Core Viewpoint - The Chinese government has issued an opinion to enhance the market-oriented allocation system for resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution rights by 2027, which will support the achievement of related environmental goals [1][2]. Group 1: Carbon Emission Trading - The opinion emphasizes the transition of the national carbon emission trading market from intensity control to total quota control, enhancing the connection between carbon emission rights trading and carbon emission control systems [2]. - The carbon emission trading market currently covers approximately 40% of national CO2 emissions from the power generation sector, and with the inclusion of steel, cement, and aluminum industries, this coverage will exceed 60% [3]. - The distribution system for carbon emission quotas is identified as fundamental for all trading systems, necessitating improvements in the allocation methods to ensure scientific validity [3]. Group 2: Water Rights and Pollution Rights - The opinion outlines the need for strict dual control of total water usage and intensity, promoting the integration of water rights trading and water resource management systems [2]. - A pollution rights trading system will be established based on pollution permits, which will serve as the basis for rights confirmation and regulatory oversight [2]. Group 3: Market Mechanisms and Data Sharing - The opinion calls for the integration of carbon emission rights, water rights, and pollution rights trading into a public resource trading platform, facilitating data sharing and enhancing market efficiency [5]. - A reserve adjustment system for resource and environmental factors will be established to manage supply and demand effectively, including mechanisms for quota management [6]. Group 4: Implementation and Evaluation - The National Development and Reform Commission will oversee the implementation of the opinion, ensuring that local and national markets are aligned and that reforms are effectively executed [6].

Key Points - The platform economy is emphasized for its role in promoting innovation and domestic circulation, with a focus on mutual benefits among platform enterprises, merchants, laborers, and consumers [1] - The release of the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" outlines 19 specific measures aimed at institutional innovation and enhancing corporate governance through capital market mechanisms [2] - The government aims to establish a comprehensive trading system for carbon emissions and water rights by 2027, alongside a robust pollution rights trading system [2] - The Ministry of Human Resources and Social Security has issued a notice to enhance the salary distribution incentives for skilled workers in state-owned enterprises, promoting a system where pay is linked to skill levels and job value [4] - The sales revenue from the consumption of old goods has surpassed 1 trillion yuan this year, indicating strong consumer engagement in the market [7] Industry Developments - The Ministry of Commerce has called for the construction of intelligent supply chains, leveraging digital economy and AI advancements to enhance governance and standardization [3] - The State Administration for Market Regulation has released a draft guideline on compliance for online platform charging behaviors, aiming to reduce burdens on platform operators and promote fair competition [3] - The manufacturing sector shows signs of recovery, with the PMI rising to 49.5% in May, indicating improved business conditions [7] - The automotive industry has seen significant engagement in the old-for-new consumption policy, with substantial subsidies and participation in various categories [7] - The OPEC and non-OPEC oil-producing countries have agreed to increase production by 411,000 barrels per day starting in July, reflecting ongoing adjustments in the global oil market [10]

热点资讯 1. 商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表示，近期中方围绕美方在半导 体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠正错误做法，停止对华歧视性限制措施，共 同维护日内瓦高层会谈共识。中方敦促美方正视国际社会和国内各方理性声音，彻底取消单边加征关税的错误做法。 2. 外交部发言人毛宁表示，在关税问题上，中方已经多次阐明了立场，关税战、贸易战没有赢家，搞保护主义损害各方的利 益，终究不得人心。 3. 中共中央办公厅、国务院办公厅发布关于健全资源环境要素市场化配置体系的意见。其中提到，到2027年，碳排放权、用 水权交易制度基本完善，价格形成机制更加健全。稳步扩大全国碳排放权交易市场行业覆盖范围，扩展交易主体，丰富交易品 种、交易方式。 4. 周四，美国总统特朗普在其第二任期内首次会见了美联储主席鲍威尔。特朗普批评鲍威尔未能降低借贷成本。鲍威尔则坚 称，任何决定都不会基于总统的要求。 早盘速递 2025/5/30 第 1 页，共 3 页 板块持仓 (150,000) (100,000) (50,000) 0 50,000 100,000 ...

Report Industry Investment Rating - No information provided in the report Core Viewpoints of the Report - The domestic economic recovery shows marginal weakness but retains resilience, and with the short - term improvement of the trade situation in May and the implementation of growth - stabilizing policies, the fundamentals are expected to improve marginally [95]. - Overseas economies show signs of recession, with the US economy facing challenges such as a decline in GDP and a weakening labor market, and inflation is expected to rise gradually [96]. - The bond market is expected to continue its oscillatory consolidation pattern, with low probability of significant fluctuations in the short term. Attention should be paid to subsequent high - frequency economic data and changes in the capital market. Also, be wary of the risk of long - end bond price corrections [96]. Summary by Directory 1. Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury futures' main contracts (TL2509, T2509, TF2509, TS2509) fell by 0.16%, 0.11%, 0.03%, and 0.01% respectively. The trading volumes were 431,000, 373,000, 307,000, and 197,000 contracts respectively. The settlement prices were 41.119, 108.72, 106.01, and 102.40 respectively [13][14]. - **Treasury Futures Market Review**: The trading volumes of TS and T main contracts decreased, while those of TF and TL main contracts increased. The open interest of TS, TF, T, and TL main contracts all increased [32]. 2. News Review and Analysis - **Key News Review**: On May 26, the General Offices of the CPC Central Committee and the State Council issued the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics". Moody's maintained China's sovereign credit rating at "A1" with a negative outlook. On May 27, it was announced that in April, the profits of industrial enterprises above the designated size in China increased by 3% year - on - year. From May 28 - 29, multiple important events occurred, including the release of the Fed's meeting minutes and the issuance of the "Opinions on Improving the Market - based Allocation System of Resource and Environmental Elements" [35][36]. 3. Chart Analysis - **Spread Changes** - **Treasury Yield Spreads**: The spreads between 10 - year and 5 - year, and 10 - year and 1 - year Treasury yields both narrowed slightly [45]. - **Main Contract Spreads**: The spread between 2 - year and 5 - year main contracts oscillated, and the spread between 5 - year and 10 - year main contracts narrowed slightly [49]. - **Treasury Futures Near - and Far - Month Spreads**: The spreads of 10 - year, 30 - year, 2 - year, and 5 - year contracts all weakened slightly [55][61]. - **Treasury Futures Main Contract Open Interest Changes**: The net short positions of the top 20 open interests in the T main contract increased slightly [65]. - **Interest Rate Changes** - **Shibor and Treasury Yields**: Overnight Shibor rates declined, while 1 - week, 2 - week, and 1 - month Shibor rates rose. Treasury bond yields weakened, with 1 - 7Y yields rising by 2 - 3bp, and 10Y and 30Y yields rising by about 2bp to 1.68% and 1.92% respectively [69]. - **China - US Treasury Yield Spreads**: The spreads between 10 - year and 30 - year China - US Treasury yields both narrowed slightly [73]. - **Central Bank Open - Market Operations**: The central bank conducted 1,602.6 billion yuan in reverse repurchases, with 946 billion yuan in reverse repurchases maturing, resulting in a net injection of 656.6 billion yuan. The weighted average DR007 rate rebounded to around 1.66% [76]. - **Bond Issuance and Maturity**: This week, bonds worth 105.7177 billion yuan were issued, with a total repayment of 87.1891 billion yuan, and a net financing of 18.5286 billion yuan [79]. - **Market Sentiment** - **Exchange Rates**: The central parity rate of the RMB against the US dollar was 7.1848, up 71 basis points this week. The spread between offshore and onshore RMB weakened [85]. - **US Treasury Yields and VIX Index**: The 10 - year US Treasury yield and the VIX index both declined slightly [88]. - **A - Share Risk Premium**: The 10 - year Treasury yield rose slightly, and the A - share risk premium declined slightly [92]. 4. Market Outlook and Strategy - **Market Outlook**: The domestic economy continues to recover moderately, while overseas economies show signs of recession. The bond market is expected to continue its oscillatory consolidation pattern, and attention should be paid to subsequent high - frequency economic data and changes in the capital market. Be wary of the risk of long - end bond price corrections [95][96]. - **Strategy**: Given the current situation, the possibility of further interest rate cuts is low. The bond market is driven by the capital and fundamental factors, and there may be no high - quality short - term trading opportunities. One should be cautious about the risk of long - end bond price corrections [96].

宏源期货煤焦日报 2、美国联邦巡回上诉法院29日批准特朗普政府的请求,暂时搁置美国国际贸易法院此前做出的禁止执行特朗普政府依据《国际紧急经济 权力法》对多国加征关税措施的行政令的裁决。 3、据调研，截止5月29日共有7家山东钢厂初步确认了全年新生产计划,调整后粗钢产量5563万吨,较去年同期下降350万吨左右。 4、本周Mysteel五大钢材品神供应880.85万吨,周环比升8.41万吨,增幅为1%。五大钢材总库存1367.5万吨,周环比降31.04万吨,降 幅2.2%;五大品种周消费量为911.89万吨,其中建材消费环比降3.5%,板材消费环比升3.5%。 5、商务部回应中美经贸磋商新动向表示，中美日内瓦经贸会谈以来,双方在多个层级就经贸领域各自关切保持沟通。 6、5月29日,全国主港铁矿石成交108.70万吨,环比减8.3%;237家主流贸易商建筑钢材成交12.26万吨,环比增30.9%。 7、本周,唐山主要仓库及港口同口径钢坯库存75.91万吨,周环比增加1.32万吨。 | | | | | | | | | | | | 2025/5/30 | | --- | --- | --- | --- | --- | ...

Group 1 - The core viewpoint of the news is the release of the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors," which aims to enhance the allocation system, optimize trading scope, and strengthen institutional frameworks for resource and environmental factors such as carbon emission rights, water rights, energy rights, and pollution discharge rights [1][2] - The National Development and Reform Commission emphasizes the importance of market transactions and price signals in guiding resource and environmental factors towards advanced productivity while highlighting the role of the government in public service and market regulation [1][2] - The "Opinions" stress the need to improve the allocation system for resource and environmental factors by reinforcing the alignment of resource and environmental goals [1][2] Group 2 - The key to effective market operation lies in the initial allocation of quotas, which must be scientifically determined and distributed based on total management goals set by the government [2] - The "Opinions" propose a series of requirements to enhance the trading system for resource and environmental factors, focusing on how to conduct transactions effectively [2] - There is a need to establish systems for confirming rights, registration, collateral, and transfer of resource and environmental factors, along with improving data collection, product trading, information dissemination, and supervision [2]

1、 中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配 置改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节 能市场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要 素畅通流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 2、 记者从中国轻工业联合会了解到，1至4月，规模以上轻工企业实现营业收入7.35万亿元，同比增 长4.9%；实现利润4190.6亿元，同比增长3.8%。在系列扩内需、促消费政策支持下，轻工业经济运行 延续稳中有进态势。 3、 财政部拟第三次续发行2025年超长期特别国债（二期）。本次续发行国债为30年期固定利率附息 债。本次续发行国债竞争性招标面值总额710亿元，不进行甲类成员追加投标。本次续发行国债票面利 率与之前发行的同期国债相同，为1.88%。本次续发行国债的起息日、兑付安排与之前发行的同期国 债相同。 今日导读 4、5月28日，深圳市住房和建设局网站发布《深圳市配售型保障性住房管理办法（征求意见稿）》 《深圳市保障性住房规划建设管理办法（修订征求 ...

Core Viewpoint - The article emphasizes the establishment and enhancement of a market-oriented resource and environmental element allocation system, aiming for a more active and efficient trading market by 2027, particularly focusing on carbon emissions, water rights, and pollution rights [34]. Group 1: Market Mechanisms and Regulations - By 2027, the trading systems for carbon emissions rights, water rights, and pollution rights will be fundamentally improved, enhancing the market's ability to allocate resources efficiently and effectively [3]. - The article outlines the need to optimize the allocation and transfer systems for resource and environmental elements, including carbon emissions rights and water rights, to promote market liquidity [34]. - It highlights the importance of integrating various trading systems, such as carbon emissions trading and pollution permits, to facilitate smoother transactions and better resource management [9][35]. Group 2: Financial Support and Green Finance - The article discusses the establishment of a financial support system to encourage the development of green financial products, such as green credit and insurance, which will support the trading of carbon emissions rights and water rights [38][26]. - It suggests that the value of carbon assets will become more prominent, leading to the potential introduction of carbon financial products like carbon futures and carbon pledge loans, which could enhance market liquidity [38]. Group 3: Industry Impacts - The renewable energy sector, particularly wind, solar, and energy storage companies, is expected to benefit from the integration of carbon markets and green electricity trading [40]. - The demand for water-saving technologies, such as efficient irrigation and water recycling, is anticipated to experience significant growth due to the new policies [41]. - The environmental monitoring industry is likely to see a surge in demand for carbon emission accounting and pollution monitoring services, presenting opportunities for third-party service providers [42].

Core Viewpoint - The Chinese government has issued an opinion to deepen the market-oriented allocation reform of resource and environmental factors, aiming for a more active trading market and improved pricing mechanisms by 2027 [1][2]. Group 1: Resource and Environmental Factor Allocation - The opinion outlines the need to improve the allocation system for resource and environmental factors, emphasizing the integration of carbon emission rights trading with dual control systems for carbon emissions [1]. - It aims to enhance the trading market for resource and environmental factors to support the development of new productive forces while promoting carbon reduction, pollution reduction, greening, and economic growth [1]. Group 2: Optimization of Trading Scope - The opinion proposes to gradually expand the coverage of the national carbon emission rights trading market, considering the needs for carbon peak and carbon neutrality, as well as the carbon reduction potential of various industries [2]. - It emphasizes the importance of avoiding overlapping benefits for trading entities between green certificates and voluntary greenhouse gas reduction trading markets [2]. Group 3: Trading System Improvement - The opinion suggests a systematic inclusion of carbon emission rights, water rights, and pollution rights into public resource trading platforms based on the progress of market-oriented allocation reforms [2]. - It calls for the strengthening of guidance and supervision over local carbon emission rights trading markets while accelerating the establishment of a unified national water rights trading market [2]. Group 4: Capacity Building for Trading - The opinion encourages financial institutions to participate in the construction of resource and environmental factor trading markets, promoting the development of green financial products such as green credit, green insurance, and green bonds [3]. - It also highlights the need for standardized disclosure of information related to green finance by financial institutions [3].

健全资源环境要素市场化配置体系，是提升资源环境要素利用效率的关键举措。5月29日，中共中央办 公厅、国务院办公厅发布《关于健全资源环境要素市场化配置体系的意见》（以下简称《意见》）。其 中，在加强资源环境要素交易基础能力建设方面，《意见》提出，健全金融支持体系，积极稳妥推进金 融机构参与资源环境要素交易市场建设。 在加强资源环境要素交易基础能力建设方面，《意见》提出，健全金融支持体系，积极稳妥推进金融机 构参与资源环境要素交易市场建设，引导金融机构在依法合规、风险可控、商业可持续的前提下，开发 与资源环境要素相关的绿色信贷、绿色保险、绿色债券等金融产品和服务。推动金融机构规范开展绿色 金融相关信息披露。推动碳排放权、用水权、排污权相关担保业务统一登记公示。 专家表示，金融工具的介入不仅有助于扩大资源环境要素交易市场的流动性，也有利于释放绿色发展的 制度性红利。 《意见》提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能市场 化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通流 动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用 ...