全国碳市场行情简报(2025年第183期)-20251104

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoint - The price of the main carbon trading target is rising, while the single - day trading volume has declined to around 1.5 million tons. It is recommended that enterprises with a quota gap purchase at low prices as soon as possible [4][5]. 3. Summary by Related Content Market Conditions - CEA: The main target rebounded strongly, with 944,000 tons listed and 589,000 tons in bulk transactions. CCER: The volume of listed - agreement transactions was 10,000 tons, and the average transaction price was 51.57 yuan/ton, with a 0.08% increase [4]. - Among different CEA years, CEA23 and CEA24 had price increases of 3.05% and 4.94% respectively, with closing prices of 45.59 yuan/ton and 46.72 yuan/ton [8]. - For CCER, the average transaction price was 51.57 yuan/ton, with a 0.08% increase, the transaction volume was 10,000 tons, and the cumulative transaction volume was 3.9516 million tons [10]. Strategy - It is recommended that enterprises with a quota gap purchase at low prices as soon as possible [5]. Core Logic - The depletion of mandatory circulation quotas may support a carbon price reversal. It is expected that the mandatory circulation quotas will be exhausted in November. By the end of October, as the compliance pressure emerges and the release of mandatory circulation quotas nears completion, the upward momentum of carbon prices may accumulate, and carbon prices may enter a stage of trend - based recovery. In late October, affected by non - market factors, power generation groups began to support prices jointly, increasing carbon price fluctuations [6].