentivize behavioral changes among businesses and consumers [1] Group 1: Carbon Neutrality Goals - The Hong Kong government aims to achieve carbon neutrality by 2050, supported by various strategies [1] - Incentives for electric vehicles and green buildings are part of the government's approach to encourage sustainable practices [1] Group 2: Financial Support and Innovation - Financial support is being provided for trials of sustainable hydrogen transportation and other innovative solutions [1] - Hong Kong is leveraging its status as an international financial center to promote green finance products, such as green bonds and ESG funds, to attract private capital for carbon reduction efforts [1] Group 3: Public Trust and Standards - Public support and trust are deemed crucial for the success of the green transition, with the government establishing standards aligned with international practices [1] - The government is implementing sustainable classification and disclosure standards to ensure that funds are effectively utilized for green projects [1] Group 4: Market Opportunities for High Emission Companies - High-emission companies, including mining firms, can benefit from listing in Hong Kong, gaining market funding while improving governance and transparency [1]

Market Performance Overview - The Hong Kong stock market experienced an overall increase, while the domestic equity market showed mixed fluctuations, with the CSI 500 index rising by 2.18% during the week from January 12 to January 16, 2025 [4] - Among the Shenwan first-level industry indices, the computer, electronics, and non-ferrous metals sectors had the highest gains, while the defense, real estate, and agriculture sectors faced the largest declines [4] Fund Product Issuance - A total of 23 new funds were established in the domestic market this week, with a combined issuance of 19.294 billion units. This included 10 equity funds, 3 bond funds, 7 mixed funds, 1 international (QDII) fund, and 2 FOF funds [5] - Overall, 36 new funds were issued across the market, comprising 17 equity funds, 12 mixed funds, 4 bond funds, and 3 FOF funds [5] Fund Product Performance Tracking - The TMT thematic funds showed strong performance this week, while the defense and military industry thematic funds experienced a net value decline. As of January 16, 2026, the net value changes for various thematic funds were as follows: TMT (3.98%), cyclical (2.08%), industry balanced (1.56%), industry rotation (1.30%), new energy (0.81%), consumption (-0.76%), pharmaceuticals (-1.08%), financial real estate (-1.45%), and defense military (-2.71%) [6] ETF Market Tracking - There was a noticeable profit-taking phenomenon in the stock ETF market, with over 130 billion yuan flowing out of various broad-based ETFs. In contrast, thematic ETFs, particularly TMT and cyclical ETFs, attracted significant inflows, totaling over 60 billion yuan [7] - The median return for stock ETFs this week was 0.55%, with a net outflow of 142.72 billion yuan. The median return for Hong Kong stock ETFs was 2.08%, with a net inflow of 10.824 billion yuan [7] - Commodity ETFs had a median return of 2.86%, with a net inflow of 2.988 billion yuan [8] ESG Financial Products Tracking - This week, 21 new green bonds were issued, with a total issuance scale of 11.811 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.21 trillion yuan and a total of 4,502 bonds issued as of January 16, 2026 [9] - The domestic market currently has 211 ESG funds, with a total scale of 159.744 billion yuan. The median net value changes for various ESG fund types this week were: active equity (1.56%), passive equity index (0.32%), and bond ESG funds (0.06%). Funds focused on clean energy, green initiatives, and low-carbon economy themes performed particularly well [9]

Group 1: ESG Fund Overview - One new ESG fund was launched this month with an issuance of 0.11 million shares, primarily focused on ESG strategies[8] - A total of 189 ESG public funds were issued in the past year, with a total issuance of 711.78 billion RMB[8] - The total net asset value of existing ESG funds reached 1,173.33 billion RMB, with ESG strategy funds accounting for the largest share at 45.01%[10] Group 2: Market Performance - During the week of January 12-16, 2026, the A-share market experienced a pullback, with the CSI 300 index down by 0.57%, the ESG 300 index down by 0.51%, and the CSI ESG 100 index down by 0.65%[5] - The weekly average trading volume across the A-share market was approximately 6.37 trillion RMB, indicating a loosening of liquidity[5] Group 3: Green Bond Issuance - A total of 58 ESG bonds were issued this month, with a total issuance amount of 34 billion RMB[15] - In the past year, 1,267 ESG bonds were issued, totaling 1,372 billion RMB[15] - The existing ESG bond market comprises 3,911 bonds, with green bonds making up the largest share at 62.28% of the total outstanding amount of 5.76 trillion RMB[15] Group 4: Bank Wealth Management Products - This month, 57 ESG wealth management products were launched, primarily focusing on pure ESG and social responsibility themes[20] - Over the past year, 1,293 ESG bank wealth management products were issued, with 1,221 currently active in the market[20] - Pure ESG products account for the largest share of existing products at 53.48%[20] Group 5: Risk Factors - Potential risks include insufficient policy support for ESG initiatives, lack of standardized data reporting, and lower-than-expected product issuance volumes[23]