Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The strengthening of the equity market has driven the EUA to stop falling and rebound, but it is overbought in the short - term and there is still a risk of decline in the medium - term, with an upper resistance level of €75 [3] Group 3: Summary by Related Catalogs Latest Market Conditions - **Primary Market**: The auction price is 70.11 euros/ton (-2.42%), and the bid - cover ratio is 1.71 [3] - **Secondary Market**: The EUA futures settlement price is 73.41 euros/ton (1.49%), and the trading volume is 25,400 lots (0.41) [3] Strategies - Short - term overbought, medium - term decline risk remains, with an upper resistance level of €75 [3] Bullish Factors - German wind and photovoltaic power generation has decreased, and the remaining load has increased; the peace negotiation between Ukraine and Russia has failed, and Putin was absent; the three major European stock indexes have risen across the board [3] Bearish Factors - The European Commission may propose to set up a new fund to support energy infrastructure, and the funding source may include EU ETS auction revenues; the economic growth rate of the eurozone in the first quarter was weaker than expected [5] Other Factors - Trump's visit to the Gulf focuses on major business agreements, which may affect market sentiment; the agenda of the UK - EU summit to be held in London on May 19 has been announced, and the connection of the UK - EU carbon market is listed as the second priority, second only to defense [5]

北京碳市场将石化、制造业、热力、交通运输等行业年能耗2000吨标煤以上的近1300家单位纳入管理， 其中对年碳排放量超过5000吨的900余家重点碳排放单位施行配额管理。配额线上成交价格稳步提升， 体现了"排碳有成本、降碳有收益"的市场原则，重点领域重点企业碳排放得到有效控制。据统计，纳入 北京市碳市场管理的重点碳排放单位2023年排放总量同比下降2%。其中燃煤应急发电、水泥、石化等 碳排放量较大的行业降碳效果显著，为有效控制全市碳排放总量做出了重要贡献。 目前，北京市本地碳市场的碳排放配额以免费发放为主，有偿发放为辅。"通过配额有偿发放能够促进 本地碳市场健康运行，同时也进一步释放了'排碳有成本'的信号。"北京市生态环境局应对气候变化处 李春梅表示，2025年北京市将继续完善本地碳市场建设，激励碳排放单位主动消纳更多绿电，尝试扩大 碳普惠应用场景，鼓励可再生能源开发利用，以及交通、建筑等领域的节能降碳行为，引导生产生活方 式低碳转型。 成交均价为7个地方碳市场中最高 中化新网讯 记者5月13日从北京市生态环境局了解到，北京市碳排放权交易市场（以下简称北京市碳市 场）2024年度工作圆满完成，全市850余家重 ...

乘坐5次公交车，所获得的碳减排量就可用于抵扣两元银行贷款利息。 近日，民生银行武汉分行与武汉碳普惠综合服务平台"武碳江湖"合作，在武汉试点以个人碳减排量兑换低碳红包，以抵扣个人正常状态的消费贷款利息， 包括按揭贷款、综合消费贷款、个人微型消费贷款等。在今年内，同一用户最高可兑换2000元。 "充两度电，可抵两元贷款利息" 近日，武汉市民魏女士通过日常积累的45000克碳减排量，成功抵扣了当月90元贷款利息，成为武汉试点以个人碳减排量抵扣银行贷款利息的首批受益人 之一。 今年3月，民生银行武汉分行与武汉碳普惠综合服务平台"武碳江湖"合作，在武汉推出了消贷低碳红包。公众每积累1000克减排量，即可兑换2元的银行消 贷低碳红包。 "实现个人碳资产的直接变现，是本次试点的一大突破。"刘树表示，该试点服务一上线，就受到了公众关注。仅5月11日一天，就有5万多名新用户在武碳 江湖平台开设个人碳账户。尽管相关试点仍处于推广期，已有多家银行表达了参与的意愿，后续将逐步从武汉覆盖到湖北全省。 个人碳资产已在湖北入市变现 近年来，公众通过绿色出行获得碳减排量并兑换礼品的碳普惠模式，成为许多城市碳普惠实践的通行模式。包括北京"绿色 ...

转自：北京日报客户端 北京市生态环境局13日介绍，北京市碳排放权交易市场（以下简称"北京市碳市场"）2024年度工作圆满 完成，全市850余家重点碳排放单位均完成碳排放配额清缴、履行碳排放控制义务。据统计，2024年北 京市碳市场运行平稳有序，交易总量为367万吨，成交额3.71亿元。碳价稳中有升，配额线上成交均价 达111元/吨，在7个地方碳市场中价格最高。 碳排放配额，即二氧化碳排放配额，是碳排放权的量化指标，指由生态环境部门核定的，允许重点碳排 放单位在行政区域一定时期内排放二氧化碳的数量，单位以"吨二氧化碳"计。 自2013年开市以来，北京市碳市场已平稳运行至第11个履约周期，碳排放配额线上成交均价保持稳中有 升趋势，从开市之初的50元/吨左右逐步上涨至2024年的111元/吨。碳价越高重点碳排放单位通过市场购 买获得配额的成本越高，单位主动减少碳排放量的动力越强。如果相关单位能主动采取措施减少碳排放 量，有配额缺口的单位能够节省购买碳排放配额的支出，配额富余的单位可以出售碳排放配额获得更多 的利益。 据统计，纳入北京市碳市场管理的重点碳排放单位2023年排放总量同比下降2%。其中燃煤应急发电、 水泥 ...

Core Insights - The national carbon market in China experienced increased trading activity in April, with daily average trading volume of carbon allowances (CEA) reaching 233,100 tons, a nearly 50% increase from March's 158,800 tons [1] - The Ministry of Ecology and Environment issued a notification on April 23 regarding the management of key emission units in the carbon market, which aims to enhance market expectations and promote green and low-carbon transformation in key industries [1][2] Group 1 - The trading activity in the national carbon market improved in April, with over 75% of trading days seeing volumes above 100,000 tons [1] - The notification requires that key emission units in the power generation, steel, cement, and aluminum smelting industries, with annual direct emissions of 26,000 tons of CO2 equivalent, be included in the key emission unit directory [2] - The average closing price of CEA in April was 82.26 yuan/ton, a decrease of 6.42% from March's average closing price of 87.90 yuan/ton [2] Group 2 - The research center forecasts that carbon market prices will continue to decline in May, with expected buy and sell prices of 78.37 yuan/ton and 82.66 yuan/ton, respectively [2] - The buy price index is projected to decrease by 7.70%, while the sell price index is expected to drop by 7.32% [2] - The notification aims to avoid duplicate management of greenhouse gas emissions by ensuring that key emission units included in the national carbon market do not participate in local carbon markets [2]

"虽受清明假期效应影响，但4月全国碳市场交易活跃度和稳定性均有所提升，3/4以上交易日的成交量 都在10万吨量能水平之上。"研究中心表示。 研究中心预计，5月份全国碳市场价格仍将走低。该中心公布的2025年5月复旦碳价指数显示，2025年5 月CEA买入价格预期为78.37元/吨，卖出价格预期为82.66元/吨，中间价为80.52元/吨；买入价格指数为 195.92，下跌7.70%；卖出价格指数为186.51，下跌7.32%；中间价格指数为190.97，下跌7.51%。 中化新网讯 受碳市场行业扩容消息提振，全国碳排放权交易市场4月份交易活跃度提升。复旦大学可持 续发展研究中心（以下简称"研究中心"）4月29日发布的数据显示，4月份全国碳市场交易升温，该月碳 配额（CEA）日均成交量为23.31万吨，较3月增幅接近50%。 但在活跃度提升的同时，全国碳市场价格依然持续走低。根据研究中心统计，4月全国碳市场CEA日均 收盘价为82.26元/吨，相较于3月的日均收盘价87.90元/吨下跌6.42%，且呈波动下降态势。 据了解，4月23日生态环境部印发《关于做好2025年全国碳排放权交易市场有关工作的通知》（以下 ...

欧盟碳市场行情简报 (2025年第74期) 发布日期:2025-05-07 欧盟或于年底禁止俄现货天然气购买,TTF大涨带动EUA向上突破 敢新 1、一级：拍卖价格67.88欧元/吨(1.86%)， 投标覆盖比1.67; 行情 2、二级:EUA期货结算价69.27欧元/吨(2.67%),成交2.72万手(0.69) 策略 短期震荡偏强 利多:(1)欧盟委员会通过逐步淘汰俄罗斯能源进口的路线图,将于6月提出措施,到 2025年底禁止现货天然气购买,到2027年底禁止所有剩余的LTC进口,TTF大涨:②欧 核心 洲中部气温低于李节平均水平,且可再生能源发电低于正常水平,或将增加履约实体 逻辑 对EUA的需求。 40 20 07-01 10-01 01-01 04-01 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 期货持仓量(万手) 期货结算价(欧元/吨) 期货成交量(万手) 持仓量 成交量 增减 2025-05-05 | 2025-05-06 涨跌幅 增减 32.76 69. 27 2.67% 2.72 0. 69 0. 00 67. ...

Core Insights - The national carbon market in China experienced increased trading activity in April, driven by news of industry expansion, with daily average trading volume of carbon allowances (CEA) reaching 233,100 tons, a nearly 50% increase from March's 158,800 tons [1][2] - Despite the rise in trading activity, carbon prices continued to decline, with the average closing price for CEA in April at 82.26 yuan per ton, down 6.42% from March's 87.90 yuan per ton [2] Group 1 - The Ministry of Ecology and Environment issued a notification on April 23 regarding the management of the national carbon market, outlining key tasks and deadlines for major emitting sectors including power generation, steel, cement, and aluminum smelting [1][2] - The notification mandates that units with annual direct emissions of 26,000 tons of CO2 equivalent must be included in the key emissions unit directory, which will prevent overlapping management with local carbon markets [2] Group 2 - The research center forecasts that carbon prices in the national market will continue to decline in May, with expected buying price at 78.37 yuan per ton and selling price at 82.66 yuan per ton, indicating a downward trend in market expectations [2] - The indices for buying and selling prices are projected to decrease by 7.70% and 7.32% respectively, reflecting a broader trend of declining carbon prices [2]

Report Industry Investment Rating - Not provided Core Viewpoints - As the May Day holiday approaches, EUA continues to be weak. The short - term trend is expected to be volatile within the range of €60 - 68, and the medium - term trend is expected to be strong [1]. - There are both positive and negative factors affecting EUA. Positive factors include Trump signing an executive order to ease the impact of automobile tariffs, a decline in wind speed in the European continent suppressing wind power output, and Putin insisting on including the four eastern Ukrainian states in the armistice agreement. Negative factors include higher - than - normal temperatures in Europe and high solar power generation suppressing the remaining load [1]. - The EU will implement ETS2 in 2027 (covering the building and transportation sectors), and the first batch of EUA2 futures contracts will be launched for trading on May 6, 2025 [1]. Summary by Related Catalogs Market Conditions - **Auction**: The auction price is 63.55 euros/ton (-1.01%), and the bid - cover ratio is 1.45 [1]. - **Secondary Market**: The EUA futures closing price is 64.85 euros/ton (-0.70%), with a trading volume of 24,900 lots (an increase of 0.14) [1]. - **Futures and Spot**: On April 29, 2025, the futures settlement price was 64.85 euros/ton (-0.70%), the trading volume was 24,900 lots (an increase of 0.14), the spot settlement price was 63.82 euros/ton (-0.72%), and the spot trading volume was 71 lots [3]. Strategies - Short - term: Volatile within the range of €60 - 68; Medium - term: Strong [1]

Group 1 - The Fudan University Sustainable Development Research Center released the carbon price index for May 2025, indicating expected buy and sell prices for national carbon emission allowances (CEA) at 78.37 CNY/ton and 82.66 CNY/ton respectively, with a midpoint of 80.52 CNY/ton [1] - The buy price index decreased by 7.70%, the sell price index decreased by 7.32%, and the midpoint price index decreased by 7.51% [1] Group 2 - The research center provided price expectations for green certificates (GEC) for 2024 and 2025, with the price for centralized projects in May 2025 expected to be 5.20 CNY/unit, showing a significant increase compared to previous months [2] - The price for distributed projects in May 2025 is expected to be 4.87 CNY/unit, and for biomass power generation, it is expected to be 4.48 CNY/unit, indicating an overall increase in green certificate prices [2] Group 3 - The National Energy Administration announced the launch of the green certificate cancellation function, enhancing the transparency and regulation of the green power consumption management system [3] - In April, the average closing price of CEA was 82.26 CNY/ton, down 6.42% from March, while the average daily trading volume of carbon allowances increased significantly to 23.31 million tons, nearly doubling from March [3]