Group 1 - The core viewpoint of the article is the comprehensive deployment of a national carbon market in China, aiming for significant coverage of major industrial sectors by 2027 and a fully established trading market by 2030 [1][2] - The current carbon emission allocation method is based on carbon intensity, which has led to a surplus of carbon allowances, reducing the effectiveness of emission reduction constraints on companies [1] - Transitioning from intensity control to total control of carbon emissions is crucial for achieving carbon neutrality goals, with a focus on scientifically and fairly distributing allowances [1][2] Group 2 - By 2027, priority will be given to industries with relatively stable carbon emissions for implementing total control of allowances, with a gradual increase in the proportion of paid allocations [2] - Financial institutions are encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction efforts [2] - The introduction of paid allocations is expected to create a more liquid carbon market, allowing carbon prices to reflect the scarcity of emission rights, thus influencing resource allocation more effectively [2]

Core Viewpoint - The document outlines the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction," emphasizing the importance of carbon markets as a policy tool to address climate change and facilitate a comprehensive green transition in the economy and society [3][13]. Summary by Sections 1. Main Goals - By 2027, the national carbon emission trading market will cover major emission industries in the industrial sector, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas. By 2030, a national carbon emission trading market will be established based on total quota control, combining free and paid allocation, with a transparent and unified method that aligns with international standards [3][13]. 2. Carbon Emission Trading Market Development - The coverage of the national carbon emission trading market will be expanded based on industry development status, pollution reduction contributions, data quality, and carbon emission characteristics [8][16]. - A quota management system will be established to ensure transparency and stability, with a gradual shift from intensity control to total control of carbon emissions [16]. 3. Support for Financial Institutions - Financial institutions, including banks, will be encouraged to engage in carbon pledge financing and participate in the national carbon market under compliant and risk-controlled conditions [5][19]. 4. Pilot Market Encouragement - Carbon emission trading pilot markets will be encouraged to expand their coverage and innovate regulatory methods, contributing to regional green and low-carbon transitions [6][17]. 5. Voluntary Reduction Trading Market - The establishment of a scientific and complete methodology system for the voluntary reduction trading market will be accelerated, focusing on areas with significant sustainable development benefits [18]. 6. Market Vitality Enhancement - The development of green financial products related to carbon emissions will be promoted, and the introduction of various trading entities will be supported to enhance market activity [19]. 7. Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, enhancing management capabilities and ensuring data security [20][21]. 8. Regulatory Framework - The document emphasizes the need for a robust legal framework to support carbon market construction, including the establishment of rules for registration, trading fees, and clearing mechanisms [23]. 9. International Cooperation - The document calls for active participation in international carbon market mechanisms and the promotion of global green and low-carbon transitions through dialogue and cooperation [24].

全国碳市场建设正在进一步加快。 《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》（下称《意见》） 于8月25日正式对外公布。 《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。 具体看，《意见》包括了总体要求、加快建设全国碳排放权交易市场、积极发展全国温室气体自愿减排 交易市场、着力提升碳市场活力、全面加强碳市场能力建设、加强组织实施保障等六个方面17条措施。 业内专家对第一财经分析表示，《意见》有三大特点，一是基于国家温室气体排放控制要求，结合自愿 减排市场和碳配额市场扩围，加强非二氧化碳排放控制管控，推动氟化物、甲烷等温室气体减排。二是 结合碳双控工作推进，加强碳配额总量管理，推出有偿配额发放，切实推动部分行业降低碳排放，助力 碳达峰目标。三是稳妥推进碳金融、碳信息披露等工作，与国 ...

Group 1 - The Chinese government aims to establish a comprehensive national carbon market by 2030, focusing on quota control and a combination of free and paid allocation methods [1] - The average price of carbon emission allowances in China has increased from 46.60 yuan per ton in 2021 to 91.82 yuan per ton in 2024, nearly doubling [1] - In 2024, the total transaction volume of carbon emission allowances reached 189 million tons, with a total transaction value of 18.114 billion yuan, marking a new annual high for the carbon market [1] Group 2 - The strengthening of the carbon market in China presents significant opportunities for companies involved in carbon asset management, low-carbon technologies, high-emission industry transformation, and financial services [2] - Companies like Zhuoyue New Energy, a leader in the biodiesel industry, are expected to grow under the carbon reduction context [3] - Yingke Recycling, with its full industry chain advantage in "plastic recycling - regeneration - utilization," is recognized as a rare asset with global market presence and strong ESG attributes [3]

Core Viewpoint - The new policy aims to enhance the national carbon market construction and promote green and low-carbon transformation, with specific targets set for 2027 and 2030 [1][2]. Group 1: National Carbon Market Development - By 2027, the national carbon emission trading market will cover major emission industries in the industrial sector, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas [1]. - By 2030, a national carbon emission trading market based on total quota control, combining free and paid allocation, will be basically established [1]. - The policy emphasizes expanding the coverage of the national carbon emission trading market and improving the carbon emission quota management system [1]. Group 2: Voluntary Emission Reduction Market - The policy calls for accelerating the construction of the voluntary emission reduction trading market and promoting the application of certified voluntary emission reductions [2]. - It encourages government agencies, enterprises, and social organizations to actively use certified voluntary emission reductions to offset carbon emissions [2]. Group 3: Market Vitality Enhancement - The policy proposes to enhance market vitality by enriching trading products, expanding trading entities, and strengthening market transaction supervision [2]. - Financial institutions that meet requirements will be allowed to participate in the national carbon market trading under lawful and risk-controlled conditions [2]. - A risk assessment and management system for compliance of key emission units will be established to prevent compliance risks [2]. Group 4: Capacity Building - The policy outlines the need to improve management systems and support frameworks, strengthen carbon emission accounting and reporting management, and ensure strict regulation of carbon emission verification [2]. - It includes the implementation of qualification management for verification institutions in the national carbon emission trading market [2]. Group 5: Implementation Assurance - The policy emphasizes increasing joint efforts to combat illegal activities in the carbon market and enhancing policy coordination with green electricity and green certificate markets [3].

中共中央办公厅 国务院办公厅 《关于推进线合 鼠标采型 加强含国际市场建设的意见》 新华社权威快报 8月25日对外公布 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。 （文章来源：新华社） ...

Group 1: Rare Earth - The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Natural Resources released interim measures for total quantity control management of rare earth mining and smelting separation on August 22 [1] - The new management measures indicate a comprehensive upgrade in the regulatory level and scope of rare earth production control, potentially leading to a tightening of supply and an increase in rare earth prices [1][1] - Analysts predict that the domestic rare earth supply will continue to be tight, driving prices upward [1] Group 2: Innovative Pharmaceuticals - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs under research [2] - Since the 14th Five-Year Plan, 387 children's drugs and 147 rare disease drugs have been approved for market, addressing the medication needs of key populations [2] - Analysts believe that the rise of innovative drugs is sustainable, with significant potential for individual products and companies with leading technology platforms [2] Group 3: Photovoltaics - The China Photovoltaic Industry Association issued an initiative to strengthen industry self-discipline and maintain fair competition, urging downstream enterprises to optimize bidding rules [3] - Analysts expect that the photovoltaic industry will see a recovery in long-term profitability as supply-side policies progress and as the industry addresses current challenges [3][3] - The adjustment of polysilicon prices is anticipated to be accepted by the downstream market, leading to a return of component prices to cost levels [3] Group 4: Carbon Emissions - The Central Committee and the State Council released opinions on promoting green and low-carbon transformation and strengthening the national carbon market [4] - By 2027, the national carbon trading market is expected to cover major industrial sectors, with a significant increase in carbon emission quota prices from 46.60 yuan/ton in 2021 to 91.82 yuan/ton in 2024 [4][4] - The total transaction volume of carbon emission quotas reached 1.89 billion tons in 2024, with a total transaction value of 18.114 billion yuan, marking a new annual high [4] Group 5: Storage - Huawei is set to launch a new AI SSD on August 27, aimed at addressing traditional SSD shortcomings in the AI field [5] - The new SSD is expected to enhance data efficiency, which is crucial for enterprise productivity in the era of AI [5] - Analysts highlight the importance of high-performance storage in the training and inference processes of large models, positioning Huawei as a key player in the infrastructure of computing power [5] Group 6: Brain-Computer Interface - A multi-center clinical trial for brain-machine interface technology focusing on precise diagnosis and treatment of hydrocephalus has been initiated by top medical institutions in China [6] - This project marks a significant advancement in brain-machine interface technology, expanding its applications beyond traditional areas [6] - The integration of brain-machine interface technology into medical services has been facilitated by recent policy support from the National Medical Insurance Administration [6] Group 7: Forestry - The People's Bank of China and other regulatory bodies issued a notification to support high-quality development in forestry through financial measures [7] - The forestry sector is evolving beyond traditional timber production to include carbon sink development and ecological tourism [7] - The industry is expected to cover various fields, employing over 100 million people and contributing significantly to the economy [7]

文 | 新华社 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。 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 （2025年5月24日） 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 。为推动建设更加有效、 ...

Core Viewpoint - The article emphasizes the importance of establishing a national carbon market in China as a crucial policy tool for addressing climate change and promoting a green and low-carbon transformation of the economy [3][4]. Group 1: Overall Requirements - The national carbon market aims to cover major industrial sectors by 2027 and establish a comprehensive trading market by 2030, focusing on effective market mechanisms and government involvement [4]. - The goals include optimizing resource allocation for carbon emissions and fostering a transparent market environment to support carbon neutrality and ecological civilization [4]. Group 2: National Carbon Emission Trading Market - The coverage of the national carbon emission trading market will be expanded based on industry development, emission reduction contributions, and data quality [5]. - A transparent carbon emission quota management system will be established, transitioning from intensity control to total control by 2027 for stable emission sectors [5]. - Guidance and supervision will be strengthened for existing pilot carbon trading markets to ensure they contribute to regional low-carbon transitions [6]. Group 3: Voluntary Greenhouse Gas Reduction Trading Market - The development of a voluntary reduction trading market will focus on creating a comprehensive methodology to support sustainable development and ecological benefits [7]. - There will be an emphasis on the integrity of project owners and verification agencies in managing voluntary reduction projects [8]. Group 4: Enhancing Market Vitality - Financial institutions will be encouraged to develop green financial products related to carbon trading, enhancing support for greenhouse gas reduction [9]. - The introduction of new trading participants, including individuals and financial institutions, will be promoted to diversify market engagement [9]. - Regulatory measures will be implemented to prevent market manipulation and ensure a stable trading environment [9]. Group 5: Strengthening Market Capacity - A management system will be established to support the development of the national carbon market, focusing on digital and intelligent management systems [10]. - The carbon emission accounting and reporting system will be improved to ensure accurate emissions data from enterprises [10]. - Strict regulations will be enforced for carbon emission verification to maintain high-quality reporting standards [11]. Group 6: Organizational Implementation Support - Local governments are tasked with supporting the implementation of carbon market policies and managing emissions quotas effectively [12]. - Legal frameworks will be developed to support carbon market operations and ensure compliance with regulations [13]. - International cooperation will be encouraged to align with global carbon market mechanisms and share best practices [13].

来源：新华社 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》。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，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。 《意见》提出，扩大全国碳排放权交易市场覆盖范围。根据行业发展状况、降碳减污贡献、数据质量 基础、碳排放特征等，有序扩大覆盖行业范围和温室气体种类。完善碳排放配额管理制度。建立预期 明确、公开透明的碳排放配额管理制度，保持政策稳定性和连续性。综合考虑经济社会发展、行业特 点、低碳转型成本等，明确市场中长期碳排放配额控制目标。根据国家温室气体排放控制目标及碳排 放双控要求，处理好与能源安全、产业链供应链安全、民生保障的关系，科学设定配额总量，逐步由 强度控制转向总量控制。 《意见》还提到，加强对碳排放权交易试点市场的指导和监督管理。统筹好全国碳排放权交易市场和 有关地方 ...