On July 9th, at the "China's Economy: A New Journey with New Quality" 2026 KE Holdings Annual Conference, the "A-Share Listed Companies ESG Excellence Practice Report" was released. The report indicates that 2026 marks the first mandatory disclosure requirement for A-share ESG information, officially ushering in a new "dual-track" phase where mandatory and voluntary disclosures coexist. According to the report, as of April 30th, a total of 2,711 listed companies across the market had independently disclosed ESG-related reports, achieving a disclosure rate of 49.2%, which is a further improvement over previous years. Among these, all 446 companies subject to mandatory disclosure have completed the preparation and disclosure of their 2025 ESG-related reports, achieving a 100% disclosure rate.

In this context, KE Holdings, based on public data and ESG rating data, selected 30 outstanding exemplary companies across six dimensions: corporate governance, social responsibility, green practices, technological innovation, green finance, and "A+H" benchmark enterprises. CSC Securities was successfully selected as a case study for the "KE Holdings ESG Green Finance Pioneer" award, recognized for its outstanding practices in the ESG field.

ESG Disclosure Landscape Reshaped, Financial Sector Leads the Way

The overall landscape of A-share ESG information disclosure is rapidly transforming, with the financial industry consistently playing a pioneering role. The report shows that within the non-bank financial sector, 71 companies disclosed ESG-related reports, with a disclosure rate approaching 90%, significantly higher than the market average. This high rate stems from three key drivers: clear regulatory compliance requirements, the rigid demand for ESG information from institutional investors, and the industry's own business relevance in areas like green finance and climate risk management.

The KE Holdings ESG evaluation system is grounded in listed companies' public information and exposure to public sentiment risks, providing a comprehensive assessment of their ESG governance. The selection process strictly excluded companies with multiple regulatory violations, those that had not paid dividends for three consecutive years, or those listed on the risk warning board, ensuring that selected companies possess a solid compliance record and governance foundation.

Building on this, KE Holdings incorporated specific metrics for financial firms, such as their 2025 ESG practices, growth in green credit, and risk control capabilities, while also referencing their 2025 penalty records. Ultimately, five companies—CSC Securities, Postal Savings Bank of China, East Money Information, China International Capital Corporation, and Capital Securities—were selected for the "KE Holdings A-Share Listed Companies ESG Green Finance Pioneer" case studies.

CSC Securities: A Representative Case

CSC Securities stands as one of the representative institutions among them. The company has consecutively published 10 ESG-related reports, including two sustainability reports, actively disclosing to stakeholders its specific measures, key practices, and performance metrics regarding sustainability and material ESG issue management.

Diverse Practices Drive Sustainability, Strengthening ESG Foundations

It is understood that CSC Securities has long integrated ESG principles deeply into its core business development strategy. Focusing on "deepening green finance leadership," "strengthening shared social value creation," and "improving modern governance systems," the company promotes the coordinated implementation of its ESG development strategy alongside its corporate strategy.

The company's "2025 Sustainability Report" shows that it has established a top-down ESG governance structure. The board of directors oversees ESG matters comprehensively and bears ultimate responsibility, while an ESG Committee under the Executive Committee coordinates various departments to integrate ESG factors into corporate governance, business strategy, and risk management. The company has also incorporated ESG-related indicators into the performance evaluation systems for management and employees, strengthening incentive and constraint mechanisms to foster a company-wide effort in ESG work.

Specifically, anchoring its goals on building a "value investment bank, new quality investment bank, and digital-intelligent investment bank," CSC Securities actively promotes "finance for good." It does this by deepening green finance leadership, strengthening shared social value creation, and improving modern governance systems to support the achievement of "dual carbon" goals and high-quality economic and social development.

In 2025, CSC Securities positioned green finance as a key focus for serving the real economy. Aligning with national green and low-carbon transition directions, it continued to guide financial resources towards clean energy, energy conservation, environmental protection, green infrastructure, and related industrial sectors.

In green financing, the company built an integrated "equity + debt" green financing service system in 2025. It cumulatively completed nearly 40 billion yuan in domestic and international green equity financing and acted as lead underwriter for 145 green bonds, with an underwriting amount of 64.811 billion yuan, effectively revitalizing capital flows for green industries.

Over a longer period, from 2021 to 2024, the company completed equity financing projects for over 40 green and low-carbon companies, including CATL and JinkoSolar, with a total financing scale exceeding 90 billion yuan. It served as lead underwriter for 352 green bonds with a total underwriting scale of nearly 190 billion yuan, raising over 800 billion yuan in funds.

In green investment, CSC Capital cumulatively invested in 7 green projects in 2025, with an investment amount of 300 million yuan, providing capital support to green enterprises and promoting green technology innovation and industrial application.

In carbon finance, the company remained active in carbon market trading and infrastructure development, conducting carbon allowance trading in regions like Shanghai and Hubei. In 2025, its cumulative trading volume reached 239,500 tons, with a value exceeding 9.08 million yuan, providing liquidity to the market.

Due to its persistent efforts in ESG management practices, CSC Securities received high recognition from international mainstream rating agencies in 2025. Its MSCI ESG rating was upgraded from A to AA, and it was selected for the China Association for Public Companies' "2025 Best Practice Cases for Sustainable Development of Listed Companies."

Standing at the new starting point of the "15th Five-Year Plan" period, CSC Securities stated in its annual report that it will continue to anchor its strategic goal of building a "first-class investment bank." It aims to enhance the quality and effectiveness of financial services through high-quality ESG management, focusing on cultivating new quality productive forces, implementing "dual carbon" goals, and upgrading people's livelihood security. The company seeks to demonstrate its responsibility in serving national strategies and write a new chapter of high-quality development through superior financial services and stronger innovation momentum.