2025 年 8 月 26 日 量价齐升助力业绩同比高增，高额回购彰显公司长期信心 公司研究 要点 2025年公司半年报业绩同比高增35%：2025年8月15日，公司公告2025年上半 年实现营业收入810.4亿元，同比增加10.1%；实现归母净利润123.6亿元，同比 增加35%。 ——中国宏桥（1378.HK）动态跟踪报告 成本端下滑叠加产品量价齐升支撑公司业绩高增。公司半年报业绩增长主要系公 司产品量价齐升，公司上半年铝合金产品销量约290.6万吨，同比增加2.4%；上 半年氧化铝产品销量636.8万吨，同比增加15.6%。公司上半年铝合金产品和氧 化铝平均销售价格分别为17853元/吨和3243元/吨，同比分别增长2.7%和 10.3%。同时公司主要原料端成本有所下滑：秦皇岛港动力末煤(Q5500）平仓 25H1均价为675.67元/吨，同比-22.8%。 美元指数下行叠加行业需求持续增长，电解铝价格仍具有韧性。截至2025年8月 25日，国内电解铝价格为20820元/吨，较年初提升4.7%。根据阿拉丁预测，从 2025年主要铝消费指标增速来看，预计铝材净出口、光伏、房屋建筑为拖累项。 新能源汽车、输 ...

新华财经北京8月19日电据微信公众号"全国碳交易"，今日全国碳市场综合价格行情为： 开盘价71.03元 ／吨，最高价71.03元／吨，最低价70.85元／吨，收盘价70.92元／吨，收盘价较前一日上涨0.08%。 | 名 称 | 价 格 | 单 位 | | --- | --- | --- | | 开 盘 | 71. 03 | 元/吨 | | 最高 | 71. 03 | 元/吨 | | 最 低 | 70. 85 | 元/吨 | | 收 盘 | 70. 92 | 元/吨 | | 涨幅 | 0. 08% | | 今日挂牌协议交易成交量250,528吨，成交额17,819,758.10元；今日无大宗协议交易；今日无单向竞价。 今日全国碳排放配额总成交量250,528吨，总成交额17,819,758.10元。 | | 全国碳市场各年度碳排放配额成交情况(20250819) | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名年度 喷排放配额 | 开盘分 (元/吨) | 最高价 (元/吨) | ...

国泰着安期货 全国碳市场行情简报 (2025年第134期) 发布日期: 2025-08-08 周内日均成交超60万吨,CEA价格阴跌不止 今日 1、CEA:主力标的弱势震荡;挂牌26.9万吨,大宗10.0万吨 行情 (1)强制流通配额耗尽的节点或将成为碳价反转的现实支撑。预计到10月中上旬 强制流通配额才会耗尽。然而,预期交易可能会再次上演，这意味着Q3或许就 会看到碳价反转的迹象。 28月前,受强制流通配额释放缓慢和成交意愿不足影响，碳价或维持震荡。9 月起,随着履约压力逐步显现,上涨动能有望释放,价格可能趋势性回升。 1、企业非理性导致配额到期作废;2、企业不看好未来市场选择全部抛售变 风险 现;3、未考虑跨行业回购配额规避结转。 2、CCER:挂牌协议成交量0.07万吨,成交均价78.00元/吨（-5.33%） 策略 建议缺口企业在8月底前分批逢低采购 核心 逻辑 大宗协议成交量 0.00 10. 00 0.00 0. 00 0. 00 单项竞价成交量 0.00 0. 00 0. 00 0.00 0. 00 总成交额(万元) 146. 00 0. 00 0. 00 2114.01 437. 58 图表3 ...

Market Overview - The national carbon market opened at 72.55 yuan/ton, with a highest price of 72.60 yuan/ton, a lowest price of 72.27 yuan/ton, and a closing price of 72.43 yuan/ton, reflecting a decrease of 0.07% from the previous day [1][2]. Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 522,725 tons, with a total transaction value of 39,091,812.60 yuan [3]. - The agreement trading volume was 110,104 tons, generating a transaction value of 8,086,005.52 yuan, while the bulk agreement trading volume was 412,621 tons, with a transaction value of 31,005,807.08 yuan [2]. Cumulative Data - As of August 1, 2025, the cumulative trading volume of carbon emission allowances in the national carbon market reached 681,080,473 tons, with a cumulative transaction value of 46,823,083,004.40 yuan [5]. - From January 1 to August 1, 2025, the trading volume was 50,811,809 tons, with a transaction value of 3,790,355,900.89 yuan [4].

Market Overview - The national carbon market's comprehensive price today opened at 74.48 yuan/ton, reached a high of 74.78 yuan/ton, and a low of 74.37 yuan/ton, closing at 74.78 yuan/ton, which represents an increase of 0.94% compared to the previous day [1] Trading Volume and Revenue - Today's listed agreement trading volume was 41,000 tons, with a total transaction value of 3,121,900.00 yuan; there were no large-scale agreement transactions today [1] - The total trading volume of carbon emission allowances in the national carbon market from January 1 to July 7, 2025, was 40,690,419 tons, with a total transaction value of 3,048,727,469.11 yuan [1] - As of July 7, 2025, the cumulative trading volume of carbon emission allowances in the national carbon market reached 670,959,083 tons, with a cumulative transaction value of 46,081,454,572.62 yuan [1]

Market Overview - The national carbon market opened at a price of 73.69 yuan/ton, with a highest price of 73.69 yuan/ton, a lowest price of 72.57 yuan/ton, and a closing price of 73.11 yuan/ton, reflecting a decrease of 1.58% compared to the previous day [1] Trading Volume and Revenue - The total trading volume for the day in the national carbon market was 605,000 tons, with a total transaction value of 44,242,500.00 yuan [1] - The agreement trading volume was 355,000 tons, generating a transaction value of 25,822,500.00 yuan, while the bulk agreement trading volume was 250,000 tons, with a transaction value of 18,420,000.00 yuan [1] Cumulative Data - From January 1 to July 2, 2025, the total carbon emission allowance trading volume reached 40,010,768 tons, with a total transaction value of 2,998,284,222.91 yuan [1] - As of July 2, 2025, the cumulative trading volume in the national carbon market was 670,279,432 tons, with a cumulative transaction value of 46,031,011,326.42 yuan [1]

Core Viewpoint - The national carbon market in China is expanding its coverage to include more industries, with significant policy advancements in 2023 aimed at enhancing carbon emissions trading and promoting low-carbon technologies [1][2]. Group 1: Carbon Market Expansion - The national carbon emissions trading market has officially expanded to include the steel, cement, and aluminum industries, following the power generation sector [1][2]. - The government aims to gradually include key products from the petrochemical, chemical, paper, and aviation industries into the carbon market starting in 2026 [1][2]. - The expansion follows a "mature first, include first" principle, with scientific assessments submitted to the State Council for approval [1][2]. Group 2: Industry-Specific Insights - The cement industry was prioritized for inclusion due to its mature production processes and data foundation, while the aluminum smelting sector has a relatively low direct carbon emission impact [2]. - Approximately 730 steel enterprises are engaged in annual carbon emissions accounting, with long-process steel companies accounting for 90% of total emissions in the sector [2]. - The chemical industry presents complexities in product inclusion due to the variety of products and their respective emissions profiles, with over 200 million tons of key products currently reported [3]. Group 3: Paper Industry Dynamics - The paper industry, while not yet included in the carbon market, has a significant relationship with carbon emissions due to its energy consumption patterns, with coal accounting for 75% of its energy use [4]. - The industry utilizes self-owned power plants, which are already included in the carbon market, leading to potential challenges in accounting for emissions from self-generated steam [5]. - Opportunities for the paper industry include enhancing energy efficiency and utilizing biomass in self-owned power plants, which can contribute to carbon reduction efforts [6][7]. Group 4: CCER Mechanism and Development - The CCER (China Certified Emission Reduction) mechanism currently allows for a 5% offset in the carbon market, with an estimated demand of approximately 400 million tons post-expansion [9][10]. - The existing CCER methodologies cover limited sectors, necessitating the development of additional methodologies to meet the growing demand for carbon credits [9][10]. - Expanding methodologies to include waste treatment and other sectors can facilitate low-carbon transitions and enhance the overall effectiveness of the carbon market [10].

Core Insights - The national carbon market's closing price increased by 9.58% compared to the last trading day of the previous month [1] Trading Volume and Revenue - The total trading volume for the month in the national carbon market was 15,884,675 tons, with a total transaction value of 1,145,082,996.31 yuan [1] - The monthly agreement trading volume was 4,188,135 tons, generating a transaction value of 310,066,846.31 yuan [1] - The bulk agreement trading volume reached 11,696,540 tons, with a transaction value of 835,016,150.00 yuan [1] Cumulative Data - From January 1, 2025, to June 30, 2025, the carbon emission allowance trading volume was 38,624,858 tons, with a total transaction value of 2,896,202,382.01 yuan [1] - As of June 30, 2025, the cumulative trading volume in the national carbon market was 668,893,522 tons, with a cumulative transaction value of 45,928,929,485.52 yuan [1]

Core Insights - The national carbon market's comprehensive price today opened at 75.47 yuan/ton, reached a high of 77.20 yuan/ton, and closed at 76.54 yuan/ton, reflecting a decrease of 0.04% from the previous day [1] Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 1,386,460 tons, with a total transaction value of 103,926,863.90 yuan [1] - The volume for listed agreement trading was 384,460 tons, generating a transaction value of 29,807,053.90 yuan, while the bulk agreement trading volume was 1,002,000 tons, with a transaction value of 74,119,810.00 yuan [1] Cumulative Data - From January 1 to June 27, 2025, the total trading volume of carbon emission allowances reached 38,184,164 tons, with a total transaction value of 2,866,523,074.01 yuan [1] - As of June 27, 2025, the cumulative trading volume of carbon emission allowances in the national market was 668,452,828 tons, with a cumulative transaction value of 45,899,250,177.52 yuan [1]

Core Viewpoint - The national carbon market experienced a slight decline in closing price, indicating a minor fluctuation in trading activity and market sentiment [1] Trading Activity - The opening price of the national carbon market was 75.47 yuan/ton, with a highest price of 77.20 yuan/ton and a lowest price of 75.47 yuan/ton, leading to a closing price of 76.54 yuan/ton, which is a decrease of 0.04% compared to the previous day [1] - The total trading volume for the day was 1,386,460 tons, with a total transaction value of 103,926,863.90 yuan [1] - The agreement trading volume was 384,460 tons, amounting to 29,807,053.90 yuan, while the bulk agreement trading volume was 1,002,000 tons, with a transaction value of 74,119,810.00 yuan [1] Cumulative Data - From January 1, 2025, to June 27, 2025, the total trading volume of carbon emission allowances in the national carbon market reached 38,184,164 tons, with a total transaction value of 2,866,523,074.01 yuan [1] - As of June 27, 2025, the cumulative trading volume of carbon emission allowances in the national carbon market was 668,452,828 tons, with a cumulative transaction value of 45,899,250,177.52 yuan [1]