Report Information - Report Title: National Carbon Market Market Briefing (Issue 89, 2025) [1] - Publisher: Guotai Junan Futures [2] - Release Date: 2025-06-06 [3] Investment Strategy - Strategy Suggestion: Enterprises with a quota gap are advised to make batch purchases at low prices before the end of August. In 2025, the remaining 40% of the mandatory circulation quotas can only meet part of the market demand, and about 0.4 - 0.5 billion tons of market demand may be met by the voluntary sales of surplus enterprises [4]. Core Logic - After the CEA price dropped to around 70 yuan/ton, there was some bottom-fishing demand. However, the release of mandatory circulation quotas is currently insufficient, there is still potential selling pressure, the market price is oscillating at the bottom, and there is still a lack of upward momentum. Considering the verification node, trading volume is expected to rise in mid-to-late June, and the bottom range in June is estimated to be 62 - 66 yuan/ton. - If the selling node of surplus enterprises continues to be postponed, the price bottom may be lower and the rebound height more limited. If the single-day trading volume can increase significantly, strong upward momentum may appear at the end of the third quarter [6]. Market Quotes CEA Spot Quotes | | CEA19 - 20 | CEA21 | CEA22 | CEA23 | CEA24 | | --- | --- | --- | --- | --- | --- | | Closing Price (yuan/ton) | 67.00 | 67.50 | 67.00 | 69.26 | 68.76 | | Daily Change (%) | 0.00% | 0.00% | 0.00% | 0.36% | 0.98% | | New - Old Price Difference (yuan/ton) | | 0.50 | -0.50 | 2.26 | -0.50 | | Bulk Transaction Average Price (yuan/ton) | N/A | N/A | N/A | N/A | 68.45 | | Total Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 4.92 | 121.94 | | Listing Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 4.92 | 6.94 | | Bulk Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 0.00 | 115.00 | | Total Turnover (10,000 yuan) | 0.00 | 0.00 | 0.00 | 0.00 | 8349.17 | [8][9] CCER Trading Information - Transaction Average Price: 85.00 yuan/ton - Daily Change: 0.00% - Turnover: 0.85 million yuan - Trading Volume: 0.01 million tons - Cumulative Trading Volume: 188.06 million tons [10] Today's Market Summary - CEA: CEA23 and CEA24 rebounded slightly. The listing trading volume was 11.9 million tons, and the bulk trading volume was 115.0 million tons. - CCER: The listing agreement trading volume was 0.01 million tons, and the transaction average price was 85.00 yuan/ton (0.00% change) [12]

Core Viewpoint - Beijing is making significant strides in promoting product carbon footprint certification, marking an important step towards low-carbon transformation in the industry [1][2]. Group 1: Initiatives and Collaborations - The Beijing Municipal Market Supervision Administration and Haidian District Government have launched a pilot program for product carbon footprint certification, indicating a collaborative effort to enhance green finance and transition financial products [1]. - A cooperation agreement was signed among several certification agencies and the Bank of Communications Beijing Branch to explore green finance products and services, promoting the integration of carbon footprint and carbon trading mechanisms [1][2]. Group 2: Pilot Program Details - The pilot program will focus on the electronic and electrical (computer) sector, with Haidian District officially approved to conduct product carbon footprint trials [1][2]. - A total of 19 computer companies, including Lenovo, have applied for participation in the pilot program, with plans to certify no less than 15 computer products by 2027 [2]. Group 3: Key Tasks and Mechanisms - Five key tasks have been established to support the pilot program, including the development of certification rules, capacity building for carbon footprint certification, and the establishment of a product carbon footprint guarantee system [3]. - The initiative aims to enhance regulatory oversight, data security, and intellectual property protection related to carbon footprint certification [3]. Group 4: Understanding Carbon Footprint - The product carbon footprint measures the total greenhouse gas emissions associated with a product throughout its lifecycle, from raw material extraction to disposal, serving as a "carbon identity card" for products [4].

Report Summary 1. Report Industry Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range between €67 - 75 [2] 2. Core View of the Report - Supply disturbances continue to push up TTF, while EUA shows a flat performance. There are no new negative factors, and the positive factor is that the Norwegian Kollsnes natural gas processing plant has started seasonal work, with Norway's supply accounting for about one - third of EU imports in 2024 [2] 3. Summary by Related Catalogs Market Conditions - **Primary Market**: The EUA auction price is 72.54 euros/ton (up 2.73%), and the bid - cover ratio is 1.46 [2] - **Secondary Market**: The EUA futures settlement price is 72.74 euros/ton (up 0.18%), with a trading volume of 27,700 lots (up 0.49) [2] Auction Information | Date | EUA Auction Price (euros/ton) | CBAM Certificate Price (euros/ton) | EUA Auction Volume (10,000 tons) | Bid - cover Ratio | Auction Revenue (10,000 euros) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 06 - 05 | 72.54 | 324.55 | 71.13 | 1.46 | 23,543 | | 2025 - 06 - 03 | 70.61 | 324.55 | 71.13 | 1.48 | 22,916 | [4] Futures and Spot Market Information | | Futures Settlement Price (euros/ton) | Futures Trading Volume (10,000 lots) | Futures Open Interest (10,000 lots) | Spot Settlement Price (euros/ton) | Spot Trading Volume (lots) | Container Shipping Carbon Cost (US dollars/TEU) | Freight Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 06 - 04 | 72.61 | 2.77 | 32.02 | 71.79 | 2,311 | 12.55 | 847 | | 2025 - 06 - 05 | 72.74 (up 0.18%) | 2.77 (up 0.49) | 32.02 (no change) | 71.67 (up 0.17%) | 2,311 (up 0.79%) | | | [5]

Report Investment Rating - Short-term neutral to bullish, medium-term trading range €67 - 75 [1] Core View - The EUA market is experiencing a mixed situation with both bullish and bearish factors, resulting in a volatile market [1] Auction Information - On June 4, 2025, the EUA auction price was 0.00 million euros, the CBAM certificate price was N/A, the auction volume was N/A, the bid coverage ratio was N/A, and the auction revenue was 0 [2] - On June 3, 2025, the EUA auction price was 70.61 euros/ton, the CBAM certificate price was 71.13 euros/ton, the auction volume was 324.55 tons, the bid coverage ratio was 1.48, and the auction revenue was 22,916 [2] Futures and Spot Information - On June 4, 2025, the EUA futures settlement price was 72.61 euros/ton (up 0.01%), the trading volume was 22,800 lots (down 0.43), and the open interest was 319,800 lots (unchanged) [3] - On June 4, 2025, the EUA spot settlement price was 71.67 euros/ton (up 0.01%), the trading volume was 1,464 lots (up 0.79%), the shipping carbon cost was 12.53 US dollars/TEU, and the freight rate accounted for 0.79% [3] Bullish Factors - Trump and Putin had a phone call, and both sides said there was no progress in the Ukraine ceasefire. Russia said it would respond to Ukraine's attacks, and a Kremlin advisor suggested Trump reduce US support for Ukraine [1] Bearish Factors - The latest CoT report shows that investment funds' net long positions decreased by about 940,000 tons last week [1] - Germany's remaining negative load is expected to decline due to increased wind power generation [1] - Saudi Arabia hopes OPEC+ will implement more large-scale oil production increases, and if the current acceleration pace continues, the full production increase can be completed by the end of September, one year ahead of the original plan [1]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Recent average daily trading volume is below 400,000 tons, and CEA prices continue to be weak [4] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August [5] - After the CEA price drops to around 70 yuan/ton, bottom - fishing demand appears, but the release of mandatory circulation quotas is insufficient, there is still potential selling pressure, and the market price is oscillating at the bottom without upward momentum. The trading volume is expected to rise in mid - to - late June, with the bottom range predicted to be 62 - 66 yuan/ton in June [7] - If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height more limited. If the daily trading volume can increase significantly, strong upward momentum may appear at the end of the third quarter [7] 3. Summary by Related Catalogs 3.1 CEA Market - CEA24 stops falling and rebounds, while other quotas are running weakly. The volume of listed agreements is 162,000 tons, and the volume of bulk agreements is 110,000 tons [14] - The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 70.00 yuan/ton, 67.50 yuan/ton, 67.00 yuan/ton, 67.61 yuan/ton, and 67.90 yuan/ton respectively, with daily price changes of 0.00%, - 1.46%, - 0.21%, - 1.37%, and 0.58% [9] - The total trading volumes of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 0.00 tons, 100 tons, 50,000 tons, 20,000 tons, and 201,000 tons respectively [9] - The total transaction amounts of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 3.35 million yuan, 13.6696 million yuan, 1.3521 million yuan, 0 yuan, and 66,600 yuan respectively [9] 3.2 CCER Market - The listed agreement trading volume is 10,000 tons, and the average trading price is 86.00 yuan/ton, with a decline of 2.27% [11][14] - The transaction amount is 860,000 yuan, and the cumulative trading volume is 1.8795 million tons [11]

全国碳币场行情简报 (2025年第86期) 核心 20EA价格跌至70元附近后,抄底需求有所显现,但目前强制流通配额释放不足,潜在 逻辑 她压仍存,市场价格震荡磨底,仍缺乏上行驱动,综合价格5月底部或65°68元/吨。 国泰君安期货 发布日期:2025-05-30 今日 行情 近期日均成交量低于50万吨,综合价格接近预期底部区间 1、CEA:CEA19-20涨超4%，CEA22明显下跌:挂牌35.9万吨，大宗30.0万吨 2、CCER:挂牌协议成交量1.00万吨,成交均价85.50元/吨（-0.04%） 策略 建议缺口企业在8月底前分批逢低采购 (1)2025年剩余40%强制流通配额只能满足部分市场需求，约0.4°0.5亿吨市场需求或由 盈余企业自愿卖出来满足。 重要声明 在公司具有中国证监会被准的期货交易咨询业务资格。本内容均观点和信息仅供国泰君安邦货的专业投资者参考。本内容难以设置访问权限， 装给您造成不便，鼓清谅解。吉您并非国泰君安期货客户中的专业投资者，请勿闻读、订阅或接收任何相关信息。本内容不构成具体业务的拉 个，亦不应被视为任何投资、法律、会计或税务建议、且本公司不会因接收入收到本内容而视其为客户 ...

宁夏英力特化工股份有限公司投资者关系活动记录表 | □特定对象调研□分析师会议 | | 投资者关系活动 | | --- | --- | --- | | □媒体采访√业绩说明会 | | 类别 | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 投资者网上提问 | | 参与单位名称及 | | | | 人员姓名 | | 2025 年 5 月 | 28 日 (周三) 下午 14:00~17:00 | 时间 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | 地点 | | 采用网络远程的方式召开业绩说明会 | | | | 1、董事长田少平 | | 上市公司接待人 | | 2、董事会秘书刘雨 | | 员姓名 | | 3、财务总监涂华东 | | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | 1、董事长您好，请问新一届董事会什么时候能成立？ | | | | 投资者您好！公司第九届董事会于 2025 年 4 月 17 日到 | | | ...

Group 1 - The core viewpoint of the news is the implementation of a draft opinion aimed at strengthening the linkage between industry and trade in Zhejiang Province to support enterprises in stabilizing production, reducing burdens, and increasing efficiency [1] - The draft opinion emphasizes the promotion of "thousands of groups and ten thousand enterprises" to expand markets and increase orders, with significant support for manufacturing enterprises participating in overseas exhibitions [1][3] - The document outlines measures to address international trade frictions, including the establishment of a "support policy toolbox" for key enterprises affected by sanctions [1][3] Group 2 - Zhejiang Province's foreign trade import and export reached 1.75 trillion yuan from January to April, with a year-on-year growth of 6.6%, outperforming national averages [2] - The province's exports to the US are highly dependent, with a dependency ratio of 7.0%, significantly higher than the national average of 2.8% [2] - Despite challenges, Zhejiang's exports to emerging markets such as ASEAN and Latin America showed positive growth, with increases of 9.2% and 21.5% respectively [3] Group 3 - The draft opinion prioritizes expanding the supply of quality products, with provincial financial support for high-end, intelligent, and green technology upgrades [3] - There is a focus on developing differentiated market strategies for emerging markets, including support for export tax rebates and logistics subsidies [3] - The strategy includes fostering independent brands to enhance pricing power and resilience in foreign trade [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The recent average daily trading volume is less than 600,000 tons, and the comprehensive price is approaching the expected bottom range [3] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August [3] - After the CEA price dropped to around 70 yuan/ton, both rigid and speculative market demands emerged, the market trading heat increased significantly, and the release of mandatory circulation quotas accelerated. The bottom price of CEA in May may be 65 - 68 yuan/ton [5] - Currently, the release ratio of mandatory circulation quotas is less than 20%, there is still potential selling pressure, the market price is oscillating at the bottom, and there is still a lack of upward driving force. If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height more limited. If the daily trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [5] Group 3: Summary by Relevant Catalogs Market Conditions - CEA: CEA23 and CEA24 showed significant declines, while CEA22 had a slight rebound. The listed volume was 206,000 tons, and the bulk volume was 200,000 tons [3] - CCER: The listed agreement trading volume was 30,000 tons, and the average trading price was 85 yuan/ton, a decrease of 4.03% [3] Strategy - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August. In 2025, the remaining 40% of mandatory circulation quotas can only meet part of the market demand, and about 40 - 50 million tons of market demand may be met by the voluntary sales of surplus enterprises [3] Core Logic - After the CEA price dropped to around 70 yuan/ton, market demand increased, and the release of mandatory circulation quotas accelerated. The bottom price of CEA in May may be 65 - 68 yuan/ton [5] - The release ratio of mandatory circulation quotas is low, there is potential selling pressure, and the price is oscillating at the bottom. The selling time of surplus enterprises affects the price bottom and rebound height. If the daily trading volume increases, strong upward momentum may appear at the end of the third quarter [5] Data Tables - CEA price and trading volume data for different years are presented, including closing prices, price changes, trading volumes, and trading amounts [7][8][9] - CCER trading information shows an average trading price of 85 yuan/ton, a decrease of 4.03%, a trading volume of 30,000 tons, and a cumulative trading volume of 185,910 tons [9]

金十数据5月26日讯，今日上午，湖北省委书记、省人大常委会主任王忠林主持召开会议，研究推进长 江航运绿色动力发展工作。王忠林强调，湖北要抢抓国家"两新"政策机遇，加快液化天然气、绿电、氢 能等新能源和清洁能源推广使用，开辟更多应用场景，在使用中改进提升。要积极发挥"中碳登"平台作 用，推动长江航运全面进入碳交易市场。要坚持规划引领，完善充换电站、加注站等基础设施布局，加 大政策支持力度，强化要素保障，加快推动各项工作落地见效。 （湖北日报） 湖北：要积极发挥"中碳登"平台作用，推动长江航运全面进入碳交易市场 ...