沪深北交易所发布ESG三项具体指南 1月30日，在证监会指导下，沪深北三大交易所正式发布修订后的《上市公司可持续发展报告编制指 南》(以下简称《指南》)，新增《第三号污染物排放》《第四号能源利用》《第五号水资源利用》三项 具体应用指南。 在政策体系的持续引导与实践积累下，我国上市公司可持续发展披露质量显著提升，并直接反映在国际 评级认可上。截至2025年底，MSCI中国A股指数成份股中有34.3%的企业ESG评级获得提升，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%，实现近年来最大幅度跃升，领先 评级公司数量从"十三五"末期的2家增长至52家。 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。 从"如何编制"到"如何鉴证"，ESG鉴证机构官方操作手册来了 1月27日，财政部印发《可持续信息鉴证业务准则第6101号——基本准则(试行)》，(以下简称"鉴证准 则")。至此，国家统一的可持续披露准则体系建设再下一城，ESG ...

环境信息尤其是温室气体排放数据的披露将显著增强。毕马威中国ESG报告和鉴证服务副总监杨歆雯表 示，由于指引要求将"应对气候变化"作为具有财务重要性的议题进行强制披露，相关数据的详实度有望 大幅提升。她认为，从"案例展示"转向"数据驱动"是必然趋势，"对投资者而言，数据是最直观、可比 的，特别是单位营收的能耗、碳排放、专利数量等强度数据"。 "华菱钢铁（000932）在ESG方面做了哪些工作，公司ESG评级情况如何？""特锐德（300001）如何通 过优化治理结构（如独立董事比例、股权激励）和股东权益保护措施，进一步提升ESG评级至A 级？""江苏国信（002608）在ESG建设及可持续发展方面有哪些具体规划？"……在A股可持续发展报告 强制披露"首考"进行之际，投资者关系互动平台上的此类提问愈发密集，凸显市场对上市公司ESG的关 注已升至新高度。 转变并非一蹴而就。郭沛源提醒，在初期，详实的案例描述与量化数据披露或将并行。投资者"阅 卷"时，需优先关注指引明确要求的核心章节，特别是"双重重要性"原则的运用、范围三碳排放的核算 与披露、气候情景分析及韧性评估。 在"数据森林"中，以下几处堪称核心"考点"，直接检 ...

"华菱钢铁在ESG方面做了哪些工作，公司ESG评级情况如何？""特锐德如何通过优化治理结构（如独 立董事比例、股权激励）和股东权益保护措施，进一步提升ESG评级至A级？""江苏国信在ESG建设及 可持续发展方面有哪些具体规划？"……在A股可持续发展报告强制披露"首考"进行之际，投资者关系 互动平台上的此类提问愈发密集，凸显市场对上市公司ESG的关注已升至新高度。 2026年是A股可持续发展报告强制披露的元年。对投资者而言，掌握科学的"阅卷"方法，不仅是规 避"漂绿"风险的防御性策略，更是主动识别那些在绿色转型中管理扎实、数据透明、勇于创新的价值创 造者的核心能力。这场以提升信息透明度为起点的变革，正推动市场走向估值更精准、生态更健康、发 展更可持续的新阶段。 ● 本报记者 昝秀丽 透视数据内核 过去，阅读一份ESG报告犹如欣赏一幅写意画——重在理念阐述与案例展示。而在强制披露的"首 考"中，这幅画正转变为由数据点阵构成的工笔画，在完整性、规范性与数据深度上呈现质变。 核心变化源于监管框架的夯实。"此前上市公司若自愿披露，可能存在'报喜不报忧'的选择性倾向。在 强制披露框架下，报告的完整性与公司间可比性将显著改 ...

Core Viewpoint - The article discusses the evolution of ESG (Environmental, Social, and Governance) from a concept driven by capital to a more pragmatic approach focused on measurable outcomes and long-term value, amidst increasing scrutiny and regulatory developments [2][5][20]. Group 1: ESG Evolution - ESG has transitioned from being perceived as a moral obligation to a critical factor in assessing financial risks and corporate resilience, especially in the context of climate change and geopolitical supply chain risks [5][9]. - The implementation of ESG has evolved from a marketing tool to a core management strategy, influencing supply chain access, financing costs, and executive compensation [5][8]. Group 2: Key Drivers of ESG Development - External drivers include regulatory pressures and enhanced information disclosure requirements, with ESG report disclosures from domestic listed companies rising to 47.5% this year [6]. - Internal drivers stem from corporate growth demands, where companies find innovation opportunities through ESG initiatives, enhancing governance and competitive differentiation [6][8]. Group 3: Changing Nature of ESG - The focus of ESG is shifting from narrative-driven to data-driven approaches, with regulations transitioning from soft laws to hard laws, emphasizing mandatory audits and legal accountability [8][21]. - Investment strategies are moving from broad ESG asset allocations to targeted "transition finance," utilizing AI tools to focus on low-carbon transitions in high-carbon industries [8][11]. Group 4: Challenges in ESG Implementation - Companies face challenges in transparency and sustainability of ESG disclosures, with many relying on outdated data management practices that hinder compliance with tightening regulations [13][14]. - The disconnect between ESG initiatives and business strategies often leads to difficulties in integrating ESG into operational management and financial performance [14][16]. Group 5: Future of ESG - ESG is expected to become a fundamental aspect of corporate governance, with CFOs playing a central role in ESG data management as carbon liabilities become as significant as financial liabilities [21][23]. - The next five years will see a significant shift in ESG practices, particularly in industries facing stringent compliance pressures, such as the electric vehicle and textile sectors [23][24]. Group 6: Multi-Dimensional ESG Focus - The environmental dimension of ESG is expanding to include broader natural capital considerations, while social responsibilities are increasingly enforced throughout supply chains [24][25]. - Governance aspects are focusing on board competency and ethical technology use, with a shift from mere compliance to strategic leadership in ESG [25][26]. Group 7: Integration of Technology in ESG - The integration of AI and blockchain is expected to revolutionize ESG management, enabling real-time data capture and predictive risk management, moving away from manual reporting [26][27]. - Effective ESG practices will be characterized by their deep integration into business models, reflecting in financial performance and long-term valuation [27][29].

"我们也很纳闷，这就是个普通的议案，不知道他们（H股股东）为什么要反对。"一位"A+H"上市公司 的人士近期对记者表示。 据悉，其所在的上市公司H股类别股东大会在审议一些普通议案时，出现了不少反对票。 证券时报·e公司记者梳理发现，这种情况不是个案。在诸多"A+H"上市公司H股类别股东大会上，频频 出现大量反对票，不时有议案遭否决。 一位在央企下属上市公司负责ESG事项的人士对记者表示："他们（海外投资机构）很看重上市公司的 ESG内容，投反对票是一种对公司治理的表态。" 在中国社会科学院教授、责任云研究院院长钟宏武看来，目前ESG已从"加分项"升级为"入场券"，ESG 报告作为企业与全球资本对话的重要载体，报告质量直接关系着企业能否跨越跨境资本的信任门槛。 但另一方面，国内外对ESG标准的评判差异，让很多中国企业面临双重难题。他们既需满足国际资本的 评级要求，又要契合本土政策导向，这大大增加了企业的适应成本。 对此，上海交通大学上海高级金融学院教授邱慈观认为，社会制度、文化差异导致双方关切的ESG议题 并不一致。在她看来，全世界不应该只有一套ESG标准，也不是只有一种标准是合理的。 H股类别股东大会频现反对 ...

此次ESG报告有三大创新，一是运营碳中和：2025财年，安永大中华区通过购买国际自愿碳标准项目 （VCS）和绿色电力证书，首次实现绿色运营碳中和。二是议题精细化：参考国际、国内最新可持续发 展准则编制，紧跟最新监管政策要求，精准细化ESG议题，共有48个议题237个指标，体现ESG标准应 用的先进性。三是全面智能化：AI全流程参与报告编制，从ESG填报管理系统收集信息进行智能分析， 到AI生成图片和视频，并增设AI创新赋能板块。 安永大中华区业务主管合伙人毕舜杰表示，安永将继续深耕专业能力，在科技创新、绿色转型、人才培 育等领域持续发力，为政府、企业及社会各界提供更具针对性的ESG解决方案，全力支撑国家高质量发 展。 本报讯 （记者张文湘见习记者占健宇）12月11日，安永大中华区在三地共同发布《安永大中华区2025 财年环境、社会和治理报告》（以下简称"ESG报告"）。据悉，这已是安永大中华区连续第五年发布 ESG报告。 ...

Group 1 - The conference highlighted the integration of AI technology with ESG principles, emphasizing the deep fusion of AI and various industries, creating new investment opportunities [1][2] - Jim Rogers, co-founder of Quantum Fund, expressed confidence in China's investment landscape, citing its large population, emerging economy, and technological advancements as key factors [1] - The A-share market has entered an AI-driven bull market since last year, with expectations that AI will replicate past successes seen in high-end manufacturing [1] Group 2 - AI applications are increasingly transforming small and medium enterprises, with government-led initiatives promoting practical AI applications and measurable investment efficiencies [2] - In the ESG domain, AI technologies have significantly improved efficiency, such as enhancing third-party information processing and disaster assessment through satellite image analysis [2] - Value Online has developed a suite of tools for AI+ESG, including ESG reports and knowledge bases, allowing users to generate tailored ESG topics based on their data [2]

Group 1 - The financial industry is facing significant challenges, including salary cuts and layoffs, leading many professionals to consider career transitions [1] - The "14th Five-Year Plan" has directed financial resources towards technology innovation and green low-carbon sectors, indicating a shift in traditional financial models [1] - ESG (Environmental, Social, and Governance) has become a critical focus for financial institutions and companies, creating new job opportunities with competitive salaries [1][2] Group 2 - The Hong Kong Stock Exchange has mandated ESG training for company directors, increasing the demand for ESG talent in corporate governance and investor relations [2] - Regulatory bodies in China are implementing policies to enhance ESG information disclosure among listed companies, indicating a growing need for ESG professionals [3][14] Group 3 - The market for ESG talent is expanding rapidly, with a reported 60% increase in new ESG job postings over the past year, highlighting a significant demand for skilled professionals [24] - Companies are increasingly recognizing the importance of ESG factors in enhancing long-term performance and attracting investors [12] Group 4 - Training programs and certifications for ESG professionals are gaining traction, with a focus on building a comprehensive knowledge base and practical experience [35][39] - The CFA Institute's Sustainable Investment Certificate and the Registered ESG Analyst certification are recognized as valuable credentials in the industry [36][39] Group 5 - Practical training projects are being offered to enhance the employability of ESG professionals, providing real-world experience in ESG reporting and analysis [41][42] - Companies are diversifying their ESG training programs to cater to different types of enterprises, including listed companies and startups [42]

Group 1: ESG Reporting and Development - The disclosure rate of ESG reports among A-share listed companies has increased significantly, with 2,521 companies publishing reports for the 2024 fiscal year, representing 46.83% of all listed companies, marking a 71% increase from 2021 [2] - The quality of ESG development has improved, with 342 companies in the Shanghai Stock Exchange included in MSCI ESG ratings, and 100 companies receiving upgrades in their ratings [2] - ESG has evolved from a conceptual framework to a key dimension for measuring corporate competitiveness, aligning with national development goals for green growth and harmony with nature [2][4] Group 2: Green Energy and Low-Carbon Initiatives - The share of renewable energy in power generation capacity has risen from 40% to approximately 60% during the "14th Five-Year Plan" period, with nearly 60% of new power generation coming from non-fossil energy sources [6] - A zero-carbon intelligent manufacturing base in Jiangsu has been established, generating over 600 million kWh of clean electricity annually and achieving net-zero emissions [5] - Significant reductions in energy consumption per unit of GDP have been achieved, with an 11.6% decrease over four years, equating to a reduction of 1.1 billion tons of CO2 emissions [6] Group 3: Corporate Social Responsibility and Community Engagement - A majority of listed companies are actively engaging in community services and educational support, with 67.16% involved in community service and 66.67% providing educational assistance [8] - The third industry has seen an increase in employment capacity, with 35.866 million people employed by the end of 2024, marking a 1.1 percentage point increase in its share of total employment [8] - Significant progress has been made in housing projects, with over 240,000 urban old residential areas renovated, benefiting over 40 million households [9] Group 4: Agricultural and Rural Development - Companies are integrating ESG practices with rural revitalization strategies, with over 6,000 enterprises supporting poverty alleviation efforts [12] - The contribution rate of agricultural technology has reached 63.2%, with over 75% of crop farming being mechanized by the end of 2024 [12] - Initiatives like the "MAP modern agricultural assistance model" have helped increase agricultural output and income for farmers [12]

Core Insights - The disclosure rate of ESG reports among A-share listed companies has steadily increased, with a 71% year-on-year growth in the number of reports published for the 2024 fiscal year compared to 2021 [2] - ESG has evolved from a conceptual framework to a critical dimension for measuring corporate competitiveness, aligning with national development goals [2][3] - Companies are increasingly integrating sustainable development principles into their corporate culture and operations, demonstrating a commitment to ESG practices [2][3] ESG Disclosure and Performance - As of September 2025, 2,521 A-share listed companies have published ESG reports, representing 46.83% of all listed companies [2] - The quality of ESG disclosures has significantly improved, with 342 companies included in MSCI ESG ratings, and 100 companies receiving upgrades in their ratings [2] - The shift towards actionable ESG practices is evident across various industries, with companies adopting international ESG standards to enhance report quality [2] Green Development Initiatives - The share of renewable energy in China's power generation capacity has increased from 40% to approximately 60% during the "14th Five-Year Plan" period [4] - Significant reductions in carbon emissions have been achieved, with a reported decrease of 11.6% in energy consumption per unit of GDP, equating to a reduction of 1.1 billion tons of CO2 emissions [5] - Companies are increasingly adopting green technologies and practices, contributing to a sustainable business model and enhancing their competitive edge [3][4] Social Responsibility and Community Engagement - A growing number of companies are embedding social responsibility into their operations, with 67.16% engaging in community services and 66.67% supporting educational resources [6] - The third sector's employment capacity has strengthened, with 35.87 million people employed in this sector by the end of 2024, marking a 1.1 percentage point increase from 2020 [6] - Companies are actively participating in housing and elderly care initiatives, significantly improving living conditions and support networks for communities [6][7] Agricultural and Rural Development - Companies are integrating ESG practices with rural revitalization strategies, exemplified by successful projects like the silk industry in Guangxi, which is expected to generate over 8 million yuan in output by 2025 [8] - Digital solutions are being implemented to enhance agricultural productivity, with platforms connecting over 1,000 agricultural regions and benefiting millions of farmers [8] - The contribution of agricultural technology to productivity has reached 63.2%, with mechanization rates exceeding 75%, showcasing the role of innovation in modern agriculture [8]