国家外汇管理局：在 16 省市开展绿色外债业务试点，全国首个 SAF 专项政策 落地 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 8 月 24 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 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 ➢ ESG 产品跟踪： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 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 [Table_Title] 国家外汇管理局：在 16 省市开展绿色外债业务试 点，全国首个 SAF 专项政策落地 [Table_ReportDate] 2025 年 08 月 24 日 本期内容提要: [Table_S [➢Table_Summary 热点聚焦 umm ...

Domestic Developments - The Shanghai Stock Exchange has further optimized ESG disclosure standards, aiming to enhance corporate ESG performance and promote sustainable development in line with the "Two Mountains" concept[11] - Guangdong has introduced the first systematic judicial guarantee document for carbon emission quota pledge financing in China, providing a framework for dispute resolution and supervision[14] ESG Financial Products Tracking - As of August 16, 2025, China has issued 3,640 ESG bonds with a total outstanding amount of 5.58 trillion RMB, of which green bonds account for 61.79%[27] - In the past month, 52 ESG bonds were issued, raising 27.8 billion RMB, while in the last year, a total of 1,053 ESG bonds were issued, amounting to 1.24 trillion RMB[27] - The market currently has 911 ESG products with a total net asset value of 1,022.116 billion RMB, with ESG strategy products making up 50.33% of the total[33] - There are 1,051 ESG bank wealth management products, with pure ESG products representing 54.52% of the total[38] Index Performance - As of August 15, 2025, major ESG indices have shown positive performance, with the Wind All A Sustainable ESG index increasing by 3.21% and the CSI 300 ESG index rising by 0.91%[39] - Over the past year, the Wind All A Sustainable ESG index has surged by 27.68%, while the CSI 300 ESG index has increased by 20.24%[39] Expert Insights - Liu Feng, Chief Economist at the Central University of Finance and Economics, emphasizes that ESG disclosure is becoming a key variable influencing bank valuation and sustainable value creation, urging state-owned banks to view ESG reporting as a catalyst for risk management and business innovation[40] Risk Factors - Potential risks include slower-than-expected ESG development, delays in the dual carbon strategy implementation, and insufficient policy advancement[40]

[Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 07 月 27 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 中欧领导人关于应对气候变化的联合声明，IFRS 发布企业 ISSB 行业指南应用 文件 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 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 [Table_Title] 中欧领导人关于应对气候变化的联合声明，I ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The People's Bank of China, along with the Financial Regulatory Administration and the China Securities Regulatory Commission, issued the "Green Finance Support Project Directory (2025 Edition)" to enhance green finance tools for environmental improvement and sustainable development [3][11] - The UK government announced on July 15 that it would no longer pursue its sustainable finance taxonomy, indicating a shift in focus towards other policies [3][17] Summary by Sections Domestic Developments - The issuance of the "Green Finance Support Project Directory (2025 Edition)" aims to align with green development goals and enhance the green finance system [11] - Changzhou has launched an action plan to promote ESG system construction, targeting a 60% disclosure rate for listed companies by 2027 [12] - Hainan's low-carbon island construction plan aims for carbon peak by 2030 and carbon neutrality by 2060 [13] - Shandong's zero-carbon park construction plan emphasizes high standards and gradual implementation [14] - Fujian has issued trial regulations for forestry carbon credits [15] - Guizhou is organizing applications for national-level zero-carbon parks [16] ESG Financial Products Tracking - As of July 19, 2025, China has issued 3,631 ESG bonds with a total outstanding amount of 5.59 trillion RMB, where green bonds account for 61.80% [4][28] - The market has 906 existing ESG public funds with a total net asset value of 10,418.17 billion RMB, with ESG strategy products making up 51.78% [4][34] - There are 994 existing ESG bank wealth management products, with pure ESG products constituting 55.53% [4][39] Index Tracking - As of July 18, 2025, major ESG indices have shown positive performance, with the CSI 300 ESG index increasing by 0.21% and the Shenzhen ESG 300 index rising by 1.14% [5][40] Expert Opinions - The report highlights the acceleration of ESG policy development in China, emphasizing the need for systematic planning, international cooperation, and innovative thinking to enhance ESG practices [6][41]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the rapid progress in the construction of zero-carbon parks in China, as announced by three government departments, which sets clear guidelines and eight key tasks for the establishment of these parks [11] - The issuance of ESG bonds in China has reached 3,628, with a total scale of 5.57 trillion RMB, where green bonds account for the largest share at 61.88% [26] - The total net value of existing ESG public funds is 1,055.14 billion RMB, with ESG strategy products making up the largest proportion at 52.97% [32] - The report indicates that major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing the smallest increase of 0.06% [38] Summary by Sections Domestic Highlights - The National Development and Reform Commission, the Ministry of Industry and Information Technology, and the National Energy Administration have issued a notice to promote the construction of zero-carbon parks, outlining basic conditions and key tasks for low-carbon transformation [11] - The Ministry of Finance has allocated significant budgets for environmental governance in 2025, including 10.7 billion RMB for water pollution prevention and 25.4 billion RMB for ecological protection [12] International Highlights - The EU has passed a law to simplify classification reporting by 2026, aiming to reduce compliance burdens for companies [3][20] - The ISS STOXX has released a Sovereign Climate Impact Report to help investors assess climate risks and opportunities [18] ESG Financial Products Tracking - As of July 12, 2025, the total number of ESG bonds issued in China is 3,628, with a total issuance amount of 1,212.5 billion RMB in the past year [26] - The market has 904 existing ESG products, with a total net value of 1,055.14 billion RMB, and 238 ESG public funds issued in the past year [32] Index Tracking - Major ESG indices have underperformed the market recently, with the CSI 300 ESG index showing a minimal increase of 0.06% [38] Expert Opinions - Experts highlight that strong governmental support, technological empowerment, and the role of Hong Kong as an international financial center are key factors in China's ESG governance progress [40]

[Table_ReportDate] 2025 年 06 月 28 日 GRI 发布符合全球气候目标的气候与能源报告标准 [Table_Industry] ESG 周报 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 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 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 [Table_Title] GRI 发布符合全球气候目标的气候与能源报告标准 [Table_ReportDat ...

上交所制定推动提升沪市公司 ESG 评级专项行动方案，创业板指剔除国证 ESG 评级 B 级以下公司 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 06 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_Author] [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 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 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 [Table_Title] 上交所制定推动提升沪市公司 ESG 评级专项行动方 案，创业板指剔除国证 ESG 评级 B 级以下公司 [Tab ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the joint issuance of a plan by 15 departments to establish a national standard system for climate change response, aiming to enhance the scientific and practical framework for addressing climate change [3][12] - The International Finance Corporation (IFC) has committed $100 million to TPG's Global South Initiative Fund, which aims to attract $2.5 billion for climate-focused investment opportunities in emerging markets [4][19] - As of June 7, 2025, the total issuance of ESG bonds in China reached 3,546, with a total scale of 5.64 trillion RMB, where green bonds accounted for the largest share at 58.89% [5][30] - The report indicates that the market currently has 665 ESG products with a total net value of 823.841 billion RMB, where ESG strategy products represent the largest share at 47.52% [5][36] - The report notes that major ESG indices have shown positive growth, with the WanDe All A Sustainable ESG index increasing by 1.25% recently [6][42] Summary by Sections Domestic Highlights - The plan for building a national climate change standard system emphasizes the need for phased revisions of key standards across various sectors, enhancing their operability and foresight [3][12] - The establishment of the "CGT-ESG Bond Portfolio" marks a significant step in green finance connectivity, with an initial scale of $4 million aimed at renewable energy and sustainable projects [13] - The implementation of the first national standard for green data centers provides clear guidelines for energy-efficient practices in data center construction and operation [14] International Highlights - The European Union aims to reduce greenhouse gas emissions by 90% by 2040 compared to 1990 levels, with a focus on renewable energy and carbon credit measures [19][20] - The International Energy Agency (IEA) reports that China's energy investment has surpassed that of the US and EU combined, with a projected global energy investment of $3.3 trillion in 2025 [20] ESG Financial Products Tracking - The report details the issuance of ESG bonds, with 27 bonds issued in the current month totaling 12.9 billion RMB, and a total of 940 bonds issued in the past year amounting to 1,049.2 billion RMB [5][30] - The report indicates that the market has 760 ESG bank wealth management products, with pure ESG products making up 62.89% of the total [5][41] Index Tracking - The report shows that major ESG indices have outperformed the market, with the Huazheng ESG Leading index showing the highest increase of 9.63% over the past year [6][42] Expert Opinions - The Deputy Director of the Climate Change Department at the Ministry of Ecology and Environment emphasizes the importance of climate finance in supporting green low-carbon projects and optimizing resource allocation [8][44]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The report highlights the acceleration of the promotion and application of green alcohol, green ammonia, and green hydrogen in new energy vessels, as outlined in the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" released by seven government departments [11][12] - The report emphasizes the importance of maintaining clean and tidy water bodies and shorelines, with a focus on enhancing the collection and transfer of wastewater and garbage at ports, docks, and along rivers and lakes [11] Summary by Sections Domestic Highlights - The report discusses the joint release of an action plan by seven departments aimed at promoting new energy vessels, specifically green alcohol, green ammonia, and green hydrogen [11] ESG Financial Products Tracking - As of May 24, 2025, a total of 3,531 ESG bonds have been issued in China, with a total outstanding amount of 5.62 trillion RMB, where green bonds account for the largest share at 58.77% [28] - In the past month, 48 ESG bonds were issued, amounting to 39.9 billion RMB, and in the past year, 931 ESG bonds were issued with a total amount of 1,054.3 billion RMB [28] - The report notes that there are currently 669 ESG products in the market, with a total net asset value of 824.23 billion RMB, where ESG strategy products represent the largest share at 46.65% [33] - The report also mentions that there are 790 ESG products in the banking wealth management sector, with pure ESG products making up the largest share at 61.77% [38] Index Tracking - As of May 24, 2025, major ESG indices have outperformed the market, with the 300ESG leading with a slight increase of 0.02%, while the Wind All A Sustainable ESG index saw a decrease of 0.35% [39] - Over the past year, all major ESG indices have shown growth, with the 300ESG leading at an increase of 9.38% [39] Expert Opinions - Xu Sujiang, head of the research department at the China Foreign Exchange Trading Center, emphasizes the importance of the CGT (China-Europe Common Classification Directory) as a bridge connecting domestic and international green finance markets, suggesting a focus on improving the CGT standard system and enhancing the liquidity of CGT bonds [41] - Ouyang Liliang, Chief Investment Officer at AIA, discusses the integration of international standards with China's green finance goals, advocating for a dual-bottom-line investment approach that balances financial returns with emission reduction targets [41]

证券研究报告 行业研究 [Table_ReportDate] 2025 年 04 月 27 日 三大交易所修订股票上市规则，明确关键少数责任，强化中小股东保障 [Table_Industry] ESG 周报 [Table_ReportType] 行业周报 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 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 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Title] 三大交易所修订股票上市规则，明确关键少数责 [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 任，强化中小股东保障 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com [Table_Report ...