《意见》明确了全国碳市场到2027年扩围、2030年定型的时间表，为各级政府和企业提供了清晰的行动 指南。 继《碳排放权交易管理暂行条例》出台，全国碳市场建设顶层设计又迎来重大升级。8月25日，中共中 央办公厅国务院办公厅发布《关于推进绿色低碳转型加强全国碳市场建设的意见》（以下简称《意 见》）。 今年，全国碳市场正式运行四周年，碳价一度突破100元/吨，首次扩围纳入钢铁、水泥、铝冶炼三大行 业，预计全国碳市场重点排放单位将达到3700家左右，覆盖排放量约80亿吨。全国温室气体自愿减排交 易市场也于今年启动交易，首批核证自愿减排量（CCER）正式签发。 此次是"两办"首次专门针对全国碳市场建设发布文件。《意见》提出，到2027年，全国碳排放权交易市 场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到2030年， 基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚信透明、方 法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健 全、价格水平合理的碳定价机制。 多位业内人士向21世纪经济报道记者表示，《意见》明确了全 ...

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转自：新华财经 在政策推动和需求增长共振下，稀土产业链多数公司中报业绩向好，受到市场关注。数据显示，8月18 日以来，万得稀土概念指数大涨19.41%。分析人士认为，稀土行业长期受益于新能源汽车、机器人等 应用场景需求增长，资源稀缺性进一步凸显，价格中枢有望上移，板块投资价值值得重视。 新华社8月25日受权发布的《中共中央办公厅 国务院办公厅关于推进绿色低碳转型加强全国碳市场建设 的意见》提出，支持银行等金融机构规范开展碳质押融资业务，稳妥推进符合要求的金融机构在依法合 规、风险可控前提下参与全国碳市场交易，适时引入其他非履约主体。意见明确，到2027年，全国碳排 放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实现重点领域全覆盖。 到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚 信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规 则体系健全、价格水平合理的碳定价机制。 8月25日，海关总署署长孙梅君在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，"十四五"期间，全国海关年均监管 ...

一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精 神，全面贯彻习近平经济思想、习近平生态文明思想，坚持稳中求进工作总基调，兼顾绿色低碳转型和 经济发展需要，坚持有效市场、有为政府，坚持碳市场作为控制温室气体排放政策工具的基本定位，加 快建设全国统一的碳市场，有计划分步骤扩大实施范围、扩展参与主体，营造更加公平公开透明的市场 环境，努力实现碳排放资源配置效率最优化和效益最大化，推动传统产业深度转型，培育发展新质生产 力，激发全社会绿色低碳发展内生动力，为积极稳妥推进碳达峰碳中和、建设美丽中国提供重要支撑。 碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。目前，我 国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排的全国温室气体 自愿减排交易市场。为推动建设更加有效、更有活力、更具国际影响力的全国碳市场，经党中央、国务 院同意，现提出如下意见。 主要目标是：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减 排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量 ...

新华社权威快报 中共中央办公厅 国务院办公厅 《关于推进线色《成转型 加强合国际市场建设的意见》 8月25日，中共中央办公厅、国务院办公厅《关于推进绿色低碳转型加强全国碳市场建设的意见》对外公布。 8月25日对外公布 这份意见明确，碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。目前，我 国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排的全国温室气体自愿减排交易市 场。 这份意见提出，到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实 现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建 成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健 全、价格水平合理的碳定价机制。 附全文： 新华社北京8月25日电 中共中央办公厅国务院办公厅 关于推进绿色低碳转型 加强全国碳市场建设的意见 （2025年5月24日） 碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。目前，我国已建 ...

【导读】事关全国碳排放建设，重磅文件来了！ 中国基金报记者 张舟 事关全国碳排放建设，重磅文件来了！ 8月25日， 中共中央办公厅、国务院办公厅对外发布 《关于推进绿色低碳转型加强全国碳市 场建设的意见》 （以下简称《意见》）。 《意见》 指出，碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型 的重要政策工具。 《意见》确定了主要目标： 到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行 业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量 控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚信透明、方法统一、 参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健 全、价格水平合理的碳定价机制。 基金君梳理了《意见》中重要内容如下： 1.到2027年，对碳排放总量相对稳定的行业优先实施配额总量控制。 稳妥推行免费和有偿相结合的碳排放配额分配方式，有序提高有偿分配比例。建立配额储备 和市场调节机制，平衡市场供需，增强市场稳定性和流动性。合理确定用核证自愿减排量抵 销碳排放配额清缴的比例。 2.支持银行等金融机构规范 ...

Core Viewpoint - The steel industry is in its final year of ultra-low emission transformation, with significant progress made in reducing carbon emissions and enhancing green development [1][2][3] Group 1: Ultra-Low Emission Transformation - As of July this year, 197 steel enterprises have completed ultra-low emission transformations, with 600 million tons of crude steel capacity achieving full-process ultra-low emissions, and 350 million tons undergoing key engineering modifications, representing over 80% of the national total capacity [1] - The investment for ultra-low emission transformation per ton of steel is approximately 474.35 yuan, with an average environmental operating cost of about 218.43 yuan per ton [1] - An estimated additional investment of around 200 billion yuan is required to achieve the target of over 80% capacity completion by the end of this year [1] Group 2: Industry Challenges and Strategies - The steel industry faces structural contradictions, including excess low-end products and insufficient high-end products, indicating a need for continuous optimization of product structure and energy-saving transformations [3] - The long-process steel enterprises are the main source of carbon dioxide emissions, accounting for about 98% of total emissions in the steel production sector [4] - There are challenges in data management, carbon emission management capabilities, and balancing emission reductions with growth, necessitating a phased and organized approach to market entry and quota control [4] Group 3: Carbon Market and Future Directions - The national carbon market now includes the steel, cement, and aluminum industries, covering over 8 billion tons of emissions from approximately 3,700 key emitting units, making it the largest carbon market globally [3] - The steel industry is encouraged to actively participate in the voluntary carbon market to effectively reduce compliance costs and enhance green development momentum [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the first half of the year, particularly those expected to exceed earnings forecasts in Q2 2025. It highlights Shengquan Group's role as a major domestic supplier of electronic resins for AI servers, benefiting from increasing server shipments. Hailide is noted for its leadership in the polyester industrial yarn sector, which is expected to benefit from U.S. tariff conflicts. Zhuoyue New Energy is recognized for its capacity growth and new product launches, which are anticipated to elevate its performance [1][2][4]. Summary by Sections Chemical Industry Overview - The chemical industry index closed at 3727.14 points, down 1.46% from the previous week, outperforming the CSI 300 index by 0.29% [10]. - Key chemical products such as TDI, epoxy chloropropane, lithium hydroxide, formic acid, and phosphoric acid saw significant price increases [21]. Key Sub-Industry Tracking - **Phosphate Fertilizers**: The report indicates a peak export window for phosphate fertilizers, with exports expected to alleviate domestic overcapacity and maintain profitability for large phosphate chemical companies like Yuntianhua [2]. - **Pesticides**: Following a chemical safety incident, the report anticipates a nationwide safety inspection that may lead to the elimination of non-compliant production capacities, potentially boosting the pesticide industry's outlook [3]. - **Polyester Filament**: The report notes a slight increase in polyester filament prices, driven by rising production costs and a modest uptick in demand, although overall market conditions remain weak [24][25]. Company Performance Forecasts - Shengquan Group is projected to have an EPS of 1.03 in 2024, with a PE ratio of 31, while Hailide's EPS is expected to be 0.35 with a PE of 16. Zhuoyue New Energy is forecasted to achieve an EPS of 1.24 with a PE of 35 [4].

Group 1 - The national carbon market closed at 72.43 yuan/ton on August 1, down 0.07% from the previous day, with a 3.39% decline from the end of June [1] - In July, the national carbon market saw a total trading volume of 11.6642 million tons, a decrease of 26.57% month-on-month, ending a four-month growth trend [1] - The average daily trading volume in July was 510,300 tons, down 35.75% from June's 794,200 tons [1] Group 2 - The Fudan Carbon Price Index forecasts a buying price of 71.25 yuan/ton and a selling price of 76.04 yuan/ton for carbon emission allowances (CEA) by August 2025 [2] - As of July, the national carbon market has cumulatively traded 6.811 billion tons, with a total transaction value of 46.823 billion yuan [2] - The carbon trading management regulations will take effect on May 1, 2024, marking a significant step in the development of the carbon market [2] Group 3 - The chairman of Shanghai Environment Energy Exchange stated that efforts will continue to enhance the mechanisms of the national carbon trading market [3]

Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for August 2025, including national carbon emission allowance (CEA) prices, CCER prices, and GEC prices [1][2]. Carbon Emission Allowance (CEA) Prices - The expected buy price for the CEA in August 2025 is 71.25 CNY/ton, with a sell price of 76.04 CNY/ton, resulting in a midpoint price of 73.65 CNY/ton. The buy price index increased by 0.83% to 178.13, while the sell price index decreased by 0.82% to 171.57 [2][3]. - For December 2025, the expected buy price is 72.04 CNY/ton, sell price is 79.61 CNY/ton, and midpoint price is 75.82 CNY/ton. The buy price index is 134.78, and the sell price index is 136.65 [2][3]. Certified Emission Reduction (CCER) Prices - The expected buy price for CCER in August 2025 is 76.25 CNY/ton, with a sell price of 83.59 CNY/ton, leading to a midpoint price of 79.91 CNY/ton. The buy price index rose by 2.49% to 191.68, and the sell price index increased by 3.45% to 201.08 [2][3]. Green Electricity Certificate (GEC) Prices - The expected prices for GECs in August 2025 show a divergence in trends. For 2024 production, centralized project GECs are priced at 3.50 CNY/unit, distributed project GECs at 3.36 CNY/unit, and biomass power generation GECs at 3.66 CNY/unit. For 2025 production, prices are 7.82 CNY/unit for centralized projects, 6.94 CNY/unit for distributed projects, and 6.77 CNY/unit for biomass [4][5]. Market Trends - In July, the average closing price for CEA was 73.64 CNY/ton, up approximately 3% from June's average of 71.51 CNY/ton. However, the trading volume decreased by 35.75% to an average of 51.03 million tons compared to June [6]. - The global carbon market showed mixed trends, with the EU carbon market's average price rising slightly, while the UK market saw a significant drop in trading volume [9].