CITIC Securities: The low-carbon transition during the "14th Five-Year Plan" has entered a systematic implementation phase, and global ESG governance is trending towards standardization.

CITIC Construction Investment Research Report points out that the green and low-carbon transition is entering a deepening phase driven by the synergy of policies, standards, and capital. At the domestic level, the "14th Five-Year Plan" carbon peak action plan and supporting mechanisms are undergoing systematic implementation, the institutional framework for zero-carbon parks, carbon markets, and transition financing is gradually taking shape, and the connections between green electricity, green certificates, and carbon accounting are continuously deepening. The transition is moving from top-level design to actionable pathways. At the global level, the convergence of ESG standards and the parallel evolution of net-zero constraints are providing increasingly clear expected coordinates for companies' low-carbon investments. In terms of market funding, the monthly issuance scale of domestic ESG bonds has set a new annual high, while overseas ESG funds maintain net inflows, rebounding to 3.7 trillion yuan.