转自：贵州日报 黔东南州镇远县蕉溪镇河道治理项目实施后保护了乡村、美化了环境。 贵阳市清镇水务有限公司管网数字孪生平台提升供水管理效能。 自来水接入黔南州罗甸县龙坪镇大关村村民家中。 遵义市城区的"大水缸"—中桥水库。 这份答卷，是涵养生态的"丹青秀水"。牢记守护长江、珠江上游生态屏障的使命，深入推进"三水共治"，守 护碧水清波。深化赤水河流域跨省联防联控，建立水质水量双向生态补偿机制，在省内八大流域开展上下游 生态补偿新实践。推进河湖生态修复、水土流失治理，严控入河排污口，规范产业污染防治，实现地表水国 控断面水质优良率持续领跑，县级以上饮用水水源地水质稳定达标，草海等重要生态区域环境持续向好。 这份答卷，是激活效能的"变革之水"。出台农村供水条例、社会资本参与水利建设等政策，推动城乡水务一 体化改革全覆盖。深化用水权交易、水保碳票交易、农田水价改革等，将"水资源"转化为"水资产"。抢抓增 发国债机遇，高效推进重大水利工程建设，一批标志性工程稳步实施，彰显贵州水利在深化改革中发展动能 持续迸发。 五年来，于贵州水利而言，是融入新格局、服务高质量的使命担当之旅，更是情为民所系、水为民所谋的初 心践行之旅。 五 ...

签约当天，中国人民银行陕西省分行、省水利厅、陕西水务发展集团有限公司签订"取水贷、节水 贷"战略合作协议，将持续深化合作，助力水生态产品价值实现，推动水资源节约保护、优化配置和高 效利用。 今年以来，省水利厅加快健全用水权交易制度体系，修订《陕西省水权交易管理办法》，印发《陕 西省用水权收储管理办法（试行）》等文件，全省"收储—交易—金融"三位一体的用水权管理制度体系 日趋完善。 "我们将继续探索'市场培育+交易撮合+服务支撑'全链条服务模式，积极推动用水权交易落地。"省 水利厅相关负责人说。（记者：徐颖） 3宗用水权交易分别为：定边县水资源服务中心与中国石油天然气股份有限公司长庆油田分公司第 五采油厂的用水权交易，是陕西首单采用"无偿收储+有偿配置"模式进行的用水权交易，为全省开展用 水权收储和交易提供了可复制、可推广的经验；渭南市港口抽黄工程管理中心与潼关县雄关水务发展有 限责任公司进行的跨行业用水权交易续签；勉县汉惠渠灌溉服务中心与汉中锌业有限责任公司进行的用 水权交易，构建起"农业节水—集约利用—跨行调配—供水保障"长效机制，走出了一条水资源高效利 用、水安全有效保障的集约节约发展之路。 12月15日 ...

Core Points - The Ministry of Water Resources issued a notification on October 22 regarding the "Negative List for Water Rights Trading (Trial)" to strengthen regulation and maintain order in the water rights trading market [1][3] - The negative list includes 10 prohibited scenarios for water rights trading, applicable to various types of water rights transactions [1][2] Summary by Categories Prohibited Scenarios for Water Rights Trading - Water rights in areas with unclear ownership cannot be traded by transferors [2] - Transferors are prohibited from trading if the proposed trading volume exceeds the available water balance or the saved water rights [2] - Transferors with unauthorized water extraction or non-compliance with extraction permits are banned from trading [2] - Users involved in projects listed in the national industrial structure adjustment guidance as restricted or eliminated cannot act as transferees [2] - Transferors and transferees that lack natural or artificial hydraulic connections preventing the use of water rights are prohibited from trading [2] - Users with serious dishonesty in water extraction, listed as severely untrustworthy, cannot trade until credit repair is completed [2] - Trading is prohibited if it encroaches on residential, agricultural, or ecological water needs, exacerbating groundwater over-extraction [2] - Other scenarios explicitly prohibited by laws or government documents are also included [2] Regulatory Measures and Future Directions - The negative list emphasizes increased regulatory efforts for the listed scenarios and encourages transactions outside the list [3] - The initial allocation of water rights is highlighted as crucial for the establishment of a water rights trading system [3] - Future efforts will focus on building a unified national water rights trading market and exploring diverse trading methods while ensuring market stability [3]

Core Points - The revised "Water Rights Trading Management Measures" aims to improve the water rights reform system in Shaanxi Province, adapting to economic and social development as well as national policies [1][2] - The updated measures consist of 8 chapters and 40 articles, clarifying various types of water rights transactions and their respective rules [1] - The management measures encourage innovative forms of water rights trading, including free recovery and compensated repurchase of water rights, promoting diversification in water rights transactions [2] Summary by Sections Water Rights Transaction Types - The revised management measures specify different types of water rights transactions, including regional water rights trading, water extraction rights trading, irrigation water user rights trading, and public water supply network user rights trading [1] Transaction Rules and Processes - Each type of water rights transaction is detailed with respect to transaction subjects, duration, pricing, and processes, ensuring standardized operations [1] Regulatory and Dispute Resolution Framework - The measures outline regulatory content for water rights transactions, including inspection, evaluation, transaction reporting, accountability, and dispute resolution mechanisms to facilitate efficient handling of conflicts [1] Encouragement of Innovative Trading Forms - The management measures promote unconventional water rights trading and the pledge of water rights, aiming to enhance the flow and efficient allocation of water resources [2]

Core Points - The "Sichuan Province Water Rights Trading Management Measures (Trial)" is the first regulatory document for water rights trading in the province, effective from August 1 [1] - Water rights trading allows for the transfer of water usage rights through market mechanisms, facilitating transactions between regions, industries, and users [1] - Since the initiation of water rights and pricing reform in early 2022, Sichuan has completed 1,394 water rights transactions, totaling 9,766 million cubic meters, including several national firsts in cross-province transactions [1] Summary by Sections - The new measures aim to standardize water rights trading within the province, enhancing the optimization and efficient use of water resources [2] - Users who save water through structural adjustments or technological reforms can legally transfer their saved water rights within the validity period of their water permits [2] - In areas with water resource overload, new water demands should primarily be addressed through water rights trading, except for reasonable new domestic water needs [2]

Core Viewpoint - The recent issuance of the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors" aims to enhance the efficiency of resource and environmental factor utilization through market mechanisms, promoting green and low-carbon development [2][4]. Summary by Relevant Sections Market Mechanisms and Goals - By 2027, the goal is to have a well-established trading system for carbon emissions rights, water rights, and pollution discharge rights, with a more active market for resource and environmental factors [3][4]. - The establishment of a national carbon emissions trading market and various pilot projects across multiple provinces indicates progress, although challenges remain in the market's maturity and regulatory framework [3][4]. Key Measures Proposed - The "Opinions" outline measures to improve the allocation system, focusing on quota distribution, transaction subjects, and transaction methods [5][6]. - Specific actions include enhancing the connection between trading systems and environmental management goals, expanding the coverage of carbon markets, and diversifying trading subjects and methods [6][7]. Capacity Building for Trading Markets - Effective operation of resource and environmental factor trading markets relies on accurate statistical accounting, standardized trading platforms, transparent information disclosure, and enforceable regulatory mechanisms [7]. - The "Opinions" emphasize the need for improved monitoring and accounting capabilities for carbon emissions, water usage, and pollutant discharge, alongside the development of legal frameworks and financial support systems [7].

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental sector index increased by 3.42%, outperforming other sectors, while the public utility sector index decreased by 0.18% [6][18] - The report highlights a significant drop in coal prices, with Qinhuangdao 5500 kcal thermal coal at 620 CNY/ton, a 61.2% decrease from its peak in October 2022 [6][28] - The report recommends companies such as Huadian International and Sheneng Co., while suggesting attention to Zhongmin Energy and Funeng Co. [6] - The report emphasizes the investment value in nuclear and hydropower, recommending Chuan Investment Energy, State Power Investment, Yangtze Power, and China National Nuclear Power [6] Summary by Sections Key Event Interpretations - The National Development and Reform Commission and the National Energy Administration issued a notice to promote green electricity direct connection projects, requiring that the self-consumed electricity from renewable sources should not be less than 60% of total available generation by 2030 [10][15] - The Central Committee of the Communist Party and the State Council released opinions on improving the market-oriented allocation of resource and environmental factors, aiming for a complete carbon emission rights and water rights trading system by 2027 [15][16] Market Performance Review - The environmental sector has shown a cumulative increase of 6.79% in 2025, while the power sector has seen a slight decrease of 0.05% [6][18] - The report details the performance of various sub-sectors, with solid waste management up by 4.83% and comprehensive environmental management up by 8.66% [22] Key Data Tracking - As of May 30, 2025, the price of Qinhuangdao 5500 kcal thermal coal remains at 620 CNY/ton, with significant reductions from previous highs [28] - The Three Gorges Reservoir's water level increased by 3.9% year-on-year, with a current level of 154.63 meters [30] - The price of LNG at the port is reported at 12.03 USD/MMBtu (4501 CNY/ton), a 70.20% decrease from its peak in December 2022 [46] Industry Key Events - The report notes significant developments in the power market, including the issuance of green certificates for renewable energy projects and the establishment of trading rules for green electricity [58] - It also highlights initiatives in the environmental market aimed at enhancing data integration and promoting green development [59]

Core Viewpoint - The Chinese government has issued an opinion to enhance the market-oriented allocation system for resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution rights by 2027, which will support the achievement of related environmental goals [1][2]. Group 1: Carbon Emission Trading - The opinion emphasizes the transition of the national carbon emission trading market from intensity control to total quota control, enhancing the connection between carbon emission rights trading and carbon emission control systems [2]. - The carbon emission trading market currently covers approximately 40% of national CO2 emissions from the power generation sector, and with the inclusion of steel, cement, and aluminum industries, this coverage will exceed 60% [3]. - The distribution system for carbon emission quotas is identified as fundamental for all trading systems, necessitating improvements in the allocation methods to ensure scientific validity [3]. Group 2: Water Rights and Pollution Rights - The opinion outlines the need for strict dual control of total water usage and intensity, promoting the integration of water rights trading and water resource management systems [2]. - A pollution rights trading system will be established based on pollution permits, which will serve as the basis for rights confirmation and regulatory oversight [2]. Group 3: Market Mechanisms and Data Sharing - The opinion calls for the integration of carbon emission rights, water rights, and pollution rights trading into a public resource trading platform, facilitating data sharing and enhancing market efficiency [5]. - A reserve adjustment system for resource and environmental factors will be established to manage supply and demand effectively, including mechanisms for quota management [6]. Group 4: Implementation and Evaluation - The National Development and Reform Commission will oversee the implementation of the opinion, ensuring that local and national markets are aligned and that reforms are effectively executed [6].

Core Viewpoint - The Chinese government has issued an opinion to deepen the market-oriented allocation reform of resource and environmental factors, aiming for a more active trading market and improved pricing mechanisms by 2027 [1][2]. Group 1: Resource and Environmental Factor Allocation - The opinion outlines the need to improve the allocation system for resource and environmental factors, emphasizing the integration of carbon emission rights trading with dual control systems for carbon emissions [1]. - It aims to enhance the trading market for resource and environmental factors to support the development of new productive forces while promoting carbon reduction, pollution reduction, greening, and economic growth [1]. Group 2: Optimization of Trading Scope - The opinion proposes to gradually expand the coverage of the national carbon emission rights trading market, considering the needs for carbon peak and carbon neutrality, as well as the carbon reduction potential of various industries [2]. - It emphasizes the importance of avoiding overlapping benefits for trading entities between green certificates and voluntary greenhouse gas reduction trading markets [2]. Group 3: Trading System Improvement - The opinion suggests a systematic inclusion of carbon emission rights, water rights, and pollution rights into public resource trading platforms based on the progress of market-oriented allocation reforms [2]. - It calls for the strengthening of guidance and supervision over local carbon emission rights trading markets while accelerating the establishment of a unified national water rights trading market [2]. Group 4: Capacity Building for Trading - The opinion encourages financial institutions to participate in the construction of resource and environmental factor trading markets, promoting the development of green financial products such as green credit, green insurance, and green bonds [3]. - It also highlights the need for standardized disclosure of information related to green finance by financial institutions [3].

Core Viewpoint - The Chinese government has issued an opinion to enhance the market-oriented allocation system for resource and environmental factors, aiming for a comprehensive trading system for carbon emissions, water rights, and pollution discharge by 2027 [1][5]. Group 1: Carbon Emission Trading - The opinion emphasizes the need to strengthen the connection between carbon emission trading and dual control systems, transitioning from intensity control to total quota control [2]. - The carbon emission trading market currently covers approximately 40% of national CO2 emissions from the power generation sector, and with the inclusion of steel, cement, and aluminum industries, this coverage will exceed 60% [3]. - The distribution system for carbon emission quotas will be optimized, gradually increasing the proportion of paid distribution [3]. Group 2: Water Rights and Pollution Discharge - The opinion outlines the establishment of a trading system for water rights and pollution discharge, integrating various management systems such as water resource scheduling and pollution permits [2]. - The aim is to create a unified national water rights trading market while avoiding the establishment of new local or regional carbon trading markets [5]. Group 3: Market Mechanisms and Investment - The establishment of market-based trading systems for carbon emissions, water rights, and pollution discharge is crucial for achieving China's dual carbon goals and improving ecological environments [4]. - The investment required for these initiatives is substantial, and market mechanisms will help identify cost-effective solutions while mobilizing societal participation [4]. Group 4: Implementation and Evaluation - The government will focus on task implementation, ensuring that local departments align with the main objectives and reform measures [6]. - Continuous assessment and analysis of the progress in resource and environmental factor marketization will be conducted to adapt to new challenges [7].