Group 1 - The core viewpoint of the meeting is to outline the work plan for 2026, emphasizing the importance of adhering to Xi Jinping's thoughts and the spirit of the 20th Central Committee of the Communist Party of China [1][3] - The meeting highlighted that the Central Committee of the Democratic Progressive Party (民进中央) received 567 proposals for the upcoming National Committee of the Chinese People's Political Consultative Conference, with plans to submit 74 proposals [3] - The proposals focus on various sectors, including 11 in education, 4 in culture, 2 in publishing and media, 8 in technology and healthcare, 8 in the economy, 8 in population and environmental resources, and 5 in social and legal fields [3] Group 2 - The meeting was attended by nearly 30 journalists from central and local news organizations, indicating a significant media interest in the discussions [4]

Core Viewpoint - The Ministry of Ecology and Environment has issued a notification detailing the responsibilities and obligations of key emission units in the carbon emission trading market, which will include the power generation, steel, cement, and aluminum smelting industries by 2026, as part of China's dual carbon goals [1][2]. Group 1: Key Emission Units and Coverage - By 2026, the carbon market will include approximately 3,700 key emission units, covering around 8 billion tons of carbon emissions, which accounts for over 60% of the national carbon emissions [2]. - The eight key industries, including power generation, steel, construction materials, non-ferrous metals, petrochemicals, chemicals, paper, and aviation, contribute to about 75% of China's carbon dioxide emissions [2][5]. Group 2: Compliance Requirements - The four core industries (power generation, steel, cement, aluminum smelting) must complete a full compliance process, including listing, monthly verification, annual reporting, and quota management [2][4]. - The notification outlines specific deadlines for key emission units, such as the publication of the 2027 key emission unit list by October 31, 2026, and the submission of greenhouse gas emission reports by March 31, 2026 [3][4]. Group 3: Additional Industry Management - Industries like petrochemicals and chemicals are required to submit annual emission reports but are not yet involved in quota trading and compliance [5]. - Companies in these sectors with annual emissions of 26,000 tons of CO2 equivalent must participate in the annual reporting process, with the same reporting deadline of March 31, 2026 [5][6]. Group 4: Future Preparedness - Industries not yet included in the carbon market should focus on preparing for future compliance by enhancing their reporting and verification capabilities [6]. - It is recommended that these companies establish carbon asset management departments and develop carbon reduction plans to ensure readiness for future inclusion in the carbon market [6].

Market Overview - The national carbon market opened and closed at a price of 78.70 yuan/ton, remaining unchanged from the previous day [1][4] - There were no listed agreement transactions today; however, the bulk agreement transaction volume was 500,000 tons, with a transaction value of 32,370,000 yuan [1][5] Transaction Data - The total transaction volume of carbon emission allowances from January 1, 2026, to February 12, 2026, reached 13,453,905 tons, with a total transaction value of 986,094,251.80 yuan [1] - As of February 12, 2026, the cumulative transaction volume of carbon emission allowances in the national market was 878,320,425 tons, with a cumulative transaction value of 58,648,712,483.37 yuan [1]

Group 1: Report Information - Report Title: National Carbon Market Market Briefing (Issue 26, 2026) [1] - Release Date: February 10, 2026 [3] Group 2: Investment Rating - Not provided Group 3: Core Views - CEA price fluctuates in a narrow range, with shrinking trading volume and turnover, and reduced participation. The price is above the short - and medium - term moving averages, showing a strong trend [4] - CCER price is stable and slightly strong, with a decline in trading volume. Recently, some sellers plan to sign large - scale long - term contracts [5] - The Ministry of Ecology and Environment issued the "Notice on Doing a Good Job in the Relevant Work of the National Carbon Emission Trading Market in 2026", determining the time points for the pre - allocation and verification of quotas for the existing four major industries [5] Group 4: Market Quotes CEA - Today, the listed volume is 33,000 tons, and the bulk volume is 400,000 tons. The average listed trading price is 80.54 yuan/ton (-0.10%) [4] - For different years' CEA, the closing prices range from 74.00 to 81.00 yuan/ton, with most having a 0.00% daily change except CEA25 with -0.07%. The total trading volume of CEA23 is 760,000 tons, CEA24 is 500,000 tons, and CEA25 is 4.2 million tons. The total trading amount of CEA23 is 33.05 million yuan, CEA24 is 620,000 yuan, and CEA25 is 400,000 yuan [7][8] CCER - The listed agreement trading volume is 10,000 tons, and the average trading price is 87.99 yuan/ton (1.28%) [4] - The trading volume is 10,000 tons, the average trading price is 87.99 yuan/ton, the trading amount is 881,700 yuan, the daily increase is 1.28%, and the premium rate is 9.25% [8]

Market Overview - The national carbon market opened at 80 CNY/ton, with a highest price of 82 CNY/ton and a lowest price of 78 CNY/ton, closing at 80.56 CNY/ton, which represents an increase of 5.81% compared to the previous day [1] Trading Volume and Revenue - The total trading volume for the day was 53.17 million tons, with a total transaction value of 42.06 million CNY [1] - The volume for listed agreement trading was 13.17 million tons, generating a transaction value of 10.62 million CNY, while the bulk agreement trading volume was 40 million tons, with a transaction value of 31.44 million CNY [1] Cumulative Data - From January 1 to February 9, 2026, the total trading volume of carbon emission allowances in the national carbon market reached 12.20 million tons, with a total transaction value of 894 million CNY [1] - As of February 9, 2026, the cumulative trading volume of carbon emission allowances in the national carbon market was 877 million tons, with a cumulative transaction value of 58.56 billion CNY [1]

Core Insights - The national carbon market opened and closed at a price of 78.74 yuan/ton, remaining unchanged from the previous day [1][2] - No listed agreement transactions occurred today, while bulk agreement transactions had a volume of 100,000 tons and a total transaction value of 7,850,000 yuan [1][3] - The total transaction volume of carbon emission allowances from January 1, 2026, to February 5, 2026, reached 11,136,949 tons, with a total transaction value of 810,649,520.80 yuan [1] - Cumulatively, as of February 5, 2026, the total transaction volume of carbon emission allowances in the national market was 876,003,469 tons, with a cumulative transaction value of 58,473,267,752.37 yuan [1] Market Performance - The opening price was 78.74 yuan/ton, with no recorded highest or lowest prices for the day [2] - The price change for the day was 0.00%, indicating stability in the market [2] - The daily transaction value was 7,850,000 yuan, with a total transaction volume of 100,000 tons [3] Historical Data - The cumulative transaction volume for carbon emission allowances has reached 876,003,469 tons, with a cumulative transaction value of 58,473,267,752.37 yuan as of February 5, 2026 [1] - The market has seen various transaction methods, including listed agreement transactions and bulk agreement transactions, contributing to the overall market dynamics [3]

Core Insights - The national carbon market's comprehensive price today opened at 81 yuan/ton, with a closing price of 81 yuan/ton, reflecting a 2.53% increase from the previous day [1] Trading Activity - Today's listed agreement trading volume was 19,010 tons, with a transaction value of 1.5398 million yuan; there were no large-scale agreement trades or unilateral bidding today [1] - The total trading volume of carbon emission allowances from January 1 to February 2, 2026, reached 10.954 million tons, with a total transaction value of 796 million yuan [1] - As of February 2, 2026, the cumulative trading volume of carbon emission allowances in the national carbon market was 876 million tons, with a cumulative transaction value of 58.459 billion yuan [1]

Core Viewpoint - The national carbon market in China has shown a slight increase in trading prices, with the closing price on January 30 being 79.00 yuan per ton, reflecting a 0.64% rise from the previous day [1][4]. Trading Data Summary - The opening price for carbon emission allowances was 79.00 yuan per ton, with the highest and lowest prices also at 79.00 yuan per ton, and the closing price remaining the same [1][4]. - The total trading volume for the day was 100,100 tons, with a total transaction value of 8,047,900.00 yuan [1][5]. - The trading volume for the carbon emission allowances from January 1 to January 30, 2026, reached 10,935,009 tons, with a total transaction value of 794,730,241.80 yuan [1]. - Cumulatively, as of January 30, 2026, the total trading volume in the national carbon market was 875,801,529 tons, with a cumulative transaction value of 58,457,348,473.37 yuan [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - CEA trading volume has recovered and prices remained stable, while CCER has returned to a "discount" state [4] - Sellers have a low willingness to sell, while buyers' procurement funds have gradually arrived and their procurement willingness has emerged [4] - For CEA, most transactions are internal knock - outs within groups, and the price reference is limited; for CCER, the number of deliverable spot goods is small and the quotes are high [5] 3. Summary by Related Catalogs CEA Market - **Trading Volume**: The listed trading volume is 148,000 tons, and the large - scale trading volume is 500,000 tons. The total trading volume of CEA24 is 200,500 tons, and that of CEA25 is 447,600 tons [4][7] - **Price**: The listed average transaction price is 78.57 yuan/ton, with a change of 0.12%. The closing prices of CEA19 - 20 to CEA25 range from 70.00 to 79.00 yuan/ton, and the large - scale average transaction prices of CEA24 and CEA25 are 81.00 yuan/ton and 75.79 yuan/ton respectively [4][7] - **Price Change**: The price changes of CEA19 - 20 to CEA23 are 0.00%, and those of CEA24 and CEA25 are 1.28% and 0.11% respectively [7] CCER Market - **Trading Volume**: The listed agreement trading volume is 20,000 tons [4] - **Price**: The average transaction price is 75.00 yuan/ton, with a change of 8.23% [4] - **Transaction Amount**: The transaction amount is 1.13 million yuan, and the premium rate is - 4.54% [8]

Core Viewpoint - The national carbon market in China has shown a price increase, with the closing price rising by 4.83% compared to the previous day, indicating a positive trend in carbon trading [1] Trading Data Summary - The opening price of carbon emissions allowances was 81 yuan per ton, with the highest and lowest prices also at 81 yuan per ton, and the closing price remaining at 81 yuan per ton [1] - The total trading volume for the day was 45.82 million tons, with a total transaction value of 36.7356 million yuan [1] - The agreement trading volume was 58,236 tons, generating a transaction value of 4.6356 million yuan, while bulk agreement trading accounted for 400,000 tons with a transaction value of 32.1 million yuan [1] Cumulative Trading Data - From January 1 to January 23, 2026, the total trading volume of carbon emissions allowances reached 10.0729 million tons, with a total transaction value of 72.7 million yuan [1] - As of January 23, 2026, the cumulative trading volume in the national carbon market has reached 875 million tons, with a cumulative transaction value of 58.39 billion yuan [1]