Core Points - Shenzhen is promoting low-carbon development through various public education activities, emphasizing the theme "Carbon Road Pioneer, Green Future" on the 13th National Low Carbon Day [1][2] - The event aims to advocate for green and low-carbon lifestyles, with participation from government, enterprises, and social organizations [2][3] - Shenzhen has integrated low-carbon concepts into urban development, achieving significant results and positioning itself as a national leader in green development [2][3] Group 1: Event Overview - The launch ceremony for the Shenzhen Low Carbon Day was held at the Shenzhen Trading Group headquarters, featuring various stakeholders including government officials and representatives from financial institutions [2] - The event included the release of the "Shenzhen Climate Change White Paper (2024)" and showcased the city's achievements in combating climate change [3][4] Group 2: Activities and Engagement - A series of activities were organized to engage the public, including a seminar at Shenzhen Polytechnic University focusing on carbon neutrality and creative initiatives [5] - The Shenzhen Carbon Market organized visits to exemplary low-carbon enterprises to inspire corporate participation in low-carbon actions [6] - Climate science public awareness campaigns were conducted in communities, featuring documentary screenings and expert talks to promote low-carbon living [7][9] Group 3: Policy and Innovation - The white paper outlines strategies for mitigating and adapting to climate change, enhancing policy frameworks, and showcasing innovative practices unique to Shenzhen [4] - The launch of carbon asset loss insurance products aims to provide risk protection for carbon reduction projects, supporting financial innovation in the carbon market [4] Group 4: Community Involvement - Various community events were held to educate residents on low-carbon practices, including interactive exhibitions and workshops [9][12] - Schools participated in low-carbon education initiatives, fostering awareness among students about carbon footprints and sustainable practices [14]

Core Points - Shanghai Carbon Puhui officially launched on the 25th, attracting 130,000 participants and nearly 300 companies opening carbon accounts during its trial run [1] - The theme for this year's National Low Carbon Day is "Carbon Road Pioneers, Green Future," aimed at promoting low-carbon development and enhancing public awareness [1] - The event showcased Shanghai's efforts in addressing climate change and reducing pollution, with a focus on the launch of Carbon Puhui and the "One River, One River" low-carbon ecological theme [1] Group 1 - Shanghai Carbon Puhui quantifies citizens' green behaviors into emission reductions, which can be converted into "carbon points" for various rewards, enhancing public environmental awareness [1][2] - The Shanghai Environmental Exchange supports the operation of Carbon Puhui, successfully introducing over 70 types of reward products, including cash and virtual goods [2] - Two types of emission reduction products have been launched, allowing companies to purchase reductions for compliance or voluntary cancellation to achieve carbon neutrality [2] Group 2 - The event's carbon emissions will be offset through donated carbon points and credits, with a low-carbon market set up outside the venue [3] - Thirty organizations were awarded for their contributions to the Carbon Puhui initiative, highlighting the collaborative effort in its development [3] - A memorandum was signed to enhance public interest litigation using the Carbon Puhui mechanism to support green transportation [3] Group 3 - The Shanghai Energy Conservation and Emission Reduction Center released a themed board game called "Carbon Paradise," integrating carbon emission control into gameplay [4] - A roundtable forum was held with representatives from various sectors discussing sustainable paths for the Carbon Puhui mechanism [4][5]

Core Viewpoint - Beijing's carbon market has been operating smoothly for 11 compliance cycles, with the online transaction average price of carbon emission allowances rising from around 50 yuan/ton at the start to 111 yuan/ton in 2024, effectively driving corporate emission reduction behaviors [1][2]. Group 1: Carbon Market Performance - The carbon market has successfully incentivized companies to reduce emissions, allowing those with a shortage of allowances to purchase them to meet carbon control tasks, while surplus units can sell excess allowances for profit [1]. - The carbon market is a crucial policy tool for addressing climate change and promoting a green low-carbon transformation in economic and social development [1]. Group 2: Green Electricity Integration - The carbon market is linked with green electricity trading, where key carbon-emitting units become the main consumers of green electricity, receiving approximately 6 cents compensation for each kilowatt-hour of green electricity consumed, leading to a net benefit of about 4 cents after offsetting the cost [2]. - In 2024, over 140 units participated in green electricity trading, purchasing nearly 70% of the market's green electricity share, establishing themselves as the primary consumers in the city [2]. Group 3: Regulatory Framework and Future Plans - Beijing's carbon market operates under a regulatory framework supported by local laws and government guidelines, managing approximately 900 key carbon-emitting units with a total carbon emission of about 45 million tons [1]. - The city plans to innovate and improve the carbon market and carbon-inclusive mechanisms to enhance public participation in low-carbon actions and contribute to achieving the "dual carbon" goals [2].

Group 1 - The core event of the "National Low Carbon Day" was held in Beijing, focusing on the linkage between the carbon market and green electricity trading, with key carbon emission units becoming the main consumers of green electricity [1] - Beijing's carbon market has been operational for 11 compliance cycles, with the average online transaction price of carbon emission allowances rising from approximately 50 yuan per ton at the start to 111 yuan per ton by 2024 [1] - Approximately 900 key carbon emission units are managed under Beijing's carbon market, covering industries such as electricity, cement manufacturing, petrochemicals, thermal supply, public transportation, and other industrial and service sectors, with a total carbon emission volume of about 45 million tons [1] Group 2 - Companies consuming green electricity can receive around 0.06 yuan compensation per kilowatt-hour, resulting in a net benefit of approximately 0.04 yuan after offsetting about 0.02 yuan of the incremental cost of green electricity [2] - The local carbon market primarily distributes carbon emission allowances for free, supplemented by paid allocations to promote healthy market operation and signal the cost of carbon emissions [2] - Since 2022, the introduction of paid competitive bidding for carbon emission allowances has increased market liquidity and activity, contributing to the healthy functioning of the carbon market [2]

金十期货6月20日讯，今日全国碳市场综合价格行情为:开盘价72.82元/吨，最高价73.68元/吨，最低价 72.82元/吨，收盘价73.01元/吨，收盘价较前一日下跌0.59%。今日挂牌协议交易成交量182898吨，成交 额13479883.30元；大宗协议交易成交量650000吨，成交额47405000.00元。今日全国碳排放配额总成交 量832898吨，总成交额60884883.30元。2025年1月1日至6月20日，全国碳市场碳排放配额成交量 31638826吨，成交额2374472020.03元。 （全国碳交易） 今日全国碳市场收盘价73.01元/吨，较前一日下跌0.59% ...

Report Industry Investment Rating - Short - term bearish, medium - term volatile, with a price range of €67 - 76 [1] Core View - With signs of easing in the Middle East situation, the EUA price has slightly declined. There are both bullish and bearish factors in the market [1] Summary by Related Content Market Conditions - **Primary Market**: The EUA auction price is 74.51 euro/ton (-1.13%), and the bid coverage ratio is 1.35. On June 16, 2025, the EUA auction volume was 324,550 tons, the CBAM certificate price was 71.39 euro/ton, and the auction revenue was 24,1820,000 euro [1][2] - **Secondary Market**: The EUA futures settlement price is 75.34 euro/ton (-0.79%), with a trading volume of 29,700 lots (0.00 change). The spot settlement price dropped 0.79% to 75 euro/ton, and the spot trading volume increased 0.70% to 2,962 lots. The container shipping carbon cost was 12.86 dollars/TEU [1][3] Bullish Factors - The EU is ready to accept a conditional 10% unified US tariff. There are differences in the market regarding the systematic impact of corrosion problems on the relatively new French Civaux 2 nuclear power plant [1] Bearish Factors - Austria calls for re - evaluating the EU's ban on Russian fossil fuel imports under the condition of peace in Ukraine. The US says it will postpone sanctions on Russia to reach an agreement. Iran hopes to ease hostilities with Israel and negotiate, leading to a drop in crude oil prices. Russia is slowly restarting the TurkStream pipeline to supply natural gas to Europe [1]

Report Title - EU Carbon Market Market Briefing (Issue No. 101 in 2025) [1] Release Date - June 16, 2025 [2] Latest Situation - Concerns about LNG supply disruptions have intensified, and excessively high energy prices may hinder industrial production [2] Auction Information - On June 13, 2025, the EUA auction price was 75.36 euros/ton, the CBAM certificate price was 71.39 euros/ton, the EUA auction volume was 1.607 million tons, the bid - cover ratio was 1.84, and the auction revenue was 121.1 million euros [4] - On June 12, 2025, the EUA auction price was 72.71 euros/ton, the CBAM certificate price was 71.39 euros/ton, the EUA auction volume was 3.2455 million tons, the bid - cover ratio was 1.31, and the auction revenue was 235.98 million euros [4] Futures and Spot Information Futures - On June 13, 2025, the EUA futures settlement price was 75.94 euros/ton (up 0.73%), the trading volume was 29,700 lots (down 0.70), and the open interest was 32.45 (up 0.20) [2][5] Spot - On June 13, 2025, the EUA spot settlement price was 74.46 euros/ton (up 0.73%), the trading volume was 718 lots (down 4,564), the container shipping carbon cost was 12.96 US dollars/TEU, and the freight cost ratio was 0.70% [5] Investment Strategy - Short - term bearish, medium - term volatile, with a range of €67 - 75 [2] Bullish Factors - The escalation of the Middle East conflict has pushed up energy prices; the failure of the French Civaux nuclear power plant has led to an increase in natural gas and electricity prices in the European continent; the European Commission will propose new regulations on June 17, requiring energy companies to fully disclose the terms, volumes, and destinations of Russian gas contracts, aiming to ban the import of Russian gas by the end of 2027 [2] Bearish Factors - Affected by weak industrial demand and increased domestic pipeline natural gas supply, China's LNG imports have dropped significantly [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In mid - to late June, trading volume is expected to climb. In 2025, the remaining 40% of mandatory circulation allowances can only meet part of the market demand, and about 0.5 - 0.6 billion tons of market demand may be met by the voluntary sales of surplus enterprises. After the CEA price dropped to around 70 yuan, bottom - fishing demand emerged, but currently, the release of mandatory circulation allowances is insufficient, and potential selling pressure still exists. The market price is oscillating at the bottom and still lacks upward momentum. Considering the verification node, trading volume is expected to increase in mid - to late June [2]. 3. Summary by Relevant Catalogs 3.1 National Carbon Market Comprehensive Data - This week, the comprehensive price of the national carbon market rebounded significantly, with a closing price of 70.96 yuan/ton, a week - on - week increase of 4.50% and a year - on - year decrease of 26.45%. The latest single - day average trading price in the national greenhouse gas voluntary emission reduction trading market was 89.32 yuan/ton, a week - on - week increase of 5.08%. The weekly total trading volume in the national carbon market was about 3.1549 million tons, a 42% increase from last week. Among them, the volume of block trading agreements was 2.75 million tons, and the volume of listed trading agreements was about 0.4 million tons, accounting for 13% of the weekly total trading volume (a decrease of 5 percentage points). Carbon quota 24 remained the most actively traded annual quota this week, with its trading volume accounting for 87% (a week - on - week decrease of 5 percentage points). The weekly total trading volume in the national greenhouse gas voluntary emission reduction trading market was about 0.21 million tons, a more than 15 - fold increase week - on - week. The weekly average trading price in the national carbon market was 69.46 yuan/ton, a week - on - week increase of 3.35%. The weekly average trading price in the national greenhouse gas voluntary emission reduction trading market was 86.74 yuan/ton, a 1.68% recovery from the previous week, 25% higher than the weekly average trading price of listed trading agreements in the national carbon market [1]. - The closing prices of carbon quotas from 2019 - 2020 to 2024 were 69.11, 72.00, 71.50, 71.00, and 71.20 yuan/ton respectively, with week - on - week growth rates of 3.15%, 6.67%, 6.72%, 2.51%, and 3.55% respectively, and year - on - year growth rates of - 28.38%, - 25.39%, - 25.87%, N/A, and N/A respectively. The latest average block trading price of carbon quota 24 was 71.20 yuan/ton, a week - on - week increase of 4.01% [7]. 3.2 Carbon Quota Market Data by Year - For different years' carbon quotas, the differences between the average listed trading price and the average block trading price were 6.46%, 2.54%, - 4.70%, - 0.05%, and - 1.55% respectively. The total trading volumes were 566, 246, 3010, 11629, and 1297 million tons respectively, and the proportions of block trading were 86%, 53%, 83%, 83%, and 77% respectively [11]. 3.3 National Greenhouse Gas Voluntary Emission Reduction Registration and Market Trading Data - In 2025, the first batch of registered emission reduction projects included multiple wind and solar power projects, with a total applied - for registered emission reduction of 9.48 million tons. The weekly total trading volume in the national greenhouse gas voluntary emission reduction trading market was 0.2081 million tons, the weekly total trading amount was 18.0529 million yuan, the average trading price was 86.74 yuan/ton, a week - on - week increase of 1.68%, and the premium rate was 25% [13][14]. 4. Recommended Strategy It is recommended that enterprises with quota shortages make batch purchases at low prices before the fourth quarter [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The auction price of EUA is 73.5 euros/ton (up 1.86%), with a bid - cover ratio of 1.56; the EUA futures settlement price is 74.36 euros/ton (up 2.34%), and the trading volume is 30,300 lots (up 0.28). The short - term strategy is bearish, and the medium - term is range - bound between €67 - 75. The latest CoT report shows that last week, investment funds' net long positions increased by 5.74 million tons, nearly half of which came from short - covering. The TTF strengthened due to factors such as French nuclear power maintenance and the EU's proposal to end the secret import of fuel from Russia. There are no new negative factors [1][2]. 3. Summary by Relevant Catalogs Market - **Auction**: On June 11, 2025, the EUA auction price was 73.50 euros/ton, the CBAM certificate price was 71.39 euros/ton, the auction volume was 2.0725 million tons, the bid - cover ratio was 1.56, and the auction revenue was 152.33 million euros. On June 10, 2025, the EUA auction price was 72.16 euros/ton, the CBAM certificate price was 71.39 euros/ton, the auction volume was 3.2455 million tons, the bid - cover ratio was 1.64, and the auction revenue was 234.20 million euros [3]. - **Futures**: On June 11, 2025, the EUA futures settlement price was 74.36 euros/ton, up 2.34% from the previous day, and the trading volume was 30,300 lots, up 0.28. The open interest was 32.07 million lots, unchanged from the previous day [4]. - **Spot**: On June 11, 2025, the EUA spot settlement price was 73.43 euros/ton, up 2.34% from the previous day, and the trading volume decreased by 3,958 lots. The container shipping carbon cost was 12.83 US dollars/TEU, with a freight rate ratio of 0.77% [4].

Core Viewpoint - Wuhan is taking a proactive role in promoting a comprehensive green transformation of economic and social development in the context of China's "dual carbon" goals [2] Institutional Initiatives - Wuhan serves as the national carbon market's "big data hub," facilitating the reduction of social emission costs through innovative carbon market mechanisms [2] - The carbon trading platform "Zhong Carbon Registration" has traded 653 million tons of carbon quotas since its establishment in 2021, with a transaction value exceeding 44.8 billion yuan, making it the largest carbon market globally [5] - The national carbon market has expanded to cover over 80 billion tons of emissions, accounting for 60% of industrial carbon emissions in China [5][6] - The high compliance rate of enterprises in the Hubei carbon market demonstrates the effectiveness of the market logic that "pollution has costs, and reduction has benefits" [6] Public Engagement - The "Wuhan Carbon Benefit" platform has engaged 1.6 million residents, quantifying 8.27 million reduction actions and saving 51,800 tons of carbon emissions over two years [7][8] - Young people in Wuhan are increasingly using carbon reduction amounts as wedding gifts, reflecting a cultural shift towards carbon neutrality [9] Innovative Practices - Companies in Wuhan are discovering new revenue streams through carbon trading, with one company generating 1.4 million tons of carbon reduction annually, translating to approximately 4 million yuan in additional income [11] - The integration of solar energy and carbon trading is becoming standard in industrial parks, with one park saving 5 million yuan in electricity costs and earning an additional 160,000 yuan through carbon trading [11] - The establishment of a 400-kilometer new energy demonstration line in Wuhan showcases a comprehensive energy supply for various new energy vehicles [12] Pathways for Low-Carbon Development - Wuhan is pioneering a "model-driven, all-domain promotion" approach to low-carbon development, exploring various scenarios for urban low-carbon transformation [13]