Report Title - The report is titled "EU Carbon Market Market Briefing (Issue 96, 2025)" [1] Release Date - The report was released on June 9, 2025 [2] Industry Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core Viewpoints - EU ETS may be extended to international aviation, and EUA decoupled from TTF and strengthened [2] Market Conditions Primary Market - The auction price was 72.3 euros/ton, a decrease of 0.33%, and the bid - to - cover ratio was 1.74 [2] Secondary Market - The EUA futures settlement price was 73.5 euros/ton, an increase of 1.04%, and the trading volume was 16,000 lots, a decrease of 1.17 [2] Strategy - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core Logic Bullish Factors - China's Ministry of Commerce proposed to relax rare - earth exports to the EU; The EU intends to extend EU ETS to international aviation [2] Bearish Factors - Germany's wind power supply increased, and the temperature in Central and Eastern Europe was slightly higher than the seasonal average; German industry lobbying groups demanded that the EU revoke the gasoline - car ban [2][3] Data Tables EUA Auction Information | EUA Auction Volume (10,000 tons) | EUA Auction Price (euros/ton) | CBAM Certificate Price (euros/ton) | Bid - to - Cover Ratio | Auction Revenue (10,000 euros) | | --- | --- | --- | --- | --- | | 160.70 | 2025 - 06 - 06, 72.30 | 71.13 | 1.74 | 11,619 | | 324.55 | 2025 - 06 - 05, 72.54 | 71.13 | 1.46 | 23,543 | [4] EUA Futures and Spot Market Information | | Futures Settlement Price (euros/ton) | Futures Trading Volume (10,000 lots) | Futures Open Interest (10,000 lots) | Spot Settlement Price (euros/ton) | Spot Trading Volume (lots) | Container Shipping Carbon Cost (US dollars/TEU) | Freight Cost Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 - 06 - 05 | 72.74 | | 32.12 | 71.79 | | | | | 2025 - 06 - 06 | 73.50, +1.04% | 1.60, - 1.17 | 32.12, 0.00 | 72.56, +1.07% | - 1260 | 12.71, +0.76% | 1051 | [5]

Report Information - Report Title: National Carbon Market Market Briefing (Issue 89, 2025) [1] - Publisher: Guotai Junan Futures [2] - Release Date: 2025-06-06 [3] Investment Strategy - Strategy Suggestion: Enterprises with a quota gap are advised to make batch purchases at low prices before the end of August. In 2025, the remaining 40% of the mandatory circulation quotas can only meet part of the market demand, and about 0.4 - 0.5 billion tons of market demand may be met by the voluntary sales of surplus enterprises [4]. Core Logic - After the CEA price dropped to around 70 yuan/ton, there was some bottom-fishing demand. However, the release of mandatory circulation quotas is currently insufficient, there is still potential selling pressure, the market price is oscillating at the bottom, and there is still a lack of upward momentum. Considering the verification node, trading volume is expected to rise in mid-to-late June, and the bottom range in June is estimated to be 62 - 66 yuan/ton. - If the selling node of surplus enterprises continues to be postponed, the price bottom may be lower and the rebound height more limited. If the single-day trading volume can increase significantly, strong upward momentum may appear at the end of the third quarter [6]. Market Quotes CEA Spot Quotes | | CEA19 - 20 | CEA21 | CEA22 | CEA23 | CEA24 | | --- | --- | --- | --- | --- | --- | | Closing Price (yuan/ton) | 67.00 | 67.50 | 67.00 | 69.26 | 68.76 | | Daily Change (%) | 0.00% | 0.00% | 0.00% | 0.36% | 0.98% | | New - Old Price Difference (yuan/ton) | | 0.50 | -0.50 | 2.26 | -0.50 | | Bulk Transaction Average Price (yuan/ton) | N/A | N/A | N/A | N/A | 68.45 | | Total Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 4.92 | 121.94 | | Listing Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 4.92 | 6.94 | | Bulk Agreement Trading Volume (10,000 tons) | 0.00 | 0.00 | 0.00 | 0.00 | 115.00 | | Total Turnover (10,000 yuan) | 0.00 | 0.00 | 0.00 | 0.00 | 8349.17 | [8][9] CCER Trading Information - Transaction Average Price: 85.00 yuan/ton - Daily Change: 0.00% - Turnover: 0.85 million yuan - Trading Volume: 0.01 million tons - Cumulative Trading Volume: 188.06 million tons [10] Today's Market Summary - CEA: CEA23 and CEA24 rebounded slightly. The listing trading volume was 11.9 million tons, and the bulk trading volume was 115.0 million tons. - CCER: The listing agreement trading volume was 0.01 million tons, and the transaction average price was 85.00 yuan/ton (0.00% change) [12]

Core Viewpoint - Beijing is making significant strides in promoting product carbon footprint certification, marking an important step towards low-carbon transformation in the industry [1][2]. Group 1: Initiatives and Collaborations - The Beijing Municipal Market Supervision Administration and Haidian District Government have launched a pilot program for product carbon footprint certification, indicating a collaborative effort to enhance green finance and transition financial products [1]. - A cooperation agreement was signed among several certification agencies and the Bank of Communications Beijing Branch to explore green finance products and services, promoting the integration of carbon footprint and carbon trading mechanisms [1][2]. Group 2: Pilot Program Details - The pilot program will focus on the electronic and electrical (computer) sector, with Haidian District officially approved to conduct product carbon footprint trials [1][2]. - A total of 19 computer companies, including Lenovo, have applied for participation in the pilot program, with plans to certify no less than 15 computer products by 2027 [2]. Group 3: Key Tasks and Mechanisms - Five key tasks have been established to support the pilot program, including the development of certification rules, capacity building for carbon footprint certification, and the establishment of a product carbon footprint guarantee system [3]. - The initiative aims to enhance regulatory oversight, data security, and intellectual property protection related to carbon footprint certification [3]. Group 4: Understanding Carbon Footprint - The product carbon footprint measures the total greenhouse gas emissions associated with a product throughout its lifecycle, from raw material extraction to disposal, serving as a "carbon identity card" for products [4].

Report Summary 1. Report Industry Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range between €67 - 75 [2] 2. Core View of the Report - Supply disturbances continue to push up TTF, while EUA shows a flat performance. There are no new negative factors, and the positive factor is that the Norwegian Kollsnes natural gas processing plant has started seasonal work, with Norway's supply accounting for about one - third of EU imports in 2024 [2] 3. Summary by Related Catalogs Market Conditions - **Primary Market**: The EUA auction price is 72.54 euros/ton (up 2.73%), and the bid - cover ratio is 1.46 [2] - **Secondary Market**: The EUA futures settlement price is 72.74 euros/ton (up 0.18%), with a trading volume of 27,700 lots (up 0.49) [2] Auction Information | Date | EUA Auction Price (euros/ton) | CBAM Certificate Price (euros/ton) | EUA Auction Volume (10,000 tons) | Bid - cover Ratio | Auction Revenue (10,000 euros) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 06 - 05 | 72.54 | 324.55 | 71.13 | 1.46 | 23,543 | | 2025 - 06 - 03 | 70.61 | 324.55 | 71.13 | 1.48 | 22,916 | [4] Futures and Spot Market Information | | Futures Settlement Price (euros/ton) | Futures Trading Volume (10,000 lots) | Futures Open Interest (10,000 lots) | Spot Settlement Price (euros/ton) | Spot Trading Volume (lots) | Container Shipping Carbon Cost (US dollars/TEU) | Freight Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2025 - 06 - 04 | 72.61 | 2.77 | 32.02 | 71.79 | 2,311 | 12.55 | 847 | | 2025 - 06 - 05 | 72.74 (up 0.18%) | 2.77 (up 0.49) | 32.02 (no change) | 71.67 (up 0.17%) | 2,311 (up 0.79%) | | | [5]

欧盟碳市场行情简报 (2025年第94期) 40 20 07-01 04-01 10-01 01-01 01-01 01-01 01-01 04-01 10-01 07-01 图表4:欧盟排放配额(EUA)行情信息-期货、现货 期货结算价(欧元/吨) 期货成交量(万手) 期货持仓量(万手) 持仓量 成交量 2025-06-03 2025-06-04 增减 涨跌幅 增减 2. 28 -0. 43 72. 60 0. 01% 31. 98 0. 00 72. 61 现货结算价(欧元/吨) 现货成交量(手) 集运碳成本 (美元/TEU) 运费占比 即期成本 2025-06-03 | 2025-06-04 成交量 增减 涨跌幅 0. 01% -3786 12. 53 71.66 71. 67 0. 79% 1464 图表5: EUA期现价格及基差 图表6:12月合约持仓-季节性图 -2026 -2025 -2022 -- 2023 -- 2024 欧元/吨 ■■基差（右轴） -- 现货价格 -期货价格 万手 50 100 A and Washing and 50 20 -50 04-01 10-01 01-01 07 ...

全国碳市场行情简报 (2025年第88期) 策略 建议缺口企业在8月底前分批逢低采购 (1)2025年剩余40%强制流通配额只能满足部分市场需求，约0.4°0.5亿吨市场需求或由 盈余企业自愿卖出来满足。 核心 逻辑 2CEA价格跌至70元附近后,抄底需求有所显现,但目前强制流通配额释放不足,潜在 抛压仍存、市场价格震荡磨底,仍缺乏上行驱动;考虑到核查节点,6月中下旬成交量 有望攀升,预计6月底部区间62~66元/吨。 国泰君受期货 发布日期:2025-06-04 今日 行情 近期日均成交量低于40万吨,CEA价格延续弱势 | | CEA19-20 | CEA21 | CEA22 | CEA23 | CEA24 | | --- | --- | --- | --- | --- | --- | | 收盘价(元/吨) | 70. 00 | 67. 50 | 67. 00 | 67. 61 | 67.90 | | 涨跌幅(%) | 0.00% | -1.46% | -0. 21% | -1.37% | 0. 58% | | 新旧价差(元/吨) | | -2. 50 | -0. 50 | 0. 61 | 0. 29 | ...

全国碳币场行情简报 (2025年第86期) 核心 20EA价格跌至70元附近后,抄底需求有所显现,但目前强制流通配额释放不足,潜在 逻辑 她压仍存,市场价格震荡磨底,仍缺乏上行驱动,综合价格5月底部或65°68元/吨。 国泰君安期货 发布日期:2025-05-30 今日 行情 近期日均成交量低于50万吨,综合价格接近预期底部区间 1、CEA:CEA19-20涨超4%，CEA22明显下跌:挂牌35.9万吨，大宗30.0万吨 2、CCER:挂牌协议成交量1.00万吨,成交均价85.50元/吨（-0.04%） 策略 建议缺口企业在8月底前分批逢低采购 (1)2025年剩余40%强制流通配额只能满足部分市场需求，约0.4°0.5亿吨市场需求或由 盈余企业自愿卖出来满足。 重要声明 在公司具有中国证监会被准的期货交易咨询业务资格。本内容均观点和信息仅供国泰君安邦货的专业投资者参考。本内容难以设置访问权限， 装给您造成不便，鼓清谅解。吉您并非国泰君安期货客户中的专业投资者，请勿闻读、订阅或接收任何相关信息。本内容不构成具体业务的拉 个，亦不应被视为任何投资、法律、会计或税务建议、且本公司不会因接收入收到本内容而视其为客户 ...

宁夏英力特化工股份有限公司投资者关系活动记录表 | □特定对象调研□分析师会议 | | 投资者关系活动 | | --- | --- | --- | | □媒体采访√业绩说明会 | | 类别 | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 投资者网上提问 | | 参与单位名称及 | | | | 人员姓名 | | 2025 年 5 月 | 28 日 (周三) 下午 14:00~17:00 | 时间 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | 地点 | | 采用网络远程的方式召开业绩说明会 | | | | 1、董事长田少平 | | 上市公司接待人 | | 2、董事会秘书刘雨 | | 员姓名 | | 3、财务总监涂华东 | | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | 1、董事长您好，请问新一届董事会什么时候能成立？ | | | | 投资者您好！公司第九届董事会于 2025 年 4 月 17 日到 | | | ...

Group 1 - The core viewpoint of the news is the implementation of a draft opinion aimed at strengthening the linkage between industry and trade in Zhejiang Province to support enterprises in stabilizing production, reducing burdens, and increasing efficiency [1] - The draft opinion emphasizes the promotion of "thousands of groups and ten thousand enterprises" to expand markets and increase orders, with significant support for manufacturing enterprises participating in overseas exhibitions [1][3] - The document outlines measures to address international trade frictions, including the establishment of a "support policy toolbox" for key enterprises affected by sanctions [1][3] Group 2 - Zhejiang Province's foreign trade import and export reached 1.75 trillion yuan from January to April, with a year-on-year growth of 6.6%, outperforming national averages [2] - The province's exports to the US are highly dependent, with a dependency ratio of 7.0%, significantly higher than the national average of 2.8% [2] - Despite challenges, Zhejiang's exports to emerging markets such as ASEAN and Latin America showed positive growth, with increases of 9.2% and 21.5% respectively [3] Group 3 - The draft opinion prioritizes expanding the supply of quality products, with provincial financial support for high-end, intelligent, and green technology upgrades [3] - There is a focus on developing differentiated market strategies for emerging markets, including support for export tax rebates and logistics subsidies [3] - The strategy includes fostering independent brands to enhance pricing power and resilience in foreign trade [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The recent average daily trading volume is less than 600,000 tons, and the comprehensive price is approaching the expected bottom range [3] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August [3] - After the CEA price dropped to around 70 yuan/ton, both rigid and speculative market demands emerged, the market trading heat increased significantly, and the release of mandatory circulation quotas accelerated. The bottom price of CEA in May may be 65 - 68 yuan/ton [5] - Currently, the release ratio of mandatory circulation quotas is less than 20%, there is still potential selling pressure, the market price is oscillating at the bottom, and there is still a lack of upward driving force. If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height more limited. If the daily trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [5] Group 3: Summary by Relevant Catalogs Market Conditions - CEA: CEA23 and CEA24 showed significant declines, while CEA22 had a slight rebound. The listed volume was 206,000 tons, and the bulk volume was 200,000 tons [3] - CCER: The listed agreement trading volume was 30,000 tons, and the average trading price was 85 yuan/ton, a decrease of 4.03% [3] Strategy - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August. In 2025, the remaining 40% of mandatory circulation quotas can only meet part of the market demand, and about 40 - 50 million tons of market demand may be met by the voluntary sales of surplus enterprises [3] Core Logic - After the CEA price dropped to around 70 yuan/ton, market demand increased, and the release of mandatory circulation quotas accelerated. The bottom price of CEA in May may be 65 - 68 yuan/ton [5] - The release ratio of mandatory circulation quotas is low, there is potential selling pressure, and the price is oscillating at the bottom. The selling time of surplus enterprises affects the price bottom and rebound height. If the daily trading volume increases, strong upward momentum may appear at the end of the third quarter [5] Data Tables - CEA price and trading volume data for different years are presented, including closing prices, price changes, trading volumes, and trading amounts [7][8][9] - CCER trading information shows an average trading price of 85 yuan/ton, a decrease of 4.03%, a trading volume of 30,000 tons, and a cumulative trading volume of 185,910 tons [9]