{"entry_id": "bba2e150-8f63-441e-b25c-3c575304fe38", "infos": [{"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.847, 0.036, 0.927, 0.049]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 0, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.776, 0.061, 0.927, 0.077]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 1, "edu_l1_label": "EDU_O"}, {"txt": "平安证券", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 0, "bbox": [[0.102, 0.041, 0.316, 0.075]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 7, "global_sentence_id": 2, "edu_l1_label": "EDU_O"}, {"txt": "2024 年ESG 市场回顾与展望监管新时代，ESG 投资再出发", "language": "chinese", "position": {"pdf_position": 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"web_segment_id": 1, "global_sentence_id": 12, "edu_l1_label": "IOS"}, {"txt": "2024 年，全球ESG 监管体系建设加速但美国受阻，一是国际准则的整合统一继续，ISO 发布全球首部ESG 管理标准，澳大利亚、新加坡、中国香港等更多地区参照ISSB 准则发布本土ESG 信披准则；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.846, 0.296, 0.932, 0.308], [0.444, 0.312, 0.929, 0.325], [0.444, 0.325, 0.929, 0.34], [0.444, 0.343, 0.773, 0.355]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 13, "edu_l1_label": "IOS"}, {"txt": "二是欧盟监管进一步扩围，正式通过CSDDD，提出可供非欧盟公司信披参考的NESRS 草案，并首次发布针对第三方评级机构的监管法规；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.773, 0.343, 0.929, 0.355], [0.444, 0.359, 0.932, 0.371], [0.444, 0.374, 0.756, 0.386]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 14, "edu_l1_label": "IOS"}, {"txt": "三是美国反ESG 继续发酵，美国证监会的气候信披准则被搁置。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.756, 0.374, 0.929, 0.386], [0.444, 0.389, 0.716, 0.401]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 15, "edu_l1_label": "IOS"}, {"txt": "相比之下，市场投资出现降温迹象，截至2024Q3，全球ESG 基金规模约3.3 万亿美元，前三季度资金净流入138 亿美元(同比-77%)，同期新发ESG 基金数量同比减少45%，在ESG 基金分类监管趋严和反ESG 担忧的背景下，资管机构开发新产品更偏谨慎。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 500000, "bbox": [[0.716, 0.389, 0.929, 0.401], [0.444, 0.405, 0.931, 0.417], [0.444, 0.42, 0.932, 0.432], [0.444, 0.435, 0.929, 0.448], [0.444, 0.451, 0.534, 0.464]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 1, "global_sentence_id": 16, "edu_l1_label": "IOS"}, {"txt": "投资绩效方面，ESG 策略仍有稳健收益的优势，2024H1 全球ESG 基金平均收益率中位数高于传统基金0.6pct，接近过去五年超额收益均值水平，上半年ESG 基金的下行偏差平均低于传统基金0.7pct。", "language": "chinese", "position": {"pdf_position": 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"edu_l1_label": "IOS"}, {"txt": "与此同时，国内ESG 投资也有一些积极进展，一是从参与方看，2024 年继续有国资背景的投资公司加入PRI 组织，全国社保基金理事会积极开展股票ESG 评价与碳排放评估以及ESG 指数调查研究；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 600000, "bbox": [[0.913, 0.582, 0.929, 0.595], [0.444, 0.597, 0.932, 0.61], [0.444, 0.613, 0.929, 0.625], [0.444, 0.629, 0.823, 0.641]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 0, "global_sentence_id": 23, "edu_l1_label": "IOS"}, {"txt": "二是从投资产品看，截至2024 年底，WIND ESG 概念基金规模为6829 亿元，较2023年底增长27%，增速高于同期传统基金8pct，全年新成立110 只ESG 概念基金中有一半以上是指数型基金；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 600000, "bbox": [[0.823, 0.629, 0.929, 0.641], [0.444, 0.644, 0.931, 0.656], [0.444, 0.659, 0.932, 0.671], [0.444, 0.675, 0.686, 0.687]]}]}, "tags": ["text"], "label": "abstract", "web_segment_id": 0, "global_sentence_id": 24, "edu_l1_label": "IOS"}, {"txt": "三是从投资绩效看，A 股股票型基金2024 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"chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2300000, "bbox": [[0.453, 0.147, 0.939, 0.163], [0.072, 0.167, 0.932, 0.18], [0.072, 0.185, 0.932, 0.198], [0.072, 0.203, 0.932, 0.216], [0.072, 0.221, 0.314, 0.234]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 141, "edu_l1_label": "IOS"}, {"txt": "同时，2024 年4 月，欧洲议会审议通过《企业可持续发展尽职调查指令》（CSDDD），要求符合条件的大型欧盟公司以及在欧盟有显著业务的非欧盟公司，在尽职调查中从供应链角度识别、预防、减轻或终止对环境和人权的不利影响，调查范围包括企业自身、子公司、直接供应商和有长期业务关系的间接供应商。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 2300000, "bbox": [[0.314, 0.221, 0.932, 0.234], [0.072, 0.238, 0.932, 0.252], [0.072, 0.256, 0.825, 0.27]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 142, "edu_l1_label": "IOS"}, {"txt": "在ESG 评级监管方面，欧盟首次发布对第三方评级机构监管的法规《ESG 评级活动的透明度和诚信的法规》，要求ESG 评级机构公开其评级方法、关键假设、评级数据来源和处理方式等信息，适用于所有在欧盟运营的ESG 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{"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.356, 0.139, 0.932, 0.152], [0.072, 0.156, 0.835, 0.17]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 160, "edu_l1_label": "IOS"}, {"txt": "共和党州的反ESG 行动也在继续，例如，2024 年12 月，德克萨斯州对贝莱德、先锋集团等提起诉讼，指控这些资管公司在气候相关投资计划中迫使煤炭公司削减产量，导致能源成本上升，违反了反垄断法。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.835, 0.156, 0.932, 0.17], [0.072, 0.172, 0.932, 0.188], [0.072, 0.192, 0.585, 0.205]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 161, "edu_l1_label": "IOS"}, {"txt": "另一方面，迫于政治压力，2024 年美国多家大型金融机构宣布退出ESG 领域、绿色金融领域的国际组织。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 3000000, "bbox": [[0.585, 0.192, 0.932, 0.205], [0.072, 0.21, 0.484, 0.223]]}]}, "tags": ["text"], "label": "content", 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"edu_l1_label": "IOS"}, {"txt": "另一方面，财政部、证监会、沪深北交易所等均在构建ESG 信息披露标准方面发布重要政策。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8300000, "bbox": [[0.121, 0.484, 0.788, 0.498]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 272, "edu_l1_label": "IOS"}, {"txt": "支持绿色金融和绿色产业发展方面，政策更加注重支持绿色融资、鼓励开发绿色投资产品、加强机构绿色金融考核、优化绿色产业目录等。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8400000, "bbox": [[0.072, 0.509, 0.932, 0.523], [0.072, 0.527, 0.203, 0.54]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 273, "edu_l1_label": "IOS"}, {"txt": "2024 年，高层部委先后发布《关于进一步强化金融支持绿色低碳发展的指导意见》《关于推动绿色保险高质量发展的指导意见》《关于银行业保险业做好金融“五篇大文章”的指导意见》《关于加快经济社会发展全面绿色转型的意见》《关于发挥绿色金融作用 服务美丽中国建设的意见》等文件，推动金融机构立足职能定位优化绿色金融服务，大力支持符合条件的企业、金融机构发行绿色债券和绿色资产支持证券；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, 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"tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 278, "edu_l1_label": "IOS"}, {"txt": "并且明确准则的施行将从上市公司向非上市公司扩展、从大型企业向中小企业扩展，在实施范围及实施要求作出规定之前，由企业自愿实施。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.656, 0.748, 0.932, 0.761], [0.072, 0.766, 0.802, 0.779]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 279, "edu_l1_label": "IOS"}, {"txt": "根据国家统一的可持续披露准则体系建设的总体目标，预计到2027 年，企业可持续披露基本准则、气候相关披露准则及应用指南相继出台；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.802, 0.766, 0.932, 0.779], [0.072, 0.784, 0.932, 0.797]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 280, "edu_l1_label": "IOS"}, {"txt": "到2030 年，国家统一的可持续披露准则体系基本建成。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.072, 0.802, 0.471, 0.815]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 281, "edu_l1_label": "IOS"}, {"txt": "二是在上市公司层面，2024 年4 月，沪深北三大交易所发布《上市公司可持续发展报告指引》，设置了应对气候变化、乡村振兴、创新驱动等21 个议题，要求部分符合条件的公司应当最晚在2026 年首次披露2025 年度《可持续发展报告》，并鼓励其他上市公司自愿披露。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.471, 0.802, 0.932, 0.815], [0.072, 0.819, 0.932, 0.833], [0.072, 0.837, 0.687, 0.851]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 282, "edu_l1_label": "IOS"}, {"txt": "2024 年11 月，沪深北交易所进一步发布《上市公司自律监管指南——可持续发展报告编制（征求意见稿）》，本次先行设置《第一号 总体要求与披露框架》", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8500000, "bbox": [[0.687, 0.837, 0.932, 0.851], [0.072, 0.855, 0.932, 0.868]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 283, "edu_l1_label": "IOS"}, {"txt": "1 调查问卷关于漂绿现象流行性进行0-10 的打分，0 表示根本不流行，10 表示非常流行，普遍存在统计7-10 打分的选项。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.072, 0.893, 0.887, 0.907]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 11, "global_sentence_id": 284, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.873, 0.925, 0.917, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 285, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.084, 0.918, 0.735, 0.93]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 286, "edu_l1_label": "EDU_O"}, {"txt": "header", 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"chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.281, 0.121, 0.642, 0.134]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 290, "edu_l1_label": "IOS"}, {"txt": "另外，2024 年11 月上交所发布了《推动提高沪市上市公司ESG 信息披露质量三年行动方案（2024-2026 年）》，也明确提出将持续优化ESG 信息披露制度体系，为上市公司编制ESG 报告提供“工具箱”；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.642, 0.121, 0.932, 0.134], [0.072, 0.139, 0.932, 0.152], [0.072, 0.156, 0.381, 0.17]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 291, "edu_l1_label": "IOS"}, {"txt": "加大绿色转型资本支持力度，丰富ESG 指数产品供给，鼓励发行各类ESG 主题基金，积极支持中证指数公司ESG 评价结果在各类金融产品中的应用，为ESG 评级高的上市公司提供融资便利，引导更多资金流向可持续发展领域。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8600000, "bbox": [[0.381, 0.156, 0.932, 0.17], [0.072, 0.174, 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0.929]]}]}, "tags": ["table_caption"], "label": "O", "web_segment_id": 3, "global_sentence_id": 295, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8800000, "bbox": [[0.873, 0.926, 0.914, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 296, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8800000, "bbox": [[0.824, 0.066, 0.914, 0.076]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 297, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8800000, "bbox": [[0.076, 0.06, 0.184, 0.077]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 298, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8800000, "bbox": [[0.069, 0.091, 0.912, 0.619]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 0, "global_sentence_id": 299, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8900000, "bbox": [[0.07, 0.627, 0.806, 0.64]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 3, "global_sentence_id": 300, "edu_l1_label": "EDU_O"}, {"txt": "中国政府网，发改委，财政部，人民银行，金融监管总局，证监会，上交所，深交所，北交所，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 8900000, "bbox": [[0.07, 0.627, 0.806, 0.64]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 3, "global_sentence_id": 301, "edu_l1_label": "EDU_O"}, {"txt": "图表16上市公司可持续发展报告指引的重要内容", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9000000, "bbox": [[0.07, 0.656, 0.436, 0.668]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 2, "global_sentence_id": 302, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.069, 0.675, 0.917, 0.906]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 1, "global_sentence_id": 303, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.874, 0.926, 0.916, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 304, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.084, 0.916, 0.735, 0.929]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 305, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.824, 0.066, 0.914, 0.076]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 306, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.077, 0.06, 0.184, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 307, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9100000, "bbox": [[0.068, 0.097, 0.912, 0.301]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 4, "global_sentence_id": 308, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：证监会，上交所，深交所，北交所，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9200000, "bbox": [[0.072, 0.307, 0.457, 0.319]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 10, "global_sentence_id": 309, "edu_l1_label": "EDU_O"}, {"txt": "2.2 市场投资：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9300000, "bbox": [[0.072, 0.325, 0.21, 0.344]]}]}, "tags": ["title"], "label": "title2", "web_segment_id": 7, "global_sentence_id": 310, "edu_l1_label": "IOS"}, {"txt": "ESG 概念基金规模止跌回升，指数型产品强势扩容", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9300000, "bbox": [[0.21, 0.325, 0.662, 0.344]]}]}, "tags": ["title"], "label": "title2", "web_segment_id": 7, "global_sentence_id": 311, "edu_l1_label": "IOS"}, {"txt": "从参与者来看，2024年继续有国资背景的投资公司加入UN PRI 组织，全国社保基金持续推动ESG投资实践。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9400000, "bbox": [[0.072, 0.355, 0.86, 0.368]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 312, "edu_l1_label": "IOS"}, {"txt": "截至2024年底，中国大陆加入UN PRI 组织的机构数累计约147 家，2024 年当年新增7 家，在新增的机构投资者中再次出现多家有国资背景的投资公司。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9400000, "bbox": [[0.86, 0.355, 0.931, 0.369], [0.072, 0.373, 0.932, 0.386], [0.072, 0.391, 0.233, 0.404]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 313, "edu_l1_label": "IOS"}, {"txt": "另外，作为国内养老金重要组成部分之一的全国社保基金理事会也在积极推进ESG 研究和投资实践落地，2024 年10 月发布的《全国社会保障基金2023 年度报告》提到，全国社保基金理事会已积极开展国内股票可持续投资评价体系专题调研，对基金国内股票资产开展碳排放评估，深入开展ESG 系列指数调查研究，探索将ESG 系列指数作为组合基准的可行性，并且，已在境内外投资组合中融入科技创新发展、支持服务碳达峰碳中和相关因素，在部分产品投资方针中增设可持续投资条款，不断推动管理人将可持续因素纳入投资决策体系。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9400000, "bbox": [[0.233, 0.391, 0.932, 0.404], [0.072, 0.409, 0.932, 0.422], [0.072, 0.426, 0.932, 0.44], [0.072, 0.444, 0.932, 0.458], [0.072, 0.462, 0.667, 0.475]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 314, "edu_l1_label": "IOS"}, {"txt": "从融资端来看，2024 年国内ESG 债券发行规模同比减少35%，净融资额同比减少90%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.072, 0.487, 0.716, 0.5]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 315, "edu_l1_label": "IOS"}, {"txt": "根据WIND 债券概念分类及数据统计，2024 年我国发行ESG 债券约8672 亿元，同比减少35%，净融资额约668 亿元，同比减少90%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.716, 0.487, 0.932, 0.5], [0.072, 0.505, 0.836, 0.518]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 316, "edu_l1_label": "IOS"}, {"txt": "分类看，绿色债券、社会责任债券、可持续发展与可持续发展挂钩债券、转型债券2024 年发行规模占比分别约71%、21%、7%、1%，绿色债券占比连续三年超过70%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.836, 0.505, 0.932, 0.518], [0.072, 0.523, 0.947, 0.536], [0.072, 0.541, 0.326, 0.554]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 317, "edu_l1_label": "IOS"}, {"txt": "融资成本方面，ESG 债券平均发行利率通常相对低于全部债券的平均水平，其中，2024 年ESG 概念类金融债平均发行期限2.9 年、平均发行利率2%，同期全部金融债平均发行期限4.0 年、平均发行利率2.2%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.326, 0.541, 0.93, 0.554], [0.072, 0.556, 0.932, 0.572], [0.072, 0.574, 0.126, 0.589]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 318, "edu_l1_label": "IOS"}, {"txt": "2024年ESG 概念类公司债平均发行期限4.6年、平均发行利率2.6%，同期全部金融债平均发行期限4.5 年、平均发行利率2.8%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9500000, "bbox": [[0.126, 0.574, 0.932, 0.589], [0.072, 0.594, 0.195, 0.607]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 319, "edu_l1_label": "IOS"}, {"txt": "图表17 我国每年ESG债券发行额与净融资额（亿元）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9600000, "bbox": [[0.068, 0.623, 0.47, 0.639]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 6, "global_sentence_id": 320, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9700000, "bbox": [[0.062, 0.644, 0.476, 0.847]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 2, "global_sentence_id": 321, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9800000, "bbox": [[0.067, 0.852, 0.279, 0.864]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 8, "global_sentence_id": 322, "edu_l1_label": "EDU_O"}, {"txt": "图表18 各类ESG 债券发行规模变化（亿元）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 9900000, "bbox": [[0.507, 0.623, 0.844, 0.639]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 5, "global_sentence_id": 323, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10000000, "bbox": [[0.502, 0.646, 0.918, 0.846]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 3, "global_sentence_id": 324, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10100000, "bbox": [[0.509, 0.853, 0.719, 0.863]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 9, "global_sentence_id": 325, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.874, 0.926, 0.916, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 326, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.081, 0.917, 0.733, 0.928]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 327, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.824, 0.066, 0.913, 0.076]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 328, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10200000, "bbox": [[0.076, 0.06, 0.184, 0.077]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 329, "edu_l1_label": "EDU_O"}, {"txt": "图表19 2024 年不同品种的全部债券与ESG 债券平均发行年限与发行利率对比", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10300000, "bbox": [[0.072, 0.109, 0.645, 0.123]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 4, "global_sentence_id": 330, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10400000, "bbox": [[0.074, 0.133, 0.93, 0.344]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 2, "global_sentence_id": 331, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10500000, "bbox": [[0.071, 0.355, 0.284, 0.368]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 3, "global_sentence_id": 332, "edu_l1_label": "EDU_O"}, {"txt": "从投资端来看，2024 年国内ESG 基金存量规模增速高于传统基金，指数型基金是增量的主要贡献。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.072, 0.38, 0.783, 0.393]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 333, "edu_l1_label": "IOS"}, {"txt": "根据WIND 基金概念分类，我们统计了截至2024 年的中国大陆ESG 概念类基金（含多个份额类别的同一只基金合并计算）的市场情况。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.783, 0.38, 0.932, 0.393], [0.072, 0.398, 0.899, 0.411]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 334, "edu_l1_label": "IOS"}, {"txt": "存量方面，截至2024 年底，WIND ESG 概念类基金总份额为8141 亿份，总规模为6829 亿元，份额和规模分别较2023 年底增长52%、27%，增速分别高于同期传统基金（非ESG 概念类，且不含货币型基金，下同）41pct、8pct；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.899, 0.398, 0.932, 0.411], [0.072, 0.416, 0.932, 0.429], [0.072, 0.434, 0.836, 0.447]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 335, "edu_l1_label": "IOS"}, {"txt": "指数型基金加速扩容是主要贡献，2024 年底WIND ESG 概念类指数型基金总份额为4652 亿份，总规模为2827 亿元，分别较2023 年底增长137%、57%；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.836, 0.434, 0.932, 0.447], [0.072, 0.451, 0.93, 0.465], [0.072, 0.469, 0.231, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 336, "edu_l1_label": "IOS"}, {"txt": "在指数型基金中，应用负面筛选策略的中证A100 和中证A500指数型基金的份额占比达60%。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.231, 0.469, 0.9, 0.483]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 337, "edu_l1_label": "IOS"}, {"txt": "增量方面，2024 年国内新成立110 只ESG 概念类基金，新成立基金数量仅次于2021 年，是历史次高水平，一半以上是指数型基金；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.9, 0.469, 0.932, 0.483], [0.072, 0.487, 0.932, 0.5], [0.072, 0.505, 0.137, 0.518]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 338, "edu_l1_label": "IOS"}, {"txt": "分策略看，在2024 年新成立的ESG 概念基金中，WIND 分类的ESG 策略基金和纯ESG 主题基金的数量占比分别为55%和25%，是近五年较高水平。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10600000, "bbox": [[0.137, 0.505, 0.932, 0.518], [0.072, 0.523, 0.356, 0.536]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 339, "edu_l1_label": "IOS"}, {"txt": "投资绩效方面，长期看ESG 策略有稳健超额表现，单年度表现有一定波动。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.072, 0.548, 0.618, 0.561]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 340, "edu_l1_label": "IOS"}, {"txt": "一方面，从ESG 基金表现来看，2024 年全部ESG 概念基金平均年化收益率12.8%，高于传统基金0.6pct，近五年（2020-2024 年间）平均年化收益率为5.3%，高于传统基金1.5pct；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.618, 0.548, 0.932, 0.561], [0.072, 0.565, 0.932, 0.579], [0.072, 0.583, 0.218, 0.597]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 341, "edu_l1_label": "IOS"}, {"txt": "分类看，股票型ESG 概念基金2024 年平均收益低于传统基金，但近五年平均年化收益好于传统基金且年化波动率低于传统基金；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.218, 0.583, 0.932, 0.597], [0.072, 0.601, 0.281, 0.614]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 342, "edu_l1_label": "IOS"}, {"txt": "债券型ESG 概念基金则在2024 年表现出平均0.9pct 的超额收益，但近五年平均收益略低于传统基金0.3pct。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.281, 0.601, 0.932, 0.614], [0.072, 0.619, 0.202, 0.632]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 343, "edu_l1_label": "IOS"}, {"txt": "另一方面，从ESG 指数表现来看，股票指数中以沪深300、中证500 及相应ESG 指数对比为例，近五年ESG 策略年化收益平均高于基准宽基指数0.5-1.5pct，特别是中证500ESG 指数的正超额控回撤的优势更加明显；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.202, 0.619, 0.932, 0.632], [0.072, 0.637, 0.899, 0.65]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 344, "edu_l1_label": "IOS"}, {"txt": "债券指数中，中债优选信用债及ESG 优选信用债指数近五年年化收益接近，均在4.2%左右，高于中债信用债总指数0.3pct，而 ESG 优选信用债指数的波动性低于另外两只信用债指数，控回撤的效果也好于优选信用债指数；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.899, 0.637, 0.932, 0.65], [0.072, 0.655, 0.932, 0.668], [0.072, 0.672, 0.772, 0.686]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 345, "edu_l1_label": "IOS"}, {"txt": "另外，中国绿色债券财富指数年化收益平均高于中债新综合指数0-1pct 左右，年化波动率水平基本接近。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10700000, "bbox": [[0.772, 0.672, 0.932, 0.686], [0.072, 0.69, 0.656, 0.703]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 0, "global_sentence_id": 346, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.082, 0.917, 0.733, 0.929]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 347, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.874, 0.926, 0.916, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 348, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.824, 0.066, 0.914, 0.076]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 349, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10800000, "bbox": [[0.075, 0.06, 0.184, 0.077]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 350, "edu_l1_label": "EDU_O"}, {"txt": "图表20国内每年新成立各类ESG概念基金的数量变化", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 10900000, "bbox": [[0.07, 0.109, 0.482, 0.122]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 9, "global_sentence_id": 351, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11000000, "bbox": [[0.073, 0.135, 0.929, 0.362]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 1, "global_sentence_id": 352, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11100000, "bbox": [[0.07, 0.379, 0.284, 0.393]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 4, "global_sentence_id": 353, "edu_l1_label": "EDU_O"}, {"txt": "图表21国内ESG概念指数型基金规模创新高（亿元）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11200000, "bbox": [[0.067, 0.41, 0.467, 0.423]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 8, "global_sentence_id": 354, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11300000, "bbox": [[0.062, 0.427, 0.474, 0.643]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 3, "global_sentence_id": 355, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11400000, "bbox": [[0.067, 0.648, 0.28, 0.66]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 5, "global_sentence_id": 356, "edu_l1_label": "EDU_O"}, {"txt": "图表22国内各类ESG 概念基金规模变化（亿元）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11500000, "bbox": [[0.509, 0.409, 0.872, 0.422]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 7, "global_sentence_id": 357, "edu_l1_label": "EDU_O"}, {"txt": "figure", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11600000, "bbox": [[0.502, 0.427, 0.911, 0.643]]}]}, "tags": ["figure"], "label": "figure", "web_segment_id": 2, "global_sentence_id": 358, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind, ，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11700000, "bbox": [[0.508, 0.648, 0.72, 0.659]]}]}, "tags": ["figure_caption"], "label": "figure_title", "web_segment_id": 6, "global_sentence_id": 359, "edu_l1_label": "EDU_O"}, {"txt": "图表232024 年及近五年间国内ESG 概念基金与传统基金的市场表现对比", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11800000, "bbox": [[0.072, 0.678, 0.614, 0.691]]}]}, "tags": ["figure_caption"], "label": "table_title", "web_segment_id": 11, "global_sentence_id": 360, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 11900000, "bbox": [[0.073, 0.704, 0.921, 0.86]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 0, "global_sentence_id": 361, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12000000, "bbox": [[0.071, 0.874, 0.283, 0.886]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 10, "global_sentence_id": 362, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12100000, "bbox": [[0.873, 0.925, 0.916, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 363, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12100000, "bbox": [[0.079, 0.916, 0.726, 0.929]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 364, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12100000, "bbox": [[0.824, 0.066, 0.914, 0.076]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 365, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12100000, "bbox": [[0.076, 0.06, 0.183, 0.077]]}]}, "tags": ["header"], "label": "O", "web_segment_id": -1, "global_sentence_id": 366, "edu_l1_label": "EDU_O"}, {"txt": "图表24国内主要宽基指数与相应ESG 策略指数的收益波动对比", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12200000, "bbox": [[0.073, 0.109, 0.541, 0.122]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 3, "global_sentence_id": 367, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12300000, "bbox": [[0.075, 0.134, 0.919, 0.375]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 0, "global_sentence_id": 368, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12400000, "bbox": [[0.072, 0.388, 0.284, 0.399]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 8, "global_sentence_id": 369, "edu_l1_label": "EDU_O"}, {"txt": "Wind，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12400000, "bbox": [[0.072, 0.388, 0.284, 0.399]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 8, "global_sentence_id": 370, "edu_l1_label": "EDU_O"}, {"txt": "备注：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12500000, "bbox": [[0.071, 0.407, 0.117, 0.418]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 7, "global_sentence_id": 371, "edu_l1_label": "EDU_O"}, {"txt": "根据指数编制方案，沪深300ESG 基准指数成分是从沪深 300 样本中剔除中证一级行业内 ESG 分数最低的 20%的上市公司证券；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12500000, "bbox": [[0.117, 0.407, 0.893, 0.418]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 7, "global_sentence_id": 372, "edu_l1_label": "EDU_O"}, {"txt": "中证可持续发展100 指数成分是从沪深 300 指数样本中选取可持续发展评分最高的 100 家上市公司证券；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12500000, "bbox": [[0.893, 0.407, 0.919, 0.418], [0.071, 0.417, 0.68, 0.429]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 7, "global_sentence_id": 373, "edu_l1_label": "EDU_O"}, {"txt": "中证财通中国可持续发展100（ECPIESG）指数成分是根据 ECPI ESG 评级方法，从沪深 300 指数样本中选取 ESG 评级较高的 100 只上市公司证券。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12500000, "bbox": [[0.68, 0.417, 0.898, 0.429], [0.072, 0.426, 0.759, 0.439]]}]}, "tags": ["text"], "label": "table_title", "web_segment_id": 7, "global_sentence_id": 374, "edu_l1_label": "EDU_O"}, {"txt": "三、未来展望：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12600000, "bbox": [[0.072, 0.48, 0.126, 0.502], [0.142, 0.48, 0.28, 0.502]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 5, "global_sentence_id": 375, "edu_l1_label": "BOS"}, {"txt": "机遇与挑战并存，国内支持绿色金融与ESG 产品创新", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12600000, "bbox": [[0.28, 0.48, 0.918, 0.502]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 5, "global_sentence_id": 376, "edu_l1_label": "IOS"}, {"txt": "总结而言，2024 年是ESG 监管大年，但整体ESG 投资在经历了此前多年快速发展后逐渐步入正常化。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12700000, "bbox": [[0.072, 0.519, 0.82, 0.532]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 377, "edu_l1_label": "IOS"}, {"txt": "在监管规范方面全球准则的融合统一持续推进，欧洲仍然是全球领先，信披监管也从企业、金融机构拓展至ESG 评级供应商，中国大陆也迎来ESG 信息披露准则的全面规范落地。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12700000, "bbox": [[0.82, 0.519, 0.932, 0.532], [0.072, 0.537, 0.932, 0.55], [0.072, 0.555, 0.372, 0.568]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 378, "edu_l1_label": "IOS"}, {"txt": "在市场投资方面，全球ESG 投资的增长势头在2024 年有所降温，ESG 严监管以及美国反ESG 浪潮继续发酵的背景下，资产管理公司对新发ESG 基金产品的态度偏谨慎，相比之下，中国大陆市场2024 年新成立ESG 概念基金数量较2023 年增长近28%，主要源于整合ESG 筛选策略的宽基指数ETF 大规模发行。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12700000, "bbox": [[0.372, 0.555, 0.932, 0.568], [0.072, 0.573, 0.932, 0.586], [0.072, 0.588, 0.905, 0.604]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 379, "edu_l1_label": "IOS"}, {"txt": "展望2025 年，全球范围内ESG 市场发展的机遇与挑战并存，ESG 信披准则有望从政策体系建立逐渐走向落地实施，长期将促进整体ESG 信息质量的提升；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12800000, "bbox": [[0.072, 0.615, 0.932, 0.629], [0.072, 0.633, 0.345, 0.646]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 380, "edu_l1_label": "IOS"}, {"txt": "ESG 投资日渐正常化，且在严监管下将更加重视实质性；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12800000, "bbox": [[0.345, 0.633, 0.755, 0.646]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 381, "edu_l1_label": "IOS"}, {"txt": "但同时也面临更多不确定性，既包括美国特朗普2.0 时代的反ESG 担忧继续发酵，也包括AI 技术应用推广可能带来更多ESG争议。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12800000, "bbox": [[0.755, 0.633, 0.932, 0.646], [0.072, 0.651, 0.838, 0.664]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 382, "edu_l1_label": "IOS"}, {"txt": "一是从ESG 信息披露视角来看，全球范围内ESG 信披准则落地有望长期促进整体ESG 信息质量的提升。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12900000, "bbox": [[0.072, 0.676, 0.833, 0.689]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 383, 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12900000, "bbox": [[0.75, 0.729, 0.932, 0.743], [0.072, 0.747, 0.169, 0.761]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 386, "edu_l1_label": "IOS"}, {"txt": "其中，国际准则的整合统一进程仍将持续，2024 年以来ISSB 开始实施新的两年工作计划，将进一步推动可持续披露领域的协调融合，截至2025 年初，ISSB 已围绕生物多样性和人力资本两个议题进行专项研究；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12900000, "bbox": [[0.169, 0.747, 0.932, 0.761], [0.072, 0.765, 0.819, 0.778]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 387, "edu_l1_label": "IOS"}, {"txt": "欧盟对《可持续金融披露条例》（SFDR）框架的修订也有望在2025 年展开，此前在2024 年欧洲三大主要金融监管机构已对SFDR 发布新的评估报告、提出一系列修订建议（包括为投资基金、人寿保险和养老金产品等金融产品引入新的 “可持续 ”或 “过渡 ”类别）；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12900000, "bbox": [[0.819, 0.765, 0.932, 0.778], [0.072, 0.783, 0.932, 0.796], [0.072, 0.801, 0.932, 0.814], [0.072, 0.819, 0.168, 0.832]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 388, "edu_l1_label": "IOS"}, {"txt": "相比之下，美国在特朗普总统及共和党执掌国会两院的背景下，联邦层面支持ESG 的政策制定可能将进一步放缓，并且有一定可能性出现反ESG 立法的扩大，SEC 气候信息披露准则的落地仍有不确定性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 12900000, "bbox": [[0.168, 0.819, 0.932, 0.832], [0.072, 0.836, 0.76, 0.85]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 389, "edu_l1_label": "IOS"}, {"txt": "二是从ESG 金融投资视角来看，整体投资规模有望保持在高位，不过严监管带来的基金重分类的影响仍需观察，美国反ESG 浪潮也将增加资管机构开展ESG 投资的不确定性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13000000, "bbox": [[0.072, 0.861, 0.932, 0.875], [0.072, 0.877, 0.478, 0.892]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 390, "edu_l1_label": "IOS"}, {"txt": "近两年，ESG 投资在经历了前期连续多年的快速增长后逐渐回归", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13000000, "bbox": [[0.478, 0.877, 0.932, 0.892]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 391, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.874, 0.926, 0.916, 0.934]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 392, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.082, 0.917, 0.735, 0.929]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": -1, "global_sentence_id": 393, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.824, 0.066, 0.914, 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13100000, "bbox": [[0.623, 0.121, 0.932, 0.134], [0.072, 0.139, 0.63, 0.152]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 397, "edu_l1_label": "IOS"}, {"txt": "美国在特朗普2.0 时代的ESG 投资不确定性加大，一方面，特朗普政府宣布退出巴黎协定、终结拜登政府“绿色新政”、支持传统能源的背景下，美国可持续发展领域的投融资热度或回落，ESG 溢价面临一定的不确定性；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.63, 0.139, 0.932, 0.152], [0.072, 0.156, 0.932, 0.17], [0.072, 0.174, 0.478, 0.188]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 398, "edu_l1_label": "IOS"}, {"txt": "另一方面，反ESG 政治压力下，机构投资者的ESG 业务开展仍有阻碍，2025 年开年以来美国金融机构退出ESG相关国际组织仍在继续，当地时间1 月2 日，摩根士丹利宣布退出\"净零银行联盟\"（Net-Zero Banking Alliance，简称NZBA）；", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.478, 0.174, 0.932, 0.188], [0.072, 0.192, 0.932, 0.205], [0.072, 0.21, 0.477, 0.223]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 399, "edu_l1_label": "IOS"}, {"txt": "1 月9 日，贝莱德宣布退出“净零排放资产管理者”（Net ZeroAsset Managers，简称NZAM）联盟。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13100000, "bbox": [[0.477, 0.21, 0.931, 0.224], [0.072, 0.225, 0.353, 0.241]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 1, "global_sentence_id": 400, "edu_l1_label": "IOS"}, {"txt": "图表25 2025 年特朗普上任首日新政的重点内容", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13200000, "bbox": [[0.07, 0.258, 0.424, 0.271]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 3, "global_sentence_id": 401, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13300000, "bbox": [[0.068, 0.277, 0.908, 0.61]]}]}, "tags": ["table"], "label": "table", "web_segment_id": 0, "global_sentence_id": 402, "edu_l1_label": "EDU_O"}, {"txt": "资料来源：美国白宫官网，平安证券研究所", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13400000, "bbox": [[0.072, 0.618, 0.336, 0.629]]}]}, "tags": ["table_caption"], "label": "table_title", "web_segment_id": 4, "global_sentence_id": 403, "edu_l1_label": "EDU_O"}, {"txt": "三是从ESG核心议题视角来看，以碳排放为代表的绿色议题仍是市场关注的重心，AI 技术推广应用可能带来更多ESG争议与挑战。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 13500000, "bbox": [[0.072, 0.641, 0.93, 0.654], [0.072, 0.659, 0.154, 0.672]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 404, "edu_l1_label": "IOS"}, {"txt": "根据全球经济论坛（WEF）发布的《2025 年全球风险报告》，地缘武装冲突、极端气候风险是受访者票选的引发全球重大危机的风险因素，而在此前Capital Group 对机构投资者开展的ESG 调查中，机构票选的选择ESG 基金时关注度较高的投资议题是能源转型、气候变化等，可见气候相关的环境议题仍然是ESG 市场关注的重心。", "language": 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{"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16100000, "bbox": [[0.072, 0.21, 0.198, 0.226]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 8, "global_sentence_id": 461, "edu_l1_label": "EDU_O"}, {"txt": "强于大市（预计6 个月内，行业指数表现强于市场表现5%以上）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16100000, "bbox": [[0.072, 0.238, 0.548, 0.251]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 18, "global_sentence_id": 462, "edu_l1_label": "EDU_O"}, {"txt": "中    性（预计6 个月内，行业指数表现相对市场表现在±5%之间）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16100000, "bbox": [[0.072, 0.259, 0.564, 0.272]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 19, "global_sentence_id": 463, "edu_l1_label": "EDU_O"}, {"txt": "弱于大市（预计6 个月内，行业指数表现弱于市场表现5%以上）", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], 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["text"], "label": "content", "web_segment_id": 23, "global_sentence_id": 467, "edu_l1_label": "EDU_O"}, {"txt": "平安证券股份有限公司具备证券投资咨询业务资格。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16400000, "bbox": [[0.072, 0.362, 0.458, 0.376]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 468, "edu_l1_label": "EDU_O"}, {"txt": "本公司研究报告是针对与公司签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与义务均有严格约定。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16400000, "bbox": [[0.458, 0.362, 0.929, 0.376], [0.072, 0.38, 0.726, 0.393]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 6, "global_sentence_id": 469, "edu_l1_label": "EDU_O"}, {"txt": "本公司研究报告仅提供给上述特定客户，并不面向公众发布。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16400000, "bbox": [[0.726, 0.38, 0.929, 0.393], 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"content", "web_segment_id": 4, "global_sentence_id": 473, "edu_l1_label": "EDU_O"}, {"txt": "请您务必对此有清醒的认识，认真考虑是否进行证券交易。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16500000, "bbox": [[0.794, 0.423, 0.929, 0.436], [0.072, 0.441, 0.368, 0.454]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 4, "global_sentence_id": 474, "edu_l1_label": "EDU_O"}, {"txt": "市场有风险，投资需谨慎。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16600000, "bbox": [[0.072, 0.466, 0.269, 0.479]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 20, "global_sentence_id": 475, "edu_l1_label": "EDU_O"}, {"txt": "免责条款", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16700000, "bbox": [[0.072, 0.493, 0.153, 0.509]]}]}, "tags": ["title"], "label": "content", "web_segment_id": 3, "global_sentence_id": 476, "edu_l1_label": "EDU_O"}, {"txt": "此报告旨为发给平安证券股份有限公司（以下简称“平安证券”）的特定客户及其他专业人士。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16800000, "bbox": [[0.072, 0.523, 0.775, 0.536]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 477, "edu_l1_label": "EDU_O"}, {"txt": "未经平安证券事先书面明文批准，不得更改或以任何方式传送、复印或派发此报告的材料、内容及其复印本予任何其他人。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16800000, "bbox": [[0.775, 0.523, 0.929, 0.536], [0.072, 0.541, 0.823, 0.554]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 2, "global_sentence_id": 478, "edu_l1_label": "EDU_O"}, {"txt": "此报告所载资料的来源及观点的出处皆被平安证券认为可靠，但平安证券不能担保其准确性或完整性，报告中的信息或所表达观点不构成所述证券买卖的出价或询价，报告内容仅供参考。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 16900000, "bbox": [[0.072, 0.565, 0.929, 0.579], [0.072, 0.583, 0.593, 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# 2024 年ESG 市场回顾与展望监管新时代，ESG 投资再出发
## 平安观点
### ■2024 年全球ESG 市场发展冷热不均，一是全球ESG 监管制度建设加快与投资增势放缓的不均，二是欧美ESG 基金发行降温与国内ESG 概念基金发行逆势增长的不均。
### 全球回顾：ESG 监管规范化提速，增量资金入市节奏放缓。
### ■国内回顾：ESG 信披监管体系正式落地，ESG 指数型基金快速增长。
### 未来展望：机遇与挑战并存，国内绿色金融与ESG 产品创新大有可为。
### ■风险提示：
## 一全球回顾：ESG 监管规范化提速，市场投资进入平台期
### 1.1 监管规范：ESG 监管体系建设加速，欧盟继续领先但美国受阻
#### 1.1.1 国际组织：ISO 与ISSB持续推进全球ESG 标准体系建设
##### 2024 年，国际标准化组织（ISO）发布全球首部ESG 管理标准，旨在为全球ESG 参与方提供ESG 实践指导。
##### 国际财务报告准则基金会（IFRS）及旗下机构继续推进可持续信息披露准则的落地实践以及国际合作。
#### 1.1.2 欧盟：全面推进ESG信披和ESG 评级监管
##### 2024 年，欧盟继续推进构建全面的ESG 监管体系。
##### 同时，欧盟也在完善绿色转型和劳工保护等领域的监管规范。
#### 1.1.3 美国：反ESG政治化拖累美国ESG监管与投资发展进程
##### 2024 年，美国ESG 市场依然在两党政治博弈中波折前行，多家金融机构退出ESG 领域的国际组织。
##### 监管实践中，SEC气候信披准则落地受阻，但其仍然坚持主张规范ESG信披监管。
#### 1.1.4 中国香港：全面对标ISSB 准则推进可持续信息披露
### 1.2 市场投资：ESG 投资扩容节奏放缓，严监管下漂绿问题有所缓解
#### 从参与者来看，全球ESG 参与机构逐渐达到饱和，UN PRI 签署方数量于2024 年首次高位回落。
#### 从融资端来看，2024 年全球可持续债券发行规模维持高位，绿色债券仍是第一大贡献。
#### 从投资端来看，2024 年全球ESG 基金规模保持平稳，但资金净流入以及新产品发行节奏明显放缓。
#### 投资策略方面，各类ESG投资策略应用更加均衡，ESG整合最广泛，同时主题策略和正向筛选应用广度提升。
#### 投资绩效方面，ESG 基金仍然具有相对传统基金的收益稳健优势，严监管下ESG 投资漂绿问题有所缓解。
## 二、国内回顾：信披指引体系正式落地，ESG 指数型基金快速增长
### 2.1 监管规范：ESG 信披准则全面落地，绿色金融布局向深向实
#### 2024 年，中国大陆发布多项政策，支持绿色金融和ESG 市场建设。
#### 支持绿色金融和绿色产业发展方面，政策更加注重支持绿色融资、鼓励开发绿色投资产品、加强机构绿色金融考核、优化绿色产业目录等。
#### 支持ESG 市场发展方面，2024 年财政部、证券交易所等均制定发布中国版ESG 信披标准，规范企业可持续信息披露。
### 2.2 市场投资：ESG 概念基金规模止跌回升，指数型产品强势扩容
#### 从参与者来看，2024年继续有国资背景的投资公司加入UN PRI 组织，全国社保基金持续推动ESG投资实践。
#### 从投资端来看，2024 年国内ESG 基金存量规模增速高于传统基金，指数型基金是增量的主要贡献。
#### 投资绩效方面，长期看ESG 策略有稳健超额表现，单年度表现有一定波动。
## 三、未来展望：机遇与挑战并存，国内支持绿色金融与ESG 产品创新
### 总结而言，2024 年是ESG 监管大年，但整体ESG 投资在经历了此前多年快速发展后逐渐步入正常化。
### 展望2025 年，全球范围内ESG 市场发展的机遇与挑战并存，ESG 信披准则有望从政策体系建立逐渐走向落地实施，长期将促进整体ESG 信息质量的提升；ESG 投资日渐正常化，且在严监管下将更加重视实质性；但同时也面临更多不确定性，既包括美国特朗普2.0 时代的反ESG 担忧继续发酵，也包括AI 技术应用推广可能带来更多ESG争议。
#### 一是从ESG 信息披露视角来看，全球范围内ESG 信披准则落地有望长期促进整体ESG 信息质量的提升。
#### 二是从ESG 金融投资视角来看，整体投资规模有望保持在高位，不过严监管带来的基金重分类的影响仍需观察，美国反ESG 浪潮也将增加资管机构开展ESG 投资的不确定性。
#### 三是从ESG核心议题视角来看，以碳排放为代表的绿色议题仍是市场关注的重心，AI 技术推广应用可能带来更多ESG争议与挑战。
### 对于中国大陆而言，国内政策继续明确支持ESG 信披规范化和ESG 融资及投资产品创新，绿色金融作为做好金融五篇大文章的重要一部分，也将看到更多金融机构的落地实践；与此同时，海外市场对ESG 信披要求更加严格规范以及潜在的碳关税政策风险也将倒逼中国出海企业提高ESG管理效率。
#### 一方面，做好绿色金融大文章背景下，国内政策支持ESG 规范化发展和金融产品创新的方向明确，ESG 相关指数及ETF产品发行热度有望提升。
#### 另一方面，海外ESG 监管的严格要求对中国企业和金融机构等也有相应影响，特别是对沿价值链的ESG 信披监管、碳排放管理等。
## 四、 风险提示
### 1、国内外ESG 政策落地执行不及预期。
### 2、部分地区反ESG 立法对整体市场冲击超预期。
### 3、宏观经济和流动性剧烈变化的风险。
### 4、历史数据不代表未来业绩。本篇报告的分析均基于历史客观数据，存在历史不会重复上演的可能。
