Report Industry Investment Rating - Short - term bearish, medium - term volatile, with a price range of €67 - 76 [1] Core Viewpoint - Weak demand offsets geopolitical risk premiums, causing the EUA price to continue to decline [1] Key Points from Related Content Market Data - **Primary Market**: The EUA auction price is 74.05 euros/ton (-0.62%), and the bid coverage ratio is 1.67 [1] - **Secondary Market**: The EUA futures settlement price is 74.64 euros/ton (-0.93%), with 25,600 contracts traded (-0.41) [1] Influencing Factors - **Positive Factors**: Israel's air - strike on Iran and Iran's counter - attack led to concerns about disruptions to the Strait of Hormuz and Middle - East energy infrastructure, causing oil prices to surge over 4%. Austria denied considering resuming imports from Gazprom [1] - **Negative Factors**: Germany's energy minister reiterated Germany's "interest" in future nuclear technologies such as SMR and fusion reactors. OPEC+ will increase production from May to July, and its spare capacity can fill potential supply gaps, reducing investor panic [1] Market Information Tables - **Auction Information**: On June 17, 2025, the EUA auction price was 74.05 euros/ton, the CBAM certificate price was 73.11 euros/ton, the auction volume was 3.2455 million tons, the bid coverage ratio was 1.61, and the auction revenue was 240.33 million euros [1] - **Futures and Spot Information**: On June 17, 2025, the EUA futures settlement price was 74.64 euros/ton (-0.93%), the trading volume was 25,600 contracts (-0.41), the spot settlement price was 74.41 euros/ton (-0.93%), the spot trading volume was 2,860 contracts (-820), the container shipping carbon cost was 12.74 US dollars/TEU, and the cost - to - freight ratio increased by 0.69% [2]