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]

Group 1: Satellite Internet and Housing Policies - The issuance of satellite internet licenses in China is imminent, marking the first step towards commercial operations in this sector, although full service akin to Starlink may take 2-3 years to realize [1] - Shanghai has announced new housing policies allowing eligible families to purchase an unlimited number of homes outside the outer ring, effective from August 26, 2025, which includes both new and second-hand properties [1] Group 2: Technological Advancements in Satellite Communication - A breakthrough in multi-antenna digital beamforming technology for low Earth orbit satellites has been achieved, enhancing signal-to-noise ratios significantly, which is crucial for the integration of satellite communication with ground-based networks [2] Group 3: Carbon Market Development - The Central Committee and State Council have issued guidelines to accelerate the establishment of a voluntary carbon trading market, emphasizing the importance of integrity and social oversight in project management [3][9] - The goal is to have a comprehensive national carbon trading market by 2027, covering major industrial sectors and key areas for voluntary emissions reductions [9] Group 4: ETF Market Growth - The total market size of ETFs in China is approaching 5 trillion yuan, with a record trading volume of 555.84 billion yuan, indicating rapid growth in the ETF sector [4] - China has surpassed Japan to become the largest ETF market in Asia, with a total asset management scale of 611.7 billion USD as of July [4] Group 5: Housing Loan Rate Adjustments - The Shanghai branch of the central bank has adjusted the pricing mechanism for commercial personal housing loans, eliminating the distinction between first and second homes, and ensuring that banks set rates based on their operational conditions [5] Group 6: Developments in Computing Power - The 2025 China Computing Power Conference introduced the "2575N" achievement system, highlighting advancements in the computing power industry and the establishment of collaborative ecosystems among major tech companies [6][7] - Huawei Cloud has announced a restructuring to focus more resources on AI and computing power industries, aiming to enhance cloud services through innovation [8]