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(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 2025-09-24 2025-09-25 增减 涨跌幅 增减 -0. 34% 76.02 35. 47 2. 54 75. 76 0. 33 0. 00 现货成交量(手) 现货结算价(欧元/吨) 集运碳成本 (美元/TEU) 即期成本 2025-09-24 2025-09-25 运费占比 成交量 增减 涨跌幅 -0. 33% 75. 36 -2877 75. 61 1313 17.66 1.68% 图表5: EUA期现价格及基差 图表6:12月合约持仓-李节性图 -2026 -- 2025 -2022 -- 2023 -- 2024 -期货价格 欧元/吨 == 基差(右轴) =- 现货价格 万手 50 100 www. would on and with 20 -50 04-01 07-01 10-01 01-01 01-1 2023-01 202 ...

Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for October 2025, including national carbon emission allowance (CEA) prices, voluntary carbon market (CCER) prices, and green electricity certificate (GEC) prices [1][2]. CEA and CCER Price Indices - The expected buying price for CEA in October 2025 is 55.39 CNY/ton, with a selling price of 60.63 CNY/ton, resulting in a midpoint price of 58.00 CNY/ton. The buying price index decreased by 19.09%, and the selling price index decreased by 16.23% [2][3]. - For December 2025, the expected buying price for CEA is 62.10 CNY/ton, with a selling price of 70.45 CNY/ton, leading to a midpoint price of 66.28 CNY/ton [2][3]. - The expected buying price for CCER in October 2025 is 69.00 CNY/ton, with a selling price of 76.83 CNY/ton, resulting in a midpoint price of 72.92 CNY/ton. The buying price index decreased by 7.75%, and the selling price index decreased by 9.29% [2][3]. GEC Price Indices - The expected price for green certificates (GEC) for centralized projects produced in 2024 is 3.11 CNY/unit, with a price index of 62.79. For distributed projects, the price is 2.82 CNY/unit (index 53.87), and for biomass power generation, it is 1.84 CNY/unit (index 40.88) [4][5]. - For 2025 production, the expected price for centralized projects is 5.45 CNY/unit (index 99.09), for distributed projects is 5.20 CNY/unit (index 105.51), and for biomass projects is 5.55 CNY/unit (index 107.56) [4][5]. Market Activity in September - In September, the average closing price for CEA was 62.94 CNY/ton, down 11.5% from August's average of 71.12 CNY/ton. The price fluctuated from 69.41 CNY/ton at the beginning of the month to 59.16 CNY/ton by the end [6]. - The average daily trading volume for carbon allowances increased to 136.78 million tons, a 90% increase compared to August's 71.95 million tons, indicating heightened market activity [6]. - The announcement of China's 2035 national contributions reflects a comprehensive approach to low-carbon development, emphasizing China's role in global climate governance [6]. Global Carbon Market Trends - In September, global carbon market trading volumes generally increased, with the EU market seeing a 30.02% rise in average daily trading volume, while the Korean market experienced a 49.10% decline [7]. - The EU carbon market's average price rose from 86.18 USD/ton to 88.90 USD/ton, while the UK market's price increased from 73.04 USD/ton to 75.99 USD/ton [7].

Core Viewpoint - The 2025 China Carbon Market Conference held in Shanghai focuses on enhancing carbon pricing mechanisms to stimulate green and low-carbon development, featuring discussions on China's carbon market construction, global climate change responses, and international cooperation in green innovation [2] Group 1: Main Forum Insights - The "National Carbon Market Development Report 2025" was released, with contributions from representatives of the Ministry of Ecology and Environment and the People's Bank of China, discussing market vitality and green finance innovation [2] - The conference aims to inject new momentum into achieving the "dual carbon" goals through the release of construction achievements and cutting-edge research [2] Group 2: Sub-Forum One Highlights - The first sub-forum emphasized improving the carbon market trading system and enabling market-based carbon pricing mechanisms, with diverse perspectives from government, academia, and business representatives [4][6] - Hubei Province's advantages in carbon market construction include managing accounts for 3,700 key emission enterprises, covering carbon quotas of approximately 8 billion tons, and achieving a cumulative transaction volume of 418 million tons with a transaction value of 10.328 billion yuan [6][7] Group 3: Sub-Forum Two Highlights - The second sub-forum focused on building international cooperation in carbon credits under market mechanisms to achieve the goals of the Paris Agreement, with participation from various stakeholders including government departments and international organizations [8][10] - Shanghai's carbon market has included over 400 enterprises across 28 industries, with a cumulative transaction of 265 million tons and a transaction value of 5.544 billion yuan, showcasing its role as a pilot region for carbon market development [11][12]

在2025年中国碳市场大会现场，低碳办会带来的便捷随处可见。国内外嘉宾、工作人员乃至新闻媒体，只要拿出手机，扫一扫参会证件上的二维码，就能 获得会议议程等信息。乘坐统一接驳车等绿色出行方式，也很受参会人员青睐。 "在城市里，跟居民消费直接相关的碳排放，占比很高。碳普惠动员了最广大的参与度，我觉得这是一个很好的探索。特别像上海，一个现代化的大都市 要率先实现碳中和，很重要的一部分就是绿色低碳的生活和消费。"国家气候战略中心总经济师张昕说，中国科学院曾做过研究，居民消费产生的碳排放 量占排放总量的53%。像这样鼓励公众共同参与减排，社会价值巨大。 | V 关闭 | 碳普惠专区 | | | --- | --- | --- | | 支付完成 | | | | 活动编号： ■ 品 品 品 品 ■ ■ ■ | | | | | 上海市温室花园成人票一张 』 类碳积分:1000 | | | | 数量:1 | | | 实付款 | | 』 类碳积分:1000 | | 支付方式: | | 碳积分 | | 下单时间: | | 2025-09-22 17:31:42 | | 抽奖码 | | 1144 | 作为东道主，上海市在办会全过程严 ...

Group 1 - The core viewpoint of the news is that China's carbon market is experiencing significant growth, with the annual transaction value of carbon emission allowances reaching 18.114 billion yuan in 2024, marking a new high since the market's launch in 2021 [1] - The carbon market serves as a crucial tool for incentivizing low-carbon economic growth by increasing the costs of carbon-intensive goods and services, thereby encouraging a shift towards low-carbon alternatives [1] - The World Bank's report indicates that nearly two-thirds of the global economy has implemented carbon taxes or emissions trading systems, highlighting the global trend towards carbon pricing [1] Group 2 - China's carbon market is still in its early stages, having launched the national carbon emissions trading market in 2021 and the voluntary greenhouse gas reduction trading market in 2024 [1] - The carbon market is expected to accelerate its development during the 14th Five-Year Plan period, with key factors such as management changes and effective price signaling influencing long-term investment decisions by companies [1] - The expansion and allocation of carbon allowances are critical components in the growth of the carbon market [1] Group 3 - The national carbon market has recently expanded to include the steel, cement, and aluminum industries, which together account for over 60% of the country's total carbon dioxide emissions [3] - The Civil Aviation Administration of China is also working on a plan to include the aviation industry in the national carbon market, indicating a broader scope for carbon trading [3] - The central government's guidelines aim for the carbon market to cover major industrial sectors by 2027, accelerating the decarbonization process for industries such as chemicals, petrochemicals, and paper [3] Group 4 - The guidelines propose a shift from intensity-based control of carbon allowances to total quantity control, prioritizing stable industries for total quantity control by 2027 [3] - This approach will involve determining the total emissions for an industry first, followed by the allocation of allowances to individual companies, with an annual reduction in total emissions to enhance the scarcity of carbon allowances [3] - The anticipated decrease in total emissions is expected to signal rising carbon prices in the market, influencing corporate expectations and behaviors [3]

赖晓明 ◎记者 宋薇萍 上海证券报：作为试点市场，上海一直在先行先试。您认为服务全国统一大市场建设，上海有哪些经验 可以输出？ 赖晓明：一是在配额分配方面，上海一直在优化分配机制，结合经济社会的绿色低碳转型进展，从原来 以历史法为主的分配，到现在70%以上是以效率法为主的分配；从原来的全部免费分配，到后来93%至 99%免费，有少部分有偿分配；以及履约拍卖和非履约拍卖，这些都是很好的探索，有利于提升市场流 动性。二是在市场参与主体方面，上海很早就是多元化主体，参与开户的企业和机构一共是2200多家。 其中，控排企业400家左右，其他都是投资机构、金融机构。后者的积极参与，为市场奉献了比较大的 交易量。从这个角度讲，全国碳市场尽快引入投资机构参与是一件非常紧迫的事，相关部门正在抓紧研 究配套规则和制度。三是从产品来看，上海在持续创新，丰富交易工具。 现在市场还比较关注碳资产质押贷款融资的进展，上海等地已进行了探索，获得了各方支持。全国碳市 场配额已超过80亿吨，按市值来看，可能有四五千亿元。如果这些碳资产可以融资，对于破解企业融资 难将是全新的解决方案。 上海证券报：展望"十五五"，您认为全国碳市场建设有哪些重 ...

Core Insights - The 2025 China Carbon Market Conference was successfully held in Shanghai, focusing on enhancing carbon pricing mechanisms to stimulate green and low-carbon development [1] - The conference gathered representatives from over 20 countries and regions, discussing key topics such as the operation of the national carbon market, the improvement of trading systems, and innovations in carbon finance [1] - The event aimed to elevate China's influence in the international carbon trading system and contribute to achieving the climate goals outlined in the Paris Agreement [1] Group 1: Carbon Credit Quality and International Cooperation - China's carbon credit quality has significantly improved, aligning with international standards in monitoring, accounting precision, environmental benefits, and compliance management [2] - The "Fudan Carbon Price Index" and other carbon pricing mechanism studies are enhancing the international recognition of Chinese carbon credits [2] - Recommendations for future development include advancing the internationalization of the "Fudan Carbon Price Index," innovating financial products related to carbon credits, and strengthening international cooperation on standards [2] Group 2: Talent Development and Market Mechanism - Fudan University is innovating in lifelong education, launching a project focused on the dual transformation of green and digital initiatives, aiming to cultivate high-end talent for global climate governance [3] - The successful hosting of the conference demonstrates China's progress in carbon market development and lays a solid foundation for deepening international carbon credit cooperation [3] - The ongoing improvement of China's market mechanisms will enable its carbon credits to play a more significant role in the global market [3]

因坚持和完善人民代表大会制度 以法治力量守护"最美国土",国家公园法获表决通过 数字技术是推动全国碳市场迈向更有效、更活跃、更具国际影响力的重要支撑，要以数字技术赋能碳市 场建设，助力实现"双碳"目标。 建设统一数据底座，提升市场有效性。构建全国统一的碳排放大数据平台，整合能耗监测、企业排放等 多源数据，运用数字技术强化实时监测、交叉核验与动态分析，为配额分配、排放核查与监管决策提供 科学支撑。 推动数字金融创新，激发市场活力。支持区块链技术用于碳资产全流程数字化管理，保障数据真实透 明。发展基于大数据智能定价的碳金融产品，降低参与门槛，吸引多元主体入市，增强市场流动性，提 升价格发现能力。 加快标准国际对接，增强国际影响力。推动我国自主数字标准与国际接轨，支持MRV(监测、报告、验 证)数字化认证体系、区块链碳账本等国际互认。鼓励中国数字碳市场方案走出去，通过数字纽带提升 国际话语权，为参与全球碳治理奠定基础。 (本报记者刘新吾采访整理) (民主政治 18 2025年3月25日 ■■ 丝建、怎么管 规费设立 科学生服 分类分区 加强管接 踢 (E & 频版参与 国代表之声 大代表,即因人类盛行潜老 让碳会融 ...

Core Viewpoint - The China Carbon Market Conference in Shanghai is the first event to implement "carbon neutrality" according to the guidelines released in July 2023, utilizing public donations of personal carbon reduction amounts as a key method to achieve this goal [1][2] Group 1: Carbon Neutrality Implementation - The conference is recognized as a model event for promoting carbon neutrality in Shanghai, following the release of the "Guidelines for Carbon Neutrality in Large Events" [1] - Public donations of carbon reduction will play a decisive role in achieving carbon neutrality for the conference [2] Group 2: Public Engagement and Incentives - The Shanghai Carbon Benefit platform has engaged over 200,000 citizens since its launch, allowing them to earn carbon reduction credits through various green activities [2] - The platform incentivizes individuals by converting their carbon reduction actions into tangible rewards, fostering a culture of energy conservation and carbon reduction [1] Group 3: Carbon Emission Statistics - Residential consumption accounts for 53% of total carbon emissions, highlighting the significant impact of individual actions on overall emissions [2] - Shanghai's GDP is projected to grow by 5% in 2024, while the carbon emissions from participating entities are expected to increase by only 0.04%, indicating effective collective efforts in emission management [2] Group 4: Carbon Trading and Compliance - The Shanghai Carbon Market has introduced two carbon benefit trading products, with a cumulative transaction volume exceeding 40,000 tons [2] - In the recent compliance period, 15,690 tons of carbon reduction from the Shanghai Carbon Benefit platform were used for quota clearance, marking a 72% increase compared to the previous compliance period [2]

2025年中国碳市场大会昨天在上海举行。上海市委书记陈吉宁出席开幕式并致辞。生态环境部党组 书记孙金龙，湖北省委副书记、省长李殿勋在开幕式上致辞，与上海市委副书记、市长龚正共同启动大 会。 陈吉宁指出，习近平主席向国际社会庄严宣示实现碳达峰、碳中和目标，为中国绿色低碳发展指明 了奋进方向、提供了根本遵循。上海作为国内最早试点碳市场的省市之一，在生态环境部有力指导下， 深入贯彻国家"双碳"战略，助力构建具有中国特色的碳市场制度体系。上海将以习近平生态文明思想为 指导，以碳市场建设为牵引，推动绿色低碳转型不断取得新进展，在推进中国式现代化中充分发挥龙头 带动和示范引领作用。深化央地协同，更好服务全国碳市场建设。落实完善碳排放权交易等基础性制 度，持续深化地方碳市场改革试点。完善绿色金融标准和目录，支持金融机构扩大业务规模、探索开发 衍生品体系，助力提升碳市场活力。坚持多措并举，加快经济社会全面绿色低碳转型。推动低碳零碳负 碳等关键技术创新和规模化应用，大力培育绿色技术供应商和转型服务商，积极构建绿色低碳供应链体 系。创新碳普惠机制，优化自愿减排方法学体系，引导市民形成绿色生活方式。倡导开放创新，深入开 展国际绿色 ...