Report Overview - Report Title: Carbon Market Weekly Report - Date: November 21, 2025 Industry Investment Rating - Not provided in the report Core Viewpoints - The Chinese government is actively promoting the construction of the carbon market, with policies aiming to expand coverage, control quota总量, and increase market vitality [9][10] - The expansion of the national carbon emissions trading market will gradually cover major industrial emission - intensive industries by 2027, marking a new stage in using market - based mechanisms for deep - emission reduction [10] Summary by Directory 1. Carbon Market Weekly Overview - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of different trading methods were also reported [7] - In the 3rd week of November, the national carbon market quota had a high of 70.14 yuan/ton, a low of 60.02 yuan/ton, and a closing price of 65.27 yuan/ton, with a weekly increase of 8.48%. The total trading volume was 1169.44 million tons, and the total turnover was 701.0284 million yuan. Price expectations for November and December 2025 were also given [8] 2. Market News - The central government issued an opinion to expand the carbon market's coverage, implement quota总量 control and paid distribution, and improve market vitality [9] - China's carbon market construction aligns with the "dual - carbon" goal, and will gradually implement quota总量 control and paid distribution as the carbon - peak process advances [10] - The expansion schedule of the national carbon emissions trading market was announced, with major industrial sectors to be included by 2027, covering about 75% of CO2 emissions [10] - The "Chengdu Declaration" at the 2025 8th China International Photovoltaic and Energy Storage Industry Conference called for anti - "involution" in the industry and promoted high - quality development [10]

Core Viewpoint - The Ministry of Ecology and Environment is accelerating the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 [1] Summary by Relevant Sections Carbon Market Expansion - The national carbon emissions trading market will expand its coverage to include major emission industries in the industrial sector by 2027 [1] Quota Control and Allocation - Implementation of total quota control and paid allocation will transition from intensity control to total control, gradually increasing the proportion of paid allocation [1] Quota Tightening and Price Signals - There will be a gradual tightening of quotas to enhance the scarcity of carbon allowances, aiming to provide clearer price signals for structural optimization and green low-carbon transformation in key industries [1] Voluntary Emission Reduction Market - The establishment of a voluntary emission reduction trading market will be accelerated, focusing on developing a comprehensive methodological system to support autonomous emission reductions and ecological value conversion [1] Market Vitality and Financial Products - Efforts will be made to enhance the vitality of the national carbon market by exploring green financial products and services related to carbon allowances and certified voluntary emission reductions, while also increasing the types and numbers of market participants [1]