Company/Organization Profile

Guotai Haitong Securities Co., Ltd. is a comprehensive financial services provider that has long maintained a sustained and all-round leading position in China's capital market. The company ranks first in China and seventh globally in terms of total scale, and is striding forward toward its vision of "becoming a first-class investment bank with international competitiveness and market leadership."

The Guotai Haitong Securities Research Institute is the company's research business platform and a first-class securities research institution with international influence and local pricing power. The Institute has established major research groups including macro strategy research, cyclical research, consumer research, technology research, manufacturing research, pharmaceutical research, and financial research, forming a comprehensive multi-dimensional research system.

Among them, the ESG and "Beautiful China" Research Group of the Institute is mainly responsible for ESG and "Beautiful China" think-tank services for the Chinese government, evaluation of listed companies' "Beautiful China" development, and actively promoting and practicing the "Beautiful China" development philosophy. It organically embeds carbon finance, green investment, and the "Beautiful China" philosophy into the lifeblood of serving the real economy, and explores feasible pathways for using green finance to serve new quality productive forces. We are committed to building a sustainable development and green transition evaluation system for listed companies that is tailored to the A-share market, fully integrating indicators such as climate governance, low-carbon transition, and environmental compliance into securities research reports, breaking through the limitations of traditional investment research, and establishing a composite evaluation system of "financial valuation + green transition" to precisely assess companies' green transition potential, identify climate risks, guide the optimal allocation of capital market resources, and facilitate the low-carbon upgrading of the real economy and the achievement of the dual carbon goals.

机构简介

国泰海通证券股份有限公司，是中国资本市场长期、持续、全面领先的综合金融服务商。公司总规模全中国第一，全球第七，正向着“成为具备国际竞争力与市场引领力的一流投资银行”愿景阔步前进。

国泰海通证券研究所属于公司研究业务平台，是具有国际影响力和本土定价权的一流证券研究机构。研究所设置总量研究、周期研究、消费研究、科技研究、制造研究、医药研究、金融研究等研究大组，具备多维度完整研究体系。

其中研究所ESG及“美丽中国”研究组，主要负责中国政府ESG与“美丽中国”智库服务、上市公司“美丽中国”发展评测、以及积极推动和践行“美丽中国”发展理念。将碳金融、绿色投资与“美丽中国”理念有机嵌入服务实体经济血脉之中，探索以绿色金融服务新质生产力的可行路径。我们致力于构建适配A股市场的上市公司可持续发展与绿色转型评价体系，将气候治理、低碳转型、环境履约等指标全面融入券商研究报告，打破传统投研局限，建立“财务估值+绿色转型”复合评价体系，精准研判企业绿色转型潜力、识别气候风险，引导资本市场资源优化配置，助力实体产业低碳升级与双碳目标落地。

Project Overview

Current Situation of the Problem

In June 2026, six government departments issued the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)," setting out key tasks for nationwide ecological civilization construction during the 15th Five-Year Plan period. Building on this policy, the Policy Research Center of the Ministry of Ecology and Environment and Vanke Cloud Space Technology Co., Ltd. jointly released the "Guidelines for Evaluating Users of Beautiful China Green Spaces." At the same time, to encourage listed companies to proactively disclose information on their green actions, the "Application Guidelines" formulated on the basis of the "Guidelines" provide various investment institutions with a reference for Beautiful China green value. We highly recognize this initiative and actively promote its implementation by the capital market and listed companies. However, at present, most enterprises lack sufficient awareness, specialized personnel, and attention, making it difficult to promote and implement the guidelines on a broad scale.

Cause Analysis

Based on communication with listed companies, the relevant problems mainly stem from two core factors. First, the "Evaluation Guidelines" and the "Application Guidelines" differ fundamentally from mainstream international ESG frameworks in terms of standard systems, evaluation orientation, and implementation paths. The former is grounded in China's ecological civilization construction and focuses on nationwide low-carbon education and lightweight implementation. The market lacks systematic and sustained popularization and awareness of these guidelines, and misunderstandings are widespread. Second, external constraints are lacking. At present, no long-term regulatory and follow-up evaluation mechanism has been established for enterprises' implementation of the "Application Guidelines."

Improvement Goals

The ESG and "Beautiful China" Research Group of the Guotai Haitong Securities Research Institute hopes that, through continuous study and promotion of "Beautiful China" and the "Guidelines" and "Application Guidelines," as well as exchanges with listed companies, the improvement goals we plan to achieve include:

1) Through research reports and other means, actively and continuously track listed companies' actual implementation of "Beautiful China," while introducing the "Application Guidelines" into the reports;

2) Through surveys and other means, engage in active exchanges with corporate CEOs, senior executives, and others to publicize and promote the "Beautiful China" philosophy, striving to enable corporate management to gain a deeper understanding of the significance of the work related to the "Application Guidelines";

3) Through the continued reporting and outreach of the ESG and "Beautiful China" Research Group of the Institute on the "Guidelines" and "Application Guidelines," we hope to promote their use in more securities research fields across China, and ultimately reach the coverage area of more than 5,000 listed companies nationwide.

项目背景

问题现状

2026 年 6 月，六部门印发《美丽中国建设全民行动促进计划（2026—2030 年）》，部署 “十五五” 全民生态文明建设重点任务。依托该政策，生态环境部政研中心与万物云空间科技股份有限公司共同发布《美丽中国绿色空间使用者评价导则》，同时为推动上市公司主动披露绿色行动信息，依托《导则》制定的《应用指引》，为各类投资机构提供美丽中国绿色价值参考，我方高度认同并积极推动资本市场与上市公司落地践行。但目前多数企业认知不足、专业人员匮乏，重视程度不足，导致落地推广难度较大。

原因分析

结合与上市公司沟通情况，相关问题主要源于两方面核心因素。一是《评价导则》及《应用指引》与国际主流 ESG 框架在标准体系、评价导向、执行路径等方面存在根本性差异，前者立足中国生态文明建设、侧重全民低碳宣教与轻量化落地，市场对此缺乏系统、持续的普及与认知，普遍存在理解偏差。二是外部约束缺位，目前尚未形成针对企业践行《应用指引》的长效监管与跟踪评价机制。

改进目标

国泰海通证券研究所ESG及“美丽中国”研究组，希望通过持续对“美丽中国”和《导则》及《应用指引》的学习、推广以及与上市公司交流，我们计划的改进目标包括：

1）通过研究报告等形式，积极持续跟踪上市公司“美丽中国”实际践行情况，同时在报告中引入《应用指引》；

2）通过调研等形式与企业CEO、高管等做积极交流，宣传和推广“美丽中国”理念，争取让企业管理层面能够更深入理解《应用指引》工作意义；

3）通过研究所ESG及“美丽中国”研究组对《导则》及《应用指引》的持续报告和宣讲输出，希望能够将之推广至中国更多券商研究领域使用，并最终覆盖全国 5000+上市公司的覆盖领域。

Project Implementation

Project Overview

This project is led by the core investment research team of the Guotai Haitong Research Institute, jointly implemented with industry think tanks and listed companies. It centers on three core business segments—on-site research of listed companies, standardized research report writing, and value transmission to institutional investors—and advances steadily through four standardization tasks: system establishment, standard implementation, process reshaping, and market empowerment. It aims to establish a full-process, traceable, and iterable operating standard for green and sustainable investment research, comprehensively consolidating the capacity for green finance investment research services.

Main Problems Faced

Since the "Beautiful China" research group of the Guotai Haitong Research Institute focuses primarily on the evaluation of listed companies' "Beautiful China" efforts, the main problems it faces include:

1) There is a lack of external evaluation and oversight regarding the effectiveness and continuity of listed companies' "Beautiful China" work. Companies with excellent performance and those with insufficient performance do not fully receive positive or negative evaluation feedback from the capital market or public opinion. In particular, in areas such as continuous financing and public opinion evaluation, "Beautiful China" evaluation has not yet become one of the core influencing factors.

2) There is still a lack of influential environmental convention organizations. At present, more enterprises respond passively to regulatory inspections rather than proactively doing well and implementing environmental protection work with a sense of historical responsibility.

Main Operational Measures Taken

1) Earnestly study, understand, and participate in "Beautiful China"-related work. In 2026, the Environmental and Economic Policy Research Center of the Ministry of Ecology and Environment (hereinafter referred to as the Policy Research Center) achieved important phased results in the research on the evaluation guidelines for "Beautiful China Green Space Users," and the "Guidelines for Evaluating Users of Beautiful China Green Spaces" was completed. The "Beautiful China" research group of the Guotai Haitong Research Institute studied and participated in the formulation and revision of these guidelines throughout the process, providing valuable opinions on the practical applicability of the measurement standards.

2) Actively promote and implement the "Guidelines" and the "Application Guidelines." In order to expand their influence across society and practice and promote the concrete implementation of the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)" throughout society, the ESG and "Beautiful China" research group of the Guotai Haitong Research Institute actively introduces the "Application Guidelines" rating system in corporate financial report analysis, preparation of related research reports, and corporate research work to evaluate companies' green and low-carbon performance and other "Beautiful China" work.

The project has established a special green investment research working group. With reference to domestic dual carbon policy standards and climate disclosure guidelines, and in combination with the industry attributes of the A-share market, it builds a differentiated green development evaluation framework and establishes four major assessment dimensions: green transition, climate governance, environmental compliance, and sustainable operations. It formulates specialized research rules for subdivided industries, regularly conducts on-site visits and research on listed companies, and systematically verifies the implementation of corporate low-carbon technological transformation, energy consumption management, and climate governance system development, accurately identifying companies' core advantages in green development and areas for improvement. Research information is cross-verified with corporate sustainability disclosures to ensure that research data is authentic and complete and that the basis for judgment is rigorous and standardized.

3) Explore feasible pathways for using green finance to serve new quality productive forces. In practical work, the group explains the relevant concepts of the "Application Guidelines" to listed companies and actively promotes listed companies' joint efforts to build and advance the establishment of an ESG ecosystem in China in accordance with the relevant code of conduct in the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)."

Relying on listed companies' sustainability disclosures and accumulated research, the project reconstructs the paradigm for writing research reports, formally incorporating climate risk assessment, green transition effectiveness, and sustainable operations capability evaluation into fixed modules of research reports. These are deeply integrated with traditional financial analysis, valuation and pricing, and industry comparison systems to form a composite evaluation system of "financial valuation + green transition." By building a specialized green investment research database, the project achieves regular collection, organization, and analysis of corporate dual carbon data, providing systematic data support for quantitative research judgment, logical output, and valuation and pricing in research reports, thereby achieving standardized output.

Implementing Entity

The ESG and "Beautiful China" research group of the Guotai Haitong Research Institute is responsible for continuously tracking and evaluating the completion of listed companies' "Beautiful China" work, while also promoting and publicizing the "Guidelines" and "Application Guidelines" to society and enterprises.

Advancement Process

1) Leverage its own influence to promote listed companies' implementation of green space-related work through research and communication. Guotai Haitong Securities Co., Ltd. is a comprehensive financial services provider that has long maintained a sustained and all-round leading position in China's capital market. The ESG and "Beautiful China" research group of the Guotai Haitong Research Institute has long been committed to the evaluation and research of "Beautiful China" efforts by Chinese listed companies and possesses strong social influence and credibility. Through long-term, sustained, and unremitting exchanges and discussions with enterprises on the value and significance of improving green space behavior, the group strives to enable more enterprises to improve their own "Beautiful China" practices in accordance with the requirements of the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)."

2) Actively give play to the value of the research platform and third-party evaluation system. By actively introducing the "Application Guidelines" system and other core "Beautiful China" evaluation systems in corporate financial report analysis, preparation of related research reports, and corporate research work, the group conducts continuous evaluation of listed companies' "Beautiful China Green Space User Action" work. This enables excellent "Beautiful China" companies to receive positive social feedback, while companies that fall short can see directions and measures for improvement.

3) Continuously maintain contact with various types of "Beautiful China" institutions, closely follow policy updates, the promulgation of standards, and industrial upgrading trends, jointly build China's "Beautiful China" ecosystem, organically embed green finance concepts into serving the real economy, and explore a feasible pathway for using green finance to serve new quality productive forces.

项目实施

本项目由国泰海通研究所核心投研团队牵头，联合行业智库、上市公司共同落地，围绕上市公司实地调研、标准化研报撰写、机构投资者价值传导三大核心业务环节，通过体系建制、标准落地、流程重塑、市场赋能四项规范化工作稳步推进，建立全流程、可溯源、可迭代的绿色可持续投研运行规范，全面夯实绿色金融投研服务能力。

由于国泰海通研究所“美丽中国”研究小组主要工作围绕上市公司“美丽中国”评价，因此所主要面临问题包括：

1）上市企业“美丽中国”工作的践行成效及持续性缺乏外部评价与监督。行为优秀企业和行为不足企业并没有完全得到资本市场、社会舆论层面正向和负向评价反馈。尤其在持续融资、社会舆论评价等方向，“美丽中国”评价并未成为核心影响方向之一。

2）仍缺乏具备影响力的环保公约性组织。目前更多企业采取被动应对监管部门检查，而不是从主动做好，以及历史责任感层面落实环保工作。

采取主要操作措施包括：

1）认真学习、理解和参与“美丽中国” 相关工作。2026年，生态环境部环境与经济政策研究中心（以下简称政研中心）组织开展的“美丽中国绿色空间使用者”评价导则研究取得阶段性重要成果，《美丽中国绿色空间使用者评价导则》编制完成。国泰海通研究所“美丽中国”研究小组全程学习和参与该准则的制定与修订。对准测的实操性提供宝贵意见。

2）积极推广和落实《导则》及《应用指引》工作。为扩大其在全社会影响力，践行和推动《美丽中国建设全民行动促进计划（2026—2030年）》在全社会中的具体实践。国泰海通研究所ESG及“美丽中国”研究小组在企业财报分析、相关研报编制、企业调研工作中，积极引入《应用指引》评级体系，以评估企业绿色低碳表现等“美丽中国”工作。

项目组建专项绿色投研工作组，参照国内双碳政策规范与气候披露准则，结合A股行业属性特征，搭建差异化绿色发展评价框架，确立绿色转型、气候治理、环境履约、可持续运营四大研判维度。针对细分行业制定专属调研细则，常态化开展上市公司实地走访调研，系统核验企业低碳技改、能耗管控、气候治理体系建设等落地情况，精准甄别企业绿色发展核心优势与改进空间。将调研信息与公司可持续发展披露交叉核验，确保调研数据真实完整、研判依据严谨规范。

3）探索以绿色金融服务新质生产力的可行路径。在实际工作中，向上市公司宣讲《评应用指引》的相关理念，积极推动上市公司按照《美丽中国建设全民行动促进计划（2026—2030年）》的相关行为准则共同建设和推动ESG生态在中国的建立。

依托上市公司可持续披露与调研积累，项目重构研究报告撰写范式，将气候风险研判、绿色转型成效、可持续运营能力评估正式纳入研报固定模块，与传统财务分析、估值定价、行业比较体系深度融合，形成“财务估值+绿色转型”复合评价体系。通过搭建专业化绿色投研数据库，实现企业双碳数据常态化归集、整理与分析，为研报量化研判、逻辑输出、估值定价提供系统化数据支撑，实现规范化输出。

实施主体：

国泰海通研究所ESG与“美丽中国”研究小组负责持续跟踪、评测上市公司“美丽中国”工作完成情况，与此同时向社会和企业推广和宣传《导则》及《应用指引》。

推进过程

1）发挥自身影响力，通过调研与沟通，推动上市公司落实绿色空间相关工作。国泰海通证券股份有限公司，是中国资本市场长期、持续、全面领先的综合金融服务商。国泰海通研究所ESG及“美丽中国”研究小组长期致力于中国上市企业“美丽中国”评价及研究工作，具备较强社会影响力和公信力。国泰海通研究所ESG及“美丽中国”小组通过长期持续不懈与企业交流和讨论绿色空间行为改善工作价值和意义，力争使得更多企业可以按照《美丽中国建设全民行动促进计划（2026—2030年）》要求来完善自身“美丽中国”实践。

2）积极发挥研究平台和第三方评价体系价值。通过在企业财报分析、相关研报编制、企业调研工作中，积极引入《应用指引》体系和其他核心“美丽中国”评测体系，对上市公司进行“美丽中国绿色空间使用者行动”工作的持续评价。使得优秀“美丽中国”企业得到社会正向反馈，不足“美丽中国”企业能够看改进方向及改进举措。

3）持续与各类型“美丽中国”机构保持接触，紧跟政策更新、准则颁布与产业升级趋势，共建中国“美丽中国”生态圈，将绿色金融理念有机嵌入服务实体经济之中，探索出一条以绿色金融服务新质生产力的可行路径。

Project Outcome

Main Highlights

1) This activity is an important exploration in implementing the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)." For a long time, the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)" has provided guiding opinions at the programmatic level, but in concrete implementation there has been a lack of sustained, quantifiable, and operable key methods.

This initiative combines securities firms' corporate financial report analysis, preparation of related research reports, and corporate research work with the "Guidelines" and the "Application Guidelines." On the one hand, it enables regular and continuous tracking of corporate behavior in accordance with financial reporting periods; on the other hand, it also forms an intuitive, quantifiable, and operable feedback system.

This combination is an important manifestation of promoting the transformation of research results into practical application and providing institutional innovation outcomes and policy support for the building of a Beautiful China.

2) The introduction of the "Application Guidelines" by securities firms is also an important manifestation of organically embedding low-carbon finance, green investment, and ESG concepts into the lifeblood of serving the real economy, and exploring the use of green finance to serve new quality productive forces. For a long time, the financial industry has consistently emphasized doing a good job in the "five major articles" (the five major directions of technology finance, green finance, inclusive finance, pension finance, and digital finance). Promoting the introduction of the "Application Guidelines" into corporate financial report analysis, preparation of related research reports, and corporate research work is, based on green finance considerations, an important manifestation of further promoting listed companies' active implementation of the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)."

3) Securities research reports have the characteristics of broad influence and continuous updating. Considering that corporate financial reporting occurs every quarter, regularly tracking and reviewing corporate green development practices through the form of securities firms' financial report analysis can better observe the implementation of enterprises' environmental protection and carbon reduction work.

4) Relying on a mature investment research output system, the project conducts regular professional exchanges with various institutional investors such as public funds and insurance companies, continuously exporting long-term and sustainable green investment logic to the capital market, and guiding institutional investors to incorporate corporate climate governance capacity and green development potential into their core investment decision-making frameworks. At the same time, it builds a two-way feedback mechanism for investment and financing, simultaneously absorbing institutional investment demands and listed companies' transition needs, dynamically optimizing evaluation standards, and forming a closed-loop operating model of "research deeply cultivating industry, research reports standardizing pricing, and investment research leading the market."

成果亮点

主要亮点;

1) 本次活动是践行《美丽中国建设全民行动促进计划（2026—2030年）》的重要探索。长期以来，《美丽中国建设全民行动促进计划（2026—2030年）》在纲领上形成指导意见，但是在具体践行中缺乏持续、可量化、可操作的关键性办法。

本次将证券公司企业财报分析、相关研报编制、企业调研工作与《导则》及《应用指引》相结合方式，一方面可按照财报期定期对企业行为进行持续性跟踪，另一方面也形成可量化、可操作的直观反馈体系。

以上结合是推动研究成果落地转化，为美丽中国建设提供制度创新成果和政策支撑的重要体现。

2）本次券商引入《应用指引》，也是将低碳金融、绿色投资与ESG理念有机嵌入服务实体经济血脉之中，探索以绿色金融服务新质生产力的重要体现。长期以来，金融行业始终强调做好“五篇大文章”（科技金融、绿色金融、普惠金融、养老金融与数字金融五大方向）。本次推动将《应用指引》引入企业财报分析、相关研报编制、企业调研工作，是基于绿色金融考量，进一步推动上市公司积极落实《美丽中国建设全民行动促进计划（2026—2030年）》的重要体现。

3）券商研报具有影响广泛和持续更新的特点。考虑企业财报工作每季度发生，通过券商财报分析形式定期对企业绿色发展实践情况进行跟踪、复盘，可以更好观测企业环保、降碳工作落实情况。

4）依托成熟的投研输出体系，项目面向公募、保险等各类机构投资者开展常态化专业交流，持续向资本市场输出长期、可持续的绿色投资逻辑，引导机构投资者将企业气候治理能力、绿色发展潜力纳入核心投资决策框架。同时搭建投融资双向反馈机制，同步吸纳机构投资诉求与上市公司转型需求，动态优化评价标准，形成“调研深耕产业、研报规范定价、投研引领市场”的闭环运行模式。

Project Highlights

Positive Impacts Generated by Introducing the "Guidelines" and "Application Guidelines" Rating System to Listed Companies

Ecological and Environmental Value

1) Introduced the "Guidelines" and "Application Guidelines" to more than 20 key enterprises and encouraged them to apply the content of the Guidelines to their strategies and business practices. At the same time, in more than 20 instances of corporate financial report analysis, preparation of related research reports, and corporate research work, the "Guidelines" and "Application Guidelines" rating system and other core ESG evaluation systems were actively introduced. This promoted China's core energy, power, and real estate enterprises to further intensify carbon reduction and emission reduction efforts, and in particular enhanced these enterprises' awareness and understanding of "Beautiful China."

2) By continuously introducing the "Guidelines" and "Application Guidelines" to the capital market, dozens of peer institutions in the capital market actively participated in the promotion and application of the "Evaluation Guidelines." This enabled the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)" to be implemented to a greater extent at the practical level.

Social Impact

The related listed company reports totaled more than 20, and were reposted on many platforms such as Tencent, Sina, and Daohe, with clicks exceeding one million times. They gained broad social recognition. They promoted leading listed companies in China's energy, power, and real estate sectors to pay attention to the relevant requirements of the "Guidelines" and "Application Guidelines," and to apply the content of the Guidelines to their strategies and business practices.

Before the implementation of the project, the capital market's investment research system centered on operations, finance, and valuation analysis, with deep cultivation of industry trends and value creation. After the ESG and "Beautiful China" research group of the Guotai Haitong Research Institute completed the construction of the evaluation system, the market began to pay more attention to the "Guidelines" and "Application Guidelines" evaluation system. The project successfully built an industry-differentiated green and sustainable investment research evaluation system, comprehensively covering about 5 core industries (thermal power, hydropower, real estate development, property management, and nuclear power) and more than 20 key listed companies, producing more than 20 standardized professional research reports incorporating sustainable development and green transition assessments, greatly enhancing the comprehensiveness and forward-looking nature of investment research outcomes.

In addition, the project has strong innovative highlights: 1) Mechanism innovation, breaking the inherent investment research model of domestic securities firms that emphasizes strategic and financial matters while neglecting sustainable development, and establishing a composite evaluation system of "financial valuation + green transition"; 2) Pathway innovation, establishing a cyclical operating mechanism of "sustainability disclosure – research collection – quantitative assessment – market feedback," enabling the evaluation system to update synchronously with policies, industry, market, and enterprises; 3) Collaborative innovation, building a three-dimensional collaborative mechanism of "investment research pricing, standard empowerment, industry linkage, and value guidance," and unblocking the transmission pathway for green value pricing in the capital market. Relying on the credibility of securities firms' professional investment research, it conveys long-term, rational, and sustainable green investment concepts to the entire market, guiding investors to focus on enterprises' long-term green development value, standardizing market investment orientation, optimizing the green finance ecosystem, and effectively fulfilling the industry social responsibility of securities firms in leading value investment in the capital market and serving the green transition of the real economy.

The project is highly sustainable and replicable, and has formed standardized research report writing specifications, an indicator evaluation manual, and a data processing system. The entire evaluation system is adaptable to listed companies across all industries and can be quickly replicated to securities research institutions throughout the market, providing a mature model for the standardized construction of sustainable investment research in the capital market and continuously helping the capital market serve the dual carbon strategy.

成果影响力

通过对上市公司引入《导则》与《应用指引》评级体系，所产生的积极影响包括：

生态环境价值

1）对超过20家重点企业介绍《导则》与《应用指引》，并鼓励企业将导则内容应用于战略、经营实践。与此同时，在超过20份/次企业财报分析、相关研报编制、企业调研工作中，积极引入《导则》与《应用指引》评级体系和其他核心ESG评测体系。推动中国核心能源、电力、房地产企业进一步加大降碳减排工作力度，尤其是提高了相关企业对“美丽中国”的认知与理解。

2）通过持续向资本市场介绍《导则》与《应用指引》，使得数十家资本市场同行积极参与《评价导则》的推广和应用。使得美丽中国建设全民行动促进计划（2026—2030年）》在实践层面得到更大落实。

社会影响

相关上市公司报告合计20+份，在腾讯、新浪、道合等诸多平台转发，点击率超百万次。获得广泛社会认同。推动中国能源、电力、房地产龙头上市公司关注《导则》与《应用指引》相关要求，并将《导则》内容应用于战略、经营实践。

项目实施前，资本市场投研体系以经营、财务与估值研判为核心，深耕产业趋势与价值创造。本次国泰海通研究所ESG及“美丽中国”研究组在评价体系构建完毕后，市场开始更加关注《导则》与《应用指引》评估体系。项目成功搭建行业差异化绿色可持续投研评价体系，全面覆盖5个左右核心行业（火电、水电、房地产开发、物业、核电）、20多家重点上市公司，产出含可持续发展、绿色转型评判的标准化专业研报20余篇，大幅提升投研成果的综合性与前瞻性。

此外，项目具备极强创新亮点：1）机制创新，打破国内券商重战略财务、轻可持续发展的投研固有模式，建立“财务估值+绿色转型”复合评价体系；2）路径创新，建立“可持续披露-调研归集-量化研判-市场反馈”的循环运行机制，实现评价体系与政策、产业、市场、企业同步更新；3）协同创新，构建“投研定价、标准赋能、产业联动、价值引导”的立体化协同机制，畅通资本市场绿色价值定价传导路径。依托券商专业投研公信力，向全市场传递长期、理性、可持续的绿色投资理念，引导投资者聚焦企业长期绿色发展价值、规范市场投资导向、优化绿色金融生态，切实履行券商引领资本市场价值投资、服务实体经济绿色转型的行业社会责任。

项目具备高度持续性与可复制性，已形成标准化研报撰写规范、指标评价手册与数据处理体系。整套评价体系适配全行业上市公司，可快速复制至全市场券商研究机构，为资本市场可持续投研标准化建设提供成熟范本，持续助力资本市场服务双碳战略。

Reviews & Honors

Evaluation Feedback

The related research reports and communication interviews received broad social recognition and positive feedback from listed companies. More enterprises have begun to understand and recognize the practical significance and positive value of the "Action Promotion Plan for Building a Beautiful China through Nationwide Participation (2026–2030)" as well as the "Guidelines" and "Application Guidelines."

The refined green governance evaluation system in the research reports provides a transition reference for listed companies, helps pilot enterprises optimize their own climate governance structures and green development strategies, and builds a virtuous two-way cycle of "value guidance on the capital side and quality-improvement response on the industrial side," deeply promoting the concept of green finance empowering the real economy to take root.

Media/Industry Recognition

The related listed company reports totaled more than 20, and were reposted on many platforms such as Tencent, Sina, and Daohe, with clicks exceeding one million times, gaining broad social recognition.

Awards and Honors

The ESG and "Beautiful China" research group of the Guotai Haitong Research Institute, including Tu Lilei, Wu Jie, and Fu Yifan, has been named a Best Industry Analyst by New Fortune for many consecutive years.

评价与荣誉

评价反馈

相关研究报告以及沟通访谈取得广泛社会认可和上市公司积极反馈。更多企业开始了解和认识到《美丽中国建设全民行动促进计划（2026—2030年）》以及《导则》与《应用指引》的现实意义和积极价值。

研报精细化的绿色治理评价体系，为上市公司提供了转型参照，协助试点企业优化自身气候治理架构与绿色发展战略，搭建起“资本端价值引导、产业端提质响应”的良性双向循环，深度推动绿色金融赋能实体经济的理念落地生根。

媒体/行业认可

相关上市公司报告合计20+份，在腾讯、新浪、道合等诸多平台转发，点击率超百万次，获得广泛社会认同。

奖项荣誉

国泰海通研究所ESG及“美丽中国”研究组包括涂力磊、吴杰、傅逸帆，连续多年荣膺《新财富》最佳行业分析师。