Core Insights - The national carbon market in 2025 is characterized by expansion, increased vitality, and structural optimization, with Shanghai leading in innovative practices such as carbon finance and quota allocation [1][2] Group 1: Market Expansion and Performance - The national carbon market has expanded its coverage to include the steel, cement, and aluminum industries as of March 2025, marking the first time these sectors are included [2] - Shanghai has achieved a 100% compliance rate in carbon quota submissions for 12 consecutive years, covering 28 industries including electricity, steel, and aviation [2] - By the end of November 2025, the total transaction volume in Shanghai's carbon market reached 2.66 billion tons, amounting to 5.611 billion yuan, ranking among the top in the nine local pilot carbon markets [2][3] Group 2: Market Mechanisms and Innovations - Shanghai has introduced a "power-carbon" collaborative mechanism and established incentives for pollution reduction, rewarding outstanding companies with 0.3% to 0.5% in free quota allocations [2] - The market has seen a steady growth in trading volume and improved market balance, with the price mechanism maturing amidst fluctuations [3] - Shanghai has launched a "carbon spot + carbon forward" linkage model and has engaged in practices such as carbon pledging, carbon repurchase, and carbon insurance [3] Group 3: Financial Services and Challenges - The entry of the steel industry into the national carbon market is expected to significantly impact pricing in both steel products and related financial products [4] - There is a gap between available carbon financial tools and the actual needs of enterprises, complicating financial business models like pledge financing [4] - Financial institutions are focusing on building capabilities in carbon emission measurement, scenario analysis, and strategic policy guidance to manage climate-related financial risks [5] Group 4: Future Directions and Policy Framework - Shanghai aims to enhance its carbon market into an internationally influential center for carbon trading, finance, pricing, and innovation by 2026-2030 [6] - The market is set to improve quota management and attract more non-compliance entities, while also enhancing regulatory frameworks [6] - Carbon financial innovation will proceed cautiously, prioritizing services before products and expanding coverage of carbon accounts to facilitate individual and corporate compliance [6]

Core Viewpoint - The article emphasizes the importance of integrating ecological development with economic growth, highlighting China's commitment to a green transformation and the challenges that remain in realizing this vision [1][2][3]. Group 1: National Carbon Market and Ecological Transition - The national carbon market is a key policy tool that has been steadily expanding, covering over 3,500 major emission units in industries such as power generation and steel, with a goal to cover major industrial sectors by 2027 [1]. - Local governments are innovating based on their resource endowments to explore ecological restoration while focusing on converting ecological advantages into economic benefits [1]. Group 2: Mechanisms for Ecological Product Value Realization - Establishing a robust mechanism for realizing the value of ecological products is essential, which includes enhancing the national carbon market and exploring innovative trading models for ecological rights [2]. - Strengthening legal frameworks for ecological protection compensation is necessary to attract long-term investments from social capital into ecological construction [2]. Group 3: Technological Innovation and Green Development - Technological innovation is identified as a core engine for cultivating new green productivity, focusing on energy structure transformation, circular economy, and carbon capture technologies [2]. - The integration of digital technology with green development scenarios is crucial for improving the precision and effectiveness of ecological governance [2]. Group 4: Collaborative Ecological Governance - A successful green transformation requires a collaborative governance model involving government, enterprises, and citizens, with a focus on shared responsibility and sustainable practices [3]. - The internalization of green development as a common value across society is essential for achieving high-quality ecological barriers and harmonious coexistence between humans and nature [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report tracks important developments in the domestic and international "dual carbon" field from December 22 to December 26, 2025, mainly in the carbon quota trading area. Prices of carbon allowances in European and American carbon markets increased last week, while volume decreased; the price of Korean carbon allowances decreased, and so did the volume. In the domestic market, the cumulative trading volume and amount of carbon emission allowances in the national carbon market increased significantly, and the weekly trading volume in domestic pilot carbon markets also rose [2]. 3. Summary by Directory 3.1 International Carbon Trading Market Tracking - **European Carbon Quota Price and Volume**: EUA spot prices rose by 1.28% from December 22 to December 23, and due to Christmas closures, the trading volume decreased by 44.51% to 278,000 tons last week [6]. - **US Carbon Quota Price and Volume**: EUA futures prices rose by 0.61% from December 22 to December 24, with a trading volume decrease of 65.01% to 58.7 million tons last week. UKA futures prices rose by 0.95% from December 22 to December 26 [9]. - **Korean Carbon Quota Price and Volume**: KAU25 spot prices decreased by 1.58% from December 22 to December 26, and the trading volume dropped by 29.68% to 462,400 tons last week [13]. 3.2 Domestic Carbon Market Tracking - **National Carbon Market Carbon Quota Volume and Average Transaction Price**: The cumulative trading volume of national carbon market carbon allowances (CEA) was 1.56556 million tons, and the cumulative trading amount was 1.122 billion yuan, with increases of 60.92% and 93.63% respectively. As of December 26, the average daily transaction price of CEA was 71.36 yuan/ton, up 19.66% [16]. - **Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Except for HBEA in Hubei Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets increased. FJEA in Fujian Province had the largest increase at 10.63%. Compared with the same period last month, the prices varied. BEA in Beijing had the largest increase at 7.01%, and SZA in Shenzhen had the largest decrease at 15.66% [18]. - **Trading Volume and Transaction Amount of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Last week, carbon quota trading in domestic pilot carbon markets was mainly concentrated in Tianjin, Hubei, and Guangdong, accounting for 77.82% of the total weekly trading volume. The transaction amounts in Tianjin, Beijing, and Hubei accounted for 76.55% of the total. The total weekly trading volume in domestic pilot carbon markets was 759,400 tons, an increase of 88.70% [19]. 3.3 Dual Carbon Frontier Technology Tracking - **Delivery of the World's First Methanol Dual-Fuel Powered Intelligent Ultra-Large Oil Tanker**: On December 22, the "Kaituo" tanker, the world's first methanol dual-fuel powered intelligent ultra-large oil tanker, was successfully delivered in Dalian. It has features such as strong seaworthiness, good port adaptability, low emissions, and intelligent operation. Compared with conventional fuel oil, it can reduce carbon dioxide emissions by up to 92% [24]. - **Release of the World's First Native Power Professional Large Model**: Recently, the NWHR Power Production Large Model (AI EPS V1.0) was officially released, which is the world's first native power large model innovated from the source of the underlying architecture, a significant innovation in the application of AI in the vertical field of power production [24].

底层VCS碳资产的核心支撑：筑牢全球流通的价值根基 中国碳中和(01372)发布公告，集团100%持股附属公司Global Carbon Asset Management Co., Limited历经 严谨合规审核，并通过新加坡持牌的数字资产交易平台 DigiFT，以经核证碳标准(VCS)核证的50万吨碳 信用为底层资产。合规托管、发行、分发共 5 亿枚碳币(Carbon Coins)。该发行依托 DigiFT 受监管的真 实世界资产(Real-World Asset，简称"RWA")代币化及交易基础设施，实现碳信用资产的链上化及合规转 让。这是全球首单基于国际权威碳标准的合规碳币，也是首次以VCS碳信用作为底层资产在境外受监管 的链上交易所发行的通证。 随着全球气候治理进程提速，碳市场作为撬动低碳转型的核心金融工具，正面临传统交易模式下流动性 匮乏、成本高、监管穿透难等瓶颈制约。此次发行将经国际权威核证的VCS碳信用资产转化为区块链技 术支撑的数位化代币，不仅从技术层面重塑碳资产交易链路，更从制度层面探索绿色资产流通的全新范 式。这一里程碑事件，标志着集团在RWA数字资产代币化领域实现突破性进展，更意味着碳 ...

智通财经APP讯，中国碳中和(01372)发布公告，集团100%持股附属公司Global Carbon Asset Management Co., Limited历经严谨合规审核，并通过新加坡持牌的数字资产交易平台 DigiFT，以经核证 碳标准(VCS)核证的50万吨碳信用为底层资产。合规托管、发行、分发共 5 亿枚碳币(Carbon Coins)。该 发行依托 DigiFT 受监管的真实世界资产(Real-World Asset，简称"RWA")代币化及交易基础设施，实现 碳信用资产的链上化及合规转让。这是全球首单基于国际权威碳标准的合规碳币，也是首次以VCS碳信 用作为底层资产在境外受监管的链上交易所发行的通证。 随着全球气候治理进程提速，碳市场作为撬动低碳转型的核心金融工具，正面临传统交易模式下流动性 匮乏、成本高、监管穿透难等瓶颈制约。此次发行将经国际权威核证的VCS碳信用资产转化为区块链技 术支撑的数位化代币，不仅从技术层面重塑碳资产交易链路，更从制度层面探索绿色资产流通的全新范 式。这一里程碑事件，标志着集团在RWA数字资产代币化领域实现突破性进展，更意味着碳资产数位 化与绿色金融创新迈入规模化 ...

格隆汇12月29日丨中国碳中和(01372.HK)宣布，集团100%持股附属公司Global Carbon Asset Management Co., Limited历经严谨合规审核，并通过新加坡持牌的数字资产交易平台DigiFT，以经核证 碳标准(「VCS」)核证的50万吨碳信用为底层资产。合规托管、发行、分发共 5 亿枚碳币(「Carbon Coins」)。该发行依托 DigiFT 受监管的真实世界资产(「Real-World Asset」，简称「RWA」)代币化及 交易基础设施，实现碳信用资产的链上化及合规转让。这是全球首单基于国际权威碳标准的合规碳币， 也是首次以VCS碳信用作为底层资产在境外受监管的链上交易所发行的通证。 随着全球气候治理进程提速，碳市场作为撬动低碳转型的核心金融工具，正面临传统交易模式下流动性 匮乏、成本高、监管穿透难等瓶颈制约。此次发行将经国际权威核证的VCS碳信用资产转化为区块链技 术支撑的数位化代币，不仅从技术层面重塑碳资产交易链路，更从制度层面探索绿色资产流通的全新范 式。这一里程碑事件，标志着集团在RWA数字资产代币化领域实现突破性进展，更意味着碳资产数位 化与绿色金融创 ...

Core Insights - Hainan Free Trade Port officially commenced its closure operation on December 18, 2023, marking a significant transformation in institutional restructuring, industrial upgrading, and improvement of people's livelihoods [1] - The first week of closure saw the release of policy dividends, with over 400 million yuan in "zero tariff" imports and 20 million yuan in value-added goods exempt from tariffs [1] - The establishment of a stable, transparent, and predictable institutional system is crucial for attracting global high-end resources [4] Group 1: Institutional Opening - The concept of institutional opening focuses on the internationalization and legalization of rules, regulations, management, and standards, moving beyond traditional policy incentives and tariff reductions [2][3] - Hainan aims to implement "five conveniences and one flow" to enhance trade and investment freedom, including zero tariffs and a regulatory model of "one line open, one line controlled" [3][6] - The core barriers to institutional opening include balancing efficiency and cost in regulatory frameworks, managing financial openness while preventing systemic risks, and coordinating social management with increased foreign personnel [6] Group 2: Global Trade Dynamics - Hainan's closure operation serves as a "pressure test" for China's high-level opening, demonstrating the country's commitment to global competition and cooperation amid rising protectionism and unilateralism [2] - The Free Trade Port is positioned to lead "unilateral opening" towards ASEAN, implementing more open policies in trade, services, investment, and personnel exchanges compared to mainland China [3][5] - Hainan's practices will provide valuable experience for China in participating in global trade rule reconstruction, particularly in aligning with high-standard agreements like CPTPP [5] Group 3: Economic Development Potential - The combination of "zero tariffs and low tax rates" with Hainan's geographical and ecological advantages is expected to create new development momentum in sectors like green economy, digital economy, and high-end tourism [7] - Hainan is anticipated to attract foreign investment by further reducing the negative list and allowing foreign control in sectors such as healthcare and education [8] - The region aims to establish a differentiated collaborative mechanism with the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on institutional opening and regional cooperation [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - As the compliance pressure gradually emerges and the mandatory circulation quotas are basically released, the upward momentum of carbon prices begins to accumulate, and carbon prices may enter a stage of trend recovery [4] - The quota base carry - over amount for the steel, cement, and electrolytic aluminum industries has increased to 100,000 tons. However, due to the limited quota gap (within 3%) in 2025 for most enterprises, the actual procurement enthusiasm may be lower than expected [4] - Recently, some newly included industry enterprises have successively started basic carry - over procurement. Attention should be paid to whether the price can stabilize above 70 yuan/ton [5] 3. Summary by Relevant Catalogs Market Conditions - The average price of listed agreement transactions increased by about 4.6%, and the daily trading volume remained basically flat. The main CEA contract achieved a consecutive upward trend, with 1.186 million tons listed and 2.275 million tons in bulk transactions. The listed agreement trading volume of CCER was 100,100 tons, and the average transaction price was 87.85 yuan/ton, with a year - on - year increase of 37.51%. The signal strength of the strategy is 1 (0 for short position, ±1 for slightly long/short, ±2 for long/short) [2] Carbon Quota (CEA) Market - **Price**: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 60.00 yuan/ton, 75.08 yuan/ton, 65.77 yuan/ton, 68.08 yuan/ton, and 75.50 yuan/ton respectively, with year - on - year changes of 0.00%, 7.10%, - 2.06%, 1.22%, and 7.14%. The new - old price differences are 15.08 yuan/ton, - 9.31 yuan/ton, 2.31 yuan/ton, and 7.42 yuan/ton. The average bulk transaction price of CEA23 is 69.63 yuan/ton, and that of CEA24 is 72.70 yuan/ton [6] - **Volume**: The total trading volumes of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 0.00 million tons, 1.59 million tons, 7.07 million tons, 43.46 million tons, and 294.04 million tons respectively. The listed agreement trading volumes are 0.00 million tons, 1.59 million tons, 7.07 million tons, 33.46 million tons, and 76.52 million tons respectively. The bulk agreement trading volumes are 0.00 million tons, 2.1752 million tons, 1.00 million tons, 0.00 million tons, and 0.00 million tons respectively. The total trading amounts are 4.6508 million yuan, 29.7394 million yuan, 215.9057 million yuan, 0.00 million yuan, and 1.1921 million yuan respectively [6][7] Certified Emission Reduction (CCER) Market - The average transaction price of CCER is 87.85 yuan/ton, with a year - on - year increase of 37.51%. The trading amount is 8.7971 million yuan, the trading volume is 100,100 tons, and the cumulative trading volume is 8.7924 million tons [8]

Core Viewpoint - The establishment of a national voluntary greenhouse gas emission reduction trading market is a significant institutional innovation aimed at mobilizing societal participation in emission reduction efforts, facilitating the integration of mandatory and voluntary carbon markets, and supporting the achievement of carbon peak and carbon neutrality goals [1][2]. Group 1: Market Development and Goals - The national voluntary greenhouse gas emission reduction trading market is set to launch on January 22, 2024, with the first batch of certified voluntary emission reductions (CCER) expected to trade on March 7, 2025, achieving a transaction volume of 748,800 tons and a transaction value of 60.2418 million yuan on the first day [3]. - As of December 12, 2024, the cumulative transaction volume of the national voluntary greenhouse gas emission reduction trading market reached approximately 8.1908 million tons, with a total transaction value of about 573 million yuan [3]. - The market aims to expand the coverage of the national carbon emission rights trading market and accelerate the construction of the voluntary emission reduction trading market as outlined in the 14th Five-Year Plan [1][2]. Group 2: Market Structure and Functionality - The voluntary carbon market is expected to play a crucial role in achieving the dual carbon goals by complementing the mandatory carbon market, enhancing emission reduction efficiency, and promoting the development of low-carbon projects [2]. - The current structure of the voluntary carbon market includes a "1+1+4" institutional framework and a "2+2+N" system management structure [5]. - The market is anticipated to facilitate the development of renewable energy, energy efficiency, and carbon sink projects, guiding capital and technology towards low-carbon sectors [2][5]. Group 3: Challenges and Opportunities - The voluntary carbon market faces challenges such as insufficient participation diversity, with current market participants primarily being institutions rather than individuals, limiting broader societal engagement [6][7]. - The market lacks sufficient product diversification, currently only offering spot trading without futures trading, which hinders market vitality [6][7]. - There is a low level of international cooperation in the voluntary carbon market, which could be enhanced as global demand for cross-border carbon trading cooperation increases [6][7]. Group 4: Future Directions - To enhance market vitality, it is suggested to diversify trading products and cautiously develop green financial products related to carbon emissions and certified voluntary emission reductions [7]. - Expanding the range of trading participants to include eligible individuals is also recommended to foster broader engagement in the voluntary emission reduction market [7]. - The Chinese voluntary carbon market is positioned as a significant player in the global voluntary carbon market, emphasizing the need for diversified participants, market-oriented products, and international cooperation [7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The CEA's main target has achieved six consecutive positive days. The average price of the listed agreement has increased by about 1.6%, and the intraday trading volume has increased by about 53%. The listed volume is 50.3 tons, and the large - scale volume is 202.2 tons. The listed agreement trading volume of CCER is 0.01 tons, and the average transaction price is 63.00 yuan/ton, with a decline of 20.25% [4]. - As the compliance pressure gradually emerges and the mandatory circulation allowances are basically released, the upward momentum begins to accumulate, and the carbon price may enter a stage of trend recovery [4]. - The basic carry - over allowances of the steel, cement, and electrolytic aluminum industries have increased to 100,000 tons. However, due to the limited allowance gap (within 3%) of most enterprises in 2025, the actual procurement enthusiasm may be lower than expected [5]. - Recently, some newly included industry enterprises have successively started basic carry - over procurement. Attention should be paid to whether the price can stand firm above 70 yuan/ton [5]. 3. Summary According to Related Catalogs 3.1 CEA Market Information - **Price and Change**: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 61.00, 64.00, 61.05, 64.00, and 67.56 yuan/ton respectively, with daily price changes of 0.00%, 0.66%, 0.08%, 4.92%, and 3.26%. The price differences between new and old allowances are 3.00, - 2.95, 2.95, and 3.56 yuan/ton respectively [7]. - **Transaction Volume**: The total trading volumes of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 3.63, 11.60, 20.19, 18.05, and 199.00 tons respectively. The listed agreement trading volumes are 3.63, 0.25, 4.00, 1.38, and 41.05 tons respectively, and the large - scale agreement trading volumes are 0.00, 11.35, 16.19, 16.67, and 157.95 tons respectively [7][8]. - **Transaction Amount**: The total transaction amounts of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 are 714.97, 221.36, 1241.11, 1138.54, and 12074.46 ten - thousand yuan respectively [8]. 3.2 CCER Market Information - The average transaction price of CCER is 63.00 yuan/ton, with a decline of 20.25%. The trading volume is 0.01 tons, the transaction amount is 0.63 ten - thousand yuan, and the cumulative trading volume is 860.83 tons [9].