扫描二维码 立即订阅 彭博ESG双周报 本期主题：超过700只ESG基金刪除或更改标签 更多基金或将跟进 本文来自彭博终端，终端用户可运行NSN T2YMDCGPWCHD阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 彭博行业研究 (Bloomberg Intelligence) 就各公司、行业和市场提供全球投研分析以及交互式 数据。在 环境、社会与治理（ESG） 方面，BI研究立于行业前沿，聚焦热门话题，为您分享 关键洞察。 （彭博行业研究）——自2 0 2 3年以来，超过7 0 0只基金（占我们追踪的基金的2 0%）删除或 修改了名称中的ESG相关术语。我们预计，随着资产管理公司应对不断变化的政治环境（尤 其是在美国），这一趋势将会持续，尽管速度会放缓。根据5月2 1日生效的更严格的基金命 名规定，欧洲占此类变化的近9 0%。瑞银有超过2 0%的资产删除了此类标签，而贝莱德这一 比例为5%。 超过20%的ESG资产被重新分类 超过4 5 0只基金删除了ESG标签，另有2 5 0只基金调整了相关术语，影响了超过2 0%的被追踪 资产。近9 0%的变更发生在欧洲，主要由于5月2 1日新标签规定生效。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The "14th Five-Year Plan" aims to achieve carbon peak and accelerate the green transformation of the economy and society, with a focus on establishing a clean, low-carbon, safe, and efficient energy system [1] - The issuance of ESG bonds remains strong, with nearly 100 new bonds issued in October, contributing to a total issuance of 965.6 billion yuan from January to October 2025, surpassing the total for the previous year [2] - The national carbon price has dropped to approximately 50 yuan per ton, nearly halving since the beginning of the year [1][2] Summary by Sections 1. ESG Data Tracking - In October, two ESG funds were issued, both equity mixed funds, while the domestic ESG equity index showed mixed performance, with the SEEE Carbon Neutrality Index continuing to yield excess returns [2] - The national carbon market saw a trading volume of 41.56 million tons in October, with an average transaction price of 47.84 yuan per ton, closing at 51.96 yuan per ton, a decrease of 10.37% from the previous month [2] 2. Policy Tracking Domestic Policy Tracking - The "14th Five-Year Plan" emphasizes the need for a dual control system for carbon emissions and aims to enhance the carbon market's coverage [12][20] - The Ministry of Industry and Information Technology is seeking opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," focusing on green and low-carbon standards [17] - The State Council approved the issuance of the first special policy document on green trade, targeting weak links in the industry [21] Overseas Policy Tracking - The EU has postponed the implementation of the CSRD for non-EU companies until after October 2027, reflecting internal regulatory discrepancies [23] - The US banking regulators have rescinded climate-related financial risk management principles, indicating a shift in regulatory focus [24] 3. Market Data Tracking - The report highlights a continued strong issuance of ESG bonds, with a total of 965.6 billion yuan issued in the first ten months of 2025, exceeding the total for the previous year [2][20] - The carbon price in the national market has decreased significantly, reflecting market dynamics and regulatory impacts [2][22] 4. International Cooperation - Puro.earth has partnered with Indonesia to enhance biochar technology, supporting the development of the carbon credit market [28] - The Chinese delegation participated in the COP30 preparatory meeting, emphasizing the need for multilateral cooperation in climate action [29]

Market Performance - During the week of October 13-17, 2025, the A-share market experienced a pullback, with the CSI 300 index declining by 2.22% and the ESG 300 index falling by 2.80%[5] - The average daily trading volume for the entire A-share market was approximately 2.20 trillion RMB, indicating a contraction in liquidity[5] ESG Fund Issuance - No new ESG fund products were issued in October 2025; however, a total of 242 ESG public funds were issued in the past year, with a total share of 1,600.74 million[7] - As of October 17, 2025, there are 936 existing ESG fund products, with the largest share being ESG strategy funds at 50.41% of the total net asset value of 1,035.32 billion RMB[9] Green Bond Issuance - In October 2025, 33 new ESG bonds were issued, raising a total of 27.5 billion RMB, while 23 green bonds were issued in the interbank and exchange markets during the week of October 13-17, 2025, with a planned issuance scale of approximately 14.07 billion RMB[13] - Over the past year, 1,095 ESG bonds were issued, totaling 120.86 billion RMB, with a cumulative issuance of 3,691 ESG bonds in China, of which green bonds accounted for 2,529[13] Trading Activity - The total trading volume of ESG green bonds for the week of October 13-17, 2025, was 565.20 billion RMB, with the interbank bond market accounting for 76.35% of the total trading volume[17] - Repo transactions dominated the trading activity, comprising 95.09% of the total trading volume, while cash transactions accounted for only 0.08%[18] ESG Bank Wealth Management Products - In October 2025, 36 ESG bank wealth management products were issued, primarily focusing on pure ESG and social responsibility themes[19] - There are currently 1,091 existing ESG bank wealth management products, with pure ESG products making up the largest share at 55.64%[19] Risk Factors - Potential risks include insufficient policy support for ESG initiatives, lack of standardized data reporting, and lower-than-expected product issuance scales[21]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]

Market Overview - The oil prices surged significantly during the week of September 22 to September 26, 2025, while domestic equity market indices generally rose, and Hong Kong stocks experienced a pullback [4] - In terms of industry performance, the power equipment, non-ferrous metals, and electronics sectors saw the highest gains, whereas social services, comprehensive, and retail sectors faced the largest declines [4] Fund Issuance - A total of 61 new funds were established this week, with a combined issuance of 36.607 billion units. This includes 30 equity funds, 7 bond funds, 17 mixed funds, 1 international (QDII) fund, and 6 FOF funds [5] Fund Performance Tracking - Long-term thematic fund indices showed that new energy and TMT (Technology, Media, and Telecommunications) themed funds had the best net value growth, while pharmaceutical themed funds continued to decline. The weekly performance for various thematic funds as of September 26, 2025, was as follows: new energy (3.67%), TMT (2.29%), cyclical (1.90%), industry balanced (0.83%), industry rotation (0.56%), national defense and military industry (0.56%), financial real estate (-0.45%), consumption (-1.33%), and pharmaceuticals (-1.59%) [6] ETF Market Tracking - Domestic stock ETFs experienced significant net inflows, with passive funds primarily increasing their positions in TMT themes and large-cap broad-based ETFs, while reducing positions in the Sci-Tech Innovation Board and small-cap broad-based ETFs. The median return for stock ETFs was 1.00%, with a net inflow of 23.402 billion yuan. Hong Kong stock ETFs had a median return of -1.90% and a net inflow of 8.395 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.22 percentage points compared to the previous week. In terms of industry allocation, funds increased their positions in electronics, media, and environmental protection sectors, while reducing holdings in telecommunications, pharmaceuticals, and automotive sectors [9] ESG Financial Products Tracking - This week, 23 new green bonds were issued, with a total issuance scale of 30.974 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 4.85 trillion yuan and a total of 4,175 bonds issued as of September 26, 2025. The median net value growth for ESG funds was 1.37% for actively managed equity funds, 1.03% for passive index equity funds, and -0.14% for bond funds [10]

Fund Issuance - 12 new ESG funds were launched this month, with a total issuance of 6.21 billion units[9] - In the past year, 255 ESG public funds were issued, totaling 177.81 billion units[9] - The total number of existing ESG funds is 930, with the largest categories being ESG strategy (388 funds) and environmental protection (269 funds)[11] Market Performance - The A-share market showed signs of recovery, with the CSI 300 index rising by 0.44% and the ESG 300 index increasing by 1.07% during the week of September 22-26, 2025[5] - The average daily trading volume for the entire A-share market was approximately 2.32 trillion yuan, indicating a contraction in liquidity[5] Fund Performance - The top-performing fund last week was the Harvest Green Theme A, with a weekly return of 7.64% and a year-to-date return of 65.33%[12] - Other notable funds included the Shenwan Hongyuan New Economy A and Harvest Carbon Neutral Theme, with returns of 6.17% and 6.13% respectively for the week[12] Green Bond Issuance - A total of 141 ESG bonds were issued this month, amounting to 116.2 billion yuan[15] - Over the past year, 1,116 ESG bonds were issued, with a total value of 1,251.9 billion yuan[15] - The existing ESG bond market consists of 3,677 bonds, with green bonds making up the largest share at 2,510 bonds[15] Trading Activity - The total trading volume of ESG green bonds last week was approximately 52.78 trillion yuan, with the interbank market accounting for 75.02% of the transactions[19] - Repo transactions dominated the trading methods, comprising 94.22% of the total trading volume[22] Bank Wealth Management Products - 90 ESG bank wealth management products were launched this month, with a total of 1,087 existing products in the market[20] - The largest share of existing products is pure ESG themes, accounting for 55.47%[20] Risk Factors - Potential risks include insufficient ESG policy enforcement, lack of standardized data reporting, and lower-than-expected product issuance scales[23]

Core Insights - The article discusses the growing importance of ESG (Environmental, Social, and Governance) standards in China's capital markets, highlighting the rise of equity ETFs as a core increment for ESG funds and the potential for fixed-income ESG ETFs [1][2]. Group 1: ESG Fund Growth - ESG funds in China reached a record high of 990 billion yuan by June 2025, with index products accounting for 98.5% of the ESG strategy fund increment during the period from early 2024 to June 2025 [2]. - The China Securities A500 ETF employs a strategy of "negative screening" combined with "best-in-class" selection, removing high-pollution and high-energy-consuming companies while favoring industry leaders with strong ESG performance [2]. Group 2: Fixed-Income ESG ETF Opportunities - The fixed-income ESG ETF market in China is still in its early stages, with a lack of product supply and a developing index system [3]. - Current paths for creating bond ESG ETFs include green bond ETFs and ESG-rated bond ETFs, catering to different investment needs [3]. Group 3: ESG Strategy Integration - ESG factors are becoming integral to risk management systems, serving as a hard criterion for financial institutions, particularly banks, in their evaluation processes [4][5]. - Many institutional investors are now incorporating ESG performance into their credit assessment frameworks, using ratings from MSCI or domestic authorities as filters for partnership eligibility [5].

Core Insights - The Chinese mutual fund industry is undergoing a significant transformation towards high-quality development, shifting from a focus on scale to prioritizing investor returns [2][3] - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a new era for the industry, emphasizing investor interests as the core value [2][3] Industry Development - The mutual fund industry in China has expanded rapidly from 5 trillion to 30 trillion over the past decade, but investor experiences have not improved correspondingly [2] - The new policy aims to enhance investor trust and satisfaction through systematic reforms and service upgrades [2][3] Long-term Investment Focus - The policy emphasizes long-termism as a core practice to protect investor interests, moving away from short-term performance pressures that have historically plagued fund managers [3][4] - Fund managers are now required to have a minimum assessment period of three years, which helps mitigate the frequent style changes that have confused investors [4][6] Performance and Fee Structure - The introduction of a floating management fee structure links fund company earnings to investor performance, incentivizing fund managers to focus on delivering returns [8][9] - For example, the management fee for the Jiashi Growth Win Mixed Fund is contingent on outperforming benchmark indices, aligning the interests of fund companies with those of investors [8] Investment Strategy Recommendations - Investors are encouraged to focus on established funds with a track record of stability rather than chasing new or popular funds, which may be more volatile [11][12] - Regular investment in high-quality funds through a systematic investment plan (SIP) is recommended to mitigate market volatility and enhance long-term returns [12][16] Fund Selection Criteria - Investors should prioritize funds from companies with stable governance and low turnover rates among fund managers to ensure consistent performance [15][16] - The emergence of innovative products such as ESG funds, public REITs, and quantitative hedge funds offers diverse investment options for investors seeking to adapt to the evolving market landscape [15][16]

Fund Issuance - Eight new ESG funds were launched this month, with a total issuance of 3.749 billion units, primarily focused on social responsibility and environmental protection[9] - A total of 251 ESG public funds were issued in the past year, with a total issuance of 175.353 billion units[9] - The total net asset value of existing ESG funds reached 1,029.312 billion RMB, with ESG strategy funds accounting for the largest share at 50.46%[11] Market Performance - During the week of September 15-19, 2025, the CSI 300 index fell by 0.44%, while the ESG 300 index rose by 0.39%[5] - The average daily trading volume in the A-share market was approximately 2.52 trillion RMB, indicating a loosening of liquidity[5] Green Bonds - A total of 43 new green bonds were issued in the interbank and exchange markets last week, with a planned issuance scale of approximately 34.468 billion RMB[16] - In September 2025, 120 ESG bonds were issued, amounting to 54.2 billion RMB, with a total of 1,095 ESG bonds issued in the past year, totaling 1,189.9 billion RMB[16] Bank Wealth Management Products - 67 ESG bank wealth management products were issued this month, with a total of 1,102 existing products in the market[22] - Pure ESG products accounted for the largest share at 55.99% among existing ESG bank wealth management products[22] Risk Factors - Potential risks include insufficient policy support for ESG initiatives, lack of unified data reporting standards, and lower-than-expected product issuance scales[25]

Core Insights - The article discusses the performance of ESG mutual funds during the observation period from September 15 to September 19, 2022, highlighting a decline in returns for most fund categories except for broad ESG-themed index funds [1] - The broad ESG-themed funds continue to lead, with active funds showing an average weekly return of 7.01% and index funds at 4.55% [1] - Pure ESG-themed funds experienced a significant drop in returns, with active funds averaging 1.21% and index funds at 0.17%, and three funds reported losses [1] Fund Performance Summary - The top-performing broad ESG-themed active funds include: - "浦银安盛ESG责任投资A" with a weekly return of 2.18% and a total return since inception of -6.87% [3] - "兴证全球可持续投资三年定开" with a weekly return of 1.86% and a total return since inception of 38.05% [3] - The top-performing broad ESG-themed index funds include: - "鹏华国证ESG300ETF" with a weekly return of 0.39% and a total return since inception of 2.91% [6] - "国联安国证ESG300ETF" with a weekly return of 0.39% and a total return since inception of 16.12% [6] Fund Classification and Methodology - 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 [8] - The weekly rankings are compiled from operational public funds, excluding those that have been liquidated, and will include ESG bond funds in future rankings [8]