全国碳市场行情简报（2025年第166期）-20250930

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The pre - holiday trading activity in the carbon market declined, and the main targets continued to decline. It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of October [2]. - The exhaustion of mandatory circulation quotas may be a real support for the reversal of carbon prices. It is expected that the mandatory circulation quotas will be exhausted in October, but anticipatory trading may occur, and signs of a carbon price reversal may be seen in Q3 [2][3]. - From September, key emission units will gradually formulate trading plans based on the allocation of verified quotas, and the accelerated release of mandatory circulation quotas may put pressure on carbon prices. By the end of October, as the compliance pressure gradually emerges and the release of mandatory circulation quotas nears the end, the upward momentum is expected to accumulate, and carbon prices may enter a stage of trending recovery [4]. 3. Summary by Relevant Catalogs Carbon Emission Allowance (CEA) Market - Trading Volume: The total volume of listed CEA was 58.5 tons, and the volume of bulk transactions was 116.5 tons. Among different years' CEAs, CEA23 had a total trading volume of 48.85 tons, and CEA24 had a total trading volume of 126.16 tons [2][5]. - Price: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 65.00 yuan/ton, 59.00 yuan/ton, 60.00 yuan/ton, 53.61 yuan/ton, and 55.33 yuan/ton respectively. The price of CEA23 decreased by 4.06%, and that of CEA24 decreased by 1.02% [5]. China Certified Emission Reduction (CCER) Market - Trading Volume and Price: The volume of listed CCER agreements was 1.89 tons, with a transaction average price of 76.23 yuan/ton, a year - on - year increase of 5.81%. The transaction amount was 143.87 million yuan, and the cumulative trading volume was 318.41 tons [2][7].