Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The EUA price showed a slight rebound, with the investment funds increasing long - positions. The trading strategy is to sell high and buy low within the range of €63 - 76 [2]. 3. Summary by Related Content Market Conditions - **Primary Market**: On August 13, 2025, the EUA auction volume was 0.00 million tons, the auction price was not available, and the bid - cover ratio was not available. On August 12, 2025, the EUA auction volume was 324.55 million tons, the auction price was 71.30 euros/ton, the bid - cover ratio was 1.58, and the auction revenue was 231.40 million euros [4]. - **Secondary Market**: - **Futures**: On August 13, 2023, the EUA futures settlement price was 71.74 euros/ton, up 0.34%, with a trading volume of 1.48 million lots, a decrease of 0.30 million lots. The futures open interest was 33.35 million lots, with no change [2][5]. - **Spot**: On August 13, 2025, the EUA spot settlement price was 71.13 euros/ton, up 0.35%, and the trading volume was 1579 lots less than the previous day, a decrease of 0.85%. The container shipping carbon cost was 659 US dollars/TEU, and the freight cost accounted for 16.63% [5]. Strategy - The trading strategy is to sell high and buy low within the range of €63 - 76 [2]. Core Logic - **Positive Factors**: - The latest CoT report shows that last week, the net long - positions of investment funds increased by 8.11 million tons, mainly due to long - position increases [2]. - The 27 EU countries have not sent a clear signal of willingness to relax sanctions on Russia [2]. - The restart of 4 reactors totaling 5.4GW affected by the storm has been postponed, and EDF expects the restart to be completed by August 15 at the earliest [2]. - High temperatures will increase the cooling demand this week, driving up fossil - fuel power generation and EUA demand [2]. - **Negative Factors**: German Chancellor Merz said after a video call with European leaders and Trump that there is hope for progress in the Ukraine peace talks after the meeting with Trump [3].