Core Insights - The national carbon market in China experienced a price increase, with the closing price at 54.86 yuan per ton, reflecting a rise of 3.78% compared to the previous day [1] Trading Data Summary - The total trading volume for carbon emission allowances today was 1,399,363 tons, with a total transaction value of 73,447,292.03 yuan [1] - The breakdown of today's trading included 844,102 tons in listed agreement transactions valued at 44,910,195.57 yuan, and 555,261 tons in bulk agreement transactions valued at 28,537,096.46 yuan [1] - Since January 1, 2025, the cumulative trading volume of carbon emission allowances has reached 145,569,252 tons, with a total transaction value of 9,076,269,010.81 yuan [1] - As of November 6, 2025, the cumulative trading volume in the national carbon market stands at 775,837,916 tons, with a total transaction value of 52,108,996,114.32 yuan [1]

Core Insights - Ningxia has released a list of 68 key emission units in the power generation, steel, cement, and aluminum smelting industries for the year 2026, aiming to enhance the role of market mechanisms in controlling greenhouse gas emissions and promoting green low-carbon transformation [1] Group 1: National Carbon Market Overview - The national carbon market has been expanding since its launch in July 2021, with increasing policy incentives and constraints [1] - The newly added 21 key emission units in Ningxia are expected to increase carbon dioxide emissions coverage by approximately 31 million tons, enhancing the market's breadth and depth in the region [1] Group 2: Performance of Ningxia Enterprises - In the first compliance period, 35 key enterprises in Ningxia were included in quota management, with a total carbon dioxide emission of about 294 million tons and a quota compliance rate of 98.12% [2] - The number of enterprises under management increased to 39 in the second compliance period, with total emissions of approximately 327 million tons and 29 enterprises participating in trading, resulting in a significant increase in transaction volume and value [2] - In 2023, 37 key enterprises were managed, with emissions around 169 million tons and a compliance rate of 99.43%, indicating a sustained increase in market activity and enterprise participation [2] Group 3: Data Management and Future Goals - Reliable carbon emission data is essential for the stable operation of the national carbon market, emphasizing the importance of daily management of data quality [3] - The Ningxia Ecological Environment Department plans to enhance policy promotion and guidance to improve enterprises' carbon trading capabilities and management levels, aiming for a new stage in green low-carbon development [3]

Core Insights - The report highlights China's significant contributions to climate change mitigation and adaptation, showcasing its commitment to global climate governance and green development [2][3][4][5] Group 1: Climate Change Mitigation Efforts - In 2024, non-fossil energy is projected to account for 19.8% of China's total energy consumption, with coal consumption decreasing from 67.4% in 2013 to 53.2% [3] - The report indicates that the lithium battery and photovoltaic industries are expected to achieve double-digit growth in multiple indicators in 2024, with China's new energy vehicle production leading globally for ten consecutive years [3] - The national carbon market has entered a new phase, with a cumulative trading volume of 728 million tons and a transaction value of 49.83 billion yuan as of September 2025, marking a historical high for the market [4] Group 2: Global Climate Leadership - China has contributed to a significant reduction in global wind and solar power costs by over 60% and 80%, respectively, while creating 46% of global renewable energy jobs [4] - By the end of 2024, China has signed 54 climate cooperation agreements with 42 developing countries, enhancing their capacity to address climate change through various initiatives [4] - China's announcement of its 2035 national contribution targets aligns with the Paris Agreement, reflecting its commitment to international climate goals [5] Group 3: International Cooperation and Policy Stance - The report outlines China's basic stance for COP30, emphasizing the importance of multilateral cooperation, adherence to the UN Framework Convention on Climate Change, and promoting a just global green transition [5] - China remains committed to its climate actions and international cooperation efforts, regardless of changing global circumstances [5]

Core Viewpoint - The national carbon market in China has shown a positive trend with a closing price of 52.73 yuan per ton, reflecting a 1.48% increase from the previous day [1][3]. Trading Data Summary - The opening price for the carbon market was 51.54 yuan per ton, with a highest price of 53.28 yuan and a lowest price of 51.54 yuan [3]. - The total trading volume for the day was 1,527,183 tons, with a total transaction value of 75,617,894.30 yuan [1]. - The agreement trading volume was 421,568 tons, amounting to 20,448,225.30 yuan, while the bulk agreement trading volume was 1,105,615 tons, totaling 55,169,669.00 yuan [1]. Cumulative Trading Data - From January 1, 2025, to November 3, 2025, the total carbon emission allowance trading volume reached 141,188,515 tons, with a total transaction value of 8,861,414,482.11 yuan [1]. - As of November 3, 2025, the cumulative trading volume in the national carbon market was 771,457,179 tons, with a cumulative transaction value of 51,894,141,585.62 yuan [1].

Core Insights - The national carbon market is experiencing a downward trend in prices, with a significant drop of 10.37% in October, closing at 51.96 yuan per ton [1] - The trading volume in October reached 41.5625 million tons, showing a nearly 30% increase despite fewer trading days compared to September [1] - The average closing price for carbon emission allowances (CEA) in October was approximately 54.76 yuan per ton, down 12.4% from September [1] Market Dynamics - The fluctuations in carbon prices are attributed to market forces such as supply and demand, market expectations, trading behaviors, and psychological factors [2] - The Ministry of Ecology and Environment plans to enhance the carbon market's pricing function and optimize resource allocation for carbon reduction [2] Future Developments - The national carbon market aims to expand its coverage to major industrial sectors by 2027 and shift from intensity control to total volume control [3] - There will be a gradual tightening of allowances, enhancing their scarcity to better reflect the true cost of emissions reduction [3] - Efforts will be made to develop a voluntary emission reduction trading market and increase the market's vitality through green financial products [3]

Core Points - The national carbon market opened at a price of 52.59 yuan/ton, with a closing price of 51.24 yuan/ton, reflecting a decrease of 0.95% from the previous day [1][2] - The total trading volume of carbon emission allowances today was 3,516,789 tons, with a total transaction value of 177,248,042.01 yuan [3] - The cumulative trading volume of carbon emission allowances from January 1 to October 29, 2025, reached 135,128,386 tons, with a total transaction value of 8,587,366,223.06 yuan [4] Trading Data - Today's trading volume for listed agreement transactions was 912,040 tons, with a transaction value of 40,433,363.76 yuan; for bulk agreement transactions, the volume was 2,604,749 tons, with a value of 136,814,678.25 yuan [2] - The highest price for carbon emission allowances today was 52.59 yuan/ton, while the lowest was 51.02 yuan/ton [1][2] - The cumulative transaction value of the national carbon market as of October 29, 2025, is 51,620,093,326.57 yuan [4]

Core Points - The national carbon market opened at a price of 54.21 yuan/ton, with a closing price of 51.73 yuan/ton, reflecting a decrease of 3.69% from the previous day [1] - The total trading volume of carbon emission allowances today reached 5,477,083 tons, with a total transaction value of approximately 263.73 million yuan [3] - The cumulative trading volume of carbon emission allowances from January 1 to October 28, 2025, is 131,611,597 tons, with a total transaction value of approximately 8.41 billion yuan [4] Trading Activity - The agreement trading volume today was 582,256 tons, with a transaction value of approximately 26.61 million yuan, while the bulk agreement trading volume was 4,894,827 tons, with a transaction value of approximately 237.12 million yuan [2] - As of October 28, 2025, the cumulative trading volume of the national carbon market reached 761,880,261 tons, with a cumulative transaction value of approximately 51.44 billion yuan [5]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - The exhaustion of mandatory circulation allowances may support a reversal in carbon prices, with a possible reversal in Q3 due to expected trading. By the end of October, as compliance pressure mounts and the release of mandatory circulation allowances nears its end, upward momentum may accumulate, and carbon prices may enter a stage of trend - based recovery [7] - It is recommended that deficit enterprises make phased purchases at low prices before the end of October [5] Group 3: Summary by Sections Market Quotes - The main CEA target rebounded above 40 yuan. There were 44.2 tons in listed trading and 63.1 tons in bulk trading. The total single - day trading volume was less than 1.1 million tons. For CCER, the listed agreement trading volume was 1.30 tons, with an average trading price of 57.60 yuan/ton, a decrease of 6.40% [4] - The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 60.31 yuan/ton, 59.00 yuan/ton, 60.00 yuan/ton, 42.18 yuan/ton, and 41.48 yuan/ton respectively. The price increases were 0.00%, 0.00%, 0.00%, 8.46%, and 7.80% respectively [9] - The trading volume of CCER was 1.30 tons, with an average trading price of 57.60 yuan/ton (down 6.40%), and the trading amount was 74.99 million yuan [11] Strategy - Deficit enterprises are advised to make phased purchases at low prices before the end of October [5] Core Logic - The exhaustion of mandatory circulation allowances may be a realistic support for the reversal of carbon prices. Expected trading may lead to a possible carbon price reversal in Q3. By the end of October, as compliance pressure emerges and the release of mandatory circulation allowances nears completion, carbon prices may trend upwards [7]

Core Insights - The national carbon market in China reported a closing price of 52.59 yuan per ton on October 21, 2023, reflecting a 2.43% increase from the previous day [1][4] - The total trading volume for carbon emission allowances today reached 1,072,941 tons, with a total transaction value of approximately 40.89 million yuan [1] - Since January 1, 2025, the cumulative trading volume of carbon emission allowances has reached 113,465,418 tons, with a total transaction value of approximately 7.54 billion yuan [1] Trading Data Summary - Opening price: 52.11 yuan/ton [4] - Highest price: 52.88 yuan/ton [4] - Lowest price: 52.11 yuan/ton [4] - Daily trading volume: 441,833 tons for agreement trading and 631,108 tons for bulk agreement trading [1] - Total transaction value for the day: 18.44 million yuan for agreement trading and 22.45 million yuan for bulk agreement trading [1] Cumulative Market Performance - As of October 21, 2025, the cumulative trading volume of carbon emission allowances in the national market is 743,734,082 tons, with a total transaction value of approximately 50.58 billion yuan [1]

Core Insights - The national carbon market in China experienced a closing price of 57.97 yuan per ton, reflecting a decrease of 1.06% compared to the previous day [1] - The total trading volume of carbon emission allowances today reached 3,595,307 tons, with a total transaction value of approximately 204.89 million yuan [1] Trading Activity - The opening price for the carbon market was 57.72 yuan per ton, with a highest price of 58.52 yuan per ton and a lowest price of 57.72 yuan per ton [1] - The volume of agreements traded today was 1,049,302 tons, generating a transaction value of about 55.92 million yuan, while bulk agreement trading accounted for 2,546,005 tons and 148.97 million yuan [1] Cumulative Data - From January 1 to September 30, 2025, the total trading volume of carbon emission allowances was 98,098,802 tons, with a total transaction value of approximately 6.80 billion yuan [1] - As of September 30, 2025, the cumulative trading volume of carbon emission allowances reached 728,367,466 tons, with a cumulative transaction value of about 49.83 billion yuan [1]