1. Report Industry Investment Rating - No information provided 2. Core View of the Report - EUA prices have turned down due to the expected increase in supply. The EUA futures settlement price was 70.74 euros/ton, a decrease of 0.67%, with a trading volume of 36,200 lots (an increase of 0.65). The signal strength of the strategy is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1]. 3. Summary according to Related Catalogs 3.1 Market Conditions - **Primary Market**: The auction price and bid - cover ratio are not available [1]. - **Secondary Market**: The EUA futures settlement price was 70.74 euros/ton, down 0.67%, and the trading volume was 36,200 lots, up 0.65. The spot settlement price on March 25, 2026, was 69.77 euros/ton, down 0.69%, and the spot trading volume was 5,801 lots, up 1.48% [1][3]. 3.2 Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1]. 3.3 Logic - **Positive Factors**: Germany hopes to significantly reduce its dependence on fossil fuel imports and narrow the climate gap [1]. - **Negative Factors**: The latest CoT report shows that investment funds' net long positions have decreased by 6.24 million tons; the EU plans to announce measures next week to keep EUAs that would otherwise be cancelled in the market to suppress a sharp rise in carbon prices [2]. 3.4 Other Information - The cease - fire clue has reduced the risk premium, and the TTF price has fallen but remains at a high level [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - EUA continues to rebound due to Trump's peace plan [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 Trump issued a peace plan while opening "non - hostile" oil tankers to Iran, and there is no new bearish factor [1] Group 3: Summary by Related Catalogs Market Conditions - In the primary market, the auction price is 67.06 euros/ton (up 3.65%), and the bid - cover ratio is 1.55. In the secondary market, the EUA futures settlement price is 71.22 euros/ton (up 2.83%), with a trading volume of 29,700 lots (down 0.82) [1] - On March 24, 2026, the EUA auction price was 67.06 euros/ton, the CBAM certificate price was 65.22 euros/ton, the auction volume was 271,250 tons, the bid - cover ratio was 1.55, and the auction revenue was 181.9 million euros. On March 23, 2026, the EUA auction price was 69.71 euros/ton, the CBAM certificate price was 64.70 euros/ton, the auction volume was 271,250 tons, the bid - cover ratio was 1.37, and the auction revenue was 175.5 million euros [3] - On March 24, 2026, the EUA futures settlement price was 71.22 euros/ton (up 2.83%), the trading volume was 29,700 lots (down 0.82), and the open interest was 340,200 lots. The spot settlement price was 69.77 euros/ton (up 2.77%), the trading volume was 24,280 lots (down 1,813), the container shipping carbon cost was 2,594 US dollars/TEU, and the freight cost ratio was 1.48% [4] Other Information - The European Commission removed the long - awaited proposal to ban Russian oil imports from its temporary agenda on Tuesday, and the original plan was to announce the proposal on April 15 [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EU carbon market's EUA continues to rebound. Trump's peace plan is a positive factor, and there are no new negative factors. The EU Commission has removed the release date of the long - awaited EU ban on Russian oil import proposal from its temporary agenda [1][2] 3. Summary According to Relevant Catalogs Latest Market Conditions - **Primary Market**: The auction price is 67.06 euros/ton (3.65% increase), and the bid - cover ratio is 1.55. On March 24, 2026, the EUA auction volume was 271.25 tons, and the auction revenue was 18,190,000 euros [1][3] - **Secondary Market**: The EUA futures settlement price is 71.22 euros/ton (2.83% increase), with a trading volume of 29,700 lots (-0.82). The spot settlement price on March 24, 2026, was 69.77 euros/ton (2.77% increase), and the spot trading volume decreased by 1,813 lots [1][4] Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1] Core Logic - **Positive Factors**: Trump issued a peace plan while opening "non - hostile" oil tankers to Iran [1] - **Negative Factors**: There are no new negative factors [1] - **Other Information**: The EU Commission removed the release date of the EU ban on Russian oil import proposal from its temporary agenda, originally planned to be announced on April 15 [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Trump's release of a cease - fire signal led to a rebound in EUA. The auction price was 64.7 euros/ton (-2.98%), with a bid - cover ratio of 1.37. The EUA futures settlement price was 69.26 euros/ton (2.36%), and the trading volume was 37,900 lots (-0.70). The signal strength was 0 (0 means empty position, ±1 means bullish/bearish bias, ±2 means bullish/bearish) [2] - The positive factor is that Trump suspended the threat to "destroy" the Iranian nuclear power plant and waited for further negotiations, causing a rebound in global capital markets and a sharp decline in oil and gas prices. The negative factor is that the damage to Qatar's Ras Laffan may affect 8 - 12 months (about 20% of global LNG supply), pushing TTF to remain at a high level. Additionally, the World Meteorological Organization released the "2025 Global Climate Status Report", confirming that 2015 - 2025 was the hottest 11 - year period on record [2] Summary by Related Catalog Market - **Auction**: On March 23, 2026, the EUA auction volume was 2.7125 million tons, the auction price was 64.7 euros/ton (-2.98%), the bid - cover ratio was 1.37, and the auction revenue was 175.5 million euros. On March 20, 2026, the EUA auction volume was 1.093 million tons, the auction price was 66.69 euros/ton, the bid - cover ratio was 2.11, and the auction revenue was 72.89 million euros. The CBAM certificate price was 69.71 euros/ton on both dates [2] - **Futures**: On March 23, 2026, the EUA futures settlement price was 69.26 euros/ton (2.36%), the trading volume was 37,900 lots (-0.70), and the open interest was 338,300 lots. On March 20, 2026, the futures settlement price was 67.66 euros/ton [2] - **Spot**: On March 23, 2026, the EUA spot settlement price was 67.89 euros/ton (2.41%), and the trading volume was 4,407 lots. On March 20, 2026, the spot settlement price was 66.29 euros/ton, and the trading volume was 2,784 lots. The container shipping carbon cost was 23.68 US dollars/TEU on March 23, 2026, with a freight - cost ratio increase of 1.45% [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Trump's cease - fire signal led to a rebound in EUA. The auction price was 64.7 euros/ton (-2.98%), and the bid - cover ratio was 1.37. The EUA futures settlement price was 69.26 euros/ton (2.36%), with a trading volume of 3.79 million lots (-0.70). The signal strength was 0 [2]. - The bullish factor was that Trump paused threatening to "destroy" the Iranian nuclear power plant and waited for further negotiations, resulting in a rebound in global capital markets and a sharp drop in oil and gas prices. The bearish factor was that the damage to Qatar's Ras Laffan might affect 8 - 12 months (about 20% of global LNG supply), pushing TTF to remain at a high level [2]. - The World Meteorological Organization released the "2025 Global Climate Status Report" on Monday, confirming that 2015 - 2025 was the hottest 11 - year period on record [2]. Group 3: Summaries by Directory Auction Information - On March 23, 2026, the EUA auction volume was 271,250 tons, the bid - cover ratio was 1.37, the auction revenue was 175.5 million euros, the EUA auction price was 64.70 euros/ton, and the CBAM certificate price was 69.71 euros/ton. On March 20, 2026, the EUA auction volume was 109,300 tons, the bid - cover ratio was 2.11, the auction revenue was 72.89 million euros, the EUA auction price was 66.69 euros/ton, and the CBAM certificate price was 69.71 euros/ton [2]. Futures and Spot Market Information - Futures: On March 20 - 23, 2026, the futures settlement price increased from 67.66 euros/ton to 69.26 euros/ton (2.36%), the trading volume decreased by 0.70 million lots to 3.79 million lots, and the open interest remained unchanged at 33.83 million lots [2]. - Spot: On March 20 - 23, 2026, the spot settlement price increased from 66.29 euros/ton to 67.89 euros/ton (2.41%), the trading volume increased from 2,784 lots to 4,407 lots, and the freight cost ratio was 1.45% [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - TTF price has strengthened again, and the pressure of policy softening has caused EUA to decouple and pull back [2] - The bullish factor is that Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, indicating more intense global LNG competition during the summer replenishment window [2] - The bearish factor is that some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] 3. Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 68.99 euros/ton (-2.49%), and the bid coverage ratio is 1.52 [2] - Secondary market: The EUA futures settlement price is 70.35 euros/ton (-0.58%), and the trading volume is 38,400 lots (-0.55) [2] - Signal strength: 0 (0 means short position, ±1 means bullish/bearish, ±2 means strongly bullish/bearish) [2] Strategy - Bullish: Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, meaning more intense global LNG competition during the summer replenishment window [2] - Bearish: Some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - Other: The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] Market Data - EUA auction volume, CBAM certificate price, auction revenue, EUA auction price, and bid coverage ratio on different dates are presented in the table, such as on March 5, 2026, the EUA auction price is 68.99 euros/ton, and the bid coverage ratio is 1.52 [2] - EUA futures and spot market data including futures settlement price, trading volume, spot settlement price, and spot trading volume are provided, with their changes and percentage changes [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The global situation is becoming more uncertain, and EUA is decoupled from TTF, showing a volatile trend [2] - There are no new positive factors, while there are negative factors such as the revised nuclear strategy announced by Macron and the energy crisis caused by the Iran conflict [2] 3. Summary by Directory Market Conditions - **Auction**: The EUA auction price on March 2, 2026, was 68.42 euros/ton, a decrease of 2.62%, and the bid - cover ratio was 1.63. The CBAM certificate price was 69.51 euros/ton, and the auction volume was 2712500 tons, with an auction revenue of 185.59 million euros [2][4] - **Futures**: The EUA futures settlement price on March 2, 2026, was 70.57 euros/ton, an increase of 0.40%, and the trading volume was 56800 lots, an increase of 2.77 lots. The futures position was 343900 lots [5] - **Spot**: The EUA spot settlement price on March 2, 2026, was 69.22 euros/ton, an increase of 0.42%, and the trading volume was 3248 lots, an increase of 24.35 lots [5] Strategy Core Logic - **Positive Factors**: None [2] - **Negative Factors**: Macron announced a revised nuclear strategy and opened deterrence exercises to European allies, increasing global uncertainty; the Iran conflict compressed natural gas supply, causing TTF to soar by 45% and triggering an energy crisis, which is negative for European industrial demand [2]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The carbon market rules softening call has resurfaced, and EUA has significantly weakened. The auction price of EUA in the primary market decreased by 1.91% to 68.37 euros/ton, and the EUA futures settlement price in the secondary market dropped by 2.22% to 70.97 euros/ton [2]. - There are no new positive factors, while negative factors include Germany's loosening of key elements in the EU carbon market and Italy's hope to suspend the EU carbon market [2]. 3. Summary by Relevant Catalogs 3.1 Market Quotes - **Primary Market**: The auction price of EUA was 68.37 euros/ton, a decrease of 1.91%, and the bid - coverage ratio was 1.58 [2]. - **Secondary Market**: The EUA futures settlement price was 70.97 euros/ton, a decrease of 2.22%, with a trading volume of 45,500 lots. The spot settlement price was 69.60 euros/ton, a decrease of 2.25% [2][4]. 3.2 Strategy - The signal strength is 0 (0 means short - position, ±1 means slightly long/short, ±2 means long/short) [2]. 3.3 Core Logic - Belgium hopes to include low - carbon hydrogen in the EU's green targets; otherwise, industrial projects may be delayed or cancelled [2]. - The European gas storage inventory is about 32%, significantly lower than the five - year average of 49%. However, the sufficient arrival of LNG in Europe has hedged the decline in inventory. Kpler expects that the arrival of LNG in Europe in February will reach 0.14 billion tons, setting a new monthly high, a year - on - year increase of 22% [2].

Report Industry Investment Rating - Not provided Core Viewpoints - EUA gave back the previous day's gains due to the general decline in European and American stocks and currencies [2] - There are no new positive factors, while negative factors include increased global trade uncertainty and the general decline in European and American stocks [2] Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price was 70.4 euros/ton, a decrease of 0.66%, and the bid coverage ratio was 1.04 [2] - **Secondary Market**: The EUA futures settlement price was 71.38 euros/ton, a decrease of 3.25%, and the trading volume was 32,500 lots, an increase of 0.10 [2] Strategy Core Logic - **Positive Factors**: No new positive factors [2] - **Negative Factors**: Increased global trade uncertainty and the general decline in European and American stocks [2] Auction Information - On February 23, 2026, the EUA auction price was 70.40 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 2.7125 million tons, the bid coverage ratio was 1.04, and the auction revenue was 190.96 million euros [4] - On February 20, 2026, the EUA auction price was 70.87 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 1.093 million tons, the bid coverage ratio was 2.60, and the auction revenue was 77.46 million euros [4] Futures and Spot Market Information - **Futures**: On February 23, 2026, the futures settlement price was 71.38 euros/ton, a decrease of 3.25% compared to February 20; the trading volume was 32,500 lots, an increase of 0.10; the open interest was 346,800 lots, with no change [5] - **Spot**: On February 23, 2026, the spot settlement price was 72.42 euros/ton, a decrease of 3.30% compared to February 20; the trading volume was 1,988 lots, a decrease of 248, and the freight cost accounted for 1.82% [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - EU plans to increase free quota supply, causing EUA to plummet [1] - The signal strength is 0 (0 means short position, ±1 means bullish/bearish, ±2 means long/short) [1] - Bullish factor: Latest data shows EU natural gas inventory is only about 39 - 43%, with Germany, France, and the Netherlands having particularly low inventory, lower than last year's and long - term average [1] - Bearish factors: (1) European and American stock markets closed down collectively, spreading market pessimism; (2) EU plans to relax emission restrictions on EU ETS enterprises and consider increasing free quotas [1] Group 3: Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 80.55 euros/ton (-0.31%), and the bid coverage ratio is 1.45 [1] - Secondary market: The EUA futures settlement price is 78.2 euros/ton (-5.69%), and the trading volume is 71,700 lots (2.40) [1] - On February 5, 2026, the EUA auction price was 80.55 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 2.7125 million tons, bid coverage ratio was 1.45, and auction revenue was 218.49 million euros [3] - On February 4, 2026, the EUA auction price was 80.80 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 1.5245 million tons, bid coverage ratio was 2.03, and auction revenue was 123.18 million euros [3] - On February 5, 2026, the EUA futures settlement price was 78.20 euros/ton (-5.69%), trading volume increased by 2.40 ten - thousand lots to 7.17 ten - thousand lots, and the position remained unchanged at 35.55 ten - thousand lots [4] - On February 5, 2026, the EUA spot settlement price was 76.59 euros/ton (-5.67%), trading volume increased by 27.18% to 11,465 lots [4]