Core Viewpoint - The steel, cement, and aluminum smelting industries have been included in the national carbon emissions trading market management, with a focus on quota allocation for 2024 and 2025 [1] Group 1: Industry Inclusion and Regulation - The inclusion of steel, cement, and aluminum smelting industries in the carbon emissions trading market has been approved by the State Council [1] - The Ministry of Ecology and Environment has prepared a draft for public consultation regarding the total quota and allocation plan for these industries for the years 2024 and 2025 [1] Group 2: Quota Allocation Strategy - The quota allocation will follow a gradual approach, focusing on major emitting enterprises and processes [1] - Quotas for 2024 and 2025 will be allocated for free, based on carbon emissions per unit of output, similar to the method used in the power generation sector [1] Group 3: Market Environment and Policy Direction - The policy aims to create a fair, competitive, and open market environment, emphasizing the importance of market mechanisms in resource allocation [1] - The guiding principle is to "incentivize the advanced and spur the laggards," where lower carbon emissions per unit output will result in higher quota surplus rates [1] - The initiative encourages enterprises to enhance carbon emissions management and adopt green low-carbon technologies, including energy efficiency improvements and alternative raw materials [1]

Core Points - China announced a new round of Nationally Determined Contributions (NDC) 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][3] - The national carbon market has been operational for over four years, covering more than 2,200 key emission units in the power sector, making it the largest carbon market globally [3][4] - The carbon market's trading volume reached nearly 700 million tons with a transaction value of approximately 48 billion RMB by the end of August 2024, marking a record high since its inception [4][6] Carbon Market Development - The carbon market has seen significant growth, with a 44% increase in daily average transaction volume in 2024 compared to the previous compliance cycle, and a total transaction value of 18 billion RMB [6][4] - The market aims to expand its coverage to include major industrial sectors by 2027, with a focus on implementing total quota control for stable emission sectors [6][7] - New industries, including steel, cement, and aluminum smelting, will be included in the carbon market by 2025, increasing the controlled greenhouse gas emissions by approximately 3 billion tons [10][9] Future Expectations - The Chinese government plans to enhance the carbon market's mechanisms and expand its coverage to additional sectors such as aviation, petrochemicals, and paper manufacturing [9][10] - There is an emphasis on international cooperation and the establishment of cross-border carbon trading systems, with expectations for the upcoming COP30 to facilitate global climate governance [13][15] - The carbon market is seen as a critical tool for achieving carbon neutrality and is expected to play a significant role in the global carbon pricing landscape [6][14]

Group 1 - The Ministry of Commerce and eight other departments issued a notice to promote service exports, emphasizing the support for digital services, high-end design, R&D, and green services [1] - The Ministry of Industry and Information Technology and six other departments released a work plan for the construction materials industry, prohibiting new capacity and implementing risk warnings [1] - The People's Bank of China will conduct a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan, marking the seventh consecutive month of increased operations [1] Group 2 - The Ministry of Commerce announced a roundtable meeting in New York with Chinese-funded enterprises in the U.S., discussing business conditions and cooperation [1] - The Ministry of Housing and Urban-Rural Development reported that 21,700 urban old residential communities were renovated in the first eight months of the year, with a target of 25,000 by 2025 [1] - The State Administration for Market Regulation is soliciting public opinions on the basic requirements for food delivery platform service management [1] Group 3 - Alibaba Group's CEO stated that the company is committed to an open-source approach and is advancing a 380 billion yuan AI infrastructure construction plan [1] - Shanghai Zhiyuan Hengyue Technology Partnership plans to acquire 149 million shares of a company, representing 37% of its total equity, at a price of 7.78 yuan per share [1] - The carbon emissions trading market in China has seen a cumulative transaction volume of nearly 700 million tons and a transaction value of approximately 48 billion yuan as of the end of August [1]

Group 1 - The national carbon emissions trading market in China has achieved a cumulative trading volume of nearly 700 million tons and a transaction value of approximately 48 billion RMB as of the end of August 2023, with the 2024 annual transaction value reaching a new high since the market's launch in 2021 [1] - In 2024, the carbon emissions trading market operated for 242 trading days, with an average daily trading volume of carbon emission allowances increasing by 43.55% compared to the previous compliance cycle, resulting in a total trading volume of 18.9 million tons and a total transaction value of 18.114 billion RMB, marking the highest level since the market's inception [1] - The carbon emissions intensity in the power sector decreased by 10.8% in 2024 compared to 2018, with the carbon market playing a significant role in this reduction [1] Group 2 - The national voluntary greenhouse gas emission reduction trading market has been introduced as an important policy tool to support the achievement of China's "dual carbon" goals, with the first batch of newly registered certified voluntary emission reductions starting trading in March 2025 [2] - As of the end of August 2023, the cumulative trading volume of the national voluntary greenhouse gas emission reduction trading market reached 2.7061 million tons, with a transaction value of 229 million RMB, and the average transaction price frequently exceeding 100 RMB per ton [2]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播 ESG理念，提升ESG可持续发展表现。点击查看【ESG评级中心服务手册】 市场交易主体参与意愿增强。2024年，全国碳排放权交易市场参与交易的重点排放单位共计1471家，较 上一个履约周期增加1.38%。2024年每个交易日均有成交，全年成交笔数同比增长18%。市场供给逐步 提升，交易活力稳步释放，配额惜售现象得到缓解，2024年卖出配额的重点排放单位数量较上一个履约 周期增加11.24%。 2025年以来，重点排放单位交易意愿有所增强。截至8月底，挂牌协议交易的买入和卖出委托总量较去 年同比上涨232%。钢铁、水泥、铝冶炼行业纳入全国碳排放权交易市场后，三个行业重点排放单位积 极开立交易账户，截至2025年8月底，新纳入行业重点排放单位已开设交易账户1277家。 同时，交易产品和方式逐步丰富。全国碳排放权交易市场的交易产品为配额现货。2023年以来，生态环 境部对配额按照发放年份进行了标记，每个年份的配额作为独立交易标的在市场自由流通和交易。截至 2025年8月底，已发布"碳排放配额19-20""碳排放配额21" ...

Core Insights - The national carbon emissions trading market in China has reached a historic high in scale, as reported in the "National Carbon Market Development Report (2025)" released during the China Carbon Market Conference held on September 24, 2025 [1] Market Performance - In 2024, the national carbon emissions trading market operated for 242 trading days, with the average daily trading volume of carbon emission allowances increasing by 43.55% compared to the previous compliance period [1] - The total trading volume for the year reached 189 million tons, with a total transaction value of 18.114 billion yuan, marking the highest level since the market's inception in 2021 [1] Environmental Impact - The carbon emissions intensity of the national electricity sector decreased by 10.8% in 2024 compared to 2018, indicating the significant role played by the carbon market in achieving this reduction [1] Technological Advancements - The report highlights the use of big data and blockchain technology to enhance regulatory efficiency and improve data quality risk management within the carbon market [1]

Group 1 - The national carbon market in China achieved a record high transaction value of approximately 48 billion RMB as of August 2024, marking the highest annual total since the market's launch in 2021 [1] - In 2024, the carbon emission trading market operated for 242 trading days, with an average daily transaction volume increasing by 43.55% compared to the previous compliance cycle, resulting in a total transaction volume of 1.89 million tons and a total transaction value of 18.114 billion RMB [1] - The carbon intensity of electricity generation in 2024 decreased by 10.8% compared to 2018, indicating the significant role of the carbon market in achieving emission reductions [1] Group 2 - The national voluntary greenhouse gas emission reduction trading market was launched as a key policy tool to support China's "dual carbon" goals, with the first batch of certified voluntary emission reductions starting trading in March 2025 [2] - As of August 2024, the cumulative transaction volume in the voluntary reduction market reached 2.7061 million tons, with a transaction value of 229 million RMB and average prices exceeding 100 RMB per ton [2] - The Ministry of Ecology and Environment plans to steadily expand the coverage of the carbon market, enrich trading varieties and methods, and enhance international cooperation in the carbon market sector [2]

Core Viewpoint - The Ministry of Industry and Information Technology, along with four other departments, has issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)", emphasizing the need for low-emission transformation and energy efficiency improvements in the steel sector [1] Group 1: Emission Reduction and Energy Efficiency - The plan aims to fully complete the ultra-low emission transformation targets by the end of 2025 [1] - Support will be provided for steel enterprises to implement energy efficiency enhancement modifications and promote the substitution of clean energy [1] - The industry will conduct research on collaborative pollution reduction and carbon reduction technology pathways [1] Group 2: Low-Carbon Technologies - The plan supports research and development of low-carbon common technologies such as hydrogen metallurgy [1] - It emphasizes accelerating the pilot verification and industrialization of integrated processes and equipment for green electricity, green hydrogen, and pure hydrogen metallurgy [1] Group 3: Digitalization and Carbon Management - The industry is encouraged to establish digital carbon management centers [1] - There will be a focus on developing a carbon footprint accounting standard system for steel products and enhancing carbon measurement management [1] - The plan aims to improve the quality of carbon accounting data and ensure proper quota trading and settlement after inclusion in the national carbon emission trading market [1]

Industry News - The Ministry of Ecology and Environment reported that the cumulative trading volume of carbon emission allowances in the national carbon market reached 714 million tons, with a total transaction value of 48.961 billion yuan as of September 18, 2025. The number of environmental impact assessments for wind power and new energy vehicles increased by 44.4% and 31.3% year-on-year, respectively [4] - The State Administration for Market Regulation released 56 national metrology technical standards, including those for electric energy, providing a clear traceability path and technical specifications for direct current energy measurement, which will support the development of electric vehicle charging, high-speed rail operations, and photovoltaic power generation [4] - The National Energy Administration issued 271 million green certificates in August 2025, involving 306,500 renewable energy projects, with 155 million certificates available for trading, accounting for 55.99% of the total [5] - The first national standard zero-carbon park was awarded in Xiong'an New Area, marking a significant step in promoting zero-carbon development in the construction sector [5] Corporate News - China National Offshore Oil Corporation (CNOOC) successfully tackled world-class challenges in the development of offshore reef limestone oil fields, with the Liuhua 11-1/4-1 oil field producing over 700,000 tons of crude oil in its first year of secondary development [6] - The China Electric Power Construction Group's Gansu Survey and Design Institute was established in Guazhou County, aiming to enhance regional cooperation and promote economic transformation in western China [6] - LONGi Green Energy and JinkoSolar announced a joint statement to resolve patent litigation, marking a shift in the photovoltaic industry from price competition to technology-driven high-quality development [7] Local News - A new discovery of 760 million tons of coal resources was reported in the Pan San coal mine in Anhui Province, which will significantly boost the sustainable development of the Huai coalfield [8] - The Xinjiang Dashixia Water Conservancy Hub project officially began water storage, expected to generate over 1.8 billion kilowatt-hours of clean electricity annually, sufficient to meet the annual electricity needs of 650,000 households [8] - Jiangsu Province's largest user-side energy storage station, with a total storage capacity of 240 megawatt-hours, has been officially connected to the grid, marking a significant step towards near-zero carbon transformation for a traditional steel giant [8]

本报北京9月19日电 （记者冯华）记者19日从国务院新闻办举行的新闻发布会获悉：我国积极推进应对 气候变化和碳达峰碳中和工作，推动建成全球最大、发展最快的可再生能源体系，风电、太阳能发电装 机总量已提前完成2030年国家自主贡献目标。"十四五"以来，我国二氧化碳排放强度持续下降。 《 人民日报 》（ 2025年09月20日 01 版） (责编：袁勃、赵欣悦) 全国碳市场建设积极推进。我国建成了全球覆盖温室气体排放量最大的碳排放权交易市场，今年新纳入 钢铁、水泥、铝冶炼行业，实现了对全国60%以上二氧化碳排放量的有效管控。截至9月18日，全国碳 排放权交易市场的配额累计成交量达7.14亿吨，累计成交额达489.61亿元。同时，碳排放数据统计核算 的规范性、准确性、及时性大幅提升。（相关报道见第二版） ...