油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 碳月报 日期 2025 年 10 月 10 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员： ...

| 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 盘 | 59. 30 | 元/吨 | | 最 高 | 59. 30 | 元/吨 | | 最 低 | 57.90 | 元/吨 | | 收 盘 | 58. 23 | 元/吨 | | 涨幅 | -0. 97% | | 新华财经北京10月10日电据微信公众号"全国碳交易"，今日全国碳市场综合价格行情为： 开盘价59.30 元／吨，最高价59.30元／吨，最低价57.90元／吨，收盘价58.23元／吨，收盘价较前一日下跌0.97%。 | | 全国碳市场各年度碳排放配额成交情况(20251010) | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名年度 碳排放配额 | 开盘价 (元/吨) (元/吨) | 最高价 | 最低价 收盘价 (元/吨) (元/吨) | | | 道 | 日成交额 (元) | 累计成交量 (吨) | 累计成交额 (元) | 交易方式 | | | | | | | | - | - | 49 ...

全国碳排放权交易市场针对重点排放行业、企业，通过限制碳排放量来推动减排，并促进技术进步、产 业升级。全国温室气体自愿减排交易市场涉及范围更大，有利于激励更广泛的行业、企业参与温室气体 减排行动。两个碳市场各自独立运行，并通过配额清缴抵销机制相互衔接，共同构成全国碳市场体系， 实现对减排主体的全覆盖。 将多余的碳排放配额，通过全国碳排放权交易市场出售，再将获取的收益投入新的节能项目，形成良性 循环。这几年，河北省石家庄市良村热电有限公司通过这一方式完成烟气余热回收、燃烧器优化等技改 项目，煤电机组节能改造稳步推进，减排越多、收益越多。 碳市场一头牵着减碳目标，一头连着经济增长。作为积极应对气候变化、实现碳达峰碳中和目标的重要 政策工具，全国碳市场通过市场机制作用，将减排压力转化为内生动力，激励经营主体和社会各界参与 到全面绿色低碳转型进程之中。 目前，我国已建成了全球覆盖温室气体排放量最大的碳排放权交易市场，今年新纳入钢铁、水泥、铝冶 炼行业，实现对全国60%以上二氧化碳排放量的有效管控。同时，启动全国温室气体自愿减排交易市 场，先后出台造林碳汇、海上风电等6个方法学（方法学是指导温室气体自愿减排项目开发、实施 ...

聚焦行业层面，强化重点领域降碳管控。控制化石能源消费，制定新建项目煤炭消费等量减量替代制 度，加强火电运行小时数管控和电力用煤强度管理，逐步压减工业、生活等领域用煤总量。加快推进交 通运输电动化，推动石油消费进入平台期。加强天然气用途管控，推动增量天然气优先向电力供应、先 进制造业、居民生活等领域配置。开展重点行业碳排放监测预警，充分利用碳排放权交易市场、排污许 可、节能监察等数据，以电力、钢铁、有色、建材、石化、化工等工业领域为重点开展碳排放核算，逐 步扩大企业温室气体排放监测、报告与核查覆盖行业的比率和范围，推动火电、钢铁、水泥、废弃物处 理（大型污水处理厂、填埋场）等行业建设温室气体排放在线监测系统，开展常态化碳排放形势分析和 监测、预警。 聚焦企业层面，加强节能降碳管理。加强企业碳排放数据质量管理，积极融入"国—省—市"三级监管机 制，全面加强发电、石化、化工、建材、钢铁、有色、造纸、民航等重点行业企业温室气体排放数据质 量全链条管理，提升月度存证与审核、年度报告与核查质效。建立碳排放相关咨询、检验、计量器具维 护校准、技术审核等技术服务机构的跨部门跨地区监管机制，严厉打击数据造假等违法行为。结合全国 ...

未来，随着碳减排工作进一步深入，碳市场规则制度体系也将不断完善，建立健全与国家碳减排目标相 一致的分行业配额分配方案，建立系统完整的自愿核证减排项目方法学体系，将为我国实现绿色低碳注 入更加强劲动力。 随着更多碳排放主体被纳入碳市场，尤其是碳达峰后，碳排放强度控制将逐步转向碳总量控制，碳配额 分配将从免费分配向通过逐步提升配额拍卖比例转变，向"免费+有偿"相结合的方式转变，可以更好地 发挥碳价效率和功能，提高市场活跃度，提升政府对碳价的管控能力。 监测、报告与核查体系能确定排放单位的历史碳排放量、排放强度及其随时间的变化情况，是碳市场交 易机制有效发挥与落实的根基。只有当碳市场能准确计算其所覆盖的碳排放量和构成，才能将配额总量 分配到各个行业、各个企业，实现碳市场的碳排放总量控制目标，进而支撑国家减排目标的实现。因 此，碳排放数据质量全过程监管和基于自动监测的碳排放核算是加强碳排放核算与报告管理的重要方 向。针对不同行业特点，加快修订重点行业企业温室气体核算与报告指南，建立标准化的核查流程体 系，加强第三方核查机构监管，提高碳排放核查结果的准确性和可信度，强化数据可比性和可追溯性， 确保碳市场有效实施。 加快 ...

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards the comprehensive deepening and acceleration of the national carbon market, providing direction for institutional innovation and operational optimization, which is crucial for achieving carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Structure - The national carbon trading market consists of a mandatory carbon trading market and a voluntary emission reduction market, which are interconnected through quota clearing and offset mechanisms, each with its own focus and independent operation [2] - The carbon pricing mechanism is central to the carbon trading market policy, with quota allocation being a key factor influencing carbon pricing [2] Group 2: Quota Allocation and Control - Currently, carbon quotas are primarily allocated for free, based on carbon emission intensity and actual production, to avoid limiting production and impacting economic growth [2] - As more carbon emitters are included in the market, the focus will gradually shift from controlling carbon intensity to controlling total carbon emissions, transitioning from free allocation to a combination of free and paid allocation methods [2] Group 3: Monitoring and Verification - A robust monitoring, reporting, and verification (MRV) system is essential for accurately determining historical carbon emissions and their changes over time, which supports the effective implementation of the carbon market [3] - Improving the quality of carbon emission data through comprehensive regulation and automated monitoring is a key direction for enhancing carbon accounting and reporting management [3] Group 4: Green Technology and Economic Transition - Companies can promote green technology research and application through low-carbon production methods, creating a virtuous cycle of emission reduction, revenue generation, and reinvestment in research [4] - The transition to low-carbon industries can be facilitated by eliminating outdated production capacity and fostering the development of clean energy, low-carbon equipment manufacturing, and carbon consulting [4] - The establishment of a comprehensive voluntary certification methodology for emission reduction projects will provide stronger momentum for achieving green and low-carbon goals in the future [4]

Core Insights - China has announced a new round of Nationally Determined Contributions (NDCs), aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with non-fossil energy consumption reaching over 30% of total energy consumption [6][7] - The country has established the world's largest carbon market, covering over 60% of carbon dioxide emissions after including steel, cement, and aluminum industries [6][8] Regulatory Voices - The Minister of Ecology and Environment, Huang Runqiu, stated that nearly 20 million high-emission vehicles will be eliminated during the 14th Five-Year Plan [4] - The Deputy Minister of Ecology and Environment, Li Gao, emphasized the acceleration of building a unified national carbon market and expanding its coverage [4] - The Deputy Governor of the People's Bank of China, Lu Lei, highlighted the importance of financial institutions in carbon accounting and sustainable information disclosure [4] Policy Updates - The National Development and Reform Commission (NDRC) has initiated revisions to the pricing methods for electricity transmission and distribution to adapt to the new requirements of a modern power system [6] - The NDRC and the National Energy Administration released implementation opinions to promote the integration of artificial intelligence in the energy sector [6] Industry Insights - The China Alcohol Industry ESG Rating Platform 2.0 has been updated to cover all categories of alcoholic beverages, expanding from three to over ten categories [8] - The Shanghai Cooperation Organization has launched a platform to support renewable energy projects, including a target of adding 10 million kilowatts of photovoltaic and wind power capacity [8] - A recent document from the Central Government emphasizes the urgency for companies to disclose ESG information, with 2,523 A-share listed companies having released their 2024 ESG reports, achieving a disclosure rate of 46.49% [8] Event Highlights - The 2025 China International Service Trade Fair showcased advancements in hydrogen energy applications and zero-carbon park developments, indicating a significant shift towards green transformation in China's economic development [10][11] - The fair also featured discussions on how technology, including AI and remote sensing, can drive the green transformation of industries and support climate governance [10]

Carbon Neutrality Policy - China announced a new round of Nationally Determined Contributions (NDC) at the UN Climate Change Summit on September 24, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with non-fossil energy consumption exceeding 30% of total energy consumption [1][2] - The NDC outlines commitments to enhance forest carbon storage to over 24 billion cubic meters and to make new energy vehicles the mainstream of new vehicle sales, while establishing a national carbon trading market covering major high-emission industries [1][2] Carbon Market Development - The Ministry of Ecology and Environment emphasized the importance of a unified national carbon market, which has become a key mechanism for carbon pricing and achieving carbon neutrality goals [3] - The national carbon market has been operational for four years and is seen as a core driver for carbon peak and neutrality initiatives, with plans to enhance market vitality and expand coverage [3] Extreme Weather and Climate Adaptation - Extreme weather events, including high temperatures and heavy rainfall, are becoming the new normal, posing challenges for meteorological warnings and disaster prevention [4][5] - The need for a dual approach of "mitigation + adaptation" is highlighted, with recommendations for improving climate resilience, especially in rural areas [4][5] Corporate Practices - Chongqing plans to establish over two municipal-level battery recycling industrial bases by 2027, aiming for a 90% coverage rate of the battery recycling network across districts and counties [6] - The policy aims to optimize the layout of battery recycling projects and promote technological upgrades to address industry pain points [6] Local Developments - Hitachi Energy provided a 200 MVA electric arc furnace transformer to support Baosteel's decarbonization efforts, marking a significant advancement in the steel industry's green transition [7] - The transformer, the largest of its kind in China, utilizes next-generation technology to enhance operational efficiency and support the industry's shift towards low-carbon solutions [7]

为充分体现甘肃省应对气候变化领域标准建设成果，展示甘肃省企业积极通过标准抢占行业制高点 的生动实践，首次"国家标准走基层"活动在兰举行。沿黄河一路西行，记者看到一条条"硬标准"变成企 业"真收益"——碳排降下去、收入提上来、投资引进来、标准立起来。 基层实践：国标落地绘就甘肃绿色化实景 初秋的甘肃土丘泛起点点绿意，如新生的"胎毛"覆于黄土之上。"今年雨水足，黄土坡都长草了， 前几年可看不到。"当地人的话语，映照的不仅是生态降水的偶然馈赠，更是甘肃以国家标准为笔绘制 的绿色转型实景。 在碳市场建设中，甘肃省生态环境科学设计研究院(以下简称省环科院)深谙"数据质量是碳市场生 命线"。该院协助生态环境管理部门监管时，以引导、监督、帮扶重点企业执行碳排放核算标准为核 心：通过建立企业数据定期核查机制、统一档案管理模板、开展数据质量专项帮扶，严保数据真实准 确，为碳市场规范运行筑牢根基。 碳排放"硬约束"正转化为企业绿色发展的"内动力"。"甘肃多数电厂是早年建设，机组规模小、设 备老旧，节能水平有限。现在省内22家电厂多数亏损，我们要做的是严格执行标准，避免因管理疏漏造 成损失。"省环科院相关负责人介绍，机构对企业进行 ...

Core Insights - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a new phase in the development of China's carbon market, emphasizing its role as a crucial policy tool for addressing climate change and facilitating a comprehensive green transition in economic and social development [1][5]. Group 1: Carbon Market Development - The national carbon market has completed three compliance cycles, with a cumulative trading volume of 680 million tons and a transaction value of 47.41 billion RMB as of August 22, 2025, indicating a significant increase in market activity [1]. - The carbon market will expand to include the steel, cement, and aluminum industries starting in 2024, increasing the number of covered enterprises to approximately 3,600 and the annual carbon dioxide emissions covered to 800 million tons, which accounts for over 60% of the national total [2]. Group 2: Compliance and Emission Reduction - Power generation companies have shown a strong commitment to compliance, achieving a compliance rate of 99.98% in the third compliance cycle, reflecting a significant improvement in their awareness and management of carbon emissions [3][4]. - The carbon emissions per unit of electricity generated in the power sector have decreased by 12.1% from 2018 to 2024, demonstrating the effectiveness of the carbon market in promoting emission reductions [4]. Group 3: Transition in Carbon Allocation Mechanism - The shift from intensity-based control to total emissions control, along with the introduction of a mixed allocation method of free and paid carbon quotas, is expected to enhance the market's regulatory power and better reflect the actual costs of emissions for enterprises [5][6]. - This new allocation mechanism is anticipated to create a scarcity value for carbon quotas, encouraging companies to transition from passive compliance to proactive emission reduction strategies [7]. Group 4: Financial Mechanisms and Market Liquidity - The development of carbon finance is highlighted as a key mechanism for supporting green and low-carbon projects, with the potential to reduce economic risks for compliance enterprises and enhance the carbon price formation mechanism [11]. - The carbon market's turnover rate is projected to increase from 2.0% in 2023 to 3.5% in 2024, driven by policy adjustments such as the reduction of compliance cycles and the introduction of quota rollover mechanisms [12]. Group 5: Future Opportunities and Challenges - The tightening of quota benchmarks and rising carbon prices may increase compliance costs for power generation companies, leading to potential market imbalances and heightened financial risks [8]. - Companies are advised to adopt diversified carbon asset development strategies, including participation in green electricity and carbon credit projects, to mitigate risks and enhance long-term profitability [10].