Guotai Haitong Securities(SH:601211) Guo Tai Jun An Qi Huo·2026-03-10 07:16Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - EUA is running stably for now after the EU officially approved the 2040 emission reduction target [1] - The signal strength of the strategy is 0 (0 means empty position, ±1 means bullish/bearish, ±2 means long/short) [1] - The bullish factor is that the EU officially approved the 2040 emission reduction target, aiming to reduce by 90% compared to the 1990 level and allowing up to about 5% of emissions reduction through international carbon credits [1] - There is no new bearish factor [1] Group 3: Summary by Related Catalogs Latest Market Conditions - In the primary market, the auction price is 69.66 euros/ton (0.97%), and the bid - cover ratio is 2.5 [1] - In the secondary market, the EUA futures settlement price is 70.57 euros/ton (0.31%), and the trading volume is 36,700 lots (-0.17) [1] Strategy - Signal strength: 0 (0 for empty position, ±1 for bullish/bearish, ±2 for long/short) [1] Core Logic - Bullish: EU officially approved 2040 emission reduction target, reducing by 90% compared to 1990 level and allowing up to about 5% reduction via international carbon credits [1] - Bearish: No new bearish factors [1] - Other: European auto lobby groups seek further concessions on EU emission standards due to limited progress in carbon dioxide data; the International Energy Agency warned that if the crisis caused by US - Israel's strike on Iran persists, Europe and Asia will compete for scarce LNG supplies [1]