Domestic Developments - The new guidelines for sustainable development reporting have been implemented, enhancing ESG information disclosure transparency. 2026 marks the first year of mandatory disclosure under the "Guidelines for Information Disclosure of Sustainable Development Reports by Listed Companies" [3] - The Shanghai, Shenzhen, and Beijing stock exchanges have revised and released the "Guidelines for Preparing Sustainable Development Reports," adding three new topics: pollutant emissions, energy utilization, and water resource utilization [3] International Developments - The European Union has established the world's first permanent carbon removal certification standard, marking a significant step from passive emission reduction to active carbon removal. This framework aims to provide clarity and transparency for investors and project developers in the emerging carbon removal industry [3] - The certification framework is seen as a "blueprint for the global carbon market," reinforcing Europe's role as a key architect of the future carbon economy [3] ESG Financial Products Tracking - As of February 7, 2026, China has issued 3,959 ESG bonds, with a total outstanding amount of 5.79 trillion RMB. Green bonds account for the largest share at 62.35% [4] - In the past month, 44 ESG bonds were issued, raising 27.2 billion RMB, while 1,307 ESG bonds were issued over the past year, totaling 1.4211 trillion RMB [4] Public Fund Developments - There are currently 1,089 ESG products in the market, with a total net asset value of 1.754424 trillion RMB. Social responsibility products represent the largest share at 41.79% [4] - In the past month, 2 new ESG products were issued, totaling 1.491 billion units, with a focus on ESG strategies and environmental protection [4] Risk Factors - Potential risks include slower-than-expected ESG development, delays in the dual carbon strategy implementation, and insufficient policy advancement [7]

信达证券近日发布ESG周报：我国已发行ESG债券达3911只，排除未披露发行总额的债券，存量规模达 5.76万亿元人民币。其中绿色债券余额规模占比最大，达62.28%。本月发行ESG债券共58只，发行金额 达340亿元。近一年共发行ESG债券1267只，发行总金额达13,720亿元。 以下为研究报告摘要： 本期内容提要: 热点聚焦： 国内：中国人民银行拓展碳减排支持工具支持领域，推动经济社会发展全面绿色转型。为推动经济社会 发展全面绿色转型，进一步做好绿色金融大文章，中国人民银行决定将节能改造、绿色升级、能源绿色 低碳转型等具有直接碳减排效应的项目纳入碳减排支持工具支持领域。碳减排支持工具按季操作，每次 操作提供1年期再贷款资金，全年操作量不超过8000亿元。中国人民银行根据货币政策调控需要确定季 度操作量，依据金融机构向支持领域发放的贷款情况以及再贷款需求，按照政策规定提供再贷款资金支 持。 国际：合规指南：2026年起出口欧盟要交"碳关税"。随着2026年1月1日CBAM正式进入征收期，为期两 年多的过渡阶段（2023–2025年）宣告结束，进口商开始为高碳产品"真金白银"支付碳关税。面对这一 重大变化， ...

北交所修订可持续发展报告编制指南，夯实可持续发展信息披露基础 [Table_Industry] ESG 周报 [2T0a26bl年e_2Re月po1rt日Date] 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 证券研究报告 [北Ta交bl所e_修Tit订le可] 持续发展报告编制指南，夯实可持续发展信息披露基 础 [Table_ReportDate] 2026 年 2 月 1 日 [Table_ReportType] 行业周报 本期内容提要: [Ta[Tbalbel_热eS_u点Smum聚mamr焦ya]：ry] 行业研究 | [ETSaGble_StockAndRank] | | | --- | --- | | 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 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 国内：北交所修订可持 ...

Core Insights - The total number of ESG bonds issued in China has reached 3,911, with a total outstanding amount of 5.76 trillion RMB, where green bonds account for the largest share at 62.28% [1][3] - In the current month, 58 ESG bonds were issued, amounting to 34 billion RMB, while in the past year, 1,267 ESG bonds were issued with a total value of 1,372 billion RMB [1][3] Domestic Developments - The People's Bank of China is expanding the carbon reduction support tool to include projects with direct carbon reduction effects, such as energy-saving renovations and green upgrades, with an annual operation limit of 800 billion RMB [2] - The quarterly operation volume will be determined based on monetary policy needs and the loan issuance by financial institutions [2] International Developments - Starting January 1, 2026, the EU will implement a carbon border adjustment mechanism (CBAM), requiring importers to pay carbon taxes on high-carbon products, which necessitates compliance from non-EU exporters [2] - Chinese exporters must provide necessary information regarding carbon emissions and third-party verification to facilitate customs clearance [2] ESG Product Tracking - There are currently 955 ESG products in the market with a total net asset value of 1,173.33 billion RMB, where ESG strategy products represent the largest share at 45.01% [3] - In the past year, 189 ESG public funds were issued, totaling 71.178 billion units [3] - The market has 1,221 ESG bank wealth management products, with pure ESG products making up 53.48% [3] Index Tracking - As of January 16, 2026, most major ESG indices have underperformed compared to the market, with the Wind All A Sustainable ESG index showing the highest increase of 0.1% [4] - Over the past year, major ESG indices have generally increased, with the Wind All A Sustainable ESG index rising by 28.99% [4] Expert Opinions - An expert from the University of International Business and Economics emphasizes the need to understand the upgraded ESG regulatory requirements, highlighting the competitive pressures faced by Chinese supply chains due to stricter international rules [5][6] - The expert notes that the evolution of ESG regulations reflects a normal competitive balancing mechanism among nations, with historical precedents in trade standards [6]

Investment Rating - The report does not specify a clear investment rating for the industry [2] Core Insights - The report highlights the issuance of the "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" by nine departments in China, which mandates companies to disclose their greenhouse gas emissions across different scopes [12][3] - The EU's carbon reduction process is facing challenges, leading to adjustments in the automotive sector's emissions targets, allowing for a 90% reduction in carbon emissions by 2035 compared to 2021 levels, rather than a complete ban on fuel vehicles [3][17] - The report indicates a significant growth in ESG financial products, with a total of 3,882 ESG bonds issued in China, amounting to a market size of 5.74 trillion RMB, with green bonds making up 62.11% of this total [4][28] - The report notes that the ESG public fund market consists of 947 products with a total net value of 116.67 billion RMB, where ESG strategy products account for 45.01% [4][33] - The report emphasizes the importance of technological innovation in achieving carbon neutrality, identifying key challenges and opportunities in the energy transition [8][41] Summary by Sections Domestic Focus - The "Corporate Sustainability Disclosure Standards No. 1 - Climate (Trial)" requires companies to disclose their greenhouse gas emissions, with a phased approach from voluntary to mandatory disclosures [12] - Beijing's green finance policy aims to support the construction of green factories, focusing on energy-saving and carbon-reduction projects [12] International Focus - The EU's adjustment to its automotive emissions targets reflects a shift in its green transportation strategy, allowing for continued sales of certain traditional fuel vehicles [3][17] - The EU is also coordinating new rules for plastic recycling to address challenges in the recycling market [19] ESG Financial Products Tracking - The report details the growth of ESG bonds, public funds, and bank wealth management products, highlighting their respective market sizes and issuance volumes [4][28][39] Index Tracking - Major ESG indices have shown varying performance, with the Shenzhen ESG 300 index leading in growth over the past year [40] Expert Opinions - Insights from experts emphasize the need for strategic information disclosure and the role of technology in the transition to carbon neutrality, identifying significant opportunities in the energy sector [8][41]

Investment Rating - The report does not specify a clear investment rating for the industry [2] Core Insights - The 2025 version of the National Recommended Directory for Energy-Saving and Carbon Reduction Technologies has been released, listing over 350 technologies with energy-saving rates between 15% and 60%, all exceeding the national first-level energy efficiency standards [4][13] - Canada will launch a sustainable investment taxonomy in 2026 to identify green and transition investments, following a commitment made by the previous government [5][19] - The report highlights the increasing adoption of clean low-carbon hydrogen production technologies, including electrolysis and hydrogen fuel cell systems, which are expected to accelerate green hydrogen applications [4][13] Summary by Sections Domestic Highlights - The 2025 version of the National Recommended Directory for Energy-Saving and Carbon Reduction Technologies was officially released on December 15, 2025, covering industrial energy-saving, information technology, and high-efficiency energy-saving equipment [4][13] - New long-duration energy storage technologies have been added, including high-pressure solid thermal storage and zinc-iron flow batteries [4][13] International Highlights - Canada is set to implement a sustainable investment classification system by the end of 2026, aimed at identifying green investments [5][19] ESG Financial Products Tracking - As of December 21, 2025, a total of 3,873 ESG bonds have been issued in China, with a total outstanding amount of 5.72 trillion RMB, of which green bonds account for 62.04% [6][29] - The market has 946 existing ESG products with a total net asset value of 1,166.66 billion RMB, with ESG strategy products making up 45.01% of the total [6][35] - There are 1,216 existing ESG bank wealth management products, with pure ESG products accounting for 53.87% [6][40] Index Tracking - As of December 19, 2025, major ESG indices have underperformed the market, with the Wind All A Sustainable ESG index showing the largest decline of 0.79% [7][41] - Over the past year, major ESG indices have generally increased, with the Shenzhen ESG 300 index rising by 17.79% [7][41] Expert Opinions - Key technological innovations are essential for achieving carbon neutrality, with significant opportunities in commercializing core technologies that are not yet fully developed [9][43] - The transition to carbon neutrality faces challenges, including the need for a comprehensive policy framework and the commercialization of critical technologies [9][43]

Investment Rating - The report does not specify a direct investment rating for the industry but emphasizes a positive outlook on green finance initiatives and ESG investments [2][3]. Core Insights - The report highlights the strengthening of green finance supply by two departments, focusing on three key support directions: technological breakthroughs and industrial applications, enterprise green transformation, and zero-carbon factory construction [3][12]. - By 2030, the goal is to increase the output value of green factories at national, provincial, and municipal levels to 40% [3][12]. - The report indicates a significant growth in ESG bonds, with a total issuance of 3,832 bonds and a stock scale of 5.72 trillion RMB, where green bonds account for 62.15% [5][29]. - The ESG public fund market consists of 944 products with a total net value of 11,645.22 billion RMB, with ESG strategy products making up 45.09% [5][35]. - The report notes that 95% of business leaders view climate transition as a source of growth and opportunity, indicating a shift in perspective towards sustainability [21][22]. Summary by Sections Domestic Focus - The Ministry of Industry and Information Technology and the People's Bank of China have issued a notice to enhance green finance support, targeting three main project categories [3][12]. - The report outlines the implementation of a carbon footprint factor database by 2027, aiming to improve data quality and international influence [13]. - Hubei Province has completed the first compliance of multiple industries under the national carbon market, marking a significant local practice for the market's operation [14]. International Focus - The World Bank's report on Mauritania highlights the country's economic challenges and the need for diversification beyond the mining sector, which currently contributes 70% of exports and one-fifth of GDP [4][18]. - The ISSB has made targeted revisions to the IFRS S2 to support the implementation of climate-related disclosures [19]. - Munich Re has set new climate targets for its insurance and investment portfolios, emphasizing a commitment to climate solutions [20]. ESG Financial Products Tracking - The report provides detailed statistics on ESG bonds, public funds, and bank wealth management products, indicating a robust market presence and growth potential [5][29][40]. - The issuance of ESG bonds in the past year totaled 1,231 bonds with a total amount of 13,668 billion RMB [5][29]. Index Tracking - As of December 12, 2025, major ESG indices have shown varied performance, with the Shenzhen ESG 300 index having the highest increase of 14.75% over the past year [7][41]. Expert Opinions - Experts emphasize the integration of technology and finance to build a resilient and efficient sustainable development paradigm, highlighting China's advantages in climate technology [8][42].

Core Insights - The article highlights the significant transformation in ESG (Environmental, Social, and Governance) disclosure in China, moving from vague narratives to precise data quantification, marking a shift from "storytelling" to substantive implementation [1] - The contrasting trends between the U.S. and China regarding ESG policies are emphasized, with the U.S. experiencing a retreat while China is ramping up its ESG commitments [2][3] Group 1: Policy and Market Dynamics - The U.S. has seen a withdrawal from ESG commitments by major financial institutions due to rapid policy changes and legal risks, leading to a capital flight from sustainable funds [2][3] - In contrast, China is enhancing its ESG framework with mandatory disclosure requirements for listed companies, signifying a shift from voluntary to compulsory reporting [3][4] - Local governments in China are actively promoting ESG initiatives, providing financial incentives for compliant companies [3] Group 2: Unique Aspects of Chinese ESG Disclosure - China's ESG disclosure incorporates local issues such as rural revitalization and supply chain security, differentiating it from the Western focus on climate change [4] - The new "Corporate Sustainability Disclosure Guidelines" align with international standards while retaining local characteristics [4] Group 3: Trends in ESG Reporting - The disclosure rate of ESG reports among A-share listed companies has increased significantly, reaching 46.90% in 2025, up from 26.74% in 2019 [6] - There is a notable increase in companies obtaining environmental and energy management certifications, indicating a serious commitment to ESG practices [6] Group 4: Challenges and Opportunities - Despite progress, key metrics like energy consumption and greenhouse gas emissions reporting remain low, presenting opportunities for new market services such as supply chain ESG rating [7][8] - The demand for supply chain ESG ratings is growing, especially for companies engaged in trade with developed nations, where ESG compliance is becoming a critical factor [8] Group 5: ESG Investment Landscape - China's ESG banking products have surged, with the scale surpassing 270 billion yuan, indicating a shift in the ESG investment landscape from public funds to bank-managed products [9] - The market for passive ESG funds is expanding rapidly, with a notable increase in both the number and size of these products, reflecting a growing interest in this investment approach [10]

Investment Rating - The report does not specify an explicit investment rating for the industry [2]. Core Insights - The National Energy Administration has issued guidelines to promote integrated development in the new energy sector, aiming to create a more resilient, efficient, and sustainable energy development model. This includes opportunities in areas such as the integration of new energy with computing infrastructure and the development of green hydrogen and ammonia [11][12]. - Brazil's political figure highlighted the potential for cooperation with China as a pathway to sustainable development, emphasizing China's efforts in environmental improvement and carbon reduction [3][17]. - The report tracks the issuance of ESG financial products, noting that as of November 15, 2025, there are 3,746 ESG bonds with a total value of 5.63 trillion RMB, of which green bonds account for 61.92% [4][27]. - The report also indicates that the ESG public fund market consists of 942 products with a total net value of 116.01 billion RMB, with ESG strategy products making up 45.15% of this total [4][32]. - Major ESG indices have shown varied performance, with the Shenzhen ESG 300 index experiencing a decline of 0.79% recently, while the 300 ESG Leading index saw an increase of 0.38% [5][38]. Summary by Sections Domestic Highlights - The National Energy Administration's guidelines emphasize multi-dimensional integration in new energy development, including collaboration with various industries and non-electric applications [11]. - Shenzhen's measures to support the green low-carbon industry include 11 specific initiatives aimed at high-quality development [12]. - The National Development and Reform Commission has set a target for at least 200 million kilowatts of new energy consumption annually, focusing on collaboration with computing and storage technologies [13]. - A pilot program for carbon footprint labeling has been initiated in Shandong, targeting specific industries for carbon footprint management [14]. - The world's largest green ammonia project is being developed in Jilin Province, showcasing a new paradigm for renewable energy commercialization [15][16]. International Highlights - Brazil's political figure emphasized the importance of collaboration with China for sustainable development during the COP30 conference [3][17]. - The "Belt and Road" initiative has expanded its international cooperation mechanism to include 34 countries, enhancing disaster prevention and emergency management [18]. - The U.S. Chamber of Commerce is seeking to halt California's new climate reporting law, arguing it infringes on free speech rights [19]. - The EU is negotiating with the UK to link their carbon markets, marking a significant step in post-Brexit environmental policy alignment [20][21]. ESG Financial Products Tracking - As of November 15, 2025, the ESG bond market includes 3,746 bonds with a total value of 5.63 trillion RMB, with 826 billion RMB issued in the current month [4][27]. - The ESG public fund market consists of 942 products with a total net value of 116.01 billion RMB, with 236 new funds issued in the past year [4][32]. - The ESG bank wealth management market includes 1,157 products, with pure ESG products making up 54.19% of the total [4][37]. Index Tracking - Major ESG indices have shown mixed performance, with the Shenzhen ESG 300 index down 0.79% recently, while the 300 ESG Leading index increased by 0.38% [5][38]. - Over the past year, the Shenzhen ESG 300 index has risen by 15.9%, while the CSI 300 ESG Leading index has increased by 11.34% [5][38]. Expert Opinions - The World Economic Forum's sustainable finance head noted that ESG discussions have shifted from theoretical to practical capital deployment, emphasizing the importance of long-term value creation and risk management [6][40].

Investment Rating - The report maintains a positive outlook on the ESG industry, indicating a "Look Forward" rating for the sector [3]. Core Insights - The G20 Environment and Climate Sustainability Ministerial Meeting held in Cape Town focused on biodiversity protection, climate change, land degradation, waste management, air quality, and marine environment protection. China emphasized its commitment to global environmental governance and green development [3][12]. - The issuance of ESG bonds in China has reached 3,685, with a total outstanding amount of 5.61 trillion RMB, where green bonds account for 62.04% of the total. In the past month, 36 ESG bonds were issued, totaling 27.5 billion RMB [5][23]. - The market currently has 936 ESG public funds with a total net asset value of 1,035.32 billion RMB, where ESG strategy products represent 50.41% of the total. No new ESG public funds were issued in the last month [5][32]. - The report highlights the performance of major ESG indices, noting that all indices except for the 300ESG Leading Index underperformed the market recently, with the largest decline being 3.58% for the Wind All A Sustainable ESG Index [6][38]. - Zhang Zhengwei, a special advisor to the ISSB chairman, stated that China is entering a new phase of high-quality development in sustainable information disclosure, which is expected to reveal high-quality investment opportunities [7][40]. Summary by Sections Domestic Highlights - The G20 meeting emphasized China's role in global environmental governance and its achievements in improving air quality, forest resource cultivation, and renewable energy development [3][12]. - The launch of Hubei's ecological environment rights trading platform aims to streamline green transition solutions for enterprises [13]. - The National Energy Administration announced the first batch of hydrogen energy pilot projects, supporting 41 projects across various regions [14]. - The National Development and Reform Commission will support projects related to green methanol and sustainable aviation fuel production [15]. International Highlights - The International Maritime Organization (IMO) postponed the vote on the "Net Zero Framework" for one year, allowing member states to reach a consensus [4][18]. - Singapore and Australia have agreed to enhance cooperation on sustainable aviation fuel and biofuels, marking a significant step in green aviation development [19][20]. ESG Financial Products Tracking - The report details the issuance and performance of ESG bonds, public funds, and bank wealth management products, highlighting the dominance of green bonds and ESG strategy products [5][23][32][37]. Index Tracking - Major ESG indices have shown varied performance, with the Wind All A Sustainable ESG Index experiencing the largest decline over the past week [6][38]. Expert Opinions - Zhang Zhengwei emphasized the importance of high-quality sustainable information disclosure in identifying investment opportunities, reflecting China's unique advantages in market scale and talent resources [7][40].