近期，我国碳市场领域迎来首份中央文件。中办、国办发布的《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》），明确了全国碳市场中长期发展的时间表、路线图、任务书， 并要求加强碳排放核算与报告管理，完善信息披露制度。 《意见》明确全国碳市场是实现"双碳"目标的重要制度抓手，提升了碳市场在国家气候治理体系中 的战略地位。同时，《意见》在市场层面提出扩大覆盖行业、完善配额分配、健全市场机制。特别是在 金融层面，将逐步丰富交易产品，扩展交易主体，强化金融机构参与，同时强调风险可控。 今年是全国碳市场正式运行四周年，业内人士普遍认为，《意见》为全国碳市场从"起步期"迈 向"深化期"划定了航道。兴业碳金融研究院首席研究员钱立华表示，《意见》的发布为我国碳市场的中 远期发展提供了清晰的发展规划，标志着碳市场建设进入全面深化阶段。 其中，碳排放核算与信息披露制度的系统性重构，不仅是衔接强制减排与自愿减排双市场的关键纽 带，更成为破解当前市场数据质量瓶颈、激活碳价信号功能的核心抓手。在行业总量控制节点临近的背 景下，这两大制度的落地正深刻重塑企业低碳转型逻辑与市场运行生态。 从强度基准法到总量管控 配额分配再优 ...

Core Insights - China has established the world's largest carbon emissions trading market, which is crucial for achieving carbon peak and carbon neutrality goals, marking a significant step in climate change response [1][2] - The national carbon market has seen steady progress since the 14th Five-Year Plan, with a cumulative trading volume of 714 million tons and a total transaction value of 48.961 billion yuan as of September 18, 2025 [1] - The market has expanded to include key industries such as steel, cement, and aluminum, effectively managing over 60% of national CO2 emissions [1][2] Carbon Market Development - The carbon market is divided into a compliance carbon market and a voluntary carbon market, which together form a comprehensive national carbon market system [2] - By 2027, the national carbon emissions trading market aims to cover major industrial sectors, while the voluntary market seeks to achieve full coverage in key areas [2] - The government is committed to enhancing the carbon market's effectiveness and international influence, promoting green and low-carbon transitions [2] Environmental Improvements - During the 14th Five-Year Plan, the number of environmental assessments for high-pollution projects decreased, while assessments for renewable energy projects increased significantly [3] - National air quality has improved, with PM2.5 concentrations in cities dropping to an average of 29.3 micrograms per cubic meter in 2024, a 16.3% decrease from 2020 [3][4] - Major initiatives have led to the elimination of black and odorous water bodies in over 3,000 cities, with rural sewage treatment rates exceeding 45% [4]

Group 1 - The core viewpoint of the news is the ongoing improvement in China's ecological environment quality, with a focus on achieving high-quality development through effective environmental governance during the "14th Five-Year Plan" period [1][3]. - The Minister of Ecology and Environment highlighted significant achievements, including a 16.3% reduction in PM2.5 concentration to 29.3 micrograms per cubic meter by 2024 compared to 2020 levels, and over 90% of surface water quality meeting good standards for the first time [3][4]. - The government has completed coal management for 41 million households and eliminated nearly 20 million high-emission vehicles, with PM2.5 levels in the Beijing-Tianjin-Hebei region dropping by 18% since 2020 [3][4]. Group 2 - The "14th Five-Year Plan" has seen a decline in environmental impact assessments (EIAs) for high-energy-consuming projects, while approvals for wind power and electric vehicle projects increased by 44.4% and 31.3% respectively in the first half of 2025 [4]. - The government aims to establish pilot areas for beautiful China construction in about five provinces, 50 cities, and 100 counties by 2027, focusing on improving water ecological quality [4][5]. - The carbon market has become the largest globally, covering over 60% of national CO2 emissions, with a cumulative transaction volume of 714 million tons and a transaction value of 48.96 billion yuan as of September 2025 [6][7]. Group 3 - The government has initiated a special rectification plan for solid waste management, targeting the completion of pollution risk assessments for phosphogypsum and landfill sites by 2027, and heavy metal remediation by 2030 [7]. - The implementation of 430 ecological environment standards during the "14th Five-Year Plan" has created binding constraints for pollution control, with specific standards leading to significant reductions in volatile organic compounds [7][8]. - The introduction of non-site enforcement and intelligent monitoring has improved the efficiency of environmental law enforcement, with a 30% reduction in on-site inspections while increasing the detection rate of issues by 10-25% [8][9]. Group 4 - The establishment of over 40,000 ecological environment control units has created a comprehensive management framework, allowing for automatic assessment of environmental compliance based on project location [10]. - China is actively contributing to global environmental governance, having trained over 10,000 participants from more than 120 developing countries and promoting green technology exports [10].

Core Viewpoint - The Chinese government is actively promoting high-quality development through high-level ecological and environmental protection, focusing on climate change as a significant global challenge that requires urgent action [1][2]. Group 1: Policy Framework and Implementation - The Ministry of Ecology and Environment is working on establishing and implementing a policy framework for carbon peak and carbon neutrality, promoting energy and industrial transformation towards green and low-carbon development [1]. - China has built the world's largest and fastest-growing renewable energy system, achieving its 2030 national contribution target for installed capacity of wind and solar power ahead of schedule [1]. - During the 14th Five-Year Plan period, China's carbon dioxide emission intensity is expected to continue to decline, with strict controls on non-CO2 greenhouse gas emissions [1]. Group 2: Carbon Market Development - China has established the largest carbon trading market globally, covering over 60% of national carbon dioxide emissions, with new sectors like steel, cement, and aluminum smelting included this year [2]. - As of September 18, 2025, the cumulative trading volume of carbon emission allowances in the national market reached 714 million tons, with a total transaction value of 48.961 billion yuan [2]. - The regulatory framework for the carbon market has been significantly enhanced, with over 30 institutional norms developed to support its operation [2]. Group 3: Carbon Footprint Management - The Ministry of Ecology and Environment has guided the release of over 100 product carbon footprint accounting standards and launched a national greenhouse gas emission factor database [3]. - Regular updates on national electricity carbon footprint factor data are provided to help enterprises address international carbon trade barriers [3]. - The rapid advancement of carbon footprint initiatives in China has been recognized internationally, highlighting the country's proactive approach [3]. Group 4: Climate Change Adaptation - The Ministry has implemented the "National Climate Change Adaptation Strategy 2035," outlining long-term goals for adapting to climate change [3]. - Pilot projects for climate-resilient cities are being deepened, with a focus on enhancing climate resilience in vulnerable regions like the Tibetan Plateau [3]. - Early warning systems and action plans for climate adaptation are being developed to foster partnerships in climate resilience [3].

Core Viewpoint - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the Central Committee of the Communist Party of China and the State Council highlights China's commitment to achieving carbon peak and carbon neutrality through a robust carbon market system [1][2][3]. Summary by Sections Significance of Strengthening the National Carbon Market - The establishment of a national carbon trading market and a voluntary greenhouse gas reduction trading market is crucial for addressing climate change and promoting green transformation [1][2]. - Strengthening the carbon market will drive traditional industries to transform, foster green technology innovation, and enhance the quality of economic development [2][3]. Achievements in National Carbon Market Construction - The national carbon market has seen significant progress over four years, with a well-structured regulatory framework and improved market vitality [4][5]. - As of August 22, 2025, the cumulative trading volume of carbon emission allowances reached 680 million tons, with a transaction value of 47.41 billion RMB [5]. - The coverage of key industries is expanding, with the inclusion of steel, cement, and aluminum smelting industries, which will manage over 60% of national carbon emissions [6]. Overall Requirements for Strengthening the National Carbon Market - The construction of the national carbon market requires a systematic approach, balancing effective market mechanisms with government oversight [8][9]. - Long-term and short-term goals must be aligned, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust carbon pricing mechanism by 2030 [9][10]. Tasks and Measures for Advancing National Carbon Market Construction - The "Opinions" outline a roadmap for the development of the national carbon market, emphasizing the need for market functionality and regulatory support [11][12]. - Continuous innovation in the voluntary greenhouse gas reduction trading market is essential, with a focus on developing methodologies and managing projects effectively [12][13]. - Strengthening policy and legal frameworks will enhance the operational efficiency and credibility of the carbon market [14].

Core Viewpoint - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" aims to enhance the national carbon market and expand its coverage to key industries such as steel, cement, and aluminum smelting, while establishing new policies like carbon pledge and carbon repurchase to boost market activity [1][2][3][4] Group 1: Carbon Market Development - The national carbon market has been established with a focus on utilizing market mechanisms to address climate change and promote green economic transformation [2] - As of August 22, 2025, the cumulative transaction volume of the mandatory carbon market reached 680 million tons, with a transaction value of 47.41 billion yuan [2] - The voluntary carbon market recorded a cumulative transaction of 2.49 million tons of certified voluntary emission reductions, amounting to 210 million yuan [2] Group 2: Policy and Regulatory Framework - The new central document outlines a long-term development roadmap for the national carbon market, emphasizing the need for a transparent quota management system and a shift from intensity control to total control of carbon emissions [3] - The allocation method for carbon quotas will transition from entirely free to a combination of free and paid allocations, gradually increasing the proportion of paid allocations [3] Group 3: Market Mechanisms and Financial Integration - The introduction of carbon pledge and carbon repurchase policies aims to enhance financing channels for key emission units, allowing them to leverage carbon assets for loans and short-term liquidity [4] - The Ministry of Ecology and Environment will collaborate with financial institutions to develop green financial products related to carbon emissions [4] - Strict regulations will be enforced on carbon emission verification, ensuring accountability among major emission units and enhancing data quality management [4]

Core Viewpoint - The document outlines the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction," emphasizing the importance of carbon markets as a policy tool to address climate change and facilitate a comprehensive green transition in the economy and society [3][13]. Summary by Sections 1. Main Goals - By 2027, the national carbon emission trading market will cover major emission industries in the industrial sector, and the voluntary greenhouse gas reduction trading market will achieve full coverage in key areas. By 2030, a national carbon emission trading market will be established based on total quota control, combining free and paid allocation, with a transparent and unified method that aligns with international standards [3][13]. 2. Carbon Emission Trading Market Development - The coverage of the national carbon emission trading market will be expanded based on industry development status, pollution reduction contributions, data quality, and carbon emission characteristics [8][16]. - A quota management system will be established to ensure transparency and stability, with a gradual shift from intensity control to total control of carbon emissions [16]. 3. Support for Financial Institutions - Financial institutions, including banks, will be encouraged to engage in carbon pledge financing and participate in the national carbon market under compliant and risk-controlled conditions [5][19]. 4. Pilot Market Encouragement - Carbon emission trading pilot markets will be encouraged to expand their coverage and innovate regulatory methods, contributing to regional green and low-carbon transitions [6][17]. 5. Voluntary Reduction Trading Market - The establishment of a scientific and complete methodology system for the voluntary reduction trading market will be accelerated, focusing on areas with significant sustainable development benefits [18]. 6. Market Vitality Enhancement - The development of green financial products related to carbon emissions will be promoted, and the introduction of various trading entities will be supported to enhance market activity [19]. 7. Capacity Building - A management system that aligns with the development stages of the national carbon market will be established, enhancing management capabilities and ensuring data security [20][21]. 8. Regulatory Framework - The document emphasizes the need for a robust legal framework to support carbon market construction, including the establishment of rules for registration, trading fees, and clearing mechanisms [23]. 9. International Cooperation - The document calls for active participation in international carbon market mechanisms and the promotion of global green and low-carbon transitions through dialogue and cooperation [24].

Core Viewpoint - The document outlines the Chinese government's initiative to enhance the national carbon market and promote green low-carbon transformation through improved guidance and supervision of carbon emission trading pilot markets [1] Summary by Relevant Sections - **National Carbon Market Development** - The government emphasizes the need to coordinate the national carbon emission trading market with local pilot markets to ensure effective operation and support regional green low-carbon transitions [1] - **Pilot Market Regulations** - Existing carbon emission trading pilot markets are required to adhere to specified guidelines for construction and operation, aiming to foster a healthy and orderly development of carbon finance [1] - **Encouragement of Innovation** - The document encourages pilot markets to innovate in areas such as expanding coverage, enhancing market adjustment mechanisms, and developing regulatory methods, serving as a testing ground for the national carbon market [1] - **Evaluation and Exit Mechanism** - A regular evaluation and exit mechanism will be established, and no new local or regional carbon emission trading markets will be created [1]

Core Viewpoint - The Shanghai Environment and Energy Exchange has announced the implementation of a one-way bidding trading method for the national carbon emission trading system, marking a significant step towards market-oriented pricing and standardized operation in China's carbon market [1][2]. Summary by Relevant Sections Trading Mechanism - The one-way bidding trading method is a common practice in mature trading markets, providing a more dynamic trading mechanism compared to the previous negotiated trading method, which relied heavily on individual trading intentions [2][3]. - This new method allows for a unified price transaction or a bid price transaction, with minimum bid quantities and price limits set, enhancing market stability and reducing price volatility caused by individual premium differences [2][3]. Price Discovery and Market Efficiency - The mechanism significantly strengthens the market price discovery function, establishing a fair value benchmark for carbon quotas and allowing prices to better reflect market supply and demand [3]. - The one-way bidding method is expected to improve the efficiency and credibility of price formation, as it aggregates market acceptance and releases segmented market demand elasticity [3]. Impact on Participants - The minimum bid quantity for sellers is set at no less than 100,000 tons of CO2 equivalent, with price limits established to prevent market manipulation and speculation, ultimately enhancing market fairness and stability [4][5]. - The new trading method is designed to lower hidden transaction costs for enterprises by providing more time for internal approvals and funding arrangements, thus improving trading efficiency [5][6]. Future Development Path - The implementation of one-way bidding is seen as a foundational step for the future development of China's carbon market, which is still in its early stages [6][7]. - There are suggestions for exploring carbon derivatives, such as carbon futures and options, to enhance market liquidity and risk management capabilities [6][7]. - The carbon market is expected to evolve in phases, emphasizing its role as a policy tool for controlling greenhouse gas emissions while gradually enhancing its financial attributes [7].

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]