《洞见ESG》4月刊 ESG强制信披倒计时 政策速递 证监会发文规范A股ESG信披，这458家上市公司须做好准备 近日，证监会发布修订后的《上市公司信息披露管理办法》，第六十五条明确提出"上市公司按照证券 交易所的规定发布可持续发展报告"。该《信披办法》于2025年7月1日起正式施行。 【点击查看详 情】 铝冶炼纳入碳市场有何影响？2026年碳配额缺口或达34万吨，企业需尽快降低碳成本 铝冶炼纳入碳市场的管控范围与电力行业有所不同。电力行业只管控化石燃料燃烧排放，而新纳入的 铝冶炼行业，除了化石燃料燃烧排放，工业过程排放也纳入管控。 【点击查看详情】 1200家水泥企业将纳入全国碳市场，如何减碳？ 按照单吨水泥碳排放550kg计算，近十年我国水泥工业每年碳排放在11亿吨以上。纳入全国碳市场的水 泥企业或达1200家，目前企业减排压力不大，但预计三到五年内碳配额将收紧，减排成本将上升。 【点击查看详情】 全国碳市场首次扩围：纳入钢铁、水泥、铝冶炼行业，新增1500家重点排放单位 生态环境部发布《全国碳排放权交易市场覆盖钢铁、水泥、铝冶炼行业工作方案》。此次扩围后，预 计全国碳排放权交易市场重点排放单位将达到37 ...

Core Viewpoint - The carbon credit system under the Paris Agreement facilitates the cross-border flow of climate funds, achieving carbon reduction goals at lower costs and higher efficiency [1][11]. Development of China's Carbon Market - China's carbon market has evolved from the Clean Development Mechanism (CDM) to a comprehensive system that includes mandatory and voluntary trading markets, ensuring a healthy and orderly operation [4][5]. - The voluntary carbon market has experienced fluctuations, with significant developments starting from 2012, including the establishment of the national certified voluntary emission reduction (CCER) program [4][5]. - The national carbon market has seen a significant expansion, with the launch of the national power quota market in 2021 and the voluntary emission reduction trading system in 2023 [5][6]. Market Performance and Mechanisms - In 2024, the national carbon market's trading volume reached 189 million tons, with a transaction value of 18.114 billion yuan, marking a new high since its inception [6][7]. - The trading price in the carbon market has shown a steady increase, with the closing price in the fourth quarter stabilizing between 97 yuan/ton and 106 yuan/ton [7]. - The market's trading activity has significantly increased, with a turnover rate of 3.5% in 2024, compared to approximately 2.0% in previous years [6][7]. Policy Recommendations for Market Development - To enhance market vitality, it is essential to diversify trading products, participants, and methods, encouraging participation from financial institutions and individual investors [9][18]. - Implementing a paid quota usage mechanism, similar to the EU carbon market, is recommended to internalize costs and improve price discovery [9][18]. - Strengthening environmental information disclosure and building a robust integrity system are crucial for ensuring data quality and market credibility [10][18]. International Cooperation and Market Expansion - Attracting participation from countries involved in the Belt and Road Initiative can enhance the quality and openness of China's carbon market, promoting international carbon asset transactions settled in yuan [1][11]. - Active participation in international rule-making is necessary to establish a legal, international, and modern carbon market, increasing its global attractiveness and influence [1][11].

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for May 2025, indicating expected buy and sell prices for national carbon emission allowances (CEA) at 78.37 CNY/ton and 82.66 CNY/ton respectively, with a midpoint of 80.52 CNY/ton [1] - The buy price index decreased by 7.70%, the sell price index decreased by 7.32%, and the midpoint price index decreased by 7.51% [1] Group 2 - The research center provided price expectations for green certificates (GEC) for 2024 and 2025, with the price for centralized projects in May 2025 expected to be 5.20 CNY/unit, showing a significant increase compared to previous months [2] - The price for distributed projects in May 2025 is expected to be 4.87 CNY/unit, and for biomass power generation, it is expected to be 4.48 CNY/unit, indicating an overall increase in green certificate prices [2] Group 3 - The National Energy Administration announced the launch of the green certificate cancellation function, enhancing the transparency and regulation of the green power consumption management system [3] - In April, the average closing price of CEA was 82.26 CNY/ton, down 6.42% from March, while the average daily trading volume of carbon allowances increased significantly to 23.31 million tons, nearly doubling from March [3]

全国碳币场行情简报 (2025年第66期) 国泰君安期货 发布日期:2025-04-29 策略 建议缺口企业暂时观望,等待价格跌至合适位置再采购 (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。 核心 逻辑 2新纳入行业2024年度履约不设配额缺口,全国碳市场缺口喀有下调,但对供需平衡 影响有限;扩固方案带来短期情绪利空,或加速强制流通配额释放,综合价格短期支 撑位70元/吨附近。 3强制流通配额耗尽节点延后,上涨动能或出现在三季度末、四季度初;若盈余企业 卖出节点继续后移，价格底部越低,反弹高度越有限。 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。本内容的信息来源于公开资料，本公 司对这些信息的准确性、完整性及未来变更的可能性不作任何保证。请您 ...

2025 年 4 月 29 日 二 〇 二 五 年 度 期货研究 国 泰 君 安 期 货 研 究 所 集运碳成本更新：英国碳市场扩围影响与指标 编制方案修订——绿色金融联合研究（二） 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 报告导读： 2025 年 3 月 25 日，英国交通部发布了《海事脱碳战略》，该战略为英国国内海运排放设定了新目标， 与国际海事组织的最高雄心水平保持一致。为实现上述目标，2026 年起，英国碳市场将扩展至海上运输业。 然而，不同于欧盟碳市场，英国碳市场计划仅对国内海运业排放进行定价。 英国碳市场拓展至国内海运业的技术细节尚未公布，在缺乏技术细节的情况下，仍有一些问题值得探 讨，例如英国海港是否会被欧盟确定为"邻近集装箱转运港"，这将极大地影响承运人的显性碳成本。尽 管英国海港存在被纳入欧盟"邻近集装箱转运港"清单的可能性，但是欧盟委员会最新监测报告表明，欧 盟短期内可能不会这么做。 既然欧盟短期可能不会将英国海港纳入清单，那么"集运（欧线）碳排放交易成本" ...

3月26日，生态环境部正式印发《全国碳排放权交易市场覆盖水泥、钢铁、电解铝行业工作方案》，三 大行业正式纳入全国碳市场。碳市场是世界各国推进绿色转型的重要政策工具，目前已建设36个，22个 正在筹备建设中，新兴市场印度、东盟等都在加快碳市场建设。进入并能够参与碳市场，既是钢铁企业 绿色低碳转型的必选项，又是应对碳边境调节机制、参与国际竞争合作的必答题，钢铁企业亟需加强参 与全国碳市场的能力建设。 钢协在生态环境部气候司的指导下，日前分别在南京和石家庄举办了两场钢铁行业碳排放权交易市场宣 贯大会，对核算报告指南和核查技术、月度存证及管理要点、全国碳市场管理平台填报、全国碳排放权 注册登记和配额清缴等进行宣贯解读，助力钢铁企业全面了解碳排放核算方法、碳排放权交易政策、市 场规则及操作流程，提升碳资产管理能力，受到企业广泛好评。生态环境部充分考虑行业实际情况和钢 协意见，在2025、2026年设立适应过渡期，激励幅度不超过 3%，推动企业将短期履约压力转为长期技 术革新动力，由被动减排转为主动创新。 2025年4月29日，中国钢铁工业协会召开信息发布会，中钢协表示，纳入碳市场企业面临碳管理新任务 和成本上升新挑战。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 电力 迎峰度夏将至，重视煤价后置下的火电机会 本周行情回顾：本周（4.21-4.25）上证指数报收 3,295.06 点，上涨 0.56%， 沪深 300 指数报收 3786.99 点，上涨 0.38%。中信电力及公用事业指数 报收 2894.72 点，上涨 2.06%，跑赢沪深 300 指数 1.68pct，位列 30 个 中信一级板块涨跌幅榜第 8 位。 本周行业观点： 投资建议：电力公司业绩陆续发布，基本面支撑与市场风格共振，重视电 力投资机会布局。迎峰度夏将至，本周煤价下跌至 665 元/吨附近，成本 超预期下跌支撑度电盈利改善，重视火电超额机会，建议关注重点火电标 的：华电国际、皖能电力、浙能电力、华能国际、建投能源；以及火电改 造设备龙头：青达环保。推荐布局低估绿电板块，推荐优先关注低估港股 绿电以及风电运营商，建议关注新天绿色能源（H）、龙源电力（H）、中 闽能源、福能股份。把握水核防御，水电板块，建议关注长江电力、国投 电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预 ...

南方财经全媒体记者郭晓洁 21世纪经济报道记者李德尚玉 广州报道 实习生余忠梅 随着绿色金融市场的快速发展，相关的资讯和数据变得越来越丰富。绿色金融周报从宏观视角和机构绿 色金融实践等角度，关注绿色金融领域的最新前沿动态，追踪绿色金融市场的最新趋势，为绿色金融相 关参与方提供决策依据和参考。 一、重点关注 VCER机制突破传统碳信用开发周期长、成本高难题，研发出一套"碳资产开发+碳资产管理+碳资产应 用"技术标准体系，为满足"双碳"目标和企业ESG管理的战略需求，提供高质量碳减排产品。目前，首 期数字能源空气压缩站项目已实现审定碳减排量60,964.4吨二氧化碳当量，核查验证碳减排量8853.69吨 二氧化碳当量，4家国内和国外企业通过场外交易获得碳资产，用于零碳工厂建设和组织碳中和。 4月15日，香港交易所与香港证监会首次合办国际碳市场峰会。峰会聚焦构建高效可信的碳市场生态 圈，香港交易所集团行政总裁陈翊庭在致辞中强调，将凭借香港作为超级联系人的角色及在构建亚洲国 际资本市场方面的丰富经验，推动可持续金融创新。 香港特别行政区财经事务及库务局局长许正宇在分享中强调，碳市场发展与本港绿色金融生态圈整体布 局息 ...

Investment Rating - The report assigns an "Overweight" rating for the environmental sector, consistent with the previous rating [1]. Core Insights - The national carbon market is accelerating its development with the first batch of CCER (Certified Emission Reduction) registrations initiated, indicating a growing demand for carbon credits [8][11]. - The report highlights a significant drop in weekly trading volumes for carbon emissions allowances, with CEA (Carbon Emission Allowance) transactions at 210,300 tons, down 66% from the previous week, and an average price of 87.66 yuan/ton, a decrease of 1% [6][17]. - The CCER methodology has expanded its coverage, with new methodologies introduced for coal mine low-concentration gas utilization and energy-saving in highway tunnel lighting systems [10][11]. Summary by Sections Weekly Investment Perspective - The existing CCER has expired, and the methodology has broadened, with the first batch of methodologies now open for CCER registration. Investment opportunities are recommended in the recycling resources and carbon monitoring sectors [8][9]. - CCER can be used to offset carbon emission allowances in the national carbon market, with a cap of 5% on offsets [9][10]. Environmental Sector Performance - The environmental sector saw a weekly increase of 2.29%, while other sectors like gas and water utilities experienced slight declines [14]. - Top-performing stocks included SanDe Technology (+36.67%) and NingShui Group (+31.87%), while the worst performers were WeiPaiGe (-14.56%) and AnChe Detection (-6.04%) [6][17]. Carbon Neutrality Tracking - The report notes that by 2027, a voluntary disclosure policy for corporate greenhouse gas emissions will be established, with a complete framework expected by 2030 [21]. - The national carbon market is set to expand beyond the power sector to include industries such as cement and steel, with a projected increase in annual greenhouse gas emissions coverage from 4.5 billion tons to 7.5 billion tons [9][10]. Recommendations - The report recommends several companies based on their potential benefits from the evolving carbon market, including: - Snowy Dragon for online monitoring of pollution sources - SanFeng Environment and HanLan Environment for waste incineration - High Energy Environment for recycled metals [12][13].