在着力提升碳市场活力方面，《意见》提出要从丰富交易产品、扩展交易主体、加强市场交易监管三方 面入手。稳妥推进符合要求的金融机构在依法合规、风险可控前提下参与全国碳市场交易，全国温室气 体自愿减排交易市场逐步引入符合条件的自然人参与交易。并且要加强交易行为监管，严厉打击扰乱市 场秩序、操纵市场等行为。建立重点排放单位履约风险评估预警和管理制度，防范履约风险。 全国碳市场启动四年后，新的推动政策正在路上。 8月25日，中共中央办公厅、国务院办公厅对外公布《关于推进绿色低碳转型加强全国碳市场建设的意 见》（下称《意见》）。《意见》部署了六个方面共17条要求，明确到2027年，全国碳排放权交易市场 基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到2030年，基 本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳排放权交易市场。 在推进全国碳市场建设方面，《意见》提出扩大全国碳排放权交易市场覆盖范围，完善碳排放配额管理 制度，加强对碳排放权交易试点市场的指导和监督管理。到2027年，对碳排放总量相对稳定的行业优先 实施配额总量控制。稳妥推行免费和有偿相结合的碳排放配额分配方式，有序 ...

【导读】事关全国碳排放建设，重磅文件来了！ 中国基金报记者 张舟 事关全国碳排放建设，重磅文件来了！ 8月25日， 中共中央办公厅、国务院办公厅对外发布 《关于推进绿色低碳转型加强全国碳市 场建设的意见》 （以下简称《意见》）。 《意见》 指出，碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型 的重要政策工具。 《意见》确定了主要目标： 到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行 业，全国温室气体自愿减排交易市场实现重点领域全覆盖。到2030年，基本建成以配额总量 控制为基础、免费和有偿分配相结合的全国碳排放权交易市场，建成诚信透明、方法统一、 参与广泛、与国际接轨的全国温室气体自愿减排交易市场，形成减排效果明显、规则体系健 全、价格水平合理的碳定价机制。 基金君梳理了《意见》中重要内容如下： 1.到2027年，对碳排放总量相对稳定的行业优先实施配额总量控制。 稳妥推行免费和有偿相结合的碳排放配额分配方式，有序提高有偿分配比例。建立配额储备 和市场调节机制，平衡市场供需，增强市场稳定性和流动性。合理确定用核证自愿减排量抵 销碳排放配额清缴的比例。 2.支持银行等金融机构规范 ...

目前，我国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排的全国 温室气体自愿减排交易市场。为推动建设更加有效、更有活力、更具国际影响力的全国碳市场，经党中 央、国务院同意发布《推进绿色低碳转型加强全国碳市场建设的意见》 中共中央办公厅 国务院办公厅关于推进绿色低碳转型加强全国碳市场建设的意见 碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。目前，我 国已建立重点排放单位履行强制减排责任的全国碳排放权交易市场和激励社会自主减排的全国温室气体 自愿减排交易市场。为推动建设更加有效、更有活力、更具国际影响力的全国碳市场，经党中央、国务 院同意，现提出如下意见。 一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届二中、三中全会精 神，全面贯彻习近平经济思想、习近平生态文明思想，坚持稳中求进工作总基调，兼顾绿色低碳转型和 经济发展需要，坚持有效市场、有为政府，坚持碳市场作为控制温室气体排放政策工具的基本定位，加 快建设全国统一的碳市场，有计划分步骤扩大实施范围、扩展参与主体，营造更加公平公开透明的市场 环境，努力实现碳排放 ...

F NA CODDOND ES NEEDONN NEWBER U U illiniini DI II I=15号 el T E m r II 11 M III ■ III 《意见》首次在省级层面明确碳排放配额属于合法质押标的，当事人依法签订的碳排放配额担保合同，只要不违反法律、行政法规的强制性规定，人民 法院依法认定其有效，为市场主体提供了稳定的法律预期。 在质押登记环节，针对碳资产权属争议风险，创新建立"人民银行动产融资统一登记公示系统+省级交易平台"双登记模式，化解可能出现的权属争议和 重复质押风险。同时，通过交易平台实时冻结功能防止资产转移风险，彻底堵住重复质押漏洞，为金融机构提供双重保障。 《意见》明确加强司法服务与保障，依法最大限度维护碳排放配额质押合同效力，从严认定合同无效情形，规定了"诉前协商优先，司法诉讼托底"的维 权机制，协商不成的，法院将依法支持当事人通过诉讼实现权利，为市场主体提供高效便捷的纠纷解决通道。 在违约处置环节，《意见》创新设置交易平台竞价、价款代收代付机制，保障金融机构作为质权人的优先受偿权，给质权人吃下"定心丸"，打消了银行 等金融机构"不敢贷"的顾虑。 日前，广东省高级人 ...

欧盟碳市场行情简报 (2025年第149期) 发布日期:2025-08-21 TTF大涨,带动EUA期货价格翻红 敢新 1、一级：拍卖价格70.47欧元/吨(-1.26%)，投标覆盖比1.66; 行情 2、二级：EUA期货结算价71. 29欧元/吨(0. 18%),成交1. 77万手(-0.40)。 策略 高抛低吸,区间€63~76 利多:暂无新增。 利空:(1)最新CoT报告显示,上周投资基金净多头头寸减少865万吨,源于多头大幅减 核心 仓;(2)在新近通过的法规下,欧洲储气设施须在10至12月间达到90%的库容目标、目前 逻辑 已达73.91%的库容,反映出欧盟天然气供给宽松。 其他:俄罗斯周三表示必须参与任何关于乌克兰安全保障的讨论,削弱了对快速达成 | 共他： 就多新闻二衣小焰视分与江西大了与兄二女全体牌的内化，削弱了小伏达达成 | | --- | | 和平协议的希望。 | 风险 1、欧盟经济衰退;2、欧盟增加拍卖以筹备资金;3、排放上限弱化 40 20 07-01 01-01 04-01 10-01 01-01 01-01 01-01 04-01 10-01 07-01 图表4:欧盟排放配额(EU ...

Core Viewpoint - The forum highlighted the importance of digital technology in enhancing carbon data management practices, emphasizing the need for better tools to support ESG and carbon neutrality efforts [1][2]. Group 1: Carbon Market and Data Management - The carbon market is becoming a key tool for global emission reduction policies, with an international carbon market framework gradually forming under the Paris Agreement [1]. - There is a growing exploration of digital carbon management systems across various industries, focusing on energy consumption and carbon emissions platforms [2]. - The Shanghai Carbon Public Welfare System utilizes blockchain and other advanced technologies to create a secure and efficient carbon management platform, ensuring data privacy and traceability [2]. Group 2: Financial Products and Indices - The Shanghai Environment and Energy Exchange has collaborated with other financial institutions to launch various carbon indices, including the China Securities Carbon Neutral Index and the Shanghai Carbon Price Index [3]. - A new green transition index will be released in the second half of the year, aimed at evaluating the performance of high carbon-emitting companies in their green transition efforts [4]. - The emphasis is on leveraging carbon emission data to enhance the role of green finance in guiding investment towards sustainable projects [4]. Group 3: Future Outlook - There is an increasing demand for carbon data applications in areas such as carbon accounting, asset financing, and ESG reporting [4]. - The need for more digital tools to support the acquisition, processing, analysis, and application of carbon data is emphasized to better facilitate ESG and carbon neutrality initiatives [4].

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 1.36 billion yuan, a decline of 22.01% compared to the same period last year, while net profit attributable to shareholders increased by 27.62% to approximately 14 million yuan [2][3][11]. Company Overview and Financial Indicators - The company is headquartered in Yancheng, Jiangsu Province, and operates in various sectors including new energy, textiles, and specialized vehicles [2][3]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,358,178,119.31 yuan - Total profit: 10,348,380.66 yuan - Net profit attributable to shareholders: 14,024,716.17 yuan - Total assets: 10,000,537,285.24 yuan - Net assets attributable to shareholders: 4,377,757,979.26 yuan [2][3]. Business Segments - **New Energy**: The company focuses on developing and operating new energy projects, including wind and solar power, with significant investments in projects like the 150MW solar project and the 100MW/200MWh energy storage project [7][12]. - **Textiles**: The textile segment has shown resilience, with a production capacity of 42,000 tons of high-end knitted yarn and 28.8 million meters of home textile fabric [6][11]. - **Specialized Vehicles**: The specialized vehicle segment includes products like garbage trucks and street cleaning vehicles, with a focus on environmentally friendly technologies [6][11]. Industry Context - The new energy sector in China is experiencing rapid growth, with installed capacity for solar power reaching 110 million kilowatts, a year-on-year increase of 54.2% [8][9]. - The carbon market is also expanding, with a cumulative transaction volume of carbon emission allowances reaching 669 million tons by mid-2025 [9][10]. - The agricultural machinery market is facing challenges, with a decline in traditional tractor sales, but high-end products are gaining traction due to policy and technological advancements [10][11]. Operational Highlights - The company has made strategic acquisitions, including a 51% stake in Yueda Energy Service Company, to enhance its capabilities in energy management and sales [12][14]. - The company is actively pursuing projects in carbon asset management and has established a biomass fuel production base to support renewable energy initiatives [13][14]. - The company is also focusing on digital transformation and management innovation to improve operational efficiency and market competitiveness [16].

Core Viewpoint - The Shanghai Carbon Market aims to enhance its resource allocation function to support the city's goal of reaching carbon peak by 2030 [3] Group 1: Action Plan and Market Coverage - On August 14, Shanghai issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", which outlines measures for total quota control in stable carbon emission industries and reserves development space for strategic emerging industries [3][4] - The plan aims to gradually expand market coverage through a "lowering thresholds, expanding categories, and increasing varieties" approach [5] Group 2: Carbon Market Development - The Shanghai Carbon Market, along with the national carbon market covering the power and steel industries, currently accounts for approximately two-thirds of the city's total carbon emissions, significantly aiding in the reduction of emissions in the industrial sector [3] - As of June 30, 2025, the Shanghai Carbon Market has cumulatively traded 26.5 million tons of carbon, with a total transaction value of 5.521 billion yuan, ranking it among the top pilot carbon markets [3] Group 3: Financial Support and Innovation - The Action Plan emphasizes the importance of financial support in promoting green transformation in industries, encouraging companies to establish carbon footprint management systems and set greenhouse gas emission control targets [5][6] - The plan includes initiatives to enhance the carbon financial product and service system, allowing financial institutions to participate in voluntary greenhouse gas reduction activities and carbon trading [6][7] Group 4: Collaboration Between Industry and Finance - The synergy between industrial transformation and financial support is highlighted, aiming to create a strong impetus for the green development of the real economy [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The exhaustion of mandatory circulation allowances may support a carbon price reversal, with an expected depletion by mid - early October, but anticipatory trading could lead to signs of a reversal in Q3 [5] - Before August, carbon prices may fluctuate due to slow release of mandatory circulation allowances and low trading willingness; starting from September, as compliance pressure builds, prices may rise [5] - The report suggests that enterprises with a carbon allowance gap should make phased purchases at low prices before the end of August [3] Group 3: Summary by Related Catalogs Carbon Emission Allowance (CEA) Market - CEA22 is stable, while the main target continues to decline. There are 160,000 tons for listing and 100,000 tons for bulk trading [3] - CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 have closing prices of 71.34 yuan/ton, 70.00 yuan/ton, 70.80 yuan/ton, 72.42 yuan/ton, and 72.47 yuan/ton respectively, with CEA23 and CEA24 having a decline of - 0.29% and - 0.48% [7] - The total trading volume of CEA22, CEA23, and CEA24 are 100,000 tons, 56,900 tons, and 103,000 tons respectively [7] China Certified Emission Reduction (CCER) Market - The listing agreement trading volume is 80,000 tons, and the average trading price is 80.25 yuan/ton, a decrease of 2.53%. The trading amount is 6.5 million yuan, and the cumulative trading volume is 2.4808 million tons [3][9]

全国碳币场行情简报 (2025年第136期) 发布日期:2025-08-12 CEA缩量下跌,CCER成交清淡 1、CEA:CEA22大跌,主力标的延续弱势;挂牌29.3万吨,大宗19.0万吨 2、CCER:挂牌协议成交量0.21万吨,成交均价82.33元/吨（4.26%） 建议缺口企业在8月底前分批逢低采购 策略 核心 逻辑 (1)强制流通配额耗尽的节点或将成为碳价反转的现实支撑。预计到10月中上旬强制流 通配额才会耗尽。然而,预期交易可能会再次上演,这意味着Q3或许就会看到碳价反 转的迹象。 (2)8月前,受强制流通配额释放缓慢和成交意愿不足影响,碳价或维持震荡。9月起, 随着履约压力逐步显现，上涨动能有望释放，价格可能趋势性回升。 1、企业非理性导致配额到期作废;2、企业不看好未来市场选择全部抛售变现;3、未 风险 考虑跨行业回购配额规避结转。 国家看安期货 图表1:全国碳配额(CEA)最新行情信息-现货 | | CEA19-20 | CEA21 | CEA22 | CEA23 | CEA24 | | --- | --- | --- | --- | --- | --- | | 收盘价(元/吨) | 71 ...