Group 1 - The "anti-involution" policy aligns closely with sustainable development goals, as it aims to govern low-price and disorderly competition in enterprises, enhance product quality, and facilitate the orderly exit of backward production capacity, marking a systemic action against "involution" competition [6] - The policy will assist high-energy-consuming industries in their low-carbon transition by eliminating backward production capacity and optimizing the energy structure, which is crucial for achieving sustainable development [6] - High-energy-consuming industries, including steel, cement, and aluminum smelting, account for 33% of national carbon emissions, with steel at 15%, cement at 13%, and aluminum at 5% [6] Group 2 - The "anti-involution" policy will also support the sustainable development of the renewable energy sector by regulating market order and curbing unhealthy competition, which threatens the industry's sustainability [6] - The renewable energy sector is vital for China's "dual carbon" strategy, as it can significantly reduce greenhouse gas emissions and improve energy structure [6] - From 2017 to 2023, the greenhouse gas emissions of renewable energy producers and photovoltaic equipment were 0.08 million tons and 0.28 million tons, respectively, which are significantly lower than emissions from steel and aluminum industries [6]

Core Viewpoint - The national carbon market in China is expanding its coverage to include more industries, with significant policy advancements in 2023 aimed at enhancing carbon emissions trading and promoting low-carbon technologies [1][2]. Group 1: Carbon Market Expansion - The national carbon emissions trading market has officially expanded to include the steel, cement, and aluminum industries, following the power generation sector [1][2]. - The government aims to gradually include key products from the petrochemical, chemical, paper, and aviation industries into the carbon market starting in 2026 [1][2]. - The expansion follows a "mature first, include first" principle, with scientific assessments submitted to the State Council for approval [1][2]. Group 2: Industry-Specific Insights - The cement industry was prioritized for inclusion due to its mature production processes and data foundation, while the aluminum smelting sector has a relatively low direct carbon emission impact [2]. - Approximately 730 steel enterprises are engaged in annual carbon emissions accounting, with long-process steel companies accounting for 90% of total emissions in the sector [2]. - The chemical industry presents complexities in product inclusion due to the variety of products and their respective emissions profiles, with over 200 million tons of key products currently reported [3]. Group 3: Paper Industry Dynamics - The paper industry, while not yet included in the carbon market, has a significant relationship with carbon emissions due to its energy consumption patterns, with coal accounting for 75% of its energy use [4]. - The industry utilizes self-owned power plants, which are already included in the carbon market, leading to potential challenges in accounting for emissions from self-generated steam [5]. - Opportunities for the paper industry include enhancing energy efficiency and utilizing biomass in self-owned power plants, which can contribute to carbon reduction efforts [6][7]. Group 4: CCER Mechanism and Development - The CCER (China Certified Emission Reduction) mechanism currently allows for a 5% offset in the carbon market, with an estimated demand of approximately 400 million tons post-expansion [9][10]. - The existing CCER methodologies cover limited sectors, necessitating the development of additional methodologies to meet the growing demand for carbon credits [9][10]. - Expanding methodologies to include waste treatment and other sectors can facilitate low-carbon transitions and enhance the overall effectiveness of the carbon market [10].

铝产业链周度报告 范玲 期货从业资格号：F0272984 投资咨询资格号：Z0011970 中航期货 2025-6-27 目录 01 报告摘要 01 报告摘要 02 多空焦点 02 多空焦点 03 数据分析 03 数据分析 04 后市研判 04 后市研判 | | | 多空焦点 PART 02 多空因素分析（铝） | 多 方 因 素 | 空 方 因 素 | | --- | --- | | 电 解 铝 产 量 总 体 波 动 不 大 | 需 求 表 现 有 走 弱 预 期 | | 美 指 数 走 弱 元 | 货 升 水 落 现 回 | | 交 易 所 库 存 持 续 走 低 | | 地缘政治风险缓和 当地时间6月23日，美国总统特朗普在其社交媒体平台"真实社交"上发文表示，以色列和伊朗已同意全面停火。特朗普发文时间为美国东部时间23 日18时，特朗普称，双方停火将于大约6小时后开始，也就是美国东部时间24日零时。 一名伊朗高级官员证实，伊朗已接受卡塔尔参与调解、美国提 出的与以色列停火方案。当地时间6月24日，以色列总理内塔尼亚胡在内阁会议结束时，要求部长们不要对最近进展，即"特朗普宣布以伊同意全面 停火"发表评 ...

新华财经北京6月12日电 近半年以来，全国碳排放权交易市场（以下简称全国碳市场）价格持续回落。 市场数据显示，截至6月11日，碳排放配额（CEA）收于68.48元／吨，较去年11月创下的历史高点约 105元／吨累计下降约35%。业内人士表示，本轮碳价下行主要由需求趋弱、供给预期增加及市场情绪 转弱等因素叠加所致，但从长期看，随着政策收紧、产业升级及国际联动深化，我国碳价仍有望保持稳 中有升态势。 针对今年碳价持续下行，AEX（香港）控股有限公司创始人兼首席执行官黄杰夫表示市场无需过度担 忧。"碳价的涨跌本身并不关键，碳配额交易的核心价值在于帮助控排企业以较低成本完成履约义务。 碳市场通过总量控制和高效的定价与交易机制，助力实现'双碳'目标。"黄杰夫指出，要实现这一目 标，需提升碳市场的数据透明度和信息清晰度，特别是提高电力行业中控排企业对"碳、电、煤"组合的 远期定价效率。 金融创新碳期货与挂钩产品护航企业稳价避险 需求放缓叠加供给预期增加多重因素拉低价格 "火电是现阶段碳市场最大的需求方，发电量下滑直接削弱了碳配额购买动力。"中国银行研究院高级研 究员赵廷辰表示，今年1-4月，包括火电在内的全国总发电量累计 ...

Group 1 - The central government has issued opinions to enhance the market-oriented allocation system for resource and environmental factors, focusing on expanding the national carbon emission trading market's coverage and trading varieties [1] - The Ministry of Ecology and Environment has released a work plan for the carbon emission trading market, marking the operational phase of the market's expansion to include the steel, cement, and aluminum smelting industries [1] - The quality of greenhouse gas emission data is crucial for determining carbon emission quotas and compliance, serving as the foundation for the healthy development of the carbon market [1] Group 2 - The national carbon market's construction requires unified basic institutional rules, with common requirements identified across the power generation, cement, steel, and aluminum smelting industries regarding greenhouse gas emission data quality management [2] - Differences exist in data quality management requirements between the manufacturing industries (cement, steel, aluminum) and the public utility sector (power generation), particularly in accounting boundaries and emission sources [2][4] - The aluminum smelting industry includes additional greenhouse gases beyond carbon dioxide, while the cement and steel industries focus solely on carbon dioxide emissions [4] Group 3 - The measurement of key parameters in the expanded industries relies on calculating carbon content based on the lower heating value, differing from the direct measurement approach used in the power generation sector [3] - The cement and steel industries have higher requirements for detecting lower heating values, necessitating accredited testing institutions for sampling and analysis [3] Group 4 - As the carbon market expands, the number of enterprises and the scale of emissions covered will significantly increase, necessitating differentiated strategies for data quality management across industries [5] - Recommendations include developing tailored capacity enhancement plans for different industries, focusing on measurement, detection, and reporting processes [5][6] Group 5 - Emphasis on training and education for personnel involved in greenhouse gas emission data quality management is essential, with specialized training tailored to various roles within the industry [6][7] - Companies should prioritize data quality management as a key aspect of their operations, establishing internal mechanisms and responsibilities for carbon market compliance [7] Group 6 - The growth of the carbon market has led to the emergence of green low-carbon service industries, which require standardization and quality improvement to mitigate risks associated with service delivery [8] - The establishment of a third-party service market for carbon measurement and verification is crucial, along with the development of service standards and quality assessment mechanisms [8]

早盘速递 2025/6/4 热点资讯 1、美方称中方违反日内瓦会谈共识，对此，外交部发言人林剑表示，商务部发言人此前已就此阐明中方严正立场。日内瓦共识 是中美双方在相互尊重、平等协商的原则下达成的。美方在毫无事实根据的情况下，对中方抹黑指责，出台对华芯片出口管制 、暂停对华芯片设计软件销售、宣布撤销中国留学生签证等极端打压措施，严重破坏日内瓦共识，也损害了中方正当权益。中 方对此坚决反对，已提出严正交涉。林剑强调，施压和胁迫不是同中方打交道的正确方式。我们督促美方尊重事实，停止散布 虚假信息，纠正有关错误做法，以实际行动维护双方达成的共识。 2、美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从25%提高至50%，该关税政策自美国东部时间2025年6月4日凌晨00 时01分起生效。美国从英国进口的钢铝关税仍将维持在25%。 有色, 19.98% 煤焦钢矿, 13.29% 金 占 比 -2.50 -2.00 -1.50 -1.00 3、中国5月财新制造业PMI录得48.3，较4月下降2.1个百分点，2024年10月来首次跌至临界点以下。其中生产指数和新订单指数 均从扩张区间降至收缩区间，分别录得2022年12 ...

Group 1: ESG Policies - The Central Committee and the State Council issued the "Opinions on Improving the Market-oriented Allocation System for Resource and Environmental Factors," aiming to deepen the reform of market-oriented allocation of resource and environmental factors [1] - By 2027, the trading systems for carbon emissions rights and water usage rights are expected to be basically improved, with the establishment of a sound pollutant discharge rights trading system [1] Group 2: Carbon Emission Statistics - The Ministry of Ecology and Environment is accelerating the construction of a comprehensive carbon emission statistical accounting system, deploying 23 key tasks to address current issues such as inconsistent accounting standards and varying data quality [2] - The completion of the national greenhouse gas inventory from 2015 to 2021 and the preliminary completion of the 2022 inventory indicates a move towards a more refined and standardized approach to carbon accounting [2] Group 3: Renewable Energy Development - The "China Renewable Energy Development Report 2024" indicates that 280 million kilowatts of new wind and solar power capacity is expected to be added this year, reflecting both technological maturity and effective policy support [3] - The report emphasizes the need for accelerated construction of grid absorption and energy storage to avoid issues of wasted wind and solar energy [3] Group 4: Carbon Market Expansion - Major industrial sectors such as steel, cement, and aluminum smelting have officially joined the national carbon market, which now covers over 6 billion tons of carbon emissions, accounting for more than 40% of the national total [4] - This expansion is expected to enhance the carbon pricing mechanism's role in guiding industrial emissions reductions [4] Group 5: ESG Fund Growth - As of May 23, the number of ESG public funds in the domestic market reached 669, with a total scale exceeding 824.2 billion yuan, indicating a rapid penetration of sustainable investment concepts into the capital market [6] - Environmental protection-themed ESG funds dominate in both number and scale, while corporate governance-themed funds show a significant shortfall, highlighting a structural imbalance in ESG investment [6] Group 6: ESG Standards and Challenges - The former vice chairman of the China Standardization Association highlighted that the lack of unified international ESG standards and significant industry differences pose major challenges to the effective implementation of ESG systems [7] - A proposed "1+N" model combining general standards with industry-specific guidelines aims to address these challenges and adapt to the needs of different sectors [7] Group 7: Zero Carbon Initiatives - The first "zero carbon island" in the Yangtze River Basin has been put into operation, featuring a wind power project that integrates wind, solar, and energy storage systems to create a self-sufficient clean energy supply [8] - This project serves as an important demonstration of the feasibility of large-scale renewable energy applications [8]

Group 1 - The national carbon market in China has expanded to include high-energy and high-emission industries such as steel, cement, and aluminum smelting, now covering over 60% of the country's carbon dioxide emissions [2] - The Chinese approach to low-carbon green technology and industry development emphasizes source governance, direct innovation incentives, low transaction costs, and compatibility with growth, differing from the demand-side incentives seen in the EU [2][3] - The rapid growth of green low-carbon investment, production, and consumption has become a significant driver of China's economic growth, with the government’s "dual carbon" goals providing a clear and stable long-term framework for innovation and investment [3][4] Group 2 - The energy system is crucial for China's green transition, with a strong demand for electricity projected to double by 2060, necessitating a shift from fossil fuels to renewable energy sources [4] - Concerns about overcapacity in the renewable energy sector are deemed short-term and localized, with significant growth potential remaining to meet carbon neutrality goals [5] - The national carbon market has seen significant developments since its launch in 2021, with the introduction of new trading mechanisms and an increase in the number of covered emission units [6][7] Group 3 - The inclusion of the steel industry in the carbon market is expected to accelerate its low-carbon transformation and optimize production capacity, although short-term cost pressures may affect small and medium enterprises [6] - The carbon market serves as an important policy tool for addressing climate change and promoting a comprehensive green low-carbon transition in the economy [7] - A proposed new trading mechanism could incentivize innovation in low-carbon technologies by allowing high-carbon companies to purchase carbon credits from innovative green enterprises, creating a direct link between carbon pricing and innovation [7]

长江商报消息 来自碳排放权登记结算（武汉）有限责任公司（简称"中碳登"）的消息显示，钢铁、水 泥、铝冶炼三大"工业巨头"正式加入全国碳市场，新增的1000多家重点排放单位本月都已完成全国碳市 场账户的开立，中国碳市场迈入多行业协同减排2.0时代。 作为中碳登所在地，湖北此次表现亮眼，约40家区域试点碳市场企业成功"晋级"至全国碳市场。而作为 全国碳市场的"碳资产大脑"，中碳登正在重塑湖北产业生态，更成为推动中国实现"双碳"目标的重要引 擎。 碳排放覆盖量新增30亿吨 碳市场是利用市场机制积极应对气候变化、推动经济社会绿色低碳转型的重大制度安排，是国际通行的 气候治理政策工具。 2021年7月，中国以发电行业为突破口，启动了全国碳排放权交易市场上线交易，覆盖了发电行业重点 排放单位近2200家，年覆盖二氧化碳排放量超过50亿吨。2021年12月31日，全国碳市场第一个履约周期 顺利结束，114个交易日碳排放配额累计成交量1.79亿吨，累计成交额76.61亿元。截至2024年底，全国 碳排放权交易市场配额累计成交量6.3亿吨，累计成交额430.33亿元。 在政策上，湖北加快支持碳市场建设。今年3月，湖北发布《湖北 ...

智通财经APP获悉，5月23日，中国有色金属工业协会发布的中国铝冶炼产业月度景气指数监测模型结 果显示，4月份，中国铝冶炼产业景气指数为64.4，较3月份上升2个点，进入"偏热"区间底部；先行合 成指数为80.7，较3月份上升4.7个点。近期行业发展过程中存在一些波动，但铝冶炼产业经济运行整体 趋势向好。先行指数的上升可能受市场需求预期改善、行业政策支持等多种因素的影响。预计未来一段 时期，我国铝冶炼行业将会继续在"偏热"区间或重回"正常"区间运行。 | 月份 | 先行合成指数 | -致合成指数 | 滞后合成指数 | | | --- | --- | --- | --- | --- | | | (2005年=100) | (2005年=100) | (2005年=100) | | | 2024 年 4月 | 622 | 118.7 | 652 | 47.7 | | 2024年5月 | 63.7 | 126.0 | 66.1 | 515 | | 2024年6月 | 65.1 | 132.3 | 682 | 54.7 | | 2024 年 7月 | 66.0 | 136.0 | 70.8 | 56.6 | | 20 ...