在 12 月 2 日举办的 " 第 13 届中国责任投资论坛年会 " 上，嘉实基金与 Wind ESG 联合发布《 A 股上市 公司股东大会投票趋势观察：对机构股东参与治理的启示》白皮书。该白皮书以 2023 年以来 A 股市场 股东大会数据为基础，深度剖析股东投票行为特征与机构投资者参与治理的实践路径，为资本市场高质 量发展提供了兼具数据支撑与实操价值的参考依据。 通过对股东参会率、议案异议率、未通过议案等关键指标的实证分析，白皮书揭示了A股市场治理实践 的显著趋势。一方面，机构投资者持股比例越高的公司，股东大会参与度越突出：沪深300、中证500及 基金重仓股三个样本中，今年以来参与股东大会的表决权比例分别达58.7%、52.7%和51.6%，均显著高 于全部A股48.8%的平均出席比例。与之形成对比的是，上述三个样本中参与股东大会表决的中小股东 另一方面，全市场议案异议率呈逐年攀升态势， 2025 年前三季度异议率高于 5% 的议案占比已升至 5.2% ，资产购买与出售、关联交易成为异议率最高的两类议案。从股东类型看，中小股东与港股股东 的异议倾向更为明显：前者对规则设立与修订、担保与财务资助、薪酬与激 ...

Core Insights - The article highlights the significant improvement in the response rate to Wind ESG ratings, achieving 41.59% in 2025, a 15 percentage point increase from 26.59% in 2024, reinforcing Wind ESG's leading position in the market [2][3]. Group 1: Wind ESG Rating System - Wind ESG has developed a comprehensive rating system based on over 20 years of data governance experience, covering more than 12,000 companies in Greater China, and is widely recognized by regulatory bodies, investment institutions, and listed companies [3]. - The Wind ESG rating system is designed to provide transparent and authoritative ESG rating results, facilitating efficient communication between listed companies and Wind ESG through a dedicated platform [3]. - The rating model consists of two main components: management practices and controversy events, assessing ESG management levels and significant risks through over 500 specific indicators across 28 topics [9][11]. Group 2: Data and Methodology - Wind ESG's database includes comprehensive ESG data from over 12,000 companies and 10,000 public funds, sourced from more than 20,000 data sources since 2017, enabling deep integration with policy-making and investment analysis [12]. - The rating methodology incorporates international standards while addressing the unique characteristics of Chinese companies, ensuring that the results reflect industry-specific ESG opportunities and risks [11]. Group 3: Applications and Services - Wind ESG supports various applications, including ESG investment decision-making, risk management, and compliance with regulatory requirements, leveraging its advanced modeling and data management capabilities [15]. - The platform offers tools for enterprises to visualize their ESG information and compare their performance against industry leaders, enhancing their ability to showcase ESG management capabilities to investors [16]. - Wind ESG provides extensive support for ESG research, with over 500 indicators available for analysis and a comprehensive carbon emissions database to assist in climate change assessments [17].

Core Viewpoint - Wind has launched the first domestic ESG mandatory disclosure index and ESG report index, responding to the guidelines for sustainable development reports issued by the stock exchanges in China, aiming to help investors understand the performance of companies with mandatory ESG disclosures and those that have published ESG reports, thereby promoting the ESG investment ecosystem [1] Group 1: ESG Mandatory Disclosure Index - The Wind ESG Mandatory Disclosure Index (866619.WI) includes companies required to disclose ESG reports as per the guidelines, tracking the overall performance of these companies. Currently, 471 companies fall under this mandatory disclosure requirement [2] - The index was established on December 28, 2018, with a base value of 1000. Over the past year (April 17, 2024 - April 16, 2025), the index has achieved an annualized return of 11.53% with an annualized volatility of 27.79% [2][4] Group 2: ESG Report Index - The Wind ESG Report Index (866618.WI) is based on all A-shares listed on the Shanghai, Shenzhen, and Beijing stock exchanges, selecting companies that published independent ESG reports for the previous year. A total of 2226 A-share companies disclosed their 2023 ESG reports, qualifying for this index [5] - This index also started on December 28, 2018, with a base value of 1000. In the past year (April 17, 2024 - April 16, 2025), it has recorded an annualized return of 19.17% and an annualized volatility of 28.88% [5][7] Group 3: Performance Comparison - Both the Wind ESG Mandatory Disclosure Index and the Wind ESG Report Index have significantly outperformed the CSI 300 Index over the past year, indicating that companies within the mandatory disclosure scope and those that have published independent ESG reports perform better in the capital market [7] - This performance highlights the importance of ESG information disclosure in enhancing corporate market competitiveness, providing a new perspective and decision-making reference for investors, regulators, and other stakeholders [7]

Core Insights - The article emphasizes the launch of the ESG data empowerment program by Wind, aimed at supporting academic research in the ESG field and promoting sustainable finance education [1][2] - Wind has developed a data-driven ESG rating system, integrating over 20,000 diverse data sources to address the challenges of data scarcity and non-standardization in ESG metrics [1] - The program will provide eligible academic teams with free access to Wind ESG rating data, covering over 10,000 companies, including all A-share and Hong Kong-listed companies, as well as public credit bond issuers [1][2] Group 1 - The ESG data empowerment program is part of Wind's broader initiative to enhance media, private equity, and client capabilities [1] - High-quality ESG data is identified as a key factor for advancing research and generating valuable outcomes in the ESG domain [1] - Wind ESG has become the most recognized ESG rating in the market, according to data from the China Listed Companies Association [1] Group 2 - The program targets academic institutions focusing on ESG research, inviting relevant teachers or teams to participate [2] - The application period for the program runs until December 31, 2025, with interested parties required to submit their team introduction and research plan via email [2] - Wind ESG offers extensive and transparent data analysis of listed companies' ESG fundamentals, aligning indicators with international standards while highlighting Chinese characteristics [2]

Core Insights - The article discusses the release of the report "China ESG Development and Outlook" at a conference organized by the State Council Development Research Center, highlighting the growing importance of ESG (Environmental, Social, and Governance) in China [1][2]. Group 1: ESG Development in China - The conference featured key speakers from various sectors, including government, academia, and industry, emphasizing the collaborative effort to promote ESG practices in China [1][2]. - Wind ESG is committed to fostering the long-term healthy development of the ESG market in China and implementing sustainable development strategies [4]. Group 2: Wind ESG Rating System - Wind ESG has developed a unique ESG rating system that integrates international standards with the characteristics of Chinese listed companies, utilizing robust data collection and analysis capabilities [6][10]. - The Wind ESG rating covers all A-share and Hong Kong-listed companies, over 4,000 public credit bond issuers, and more than 8,000 domestic public funds, providing comprehensive underlying data [11]. Group 3: ESG Rating Methodology - The Wind ESG rating model consists of management practices and controversy events, assessing over 500 specific indicators across 28 topics within the environmental, social, and governance dimensions [12][14]. - The rating system features dynamic tracking of controversy events and environmental risk exposure, effectively reflecting industry-specific ESG opportunities and risks [14]. Group 4: Carbon Emission Database - Wind has established a comprehensive carbon emission database that includes over 10,000 company entities and 8,000 public funds, covering data from 2017 to present [15][23]. - The database supports financial institutions in assessing investment risks and designing low-carbon products, while also helping companies understand industry standards and optimize carbon disclosure [23]. Group 5: Tools and Services - Wind offers a portfolio carbon accounting tool that estimates carbon footprints and emissions based on underlying asset data, supporting various security types including A-shares and credit bonds [25]. - The carbon trading comprehensive screen provides real-time market quotes, trends, ESG ratings of trading participants, and relevant news, facilitating quick access to carbon market dynamics [27]. - Wind's services include visualizing corporate ESG information, comparing ESG performance with industry leaders, and providing a platform for companies to showcase their ESG management capabilities [29].