全国碳市场行情简报（2025年第62期）-20250422

Group 1: Report Industry Investment Rating - None provided Group 2: Core Views of the Report - The market is actively traded, with the comprehensive price of CEA dropping significantly and testing the lower support at 76 yuan/ton [3]. - It is recommended that enterprises with a quota gap wait and see temporarily and purchase when the price drops to an appropriate level [3]. - The remaining 40% of the mandatory circulation quota in 2025 can only meet part of the market demand, and about 050-0.6 billion tons of market demand may be met by the voluntary sales of surplus enterprises [3]. - The newly included industries in 2024 have no quota gap for compliance, and the gap in the national carbon market may be lowered, but it has limited impact on the supply-demand balance; the expansion plan brings short-term negative sentiment and may accelerate the release of the mandatory circulation quota, with the short-term support for the comprehensive price around 76 yuan/ton [4]. - Attention should be paid to the trading activity around the pre-allocation deadline of the 2024 quota (April 20); the exhaustion point of the mandatory circulation quota is postponed, and the upward momentum may appear after Q2 of 2025 [4]. Group 3: Summary by Relevant Catalogs Market Quotes - For CEA, CEA19 - 20 has a nearly 9% supplementary decline, and CEA22 and 23 have a decline of over 1%. The listed volume is 246,000 tons, and the bulk volume is 300,000 tons [3]. - For CCER, the listed agreement trading volume is 300 tons, and the average trading price is 98 yuan/ton, a decrease of 2.47% [3]. Carbon Quota (CEA) Information | Carbon Quota | Closing Price (yuan/ton) | Change (%) | New - Old Price Difference (yuan/ton) | Bulk Average Trading Price (yuan/ton) | Total Trading Volume (10,000 tons) | Listed Agreement Trading Volume (10,000 tons) | Bulk Agreement Trading Volume (10,000 tons) | Total Transaction Amount (10,000 yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 19 - 20 | 76.00 | -8.98% | - | N/A | 0.14 | 0.14 | 0.00 | 10.31 | | 21 | 77.00 | 0.00% | 1.00 | N/A | 0.00 | 0.00 | 0.00 | 0.00 | | 22 | 77.00 | -1.10% | 0.00 | N/A | 0.10 | 0.10 | 0.00 | 7.70 | | 23 | 77.39 | -1.71% | 0.39 | 83.33 | 54.60 | 24.60 | 30.00 | 4403.66 | [6][7] Voluntary Emission Reduction (CCER) Information - The average trading price is 98 yuan/ton, a decrease of 2.47%. The transaction amount is 300 yuan, the trading volume is 300 tons, and the cumulative trading volume is 1.577 million tons [8]