The period of the 15th Five Year Plan is a crucial stage for building a beautiful China, carrying forward the past and opening up the future, expanding the scope and improving the quality, and achieving fundamental improvement in the ecological environment. In this context, the "Application Guidelines for Implementing the Requirements of Building a Beautiful China in Securities Research Reports" jointly prepared by the Environmental and Economic Policy Research Center of the Ministry of Ecology and Environment and Wanwu Cloud Research has been released, providing a measuring standard for evaluating the practice and performance of listed companies in implementing ecological concepts and green development.

The construction of a beautiful China requires the joint participation of the whole society, and cannot be separated from the extensive participation of enterprises, including listed companies. However, for a long time, research reports on listed companies have mainly focused on financial fundamentals, valuation and pricing, and market trends, with less systematic inclusion of relevant content on the construction of a beautiful China and green and low-carbon development. The concept of 'green mountains and clear waters are as valuable as mountains of gold and silver' needs to be truly implemented, which requires both companies to take action and the capital market to provide quantifiable and comparable measurement scales, "said the person in charge of the Environmental and Economic Policy Research Center of the Ministry of Ecology and Environment.

In response to this, the "Application Guidelines for Implementing the Requirements of Building a Beautiful China in Securities Research Reports" is aimed at the research departments of securities companies. In addition to traditional financial fundamentals analysis, it adds an analytical framework for the content of building a beautiful China to the report, guiding securities analysts to systematically study the practical effectiveness of listed companies in implementing ecological civilization construction and promoting green and low-carbon development, and providing important references for enterprises to implement green and low-carbon transformation.



“十五五”时期是美丽中国建设承前启后、扩面提质，实现生态环境根本好转的关键阶段。在此背景下，由生态环境部环境与经济政策研究中心联合万物云研究编制的《证券研究报告落实美丽中国建设相关要求应用指引》出炉，为评价上市公司践行生态理念、落实绿色发展的实践和成绩提供衡量标尺。

美丽中国建设需要全社会共同参与，也离不开包括上市公司在内的广大企业的广泛参与。但长期以来，针对上市公司的研究报告主要聚焦财务基本面、估值定价和市场走势，较少系统纳入美丽中国建设和绿色低碳发展的相关内容。“‘绿水青山就是金山银山’理念要真正落地，既需要企业拿出行动，也需要资本市场提供可量化、可比较的衡量尺度。”生态环境部环境与经济政策研究中心有关负责人说。

对此，《证券研究报告落实美丽中国建设相关要求应用指引》面向证券公司研究部门，在传统财务基本面分析之外，为报告增设一套美丽中国建设相关内容的分析框架，引导证券分析人员系统研判上市公司落实生态文明建设、推进绿色低碳发展的实践成效，提供企业实施绿色低碳转型的重要参考。




It is worth noting that this guideline is based on the institutional context of China's ecological civilization construction and the actual transformation stage of Chinese enterprises. It does not simply apply the logic of overseas ESG ratings, but is committed to building an independent evaluation system for sustainable development of Chinese enterprises. Simply put, it means making the achievements of enterprise services for ecological civilization construction 'visible' in the discourse system of the capital market, and further transforming them into market incentives for sustained investment, transforming green transformation from 'I have to do it' to 'I want to do it', "said Wang Weiwei, General Manager of the Wanwu Cloud Sustainable Development Center.

At present, the Environmental and Economic Policy Research Center of the Ministry of Ecology and Environment and Wanwu Cloud are conducting feasibility and market applicability assessments of the guidelines, and inviting capital market entities such as securities companies to participate in discussions and empirical tests. The research departments of top securities companies such as CITIC Securities and Guotai Haitong Securities have taken the lead in participating in joint exploration and practice.



值得注意的是，该指引立足我国生态文明建设的制度语境和中国企业实际转型阶段，不简单套用境外ESG评级逻辑，致力于构建我国自主的企业可持续发展评价体系。“简单说，就是让企业服务生态文明建设的成果，在资本市场的话语体系中‘看得见’，从而进一步转化为持续投入的市场激励，将绿色转型从‘要我做’变成‘我要做’。”万物云可持续发展中心总经理王唯唯表示。

目前，生态环境部环境与经济政策研究中心与万物云正在开展指引的可操作性与市场适用性评估，并邀约证券公司等资本市场主体共同参与研讨和实证检验。中信证券、国泰海通证券等头部证券公司的研究部门已率先参与联合探索与实践。

(Using AI translation)

（使用AI翻译）