全国碳市场行情简报（2025年第94期）-20250613

Group 1: Report Overview - Report Title: National Carbon Market Market Briefing (Issue 94, 2025) [1] - Publisher: Guotai Junan Futures - Release Date: June 13, 2025 [2] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - CEA23 and CEA24 prices rebounded above 70 yuan, with 15,000 tons in the listing and 420,000 tons in the bulk market [2] - The CCER listing agreement had a trading volume of 1,100 tons and an average trading price of 89.32 yuan/ton, a 2.34% increase [2] - It is recommended that enterprises with a quota gap make phased purchases at low prices before the end of August [2] - 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 [2][3] - The release of mandatory circulation quotas was insufficient two days ago, with potential selling pressure still existing. The market price is fluctuating at the bottom and lacks upward momentum. Considering the verification node, the trading volume is expected to rise in mid - to late June. After the CEA price fell to around 70 yuan, bottom - fishing demand emerged, and the bottom range in June was raised to 68 - 73 yuan/ton [5] - If the selling node of surplus enterprises continues to be postponed, the price bottom may be lower and the rebound height more limited. If the single - day trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [5] Group 4: Market Data Summary CEA Market Data | Quota Type | Closing Price (yuan/ton) | Change (%) | New - Old Price Difference (yuan/ton) | Bulk Average Trading Price (yuan/ton) | Total Trading Volume (10,000 tons) | Listing Agreement Trading Volume (10,000 tons) | Bulk Agreement Trading Volume (10,000 tons) | Total Turnover (10,000 yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CEA19 - 20 | 69.11 | 0.00% | - | N/A | 0.00 | 0.00 | 0.00 | 3004.64 | | CEA21 | 72.00 | 0.00% | 2.89 | N/A | 0.00 | 0.00 | 0.00 | 0.00 | | CEA22 | 71.50 | 0.00% | -0.50 | N/A | 0.00 | 0.00 | 0.00 | 0.00 | | CEA23 | 71.00 | 1.65% | -0.50 | N/A | 1.25 | 1.25 | 0.00 | 88.75 | | CEA24 | 71.20 | 2.45% | 0.20 | 71.20 | 42.20 | 0.20 | 42.00 | 0.00 | [7][8] CCER Market Data - Average trading price: 89.32 yuan/ton, a 2.34% increase - Trading volume: 1,100 tons - Turnover: 993,000 yuan [9]