Core Points - The People's Bank of China conducted a 401.5 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 17 billion yuan due to 418.5 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term maturities increased across the board, with the 7-day Shibor leading the rise [1][2] - The weighted average rates for various repo products also saw increases, particularly in the 7-day category, indicating a tightening liquidity environment [5] Shibor Summary - Overnight Shibor rose by 2.10 basis points to 1.4340% [3] - 7-day Shibor increased by 12.80 basis points to 1.5900% [3] - 14-day Shibor went up by 8.90 basis points to 1.6560% [3] Repo Market Summary - The weighted average rates for DR001 and R001 increased by 2.3 basis points and 3.5 basis points, respectively, with transaction volumes decreasing significantly [5] - DR007 and R007 saw larger increases of 11.1 basis points and 18.5 basis points, respectively, with notable reductions in transaction volumes [5] - DR014 and R014 had smaller increases in rates but experienced an increase in transaction volumes [5] Money Market Conditions - The money market showed a tight condition in the morning, with overnight transactions around 1.55%, shifting to a more relaxed state by the afternoon [9] - The issuance of interbank certificates of deposit was active, with 85 certificates issued totaling approximately 133.99 billion yuan [9] Bond Market Summary - The bond market saw rising rates across various maturities, with overall trading sentiment being moderate [10] - Specific increases included a 6 basis point rise for 1-month bonds and a 1.5 basis point rise for 6-month bonds compared to the previous day [10] Future Operations - The People's Bank of China plans to conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on September 25, 2025, with a one-year term [12]

Core Viewpoint - The People's Bank of China (PBOC) is actively developing carbon accounting standards for financial institutions and revising guidelines for sustainable information disclosure to enhance the carbon market and support the country's dual carbon goals [1][2]. Group 1: Carbon Market Development - The carbon market is seen as a crucial foundation for establishing carbon pricing, which can effectively guide resource allocation [1]. - The PBOC emphasizes the importance of financial sector participation in carbon market development to enhance trading activity and improve pricing efficiency [1]. - The PBOC is committed to supporting the healthy development of the carbon market as part of its financial management responsibilities [1]. Group 2: Sustainable Financial Standards - The PBOC, in collaboration with regulatory bodies, has established a unified directory for green financial products to standardize definitions [2]. - The PBOC is leading the development of transformation financial standards for key industries and encouraging pilot projects to support low-carbon transitions in high-emission sectors [2]. - A multilateral sustainable finance classification directory has been jointly released by China, the EU, and Singapore to promote cross-border green finance [2]. Group 3: Financial Institutions and Green Products - The PBOC is enhancing green finance statistics and evaluations for financial institutions, creating tools to support carbon reduction [3]. - In Shanghai, pilot projects are underway to expand carbon reduction support tools, focusing on clean energy and environmental protection [3]. - As of the second quarter of this year, over 1.38 trillion yuan in carbon reduction loans have been issued, with the national green loan balance reaching 42.4 trillion yuan and green bond balance exceeding 2.2 trillion yuan, positioning China as a global leader in these metrics [3]. Group 4: Climate Risk Assessment - The PBOC has conducted climate-related financial risk assessments and stress tests for 24 banks and certain industries to inform macro-prudential policies [3]. - Accurate carbon pricing is deemed essential for optimizing risk scenario designs and better assessing climate-related risks [3]. Group 5: Future Outlook - The PBOC aims to continuously improve the green financial system and support the carbon market's healthy development through market-oriented measures, contributing to the dual carbon goals and the construction of a beautiful China [3].

"自愿减排交易市场要针对可持续发展效益显著、社会期待高、社会和生态效益兼具的重点领域，加快 方法学开发，强化自愿减排项目开发、审定实施及减排量核查等全链条管理，积极推动核证自愿减排量 应用。要丰富交易产品，扩展交易主体，着力提升碳市场活力，加强碳排放数据质量全过程监管。"李 高表示。 李高表示，全国碳市场顶层设计已进一步完善。今年8月25日，中共中央办公厅、国务院办公厅发布 《关于推进绿色低碳转型加强全国碳市场建设的意见》（下称"《意见》"），这是我国碳市场领域第一 份中央文件，对全面推进全国碳市场建设作出系统部署，明确碳市场的基本定位、总体要求，制定了全 国碳市场发展目标和重点工作任务。 《意见》提出，碳市场是利用市场机制积极应对气候变化、加快经济社会发展、全面绿色转型的重要政 策工具。 主要目标是：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，对碳排放总量相对稳 定的行业，优先实施配额总量控制。自愿减排交易市场实现重点领域全覆盖，支持生态系统碳汇、可再 生能源、甲烷利用、节能、提高能效、碳捕集利用与封存等领域低碳、零碳、负碳技术发展。 此外，到2030年，基本建成以配额总量控制为基础，免 ...

在上海举行的2025年中国碳市场大会上，中国人民银行副行长陆磊在主旨演讲中表示，从全球碳市场发 展经验来看，金融部门参与碳市场建设有助于活跃碳市场交易，提高碳定价效率，防范价格过度波动风 险。陆磊表示，目前，人民银行正在制定金融机构碳核算标准，修订金融机构可持续信息披露指南，强 化金融机构有序开展碳核算并披露可持续信息要求。（上证报） ...

Core Insights - The national carbon emissions trading market in China has seen significant growth, with a cumulative trading volume of nearly 700 million tons and a transaction value of approximately 48 billion RMB as of the end of August 2023, marking a record high for annual transaction value since the market's inception in 2021 [1] - The market's trading activity is increasing, with a 43.55% rise in average daily trading volume compared to the previous compliance cycle, resulting in a total trading volume of 18.9 million tons and a total transaction value of 18.114 billion RMB in 2024, the highest since the market started [1] - The carbon intensity of electricity generation in China decreased by 10.8% in 2024 compared to 2018, highlighting the significant role of the carbon market in achieving emissions reductions [1] Market Expansion - In March 2025, the State Council approved the inclusion of the steel, cement, and aluminum smelting industries into the national carbon emissions trading market, expanding the market's coverage [1] - This expansion added over 1,300 new key emission units, increasing the proportion of carbon dioxide emissions covered by the market to over 60% of the national total [1] Voluntary Emission Reduction Market - The national voluntary greenhouse gas emission reduction trading market was launched as a significant policy tool to support China's "dual carbon" goals, with the first batch of newly registered certified voluntary emission reductions starting trading in March 2025 [2] - As of the end of August 2023, the voluntary emission reduction market recorded a cumulative trading volume of 2.7061 million tons and a transaction value of 229 million RMB, with transaction prices frequently exceeding 100 RMB per ton [2] - The Ministry of Ecology and Environment plans to steadily expand the coverage of the carbon market, enrich trading varieties and methods, and enhance international cooperation in the carbon market sector [2]

近期，我国碳市场领域迎来首份中央文件。中办、国办发布的《关于推进绿色低碳转型加强全国碳 市场建设的意见》（以下简称《意见》），明确了全国碳市场中长期发展的时间表、路线图、任务书， 并要求加强碳排放核算与报告管理，完善信息披露制度。 《意见》明确全国碳市场是实现"双碳"目标的重要制度抓手，提升了碳市场在国家气候治理体系中 的战略地位。同时，《意见》在市场层面提出扩大覆盖行业、完善配额分配、健全市场机制。特别是在 金融层面，将逐步丰富交易产品，扩展交易主体，强化金融机构参与，同时强调风险可控。 今年是全国碳市场正式运行四周年，业内人士普遍认为，《意见》为全国碳市场从"起步期"迈 向"深化期"划定了航道。兴业碳金融研究院首席研究员钱立华表示，《意见》的发布为我国碳市场的中 远期发展提供了清晰的发展规划，标志着碳市场建设进入全面深化阶段。 其中，碳排放核算与信息披露制度的系统性重构，不仅是衔接强制减排与自愿减排双市场的关键纽 带，更成为破解当前市场数据质量瓶颈、激活碳价信号功能的核心抓手。在行业总量控制节点临近的背 景下，这两大制度的落地正深刻重塑企业低碳转型逻辑与市场运行生态。 从强度基准法到总量管控 配额分配再优 ...

全国碳币场行情简报 (2025年第161期) 建议缺口企业在10月底前分批逢低采购 策略 国家君安期货 发布日期:2025-09-22 今日 CEA价格继续下跌,活跃度大幅下降 1、CEA:价格继续下跌；挂牌19.3万吨，大宗10.0万吨 行情 2、CCER:挂牌协议成交量2.93万吨,成交均价78.14元/吨（2.80%） (1)强制流通配额耗尽的节点或将成为碳价反转的现实支撑。预计到10月强制流通配额 才会耗尽。然而,预期交易可能会再次上演,这意味着Q3或许就会看到碳价反转的迹 界。 核心 逻辑 29月起，重点排放单位陆续根据核定配额发放情况制定交易计划,强制流通配额加速 释放,碳价或承压运行。 大宗协议成交量 0.00 0. 00 10. 00 0. 00 0. 00 单项竞价成交量 0. 00 0. 00 0. 00 0. 00 0. 00 总成交额(万元) 0.00 270. 33 0. 00 0. 00 1345. 66 图表3:CEA大宗成交均价(元/吨) 图表2:CEA收盘价(元/吨) -碳配额21 ·碳配额19-20 碳配额22 ·碳配额21 几/吨 ·碳配额22 工/吨。 ·碳配额19-2 ...

Core Viewpoint - Hong Kong Stock Exchange has signed a memorandum of cooperation with Guangzhou Carbon Emission Trading Center, Shenzhen Green Exchange, and Macau International Carbon Emission Trading Exchange to promote the development of the carbon market and green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1 - The four exchanges will explore cooperation opportunities in the carbon market and green finance sectors [1] - The collaboration aims to enhance experience exchange and knowledge sharing among relevant institutions and personnel [1] - The initiative is expected to improve professional capabilities in carbon market operations and green finance [1] - The partnership will contribute to the deepening development of the regional carbon market [1]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has signed a memorandum of cooperation with Guangzhou Carbon Emission Trading Center, Shenzhen Green Exchange, and Macau International Carbon Emission Trading Exchange to promote the development of the carbon market and green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1 - The four exchanges will explore cooperation opportunities in the carbon market and green finance sectors [1] - The collaboration aims to enhance experience exchange and knowledge sharing among the institutions involved [1] - The initiative is expected to improve the professional capabilities of relevant institutions and personnel in carbon market operations and green finance [1] - The partnership will contribute to the deepening development of the regional carbon market [1]

Group 1 - The Shanghai carbon market has cumulatively traded 265 million tons of carbon emissions since its inception in 2013, with a total transaction value of 5.544 billion yuan, making it the only pilot region in China to achieve 100% compliance for twelve consecutive years [1] - Shanghai has implemented an "electricity-carbon" collaborative mechanism, with green electricity transactions exceeding 8 billion kilowatt-hours from January to September 2025, and has introduced incentives for outstanding companies, offering free quota rewards of 0.3% or 0.5% [1] - The carbon market in Shanghai covers over 400 enterprises across 28 industries, including steel, chemicals, automotive, aviation, and water transport, with a total carbon quota of approximately 100 million tons [1] Group 2 - Shanghai has organized 16 sessions of paid quota auctions by August 2025, with a total of 26.68 million tons of quotas auctioned and a total transaction value of 628 million yuan [2] - The city is promoting carbon financial innovations, forming a "carbon spot + carbon forward" linkage model, and has developed various financial products such as carbon funds, carbon trusts, and carbon insurance [2] - A carbon inclusive management platform has been established, attracting over 200,000 citizens to open accounts and involving nearly 500 distributed photovoltaic projects, resulting in the issuance of over 100,000 tons of emission reductions [2] Group 3 - Future plans for the Shanghai carbon market include enhancing operational capabilities and focusing on three major actions: improving the carbon trading market, incentivizing voluntary greenhouse gas reductions, and enhancing innovation capabilities [3] - The city has outlined 16 key reform tasks, including establishing quota management systems, improving greenhouse gas reporting, and enriching carbon financial products and services [3] - Shanghai aims to stimulate market vitality by expanding market participants, integrating carbon assets into financial institutions' collateral, and developing a carbon account system based on corporate carbon performance [3]