Report Industry Investment Rating - Not provided Core Viewpoints - EUA gave back the previous day's gains due to the general decline in European and American stocks and currencies [2] - There are no new positive factors, while negative factors include increased global trade uncertainty and the general decline in European and American stocks [2] Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price was 70.4 euros/ton, a decrease of 0.66%, and the bid coverage ratio was 1.04 [2] - **Secondary Market**: The EUA futures settlement price was 71.38 euros/ton, a decrease of 3.25%, and the trading volume was 32,500 lots, an increase of 0.10 [2] Strategy Core Logic - **Positive Factors**: No new positive factors [2] - **Negative Factors**: Increased global trade uncertainty and the general decline in European and American stocks [2] Auction Information - On February 23, 2026, the EUA auction price was 70.40 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 2.7125 million tons, the bid coverage ratio was 1.04, and the auction revenue was 190.96 million euros [4] - On February 20, 2026, the EUA auction price was 70.87 euros/ton, the CBAM certificate price was 75.65 euros/ton, the auction volume was 1.093 million tons, the bid coverage ratio was 2.60, and the auction revenue was 77.46 million euros [4] Futures and Spot Market Information - **Futures**: On February 23, 2026, the futures settlement price was 71.38 euros/ton, a decrease of 3.25% compared to February 20; the trading volume was 32,500 lots, an increase of 0.10; the open interest was 346,800 lots, with no change [5] - **Spot**: On February 23, 2026, the spot settlement price was 72.42 euros/ton, a decrease of 3.30% compared to February 20; the trading volume was 1,988 lots, a decrease of 248, and the freight cost accounted for 1.82% [5]