证券研究报告 | 金融工程 2025 年 10 月 09 日 定期报告 相关报告 1、《金融助力绿色转型征程 （一）：公募基金绿色投资五 年演进与展望》2025-09-29 任瞳 S1090519080004 rentong@cmschina.com.cn 麦元勋 S1090519090003 maiyuanxun@cmschina.com.cn 李奕熹 研究助理 liyixi@cmschina.com.cn 敬请阅读末页的重要说明 NDC 新目标锚定长期转型，荷兰养老金战略调整引关注 ——ESG 动态跟踪月报（2025 年 9 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 风险提示： ❑ 本报告基于公开资料整理，内容仅供参考，不构成任何投资建议。ESG 相关政 策仍在持续完善过程中，标准体系和市场反应具有不确定性，相关投资产品可 能面临估值波动、流动性不足、主题偏离等风险，投资者需保持审慎判断。 ❑ 2025 年 9 月，政策体系加速完善，绿色转型进入实操阶段。 中国发布新一轮 NDC，首次确立全经济范围温室气体总量控制目标；财政部与交 ...

习近平宣布中国新一轮国家自主贡献 [Table_Industry] ESG 周报 [2T0a2b5l年e_9Re月po2rt6D日ate] 行业研究 [ETSaGble_StockAndRank] 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 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 [Table_Title] 习近平宣布中国新一轮国家自主贡献 [Table_ReportDate] 2025 年 09 月 26 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] 投资评级 —— 上次评级 —— 国内：习近平在联合国气候变化峰会发表视频致辞。9 月 24 日，国家主席 习近平在联合国气候变化峰会发表视频致辞。习近平指出，今年是《巴 ...

Investment Rating - The report does not specify an explicit investment rating for the industry [2] Core Insights - The State Administration of Foreign Exchange has initiated a pilot program for green foreign debt in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [12] - The European Central Bank President warned against diluting the requirements for sustainable development reporting, emphasizing the importance of maintaining robust regulations to manage climate risks in the financial system [20] - The issuance of ESG bonds in China has reached 3,635, with a total outstanding amount of 5.59 trillion RMB, where green bonds account for 61.81% of the total [29] - The market for ESG public funds consists of 914 products with a total net asset value of 10,222.16 billion RMB, with ESG strategy products making up 50.32% of the total [35] - Major ESG indices have shown positive growth, with the WanDe All A Sustainable ESG index increasing by 35.32% over the past year [42] Summary by Sections Domestic Highlights - The State Administration of Foreign Exchange has launched a green foreign debt pilot in 16 provinces, promoting the use of funds for green projects [12] - The China Sustainable Aviation Fuel Industry Alliance was established, with a dedicated policy for SAF development, planning to invest over 100 million RMB in three years [14] International Highlights - The European Central Bank's President cautioned against reducing sustainable reporting requirements, which could hinder the management of climate risks [20] - BlackRock's GIP is set to acquire a 49.99% stake in Eni's carbon capture business, part of a broader strategy to fund these operations [21] ESG Financial Products Tracking - As of August 23, 2025, 3,635 ESG bonds have been issued in China, with a total issuance amount of 12,541 billion RMB in the past year [29] - The market has 914 ESG public fund products, with a total net asset value of 10,222.16 billion RMB [35] - The total number of ESG bank wealth management products stands at 1,075, with pure ESG products making up 55.44% of the total [41] Index Tracking - Major ESG indices have shown positive performance, with the WanDe All A Sustainable ESG index increasing by 4.22% recently [42] Expert Opinions - The report highlights the potential for banks to innovate in personal green finance, such as through carbon accounts and green consumption initiatives [43]

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]

Investment Rating - The report does not specify an explicit investment rating for the industry [2] Core Insights - The joint statement by China and Europe on climate change emphasizes the commitment to sustainable development and global just transition, focusing on the core principles of the UN Framework Convention on Climate Change and the Paris Agreement [3][12] - The report highlights the importance of accelerating global renewable energy deployment and enhancing bilateral cooperation in energy transition and climate adaptation [3][12] - The Asian Climate Risk Regulatory Policy Report by UNEP FI underscores Asia's critical role in global climate change mitigation and adaptation, with 60% of global greenhouse gas emissions originating from the region [4][21] ESG Financial Products Tracking - As of July 26, 2025, China has issued 3,632 ESG bonds with a total outstanding amount of 5.61 trillion RMB, where green bonds account for 61.99% of the total [5][23] - The market has 908 existing ESG products with a total net asset value of 10,218.02 billion RMB, where ESG strategy products represent the largest share at 50.34% [5][33] - There are 1,014 existing ESG bank wealth management products, with pure ESG products making up 54.83% of the total [5][39] Index Tracking - As of July 25, 2025, major ESG indices have shown positive performance, with the WanDe All A Sustainable ESG index increasing by 2.26% and the CSI 300 ESG Leading index rising by 0.96% [7][40] Expert Opinions - The UN Secretary-General stated that the global transition to renewable energy is "irreversible," urging governments to submit comprehensive new climate plans before COP30 [42] - An expert from the National Energy Administration emphasized the need for traditional industries to undergo deep green transformation, particularly in sectors like steel and petrochemicals [15][19]

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]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The GRI has released new sustainability reporting standards, GRI 102 on climate change and GRI 103 on energy, aimed at promoting corporate responsibility and accelerating climate action [3][15] - The Chinese Ministry of Finance has issued a draft application guide for the "Corporate Sustainability Disclosure Standards," focusing on nine core issues and emphasizing the importance of the value chain [11][12] Summary by Sections Domestic Developments - The Ministry of Finance published a draft application guide for corporate sustainability disclosure standards on June 24, 2025, detailing nine key areas and aligning with international standards while reflecting Chinese characteristics [11] - The People's Bank of China is revising the sustainable disclosure guidelines for financial institutions, with over 87% of Chinese companies disclosing data points aligned with IFRS S2 [12] - The Ministry of Industry and Information Technology has released an implementation plan for green and low-carbon standardization, aiming to revise over 100 standards by 2027 [13] - Chengdu has established 1,458 "waste-free city cells," achieving a 15.64% reduction in energy consumption per unit of industrial added value [14] ESG Financial Products Tracking - As of June 27, 2025, China has issued 3,585 ESG bonds with a total outstanding amount of 5.52 trillion RMB, where green bonds account for 61.51% of the total [4][27] - The market has 899 existing ESG products with a total net asset value of 10,534.20 billion RMB, with ESG strategy products making up 53.03% [33] - There are 951 existing ESG bank wealth management products, with pure ESG products representing 56.68% of the total [38] Index Tracking - As of June 27, 2025, most major ESG indices outperformed the market, with the Wind All A Sustainable ESG index showing the highest increase of 2.63% [5][39] - Over the past year, major ESG indices have all increased, with the Huazheng ESG index showing the largest gain of 15.46% [39] Expert Opinions - An assistant researcher from Shanghai University of Finance and Economics noted that under low interest rates, green finance can still function effectively, although the issuance of green bonds has significantly decreased [41] - A director from Xi'an Jiaotong-Liverpool University emphasized that international investors' focus on ESG has evolved beyond mere compliance to include detailed assessments of carbon footprints and operational practices [41]

Domestic Developments - The Shanghai Stock Exchange has established a special action plan to enhance the ESG ratings of listed companies, implementing six key measures to improve ESG performance[3] - The ChiNext Index has removed companies rated below B in the National ESG rating system, aiming to strengthen the overall quality of listed firms[13] ESG Financial Products Tracking - As of June 23, 2025, a total of 3,573 ESG bonds have been issued in China, with a total outstanding amount of CNY 5.49 trillion, of which green bonds account for 61.40%[30] - In June 2025, 96 ESG bonds were issued, raising CNY 107.7 billion, while the total issuance over the past year reached 1,009 bonds with a total amount of CNY 1.15 trillion[30] - There are currently 893 ESG mutual funds in the market, with a total net asset value of CNY 1,044.95 billion, where ESG strategy products represent 52.70% of the total[36] - In June 2025, 14 new ESG products were launched, totaling 3.319 billion units, with a total of 240 ESG mutual funds issued in the past year, amounting to 179.629 billion units[36] - The market has 931 ESG bank wealth management products, with pure ESG products making up 57.79% of the total, and 61 new ESG products were issued in June 2025[41] Index Performance - As of June 20, 2025, most major ESG indices outperformed the market, with the CSI 300 ESG index showing the smallest decline at 0.09% and the Wind All A Sustainable ESG index showing the largest decline at 0.95%[42] - Over the past year, major ESG indices have generally increased, with the Huazheng ESG index leading with a rise of 12.35%, while the Shenzhen ESG 300 index had the smallest increase at 7.01%[42] Expert Insights - The ISSB Chairman emphasized China's commitment to enhancing the quality and transparency of climate-related financial disclosures, contributing to global comparability in information disclosure[44] - The Shanghai New Financial Research Institute highlighted five major imbalances in the development of green finance, including supply-demand imbalance and infrastructure disparities[44] Risk Factors - Potential risks include slower-than-expected ESG development, challenges in advancing carbon neutrality strategies, and delays in policy implementation[45]

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]