Report Industry Investment Rating - No relevant information provided Core View of the Report - The report is bullish on EUA, with a signal strength of 2 today (0 for empty position, ±1 for slightly bullish/bearish, ±2 for bullish/bearish). There are both bullish and bearish factors in the market. The bullish factor is that the EU ETS quota benchmark value may be significantly lowered based on the CBAM benchmark value, tightening the carbon market supply. The bearish factors include a small reduction of about 930,000 tons in the long positions of investment funds in EUA according to the latest CoT report, and the "US-Russia peace plan" indicating that Russia will be able to export more natural gas [2]. Summary by Related Catalogs Market Conditions - **Primary Market**: The auction price was 81.51 euros/ton (0.39% change), and the bid - cover ratio was 1.67. On November 26, 2025, the CBAM certificate price was 81.51 euros/ton, the EUA auction price was 80.59 euros/ton, the EUA auction volume was 2.1625 million tons, the bid - cover ratio was 1.67, and the auction revenue was 176.27 million euros [2][4]. - **Secondary Market**: The EUA futures settlement price was 81.68 euros/ton (-0.23%), and the trading volume was 46,700 lots (0.15 change). The spot settlement price was 81.58 euros/ton (-0.22%), and the spot trading volume was 1,680 lots [2][5]. Strategy - The signal strength today is 2, indicating a bullish stance [2]. Core Logic - **Bullish Factor**: Based on the CBAM benchmark value, the EU ETS quota benchmark value may be significantly lowered, leading to a further tightening of the carbon market supply [2]. - **Bearish Factors**: (1) The latest CoT report shows that investment funds slightly reduced their long positions in EUA by about 930,000 tons; (2) The "US - Russia peace plan" indicates that Russia will be able to export more natural gas [2]. - **Other Information**: (1) As of November 22, EU underground gas storage was about 79%, lower than the 5 - year seasonal average for the same period and significantly lower than 88.3% in the same period last year, with a thinner winter buffer. It continued to decline in the past week. (2) The natural gas plant maintenance in the North Sea and the Norwegian side is mainly planned, and the unplanned event of the UK TGPP from November 23 for about 4 days has limited systematic impact on the supply to the European continent [2][3].

同日，匈牙利外长西雅尔多在接受采访时表示，欧盟及其部分成员国正试图破坏结束俄乌冲突的努力。 他还认为，如果欧洲方面不考虑俄罗斯的安全，就无法谈论长期安全和安全架构。 当地时间23日，匈牙利总理欧尔班表示，当前西欧国家仍然想继续俄乌冲突，匈牙利方面呼吁欧盟领导 人不要破坏美俄和平计划。 （文章来源：央视新闻） ...