Core Insights - The article emphasizes China's significant progress in achieving carbon peak and carbon neutrality goals, highlighting the establishment of a comprehensive carbon reduction policy system and the rapid development of renewable energy [1][2][3] Group 1: Waste Management and Recycling - By the end of 2024, 98.5% of urban communities in China will have waste classification facilities, reflecting a shift in public attitude towards environmental responsibility [1] - The transition from a single waste disposal method to a four-bin system symbolizes a broader commitment to green development [1] Group 2: Energy Transition - China is focusing on renewable energy to achieve its carbon neutrality goals, with non-fossil energy consumption increasing from 16.0% in 2020 to 19.8% in 2024, averaging nearly a 1 percentage point increase per year [2] - By August 2025, installed capacity for wind and solar power is expected to exceed 1.69 billion kilowatts, tripling the capacity from 2020 and contributing to 80% of new power installations since 2020 [2] - The share of fossil energy consumption is projected to decrease from 84.0% in 2020 to 80.2% in 2024, indicating a steady move towards cleaner energy sources [2] Group 3: New Energy Vehicles (NEVs) - As of June 2025, the number of NEVs in China is expected to reach 36.89 million, accounting for 10.27% of the total vehicle ownership, showcasing the rapid adoption of electric vehicles [3] - In 2024, NEVs are projected to be exported to over 180 countries, helping to reduce global carbon emissions by more than 50 million tons [3] - The contribution of the green low-carbon industry to China's GDP is increasing, with the "new economy" accounting for over 18% of GDP in 2024 [3] Group 4: Green Finance and Carbon Market - China has established a robust green finance framework, with green loan balances reaching 36.6 trillion yuan by the end of 2024, with nearly 70% directed towards carbon reduction projects [5] - The national carbon trading market, launched in July 2021, covers over 60% of carbon emissions, with cumulative trading volume reaching approximately 728 million tons and transaction value around 49.83 billion yuan by September 2025 [5] - The voluntary greenhouse gas reduction trading market was initiated in January 2024, with 31 projects registered and a total reduction of 15.04 million tons by October 2025 [5]

Core Insights - China has established the world's most comprehensive carbon reduction policy system and has become a leader in renewable energy development, achieving significant progress in carbon neutrality goals [1] Group 1: Carbon Market Development - The national carbon emissions trading market was officially launched in July 2021, covering over 60% of carbon emissions from key industries such as electricity, steel, cement, and aluminum [1] - As of September 2023, the cumulative trading volume of carbon emission allowances reached approximately 728 million tons, with a total transaction value of about 49.83 billion yuan [1] - The carbon market is expected to significantly reduce carbon reduction costs and improve pricing levels in industries like power generation, cement, and coal [2] Group 2: Renewable Energy Growth - The share of non-fossil energy consumption in China is projected to increase from 16% in 2020 to 19.8% by 2024 [3] - By August 2023, the installed capacity of wind and solar power exceeded three times that of 2020, contributing to approximately 80% of new power installations [3] - The comprehensive adjustment capability of the domestic power system is continuously improving, with significant growth in cross-regional and cross-provincial electricity transmission expected by 2024 [3] Group 3: Emerging Energy Solutions - New entities such as virtual power plants and energy storage systems are anticipated to develop at scale, providing multiple benefits including cost savings and enhanced reliability of electricity supply [4] - The distribution network is evolving into a platform for integrating distributed energy resources and new loads, moving away from its traditional role of one-way electricity transmission [4] - The emergence of new energy solutions is expected to foster innovative business models, transitioning from simple economic incentives to market-oriented operations [4]

Core Viewpoint - China Pacific Insurance (601601) is actively participating in the "Zero Carbon Expo" initiative by purchasing and donating forestry carbon credits, contributing to the ecological and economic benefits of carbon markets [1][2] Group 1: Carbon Market and Ecological Value - The carbon market is becoming a key mechanism for promoting emissions reduction and transforming ecological value into economic benefits [1] - Forestry carbon sinks play an essential role in achieving carbon storage functions due to their significant carbon sequestration capabilities and multiple ecological benefits [1] Group 2: Economic and Environmental Impact - The donation of carbon credits not only supports the "Zero Carbon Expo" but also empowers rural revitalization by converting ecological benefits into tangible economic resources [2] - By purchasing 3,300 tons of forestry carbon credits from Daxing'anling, the company aims to activate dormant forest assets as green capital for rural development [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights significant progress in nuclear power modularization and molten salt reactors, indicating a positive outlook for the nuclear power industry's continued growth [5] - China and the EU have submitted updated 2035 national contributions to the UN, reinforcing the momentum for global energy transition [5] - China aims for a 7%-10% reduction in greenhouse gas emissions by 2035, with a target of achieving over six times the total installed capacity of wind and solar power compared to 2020 [5] - The EU has set legally binding targets for greenhouse gas emissions reduction, aiming for at least a 55% reduction by 2030 and a 66.25%-72.5% reduction by 2035 [5] Summary by Relevant Sections Industry Overview - The closing index is at 10728.43, with a 52-week high of 10728.43 and a low of 6107.84 [2] Investment Highlights - The report emphasizes the importance of carbon markets in driving global energy transition, with China expanding its carbon trading market and focusing on various energy sources including nuclear, distributed solar, and offshore wind [6] - The report suggests that as carbon markets develop, the value of green energy is expected to rise, recommending investments in green energy companies such as New Tian Green Energy and JinkoSolar, as well as nuclear power companies like Shanghai Electric and Harbin Electric [7]

Group 1: Report Overview - The report is a carbon market weekly report dated November 07, 2025, from the Energy and Chemical Research Team of Jianxin Futures [2][3] Group 2: Carbon Market Weekly Summary - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of listed agreement transactions were 10,525,810 tons and 487,117,084.12 yuan respectively; for bulk agreement transactions, they were 30,936,720 tons and 1,496,842,246.87 yuan; and for single - sided bidding, 100,000 tons and 4,475,000 yuan [7] - In the first week of November, the comprehensive price had a high of 58.51 yuan/ton, a low of 51.54 yuan/ton, and a closing price of 57.79 yuan/ton, up 11.22% from the previous Friday. The trading volume and turnover of listed agreement transactions were 3,981,155 tons and 209,744,110.26 yuan respectively; for bulk agreement transactions, 5,154,502 tons and 248,501,748.01 yuan; and for single - sided bidding, 100,000 tons and 4,894,850 yuan. The total trading volume and turnover were 9,235,657 tons and 463,140,708.27 yuan [7] - Since June this year, the national carbon quota price has been declining. The current price is around 50 yuan/ton, similar to the opening price in 2021 and over 50% lower than the 2024 high. The new policy aims to solve the problem of enterprises' reluctance to sell. The current low carbon price is partly due to the concentrated selling of surplus enterprises under the carry - over rule. The price may stabilize after the selling pressure eases in November [8] - According to the Fudan Carbon Index, in November 2025, the expected buying price of national carbon emission allowances (CEA) is 47.59 yuan/ton, the selling price is 55.42 yuan/ton, and the mid - price is 51.51 yuan/ton. In December 2025, the expected buying price is 55.63 yuan/ton, the selling price is 65.35 yuan/ton, and the mid - price is 60.50 yuan/ton. In November 2025, the expected buying price of China Certified Emission Reductions (CCER) is 59.67 yuan/ton, the selling price is 68.17 yuan/ton, and the mid - price is 63.92 yuan/ton [8][9] Group 3: Market News - On October 23, the National Energy Administration reported that in September, the全社会 electricity consumption was 888.6 billion kWh, up 4.5% year - on - year. In the first three quarters, the cumulative electricity consumption was 7,767.5 billion kWh, up 4.6% year - on - year. The third - quarter electricity consumption was 2.9 trillion kWh, driven by high - temperature in July and the recovery of the macro - economy [10] - On October 24, it was announced that during the "15th Five - Year Plan" period, China will accelerate the green and low - carbon transformation of energy, build a new energy system, and implement the dual - control system of carbon emission volume and intensity. It aims to reach about 4.5 billion tons of bulk solid waste utilization by 2030 and save over 150 million tons of standard coal in key industries, reducing about 400 million tons of carbon dioxide emissions [10] - Recently, the General Offices of the CPC Central Committee and the State Council issued an opinion to expand the coverage of the national carbon emission trading market to mainly cover industrial emission industries by 2027, implement quota control and paid distribution, gradually tighten quotas, strengthen the synergy between the carbon market and industrial policies, and accelerate the construction of the voluntary emission reduction trading market [10] Group 4: Market Data - There are figures about the national carbon market price trend, pilot carbon market price, power generation year - on - year growth rate, and new power generation equipment year - on - year growth rate, with data sources from Wind and Jianxin Futures Research and Development Department [6][7][12]

Group 1: National Carbon Market Development - The national carbon market is transitioning from intensity control to total control during the 14th Five-Year Plan period, with a focus on total carbon emission control [2] - The inclusion of the steel, cement, and aluminum industries in the carbon trading market is expected to enhance their green and low-carbon transformation [2][3] - By 2027, priority will be given to implementing total quota control for industries with relatively stable carbon emissions [2] Group 2: Low-Carbon Investment and Technology Innovation - The carbon market has driven low-carbon investments and accelerated the innovation and promotion of green technologies [3] - The overall reduction cost in the power generation sector has decreased by approximately 35 billion yuan through carbon trading in the first two compliance cycles [3] - The expansion of the carbon market will encourage more enterprises to reduce carbon emissions through technological innovation and management efficiency improvements [3] Group 3: Voluntary Carbon Market Growth - The national voluntary greenhouse gas reduction trading market has entered a critical phase of rapid development, with 31 projects registered and a total transaction volume of 3.25 million tons of CCER [4][5] - The market has established a framework for management systems, technical methods, and infrastructure, enhancing the integrity and standardization of voluntary reduction projects [4] - The Ministry of Ecology and Environment is actively soliciting opinions on various voluntary reduction project methodologies to support diverse project development [4][5] Group 4: Carbon Footprint Management System - The average carbon footprint factor for electricity in 2024 is reported to be 0.5777 kg CO2 equivalent per kWh, a 6.9% decrease from 2023 [6][7] - The establishment of a product carbon footprint management system is a key focus for deepening ecological civilization reforms [6] - The Ministry of Ecology and Environment plans to continue enhancing the research and publication of carbon footprint factors for electricity and other key products [7]

Core Viewpoint - The global net-zero action is at a critical turning point, transitioning from framework construction to substantial implementation. Despite progress in multilateral mechanisms, issues such as funding gaps, technological barriers, geopolitical conflicts, and capacity shortcomings still hinder cooperation effectiveness. Strengthening climate finance, promoting technology sharing, building inclusive international frameworks, and enhancing governance capabilities are essential to ensure global emission reduction targets are met by 2030 and to lay a solid foundation for the 2050 net-zero vision [1][2]. Group 1: Progress in Global Net-Zero Actions - International cooperation on net-zero actions is deepening, with significant advancements in China-Europe and China-UK collaborations. Since 2015, Chinese financial institutions have issued over $12 billion in green and sustainable development bonds through the London Stock Exchange. In 2023, Bank of China issued a $600 million green bond, with funds allocated to green credit projects in the UK, France, and the Netherlands [3]. - Developing countries are enhancing climate cooperation, with China emerging as a major climate finance provider through initiatives like the Belt and Road and South-South cooperation. In 2020, China ranked 11th globally in climate funding, providing approximately $34.3 billion from 2013 to 2021 to support the transition to low-carbon economies [3]. - The Glasgow Financial Alliance for Net Zero (GFANZ) aims to encourage financial institutions to commit to net-zero targets, providing a unified framework and tools for developing scientific transition plans. By the end of 2024, 122 member banks are expected to have voluntarily disclosed their net-zero targets [3]. Group 2: Enhancing Technical Cooperation and Standard Coordination - Efforts are underway to unify carbon market standards and enhance transparency. The World Sustainable Development Standards Organization (WSSO) is working on global energy and carbon neutrality standards, while the G20 Sustainable Finance Working Group suggests establishing a universal carbon credit data model [4]. - The International Sustainability Standards Board (ISSB) has released global benchmarks for climate-related disclosures, gaining recognition from the International Organization of Securities Commissions (IOSCO) and being adopted in various regions [4]. - International cooperation through the World Bank and IMF is aimed at enhancing countries' capacities to address climate change, with multiple climate data platforms established to support scientific research and policy-making [4]. Group 3: Challenges and Issues in Global Net-Zero Actions - A significant funding gap exists, with developed countries' climate finance commitments under the Paris Agreement only being met in 2022, providing $115.9 billion, primarily in loans. The UN Climate Change Conference (COP28) anticipates a funding gap of $5.9 trillion for developing countries by 2030 [5]. - The distribution of climate financing is uneven, with regions like Africa receiving only 2% of global clean energy investments despite representing 20% of the population. This imbalance hampers the ability of developing countries to transition to clean energy [5]. - There is a credibility crisis regarding corporate net-zero commitments, with many lacking clarity and relying on low-quality carbon offset projects. Some fossil fuel companies use "net-zero" claims to mask expansion plans, raising concerns about the integrity of these commitments [5]. Group 4: Shortcomings in Awareness and Capacity Among Relevant Entities - Many net-zero targets are voluntary and lack enforceability, with surveys indicating that 28% of companies have no decarbonization plans for the next year, and 23% lack confidence in achieving 2050 targets [7]. - Local financial institutions often lack awareness and initiative regarding net-zero actions, focusing on profit growth rather than understanding national emission reduction goals [7]. - Policy transmission is obstructed, with banks having a stronger influence on small and medium enterprises, which are not major carbon emitters. This limits the effectiveness of banks in promoting net-zero actions [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The national carbon market price is under pressure and fluctuating. The current low carbon price is partly due to the concentrated selling of surplus enterprises under the carry - over rule, and the price may stabilize after the selling pressure subsides in November [4][8] - Policies such as expanding the coverage of the national carbon market, implementing quota control and有偿分配, and strengthening the construction of the voluntary emission reduction trading market are expected to promote the development of the carbon market and the green - low - carbon transformation of industries [10] 3. Summary by Relevant Catalogs 3.1 National Carbon Market Overview - In October, the national carbon market's comprehensive price had a maximum of 59.30 yuan/ton, a minimum of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The total trading volume of national carbon emission allowances was 41,562,530 tons, with a total turnover of 1,988,434,330.99 yuan. From January 1 to October 31, 2025, the trading volume was 139,661,332 tons, and the turnover was 8,785,796,587.81 yuan. The carbon price has been declining since June and is now close to the 2021 opening price, more than 50% lower than the 2024 high [8] - According to the latest regulations, surplus enterprises can carry over 60% of their surplus allowances to 2025 by December 31, 2025, but need to apply before June 10, 2026 [8] - Fudan Carbon Index predicts the buying, selling, and middle prices of national carbon emission allowances (CEA) and Chinese Certified Emission Reductions (CCER) for November and December 2025 [9] 3.2 Market News - In the first three quarters of 2025, China's GDP was 1,015,036 billion yuan, with a year - on - year growth of 5.2%. In September, the total social electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. The high electricity consumption in the third quarter was due to high - temperature weather and economic recovery [10] - During the "15th Five - Year Plan" period, efforts will be made to accelerate the green - low - carbon transformation of energy, including developing non - fossil energy, promoting the clean and efficient use of fossil energy, and promoting the green - low - carbon transformation of industries and lifestyles. Energy - saving and carbon - reduction actions in key industries are expected to save over 150 million tons of standard coal and reduce about 400 million tons of carbon dioxide emissions [10] - The "Opinions on Promoting Green - Low - Carbon Transformation and Strengthening Carbon Market Construction" aims to expand the coverage of the national carbon market, implement quota control and 有偿分配, tighten quotas, strengthen the construction of the voluntary emission reduction trading market, and improve the vitality of the national carbon market [10] 3.3 Data Summary - The report provides multiple data charts, including the EU carbon price, power generation equipment growth rate, power generation growth rate, photovoltaic installation volume, and coal power plant daily consumption, with data sources from Wind and the Research and Development Department of CCB Futures [12][15][19]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel market is affected by multiple factors, with steel prices in a downward cycle, and the market is expected to continue to fluctuate. The terminal demand is weakening, and the supply side is expected to shrink [3][6]. - The five major steel products are in a state of inventory reduction, with increased production and apparent demand this week. The price of raw materials has increased, and it is expected that rebar will continue to fluctuate within a range [3][17]. 3. Summary by Related Catalogs Steel and Ore Market Analysis - **Macro Environment**: The 14th Five - Year Plan and other policies create a loose macro - environment, which is beneficial to the market. The Ministry of Industry and Information Technology has issued a document to prohibit the addition of new production capacity [3][15]. - **Supply Side**: The production of rebar and hot - rolled coils has increased slightly this week. The main steel - producing areas such as Hebei and Shanxi have implemented crude steel production control plans, with a 30% production limit in Tangshan. The 1 - 9 month crude steel production in China has continued to decline year - on - year, and the iron water production is expected to continue to decrease [3][15]. - **Demand Side**: The peak season for steel terminal demand in October was lackluster, and it is expected to gradually shift to the off - season. Downstream new construction is mainly concentrated in the first quarter of next year, with slow current new construction. Mechanical steel use has increased, but the expected decline in household appliance steel use is significant, and automobile steel use remains stable [3][15]. - **Inventory Situation**: This week, the inventory of the five major steel products decreased by 2.64% week - on - week to 1.51376 billion tons, but increased by 22.58% compared with the same period last year. The production increased by 1.15% week - on - week, and the apparent demand increased by 2.65% week - on - week to 9.164 million tons, reaching a six - month high [17]. Raw Material Market - The upstream coal mine safety inspection has led to an increase in coke prices. The 47 - port iron ore inventory has continued to accumulate, and the global iron ore shipment has reached a high level in the same period in recent years [3][22]. Price Forecast and Trading Strategy - **Rebar**: It is expected to continue to fluctuate within a range, with a pressure level of 3230 and a support level of 3000. When approaching 3000, it is recommended to try to go long, and stop loss if it effectively breaks through [3][4]. - **Hot - Rolled Coils**: The pressure level is 3450, and the support level is 3200 [3]. - **Iron Ore**: It is expected to continue to fluctuate. The pressure level of the main 2601 contract is 833, and close attention should be paid to the support level of 750. Short - term operations with stop - loss settings are recommended [4]. Important News - At the 2025 Financial Street Forum Annual Conference, the central bank will resume open - market treasury bond trading operations, improve the monetary policy framework, and combat virtual currency operations and speculation [5]. - According to the production scheduling report of three major white goods, the total production scheduling in November 2025 decreased by 17.7% compared with the actual production in the same period last year [5]. - The Ministry of Ecology and Environment will use the carbon market to promote green and low - carbon emissions reduction in the steel, cement, and aluminum smelting industries [5]. - Henan Province has issued a plan to complete the technological transformation or elimination of steel production capacity below the energy efficiency benchmark level by the end of 2025 and optimize the industrial layout by 2027 [5].

Core Viewpoint - The "dual carbon" goals of carbon peak and carbon neutrality are not only China's commitment to global climate challenges but also a crucial strategy for high-quality development and green low-carbon transformation. Over the past five years, China has established a preliminary policy system and market mechanism to support these goals, influencing both domestic and global carbon neutrality efforts [1][2]. Group 1: Policy Framework and System Construction - Since the introduction of the "dual carbon" goals, China has built a comprehensive and coordinated policy system, characterized by clear top-level planning, diverse policy tools, and collaborative execution mechanisms [2][3]. - The "1+N" policy framework serves as the core of the carbon peak and neutrality system, with various departments and regions developing implementation plans across key sectors, creating a robust policy matrix [3]. Group 2: Green Finance Development - The establishment of green finance has accelerated, forming a matrix of policy tools that includes green credit, green bonds, carbon finance, and green insurance, among others [4][5]. - By 2024, China's green loan balance exceeded 36 trillion yuan, accounting for about 14% of total loans, while green bond issuance reached over 2.5 trillion yuan, positioning China as a global leader in these areas [13]. Group 3: Carbon Market Enhancement - The national carbon market has been continuously improved since its launch in 2021, with the coverage expanding to include high-emission industries such as steel and cement, making it the largest carbon market globally [8][9]. - The establishment of a voluntary carbon trading market is underway, aiming to enhance market participation and support green finance product innovation [9]. Group 4: International Cooperation and Standards - China is actively deepening international cooperation in green finance, participating in global governance and contributing to the establishment of international standards [10][11]. - The introduction of mandatory environmental information disclosure regulations is a significant step towards aligning with international practices [11]. Group 5: Achievements and Challenges in Green Finance - Green finance has significantly contributed to resource allocation, fostering green momentum, and optimizing economic structure, but challenges remain in data disclosure, support for high-carbon industries, and the balance of financial products [12][17]. - The carbon emission data disclosure system is not yet robust, limiting the efficiency of resource allocation and the ability of financial institutions to assess carbon asset risks accurately [17]. Group 6: Future Directions for Green Finance - To further support the "dual carbon" goals, China needs to enhance the carbon information disclosure system, expand the application of carbon reduction support tools, and optimize the structure of green financial products [22][23][25]. - The carbon market requires reforms to improve price discovery and resource allocation functions, while green funding should be promoted internationally to support global green transitions [27][28].