全国碳市场行情简报（2025年第63期）-20250423

Report Information - Report Title: National Carbon Market Market Briefing (Issue 63, 2025) [1] - Publisher: Guotai Junan Futures [2] - Release Date: April 23, 2025 [3] Investment Rating - Not provided in the given content Core Viewpoints - Market trading volume declined, and the comprehensive price of CEA stopped falling [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 0.4 - 0.5 billion tons of market demand may be met by the voluntary sales of surplus enterprises [3] - The new industries included in 2024 have no quota gap for compliance, and the gap in the national carbon market may be lowered, but the impact on the supply - demand balance is limited; the expansion plan brings short - term emotional bearishness and may accelerate the release of mandatory circulation quotas, with the short - term support level of the comprehensive price around 76 yuan/ton [4] - The exhaustion node of the mandatory circulation quota is postponed, and the upward momentum may appear at the end of the third quarter and the beginning of the fourth quarter; if the selling node of surplus enterprises continues to move backward, the lower the price bottom, the more limited the rebound height [4] Summary by Relevant Catalogs CEA Market - CEA23 stopped falling, and there was no transaction for quotas of other years; 11.65 tons were listed, and 0.00 tons were traded in bulk [3] - The closing prices of carbon quota 19 - 20, carbon quota 21, carbon quota 22, and carbon quota 23 were 76.00 yuan/ton, 77.00 yuan/ton, 77.00 yuan/ton, and 77.58 yuan/ton respectively, with the latter having a 0.25% increase [6] - The total trading volume of carbon quota 23 was 11.65 tons, all through the listing agreement, and the total turnover was 903.93 million yuan [6][7] CCER Market - The listing agreement trading volume was 0.10 tons, and the average trading price was 95.00 yuan/ton, a decrease of 3.06%; the turnover was 9.64 million yuan, and the cumulative trading volume was 157.80 tons [8]