Core Viewpoint - The production of Sustainable Aviation Fuel (SAF) is expected to reach 2 million tons by 2025, which will only account for 0.7% of total aviation fuel usage. Despite the doubling of production from 1 million tons in 2024, exponential growth is necessary to meet the aviation industry's net-zero carbon emissions target by 2050 [1]. Group 1: SAF Production and Demand - SAF is derived from sustainable sources such as biomass and waste cooking oil, potentially reducing lifecycle carbon emissions by up to 85% compared to traditional fossil fuels [3]. - The European Union mandates that all flights departing from its airports must blend a certain percentage of SAF, starting with 2% in 2025, which translates to a demand of nearly 1 million tons, double the global market demand in 2023 [3][4]. - China aims for a SAF consumption of over 20,000 tons in 2025, with a cumulative consumption of 50,000 tons, representing 0.2% of its annual aviation fuel consumption [4]. Group 2: Industry Participation and Production Capacity - Several domestic companies are entering the SAF production sector, including Sinopec, which has developed SAF production capabilities and partnered with TotalEnergies to produce 230,000 tons annually [5]. - As of now, China has established a SAF production capacity of 350,000 tons, with various companies utilizing waste cooking oil as a primary raw material [5][6]. Group 3: Cost Challenges and Market Dynamics - The average cost of SAF is projected to be 3.1 times that of traditional aviation fuel in 2024 and 4.2 times in 2025, primarily due to compliance fees imposed by fuel suppliers [8]. - The price of traditional aviation fuel is expected to decrease by 13% in 2025, further exacerbating the cost disparity between SAF and conventional fuels [8]. - To achieve net-zero carbon emissions by 2050, the aviation industry may face costs as high as $4.7 trillion, necessitating government policies to stimulate SAF production and reduce costs [8][9].

Group 1 - The theme for World Environment Day 2025 is "Beautiful China, I Take the Lead," emphasizing China's commitment to ecological protection and green development [1] - The 2024 China Ecological Environment Status Bulletin reports that the average PM2.5 concentration in cities has decreased by 30.2% since 2016, making China the fastest country in the world to improve air quality [3] - The proportion of surface water with good quality has reached 90.4%, marking a significant milestone in environmental quality [3] Group 2 - In Wuhan, low-carbon living is being incentivized through practical rewards for citizens engaging in eco-friendly behaviors such as public transport use and recycling [4] - Citizens can convert their carbon reduction efforts into tangible benefits, such as discounts on loans and rewards in a low-carbon marketplace [4][11] - The city has seen over 161 million residents participating in low-carbon initiatives, collectively reducing carbon emissions by over 30,000 tons [13]

Core Viewpoint - Wuhan is taking a proactive role in promoting a comprehensive green transformation of economic and social development in the context of China's "dual carbon" goals [2] Institutional Initiatives - Wuhan serves as the national carbon market's "big data hub," facilitating the reduction of social emission costs through innovative carbon market mechanisms [2] - The carbon trading platform "Zhong Carbon Registration" has traded 653 million tons of carbon quotas since its establishment in 2021, with a transaction value exceeding 44.8 billion yuan, making it the largest carbon market globally [5] - The national carbon market has expanded to cover over 80 billion tons of emissions, accounting for 60% of industrial carbon emissions in China [5][6] - The high compliance rate of enterprises in the Hubei carbon market demonstrates the effectiveness of the market logic that "pollution has costs, and reduction has benefits" [6] Public Engagement - The "Wuhan Carbon Benefit" platform has engaged 1.6 million residents, quantifying 8.27 million reduction actions and saving 51,800 tons of carbon emissions over two years [7][8] - Young people in Wuhan are increasingly using carbon reduction amounts as wedding gifts, reflecting a cultural shift towards carbon neutrality [9] Innovative Practices - Companies in Wuhan are discovering new revenue streams through carbon trading, with one company generating 1.4 million tons of carbon reduction annually, translating to approximately 4 million yuan in additional income [11] - The integration of solar energy and carbon trading is becoming standard in industrial parks, with one park saving 5 million yuan in electricity costs and earning an additional 160,000 yuan through carbon trading [11] - The establishment of a 400-kilometer new energy demonstration line in Wuhan showcases a comprehensive energy supply for various new energy vehicles [12] Pathways for Low-Carbon Development - Wuhan is pioneering a "model-driven, all-domain promotion" approach to low-carbon development, exploring various scenarios for urban low-carbon transformation [13]

Core Viewpoint - Wuhan is strategically planning its "15th Five-Year" ecological environment protection, accelerating the establishment of a climate investment and financing system centered on carbon finance [1][9] Group 1: Carbon Reduction Initiatives - The "Wutan Jianghu" platform allows citizens to accumulate carbon reduction credits through low-carbon activities, with a total of 1.6 million users and a total carbon reduction of 51,803 tons [1] - The platform has created a complete closed-loop system for carbon reduction, including behavior recording, emission quantification, and value conversion [1][2] - The 2025 Wuhan Marathon achieved a total carbon emission of 3,030.22 tons, with carbon credits donated to offset emissions, establishing a "zero-carbon marathon" benchmark [2] Group 2: Green Economy Development - Wuhan is leading in the green low-carbon sector, promoting emissions trading and innovative green financial support [2][5] - The establishment of a green low-carbon city construction industry alliance has formed a multi-field team covering finance, technology, and application [5] - The "Blue Sky Guardian" initiative collects air quality monitoring data and pollution source information to manage pollution sources effectively [5] Group 3: Innovative Environmental Compensation Models - Wuhan has introduced ecological damage compensation models, such as "carbon compensation," to address environmental violations [6][8] - The city has launched initiatives like "carbon-neutral weddings" and "carbon donations" to encourage carbon credit donations for large events [8] Group 4: Waste Management and Recycling - Wuhan has built 1,640 "waste-free cells," achieving zero landfill for primary household waste and a recycling rate of 42.89% for household waste [8] - The comprehensive utilization rate of industrial solid waste has exceeded 98.05%, and the use of green packaging in express delivery has reached 90% [8] Group 5: Air Quality Improvement - In 2024, Wuhan ranked 15th among 168 key cities in terms of air quality improvement, with PM2.5 and PM10 concentrations decreasing by 5.3% and 12.1%, respectively [9] - The city aims to maintain a PM2.5 concentration not exceeding 35 micrograms per cubic meter and a 100% excellent water quality rate for national control sections [9]

Group 1 - The global carbon capture, utilization, and storage (CCUS) technology is entering a large-scale application phase, with the number and scale of projects rapidly increasing, particularly in hard-to-decarbonize industries like refining and biomass power generation [1] - The oil and gas industry has identified CCUS as a crucial strategic direction for energy transition and the establishment of a new energy system, supporting clean, low-carbon, and stable supply of fossil energy [1] - In China, over 120 CCUS demonstration projects have been put into operation or are under planning, with a total carbon capture capacity exceeding 6 million tons per year [1] Group 2 - Various carbon capture technologies, including direct air capture, are rapidly developing in China, with industrial application conditions being met [2] - A comprehensive technical system for CO2 capture, transportation, and storage has been established, with 278,000 tons of CO2 injected in pilot experiments across 59 blocks [2] - Future CCUS industry development models may include creating multiple oil recovery and storage centers around oil and gas basins or developing CCUS layouts based on regional economic levels and industry competition [2] Group 3 - CCUS technology is not only key for low-carbon utilization of fossil energy but also an essential component for achieving carbon neutrality goals [3] - The first marine CO2 storage demonstration project in China can store 300,000 tons of CO2 annually, with a cumulative capacity of 1.5 million tons, equivalent to planting approximately 14 million trees [3] - Challenges in marine CO2 storage include higher costs for seabed drilling and surveying, leakage risks, and the need for advanced monitoring technologies [3]

Group 1 - The core idea of the news is the implementation of a personal carbon reduction initiative in Wuhan, allowing citizens to use their accumulated carbon reduction credits to offset bank loan interest [1][2] - The concept of carbon benefits is described as an incentive mechanism that rewards individuals for low-carbon contributions through everyday actions like using public transport or conserving energy [1] - The innovative approach in Wuhan quantifies individual environmental contributions using digital means, linking personal green actions to broader low-carbon development goals, creating a sustainable cycle [1][2] Group 2 - Various sectors, including internet platforms, convenience stores, restaurants, and financial institutions, are exploring innovative applications to create green and low-carbon consumption models, presenting new profit growth opportunities [2] - The closed-loop system of "green behavior - carbon credits - financial benefits" allows banks to trade carbon reduction credits in the carbon market while fulfilling social responsibilities [2] - Future expectations include expanding carbon reduction scenarios, establishing evaluation standards across personal life areas, and integrating carbon benefits into the national carbon market to transform green living from a niche choice to a common habit [2]

Group 1 - The company held its fifth board meeting on April 23, 2025, and the annual shareholders' meeting on May 14, 2025, where it approved amendments to certain provisions of the Articles of Association [1] - The company has completed the necessary business registration changes and obtained a new business license from the Market Supervision Administration of Ma'anshan City [1] - There were no changes in the company's unified social credit code, type, establishment date, or registered capital, which remains at 137.23 million yuan [1][2] Group 2 - The company's business scope includes construction engineering design, special equipment manufacturing, carbon reduction, carbon capture, and energy technology research and development [1] - The company is involved in various technical services, including energy management, information system integration, and software development [1] - The company’s legal representative remains Zheng Guangming, and the registered address is in Qingxi Town Industrial Park [1]

Group 1 - Chengdu has topped the "2025 New First-tier City Charm Ranking" for 11 consecutive years, achieving a perfect score in four out of five dimensions [2] - The "2025 New Domain New Quality Innovation Competition" targets 169,000 specialized and innovative enterprises, aiming to identify 500 outstanding projects [3] - Honor has officially entered the robotics sector, showcasing a robot that can run at a speed of 4m/s, setting a new industry record [4] Group 2 - CATL is committed to continuous investment in solid-state batteries, with expectations for small-scale production by 2027 [5] - Pony.ai has signed a strategic cooperation agreement with Guangzhou Public Transport Group to advance the commercialization of autonomous driving [6][7] - DJI is set to enter the robotic vacuum market, with its first product expected to launch in June after four years of development [8] Group 3 - BYD has established a new automotive sales company in Changsha with a registered capital of 1 million RMB, focusing on new energy vehicle sales [9] - ByteDance will ban third-party AI programming tools internally, opting for its own tool, Trae, to mitigate data leak risks [10] - The European Union aims to reduce carbon emissions by 54% by 2030, slightly below its 55% target [11] Group 4 - SpaceX's Starship experienced a failure during its ninth test flight, but CEO Elon Musk noted significant progress compared to previous flights [12] - Volvo has temporarily halted production at its South Carolina plant due to supply chain issues related to a hardware component [13] - South Korea plans to invest approximately 480 billion KRW (around 349.1 million USD) in AI-related products and services this year [14] Group 5 - Nissan is seeking over 7 billion USD in funding with the assistance of the UK government to maintain operations [15] - Japan's parliament has passed its first law specifically addressing artificial intelligence, aimed at promoting development and preventing misuse [16] - Eli Lilly announced its acquisition of private company SiteOne Therapeutics to gain access to an experimental non-opioid pain medication [17]

Group 1: Market Performance - On May 29, the main contract 2509 of coke futures hit a new low since January 2017 for the September contract and then narrowed its decline; the main contract 2509 of coking coal futures continued to decline oscillating, hitting a new low since September 2016 for the September contract. The closing price of J2509 was 1332 yuan/ton, down 1.62%, with a trading volume of 28,870 lots and an open interest of 56,432 lots, a decrease of 1,050 lots, and a capital outflow of 0.35 billion yuan. The closing price of JM2509 was 759 yuan/ton, down 3.98%, with a trading volume of 709,680 lots and an open interest of 540,328 lots, an increase of 13,462 lots, and a capital outflow of 0.04 billion yuan [5]. Group 2: Positions in the Black Series Futures - As of May 29, in the black series futures, RB2510 had a net long position of 60,132 lots with a deviation of 4.12%; HC2510 had a net long position of 22,300 lots with a deviation of 2.07%; SS2507 had a net long position of 2,345 lots with a deviation of 3.36%; J2509 had a net long position of 930 lots with a deviation of 2.60%; JM2509 had a net short position of 7,080 lots with a deviation of 2.35%; I2509 had a net short position of 5,279 lots with a deviation of 1.15% [6]. Group 3: Spot Market and Technical Analysis - On May 29, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port decreased by 50 yuan/ton to 1340 yuan/ton, and the price in Tangshan was 1270 yuan/ton, also down 50 yuan/ton. The aggregated price of low - sulfur primary coking coal remained unchanged in most regions. The daily KDJ indicator of the coke 2509 contract showed a divergent trend, with the J and K values turning up and the D value continuing to decline; the daily KDJ indicator of the coking coal 2509 contract continued to diverge downward. The daily MACD green bar of the coke 2509 contract continued to expand slightly, and that of the coking coal 2509 contract expanded more significantly [8]. Group 4: Market Outlook - For coke, the output of independent coking plants has hovered near the highest level since early August last year in the past 5 weeks, while the output of steel mills has declined slightly since late April. Port inventories have decreased significantly in the past 5 weeks, but the inventory reduction of steel mills and coking plants has been slow, adding downward pressure on coke prices. The profit per ton of coke turned from profit to loss after two consecutive weeks of profit, mainly due to the failure of the second - round price increase after the first - round increase in mid - April, which created conditions for steel mills to propose a price cut on May 16. - For coking coal, the year - on - year growth of imports from January to April turned negative, but the absolute value of imports remained high, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants increased significantly, and the clean coal inventory rose to a relatively high level again. The inventory of independent coking plants decreased significantly in the past 5 weeks, and port inventories returned to the normal level before early August last year, but the inventory of steel mills increased steadily. If coking plants also adopt a de - stocking strategy, coking coal prices are likely to fall rather than rise. - Overall, although the weak market of coke and coking coal futures continues, and new lows may appear in the next two weeks, positive factors in the fundamentals and news are accumulating. Attention should be paid to whether a bottom - out and rebound trend can occur in about two weeks under the changes in tariff policies and the recovery of confidence in the steel market [10]. Group 5: Industry News - From January to April 2025, China issued 1492.7 billion yuan of new local government bonds, including 302.3 billion yuan of general bonds and 1190.4 billion yuan of special bonds; 2042.7 billion yuan of refinancing bonds, including 248.6 billion yuan of general bonds and 1794.1 billion yuan of special bonds. The total local government bond issuance was 3535.4 billion yuan. As of the end of April 2025, the balance of local government debt was 50693.1 billion yuan [11]. - Jiantou Energy stated that its long - term coking coal price is usually calculated based on the origin price, and the pricing mechanism is in accordance with relevant documents of the NDRC and local governments. The average comprehensive standard coal price in the first quarter was 775.12 yuan/ton, a year - on - year decrease of 11.43% [11]. - Since the beginning of this year, the domestic coal price has further declined, and the competitiveness of Xinjiang coal in the inland has been gradually weakened, with the railway transportation volume of Xinjiang coal in the first quarter of 2025 being 22.01 million tons, a year - on - year decrease of 3.5% [11]. - The fifth - phase project of Huanghua Port's coal terminal has made new progress, which will add a storage capacity of 540,000 tons and increase the annual coal transportation capacity by 53.1 million tons after completion [12]. - GF Securities released a research report stating that the electricity consumption continued to grow in April, and coal prices are expected to stabilize and rebound. The coal market has shown signs of stabilization recently, and with the increase in seasonal demand, the slowdown in production growth, and the expected decline in imported coal, coal prices are expected to bottom out and rise, reversing the pessimistic expectations for the industry [12]. - The Brazilian government decided to extend the trade protection measures for the steel industry, extending the 25% tariff policy on steel products for 12 months and maintaining the import quota system. The number of products subject to trade protection measures increased from 19 to 23. From January to April 2025, Brazil's steel imports increased by 27.5% year - on - year to 2.2 million tons [12]. - In April 2025, Russia's coal production was 36.067 million tons, a month - on - month decrease of 4.0% and a year - on - year increase of 0.9%. 68% of the production came from the Siberian Federal District, with a production of 24.403 million tons, a month - on - month decrease of 8.4% and a year - on - year decrease of 3.8% [12]. - In April 2025, Japan's coal imports were 12.0263 million tons, a year - on - year decrease of 1.1689 million tons (8.86%) and a month - on - month decrease of 0.2647 million tons (2.15%) [12]. - France's EDF announced that it will shut down its last coal - fired power plant in France, the Cordemais power plant, on March 31, 2027, with an installed capacity of 1200 MW [12]. - OPEC+ reaffirmed its production quotas for 2025 and 2026, and eight key member countries will decide whether to increase production again in July this weekend [12]. - The EU is expected to cut carbon emissions by 54% by 2030, slightly lower than its 55% target. The European Commission is preparing to propose a 90% emission reduction target by 2040 [13]. - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% - 4.5%. The committee will carefully evaluate subsequent data, changing prospects, and risk balance when considering further adjustments to the target range [13]. - The US International Trade Court blocked the implementation of the tariff policy announced by the US President on April 2 (Liberation Day), ruling that the President exceeded his authority. The US government has appealed against this ruling [13]. - Goldman Sachs analysts believe that the court's ruling to block the "Liberation Day" tariff is only a temporary setback for Trump's trade agenda, and the White House can use other tariff tools to offset the impact [13]. - The CEO of the Port of Antwerp - Bruges in Belgium said that European ports are facing serious congestion due to factors such as US tariff policies and geopolitical tensions [14].

// 债市综述 // 1. 公开市场操作 央行 5 月 28 日以固定利率、数量招标方式开展了 2155亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2155 亿元，中标量 2155 亿元。 Wind 数据显示，当日 1570 亿元逆回购到期，据此计 算，单日净投放 585 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 流动性继续向宽，存款类机构隔夜和七天质押式回购利率双降，前者下行超 3 个 bp ，后者下行超 1 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.26% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.72% 附近，较上日略有上行。 4. 银行间主要利率债收益率 （*数据来源：Wind-成交统计BMW） 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-同业存单-发行结果） 6. 国债期货收盘 30 年期主力合约跌 0.04% 10 年期主力合持平 5 年期主力合约跌0.01% 2 年期主力合约跌 0.01% （*数据来源：Wi ...