Market Overview - The cumulative trading volume of carbon emission allowances in the national carbon market increased to 3.2428 million tons, with a transaction amount of 225.8395 million yuan, reflecting an increase of 30.17% and 23.92% respectively compared to the previous week[18] - The average daily transaction price of carbon emission allowances (CEA) was 69.59 yuan/ton, down by 4.85% from the previous week[18] International Carbon Market Trends - In the European market, EUA spot prices rose by 3.36% to 72.56 euros/ton, while trading volume decreased by 55.17% to 104,000 tons[6] - The EUA futures price increased by 3.35% to 73.22 euros/ton, with a slight decrease in trading volume of 0.07% to 2.87 million tons[6] - In the US market, EUA futures prices rose by 3.33% to 73.21 euros/ton, with trading volume increasing by 0.75% to 136.29 million tons[9] Domestic Market Insights - The trading volume in domestic pilot carbon markets decreased by 64.00% to 211,700 tons, with major trading concentrated in Shenzhen, Shanghai, Hubei, and Guangdong, accounting for 97.47% of total trading volume[24] - The average transaction price in Guangdong's carbon market dropped by 4.53%, marking the largest decline among pilot markets[22] Policy Developments - The People's Bank of China and six other departments issued guidelines to support new industrialization, focusing on enhancing technological innovation and supply chain resilience[25] - Shanghai's new policy for market-oriented pricing of renewable energy will ensure that all new energy projects will participate in market trading by the end of 2025, promoting a sustainable energy system[28] Risk Factors - Economic recovery may not meet expectations, and there are risks associated with unexpected policy relaxations and climate anomalies[29]

Report Summary Investment Rating - Not provided in the content Core Viewpoints - It is recommended that deficit enterprises make batch purchases at low prices before the end of August [4] - The depletion of mandatory circulation quotas may support a carbon price reversal, with signs possibly seen in Q3. Carbon prices may fluctuate before August and start to rise in September due to increasing compliance pressure [6] Summary by Directory Market Quotes - CEA: The main target continued to be weak, with 72,000 tons listed and 746,000 tons in bulk transactions [13] - CCER: The listed agreement trading volume was 80 tons, and the average transaction price was 78.97 yuan/ton (up 1.24%) [10][13] Carbon Quota (CEA) Latest Market Information | Quota | Closing Price (yuan/ton) | Change (%) | New-Old Price Difference (yuan/ton) | Bulk Transaction Average Price (yuan/ton) | Total Transaction Volume (10,000 tons) | | --- | --- | --- | --- | --- | --- | | CEA19 - 20 | 71.34 | 0.00% | - | N/A | 0.00 | | CEA21 | 70.00 | 0.00% | -1.34 | N/A | 0.00 | | CEA22 | 73.00 | 0.00% | 3.00 | N/A | 0.00 | | CEA23 | 72.80 | -0.18% | -0.20 | 55.25 | 76.67 | | CEA24 | 72.86 | -0.46% | 0.06 | N/A | 5.08 | [8] Voluntary Emission Reduction (CCER) Transaction Information - Average transaction price: 78.97 yuan/ton, up 1.24% - Transaction amount: 59,300 yuan - Transaction volume: 80 tons - Cumulative transaction volume: 2,477,900 tons [10]

全国碳市场覆盖排放量预计超过40亿吨，将成为全球覆盖温室气体排放量规模最大的碳市场。但目前， 全国碳市场还限于碳排放企业，并只覆盖了电力行业。业内人士认为，未来的碳交易还将囊括更多的行 业和市场主体，形成更大的规模。 据了解，碳排放配额交易以"每吨二氧化碳当量价格"为计价单位，买卖申报量的最小变动计量为1吨二 氧化碳当量，申报价格的最小变动计量为0.01元人民币。结算方面，注册登记机构应选择符合条件的商 业银行作为结算银行，并在结算银行开立交易结算资金专用账户，提供结算业务的银行不得参与碳排放 权交易。 从更长的时间线来看，为推动本次全国碳市场的上线，许多配套工作早已展开，为正式启动搭好了框 架。其中，2020年底出台的《碳排放权交易管理办法(试行)》，规定了各级生态环境主管部门和市场参 与主体的责任、权利和义务，以及全国碳市场运行的关键环节和工作要求。 市场规模需进一步扩大 进入5月后，不仅全国碳市场建设快速推进，与碳市场、碳中和关联度高的各个行业，也出台了多个相 关政策，为行业低碳发展定调。与此同时，二级市场上的碳中和概念股也已异动多时。数据显示， Wind碳中和指数5月6日(本月第一个交易日)以来，已累 ...

美中贸易全国委员会董事会主席芮思博近日率团访华，传递出美国企业界对两国经贸对话的支持与期 待，为中美产业合作和经贸往来健康发展创造了良好条件。在美方挥舞关税大棒的阴云下，美国企业依 然坚定看好中国市场，这份选择难能可贵，更折射出中国发展不可替代的确定性魅力。 这份确定性，首先源于中国自身发展的稳健步伐。今年上半年，中国经济以5.3%的增速交出高含金量 答卷，总量向140万亿元迈进。多年来，中国对世界经济增长的贡献率稳定在30%左右，为全球经济发 展提供了关键支撑。亮眼成绩背后是连贯的政策引领，通过科学制定并接续实施五年规划，辅以务实精 准的宏观政策，为中国勾勒出清晰可预期的发展蓝图，赋予企业应对发展周期各种挑战的稳定预期和强 大韧性。 这份确定性，更源于中国开放大门越开越大的坚定承诺。中国正以实际行动为包括美企在内的全球企业 创造增量机遇。例如，服务业扩大开放加速推进155项试点任务，金融、医疗等领域新空间不断拓展； 绿色转型浪潮催生清洁能源、碳交易、储能等新赛道，为外企技术合作开辟蓝海；高质量实施《区域全 面经济伙伴关系协定》（RCEP），推动区域经济一体化结构性深化，使外企以中国为枢纽，辐射东 盟、中东等 ...

Group 1 - The national carbon market closed at 72.43 yuan/ton on August 1, showing a slight decrease of 0.07% from the previous day, and a decline of 3.39% from the end of June [1] - In July, the total trading volume of carbon emission allowances (CEA) was 11.6642 million tons, representing a significant decrease of 26.57% month-on-month, with the average daily trading volume dropping by 35.75% compared to June [1] - The Fudan University Sustainable Development Research Center noted that the carbon price fluctuated downwards in July, narrowing the price range from 74.28 yuan/ton at the beginning of the month to 72.33 yuan/ton by the end [1] Group 2 - The Fudan Carbon Price Index forecasts that by August 2025, the expected buying price for CEA will be 71.25 yuan/ton, while the selling price is expected to be 76.04 yuan/ton, with a midpoint of 73.65 yuan/ton [2] - As of July, the national carbon market has cumulatively traded 6.811 billion tons, with a total transaction value of 46.823 billion yuan [2] - The carbon market is set to expand in 2025 to include industries such as steel, cement, and aluminum smelting, with new trading methods introduced [2] Group 3 - The Chairman of the Shanghai Environment and Energy Exchange stated that efforts will continue to enhance the development and improvement of the national carbon emission trading market mechanisms [3]

Group 1 - The year marks the 20th anniversary of the "Green Mountains and Clear Water are Gold and Silver Mountains" concept and the 5th anniversary of the "dual carbon" goals [1][5] - Since the launch of China's carbon market in 2021, it has contributed to a 4% increase in global carbon pricing coverage, which now stands at 28% of global carbon emissions [1][2] - The national carbon emissions trading market has expanded to include cement, steel, and aluminum industries, adding approximately 1,500 key emission units, which will cover over 60% of national CO2 emissions [1][2] Group 2 - The establishment of both mandatory and voluntary carbon markets creates a "dual drive" for the world's largest carbon market, with the voluntary market being cross-border and based on corporate autonomy [2] - There is significant potential in the voluntary carbon market, especially for companies aiming for carbon neutrality by 2030, with demand expected to grow from various sectors including automotive [2][3] - The need for carbon reduction must be matched by an increase in carbon credit supply, focusing on project viability, technological impact, and biodiversity [2] Group 3 - By 2060, approximately 1.8 billion tons of CO2 will need to be neutralized through carbon capture, utilization, and storage (CCUS) technologies [3] - Financial resources are increasingly directed towards green projects, including innovative initiatives like "fishing and solar power integration" [3] - As of the end of Q2 2025, the balance of green loans reached 42.39 trillion yuan, reflecting a 14.4% increase from the beginning of the year [3] Group 4 - The scope of green finance is expanding, with the new 2025 version of the "Green Finance Support Project Directory" including 271 categories, supporting both pure green projects and traditional projects needing transformation [4] - The voluntary carbon market has seen a cumulative transaction volume of nearly 2.4 million tons and a transaction value exceeding 200 million yuan as of July 28 [5] - The establishment of the National Green Technology Trading Center aims to promote green technology and accelerate its implementation [5]

Group 1 - The national carbon market closed at 72.43 yuan/ton on August 1, down 0.07% from the previous day, with a 3.39% decline from the end of June [1] - In July, the national carbon market saw a total trading volume of 11.6642 million tons, a decrease of 26.57% month-on-month, ending a four-month growth trend [1] - The average daily trading volume in July was 510,300 tons, down 35.75% from June's 794,200 tons [1] Group 2 - The Fudan Carbon Price Index forecasts a buying price of 71.25 yuan/ton and a selling price of 76.04 yuan/ton for carbon emission allowances (CEA) by August 2025 [2] - As of July, the national carbon market has cumulatively traded 6.811 billion tons, with a total transaction value of 46.823 billion yuan [2] - The carbon trading management regulations will take effect on May 1, 2024, marking a significant step in the development of the carbon market [2] Group 3 - The chairman of Shanghai Environment Energy Exchange stated that efforts will continue to enhance the mechanisms of the national carbon trading market [3]

Group 1 - The Beijing Carbon Market has achieved a cumulative trading volume of over 110 million tons and a trading value of nearly 4.7 billion yuan [1][2] - The Beijing Environment Exchange was established in 2008 and was renamed Beijing Green Exchange in 2020, focusing on various environmental rights trading services [1] - The carbon emission trading market in Beijing has been operational for 11 compliance cycles, with the average online transaction price of carbon emission allowances rising from around 50 yuan per ton to 111 yuan per ton by 2024 [2] Group 2 - The market includes approximately 900 key carbon emission units, managing a total carbon emission volume of about 45 million tons, covering industries such as electricity, cement manufacturing, and public transportation [1] - The Beijing Green Exchange has developed a national voluntary greenhouse gas emission reduction registration and trading system, facilitating over 2,000 units to complete trading system registration, with a cumulative trading volume exceeding 2.4 million tons and a trading value exceeding 200 million yuan [2]

面向未来，北京绿色交易所确立"一主五专两化"发展策略。将坚守全国温室气体自愿减排交易主业，落 实生态环境部各类管理要求，持续支撑市场稳定高效运行；同时拓展北京地方碳市场交易服务、企业绿 色低碳发展服务、绿色技术交易服务、ESG综合服务、绿色债券发行与交易服务等五类绿色交易专业服 务。 王乃祥介绍，2023年，北京绿色交易所获得生态环境部授权，作为全国温室气体自愿减排交易系统的运 行和管理机构，提供核证自愿减排量的集中统一交易与结算服务。今年2月，国家发改委批复同意以北 京绿色交易所为主体设立国家绿色技术交易中心。 中证报中证网讯(记者刘丽靓)北京绿色交易所8月1日消息，日前，北京绿色交易所董事长王乃祥在北京 绿色交易所2025年参与人大会上表示，截至2025年7月28日，全国温室气体自愿减排交易市场累计成交 量接近240万吨，累计成交金额超过2亿元，市场规模稳步攀升。 ...

Group 1 - The core viewpoint of the news is the significant progress made in China's voluntary carbon market, with a total trading volume nearing 2.4 million tons and a transaction value exceeding 200 million yuan as of July 28 [1] - The establishment of the National Green Technology Trading Center under the Beijing Green Exchange has been officially approved by the National Development and Reform Commission, aiming to promote green technology and accelerate its transformation [1][3] - The Beijing Green Exchange is focusing on addressing challenges in green technology trading and is conducting foundational research on business models, evaluation standards, and the establishment of a technology broker system [3] Group 2 - The Beijing Green Exchange aims to maintain its primary role in voluntary greenhouse gas reduction trading while supporting the stable and efficient operation of the market [4] - Future services will include five categories: local carbon market trading, corporate green low-carbon development services, green technology trading services, ESG comprehensive services, and green bond issuance and trading [4] - The exchange is committed to enhancing internationalization and high-energy development to better support the dual carbon industry [4]