全国碳市场行情简报（2025年第115期）-20250715

Report's Investment Rating - No information provided Core Viewpoints - The report suggests that enterprises with a quota gap should make phased low - cost purchases before the end of August. The depletion of the mandatory circulation quota may support the carbon price reversal. With less than half of the 2025 mandatory circulation quota released, it's expected to be exhausted by mid - October. Anticipatory trading may lead to a carbon price reversal in Q3. Before August, the carbon price may fluctuate due to slow quota release and low trading willingness. From September, the price may rise as compliance pressure mounts, but price volatility may intensify in the second half of the year [4] Summary by Related Catalogs Market Quotes - CEA: The main targets showed mixed trends and were generally weak. The listed volume was 3.1 thousand tons, and the bulk volume was 0.0 thousand tons. The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 71.34 yuan/ton, 71.00 yuan/ton, 74.50 yuan/ton, 74.11 yuan/ton, and 74.50 yuan/ton respectively, with the CEA23's price dropping by 0.86% and CEA24 rising by 0.04%. The total trading volume of CEA23 was 2.11 thousand tons, and that of CEA24 was 1.00 thousand tons [3][6] - CCER: The listed agreement trading volume was 0.15 thousand tons, the average trading price was 83.05 yuan/ton (down 0.51%), the trading amount was 124,700 yuan, and the cumulative trading volume was 237,660 tons [3][8]