Core Insights - The national carbon market in China experienced a significant decline in prices, with the closing price dropping by 16.35% compared to the last trading day of the previous month [1] Trading Volume and Revenue - The total trading volume for carbon emission allowances in September reached 32,700,907 tons, generating a total revenue of 2,003,662,939.74 yuan [1] - The monthly trading breakdown includes: - Agreement trading volume: 11,238,793 tons, with a revenue of 663,715,993.32 yuan - Bulk agreement trading volume: 21,460,114 tons, with a revenue of 1,339,812,346.42 yuan - Single-direction bidding trading volume: 2,000 tons, with a revenue of 134,600.00 yuan [1] Cumulative Data - From January 1 to September 30, 2025, the cumulative trading volume of carbon emission allowances reached 98,098,802 tons, with a total revenue of 6,797,362,256.82 yuan [1] - As of September 30, 2025, the total cumulative trading volume in the national carbon market stands at 728,367,466 tons, with a cumulative revenue of 49,830,089,360.33 yuan [1]

Core Insights - The national carbon market's comprehensive price on September 30 was 57.97 yuan/ton, reflecting a decrease of 1.06% from the previous day [1][5]. Trading Volume and Revenue - The total trading volume of carbon emission allowances today was 3,595,307 tons, with a total transaction value of approximately 204.89 million yuan [1]. - The volume for the day included 1,049,302 tons from listed agreement trading, generating about 55.92 million yuan, and 2,546,005 tons from bulk agreement trading, amounting to approximately 148.97 million yuan [1]. Cumulative Data - From January 1 to September 30, 2025, the total trading volume of carbon emission allowances reached 98,098,802 tons, with a total transaction value of approximately 6.80 billion yuan [1]. - As of September 30, 2025, the cumulative trading volume of carbon emission allowances was 728,367,466 tons, with a cumulative transaction value of approximately 49.83 billion yuan [1].

Core Viewpoint - The national carbon market in China experienced a slight decline in trading prices and volumes on September 29, 2023, indicating fluctuations in market activity and investor sentiment [1] Trading Data Summary - The opening price of carbon emissions allowances was 59.17 yuan/ton, with a highest price of 60.30 yuan/ton and a lowest price of 58.34 yuan/ton, closing at 58.59 yuan/ton, which represents a decrease of 0.96% from the previous day [1] - The total trading volume for the day was 1,750,073 tons, with a total transaction value of 100,614,979.54 yuan [1] - The volume for the listed agreement trading was 585,404 tons, amounting to 31,943,038.20 yuan, while the bulk agreement trading volume was 1,164,669 tons, totaling 68,671,941.34 yuan [1] Cumulative Trading Summary - From January 1 to September 29, 2025, the total trading volume of carbon emissions allowances reached 94,503,495 tons, with a total transaction value of 6,592,472,155.86 yuan [1] - As of September 29, 2025, the cumulative trading volume in the national carbon market was 724,772,159 tons, with a cumulative transaction value of 49,625,199,259.37 yuan [1]

Core Points - The national carbon market in China reported a closing price of 59.76 yuan per ton, which represents an increase of 2.14% compared to the previous day [1][4]. Trading Data - The opening price was 58.37 yuan per ton, with a daily high of 60.20 yuan per ton and a low of 58.20 yuan per ton [3][4]. - The total trading volume for the day was 1,657,734 tons, with a total transaction value of 102,035,596.38 yuan [4]. - The agreement trading volume was 812,915 tons, amounting to 46,803,080.40 yuan, while the bulk agreement trading volume was 844,819 tons, totaling 55,232,515.98 yuan [3][4]. Cumulative Data - From January 1 to September 25, 2025, the total trading volume in the national carbon market reached 89,570,537 tons, with a total transaction value of 6,307,768,218.20 yuan [5]. - As of September 25, 2025, the cumulative trading volume in the national carbon market was 719,839,201 tons, with a cumulative transaction value of 49,340,495,321.71 yuan [5].

Core Insights - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives that have contributed to its success [2] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $1.5 billion in the latest quarter [2] - Net profit surged by 30%, amounting to $300 million, driven by improved operational efficiency and cost management [2] Strategic Initiatives - The company has launched a new product line that is expected to capture a larger market share, with projections indicating a potential revenue boost of $200 million in the next fiscal year [2] - Investments in technology and innovation have been prioritized, with a budget allocation of $100 million aimed at enhancing product development and customer experience [2] Market Position - The company has strengthened its competitive position, now holding a 15% market share in its sector, up from 12% a year ago [2] - Customer satisfaction ratings have improved significantly, with a reported increase of 10% in positive feedback from clients [2]

Core Insights - The national carbon market's comprehensive price on September 22 was 59.42 yuan/ton, reflecting a decrease of 0.44% from the previous day [1][2]. Trading Volume and Revenue - Today's agreement trading volume was 193,195 tons, with a transaction value of 10,619,945.45 yuan; bulk agreement trading volume was 100,000 tons, with a transaction value of 5,540,000.00 yuan [1]. - The total trading volume of carbon emission allowances today was 293,195 tons, with a total transaction value of 16,159,945.45 yuan [1]. Cumulative Data - From January 1 to September 22, 2025, the cumulative trading volume of carbon emission allowances reached 84,919,482 tons, with a total transaction value of 6,023,150,435.23 yuan [1]. - As of September 22, 2025, the cumulative trading volume of carbon emission allowances in the national market was 715,188,146 tons, with a cumulative transaction value of 49,055,877,538.74 yuan [1].

Core Points - The national carbon market opened at a price of 60.49 yuan per ton, with a closing price of 59.68 yuan per ton, reflecting a decrease of 1.08% from the previous day [1][3]. Trading Volume and Revenue - The total trading volume for the day was 1,318,100 tons, with a total transaction value of 78,995,375.21 yuan [3][4]. - The volume for the listed agreement trading was 598,891 tons, amounting to 33,240,645.39 yuan, while the bulk agreement trading volume was 719,209 tons, totaling 45,754,729.82 yuan [3]. Cumulative Data - From January 1 to September 19, 2025, the cumulative trading volume in the national carbon market reached 84,626,287 tons, with a total transaction value of 6,006,990,489.78 yuan [4]. - As of September 19, 2025, the total cumulative trading volume in the national carbon market was 714,894,951 tons, with a cumulative transaction value of 49,039,717,593.29 yuan [4].

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View The continuous decline in the national carbon market price is due to the increase in actual circulating quotas, which has changed the trading mentality of both buyers and sellers. Whether the market can rebound in the fourth quarter depends on whether the net selling ratio of surplus enterprises' own allowances remains around 40% or significantly exceeds this level. After analyzing the operating conditions and carbon trading conditions of 31 listed companies in the A-share thermal power sector, the report moderately raises the expected selling ratio of surplus enterprises' own allowances. Although the procurement demand to be met by the voluntary selling of allowances by surplus enterprises decreases, there is still a possibility of a rebound in the fourth quarter [1][2]. 3. Summary by Section 3.1 Carbon Price Decline Caused by Increased Circulating Quotas According to the quota transfer rules, if all surplus enterprises implement the "maximum transfer" strategy, more than 200 million tons of mandatory circulating quotas will be added to the market from 2024 to 2025. The increase in actual circulating quotas has reversed the trading mentality of both buyers and sellers, leading to a continuous decline in carbon prices. As of September 18, 2025, the closing price of the national carbon market composite price was 60.33 yuan/ton, a year-on-year decrease of 34%, hitting a new low in nearly 26 months [4]. 3.2 Fourth - Quarter Market Trend Depends on Selling Ratio of Surplus Enterprises - **"Maximum Transfer" Scenario**: If all surplus enterprises implement the "maximum transfer" strategy, after subtracting mandatory circulating quotas, the procurement demand (including compliance settlement and basic transfer) to be met by the voluntary selling of allowances by surplus enterprises will be about 50 - 60 million tons in 2025. At this time, the exhaustion of mandatory circulating quotas may support a carbon price reversal, and the faster the release of mandatory circulating quotas, the earlier the market may rebound [5]. - **"Excessive Selling" Scenario**: Whether surplus enterprises adopt the "excessive selling" strategy is affected by two factors: the company's operating conditions and whether decision - makers tend to sell allowances to make up for operating losses, and decision - makers' expectations of the market price trend in 2026 and beyond [5]. 3.3 Indicator Selection for Assessing Enterprises' Quota - Selling Tendency - **Measuring Operating Conditions**: The report selects the "net profit margin attributable to the parent company after excluding non - recurring gains and losses" as the core indicator to measure the operating conditions of thermal power enterprises, with a statistical period from 2021 to 2025, calculated on a year - to - date (YTD) basis [7]. - **Observing Quota Selling**: The report sorts out the carbon emission trading income and expenditure of 31 companies based on their performance reports, with the same statistical period and calculation method [8]. - **Characterizing Compliance Pressure**: The report uses the "explicit carbon cost - to - income ratio" to characterize the company's compliance pressure [9]. - **Limitations of Indicator Design**: The "carbon emission trading" mentioned in the performance reports may involve multiple markets; most companies only disclose carbon emission trading information in semi - annual and annual reports; not all companies include carbon emission trading revenues and expenditures in non - recurring gains and losses, so data comparability is limited [10]. 3.4 Indicator Comparison Results - **Quantitative Analysis of the Impact of Carbon Market Compliance on Company Operations**: More than 90% of the sample enterprises had an explicit carbon cost - to - income ratio of less than 1% in 2024, and about 40% of the sample enterprises showed a trend of increasing compliance pressure year by year [10]. - **Operating Conditions of Power Enterprises and Timing of Selling Surplus Quotas**: It is expected that 24 sample companies had overall quota surpluses in the first two compliance cycles. Among them, the trends of the "net profit margin attributable to the parent company after excluding non - recurring gains and losses" and the "net carbon yield" (in reverse order) of 15 companies were basically synchronized, indicating that these enterprises may tend to "sell allowances to make up for operating losses". In the first half of 2025, 4 of these 15 companies had a positive balance of carbon emission rights, and some companies showed signs of weakening operations, with a high probability of adopting an "excessive selling" strategy. Some companies also showed a downward trend in their operating performance in the first half of 2025. Although they did not disclose carbon emission trading revenues and expenditures, they may have quota surpluses and tend to sell more than 40% of their surplus allowances in the second half of the year. Overall, the thermal power industry has had good operating conditions this year. Only a few enterprises are likely to "excessively sell" surplus allowances due to operating losses [2][15][17].

Core Insights - The national carbon market in China experienced a slight decline in price, with a closing price of 60.91 yuan per ton, down 0.83% from the previous day [1] Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 1,505,975 tons, with a total transaction value of approximately 98.93 million yuan [1] - The agreement trading volume was 188,910 tons, generating a revenue of about 11.04 million yuan, while the bulk agreement trading volume was 1,317,065 tons, yielding approximately 87.88 million yuan [1] Cumulative Data - From January 1, 2025, to September 16, 2025, the total trading volume of carbon emission allowances reached 81,145,716 tons, with a total transaction value of approximately 5.80 billion yuan [1] - As of September 16, 2025, the cumulative trading volume of carbon emission allowances in the national market was 711,414,380 tons, with a cumulative transaction value of approximately 48.84 billion yuan [1]

Market Overview - The national carbon market opened at a price of 62.01 yuan per ton, with a highest price of 62.09 yuan per ton and a lowest price of 61.41 yuan per ton, closing at 61.42 yuan per ton, reflecting a decrease of 1.05% from the previous day [1][3]. Trading Volume and Revenue - The total trading volume for the day was 533,146 tons, with a total transaction value of 37,174,486.75 yuan [4]. - The挂牌协议交易 (listed agreement trading) had a transaction volume of 145,146 tons and a transaction value of 8,695,286.75 yuan, while the 大宗协议交易 (bulk agreement trading) had a transaction volume of 388,000 tons and a transaction value of 28,479,200.00 yuan [3]. Cumulative Data - From January 1 to September 15, 2025, the cumulative trading volume in the national carbon market reached 79,639,741 tons, with a cumulative transaction value of 5,705,395,462.15 yuan [5]. - As of September 15, 2025, the total cumulative trading volume in the national carbon market was 709,908,405 tons, with a cumulative transaction value of 48,738,122,565.66 yuan [6].