全国碳市场行情简报（2025年第122期）-20250724

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The depletion of mandatory circulation allowances may support a carbon price reversal, with expected signs in Q3, though the actual depletion is projected for mid - early October. Before August, carbon prices may fluctuate due to slow release of allowances and low trading willingness. From September, as compliance pressure mounts, prices may rise [8]. 3. Summary by Relevant Catalogs Market Conditions - CEA: The main target barely closed in the positive. There were 464,000 tons of listed allowances and 223,000 tons of bulk allowances. CCER: The listed agreement trading volume was 2,300 tons, with an average trading price of 81.57 yuan/ton, a decrease of 0.83% [6]. - The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 71.34 yuan/ton, 74.40 yuan/ton, 74.20 yuan/ton, 74.63 yuan/ton, and 74.50 yuan/ton respectively, with daily changes of 0.00%, 3.33%, 0.00%, 0.17%, and 0.04% [10]. - The total trading volumes of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 0.00 tons, 20,000 tons, 123,000 tons, 492,300 tons, and 72,000 tons respectively [10]. - The total trading amounts of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 6.3886 million yuan, 0.00 yuan, 36.4735 million yuan, 53.641 million yuan, and 14,700 yuan respectively [11]. - The average trading price of CCER was 81.57 yuan/ton, with a decrease of 0.83%, a trading amount of 1.835 million yuan, a trading volume of 2,300 tons, and a cumulative trading volume of 238,910 tons [12]. Strategies - Deficit enterprises are advised to make batch purchases at low prices before the end of August [6].