金十期货6月20日讯，今日全国碳市场综合价格行情为:开盘价72.82元/吨，最高价73.68元/吨，最低价 72.82元/吨，收盘价73.01元/吨，收盘价较前一日下跌0.59%。今日挂牌协议交易成交量182898吨，成交 额13479883.30元；大宗协议交易成交量650000吨，成交额47405000.00元。今日全国碳排放配额总成交 量832898吨，总成交额60884883.30元。2025年1月1日至6月20日，全国碳市场碳排放配额成交量 31638826吨，成交额2374472020.03元。 （全国碳交易） 今日全国碳市场收盘价73.01元/吨，较前一日下跌0.59% ...

Core Viewpoint - The national carbon market has experienced a significant price decline, with carbon emission allowances (CEA) dropping to 68.48 yuan/ton, a decrease of approximately 35% from the historical high of around 105 yuan/ton reached in November of the previous year. This decline is attributed to weakened demand, increased supply expectations, and deteriorating market sentiment. However, long-term prospects suggest that carbon prices may stabilize and rise due to tightening policies, industrial upgrades, and deeper international linkages [1][2][4]. Group 1: Price Decline Factors - The primary demand side for carbon market is thermal power, which has seen a decrease in generation, directly impacting the motivation to purchase carbon allowances. From January to April, total electricity generation, including thermal power, grew by only 0.1% year-on-year, significantly lower than the 6.1% growth in the same period last year [2]. - The manufacturing PMI fell below 50 after April due to trade frictions, leading to a slowdown in industrial electricity growth. Additionally, higher temperatures this year have reduced residential electricity consumption, further impacting demand for carbon allowances [2]. - The introduction of a "zero gap" for new industry allowances and the restart of the voluntary emission reduction market (CCER) have also contributed to downward pressure on prices [3]. Group 2: Long-term Market Outlook - Despite the current price decline, there is a consensus that the long-term upward trend of carbon prices remains intact. The total allowance will tighten annually in line with the "dual carbon" goals, leading to increased scarcity [4]. - The European Union's Carbon Border Adjustment Mechanism (CBAM), set to impose a "carbon tax" in 2026, is expected to align domestic carbon prices with major markets [4]. - The transition of high-emission industries will require higher carbon price signals, supporting the long-term price increase [4]. Group 3: Financial Innovations and Risk Management - The China Securities Regulatory Commission has proposed the development of carbon futures, which will help companies manage carbon price volatility through hedging strategies [5]. - The establishment of a well-functioning carbon futures market is seen as essential for stabilizing carbon costs and avoiding adverse impacts on business operations due to price fluctuations [5][6]. - The future development of a carbon futures market is viewed as an opportunity for gaining international pricing power in major energy commodities [6].

Core Viewpoint - The article emphasizes the upcoming development boom in the hydrogen energy sector, driven by new policies and pilot projects outlined by the National Energy Administration, focusing on green power and green chemicals as core areas for hydrogen development [2][3][4]. Policy Interpretation - **Support Policy 1**: Project pilots will promote advanced hydrogen technologies and key equipment, ensuring clear commercial models and significant carbon reduction effects. Central government funding for smart grid projects is approximately 960 million yuan, which can include hydrogen power projects [6]. - **Support Policy 2**: Encourages renewable energy consumption and hydrogen production during low electricity demand periods, aiming to reduce hydrogen production costs and improve energy efficiency [7]. - **Support Policy 3**: Local energy departments will enhance support for pilot projects, addressing cost management and safety, and promoting the replication of successful models [8]. - **Support Policy 4**: Eligible projects will receive priority for long-term loans and support for major technological equipment, facilitating the establishment of industry standards [9]. - **Support Policy 5**: The National Energy Administration will coordinate major issues faced by pilot projects, ensuring they are included in significant engineering project databases [10]. Pilot Directions - **Hydrogen Production**: Focus on large-scale hydrogen production using renewable energy sources, with specific requirements for electrolyzer capacity and operational flexibility [12][13][15]. - **Hydrogen Storage and Transportation**: Emphasizes the need for efficient long-distance hydrogen transport through pipelines and liquid hydrogen, with specific capacity requirements for transport vehicles and storage projects [16][18]. - **Hydrogen Applications**: Highlights the role of hydrogen in green chemical processes and energy supply, with specific targets for renewable hydrogen production and integration into existing energy systems [20][21][23][24]. Common Support - **Hydrogen Verification Platforms**: Establishes platforms for testing hydrogen equipment and quality management, supporting the development of industry standards [26][27]. - **Low-Carbon Transition Trials**: Focuses on integrating renewable hydrogen production and storage in various industrial applications, aiming for over 80% clean energy consumption in targeted areas [28].

上海交通大学党委常委、副校长蒋兴浩：全球气候治理进入关键十年，能源体系革命性的重塑已成大势 所趋，如何以科技为刃，以创新为篱，开辟绿色低碳转型的新路径，是时代赋予我们的共同课题。 中国远洋海运集团有限公司科技创新工作本部总经理辜忠东：当前，船用清洁能源的路径仍面临很大的 不确定性，航运脱碳面临着巨大的压力。为此，产学研用深度合作就显得尤为重要。 第一财经常务副总经理杜坚：企业是实现双碳目标的主体力量。越来越多的企业正从"要我减排"转 向"我要减排"，以绿色技术突破，抢占产业变革先机，以碳管理能力提升构筑新竞争力。 中国工程院院士、清华大学碳中和研究院院长贺克斌：当我们为实现碳中和走向新能源时，实际上，我 们也在解决现有化石能源在未来数百年后会用光的紧迫问题，可再生能源会使我们的资源量得到更可持 续的保障。 上海市发展和改革委员会副主任朱明林：上海能源的绿色转型需要深度融入国家战略，我们抓好"一东 一西"两个绿电的超级工程，一方面向西融入沙戈荒战略，另一方面向东融入海洋强国国家战略。 国家气候变化专家委员会副主任王毅：建立新型能源体系和新型电力系统要先立后破，但是不立就永远 破不了，这个立是非常艰难的改革，不仅 ...

Core Viewpoint - The online discussion held by the China Iron and Steel Association aimed to gather feedback from steel enterprises regarding the carbon quota allocation scheme, which is crucial for the carbon market's operation and directly impacts production costs and strategic planning [1][2]. Group 1: Meeting Overview - The meeting was attended by over 120 representatives from major steel companies, including Shougang Group, Baowu Group, and others, indicating a significant industry participation [1]. - The discussion was led by Jiang Wei, the Deputy Secretary-General and Vice President of the Steel Association, highlighting the importance of the carbon quota allocation as a "lifeline" for the carbon market [2]. Group 2: Industry Implications - The participating companies accounted for 66% of the national crude steel output, suggesting that their feedback reflects the broader industry's needs [2]. - The carbon quota allocation scheme is seen as a mechanism to encourage companies to optimize energy structures and improve efficiency through a "reward and punishment" system [2]. Group 3: Future Actions - Steel enterprises are encouraged to utilize the three-year transition period to enhance their carbon asset management, improve data accuracy, and participate in carbon market trading [2]. - The Steel Association plans to compile and study the suggestions made by the companies and provide timely feedback to the Ministry of Ecology and Environment [2].

Core Viewpoint - Beijing aims to establish its urban sub-center as an international benchmark city for green economy by 2027, focusing on enhancing green innovation capabilities, increasing the number of green enterprises, and boosting the output value of green industries [1][2]. Group 1: Green Innovation and Technology - The city plans to achieve an annual growth of approximately 20% in effective green technology invention patents and establish an international green technology concept verification center [1]. - The administrative office area has achieved 100% green electricity supply, and a new energy system experimental base has been established [2]. Group 2: Green Industry Development - The urban sub-center will support the development of over 300 green enterprises and establish a green industry cluster [1]. - The focus will be on cultivating specialized green industries, including carbon professional services and ESG (Environmental, Social, and Governance) services, to create a carbon market ecosystem and attract international ESG rating agencies [3]. Group 3: Investment and Future Energy - The sub-center will foster green investment and support the development of various green industry investment institutions, particularly in future energy sectors such as superconducting materials and vacuum systems [4]. - There will be an emphasis on enhancing existing green industries, including ecological environment protection and pollution control, as well as the development of carbon capture, utilization, and storage (CCUS) technologies [4]. Group 4: Smart and Connected Vehicles - The urban sub-center will enhance the smart connected new energy vehicle industry, focusing on vehicle electronics and core components to create a comprehensive supply system [5]. - The aim is to attract low-carbon, ultra-low energy consumption, and nearly zero energy consumption building enterprises to strengthen the green construction industry [5].

Core Viewpoint - Lanzhou New Area has achieved significant results in building a modern beautiful new area that harmonizes man and nature, guided by Xi Jinping's ecological civilization thought, with economic growth rates ranking among the top of national-level new areas for eight consecutive years [1] Group 1: Ecological Civilization Construction - Lanzhou New Area integrates ecological civilization construction into all aspects of economic, political, cultural, and social development, establishing an ecological environment protection committee led by top officials [2] - The area has implemented a land space planning that includes key ecological construction zones and has increased ecological forest areas significantly from 72.23 square kilometers to 209.75 square kilometers [2] Group 2: Green and Low-Carbon Development - The area has introduced over 1,300 quality industrial projects with a total investment of 610 billion yuan, focusing on green chemical, new energy materials, advanced equipment manufacturing, and other advantageous industrial clusters [3] - The energy consumption intensity per ten thousand GDP is 0.34 tons of standard coal, lower than the national average [3] Group 3: Environmental Governance and Innovation - Lanzhou New Area has launched the "Green Gold Pass" platform, facilitating over 134 billion yuan in financing for enterprises, promoting industrial green transformation [4] - The area has completed 71 transactions in pollutant discharge rights, with a total transaction amount of 22.659 million yuan [4] Group 4: Environmental Safety and Quality - The area maintains an air quality with over 93% of days rated as good, and water quality at two source sites has a 100% compliance rate [5] - The comprehensive utilization rate of general industrial solid waste is 94%, and hazardous waste is disposed of safely at a 100% rate [5]

Core Insights - The average closing price of national carbon emission allowances (CEA) in May was 70.30 yuan/ton, representing a decline of approximately 13% compared to April's average closing price of 80.87 yuan/ton [1] - The carbon price in May exhibited a fluctuating downward trend, starting from 71.35 yuan/ton at the beginning of the month and gradually decreasing to a monthly low of 67.91 yuan/ton by the end of May [1] - As of the end of May, the national carbon emission allowance price has decreased by 35% from the historical peak of 106.02 yuan/ton recorded in November of the previous year, with a decline of about 30% occurring since the beginning of this year [1]

Core Viewpoint - The African Development Bank (AfDB) is establishing a "Support Mechanism for the African Carbon Market" to enhance the carbon credit market in Africa, aiming to mitigate the impacts of climate change such as droughts and storms [1][2]. Group 1: Carbon Market Development - The mechanism is currently in the design phase and will focus on two main areas: assisting governments in formulating carbon trading policies and regulations, and promoting the growth of carbon credit supply and demand along with necessary market infrastructure [1]. - Carbon credits, generated through projects like afforestation and wind energy, can be traded to help countries or companies meet their climate goals. Currently, most African carbon credits come from forestry, land use, and agricultural projects, primarily traded in voluntary markets at low prices [1]. - If African carbon credits can be integrated into compliance markets, their prices could potentially increase up to tenfold from current levels [1]. Group 2: Urgency and Financing - Developing the carbon market is deemed an urgent priority for Africa, which, despite contributing only 1% of global carbon emissions, faces severe weather threats due to climate change [2]. - The launch of the carbon market mechanism aims to enhance the value and revenue of carbon credits in Africa, opening new pathways for green development and sustainable financing [2].

Report Title - EU Carbon Market Quotation Briefing (Issue No. 90, 2025) [1] Release Date - May 29, 2025 [2] Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core View - The MSR absorbs auction quotas again, and EUA strengthens against the trend [2] Market Conditions Primary Market - The auction price is 70.54 euros/ton (-1.36%), and the bid coverage ratio is 1.87 [2] Secondary Market - The EUA futures settlement price is 72.07 euros/ton (0.43%), and the trading volume is 24,200 lots (-0.08) [2] Core Logic Bullish Factors - The latest CoT report shows that the net long positions of investment funds increase by 1.026 million tons [2] - The European Commission announces the annual EUETS surplus indicator (TNAC). In 2024, the TNAC is about 1.148 billion tons. From September 2025 to August 2026, about 275 million tons of quotas will be extracted from the auction volume to the Market Stability Reserve (MSR) [2] - The US Federal Trade Court rules that Trump's imposition of comprehensive tariffs on imported products is illegal and gives the government 10 days to revoke all tariffs [2] Bearish Factors - No new bearish factors [2] Other Information - Russia proposes to hold the second round of direct Russia - Ukraine negotiations in Istanbul, Turkey on June 2, 2025, clarifying Russia's conditions for a lasting peace agreement (including halting NATO's eastward expansion) [3] Data Tables and Charts Chart 1 - Displays EUA's latest auction market information including CBAM certificate price, EUA auction price, auction volume, bid coverage ratio, and auction revenue [4] Chart 2 - Shows the seasonal chart of EUA auction price trends [4] Chart 3 - Presents the seasonal chart of EUA auction bid coverage ratio [4] Chart 4 - Provides EUA's futures and spot market information such as futures settlement price, trading volume, open interest, spot settlement price, spot trading volume, container shipping carbon cost, and freight ratio [5] Chart 5 - Illustrates EUA's futures and spot prices and basis [5] Chart 6 - Displays the seasonal chart of December contract open interest [5]