As a major hub for science, education, and energy in the western region, Shaanxi has long exhibited a unique &#34;dual-driven&#34; industrial structure: on one hand, it relies on a dense military-industrial system and research institutions to form advantageous sectors in aerospace, new materials, and high-end manufacturing; on the other hand, resource-based industries such as coal, electricity, and natural gas constitute the economic foundation, supporting regional growth. In the current context of &#34;dual carbon&#34; constraints and a strategy for technological self-reliance, these two forces are undergoing distinctly different value reassessments.
Recently, Jiaan Jinxin released the &#34;ESG-V Rating List of Listed Companies in Shaanxi Province.&#34; Unlike traditional ESG evaluations that focus on environmental (E), social (S), and governance (G) responsibilities, the ESG-V system introduces a &#34;Value Realization&#34; (V) dimension based on the aforementioned three dimensions, emphasizing whether companies possess the capability to transform responsibility management and governance ability into real effectiveness in sustainable profitability and capital returns. In other words, it not only measures whether companies &#34;fulfill their responsibilities,&#34; but also focuses on whether &#34;responsibility can form long-term value support.&#34;
From the rating structure of the top 50 sample companies, Shaanxi presents a distinct pattern of &#34;stable innovation, pressured energy, and overall differentiation.&#34; Enterprises restructured from research institutions and the high-end manufacturing sector form the regional value center, while traditional energy sectors such as coal and electricity, although still profitable, face increasingly evident environmental constraints. It is also worth noting that even leading companies in the new energy sector may face pressure in comprehensive evaluations if their governance structures and social responsibilities are not optimized in tandem.
<h2>Innovation Sector Leads: Value Transformation Capability of the &#34;Big Institutions&#34; Model</h2>
In this rating, although there are no AAA companies in Shaanxi, the quality of the AA tier is relatively high, concentrated in the fields of research services and high-end manufacturing.
XIHARI (688334) received a comprehensive AA rating, excelling in social and governance dimensions. As a testing and certification company restructured from a research institution, its environmental burden is relatively controllable, and the technical barriers and governance norms form a stable dual cornerstone of value. This is a typical representation of the &#34;Big Institutions&#34; model under the ESG-V framework: the accumulation of research within the system is being transformed into marketable governance capabilities and profitability stability.
The new materials sector also performed steadily. Companies like Western Superconducting (688122) and Ruile New Materials (688550) have comprehensive ratings in the A range, showing coordinated performance in governance and value dimensions. The commonality of these technology-intensive enterprises lies in their relatively low resource consumption intensity, with R&amp;D capabilities and market barriers becoming the main sources of value, resulting in less pressure from environmental and social responsibilities, thus facilitating a positive cycle of responsibility and profitability.
Lanshan Technology (300487) also received an A rating, achieving A-level in governance and value dimensions, demonstrating the dual advantages of the leading company in adsorption separation materials in terms of technical barriers and profitability quality.
In the military-industrial sector, companies such as AVIC Xi'an Aircraft Industry (000768), Triangle Defense (300775), and Huaqin Technology (688281) are mostly rated in the BBB range, maintaining a neutral and stable governance and value dimension. This reflects the gradual improvement of military enterprises in governance standardization and profitability stability, but there is still room for improvement in environmental and social dimensions—this also constitutes a potential path for them to leap to higher ratings
Overall, the Shaanxi scientific research and high-end manufacturing sectors are becoming the &#34;value stabilizers&#34; under the ESG-V system. The common characteristics of these enterprises are: they do not rely on resource consumption, do not bear historical environmental burdens, and achieve the synergistic evolution of responsibility management and profitability through technological accumulation and governance optimization.
<h2>Energy Sector Differentiation: Profits Remain, Environmental Red Flags Emerge</h2>
Compared to the technology innovation sector, the rating structure of energy and resource-based enterprises presents a more complex differentiation landscape.
Shaanxi Coal Industry (601225) and Jinchuan Molybdenum Co., Ltd. (601958) have a comprehensive rating of BBB, with value dimensions reaching A or BBB, indicating that their profitability and cash flow remain strong. However, in the environmental dimension, both companies are rated CCC. This typical profile of &#34;strong value, environmental pressure&#34; accurately depicts the reality of resource-based enterprises under the &#34;dual carbon&#34; constraints: their ability to make money has not weakened, but environmental performance has become a key variable limiting their comprehensive ratings.
The electricity and gas sectors also exhibit similar characteristics. Shaanxi Energy (001286) and Shaanxi Natural Gas (002267) have comprehensive ratings concentrated in the BBB range, with weak performance in the environmental dimension. For high-emission industries, improving environmental governance capabilities is no longer just a compliance issue, but a rigid constraint directly related to future valuation logic.
It is worth noting that even leading new energy companies in the green track may not automatically receive high ratings. Longi Green Energy (601012) has a comprehensive rating of B, with significant shortcomings in environmental and governance dimensions, and a social dimension rating of CCC. This result sends an important signal from the ESG-V system: &#34;green industry&#34; does not equate to &#34;green enterprise.&#34; If governance structures and social responsibility management are not optimized simultaneously, even photovoltaic giants may face pressure in comprehensive evaluations.
<h2>Financial and Service Sector: Governance Foundation Acceptable, Value Stability Differentiation</h2>
Shaanxi financial enterprises such as Western Securities (002673) and Shaanxi Guotou A (000563) have ratings concentrated in the A range, with relatively balanced performance in governance and environmental dimensions. Western Securities received an A rating in the environmental dimension, standing out in the financial sector; Shaanxi Guotou A achieved an A rating in governance and value dimensions. The commonality of these enterprises lies in: lighter environmental burdens, higher governance norms, and relatively clear profit models.
However, differentiation also exists. Xi'an Bank (600928) has a comprehensive rating of BB, with pressure in social and value dimensions, indicating differences in risk management and governance structures among financial enterprises. Under the ESG-V framework, the ability of financial institutions to realize value increasingly depends on the quality of their governance and the degree of refinement in their social responsibility management.
Digital marketing company Yidian Tianxia (301171) received an A rating, achieving AA in the environmental dimension, becoming a highlight in Shaanxi's modern service industry.
This sector overall presents a structural characteristic of &#34;acceptable governance foundation, but significant differentiation in value stability.&#34;
The distribution of comprehensive ratings can distill three trends:
First, the research and high-end manufacturing sectors constitute the value center of Shaanxi. Relying on the technological barriers and governance norms accumulated through the &#34;big institutions&#34; model, these enterprises demonstrate higher responsibility and profitability coordination under the ESG-V framework, becoming the most valuable asset group for long-term allocation in the region.
Second, the energy sector is at a turning point for transformation. The rating structure of companies like Shaanxi Coal and Gold Molybdenum Co., Ltd. reveals that profitability is no longer an unconditional safety net, and environmental performance is becoming a rigid variable affecting valuation logic. For investors, this means a need to reassess the long-term capital attractiveness of traditional advantageous industries.
Third, &#34;green industries&#34; do not automatically equate to &#34;high ratings.&#34; The case of LONGi Green Energy serves as an important warning: even in the new energy sector, if governance structures and social responsibility management are not optimized in sync, companies may also face pressure in comprehensive evaluations. What ESG-V measures is not the sector, but the ability of enterprises to build a closed loop between responsibility, governance, and profitability.
<h2>From &#34;Dual-Driven&#34; to &#34;Dual-Coordinated&#34;</h2>
For investors, this list is not only a ranking of responsibility performance but also a map of risks and opportunities for regional industrial upgrading. It clearly reveals that in a province like Shaanxi, which coexists with high-level research and energy resources, the future competitiveness of enterprises will no longer depend on past production capacity or technological concepts, but on their ability to achieve synchronous upgrades in environmental and governance structures while maintaining profitability.
The ESG-V rating from Jinan Jinxin has provided a deep &#34;value check&#34; for listed companies in Shaanxi. The results show that the research sector is forming new value anchor points, while the energy sector stands at a crossroads of transformation. Those who can convert environmental constraints into the driving force for technological upgrades and those who can build a more solid responsibility system at the governance level are likely to gain the initiative in the next round of industrial reshuffling.
From &#34;dual-driven&#34; to &#34;dual-coordinated,&#34; the transformation and advancement path of Shaanxi enterprises has just entered the deep water zone. This rating aptly marks the current progress coordinates.
Central Enterprise ESG-V Rating Rankings
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Top 50 ESG-V Rating Rankings
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(Author | Jinan Research Institute, Editor | Cai Pengcheng)
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688334

The ESG-V ratings of listed companies in Shaanxi Province show a pattern of "stable innovation, pressured energy, and overall differentiation." Enterprises reformed from research institutes and high-end manufacturing form the regional value center, while the traditional energy sector faces environmental constraints. The ESG-V system focuses on the long-term value of corporate responsibility management and governance capabilities. Although new energy companies perform well, they may still face evaluation pressure if their governance structures are not optimized. XIHARI (688334) performed outstandingly in the ratings, receiving an AA rating

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Shaanxi Listed Companies ESG-V Rating: "Dual-Drive" Differentiation, Steady Innovation High Ground, Energy Sector Under Environmental Pressure | Listed Company Observation