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中民投执行副主席专访:追求负责任的投资

2017-10-31 11:35 作者: 来源: 本站 浏览: 992 次 字号:

摘要: ESG投资是指在投资过程中,在财务回报的考量之外,将环境、社会和公司治理(简称ESG)等因素纳入投资的评估决策中。近年来,国际资本市场对ESG投资理念日益认同,这一理念也在中国的资本市场开始普及。 中民投董事局执行副主席李银珩近期接受了媒体专访,解读...

ESG投资是指在投资过程中,在财务回报的考量之外,将环境、社会和公司治理(简称ESG)等因素纳入投资的评估决策中。近年来,国际资本市场对ESG投资理念日益认同,这一理念也在中国的资本市场开始普及。

中民投董事局执行副主席李银珩近期接受了媒体专访,解读了中民投集团在中国倡导和推行ESG投资的努力,以下是我们为您带来的专访与报道分享。

1CMIG’s Quest for Responsible Return

     李银珩执行副主席专访:追求负责任的投资

QWhats the CMIG strategy?

中民投的投资策略是什么样的?

AIn seeking sustainable, long-term returns, CMIGs investment strategy is guided by two themes: economic transformation areas, such as new energy, infrastructure, and financial services; and consumer areas, such as in-home senior care and healthcare.

为了寻求可持续的、长期的回报,中民投的投资策略有两个方向:经济转型领域,如新能源、基建和金融服务;还有消费者领域,比如居家养老和医疗健康。

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Our unique investment approach involves deep participation in targeted industries. Operations teams at each of our subsidiaries improve efficiency, with financial support.

我们的投资包括了对于目标行业的深度参与。在金融的支持下,每个子公司的运营团队都能够很好地提升效率。

CMIG stakeholders share resources, experience, and wisdom with the goal of win-win investing. We’ve promoted an “industrial teaming-up model” to support urban development in China’s Hainan Province, Guangxi Province, and the city of Wuhan.

在互利共赢的投资目标指导下,中民投的股东资源共享,经验互补。我们提倡“企业抱团发展”的模式,并且以这样的模式助力海南、广西、武汉等地的发展。

QWhats your take on ESG?

中民投对ESG怎么看?

AIncorporating ESG issues into the investment process reduces risk, drives performance, and identifies investment opportunities. It can have a positive influence on long-term financial performance.

ESG的考量加入到投资过程中有助于降低风险、提高业绩和发现投资机会。它对于长期的金融表现有积极的影响。

CMIG New Energy is building the world’s largest contiguous solar farm in Ningxia, which gets more sunlight than any other area in China. When finished, it will cover 46 square kilometers, meet the needs of about 2 million families, and address poverty by creating 2,000 jobs.

中民新能正在宁夏盐池建设世界上最大的单体光伏电站。完工之后,它的面积将达46平方公里,能够满足200万家庭的用电需求,同时将创造2000个岗位解决当地的贫困问题。

Investment isn’t only about chasing returns; it demands responsibility. Through ESG-based investments, CMIG explores opportunities and incubates businesses so that capital can really benefit society. CMIG will always strive to be a respected, trustworthy investor. That’s why at every board meeting we remind ourselves we should never forget the beginner’s mind.

投资并不仅仅要追求回报,还需要承担责任。通过基于ESG的投资,中民投发现投资机会、孵化企业,进而让资金真正地有利于社会。中民投会为成为值得尊敬、信赖的投资者这一目标不断努力。这也是为什么在每一次董事会议的时候,我们都要提醒自己——不忘初心。

 

2ESG Leader CMIG Builds Investments on Shared Strength

     ESG领袖中民投:基于合作与共享的投资

China Minsheng Investment Group (CMIG) is blazing at rail for ESG investors in the world’s second-largest economy. In fact, the Shanghai-based firm with more than USD$45 billion in assets under management was the first investment house in China to build an ESG portfolio.

中民投集团正在为中国这个世界第二大经济体的ESG投资者开辟道路。事实上,这家总部位于上海、资产规模超过450亿美元的公司是中国第一个建立ESG投资组合的投资集团。

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That was in 2014, when the group was founded by 59 private enterprises with expertise in areas ranging from manufacturing to cold chain logistics, asset management, pharmaceuticals, and e-commerce. Today, CMIG is a parent of a dozen subsidiaries focused on clean energy, green building construction, elder care, insurance, and other sectors.

2014年,中民投由59家领先民营企业共同出资成立,股东涵盖诸多行业,包括机械制造、冷链物流、资产管理、生物制药、电子商务等。今天,中民投已经成立了多个子公司,分别关注清洁能源、绿色建筑、养老、保险等多个板块。

Since its inception, no single stakeholder has controlled more than 2 percent of CMIG. The firm is all about bringing together private capital to share resources, reduce risk, and facilitate group development. Its vision is to drive China’s economic upgrading and transformation by injecting private investment’s vitality into traditional industries.

自成立以来,中民投没有任何一个股东的持股量超过2%,该公司希望聚合民营资本力量、降低风险、共同发展,公司的愿景是引领民营资本投资,推动经济转型升级。

The firm gets strategic advice from a group of prominent leaders and economists who serve on the CMIG Global Advisory Council, including Angus Deaton, 2015 winner of the Nobel Memorial Prize in Economic Sciences; Dominiquede Villepin, former prime minister of France; and Goh Chok Tong, former prime minister and now emeritus senior minister of Singapore.

中民投拥有一个由杰出领袖和经济学家组成的智库——全球专家咨询委员会(GAC),成员包括2015年诺贝尔经济学奖得主安格斯•迪顿,法国前总理多米尼克•德维尔潘,新加坡前总理、荣誉国务资政吴作栋等国内外具有显赫声望与地位的权威专家。

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CMIG believes cooperation and sharing leads to strength. Thus, in April, it led a consortium of Asian financial institutions in launching a fund for investment opportunities in ESG areas such as elder care and healthcare, as well as fintech and industries tied to China’s Belt and Road global outreach initiative.

中民投相信合作与共享是成功的关键。因此,中民投在今年4月牵头打造亚洲机构投资者联合海外投资基金。亚联投海外基金将重点关注发达经济体以及“一带一路”沿线国家的ESG领域,如养老医疗、高新科技、金融科技及新兴产业的投资机会。

3ESG Investing Finds a Big Home in China

     ESG投资在中国蓬勃发展

Don’t be surprised if the next driver you hail with a smartphone app in Shanghai pulls up in an electric sedan.

如果你在上海用打车软件叫到了一辆电动汽车,千万不要觉得奇怪。

Financial support is pouring into Chinese electric car manufacturing, ride-hailing apps, bike-sharing, and other zero-emission ways of getting around thanks to booming investor interest in environmentally sustainable transportation. One result is that drivers-for-hire with electric cars are increasingly common in Shanghai.

由于投资者对可持续性交通的兴趣与日俱增,大量的金融支持涌入了中国的电动车制造、打车应用、共享单车和其他零排放交通相关行业。其中的一个结果就是,电动汽车在上海开始变得司空见惯。

Transportation is just one of many sectors now supported by ESG (environmental, social, governance) investors, asset managers, government policymakers, and a wide range of manufacturers and service providers in China. Solar power, elder care, water conservation, and eco-friendly, pre-fabricated buildings are also on the ESG agenda.

交通只是如今中国ESG(环境、社会、公司治理)投资者、资产管理者、政策制定者和制造商所支持的诸多行业之一。太阳能、居家养老、水源保护和环境友好的装配式建筑都在ESG投资的范围之内。

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By 2020, the government plans to have increased clean energy’s contribution to the nationwide energy mix to 15 percent and boost pre-fabricated housing to 20 percent of all new residential construction, according to Kevin E. Lee, Executive Vice Chairman at CMIG, China’s first ESG-focused investment group.

根据中民投执行副主席李银珩的介绍,中国政府计划到2020年,让清洁能源在全国能源消费结构中的占比达到15%,装配式建筑在新建住宅中的占比达到20%

China’s investment community is clearly on board. ESG and “responsible investing” conferences drew large crowds in recent months at a event sponsored by the Asset Management Association of China.

中国的投资者自然会顺应这样的潮流。前几个月,中国证券投资基金业协会举办的“负责任的投资原则:ESG定义投资新趋势”国际研讨会就吸引了大批的投资者参加。

Meanwhile, the government has been promoting credit instruments called “green bonds” as a right-thing-to-do financing channel for environmentally friendly infrastructure projects, consumer product manufacturing, and power generation.

同时,政府也在推行“绿色债券”融资工具,用于为环境友好的基建工程、消费者产品制造和新能源进行融资。

Not only are green bonds designed to support the nation’s fight against air, land, and water pollution by, for example, financing solar power stations, but they’re also backing companies whose products and engineering know-how can compete in the global marketplace.

绿色债券的设计不仅仅是为了通过资助太阳能电站等方式来对抗空气、土地和水源污染,它同时也可以用来支持那些产品和专业技术能够在全球市场上有一席之地的公司。

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图片来源:《Institutional Investor》关于ESG投资报道

A policy circular released in late 2016 by the government’s National Development and Reform Commission (NDRC), on behalf of the Central Committee of the Communist Party of China, put the onus on lower level governments in cities, counties, and provinces to support bond financing for infrastructure projects that protect nature and improve environmental conditions.

国家发改委在2016年发布的一份政策通知(注:《绿色债券发行指引》)中,强调地方政府应积极引导社会资本参与绿色项目建设。

“Local governments should actively guide social capital to participate in green project construction” through “investment subsidies, subsidy guarantees, bond discounts, fund injections and other means,” according to the policy. Building projects pegged as “green” can involve water conservation systems and industrial parks with low-emission power sources.

文件中说道:“地方政府应积极引导社会资本参与绿色项目建设,鼓励地方政府通过投资补助、担保补贴、债券贴息、基金注资等多种方式,支持绿色债券发行和绿色项目实施”,“绿色项目”可以包括水源保护和低排放能源工业园等。

One example of ESG in action is a solar power and poverty alleviation project in western China’s Ningxia Hui Autonomous Region. Farmers who used to eke out a living in a desert are now raising sheep by taking advantage of pasture grass growing amid solar panels at the Ningxia Solar Farm. A CMIG division that’s building the solar plant also helped farmers finance sheepraising businesses.

ESG的一个鲜活案例是中国西部宁夏自治区的光伏电站和扶贫项目。原先在沙漠地区勉强维持生计的农民,开始养殖起了滩羊。这其中功不可没的是中民投宁夏(盐池)新能源综合示范区的光伏板。正是这些光伏板遮挡了强烈的阳光,让草得以生长。另外,负责建造这座光伏电站的中民投旗下中民新能也帮助农民进行滩羊养殖的融资。

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A recent report by Deloitte predicted Chinese government preferential policies will continue supporting green corporate bonds and similar ESG investment initiatives for the long term. Beijing wants “all types of financial institutions, securities investment funds and other investment products, the Social Security Fund, and corporate pension and social funds” to invest in “green companies, enterprises and other institutional investment bonds,” the report said.

近期德勤的一个报告指出,从长期来看,中国政府的政策会持续向绿色企业债券和其他的ESG投资倾斜。中国政府希望“所有的金融机构、证券投资基金、其他的投资产品、社保基金、企业养老金和社会资金”能够投资到“绿色公司、企业和其他机构投资基金中”。

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