Group 1 - The core idea of the news is the implementation of a personal carbon reduction initiative in Wuhan, allowing citizens to use their accumulated carbon reduction credits to offset bank loan interest [1][2] - The concept of carbon benefits is described as an incentive mechanism that rewards individuals for low-carbon contributions through everyday actions like using public transport or conserving energy [1] - The innovative approach in Wuhan quantifies individual environmental contributions using digital means, linking personal green actions to broader low-carbon development goals, creating a sustainable cycle [1][2] Group 2 - Various sectors, including internet platforms, convenience stores, restaurants, and financial institutions, are exploring innovative applications to create green and low-carbon consumption models, presenting new profit growth opportunities [2] - The closed-loop system of "green behavior - carbon credits - financial benefits" allows banks to trade carbon reduction credits in the carbon market while fulfilling social responsibilities [2] - Future expectations include expanding carbon reduction scenarios, establishing evaluation standards across personal life areas, and integrating carbon benefits into the national carbon market to transform green living from a niche choice to a common habit [2]

Group 1 - The company held its fifth board meeting on April 23, 2025, and the annual shareholders' meeting on May 14, 2025, where it approved amendments to certain provisions of the Articles of Association [1] - The company has completed the necessary business registration changes and obtained a new business license from the Market Supervision Administration of Ma'anshan City [1] - There were no changes in the company's unified social credit code, type, establishment date, or registered capital, which remains at 137.23 million yuan [1][2] Group 2 - The company's business scope includes construction engineering design, special equipment manufacturing, carbon reduction, carbon capture, and energy technology research and development [1] - The company is involved in various technical services, including energy management, information system integration, and software development [1] - The company’s legal representative remains Zheng Guangming, and the registered address is in Qingxi Town Industrial Park [1]

Group 1 - Chengdu has topped the "2025 New First-tier City Charm Ranking" for 11 consecutive years, achieving a perfect score in four out of five dimensions [2] - The "2025 New Domain New Quality Innovation Competition" targets 169,000 specialized and innovative enterprises, aiming to identify 500 outstanding projects [3] - Honor has officially entered the robotics sector, showcasing a robot that can run at a speed of 4m/s, setting a new industry record [4] Group 2 - CATL is committed to continuous investment in solid-state batteries, with expectations for small-scale production by 2027 [5] - Pony.ai has signed a strategic cooperation agreement with Guangzhou Public Transport Group to advance the commercialization of autonomous driving [6][7] - DJI is set to enter the robotic vacuum market, with its first product expected to launch in June after four years of development [8] Group 3 - BYD has established a new automotive sales company in Changsha with a registered capital of 1 million RMB, focusing on new energy vehicle sales [9] - ByteDance will ban third-party AI programming tools internally, opting for its own tool, Trae, to mitigate data leak risks [10] - The European Union aims to reduce carbon emissions by 54% by 2030, slightly below its 55% target [11] Group 4 - SpaceX's Starship experienced a failure during its ninth test flight, but CEO Elon Musk noted significant progress compared to previous flights [12] - Volvo has temporarily halted production at its South Carolina plant due to supply chain issues related to a hardware component [13] - South Korea plans to invest approximately 480 billion KRW (around 349.1 million USD) in AI-related products and services this year [14] Group 5 - Nissan is seeking over 7 billion USD in funding with the assistance of the UK government to maintain operations [15] - Japan's parliament has passed its first law specifically addressing artificial intelligence, aimed at promoting development and preventing misuse [16] - Eli Lilly announced its acquisition of private company SiteOne Therapeutics to gain access to an experimental non-opioid pain medication [17]

Group 1: Market Performance - On May 29, the main contract 2509 of coke futures hit a new low since January 2017 for the September contract and then narrowed its decline; the main contract 2509 of coking coal futures continued to decline oscillating, hitting a new low since September 2016 for the September contract. The closing price of J2509 was 1332 yuan/ton, down 1.62%, with a trading volume of 28,870 lots and an open interest of 56,432 lots, a decrease of 1,050 lots, and a capital outflow of 0.35 billion yuan. The closing price of JM2509 was 759 yuan/ton, down 3.98%, with a trading volume of 709,680 lots and an open interest of 540,328 lots, an increase of 13,462 lots, and a capital outflow of 0.04 billion yuan [5]. Group 2: Positions in the Black Series Futures - As of May 29, in the black series futures, RB2510 had a net long position of 60,132 lots with a deviation of 4.12%; HC2510 had a net long position of 22,300 lots with a deviation of 2.07%; SS2507 had a net long position of 2,345 lots with a deviation of 3.36%; J2509 had a net long position of 930 lots with a deviation of 2.60%; JM2509 had a net short position of 7,080 lots with a deviation of 2.35%; I2509 had a net short position of 5,279 lots with a deviation of 1.15% [6]. Group 3: Spot Market and Technical Analysis - On May 29, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port decreased by 50 yuan/ton to 1340 yuan/ton, and the price in Tangshan was 1270 yuan/ton, also down 50 yuan/ton. The aggregated price of low - sulfur primary coking coal remained unchanged in most regions. The daily KDJ indicator of the coke 2509 contract showed a divergent trend, with the J and K values turning up and the D value continuing to decline; the daily KDJ indicator of the coking coal 2509 contract continued to diverge downward. The daily MACD green bar of the coke 2509 contract continued to expand slightly, and that of the coking coal 2509 contract expanded more significantly [8]. Group 4: Market Outlook - For coke, the output of independent coking plants has hovered near the highest level since early August last year in the past 5 weeks, while the output of steel mills has declined slightly since late April. Port inventories have decreased significantly in the past 5 weeks, but the inventory reduction of steel mills and coking plants has been slow, adding downward pressure on coke prices. The profit per ton of coke turned from profit to loss after two consecutive weeks of profit, mainly due to the failure of the second - round price increase after the first - round increase in mid - April, which created conditions for steel mills to propose a price cut on May 16. - For coking coal, the year - on - year growth of imports from January to April turned negative, but the absolute value of imports remained high, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants increased significantly, and the clean coal inventory rose to a relatively high level again. The inventory of independent coking plants decreased significantly in the past 5 weeks, and port inventories returned to the normal level before early August last year, but the inventory of steel mills increased steadily. If coking plants also adopt a de - stocking strategy, coking coal prices are likely to fall rather than rise. - Overall, although the weak market of coke and coking coal futures continues, and new lows may appear in the next two weeks, positive factors in the fundamentals and news are accumulating. Attention should be paid to whether a bottom - out and rebound trend can occur in about two weeks under the changes in tariff policies and the recovery of confidence in the steel market [10]. Group 5: Industry News - From January to April 2025, China issued 1492.7 billion yuan of new local government bonds, including 302.3 billion yuan of general bonds and 1190.4 billion yuan of special bonds; 2042.7 billion yuan of refinancing bonds, including 248.6 billion yuan of general bonds and 1794.1 billion yuan of special bonds. The total local government bond issuance was 3535.4 billion yuan. As of the end of April 2025, the balance of local government debt was 50693.1 billion yuan [11]. - Jiantou Energy stated that its long - term coking coal price is usually calculated based on the origin price, and the pricing mechanism is in accordance with relevant documents of the NDRC and local governments. The average comprehensive standard coal price in the first quarter was 775.12 yuan/ton, a year - on - year decrease of 11.43% [11]. - Since the beginning of this year, the domestic coal price has further declined, and the competitiveness of Xinjiang coal in the inland has been gradually weakened, with the railway transportation volume of Xinjiang coal in the first quarter of 2025 being 22.01 million tons, a year - on - year decrease of 3.5% [11]. - The fifth - phase project of Huanghua Port's coal terminal has made new progress, which will add a storage capacity of 540,000 tons and increase the annual coal transportation capacity by 53.1 million tons after completion [12]. - GF Securities released a research report stating that the electricity consumption continued to grow in April, and coal prices are expected to stabilize and rebound. The coal market has shown signs of stabilization recently, and with the increase in seasonal demand, the slowdown in production growth, and the expected decline in imported coal, coal prices are expected to bottom out and rise, reversing the pessimistic expectations for the industry [12]. - The Brazilian government decided to extend the trade protection measures for the steel industry, extending the 25% tariff policy on steel products for 12 months and maintaining the import quota system. The number of products subject to trade protection measures increased from 19 to 23. From January to April 2025, Brazil's steel imports increased by 27.5% year - on - year to 2.2 million tons [12]. - In April 2025, Russia's coal production was 36.067 million tons, a month - on - month decrease of 4.0% and a year - on - year increase of 0.9%. 68% of the production came from the Siberian Federal District, with a production of 24.403 million tons, a month - on - month decrease of 8.4% and a year - on - year decrease of 3.8% [12]. - In April 2025, Japan's coal imports were 12.0263 million tons, a year - on - year decrease of 1.1689 million tons (8.86%) and a month - on - month decrease of 0.2647 million tons (2.15%) [12]. - France's EDF announced that it will shut down its last coal - fired power plant in France, the Cordemais power plant, on March 31, 2027, with an installed capacity of 1200 MW [12]. - OPEC+ reaffirmed its production quotas for 2025 and 2026, and eight key member countries will decide whether to increase production again in July this weekend [12]. - The EU is expected to cut carbon emissions by 54% by 2030, slightly lower than its 55% target. The European Commission is preparing to propose a 90% emission reduction target by 2040 [13]. - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% - 4.5%. The committee will carefully evaluate subsequent data, changing prospects, and risk balance when considering further adjustments to the target range [13]. - The US International Trade Court blocked the implementation of the tariff policy announced by the US President on April 2 (Liberation Day), ruling that the President exceeded his authority. The US government has appealed against this ruling [13]. - Goldman Sachs analysts believe that the court's ruling to block the "Liberation Day" tariff is only a temporary setback for Trump's trade agenda, and the White House can use other tariff tools to offset the impact [13]. - The CEO of the Port of Antwerp - Bruges in Belgium said that European ports are facing serious congestion due to factors such as US tariff policies and geopolitical tensions [14].

// 债市综述 // 1. 公开市场操作 央行 5 月 28 日以固定利率、数量招标方式开展了 2155亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2155 亿元，中标量 2155 亿元。 Wind 数据显示，当日 1570 亿元逆回购到期，据此计 算，单日净投放 585 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 流动性继续向宽，存款类机构隔夜和七天质押式回购利率双降，前者下行超 3 个 bp ，后者下行超 1 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.26% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.72% 附近，较上日略有上行。 4. 银行间主要利率债收益率 （*数据来源：Wind-成交统计BMW） 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-同业存单-发行结果） 6. 国债期货收盘 30 年期主力合约跌 0.04% 10 年期主力合持平 5 年期主力合约跌0.01% 2 年期主力合约跌 0.01% （*数据来源：Wi ...

Group 1 - The Chinese government emphasizes the need to strengthen market regulation and create a healthy ecosystem for platform economy, ensuring fair competition and protecting merchants' rights [3] - The Agricultural Bank of China has initiated a dynamic risk assessment for all public fund products it sells, aiming for comprehensive coverage and adapting to market changes [24] - BYD responded to rumors regarding a dealer's financial troubles, attributing the issues to reckless expansion and leveraged operations [12] Group 2 - State-owned enterprises reported a total profit of 13,491.4 billion yuan in the first four months, a year-on-year decrease of 1.7% [4] - The Japan Central Bank faces challenges in exiting unconventional monetary easing, with record losses on government bonds reaching 28.6 trillion yen (approximately 198 billion USD) [19] - The European Union aims to reduce carbon emissions by 54% by 2030, slightly below its 55% target [21] Group 3 - Sunshine City Group has defaulted on debt payments totaling 69.57 billion yuan, with additional overseas bond defaults amounting to 2.244 billion USD [7] - The National Medical Products Administration of China is intensifying efforts to combat illegal activities in the pharmaceutical sector to ensure drug safety [31] - The Chinese government is reportedly easing restrictions on rare earth exports to European semiconductor companies, indicating a potential shift in trade policy [29]

Core Viewpoint - The national carbon emission trading market (CEA) has seen a continuous decline in prices, with the latest price at 68.46 yuan/ton, marking a 35.54% drop since reaching a peak of 106.2 yuan/ton in November last year [1][2][3]. Market Dynamics - The CEA price drop is attributed to a supply-demand imbalance and the digestion of policy expectations, with the market currently favoring sellers who lack trading enthusiasm, leading to decreased trading volumes [3][4]. - The trading volume in the national carbon market has been notably low, with 14 trading days this year recording zero transactions, which is unusual compared to previous years [2][3]. Policy and Market Expectations - The market's price fluctuations are closely linked to the compliance period, typically resulting in lower demand and prices post-compliance [3]. - The introduction of the "Interim Regulations on Carbon Emission Trading" and calls for market expansion have initially raised price expectations, but these have since been tempered as market expectations are realized [3][9]. Market Expansion - The national carbon market expanded in March, including industries such as steel, cement, and aluminum, which is expected to add 1,500 key emission units, covering over 60% of national CO2 emissions [3][9]. - Despite the expansion, there has been no corresponding increase in trading volume or market activity, leading to discussions about the potential need for financial institutions to participate in trading [3][4]. CCER vs. CEA Pricing - The price of CCER (China Certified Emission Reduction) has remained stable at 85 yuan/ton, approximately 24% higher than CEA prices, leading to a price inversion [7][9]. - The demand for CCER is driven by both mandatory reduction requirements and voluntary purchases for corporate social responsibility, resulting in a more stable price compared to CEA [9][10]. Future Outlook - The current price inversion between CCER and CEA is deemed unsustainable, as prolonged discrepancies may reduce demand for CEA [9][10]. - The differing market mechanisms of CEA (mandatory reduction) and CCER (voluntary reduction) suggest that fluctuations in one market will not necessarily stabilize the other [10].

Core Viewpoint - The establishment of a carbon-inclusive market is essential to address the structural gap in China's carbon market, which currently focuses on production-side emissions reduction while neglecting the consumption-side [1] Group 1: Carbon Inclusive Market Overview - The carbon-inclusive market targets individuals, families, communities, and small enterprises, effectively activating the significant emissions reduction potential on the consumption side [1] - It employs a voluntary participation model based on "behavior-quantification-incentive," transforming everyday low-carbon actions into standardized carbon reduction metrics with economic value [1][2] Group 2: Public Engagement and Behavioral Change - The carbon-inclusive market aims to bridge the "willingness-behavior" gap by quantifying and visualizing low-carbon actions, making emissions reductions measurable and traceable [2] - Diverse incentive measures are implemented to motivate public participation, integrating economic value, social recognition, and service benefits tailored to different demographics [2][3] Group 3: Institutional Channels for Public Participation - The market provides institutional channels for public involvement in environmental governance, creating a positive feedback loop of "public behavior-market signal-policy adjustment" [3] - It addresses data silos through a government-led public platform that connects multi-source data, simplifying public participation in emissions reduction [3] Group 4: Support for Small and Medium Enterprises (SMEs) - The carbon-inclusive market lowers participation barriers for SMEs, which often struggle to engage in existing carbon markets due to their size and capabilities [4] - It opens up diversified revenue channels for SMEs, allowing them to earn from emissions trading and benefit from policy incentives like government green procurement [4][5] Group 5: Policy Recommendations and Implementation Path - Systematic institutional and strategic support is necessary for building a robust carbon-inclusive market, including top-level design and regulatory frameworks [6] - Technological infrastructure should be developed using big data, blockchain, and IoT to create a unified carbon-inclusive platform for data integration [6][7] - A multi-faceted incentive mechanism is recommended, combining economic, policy, and social incentives to enhance participation effectiveness [6][7] Group 6: Regional Collaboration and Capacity Building - Regional collaboration should follow a "pilot first, gradient promotion, regional linkage" principle, focusing on areas like Beijing-Tianjin-Hebei and the Yangtze River Delta [7] - Capacity-building initiatives are essential to enhance government oversight, corporate emissions management, and public engagement [7]

天眼查App显示，近日，亚雷格迅降碳（珠海）科技有限公司成立，法定代表人为李满山，注册资本 9615万人民币，亚雷探索科技（深圳）有限责任公司、珠海市格迅机电设备有限公司、广东格迅降碳科 技有限公司等持股。 序号股东名称持股比例1亚雷探索科技（深圳）有限责任公司52%2珠海市格迅机电设备有限公司16%3 广东格迅降碳科技有限公司16%4珠海市威望节能科技有限公司16% 经营范围含人工智能基础软件开发；风电场相关系统研发；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；科技中介服务；物联网技术研发；采矿行业高效节能技术研发；电力行业高 效节能技术研发；电机及其控制系统研发；家用电器研发；余热发电关键技术研发；风力发电技术服 务；合同能源管理；在线能源计量技术研发；在线能源监测技术研发；工程管理服务；新兴能源技术研 发；节能管理服务；碳减排、碳转化、碳捕捉、碳封存技术研发；机电耦合系统研发；信息系统集成服 务；人工智能应用软件开发；安全技术防范系统设计施工服务；物联网技术服务；人工智能基础资源与 技术平台；工业工程设计服务；新材料技术推广服务；信息技术咨询服务；信息咨询服务（不含许可类 信息咨询服务 ...

Company Overview - Zhongke Yitan New Energy Technology (Heilongjiang) Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Lei Tianping [1] - The company is co-owned by Zhongke Yitan Energy Technology (Dalian) Co., Ltd. (41% stake) and Heilongjiang Huichuancheng New Energy Technology Co., Ltd. (39% stake) [1] Business Scope - The company focuses on emerging energy technology research and development, including carbon reduction, carbon conversion, carbon capture, and carbon storage technology [1] - It also provides technical services, development, consulting, and promotion related to new materials and solar energy technology [1] - The sales activities include various energy-related equipment and components, such as solar thermal power products and industrial automation control systems [1] Industry Context - The company operates within the scientific research and technical service industry, specifically in engineering and technology research and development [1] - The establishment of this company aligns with the growing emphasis on renewable energy and carbon management technologies in the current market [1]