Guo Tai Jun An Qi Huo·2025-06-10 12:13Report Overview - Report Title: National Carbon Market Market Briefing (Issue 91, 2025) [1] - Release Date: June 10, 2025 [3] Investment Rating - Not provided in the report Core Viewpoints - The single - day trading volume of CEA exceeded 1 million tons again, and the CEA price was weakly stable. CEA23 and CEA24 showed a differentiated trend, with 27,000 tons in the listing market and 990,000 tons in the bulk market. The listing agreement trading volume of CCER was 20,000 tons, and the average trading price was 88 yuan/ton, with a change of 1.64% [4] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August. The remaining 40% of the mandatory circulation quotas in 2025 can only meet part of the market demand, and about 40 - 50 million tons of market demand may be met by the voluntary sales of surplus enterprises [4] - After the CEA price fell to around 70 yuan, bottom - fishing demand emerged. However, the release of mandatory circulation quotas is insufficient, potential selling pressure still exists, the market price is fluctuating at the bottom, and there is still a lack of upward driving force. Considering the verification node, the trading volume is expected to rise in the middle and late June, and the bottom range in June is expected to be 62 - 66 yuan/ton [5] - If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height may be more limited. If the single - day trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [5] Summary by Catalog CEA Market - Price and Volume Information: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 67 yuan/ton, 67.5 yuan/ton, 67 yuan/ton, 68.6 yuan/ton, and 68.25 yuan/ton respectively. The price changes were 0.00%, 0.00%, 0.00%, - 0.44%, and 0.37% respectively. The total trading volumes were 0 tons, 0 tons, 0 tons, 25,700 tons, and 991,000 tons respectively. The listing agreement trading volumes were 0 tons, 0 tons, 0 tons, 25,700 tons, and 1,000 tons respectively, and the bulk agreement trading volume of CEA24 was 990,000 tons. The total turnovers were 68.3763 million yuan, 0 yuan, 0 yuan, 1.7642 million yuan, and 0 yuan respectively [7][8] CCER Market - The average trading price was 88 yuan/ton, with a change of 1.64%. The trading volume was 20,000 tons, and the cumulative trading volume was 2.0016 million tons [9]