Core Points - China announced new national contribution targets at the UN Climate Change Summit, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [1] - The total installed capacity for wind and solar power is targeted to exceed 360 million kilowatts, which is more than six times the capacity in 2020 [1] - The new targets reflect China's commitment to global climate governance and are a strategic continuation of its domestic "dual carbon" process [1] Group 1 - As of August 2023, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, contributing 80% of new power installations since the start of the 14th Five-Year Plan [2] - To meet the new targets, nearly 2 billion kilowatts of new capacity must be added over the next decade, requiring an average annual increase of around 200 million kilowatts [2] - The development of wind and solar power is crucial for China to achieve its emission reduction goals and is supported by advancements in photovoltaic and wind power technology [2] Group 2 - The new targets are a scientific response to China's energy transition strategy, with expectations of continued economic growth and rising energy demands in various sectors [3] - By 2024, China's energy consumption per unit of GDP is expected to decrease by 11.6%, making it one of the fastest countries in terms of energy intensity reduction [3] - The new national contribution targets represent a revolutionary upgrade, covering all greenhouse gases and not just carbon dioxide emissions [3] Group 3 - The new targets provide a clear policy signal for the next decade, indicating a decoupling of economic growth from carbon emissions [4] - China's carbon market is expanding, with major industries like steel, cement, and aluminum already included, and plans to extend to petrochemical, chemical, and aviation sectors [4] - By 2027, the national carbon market is expected to cover the main emission industries in the industrial sector [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - China announces new climate targets, aiming to reduce greenhouse gas net emissions by 7% - 10% from the peak by 2035, increase non - fossil energy consumption to over 30%, and achieve other goals [2] - Six departments jointly issue a work plan for the building materials industry, targeting green building materials revenue to exceed 300 billion yuan in 2026 [2] - The US and the EU finalize a tariff agreement, with a 15% tariff on EU cars and parts from August 1st and some EU products on the tariff exemption list from September 1st [2] - Zhengshang Institute and Shangqi Institute adjust trading margin standards and price limit ranges for multiple futures contracts from September 29th [3] 3. Summaries by Related Catalogs Hot News - China's new climate targets include reducing greenhouse gas emissions, increasing non - fossil energy use, and more by 2035 [2] - The building materials industry work plan aims to boost green building materials revenue and control traditional capacity [2] - The US - EU tariff agreement involves tariffs and exemptions on various products [2] - Futures exchanges adjust trading margins and price limits for multiple contracts [3] Key Focus - Focus on commodities such as urea, Shanghai copper, polysilicon, crude oil, and PP [4] Night - session Performance - Different commodity futures sectors show various night - session performance, with precious metals up 33.25%, non - metallic building materials up 2.66%, etc. [4] Plate Holdings - The chart shows the changes in commodity futures plate holdings in the past five days [5] Major Asset Performance - Different asset classes have different daily, monthly, and annual returns. For example, the Shanghai Composite Index has a daily increase of 0.83%, an annual increase of 14.97%, etc. [7] Main Commodity Trends - The report presents the trends of major commodities through various charts, including the BDI index, WTI crude oil, London spot gold, etc. [9]

Report Core View - The report focuses on the new energy installation progress in the power industry and provides an overview of mid - level events, industry status, and key data in various industries [1] Industry Overview Production Industry - On September 24, 2025, President Xi Jinping announced China's new national independent contributions at the United Nations Climate Change Summit. By 2035, China aims to reduce the net greenhouse gas emissions in the entire economy by 7% - 10% from the peak, increase the share of non - fossil energy consumption in the total energy consumption to over 30%, increase the total installed capacity of wind and solar power to more than 6 times that of 2020, striving for 36 billion kilowatts, reach a forest stock volume of over 240 billion cubic meters, make new energy vehicles the mainstream of new vehicle sales, cover major high - emission industries in the national carbon emissions trading market, and basically build a climate - resilient society [1] Service Industry - Nine departments including the Ministry of Commerce issued 13 policy measures to promote service exports, aiming to boost the high - quality development of service trade. These measures include leveraging existing funds, enhancing the guiding fund's role, optimizing tax - free procedures, and increasing export credit insurance support. Support is also provided for international data service businesses in areas like the Lin - gang New Area of the Shanghai Free Trade Pilot Zone and the Hainan Free Trade Port, and for establishing international data and cloud - computing centers in relevant areas [2] Upstream - In infrastructure, cement prices have increased; in agriculture, the prices of eggs and palm oil have declined [2] Midstream - The polyester operating rate in the chemical industry has slightly decreased [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities have declined; in the service sector, the number of domestic flights has remained stable [3] Key Data Agricultural Products - On September 24, the spot price of corn was 2,288.6 yuan/ton with a year - on - year decrease of 0.12%, the spot price of eggs was 7.8 yuan/kg with a - 3.13% change, the spot price of palm oil was 9,040 yuan/ton with a - 4.50% change, the spot price of cotton was 15,090.8 yuan/ton with a - 1.50% change, the average wholesale price of pork was 19.6 yuan/kg with a - 0.81% change [37] Metals - On September 24, the spot price of copper was 80,060 yuan/ton with a - 0.67% change, the spot price of zinc was 21,824 yuan/ton with a - 1.45% change, the spot price of aluminum was 20,693.3 yuan/ton with a - 1.02% change, the spot price of nickel was 122,633.3 yuan/ton with a - 0.31% change, the spot price of aluminum was 17,031.3 yuan/ton with a - 0.18% change, the spot price of螺纹钢 was 3,195 yuan/ton with a 1.49% change, the spot price of iron ore was 813.7 yuan/ton with a 0.76% change, the spot price of wire rod was 3,375 yuan/ton with a 0.75% change, the spot price of glass was 14.3 yuan/square meter with no change [37] Others - On September 24, the spot price of natural rubber was 14,983.3 yuan/ton with a - 0.72% change, the China Plastic City price index was 790.7 with a - 0.33% change, the spot price of WTI crude oil was 63.4 dollars/barrel with a 0.17% change, the spot price of Brent crude oil was 67 dollars/barrel with a - 0.70% change, the spot price of liquefied natural gas was 3,802 yuan/ton with a - 1.81% change, the coal price was 788 yuan/ton with a 1.03% change, the spot price of PTA was 4,572.9 yuan/ton with a - 1.64% change, the spot price of polyethylene was 7,350 yuan/ton with a - 0.63% change, the spot price of urea was 1,655 yuan/ton with a - 1.05% change, the spot price of soda ash was 1,262.5 yuan/ton with no change, the national cement price index was 134.1 (compared to 114.3) with a 2.68% change, the real - estate building materials comprehensive index had a 0.24% change, and the national concrete price index was 91.7 with a - 0.08% change [37]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Short - term copper prices are under slight pressure due to macro factors, supply tightness, and weak terminal consumption. The cross - market long - position arbitrage should be continued, and options should be on hold [4][11]. - Alumina: Alumina prices are expected to run weakly. The domestic and international spot prices are falling in resonance, and the fundamentals are in a weak trend [13][14]. - Aluminum: Aluminum prices are expected to remain weak in the short term until there is a significant improvement in consumption. Arbitrage and options should be on hold for now [19][22]. - Cast Aluminum Alloy: The price of cast aluminum alloy futures is expected to run weakly following the aluminum price. Arbitrage and options should be on hold [26][29]. - Zinc: Short - term zinc prices may fluctuate within a range. Overseas de - stocking may support zinc prices, but there is a risk of further decline if LME stocks increase significantly [32]. - Lead: Lead prices are expected to fluctuate at a high level. The supply may increase, and downstream enterprises may stock up before the holiday, resulting in a combination of long and short factors [37]. - Nickel: Nickel prices are expected to have a wide - range shock. Although demand is in the peak season, supply is growing faster, and the net import in September is expected to decline [42]. - Stainless Steel: Stainless steel prices are expected to maintain a volatile trend. Production has increased in September, but demand has not shown seasonal strength, and there is both supply pressure and cost support [49][51]. - Tin: Tin prices are expected to remain high and volatile. The supply of tin ore is still tight, and demand is sluggish, but there are signs of short - term supply improvement [55]. - Industrial Silicon: Industrial silicon prices may continue to correct in the short term. The inventory structure is "low at both ends and high in the middle", and the production of polysilicon in October and market sentiment have a greater impact on prices [63]. - Polysilicon: Polysilicon prices are expected to rise after a sufficient correction. Although there is a risk of demand decline in October, the spot price is firm under the restricted sales background [67]. - Lithium Carbonate: Lithium carbonate prices are expected to have a wide - range shock. The supply and demand are both strong, but there is hedging pressure and a slight increase in the customer - supplied ratio next month [70][72]. 3. Summaries According to Relevant Catalogs Market Review - **Copper**: The Shanghai Copper 2511 contract closed at 79,920 yuan/ton, a decline of 0.25%, and the Shanghai Copper index reduced its position by 10,887 lots to 466,700 lots. The spot prices in different regions showed different trends [2]. - **Alumina**: The 2601 contract of alumina decreased by 57 yuan to 2,877 yuan/ton. The spot prices in various regions also declined [8]. - **Aluminum**: The Shanghai Aluminum 2511 contract decreased by 85 yuan to 20,685 yuan/ton. The spot prices in different regions decreased by 70 yuan/ton [16]. - **Cast Aluminum Alloy**: The 2511 contract of cast aluminum alloy decreased by 60 yuan to 20,255 yuan/ton. The spot prices in different regions remained flat [25]. - **Zinc**: The Shanghai Zinc 2511 decreased by 0.68% to 21,845 yuan/ton, and the Shanghai Zinc index increased its position by 10,195 lots to 250,300 lots. The spot market trading was not as good as the previous day [28][30]. - **Lead**: The Shanghai Lead 2511 decreased by 0.44% to 17,085 yuan/ton, and the Shanghai Lead index reduced its position by 1,965 lots to 99,000 lots. The spot price of SMM1 lead decreased by 25 yuan/ton [33]. - **Nickel**: The main contract of Shanghai Nickel NI2511 decreased by 720 to 120,910 yuan/ton, and the index increased its position by 4,391 lots. The premiums of different types of nickel remained unchanged [40]. - **Stainless Steel**: The main contract SS2511 of stainless steel decreased by 20 to 12,890 yuan/ton, and the index reduced its position by 4,758 lots. The spot prices of cold - rolled and hot - rolled stainless steel were in a certain range [47]. - **Tin**: The main contract of Shanghai Tin 2510 closed at 269,880 yuan/ton, a decline of 1,480 yuan/ton or 0.55%, and the position decreased by 1,058 lots to 52,059 lots. The spot price of tin decreased, and the trading atmosphere improved slightly [53]. - **Industrial Silicon**: The main contract of industrial silicon futures fluctuated narrowly, closing at 8,925 yuan/ton, a decline of 2.3%. The spot price remained stable [60][61]. - **Polysilicon**: The main contract of polysilicon futures increased its position and then decreased, and finally rebounded, closing at 50,260 yuan/ton, a decline of 2.745. The spot price remained stable [64]. - **Lithium Carbonate**: The main contract 2511 of lithium carbonate decreased by 120 to 73,660 yuan/ton, and the index reduced its position by 19,991 lots. The Guangzhou Futures Exchange's warehouse receipts increased by 540 to 39,449 tons. The spot prices of battery - grade and industrial - grade lithium carbonate remained unchanged [68]. Important Information - **Copper**: In August, China's copper concentrate imports increased, and the export of copper cables showed different performances in different regions. The copper mine supply was tight, and the production in some regions decreased [3][4]. - **Alumina**: There were transactions in the spot market, and the import and export volumes in August changed. The freight policy in Henan affected the inventory of downstream factories [9][10]. - **Aluminum**: There were diplomatic meetings, inventory changes, and information about the start - up of an overseas project. The import and export volumes of aluminum ingots in August also changed [17][18]. - **Cast Aluminum Alloy**: A policy affected the recycled aluminum industry, and the social inventory of recycled aluminum alloy ingots changed. The Shanghai Futures Exchange started the standard warehouse receipt generation business for cast aluminum alloy [25]. - **Zinc**: The domestic refined zinc inventory changed, and the start - up rate of压铸 zinc alloy enterprises was affected by the typhoon [31]. - **Lead**: The import of lead concentrate increased, and the import and export of lead - acid batteries decreased [36]. - **Nickel**: There were some news about the mining company in Indonesia and the cobalt export policy in the Democratic Republic of the Congo [41]. - **Stainless Steel**: The import tariff affected the stainless steel market, and the import volume from Vietnam decreased. The apparent consumption of stainless steel in China increased [48]. - **Tin**: China's tin ore imports in August changed, and an Indonesian mining company planned to increase production. An American tin smelter started construction [54]. - **Industrial Silicon**: China's industrial silicon exports in August increased [62]. - **Polysilicon**: The national energy consumption data in August was released [65]. - **Lithium Carbonate**: There were news about the carbon emission trading market and the lithium production cooperation in Chile [69]. Logic Analysis - **Copper**: Macro factors, supply tightness, and weak terminal consumption led to short - term pressure on copper prices [4]. - **Alumina**: The domestic and international spot prices were falling in resonance, and the supply of bauxite was expected to increase, resulting in a weak fundamental trend [13]. - **Aluminum**: The Fed's attitude towards further interest rate cuts was cautious, and the domestic market needed to pay attention to downstream stocking before the holiday [19]. - **Cast Aluminum Alloy**: Enterprises stocked up in advance, and the start - up rate of die - casting factories increased, so the alloy ingot price was expected to be stable and slightly strong [26]. - **Zinc**: The supply of refined zinc in September might decrease slightly, but it was still at a relatively high level. The downstream replenishment was expected to be limited, and the overseas de - stocking might support zinc prices [32]. - **Lead**: The supply of lead ingots might increase, and downstream enterprises might stock up before the holiday, resulting in a combination of long and short factors [37]. - **Nickel**: Although demand was in the peak season, supply was growing faster, and the net import in September was expected to decline [42]. - **Stainless Steel**: Production increased in September, but demand did not show seasonal strength, and there was both supply pressure and cost support [49][51]. - **Tin**: The supply of tin ore was still tight, and demand was sluggish, but there were signs of short - term supply improvement [55]. - **Industrial Silicon**: The inventory structure was "low at both ends and high in the middle", and the production of polysilicon in October and market sentiment had a greater impact on prices [63]. - **Polysilicon**: There was a short - term negative impact on the futures price, but the spot price was rising steadily, and it was recommended to buy after a sufficient correction [67]. - **Lithium Carbonate**: The supply increase was limited in the short term, and demand was strong, but there was hedging pressure and a slight increase in the customer - supplied ratio next month [70][72]. Trading Strategies - **Copper**: Short - term short - selling for single - side trading, continue to hold cross - market long - position arbitrage, and hold options [11]. - **Alumina**: Single - side trading, expect prices to run weakly [14]. - **Aluminum**: Single - side trading, expect prices to remain weak in the short term; hold for arbitrage and options [22][23]. - **Cast Aluminum Alloy**: Single - side trading, expect prices to run weakly following the aluminum price; hold for arbitrage and options [29]. - **Zinc**: Single - side trading, expect prices to fluctuate within a range; hold for arbitrage and options [32]. - **Lead**: Single - side trading, expect prices to fluctuate at a high level, and try short - selling at high prices; hold for arbitrage and options [38]. - **Nickel**: Single - side trading, expect wide - range shocks; hold for arbitrage and options [43][44][45]. - **Stainless Steel**: No specific trading strategy was mentioned in the report. - **Tin**: Single - side trading, expect high - level shocks [56]. - **Industrial Silicon**: Single - side trading, buy after the correction stabilizes; sell out - of - the - money put options; no arbitrage strategy [63]. - **Polysilicon**: Single - side trading, buy after a sufficient correction; conduct reverse arbitrage for the 2511 and 2512 contracts; no option strategy [67]. - **Lithium Carbonate**: Single - side trading, expect wide - range shocks; hold for arbitrage; sell wide - straddle option combinations [73].

Core Points - The release of the "Carbon Measurement Review Specification for Key Emission Units" by the State Administration for Market Regulation marks a significant step in establishing a unified carbon measurement framework in China, effective from March 8, 2024 [1] - The specification aims to enhance the carbon measurement capabilities of key emission units, providing clear guidelines for carbon emission measurement management, personnel, instruments, and data [1] - Accurate, consistent, and reliable carbon emission data is essential for supporting carbon reduction statistical accounting systems and ensuring the healthy operation of the carbon trading market [1] Summary by Categories - **Regulatory Framework** - The new carbon measurement review specification provides a standardized approach for carbon measurement in key emission units, which includes emissions from fossil fuel combustion, production processes, waste disposal, and purchased electricity and heat consumption [1] - **Impact on Carbon Neutrality Goals** - The implementation of this specification is a crucial measure for establishing a robust carbon peak and carbon neutrality standard measurement system, contributing to the achievement of carbon peak and carbon neutrality targets set in the 2025 Government Work Report [1] - **Market Implications** - The specification will facilitate fair and just transactions in the carbon trading market by ensuring solid data support for carbon emission management [1]

Domestic News - The Ministry of Commerce and nine other departments announced 20 measures to promote the expansion and upgrade of the "15-minute convenient living circle" by 2030, aiming to establish 100 pilot cities and create 10,000 well-structured living circles with a resident satisfaction rate of over 90% and a chain store rate of over 30% [1] - The Ministry of Ecology and Environment reported that China has built the world's largest carbon emissions trading market, covering over 60% of the country's carbon emissions, and has initiated a voluntary greenhouse gas reduction trading market [1] - The Ministry of Industry and Information Technology, along with other departments, issued a "Light Industry Stabilization Growth Work Plan (2025-2026)" to enhance the role of light industry in economic stability, with a focus on new growth points such as smart home products and sports leisure products [2] - The Ministry of Transport released a plan to build high-quality data sets for the transportation industry by 2030, aiming to improve data supply and support the development of intelligent transportation networks [2] - The Civil Aviation Administration reported that China's civil aviation achieved a total transportation turnover of 151.8 billion ton-kilometers in August, marking a year-on-year increase of 8% [3] Market Updates - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations, which will now be conducted with fixed quantity and interest rate bidding [3] - The National Foreign Exchange Administration reported that in August 2025, banks settled 15,103 billion yuan and sold 14,058 billion yuan, with cumulative settlements from January to August reaching 113,938 billion yuan [3] - The China Automobile Industry Association is conducting an anti-discrimination investigation in response to the U.S. measures against China's integrated circuit sector, focusing on the impact on the automotive industry [4] Housing and Automotive Industry - Shanghai has optimized its housing property tax pilot policies, providing tax exemptions for high-level talents and first-time homebuyers under certain conditions [5] - Xiaomi Auto Technology has initiated a recall of 116,887 electric vehicles produced between February 6, 2024, and August 30, 2025, in compliance with regulations [5]

Group 1 - The main contracts in the futures market show a bearish sentiment, with 30 contracts rising and 48 contracts falling today [2] - The most significant gainers include industrial silicon (+3.62%), soybean meal (+2.15%), and lithium carbonate (+1.62%), driven by supply-demand factors [5] - The most significant losers include the shipping index (European line) (-6.00%) and paraxylene (-2.51%), likely influenced by increased bearish pressure or negative fundamentals [6] Group 2 - The largest inflows of capital were seen in gold (+2.922 billion), silver (+1.823 billion), and iron ore (+816 million), indicating strong interest from major funds [8] - The largest outflows were from copper (-867 million), the SSE 50 index (-537 million), and polysilicon (-284 million), suggesting significant capital withdrawal [8] Group 3 - Notable increases in open interest were observed in styrene (+21.73%), caustic soda (+12.23%), and PTA (+11.47%), indicating high trading activity and potential new capital inflow [11] - Significant decreases in open interest were noted in copper (-8.84%), double-sided paper (-8.9%), and lead (-16.12%), suggesting capital withdrawal and potential caution in future performance [11] Group 4 - The Shanghai export container freight index fell by 199.90 points to 1198.21 points, reflecting a decline in shipping demand [12] - The inventory of imported cotton at major ports decreased by 0.26% week-on-week, totaling 286,000 tons, indicating a slight reduction in supply [14] Group 5 - The iron ore main contract rose by 0.81% to 807.5 yuan/ton, supported by tightening supply and recovering demand [25] - The caustic soda main contract increased by 0.08% to 1318 yuan/ton, despite a decline in downstream acceptance of high prices [26]

Group 1: Solid Waste Management - The Ministry of Ecology and Environment (MEE) will focus on combating illegal dismantling of waste power batteries and other new types of solid waste [2] - Since the "14th Five-Year Plan" began, China has achieved significant results in solid waste pollution prevention, with hazardous waste disposal capacity reaching 223 million tons per year [2] Group 2: Beautiful China Initiative - The construction of a Beautiful China is described as a "reputation project" that requires practical results rather than mere slogans, emphasizing the need for genuine improvements in ecological quality [3] - MEE will address regional and watershed ecological issues, enhance environmental quality standards, and promote green development through carbon peak and carbon neutrality initiatives [3] Group 3: Technological Advancements in Monitoring - MEE is accelerating the application of artificial intelligence and new technologies in ecological monitoring, aiming to improve data accuracy and problem identification [4] - The establishment of a comprehensive ecological monitoring network is underway, with over 33,000 monitoring stations covering various environmental factors [9] Group 4: Carbon Emission Trading - China has built the world's largest carbon emission trading market, covering over 60% of national carbon emissions, with a cumulative transaction volume of 714 million tons and a total transaction value of 48.961 billion yuan as of September 18 [5] - The market has seen significant improvements in data accuracy and has become a key measure in achieving carbon neutrality goals [5] Group 5: Environmental Impact Assessments - The number of environmental impact assessments (EIAs) for high-emission and high-pollution projects has decreased, while those for wind power and electric vehicle projects have increased significantly [7] - MEE has approved 14,600 EIA documents for high-tech electronic manufacturing projects, involving a total investment of 6.28 trillion yuan [7] Group 6: Vehicle Emission Control - During the "14th Five-Year Plan" period, nearly 20 million high-emission vehicles have been eliminated as part of the Blue Sky Defense initiative [8]

Group 1 - The core viewpoint of the news is the significant progress made in China's ecological and environmental protection efforts during the "14th Five-Year Plan" period, including the reduction of high-emission vehicles and improvements in air and water quality [2][4] - The area of ecological protection red lines in China exceeds 30%, indicating a strong commitment to land conservation [3] - The country has successfully eliminated nearly 20 million high-emission vehicles as part of its pollution prevention strategy [2] Group 2 - The PM2.5 concentration in major cities has decreased by 16.3% compared to 2020, reaching 29.3 micrograms per cubic meter in 2024 [4] - The proportion of good air quality days has increased to 87.2%, up by 2.4 percentage points from 2020 [4] - The national water quality has improved, with 90.4% of surface water quality monitoring points meeting good quality standards, marking the first time this figure has exceeded 90% [4] Group 3 - China has established the world's largest carbon emissions trading market, covering over 60% of the country's carbon emissions [3] - The country has completed ultra-low emission transformations for 1.12 billion kilowatts of coal power units and 950 million tons of crude steel capacity [3] - The government is actively promoting the voluntary greenhouse gas reduction trading market and enhancing the product carbon footprint management system [3]

Core Viewpoint - The expansion of China's carbon emissions trading market is a significant step towards achieving carbon peak and carbon neutrality goals, effectively managing over 60% of the country's carbon dioxide emissions [1] Group 1: Market Expansion - The carbon emissions trading market in China has expanded to include the steel, cement, and smelting industries this year [1] - This expansion allows for effective control of over 60% of the national carbon dioxide emissions [1] Group 2: Market Performance - As of September 18, 2025, the cumulative trading volume of carbon emission allowances in the national market reached 714 million tons [1] - The cumulative transaction value of the carbon emissions trading market amounted to 48.961 billion yuan [1] Group 3: Data Accuracy and Market Stability - The standardization, accuracy, and timeliness of carbon emissions data statistics have significantly improved [1] - The national carbon emissions trading market has achieved stable initiation and operation, contributing positively to climate change efforts [1]