Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. Core Viewpoints - EU stocks rebounded significantly, and EUA stopped falling and stabilized. Due to the increasing uncertainty risks, it is recommended to wait and see, with the lower support at €55 [1]. - There are both positive and negative factors in the market. Positively, the EU will hold a summit with China in July to commemorate the 50th anniversary of China - EU diplomatic relations, and EU stocks rebounded significantly. Negatively, the EU is considering Article 6 of the Paris Climate Agreement to achieve its 2040 climate goals, and the EU's environmental chief vows to reduce the implementation of green rules [2]. Summary by Related Catalogs Market Conditions - **Primary Market**: The EUA auction price was 60.35 euros/ton (up 0.99%), and the bid - cover ratio was 1.62. On April 8, 2025, the auction volume was 324,550 tons, and the auction revenue was 195.87 million euros [1][3]. - **Secondary Market**: The EUA futures closing price was 62.75 euros/ton (up 0.56%), with a trading volume of 44,500 lots (down 2.17). The futures open interest on April 8, 2025, was 330,700 lots, and the spot settlement price was 61.73 euros/ton (up 0.99%) [1][4]. Influencing Factors - **Positive Factors**: The EU will hold a summit with China in July to commemorate the 50th anniversary of China - EU diplomatic relations, and EU stocks rebounded significantly [2]. - **Negative Factors**: The EU is considering Article 6 of the Paris Climate Agreement to achieve its 2040 climate goals, and the EU's environmental chief vows to reduce the implementation of green rules [2]. Risks (Excluded as per requirements, but for reference) - The EU resumes Russian gas supply, increases auctions to raise funds, and weakens the emission cap [3].

Report Title - EU Carbon Market Market Briefing (Issue No. 55, 2025) [1] Report Industry Investment Rating - Not provided Core View - EUA has re - linked with TTF, and its price has rebounded significantly. The report suggests interval operation, with a pressure level of €75 and a support level of €66 [2] Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price is 66.71 euros/ton (-0.13%), and the bid coverage ratio is 1.55 [2] - **Secondary Market**: The closing price of EUA futures is 70.1 euros/ton (2.94%), and the trading volume is 35,600 lots (0.05) [2] Strategy - It is recommended to conduct interval operations, with a pressure level of €75 and a support level of €66 [2] Core Logic - **Likely Positive Factors**: Tensions between Russia and Ukraine may bring geopolitical risk premiums; new sanctions on Russia by US senators; European major stock indices closed higher [2] - **Likely Negative Factors**: Trump's "Freedom Day" tariff plan may suppress the European economy; the end of the heating season and increased renewable energy generation are unfavorable to carbon prices; the EU may weaken its 2040 climate goals; Finland will close a coal - fired power plant [2][3]