BlackRock(US:BLK) ZHESHANG SECURITIES·2025-11-04 09:26Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The "14th Five-Year Plan" aims to achieve carbon peak and accelerate the green transformation of the economy and society, with a focus on establishing a clean, low-carbon, safe, and efficient energy system [1] - The issuance of ESG bonds remains strong, with nearly 100 new bonds issued in October, contributing to a total issuance of 965.6 billion yuan from January to October 2025, surpassing the total for the previous year [2] - The national carbon price has dropped to approximately 50 yuan per ton, nearly halving since the beginning of the year [1][2] Summary by Sections 1. ESG Data Tracking - In October, two ESG funds were issued, both equity mixed funds, while the domestic ESG equity index showed mixed performance, with the SEEE Carbon Neutrality Index continuing to yield excess returns [2] - The national carbon market saw a trading volume of 41.56 million tons in October, with an average transaction price of 47.84 yuan per ton, closing at 51.96 yuan per ton, a decrease of 10.37% from the previous month [2] 2. Policy Tracking Domestic Policy Tracking - The "14th Five-Year Plan" emphasizes the need for a dual control system for carbon emissions and aims to enhance the carbon market's coverage [12][20] - The Ministry of Industry and Information Technology is seeking opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," focusing on green and low-carbon standards [17] - The State Council approved the issuance of the first special policy document on green trade, targeting weak links in the industry [21] Overseas Policy Tracking - The EU has postponed the implementation of the CSRD for non-EU companies until after October 2027, reflecting internal regulatory discrepancies [23] - The US banking regulators have rescinded climate-related financial risk management principles, indicating a shift in regulatory focus [24] 3. Market Data Tracking - The report highlights a continued strong issuance of ESG bonds, with a total of 965.6 billion yuan issued in the first ten months of 2025, exceeding the total for the previous year [2][20] - The carbon price in the national market has decreased significantly, reflecting market dynamics and regulatory impacts [2][22] 4. International Cooperation - Puro.earth has partnered with Indonesia to enhance biochar technology, supporting the development of the carbon credit market [28] - The Chinese delegation participated in the COP30 preparatory meeting, emphasizing the need for multilateral cooperation in climate action [29]