今日挂牌协议交易成交量275,733吨，成交额16,128,422.19元；大宗协议交易成交量570,500吨，成交额37,758,850.00元；今日无单向竞价。 新华财经北京12月10日电据微信公众号"全国碳交易"，12月10日全国碳市场综合价格行情为开盘价59.55元／吨，最高价59.55元／吨，最低价58.70元／ 吨，收盘价58.90元／吨，收盘价较前一日下跌1.01%。 今日全国碳排放配额总成交量846,233吨，总成交额53,887,272.19元。 2025年1月1日至12月10日，全国碳市场碳排放配额成交量200,044,461吨，成交额12,291,224,036.26元。 截至2025年12月10日，全国碳市场碳排放配额累计成交量830,313,125吨，累计成交额55,323,951,139.77元。 | 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 | 59. 55 | 元/吨 | | 最 高 | 59. 55 | 元/吨 | | 最 低 | 58. 70 | 元/吨 | | 收 盘 | 58. 90 | 元/吨 | | 涨幅 | -1.01% ...

新华财经北京12月9日电 据微信公众号"全国碳交易"，12月9日全国碳市场综合价格行情为开盘价60.16元／吨，最高价60.17元／吨，最低价58.70元／吨，收 盘价59.50元／吨，收盘价较前一日下跌1.10%。 今日挂牌协议交易成交量707,913吨，成交额42,225,260.06元；大宗协议交易成交量1,940,000吨，成交额115,902,000.00元；今日无单向竞价。 今日全国碳排放配额总成交量2,647,913吨，总成交额158,127,260.06元。 | 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 盘 | 60. 16 | 元/吨 | | 最 高 | 60. 17 | 元/吨 | | 最低 | 58. 70 | 元/吨 | | 收 盘 | 59. 50 | 元/吨 | | 涨幅 | -1. 10% | | 2025年1月1日至12月9日，全国碳市场碳排放配额成交量199,198,228吨，成交额12,237,336,764.07元。 截至2025年12月9日，全国碳市场碳排放配额累计成交量829,466,892吨，累计成交额55,270,063, ...

Core Viewpoint - The rebound in CEA prices in November is a result of both policy guidance and changes in market supply and demand [4]. Group 1: Price Trends and Influencing Factors - CEA prices have been declining throughout the year, but November saw a rebound with a maximum price of 70.14 yuan/ton and a minimum of 51.54 yuan/ton, closing up 14.80% from the last trading day of the previous month [4]. - The new quota transfer regulations, which increased the basic transfer amount for key emission units in the steel, cement, and aluminum industries from 10,000 tons to 100,000 tons, have contributed to the price rebound [6]. - The end of the surplus quota sell-off and the government's intention to stabilize prices have also played a role in the price recovery [6][7]. Group 2: Policy Signals and Market Stability - Recent announcements, including a new round of national contributions and policies to promote green and low-carbon transitions, have strengthened expectations for the carbon market [7]. - The upcoming compliance deadline at the end of the year has increased the willingness of some companies to purchase quotas [7]. - The fluctuation of carbon prices is considered a normal market phenomenon, influenced by supply-demand relationships, market expectations, and trading behaviors [7]. Group 3: Market Dynamics and Future Outlook - The current carbon price reflects market expectations regarding quota supply and demand, impacting the decisions and interests of both buyers and sellers [9]. - The low carbon price may benefit companies with quota deficits but could hinder surplus companies from maximizing their reduction potential [9]. - The voluntary carbon market (CCER) prices are currently lower than CEA prices, leading some companies to prefer purchasing CCERs to offset their quotas [9][10]. Group 4: Strategic Recommendations for Companies - Companies are advised to adopt a cautiously optimistic approach towards carbon prices, utilizing basic transfer quotas strategically before the end of the year [12]. - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) in 2026 may indirectly influence China's carbon market rules and expansion speed, but its direct impact on prices is expected to be limited in the short term [12]. - The transition to a mixed allocation of free and paid carbon quotas is anticipated to enhance carbon price stability and market efficiency [13].

碳市场是中国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。在 2021年7月、2024年1月，先后启动了全国碳排放权交易市场和全国温室气体自愿减排交易市场的运行。 李高5日在国务院新闻办公室举行的交流会上指出，经过四年多的建设发展，现在全国碳市场的建设已 经进入快速发展新阶段，已经成为中国推进碳达峰碳中和的重要机制，也成为中国碳定价的主要方式。 中新社北京12月6日电 (记者阮煜琳)中国生态环境部副部长李高5日在北京表示，按计划，到2027年，全 国碳排放权交易市场基本覆盖工业领域的主要排放行业，全国温室气体自愿减排交易市场实现重点领域 全覆盖。对于排放总量相对稳定的行业，要优先实施配额总量控制，稳妥推进免费、有偿相结合的碳排 放配额分配方式。 （文章来源：中国新闻网） "现在全国碳市场多层级的制度体系已经基本建成。"李高说，今年3月，经国务院批准，全国碳排放权 交易市场首次扩大行业覆盖范围，现在覆盖发电、钢铁、水泥、铝冶炼四个行业，纳入3500余家重点排 放单位，实现了对全国60%以上碳排放量的有效管控。全国自愿减排交易市场已发布12项方法学，涵盖 可再生能源、生态系统碳汇、甲烷 ...

江西瑞昌，一台台发电机组矗立在群山之上。近年来，瑞 昌市大力发展绿色清洁能源，促进节能降耗、低碳减排。 魏东升摄（人民图片） 刚闭幕不久的第十五届全国运动会不仅是体育的盛会，也是一场由大型赛事带动的绿色实践。场馆使用 绿色低碳设计与材料，无废理念贯穿赛事全程，中国南方航空公司专门推出"低碳全运会"主题航班，使 用国家核证自愿减排量（CCER）抵消当次航班碳排放，实现绿色飞行。 货轮在湖北宜昌加注液化天然气。加气站建成投运，为减 少长江流域碳排放提供了条件。 魏启扬摄（人民图片） 无人驾驶矿卡行驶在海南定安县大岭花岗岩矿项目现场。 该项目建立全过程碳排放管控体系，助力绿色矿山向数字 化、智能化、无人化转型升级。 新华社记者 张丽芸摄 为何CCER可以抵消碳排放？这里不得不提到中国的碳市场。在这样一个市场里，碳减排量可以像日常 商品一样被交易。 为何要加快建设碳市场 从启动到现在，中国的碳市场不断完善。今年8月底，中共中央办公厅、国务院办公厅印发《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》），碳市场建设迈入了新阶段。 为何要加快建设这样一个市场？ 这要从我们面临的形势说起。 2024年全球 ...

Core Insights - The national carbon market in China reported a closing price of 59.90 yuan per ton on December 3, 2023, reflecting a 0.25% increase from the previous day [1][4]. Trading Data - The total trading volume for carbon emission allowances today was 866,046 tons, with a total transaction value of 50,740,542.10 yuan [1]. - The volume for the挂牌协议交易 (listed agreement trading) was 639,256 tons, amounting to 38,268,042.10 yuan, while the 大宗协议交易 (bulk agreement trading) accounted for 226,790 tons and 12,472,500.00 yuan [1][5]. - Since January 1, 2025, the cumulative trading volume of carbon emission allowances has reached 191,421,882 tons, with a total transaction value of 11,776,357,865.05 yuan [1]. - As of December 3, 2025, the cumulative trading volume stands at 821,690,546 tons, with a total transaction value of 54,809,084,968.56 yuan [1].

Core Viewpoint - The Chinese government is set to implement a dual control system for carbon emission intensity and total carbon emissions starting from the 14th Five-Year Plan, marking a strategic shift towards carbon reduction [1][2]. Group 1: Policy Implementation - The new policy aims to leverage existing administrative management advantages while enhancing the use of market mechanisms [1][2]. - The construction of the carbon market in China has entered a new phase of rapid development, with plans for the national carbon market to cover 80% of total carbon emissions in the future [1][2]. Group 2: International Benchmarking - The approach taken by the European Union, which utilizes carbon markets to address emissions in covered sectors and administrative measures for uncovered sectors, serves as a valuable reference for China [1][2].

Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index increasing by 1.59% and the public utility index by 0.89% [5][10] - The coal industry is experiencing a decline in production, with national raw coal output decreasing by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [5] - The report highlights the introduction of new pricing regulations for transmission and distribution, encouraging the exploration of capacity pricing for cross-regional projects [8][50] - The report suggests focusing on investment opportunities in the power sector, particularly recommending companies like Guodian Power and Anhui Energy [5] Summary by Sections Key Event Interpretations - New transmission and distribution pricing regulations have been released, promoting capacity pricing for cross-regional projects [8] - The oil and gas extraction sector has been included in the carbon market, incentivizing methane reduction [9] Market Review - Both the environmental and public utility sectors have seen increases, with the environmental sector outperforming the market with a cumulative increase of 16.94% in 2025 [10] - The power sector has lagged behind, with a cumulative increase of only 2.43% [10] Key Data Tracking - As of November 28, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, remaining stable week-on-week [24] - The average price of LNG at the port is 10.94 USD/million BTU (4026 CNY/ton), down 4.42% from the previous week [37] - The weighted average electricity price in Guangdong reached a peak of 252.14 CNY/MWh on November 24, 2025, an increase of 10.7% [41] Industry Key Events - The Hebei Development and Reform Commission has issued a work plan for long-term electricity trading in 2026 [49] - The National Development and Reform Commission has published new pricing methods for cross-regional transmission projects [50]

Core Viewpoint - The article discusses the recent developments in China's voluntary greenhouse gas emission reduction trading market (CCER), highlighting the introduction of new methodologies that expand the market's coverage and emphasize China's innovative approach in the oil and gas sector [3][5]. Group 1: New Methodologies and Market Expansion - The Ministry of Ecology and Environment and the National Energy Administration have released three new methodologies for voluntary emission reduction projects, focusing on oil and gas recovery [3][5]. - This marks the first time methodologies related to the oil and gas industry have been introduced, which is significant as there is currently no market-based incentive mechanism for gas recovery projects globally [5][6]. - The new methodologies aim to enhance the CCER market's scope and support China's commitment to reducing greenhouse gas emissions by 7%-10% from peak levels by 2035 [5][6]. Group 2: Market Dynamics and Challenges - The CCER market is experiencing a recovery and expansion, with an increasing number of projects being registered and a growing demand driven by compliance needs and green finance [8][10]. - However, the price of CCER has been consistently higher than that of carbon allowances, leading to low trading activity and creating challenges for companies in lower carbon price regions [10][12]. - Suggestions for improving the market include enhancing collaboration with allowance trading, introducing new trading entities, and promoting carbon futures to increase liquidity [10][12]. Group 3: Future Directions and International Integration - The CCER market is expected to play a crucial role in achieving China's dual carbon goals by encouraging diverse participation in emission reduction efforts [12][13]. - There is a need for methodologies in the transportation sector, particularly for green fuels like green methanol and sustainable aviation fuel, to facilitate decarbonization in hard-to-abate industries [12][13]. - Long-term projections indicate that the CCER market will not only support domestic emission reduction goals but also contribute to international emission reduction efforts, enhancing China's influence in global carbon pricing [12][13].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes that the carbon quota for enterprises is linked to output without a total cap on emissions, indicating a dynamic adjustment mechanism based on production levels [9][10] - The report highlights the ongoing empowerment of Longjing Environmental Protection by Zijin Mining, with significant shareholding increases and stable management [13][14] - The report identifies a strong performance in the waste incineration sector, with capital expenditures decreasing and cash flow improving, leading to increased dividends [17][18] - The water service sector is seen as the next growth area, with marketization and cash flow improvements expected to drive performance [20][21] - The report notes a significant increase in sales of new energy sanitation vehicles, indicating a growing market penetration [22] Summary by Sections Industry News - The Ministry of Ecology and Environment has linked carbon quotas to enterprise output without setting an absolute cap on emissions, with a focus on performance ranking for 2025 [9] - Longjing Environmental Protection has seen significant shareholding increases from Zijin Mining, enhancing its operational capabilities [13][14] - The waste incineration sector is experiencing improved cash flow and dividend payouts due to reduced capital expenditures [17][18] - The water service sector is expected to benefit from market reforms and improved cash flow, positioning it for growth similar to the waste incineration sector [20][21] - Sales of new energy sanitation vehicles have increased by 61.32%, with market penetration rising to 18.02% [22] Company Tracking - Longjing Environmental Protection's new projects in green electricity and energy storage are expected to contribute significantly to its growth [14][15] - The report tracks the performance of various companies in the waste management sector, highlighting improved cash flow and dividend potential [17][18] - The water service companies are noted for their stable performance and high dividend payouts, with expectations for increased cash flow in the coming years [20][21] Market Performance - The report provides insights into the performance of the environmental protection sector, noting a positive trend in stock performance and market interest [3][4]