资讯汇总 [table_Header]2025.06.04 【双碳周报】全国碳市场碳排放配额累计成交量下降 产业研究中心 请务必阅读正文之后的免责条款部分 1 of 8 [Table_Summary] 上周欧美韩碳市场碳配额交易价格有所下降。欧洲市场，EUA 现货价格 与期货价格上周有所下降，降幅分别为 3.53%、3.59%；美国市场，EUA 期 货价格上周降幅为 3.59%，UKA 期货价格上周降幅为 0.83%；韩国市场， KAU24 现货价格上周降幅为 0.11%。 上周韩国碳市场碳配额成交量大幅上涨。欧洲市场，EUA 现货上周共成 交 28.7 万吨，较前一周上涨 54.3%，EUA 期货上周共成交 335.2 万吨，较 前一周下降 24.11%；美国市场，EUA 期货上周共成交 135.26 百万吨，较 前一周下降 21.91%；韩国市场，KAU24 现货上周共成交 118.81 万吨，较 前一周上涨 132.64%。 上周全国碳市场碳排放配额累计成交量有所下降。上周全国碳市场碳配额 （CEA）累计成交量为 212.23 万吨，累计成交金额为 14565.72 万元。上 周全国碳市场碳排放配额累计 ...

全国碳币场行情简报 (2025年第86期) 核心 20EA价格跌至70元附近后,抄底需求有所显现,但目前强制流通配额释放不足,潜在 逻辑 她压仍存,市场价格震荡磨底,仍缺乏上行驱动,综合价格5月底部或65°68元/吨。 国泰君安期货 发布日期:2025-05-30 今日 行情 近期日均成交量低于50万吨,综合价格接近预期底部区间 1、CEA:CEA19-20涨超4%，CEA22明显下跌:挂牌35.9万吨，大宗30.0万吨 2、CCER:挂牌协议成交量1.00万吨,成交均价85.50元/吨（-0.04%） 策略 建议缺口企业在8月底前分批逢低采购 (1)2025年剩余40%强制流通配额只能满足部分市场需求，约0.4°0.5亿吨市场需求或由 盈余企业自愿卖出来满足。 重要声明 在公司具有中国证监会被准的期货交易咨询业务资格。本内容均观点和信息仅供国泰君安邦货的专业投资者参考。本内容难以设置访问权限， 装给您造成不便，鼓清谅解。吉您并非国泰君安期货客户中的专业投资者，请勿闻读、订阅或接收任何相关信息。本内容不构成具体业务的拉 个，亦不应被视为任何投资、法律、会计或税务建议、且本公司不会因接收入收到本内容而视其为客户 ...

Core Viewpoint - The Gansu Carbon Exchange has faced significant backlash from investors due to a forced buyback of carbon credits at a price significantly lower than their purchase price, leading to losses exceeding 50% for some investors [1][2]. Group 1: Investor Concerns - Multiple investors reported receiving calls from the Gansu Carbon Exchange offering to buy back "Dianqiao Family Forest Carbon C1" at 40 yuan per ton, which is substantially lower than their purchase price of 70-90 yuan per ton [1][4]. - The forced buyback has resulted in a trading standstill for over a year, causing frustration among investors who are unwilling to accept the low buyback price [1]. Group 2: Gansu Carbon Exchange's Response - The Gansu Carbon Exchange issued a statement clarifying that it has never promoted or marketed the carbon credit products, and the claims of guaranteed high returns were made by a third-party sales representative [1][2]. - The exchange emphasized that it has not established any "lock-in" rules for trading and that the current situation arose from regulatory investigations into certain member units [2]. Group 3: Product and Transaction Details - The "Dianqiao Family Forest Carbon C1" product is linked to Jinyongcheng Technology (Shanghai) Co., Ltd., which has a carbon credit development agreement with the Qiaojia County government [1]. - The Gansu Carbon Exchange has stated that it will facilitate the buyback process only after obtaining consent from the members involved [2].

Group 1 - The Chinese government has issued opinions to enhance the market-oriented allocation system for resource and environmental factors, focusing on carbon emission rights, water rights, and pollution discharge rights [1] - By 2027, the carbon emission rights and water rights trading systems are expected to be fundamentally improved, with a well-established pollution discharge rights trading system and a more robust energy-saving market mechanism [1] - The national carbon emission trading market will gradually expand its industry coverage, adding approximately 1,500 new key emission units, which could increase the market share of emissions from 40% to 60%, adding around 3 billion tons of emissions to the market [2] Group 2 - Fujian Jinsen's subsidiary, Jinsen Carbon Sink Technology, is actively participating in the development of greenhouse gas voluntary reduction projects in line with China's certified voluntary reduction trading policies [3] - Xingyuan Environment plans to trade forestry carbon sink-related indicators in the CCER market [4]

Report Title - EU Carbon Market Quotation Briefing (Issue No. 90, 2025) [1] Release Date - May 29, 2025 [2] Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core View - The MSR absorbs auction quotas again, and EUA strengthens against the trend [2] Market Conditions Primary Market - The auction price is 70.54 euros/ton (-1.36%), and the bid coverage ratio is 1.87 [2] Secondary Market - The EUA futures settlement price is 72.07 euros/ton (0.43%), and the trading volume is 24,200 lots (-0.08) [2] Core Logic Bullish Factors - The latest CoT report shows that the net long positions of investment funds increase by 1.026 million tons [2] - The European Commission announces the annual EUETS surplus indicator (TNAC). In 2024, the TNAC is about 1.148 billion tons. From September 2025 to August 2026, about 275 million tons of quotas will be extracted from the auction volume to the Market Stability Reserve (MSR) [2] - The US Federal Trade Court rules that Trump's imposition of comprehensive tariffs on imported products is illegal and gives the government 10 days to revoke all tariffs [2] Bearish Factors - No new bearish factors [2] Other Information - Russia proposes to hold the second round of direct Russia - Ukraine negotiations in Istanbul, Turkey on June 2, 2025, clarifying Russia's conditions for a lasting peace agreement (including halting NATO's eastward expansion) [3] Data Tables and Charts Chart 1 - Displays EUA's latest auction market information including CBAM certificate price, EUA auction price, auction volume, bid coverage ratio, and auction revenue [4] Chart 2 - Shows the seasonal chart of EUA auction price trends [4] Chart 3 - Presents the seasonal chart of EUA auction bid coverage ratio [4] Chart 4 - Provides EUA's futures and spot market information such as futures settlement price, trading volume, open interest, spot settlement price, spot trading volume, container shipping carbon cost, and freight ratio [5] Chart 5 - Illustrates EUA's futures and spot prices and basis [5] Chart 6 - Displays the seasonal chart of December contract open interest [5]

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 ...

Core Viewpoint - The establishment of a carbon-inclusive market is essential to address the structural gap in China's carbon market, which currently focuses on production-side emissions reduction while neglecting the consumption-side [1] Group 1: Carbon Inclusive Market Overview - The carbon-inclusive market targets individuals, families, communities, and small enterprises, effectively activating the significant emissions reduction potential on the consumption side [1] - It employs a voluntary participation model based on "behavior-quantification-incentive," transforming everyday low-carbon actions into standardized carbon reduction metrics with economic value [1][2] Group 2: Public Engagement and Behavioral Change - The carbon-inclusive market aims to bridge the "willingness-behavior" gap by quantifying and visualizing low-carbon actions, making emissions reductions measurable and traceable [2] - Diverse incentive measures are implemented to motivate public participation, integrating economic value, social recognition, and service benefits tailored to different demographics [2][3] Group 3: Institutional Channels for Public Participation - The market provides institutional channels for public involvement in environmental governance, creating a positive feedback loop of "public behavior-market signal-policy adjustment" [3] - It addresses data silos through a government-led public platform that connects multi-source data, simplifying public participation in emissions reduction [3] Group 4: Support for Small and Medium Enterprises (SMEs) - The carbon-inclusive market lowers participation barriers for SMEs, which often struggle to engage in existing carbon markets due to their size and capabilities [4] - It opens up diversified revenue channels for SMEs, allowing them to earn from emissions trading and benefit from policy incentives like government green procurement [4][5] Group 5: Policy Recommendations and Implementation Path - Systematic institutional and strategic support is necessary for building a robust carbon-inclusive market, including top-level design and regulatory frameworks [6] - Technological infrastructure should be developed using big data, blockchain, and IoT to create a unified carbon-inclusive platform for data integration [6][7] - A multi-faceted incentive mechanism is recommended, combining economic, policy, and social incentives to enhance participation effectiveness [6][7] Group 6: Regional Collaboration and Capacity Building - Regional collaboration should follow a "pilot first, gradient promotion, regional linkage" principle, focusing on areas like Beijing-Tianjin-Hebei and the Yangtze River Delta [7] - Capacity-building initiatives are essential to enhance government oversight, corporate emissions management, and public engagement [7]

Group 1: Report Overview - Report title: National Carbon Market Weekly Brief (Issue 81, 2025) [1] - Publisher: Guotai Junan Futures [2] - Release date: May 23, 2025 [3] Group 2: Investment Rating - Not provided Group 3: Core View - The recent average daily trading volume is low, and the trend of bottom - grinding through fluctuations is difficult to change in the short term [5] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August [7] Group 4: Market Conditions CEA - CEA22 has a significant decline, while other quotas are weakly stable. The volume of listed transactions is 15.64 tons, and the volume of bulk transactions is 42.00 tons [6] - CEA19 - 20 has a closing price of 69.50 yuan/ton with a decline of 0.14%, CEA21 has a closing price of 68.50 yuan/ton with no change, CEA22 has a closing price of 67.80 yuan/ton with a decline of 3.14%, CEA23 has a closing price of 70.53 yuan/ton with a decline of 0.10%, and CEA24 has a closing price of 70.73 yuan/ton with a decline of 0.18% [11] - The total trading volume of CEA19 - 20 is 0.20 tons, CEA21 is 0.00 tons, CEA22 is 1.50 tons, CEA23 is 11.07 tons, and CEA24 is 44.87 tons [11] - The total turnover of CEA19 - 20 is 3176.98 million yuan, CEA21 is 101.70 million yuan, CEA22 is 13.97 million yuan, CEA23 is 897.26 million yuan, and CEA24 is 0.00 million yuan [12] CCER - The volume of listed agreement transactions is 3.50 tons, and the average transaction price is 90.00 yuan/ton, with an increase of 3.82%. The turnover is 315.36 million yuan, and the cumulative trading volume is 179.41 tons [6][13] Group 5: Strategy - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August. In 2025, the remaining 40% of the mandatory circulation quota can only meet part of the market demand, and about 0.4 - 0.5 billion tons of market demand may be met by the voluntary sales of surplus enterprises [7] Group 6: Core Logic - After the CEA price drops to around 70 yuan, both the rigid demand and speculative demand in the market appear, the market trading enthusiasm significantly increases, and the release of the mandatory circulation quota accelerates. The bottom of the CEA comprehensive price in May may be 65 - 68 yuan/ton [9] - Currently, the release ratio of the mandatory circulation quota is less than 20%, and there is still potential selling pressure. The market price is bottom - grinding through fluctuations and still lacks upward driving force. If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height may be more limited. If the daily trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [9]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The carbon quota trading prices in the European and American carbon markets decreased last week, while the KAU24 spot price in the South Korean market increased. The trading volumes in the American and South Korean carbon markets rose, and the cumulative trading volume of carbon emission allowances in the national carbon market in China increased significantly. The weekly trading volume in domestic pilot carbon markets also increased [2]. - Two important events occurred in the field of international green development cooperation: China and CELAC reached a cooperation plan, and RE100 unconditionally recognized Chinese green certificates, which shows China's continuous improvement in green rule - guiding ability and technology export capacity [2]. Summary by Directory 1. International Carbon Trading Market Tracking 1.1 European Carbon Quota Price and Volume - EUA spot price dropped from 72.31 euros/ton on May 12 to 69.94 euros/ton on May 16, a weekly decline of 3.28%. The trading volume was 7.1 tons last week, a 44.96% decrease from the previous week. EUA futures price fell from 73.41 euros/ton to 70.99 euros/ton, a 3.3% decline, and the trading volume was 279.1 tons, a 35.94% decrease [6]. 1.2 American Carbon Quota Price and Volume - EUA futures price decreased from 73.41 euros/ton on May 12 to 70.99 euros/ton on May 16, a 3.3% weekly decline. The total trading volume of EUA futures was 180.02 million tons, a 15.03% increase from the previous week. UKA futures price dropped from 52.71 pounds/ton to 48.36 pounds/ton, an 8.25% decline [10]. 1.3 South Korean Carbon Quota Price and Volume - KAU24 spot price rose from 8810 won/ton on May 12 to 8910 won/ton on May 16, a 1.14% weekly increase. The trading volume was 47.48 tons, a 107.79% increase from the previous week [16]. 2. Domestic Carbon Market Tracking 2.1 National Carbon Market Carbon Quota Volume and Average Transaction Price - The cumulative trading volume of carbon emission allowances (CEA) in the national carbon market last week was 3.672 million tons, and the cumulative transaction amount was 265.7224 million yuan, with increases of 212.14% and 222.83% respectively from the previous week. As of May 16, the average daily transaction price of CEA last week was 71.16 yuan/ton, a 1.71% increase [19]. 2.2 Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets - Except for Guangdong Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed a downward trend last week, with the largest decline of 5.66% in Fujian's FJEA. Compared with the same period last month, except for Beijing, Tianjin, Hubei, and Shenzhen, the prices in other pilot markets declined, with the largest decline of 28.69% in Chongqing's CQEA [23]. 2.3 Carbon Quota Volume and Transaction Amount in Domestic Pilot Provincial and Municipal Carbon Markets - The carbon quota trading in domestic pilot carbon markets last week was mainly concentrated in Chongqing, Shenzhen, Tianjin, and Shanghai, accounting for 96.47% of the total weekly trading volume and 94.90% of the total weekly transaction amount. The total weekly trading volume in domestic pilot carbon markets was 181,600 tons, a 71.19% increase from the previous week [25]. 3. Double - Carbon Frontier Technology Tracking 3.1 China - CELAC Cooperation Plan: Exploring Cooperation and Investment Opportunities in Energy Transition and Advanced Energy Storage Technology - On May 13, China and CELAC jointly formulated a cooperation plan (2025 - 2027), emphasizing cooperation and investment opportunities in energy transition and advanced energy storage technology to promote green and low - carbon energy transformation [28]. 3.2 RE100 Announces Unconditional Recognition of Chinese Green Certificates - Recently, RE100 announced unconditional recognition of Chinese green certificates. This is a major achievement of China's green certificate system improvement, which will boost confidence in Chinese green certificate consumption, expand demand, and enhance the green competitiveness of Chinese enterprises [28].

发布日期: 2025-05-20 英欧碳市场计划连接,拍卖市场补跌 敢新 一级:拍卖价格69.44欧元/吨(-4.80%),投标覆盖比1.29; 1、 行情 二级:EUA期货结算价70.42欧元/吨(-0.80%),成交3.45万手(-0.24) 策略 短期偏空,中期震荡,下方支撑位€67 利多:暂无新增。 核心 利空:(1)英欧碳市场计划连接,由于UKA价格低于EUA,因此对欧盟碳价形成短期利 欧盟碳市场行情简报 (2025年第83期) 40 20 07-01 04-01 10-01 01-01 01-01 01-01 01-01 04-01 10-01 07-01 图表4:欧盟排放配额(EUA)行情信息-期货、现货 期货结算价(欧元/吨) 期货成交量(万手) 期货持仓量(万手) 持仓量 成交量 增减 2025-05-16 2025-05-19 增减 涨跌幅 70. 99 70. 42 -0. 24 -0. 80% 31. 77 3.45 0. 00 现货结算价(欧元/吨) 现货成交量(手) 集运碳成本(美元/TEU) 运费占比 即期成本 2025-05-16 | 2025-05-19 成交量 增减 涨跌幅 ...