"此次市场扩围，实现了从单一行业到多行业兼容、单一能源活动排放到兼顾工业过程排放、单一 二氧化碳到多种温室气体管控的转变，为企业低碳转型提供了政策引导和市场激励。"省生态环境厅相 关负责人说，下一步，重点排放企业将围绕强化碳排放数据管理、开展碳排放对标分析、制定碳配额履 约策略、提升碳资产管理能力、加速低碳技术应用与转型等方面开展工作，以适应未来碳市场的发展。 （记者：李欣泽） 为完成2021至2024年度发电、钢铁、水泥等8个行业的碳排放报告核查，省生态环境厅成立碳排放 数据质量审核室，对关键数据进行存证。同时，对碳元素检测数据存在异常的留存煤样进行复检，并与 执法部门建立联动机制，建成陕西省碳排放大数据管理平台，确保数据真实性。 省生态环境厅提前核算企业配额盈缺情况，按风险等级对重点排放单位实行分级防控；为有履约意 愿但购不到配额的企业撮合交易，并对履约意识不强的企业进行约谈，有效提升了企业的履约能力和积 极性。 省生态环境厅联合金融部门出台支持碳排放权抵质押贷款的指导意见及操作指引，拓宽重点排放单 位融资渠道，提升企业节能减碳的主动性；建立省级数据质量帮扶交流平台，实施"一企一策"，指导企 业关注配额分 ...

本报北京1月5日电 （记者寇江泽）记者近日从生态环境部获悉：2025年，全国碳市场运行平稳有序， 市场活力稳步提升。碳排放权交易市场重点排放单位碳减排意识持续加强，配额清缴完成情况保持在高 水平，温室气体自愿减排交易市场支持领域进一步扩大，市场迎来快速扩容。全国碳市场推动全社会实 现低成本减排功能不断显现。 2025年，纳入碳排放权交易市场配额管理的重点排放单位共计3378家，其中发电行业重点排放单位2087 家，钢铁行业重点排放单位232家，水泥行业重点排放单位962家，铝冶炼行业重点排放单位97家，市场 共运行243个交易日。截至2025年12月底，全国碳排放权交易市场配额累计成交量8.65亿吨，累计成交 额576.63亿元。交易规模持续扩大，交易价格保持在合理区间。 碳排放权交易市场配额清缴完成情况保持在高水平。2024年度配额应清缴总量81.94亿吨，配额清缴完 成率约99.99%。 2025年，温室气体自愿减排项目方法学制定发布工作加快推进，共发布油田气回收利用、盐沼植被修复 等12项方法学，市场迎来快速扩容。 同时，自愿减排项目及减排量登记工作扎实开展，截至2025年12月底，已登记自愿减排项目3 ...

今日关注 1、交通运输部：2026年1月1日全社会跨区域人员流动量20813万人次，环比增长0.2%，同比增长21%。 其中：铁路客运量1825万人次，公路人员流动量18726万人次，水路客运量67万人次，民航客运量195万 人次。 2、全国数据工作会议2025年12月29日至30日在京召开。会议要求提到，着力推进数据科技创新和产业 创新深度融合，推动数据科技创新，加快数据产业发展，梯次培育数字产业集群。加力推进数据基础设 施建设和运营，推动数据基础设施规模化部署、系统化应用、一体化发展，持续推进数据基础设施建 设。 宏观经济 1、商务部：2025年，以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人次。其中，汽车以旧换新超 1150万辆，家电以旧换新超1.29亿件，手机等数码产品购新超9100万部，家装厨卫"焕新"超1.2亿件，电 动自行车以旧换新超1250万辆。 2、2026年1月1日，国家电影局发布2025年全年电影票房统计数据：2025年全国电影票房达518.32亿 元，总观影人次达12.38亿，对比2024年均有超20%的涨幅；国产电影票房412.93亿元，占比为79.67%， 略高于2024年 ...

Core Insights - The national carbon market in 2025 is operating smoothly and steadily, with increasing market vitality and a high level of compliance in quota clearance [1][2] - The carbon emissions trading market is showing a low-cost reduction function for society, with significant growth in both the volume and value of transactions [1] Group 1: Carbon Emissions Trading Market - In 2025, a total of 3,378 key emission units are included in the carbon emissions trading market, with 2,087 from the power generation sector, 232 from the steel sector, 962 from the cement sector, and 97 from the aluminum smelting sector [1] - The cumulative transaction volume of carbon emission rights reached 865 million tons by December 31, 2025, with a cumulative transaction value of 57.663 billion yuan [1] - The transaction volume for the year 2025 was 235 million tons, representing a year-on-year increase of approximately 24%, with a transaction value of 14.630 billion yuan [1] Group 2: Voluntary Emission Reduction Market - The voluntary greenhouse gas emission reduction market is expanding rapidly, with 12 methodologies published for projects such as oilfield gas recovery and salt marsh vegetation restoration [2] - By the end of December 2025, 33 voluntary emission reduction projects were registered, with a total reduction volume of 17.7637 million tons [2] - The cumulative transaction volume of verified voluntary reduction amounts reached 9.2194 million tons, with a transaction value of 650 million yuan and an average transaction price of 70.76 yuan per ton [2]

碳排放权交易市场配额清缴完成情况保持在高水平。 刚刚过去的2025年，全国碳市场运行平稳有序，市场活力稳步提升，交易价格保持在合理区间。 生态环境部官方微信公号2025年12月31日晚公布的信息显示，2025年，全国碳市场运行平稳有序，市场 活力稳步提升。碳排放权交易市场重点排放单位碳减排意识持续加强，配额清缴完成情况保持在高水 平。同时，温室气体自愿减排交易市场支持领域进一步扩大，市场迎来快速扩容。全国碳市场推动全社 会实现低成本减排功能不断显现。 2025年，纳入碳排放权交易市场配额管理的重点排放单位共计3378家，其中发电行业重点排放单位2087 家，钢铁行业重点排放单位232家，水泥行业重点排放单位962家，铝冶炼行业重点排放单位97家，市场 共运行243个交易日。 2025年12月31日晚，湖北碳排放交易中心介绍，湖北绿色金融综合服务平台（鄂绿通）累计实现融资额 2091亿元。"武碳江湖"个人低碳生活平台用户突破200万，累计记录低碳行为超3000万次，成为全国使 用人数最多、低碳场景最全、社会覆盖面最广的碳普惠平台。 上海环境能源交易所2025年12月31日发布新修订的《上海碳市场交易规则》等制度 ...

Group 1 - The ecological environment code draft is China's second law named as a "code," focusing on judicial guarantees for ecological environment protection [1][2] - The draft emphasizes the responsibilities of the People's Court and People's Procuratorate in ecological environment protection, enhancing the compensation and public interest litigation systems [2] - The draft introduces a credit repair mechanism for enterprises correcting their dishonest behavior, allowing them to apply for credit restoration [2] Group 2 - The pollution prevention section has been improved to regulate the burning of straw and leaves, and to strengthen the supervision of solid waste transfer across provinces [3] - The draft includes provisions for controlled nuclear fusion radioactive pollution prevention, establishing a management system for fusion fuel and facilities [3][4] - In emergency situations causing damage to wildlife, the draft states that no legal responsibility will be incurred [4] Group 3 - The draft includes new regulations to promote agricultural water conservation and improve irrigation efficiency [5] - It emphasizes the importance of the "Three North" project for ecological protection and restoration [5] Group 4 - The draft aims to enhance the development and utilization of renewable energy, supporting both centralized and distributed energy sources [6][7] - It outlines the establishment of a green and low-carbon policy framework, promoting a circular economy and resource recycling [6] Group 5 - The draft adjusts legal responsibilities to ensure consistency across similar violations, enhancing penalties for radioactive pollution [9][10] - It proposes modifications to the ecological environment damage compensation litigation system, allowing only the People's Procuratorate to initiate lawsuits if the government fails to act [10]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The US economy grew by 4.3% in Q3 2025, with the US API crude oil inventory rising. Market risk appetite has rebounded, and various asset classes show different trends [1][6]. - A-shares are in a narrow - range consolidation with increasing trading volume, potentially accumulating momentum for a cross - year market [23]. - The bond market is approaching a critical point, with a higher probability of short - term adjustment than direct upward movement [25]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The US Q3 GDP exceeded expectations, and gold prices first declined and then rose. Gold and silver are still in an upward trend, but attention should be paid to the risks and increased volatility caused by short - term profit - taking of long positions [11]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US economy grew by 4.3% in Q3 2025. The market risk appetite has rebounded, and the US dollar will fluctuate in the short term [12][14]. 1.3 Macro Strategy (US Stock Index Futures) - The US Q3 GDP growth was the fastest in two years. The market risk appetite remains high, and the US stock market is expected to be in a volatile and slightly upward trend [19][20]. 1.4 Macro Strategy (Stock Index Futures) - A - shares had a narrow - range consolidation with increasing trading volume on December 23. It is recommended to evenly allocate long positions in various stock indices [21][23][24]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation of 59.3 billion yuan, with a net withdrawal of 76 billion yuan on the day. The long - term varieties are bottom - building. It is recommended that allocation investors buy when interest rates rise, and trading investors buy at low prices and exit quickly [25][26]. 2. Commodity News and Comments 2.1 Black Metal (Coking Coal/Coke) - The coking coal prices in the Changzhi market showed mixed trends. Currently, coking coal supply and demand are both weak. It is necessary to pay attention to downstream restocking [27][28]. 2.2 Black Metal (Rebar/Hot - Rolled Coil) - Turkey imposed anti - dumping duties on Chinese tin - plated coils. The global crude steel output in November decreased by 4.6% year - on - year. Steel prices are expected to fluctuate, and it is recommended to adopt a volatile trading strategy [29][31][33]. 2.3 Agricultural Products (Pigs) - A major shareholder of Juxing Agriculture pledged 18.5 million shares. In the short and medium term, the supply pressure remains unchanged. It is recommended to short at high prices for the 03 contract and consider long positions for far - month contracts at low prices [34]. 2.4 Non - ferrous Metals (Polysilicon) - The trading limit of polysilicon futures contracts was adjusted. The polysilicon inventory is still accumulating, and demand is weak. It is expected that the spot price may be difficult to fall, but it depends on whether the price increase can be passed on to downstream industries. It is recommended that investors hold positions cautiously [35][36][38]. 2.5 Non - ferrous Metals (Industrial Silicon) - The designated delivery warehouse and quality inspection institution of industrial silicon futures were adjusted. The supply and demand of industrial silicon depend on the production reduction rhythm of enterprises. It is recommended to pay attention to short - selling opportunities at high prices [38][41][42]. 2.6 Non - ferrous Metals (Lead) - The LME lead had a large - scale backwardation. The supply and demand of lead are both weak, and it is recommended to trade with a volatile strategy [43]. 2.7 Non - ferrous Metals (Zinc) - The LME zinc had a backwardation. The short - term fundamentals of zinc are not highly contradictory, and it is recommended to buy on dips and hold positive spreads and conduct reverse arbitrage between domestic and foreign markets [44][45]. 2.8 Non - ferrous Metals (Lithium Carbonate) - Exar applied for incentives for capacity expansion. The short - term sentiment is supported, but there is a callback risk after the resumption of production by large enterprises. It is recommended to go long on dips in the medium and long term [47][48]. 2.9 Non - ferrous Metals (Nickel) - China's refined nickel imports in November increased significantly. Indonesia plans to reduce nickel ore production in 2026. It is recommended to go long on dips if cobalt pricing is implemented, and short at high prices if the production quota expectations are not met [49][50][52]. 2.10 Non - ferrous Metals (Tin) - The LME tin had a contango. The supply of tin ore is uncertain, and demand is weak. Inventory accumulation is a short - term pressure on prices. It is necessary to be vigilant against price drops [53][54][57]. 2.11 Energy and Chemicals (Crude Oil) - The US API crude oil inventory increased. Oil prices rebounded due to increased market risk appetite and geopolitical risks. Short - term oil prices will be disturbed by geopolitical conflicts [58][59]. 2.12 Energy and Chemicals (Carbon Emissions) - The CEA price rose on December 23. The short - term market risk is high [60][61]. 2.13 Shipping Index (Container Freight Rates) - ZIM rejected the management's acquisition offer. The freight rate increase was not realized, and it is recommended to pay attention to short - selling opportunities at high prices [62][63].

重要的消息有哪些 1．中央财办有关负责同志表示，扩大内需是明年排在首位的重点任务。明年要把握消费的结构性变 化，从供需两侧发力提振消费。当前，我国正在从以商品消费为主转向商品消费和服务消费并重，一些 领域商品消费增速放缓，但文旅、养老、托育等服务消费需求旺盛。要以新需求引领新供给、以新供给 创造新需求，促进供需更加适配。要制定实施城乡居民增收计划，促进高质量充分就业，继续提高城乡 居民基础养老金，持续提升居民消费能力。要扩大优质商品和服务供给，大力发展消费新业态新模式新 场景，培育壮大家政、旅居康养等万亿级消费新增长点。要有效释放消费需求潜力，持续清理不合理限 制措施，支持有条件地区推广中小学春秋假，把职工带薪错峰休假落实到位。打造"购在中国"品牌，释 放入境消费巨大增量空间。 2．商务部公告，根据《反倾销条例》第三十八条的规定，商务部向国务院关税税则委员会提出征收反 倾销税的建议，国务院关税税则委员会根据商务部的建议作出决定，自2025年12月17日起，对原产于欧 盟的进口相关猪肉及猪副产品征收反倾销税，实施期限5年。 3．海南省人民政府网发布通告，自2025年12月18日起，海南自由贸易港（自贸港）正式启 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期： 2025/12/17 隔夜夜盘市场走势 1.美油主力合约收跌 2.89%，报 55.18 美元/桶；布伦特原油主力合约跌 2.79%， 报 58.87 美元/桶。 2.国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.07%报4332.2美元/盎司， COMEX 白银期货涨 0.32%报 6 ...

12月10日，吉林省生态环境厅召开新闻发布会，通报了2025年全省生态环境保护综合行政执法工作有 关情况。全省坚持以深入打好污染防治攻坚战为主线，以推动环境质量持续改善、服务社会发展大局为牵 引，锚定执法"利剑"作用充分发挥和执法大练兵成效大幅跃升总目标，实现了重点领域执法精准突破、助 企服务质效双升、队伍能力显著增强、信访满意度全面提升的良好成效。 全省执法监管工作取得显著成效 "全省办理涉危废行政处罚案件26起，移送公安机关立案调查5起，办理第三方机构弄虚作假案件132 起，移送公安机关立案调查12起。"吉林省生态环境保护综合行政执法局负责人刘中峰在发布会上介绍， 成功破获了"吉林市某工贸有限责任公司利用暗管排放危险废物案""长春市某机动车检测有限公司提供虚假 证明文件案""吉林省某热力有限公司违反碳排放权交易管理暂行条例案"等一批影响较大、社会关注度较高 的典型案件。 这些成绩的取得，得益于吉林省紧紧围绕深入打好污染防治攻坚战等重点工作任务，持续紧盯重点时 段、重点区域、重点问题，统筹强化春季清河、夏季攻势、秋冬会战等日常执法监管任务落实，多发频发 环境问题和违法行为得到有效遏制。全省在机动车检验检测领 ...