Core Viewpoint - The article emphasizes the importance of establishing a national carbon market as a key policy tool to address climate change and promote a green and low-carbon transformation of the economy and society [2][4]. Summary by Sections Overall Requirements - The goal is to build a unified national carbon market that balances green low-carbon transformation with economic development needs, optimizing resource allocation efficiency and maximizing benefits [5]. - By 2027, the national carbon emission trading market will cover major industrial sectors, and by 2030, a comprehensive carbon pricing mechanism will be established [5]. Accelerating the Construction of the National Carbon Emission Trading Market - The coverage of the national carbon emission trading market will be expanded based on industry development, pollution reduction contributions, and carbon emission characteristics [7]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control by 2027 [7]. - Guidance and supervision of existing carbon trading pilot markets will be strengthened to support regional green low-carbon transformation [8]. Actively Developing the National Voluntary Greenhouse Gas Reduction Trading Market - A comprehensive methodology system will be established to support voluntary reduction projects, ensuring integrity and social supervision [9]. - Encouragement for government agencies and enterprises to use certified voluntary reduction credits to offset carbon emissions [9]. Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [10]. - The participation of banks and other financial institutions in the carbon market will be promoted, along with the gradual inclusion of individuals in the voluntary reduction trading market [10]. Strengthening Carbon Market Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, enhancing data security and operational efficiency [12]. - The carbon emission accounting and reporting management will be improved, with a focus on accurate and credible verification processes [12]. Strengthening Organizational Implementation Support - Local governments are urged to strengthen leadership and policy support for carbon market construction and management [14]. - Legal frameworks will be developed to support carbon market operations, including regulations for voluntary reduction trading [15]. - International cooperation will be enhanced to align with global climate change initiatives and promote the sharing of best practices [15].

Market Analysis - In July, the global economic data remained resilient. China's official manufacturing PMI in July dropped to 49.3, while the non - manufacturing sector stayed in expansion. China's exports in July increased by 7.2% year - on - year in dollar terms, higher than expected. Financial data showed that money supply exceeded expectations, but financing and loan data were still weak. Investment data faced significant pressure [2]. - The State Council emphasized measures to stabilize the real - estate market. The central bank conducted 600 billion yuan of Medium - term Lending Facility (MLF) operations, with a net MLF injection of 300 billion yuan in August, and a total net medium - term liquidity injection of 600 billion yuan [2]. - A - shares had a significant increase, with the Shanghai Composite Index approaching 3900 points and the trading volume reaching 3.14 trillion yuan. AI hardware stocks soared, and sectors like real estate and liquor rose. In the bond market, treasury bond futures went up, with the 30 - year main contract rising over 0.7%. Domestic commodity futures all increased, led by coking coal and coke. The RMB central parity rate was raised by 160 points [2]. - In the US, the July non - farm payroll data was lower than expected, but the August PMI continued to improve. The "Big Beautiful" Act might support subsequent consumption [2]. Policy and Tariff News - On July 31, the White House re - set "reciprocal tariff" rates for some countries. On August 19, the US Commerce Department added 407 product categories to the steel and aluminum tariff list with a 50% tariff rate. Trump said he would announce semiconductor tariffs within two weeks, with a possible rate of 300% [3]. - On August 22, Powell's speech at the global central bank annual meeting showed a dovish turn, suggesting a possible policy adjustment due to increased downside risks to employment. This cleared the way for a Fed rate cut in September [3]. Commodity Analysis - The black and new - energy metal sectors are most sensitive to domestic supply - side factors. The energy and non - ferrous sectors benefit significantly from overseas inflation expectations. The black sector is still dragged down by downstream demand expectations, and the non - ferrous sector's supply constraints remain unrelieved [3]. - The government will regulate the photovoltaic industry to prevent low - price competition. By 2027, industries with relatively stable carbon emissions will be subject to quota - based total control. OPEC+ accelerated production, increasing by 548,000 barrels per day in August, higher than expected [3]. - In the chemical sector, the "anti - involution" space of products like methanol, PVC, caustic soda, and urea is worth attention. Agricultural products are currently driven by tariffs and inflation expectations but need fundamental signals [3]. Strategy - For commodities and stock index futures, it is recommended to go long on industrial products on dips [4]. To - do List - This week, 2.077 trillion yuan of reverse repurchases in the Chinese central bank's open market will mature, and there will also be 300 billion yuan of MLF and 90 billion yuan of term reverse repurchases maturing [5]. - On August 25, the National Development and Reform Commission held a corporate symposium to listen to opinions on expanding domestic demand and stabilizing employment [5]. - The Shanghai Composite Index continued to reach a new high in more than a decade, approaching 3900 points. Over 3300 stocks in the Shanghai, Shenzhen, and Beijing stock markets rose, and the trading volume exceeded 3 trillion yuan [5]. - On August 25, the Ukrainian president announced that Ukraine and the US would hold talks this weekend to discuss the possibility of peace negotiations between Ukraine and Russia [3][5].

Group 1: Report Overview - The report is a black metal research report by the Commodity Research Institute, dated August 26, 2025 [3][6] - The researchers are Zhou Tao, Ding Zuchao, and Qi Chunyi [3] Group 2: Steel Related Information - The central government plans to strengthen the national carbon market by 2027 and form a carbon pricing mechanism by 2030 [3] - As of July, the national power generation capacity was 36.7 billion kilowatts, with solar and wind power growing rapidly [3] - On August 25, the average cost of 76 independent EAF construction steel mills was 3347 yuan/ton, with an average loss of 99 yuan/ton and a valley electricity profit of 1 yuan/ton [3] - Spot prices in Shanghai and Beijing increased, with Shanghai rebar at 3310 yuan (+320), Beijing rebar at 3250 (+10), Shanghai hot-rolled coil at 3430 yuan (+30), and Tianjin hot-rolled coil at 3380 yuan (+20) [4] Logical Analysis - The black - plate oscillated weakly on the night of August 23. Construction steel sales on the 25th were 11110 tons [5] - Steel production resumed last week, with rebar production decreasing and hot - rolled coil increasing. The five major steel products accumulated inventory, but the speed slowed down [5] - Steel exports remained strong, and hot - rolled apparent demand was high. Building material demand rebounded from the bottom [5] - Steel demand improved, iron - water production remained high, and exports were strong, supporting steel prices [5] - As the parade approaches, iron - water production is expected to decrease next week, relieving supply pressure [5] - A coal mine accident in Fujian increased the expectation of coal mine production cuts, supporting pre - parade steel prices [5] - After August, coal consumption will decline, and if the coal mine production cut expectation fails, post - parade steel prices may face pressure [7] Trading Strategies - Unilateral: Steel prices will maintain a bottom - oscillating trend [7] - Arbitrage: Close profitable long - short positions [8] - Options: Wait and see [9] Group 3: Coking Coal and Coke Related Information - Henan coke enterprises will limit production by 20 - 35% from August 25 to September 3, and some have already implemented a 30 - 35% limit [10] - The coke price in Xingtai is planned to increase, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton [10][17] Logical Analysis - Coking coal prices fluctuated, and downstream procurement enthusiasm weakened. Coke supply and demand were in a tight balance, and mainstream coke enterprises planned an eighth price increase [12] - National coal mine safety work is expected to be stricter, which will affect coal supply and gradually increase the coking coal price center [12] Trading Strategies - Unilateral: Oscillate strongly. Buy on dips [13] - Arbitrage: Wait and see [13] - Options: Wait and see [13] - Spot - futures: Wait and see [13] Group 4: Iron Ore Related Information - Shanghai optimized real - estate policies, including relaxed purchase restrictions and tax exemptions [14] - The National Development and Reform Commission held a symposium on expanding domestic demand and stabilizing employment [14] - From August 18 - 24, global iron ore shipments were 3315800 tons, a decrease of 90800 tons. Australia and Brazil shipments increased by 4400 tons [14] - Qingdao Port PB powder spot was 780 yuan (+13), and the 01 iron ore main contract basis was 36 [14] Logical Analysis - Iron ore prices fell slightly at night, and market sentiment was volatile [15] - In the past month, mainstream mine shipments increased year - on - year, with Australia flat and Brazil growing rapidly. Non - mainstream mine shipments were high in August [15] - In July, manufacturing and infrastructure investment growth slowed down. Manufacturing steel demand growth weakened, suppressing terminal steel demand [15] Trading Strategies - The report does not provide specific trading strategies for iron ore, only indicating that the above views are for reference only [16] Group 5: Ferroalloys Related Information - The coke price in Xingtai is planned to increase, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton [17] - Shanghai optimized real - estate policies, including relaxed purchase restrictions [17] Logical Analysis - On the 25th, ferrosilicon spot prices were weak, with some areas up 50 yuan/ton. Last week's production growth slowed down, and futures prices were close to production costs after a sharp decline [18][20] - On the 25th, manganese ore spot prices were weak, and manganese - silicon spot prices were strong, with some areas up 70 yuan/ton. Production growth slowed down, and demand showed no downward trend [20] Trading Strategies - Unilateral: Futures prices are close to production costs, and high - premium risks have been released. Expect bottom - oscillating [21] - Arbitrage: Gradually take profits on spot - futures long positions [21] - Options: Sell straddle option combinations at high prices [21]

这份意见明确，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。目前，我国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排 的全国温室气体自愿减排交易市场。 这份意见提出，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，全国温室气体自愿 减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结 合的全国碳排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减 排交易市场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。 作者：高敬、魏弘毅 8月25日，中共中央办公厅、国务院办公厅《关于推进绿色低碳转型加强全国碳市场建设的意见》对外 公布。 ...

Group 1: Macroeconomic Data - GDP in Q2 2025 grew 5.2% year-on-year, slightly lower than the previous quarter's 5.4% but higher than the 4.7% in the same period last year [1] - In July 2025, the Manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year [1] - The non-manufacturing PMI for business activities in July 2025 was 50.1%, down from 50.5% in the previous month but slightly higher than the 50.2% in the same period last year [1] Group 2: Commodity Investment Comprehensive - Shanghai introduced a package of real estate policies, including relaxed housing purchase restrictions, increased housing provident fund loan limits for green buildings, and unified mortgage rates for first and second homes [2] - The CPC Central Committee General Office and the State Council General Office issued an opinion on promoting green - low - carbon transformation and strengthening the national carbon market, aiming to basically complete the national carbon emission trading market by 2030 [2] - The CSRC issued the Interim Provisions on the Internet Marketing Management of Futures Companies, which will take effect on October 9 [2] Metals - KGHM's copper production in July was 59,900 tons, a 2.4% year - on - year decrease, and sales were 56,700 tons, a 4.9% year - on - year decrease [3] Coal, Coke, Steel, and Minerals - On August 25, futures prices of iron ore, hot - rolled coils, and rebar rose. Rebar's performance this year has been mainly affected by the real estate industry [4] - In mid - August, key steel enterprises produced 21.15 million tons of crude steel, a 1.98% month - on - month and 6.1% year - on - year increase [4][5] - Henan coking enterprises will implement production cuts from August 25 to September 3, with an estimated reduction of 20 - 35% [5] Energy and Chemicals - Domestic refined oil prices may be lowered for the seventh time this year, with an expected reduction of about 200 yuan/ton on August 26 [6] - On August 25, international oil prices continued to rise, supported by geopolitical tensions and supply - side factors [6] - The Ministry of Natural Resources organized the listing of 7 oil and gas exploration rights, indicating a new wave of oil and gas exploration and development [6] Agricultural Products - As of mid - August, the price of soybean meal rose 2.59% month - on - month to 3049.3 yuan/ton, reaching a new high since early May [8] - The price of soybeans rose 1.2% month - on - month to 4443.1 yuan/ton, a new high since early August 2024 [8] - The price of live pigs (outside ternary) fell 0.72% month - on - month to 13.8 yuan/kg, a new low since late February 2024 [8] Group 3: Financial News Open Market - On August 25, the central bank conducted 288.4 billion yuan of 7 - day reverse repurchase operations and 600 billion yuan of MLF operations, with a net investment of 21.9 billion yuan [11] - The central bank successfully issued 45 billion yuan of RMB central bank bills in Hong Kong [11] Important News - Shanghai introduced real estate policies to stimulate the market [12] - The National Development and Reform Commission will improve policies to expand domestic demand [12] - Multiple regions issued plans to promote the high - quality development of the private economy [12] Bond Market Summary - Bond futures and spot bonds showed an independent trend. Yields of major interest - rate bonds in the inter - bank market generally declined, and long - term bonds performed better than short - term bonds [15] - The CSI Convertible Bond Index rose 0.46% to 490.98 points, hitting a new high in more than ten years [16] Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1517 on August 25, up 288 points from the previous trading day [20] - The US dollar index rose 0.74% to 98.44 in late New York trading, and most non - US currencies fell [20] Research Report Highlights - CITIC Securities believes that in a slow - bull stock market, bond trading can increase portfolio returns, and the current credit bond carry trade space is high [22] - Huatai Fixed Income believes that the current bond market has weak coupon protection and high volatility, and recommends curve steepening trades [22] Group 4: Stock Market - A - share major indices rose significantly. The Shanghai Composite Index rose 1.51% to 3883.56 points, and the Shenzhen Component Index and ChiNext Index also had large gains [26] - The Hong Kong Hang Seng Index rose 1.94% to 25829.91 points, hitting a new high in nearly four years [26] - The scale of China's ETF market is about to reach 5 trillion yuan [26]

Overall Requirements - The carbon market is a crucial policy tool for addressing climate change and promoting a comprehensive green transition in economic and social development [1] - The construction of a unified national carbon market is prioritized, with a focus on optimizing resource allocation efficiency and maximizing benefits [1] Main Goals - By 2027, the national carbon emission trading market will cover major industrial sectors, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas [2] - By 2030, a comprehensive carbon emission trading market will be established, featuring a combination of free and paid allocation methods, with a transparent and internationally aligned voluntary reduction trading market [2] Accelerating Carbon Emission Trading Market Construction - The coverage of the national carbon emission trading market will be expanded based on industry development, pollution reduction contributions, data quality, and carbon emission characteristics [2][3] - A transparent carbon emission quota management system will be established, with a gradual shift from intensity control to total control of carbon emissions [3] Developing Voluntary Greenhouse Gas Reduction Trading Market - A comprehensive methodology system will be established to support voluntary reduction projects, ensuring effective management throughout the project lifecycle [4] - The application of certified voluntary reduction amounts will be promoted across various sectors, with an emphasis on enhancing international recognition [5] Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon emissions, expanding channels for corporate carbon asset management [6] - The introduction of new trading entities, including individuals, will be supported to enhance market participation [6] Strengthening Carbon Market Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, focusing on efficient operation and clear responsibilities [7] - The carbon emission accounting and reporting management will be improved, with a focus on establishing a robust reporting system for enterprises [7] Organizational Implementation Assurance - Local governments and relevant departments are tasked with implementing the guidelines effectively, ensuring policy support for carbon market operations [10] - Legal frameworks will be developed to support carbon market construction, including regulations for voluntary reduction trading [10][11]

坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精 神，全面贯彻习近平经济思想、习近平生态文明思想，坚持稳中求进工作总基调，兼顾绿色低碳转型和 经济发展需要，坚持有效市场、有为政府，坚持碳市场作为控制温室气体排放政策工具的基本定位，加 快建设全国统一的碳市场，有计划分步骤扩大实施范围、扩展参与主体，营造更加公平公开透明的市场 环境，努力实现碳排放资源配置效率最优化和效益最大化，推动传统产业深度转型，培育发展新质生产 力，激发全社会绿色低碳发展内生动力，为积极稳妥推进碳达峰碳中和、建设美丽中国提供重要支撑。 8月25日，中共中央办公厅、国务院办公厅《关于推进绿色低碳转型加强全国碳市场建设的意见》对外 公布。 这份意见明确，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。目前，我国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排 的全国温室气体自愿减排交易市场。 这份意见提出，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，全国温室气体自愿 减排交易市场实现重点领域全覆盖。到2030年，基本建成以配 ...

Group 1: Carbon Emission Control and Financial Support - The central government aims to prioritize quota control for industries with relatively stable carbon emissions by 2027, with a goal to establish a national carbon trading market covering major industrial sectors by 2030 [1][1][1] - The People's Bank of China and other departments are enhancing financial support for forestry, including innovations in forest rights mortgage loans and expanding financing channels for forestry enterprises [1][1][1] Group 2: Real Estate Policy Adjustments - Shanghai has optimized its real estate policies, removing purchase limits for families outside the outer ring and adjusting mortgage rates to no longer differentiate between first and second homes [1][1][1] - The new policy allows eligible families to purchase an unlimited number of homes outside the outer ring, including both new and second-hand properties [1][1][1] Group 3: Market Performance and Company Announcements - The Shanghai and Shenzhen stock markets saw a record trading volume of 3.14 trillion yuan, marking the second-highest trading volume in history [1][1][1] - Pinduoduo reported a revenue growth slowdown to 7% for Q2 2025, with total revenue of 103.985 billion yuan and a net profit decline of 5% year-on-year [1][1][1] Group 4: Corporate Financial Results - Sunshine Power's net profit for the first half of the year increased by 55.97% to 7.735 billion yuan, proposing a dividend of 9.5 yuan per 10 shares [7] - Lixun Precision's net profit for the first half of the year grew by 26.63% to 1.056 billion yuan, while Hisense Vision's net profit increased by 37.46% to 899 million yuan [7][7]

Group 1 - The People's Bank of China has a 300 billion yuan one-year MLF maturing today [3] - The Chinese government held a press conference on August 26 to discuss achievements in high-quality energy development during the 14th Five-Year Plan [3] - The 25th China International Investment and Trade Fair will be held on August 26 [3] Group 2 - U.S. stock markets closed lower, with the Dow Jones down 0.77%, S&P 500 down 0.43%, and Nasdaq down 0.22% [4] - Major tech stocks had mixed performances, with Nvidia, Netflix, Google, and Tesla rising over 1%, while Intel fell over 1% [4] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 0.11% [4] Group 3 - International precious metal futures generally fell, with COMEX gold futures down 0.23% at $3410.70 per ounce and silver down 1.29% at $38.55 per ounce [5] - International oil prices rose, with WTI crude oil up 1.70% at $64.74 per barrel and Brent crude up 1.41% at $68.17 per barrel [6] Group 4 - European stock markets closed lower, with Germany's DAX down 0.37% and France's CAC40 down 1.59% [7] - The A-share market saw over 3,300 stocks rise, with the Shanghai Composite Index up 1.51% and the Shenzhen Component Index up 2.26% [7] - The total trading volume in the Shanghai and Shenzhen markets reached 3.14 trillion yuan, marking a new high for the year [7] Group 5 - A significant document on advancing green and low-carbon transformation and strengthening the national carbon market was released by the Central Committee and the State Council [8] - The document outlines plans for a national carbon trading market to cover major industrial sectors by 2027 and establish a comprehensive voluntary emission reduction trading market by 2030 [8] Group 6 - Shanghai's housing market policies have been adjusted to reduce purchase restrictions and optimize housing provident fund policies [11] - From August 26, eligible families can purchase unlimited properties outside the outer ring of Shanghai, and single adults will follow the same purchase restrictions as families [11] Group 7 - A Chinese research team successfully transplanted gene-edited pig lungs into a brain-dead human, marking a milestone in the field [12] - China successfully launched a batch of low-orbit satellites for satellite internet on August 26 [12] Group 8 - Tencent, Sunshine Life, and Wanda have established a private equity investment fund in Suzhou with a total investment of approximately 22.43 billion yuan [18] - The fund will engage in private equity investment, investment management, and asset management activities [18] Group 9 - Tencent announced that it will stop providing repair services for the national version of Nintendo Switch starting December 31, 2026 [20] - This decision may indicate a gradual market exit for the Nintendo Switch in China after 2026 [20] Group 10 - China Evergrande has officially delisted from the Hong Kong Stock Exchange as of August 25 [22] - The company announced that its last trading day was August 22, and it has no intention of applying for a review [22]

Core Viewpoint - The document outlines the Chinese government's plan to advance green low-carbon transformation and strengthen the national carbon market, emphasizing the role of financial institutions in carbon pledge financing and market participation by 2027 and 2030 [1][2][3]. Group 1: Carbon Market Development - By 2027, the national carbon emission trading market will cover major industrial sectors, and by 2030, a comprehensive carbon trading market will be established, featuring a transparent and unified system aligned with international standards [1][2]. - The plan includes expanding the coverage of industries and greenhouse gases based on development status, pollution reduction contributions, data quality, and emission characteristics [2]. Group 2: Carbon Financial Products and Services - The government aims to enhance market vitality by diversifying trading products and encouraging financial institutions to develop green financial products related to carbon emissions and voluntary reduction certificates [3]. - Carbon pledge financing will be supported, allowing financial institutions to participate in the national carbon market under compliant and risk-controlled conditions, with the gradual inclusion of qualified individuals in the voluntary reduction market [3]. Group 3: Market Regulation and Risk Management - The document emphasizes the need for robust market regulation, including the establishment of risk assessment and management systems for compliance risks among major emitters [4]. - It calls for strict monitoring of trading behaviors to prevent market manipulation and to ensure the stability of carbon financial activities, adhering to market-oriented and legal principles [4].