Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View The report tracks important dynamics in the domestic and international "dual carbon" fields from September 8th to September 12th, 2025, mainly in the carbon quota trading area. It shows that last week, carbon quota trading prices in European and American carbon markets decreased, while prices in the South Korean carbon market increased. The trading volume in the South Korean carbon market rose significantly, while the cumulative trading volume of carbon emission allowances in the national carbon market decreased. There were also significant developments in the green - development field [2][5]. 3. Summary by Directory 3.1 International Carbon Trading Market Tracking - **European Carbon Quota Price and Volume**: EUA spot price dropped by 1.75% from September 8th to September 12th, and the trading volume increased by 314.67% to 31.10 tons. EUA futures price decreased by 1.79%, and the trading volume decreased by 45.63% to 216.50 tons [6]. - **US Carbon Quota Price and Volume**: EUA futures price declined by 1.81%, and the total trading volume decreased by 7.59% to 169.99 million tons. UKA futures price dropped by 1.73% [12]. - **South Korean Carbon Quota Price and Volume**: KAU25 spot price rose by 10.76%, and the trading volume increased by 72.31% to 60.93 tons [17]. 3.2 Domestic Carbon Market Tracking - **National Carbon Market Carbon Quota Volume and Average Transaction Price**: The cumulative trading volume of carbon emission allowances (CEA) was 532.81 tons, and the cumulative transaction amount was 332.6115 million yuan, with decreases of 36.42% and 38.62% respectively compared to the previous week. The average daily transaction price of CEA was 62.58 yuan/ton, a 4.29% decrease [21]. - **Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Except for HBEA in Hubei and GDEA in Guangdong, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed a downward trend. FJEA in Fujian had the largest decline, reaching 10.00% week - on - week and 26.41% month - on - month [25]. - **Trading Volume and Transaction Amount of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: The carbon quota trading in domestic pilot carbon markets was mainly concentrated in Shenzhen, Shanghai, Beijing, and Tianjin, accounting for 97.23% of the total weekly trading volume and 98.10% of the total weekly transaction amount. The total weekly trading volume of domestic pilot carbon markets was 21.60 tons, a 118.54% increase [27]. 3.3 Dual - Carbon Frontier Technology Tracking - **China's First Offshore Carbon Dioxide Storage Project Exceeds 100 Million Cubic Meters in Storage**: The Enping 15 - 1 oilfield carbon storage project has successfully stored over 100 million cubic meters of carbon dioxide, marking the maturity of China's offshore carbon dioxide storage technology and providing a new model for marine energy recycling [29]. - **China's Largest All - Vanadium Redox Flow Battery Photovoltaic - Energy Storage Integration Project Conducts Its First Charging Experiment**: The energy storage power station of the project in Jimsar, Xinjiang, has successfully started the first charging experiment, providing key technical support for solving the problem of large - scale new energy grid - connected consumption [32].

Core Viewpoint - The establishment of a national carbon market in China marks a significant step towards utilizing market mechanisms to address climate change and promote green transformation in the economy and society [1][5]. Group 1: Carbon Market Structure - The national carbon market consists of two main components: the mandatory carbon market, which started in 2021, and the voluntary carbon market, set to launch in 2024 [2][6]. - The mandatory carbon market will cover over 2,000 key emission units by 2024, with a nearly 100% compliance rate for quota clearance [3][6]. - The voluntary carbon market aims to incentivize self-directed emission reductions and is expected to achieve full coverage in key areas by 2027 [6]. Group 2: Market Performance and Impact - As of August 22, 2023, the mandatory carbon market has seen a cumulative transaction volume of over 680 million tons of carbon emission allowances (CEA), with a total transaction value of 47.41 billion yuan [3]. - The voluntary carbon market has recorded a cumulative transaction of 2.49 million tons of certified voluntary emission reductions (CCER), amounting to 210 million yuan [3]. - The carbon market is expected to drive the transformation of key industries, including steel, cement, and aluminum, by promoting the use of renewable energy and enhancing energy efficiency [3][6]. Group 3: Future Development Goals - By 2027, the mandatory carbon market aims to cover all major industrial sectors, transitioning to a total control system for carbon emissions by 2030 [6]. - The voluntary carbon market is set to establish a transparent and unified methodology by 2030, aligning with international standards [6]. - The government plans to increase the proportion of paid carbon allowances, moving from a free allocation system to a combination of free and paid allocations [6]. Group 4: Financial Mechanisms and Innovations - The carbon market will introduce policies for carbon pledging and repurchase, allowing companies to use carbon assets as collateral for loans, thereby enhancing financing channels [9]. - Carbon emissions can also be insured, with innovative products like forestry carbon index insurance being developed to protect against carbon loss due to natural disasters [10][11]. - The establishment of a robust carbon pricing mechanism is expected to stimulate green technology innovation and attract broader participation from financial institutions and individuals in the carbon market [12].

Group 1 - Hainan Province is focusing on tourism, modern services, high-tech industries, and tropical agriculture as its leading sectors, leveraging its resource endowment and free trade port policies to drive an "innovation-driven" industrial transformation [2] - In the first seven months of this year, Hainan's industrial added value above designated size grew by 10.4% year-on-year, while service import and export totaled 40.338 billion yuan, marking a 23.9% increase [2] - The Wenchang International Aerospace City aims to cultivate an aerospace industry cluster, targeting a revenue of 10 billion yuan by 2027, with plans for significant projects like a space-themed park [2] Group 2 - The Haikou National High-tech Zone has made significant progress with the "Lecheng Application - High-tech Production" model, which facilitates the introduction of foreign innovative drugs and devices, enhancing the domestic production of the biopharmaceutical industry [2] - Sanya has achieved several "firsts" in various fields, including the first S fund in the province and the first offshore international trade business, indicating a leap in industrial development [3] - Hainan's open policy framework and competitive business environment are highlighted as key factors for attracting investment and fostering future opportunities [3]

青山常在、绿水长流、空气常新，眼下的荆楚大地，正以"绿水青山就是金山银山"的生动实践，奏响新时代"?美 丽湖北"?的华彩乐章。 日前，湖北省政府办召开"决胜收官'十四五' 谋篇布局'十五五'"系列新闻发布会第十场：生态环境篇，介绍"十四 五"期间湖北省生态环境保护的相关情况，并回答记者提问。 "十四五"以来，湖北锚定"加快建成中部地区崛起的重要战略支点"，加快实施美丽湖北战略，持续推进长江大保 护，深入打好污染防治攻坚战。牢记殷殷嘱托，始终坚持生态优先、绿色发展。五年来，现代环境治理体系不断 健全，治理能力现代化水平不断提升；五年来，全省上下共同努力，生态环境质量持续改善，天蓝地绿、山清水 秀；五年来，"两山"理念深入人心，绿色低碳行稳致远，荆楚大地村美人和，生态承载力不断提升。 作为全国碳市场重要基地基础设施，全国碳市场注册登记结算机构"中碳登"落户湖北，建成运营全球覆盖碳配额 规模最大的碳市场。湖北区域碳市场累计成交量4.18亿吨，成交额突破100亿元，达到103.31亿元，交易规模居全 国第一。 展望"十五五"，湖北将扛旗争先，加快建设人与自然和谐共生的美丽湖北，更好满足人民群众对优美生活生态环 境的新 ...

Group 1 - Hainan Province is focusing on tourism, modern services, high-tech industries, and tropical agriculture as its leading sectors, leveraging its resource endowment and free trade port policies to drive innovation and structural transformation [1] - In the first seven months of this year, Hainan's industrial added value above designated size increased by 10.4% year-on-year, while the total service import and export value reached 40.338 billion yuan, a year-on-year growth of 23.9% [1] - The Wenchang International Aerospace City aims to cultivate an aerospace industry cluster, targeting a revenue of 10 billion yuan by 2027, with plans for significant projects like an aerospace theme park [1] Group 2 - Sanya has achieved several "firsts" in innovative offshore international trade and carbon trading, indicating a significant upgrade in industrial development through institutional innovation [2] - The Secretary of the Hainan Provincial Committee emphasized that Hainan's open policy framework and competitive business environment present substantial opportunities for investment [2]

Core Viewpoint - The release of the "Opinions" by the Central Committee and the State Council marks a significant step towards the establishment of a national carbon market, indicating a long-term policy direction for carbon market development [1] Group 1: Carbon Market Expansion - By 2027, the national carbon emission trading market is expected to cover major industrial sectors, with a focus on expanding the range of covered industries and greenhouse gases based on industry development and carbon emission characteristics [2] - The carbon market is driving structural transformation and upgrading of industries, with key emission enterprises expected to adopt renewable energy and improve energy efficiency, thus enhancing their green market competitiveness [2] - The expansion of the carbon market will lead to a rapid increase in the number of trading entities and the total amount of tradable quotas, promoting a resource allocation mechanism that encourages cross-industry competition [2] Group 2: Market Dynamics and Pricing Mechanism - The "Opinions" propose a combination of free and paid quota distribution to enhance market activity, transitioning from a focus on intensity control to a total quota control system by 2030 [4][5] - The establishment of a reasonable pricing mechanism is crucial for accurately reflecting market signals, with the carbon price serving as an indicator of resource scarcity [8][9] - A stable carbon price is essential for the effectiveness of market incentives, and the development of carbon finance is seen as a key mechanism for supporting green low-carbon transformation [9]

Group 1 - The central government aims to accelerate the establishment of a unified national carbon market, targeting coverage of major industrial sectors by 2027 and a comprehensive voluntary emission reduction market by 2030 [1] - By July 2025, the national carbon emission trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, with nearly 100% compliance rate among 2,096 key emission units [2] - The introduction of carbon trading is intended to turn carbon emissions into valuable assets for enterprises, promoting sustainable development and profitability [2] Group 2 - The government plans to enhance market vitality by diversifying trading products and expanding trading participants while strengthening market regulation [3] - Currently, the carbon market includes key sectors such as electricity, steel, cement, and aluminum, with ongoing discussions about incorporating the automotive industry into the carbon trading framework [3] - A strategic cooperation agreement has been signed between Hubei Hongtai Group and relevant automotive organizations to develop a carbon emission management system and explore carbon asset development [4] Group 3 - The automotive industry is transitioning from a "dual credit" system to a carbon credit management approach, which may facilitate its inclusion in carbon trading [4] - The shift to carbon credit management requires adjustments in accounting mechanisms and standards, impacting both new energy and traditional fuel vehicles [4] - Successful integration of the automotive sector into the carbon trading market necessitates collaboration with local carbon markets and financial institutions to enhance market activity [4]

Core Viewpoint - The release of the "Opinions" marks the first central document in China's carbon market sector, outlining a clear timetable and roadmap for the development of the national carbon market by 2027 and 2030 [1][2]. Group 1: National Carbon Market Development - The national carbon market consists of a mandatory carbon emissions trading market and a voluntary greenhouse gas reduction trading market, which are interconnected to form a comprehensive carbon market system [2][3]. - As of August 22, 2023, the mandatory carbon market has seen a cumulative trading volume of over 680 million tons, with a transaction value of 47.41 billion yuan, while the voluntary market has recorded 2.49 million tons of certified voluntary emission reductions, amounting to 210 million yuan [2]. Group 2: Market Expansion and Coverage - By 2027, the mandatory carbon market aims to expand its coverage to include major industrial sectors, while the voluntary market will extend to biomass utilization and solid waste treatment, achieving full coverage in key areas [1][2]. - The government plans to gradually shift from intensity control to total control of carbon emissions, establishing a clear and transparent carbon emissions quota management system [3]. Group 3: International Cooperation and Leadership - The "Opinions" emphasize the importance of international cooperation in climate governance, positioning the improvement of the national carbon market as a significant step in demonstrating China's commitment to global climate leadership [4][5]. - China's experience in carbon trading and voluntary reduction markets is seen as valuable for other developing countries facing similar challenges in balancing economic development and carbon reduction [5][6]. Group 4: Financial Empowerment and Market Vitality - The "Opinions" propose enhancing market vitality by diversifying trading products and expanding trading participants, including the introduction of financial institutions into the carbon market [7][8]. - Financial institutions are encouraged to develop green financial products related to carbon emissions rights and certified voluntary emission reductions, thereby supporting greenhouse gas reduction efforts [7][8].

Core Points - The national carbon market opened at a price of 67.73 yuan per ton, with a closing price of 66.18 yuan per ton, reflecting a decrease of 2.60% from the previous day [1][2][4] - The total trading volume for carbon emission allowances today was 478,812 tons, with a total transaction value of approximately 31.64 million yuan [2][4] - Cumulative trading volume in the national carbon market reached 704,047,174 tons, with a total transaction value of approximately 48.37 billion yuan as of September 5, 2025 [4] Trading Details - The highest price recorded today was 67.73 yuan per ton, while the lowest was 66.01 yuan per ton [1][2] - The trading volume for different transaction types included 181,735 tons in listed agreement trading, 295,077 tons in bulk agreement trading, and 2,000 tons in single-direction bidding [2][3] - The single-direction bidding today had a maximum selling volume of 200 tons, with a transaction price of 67.30 yuan per ton [3]

Core Viewpoint - The Enshi Prefecture in Hubei Province has issued a work plan to deepen carbon trading reforms, aiming to integrate into national and provincial carbon markets by the end of 2025, with a focus on establishing a forest carbon credit trading system [1][2] Group 1: Carbon Market Integration - Enshi Prefecture will organize training for cement companies on carbon emission management and guide them in registration and material submission [1] - The region will promote the construction of CCER projects and encourage the development of methodologies for afforestation carbon sinks and energy-saving projects [1] Group 2: Carbon Credit System - The plan includes exploring the establishment of a forest carbon credit system, with pilot projects to clarify application, registration, circulation, and offset management processes [2] - A linkage mechanism will be created for carbon credit consumption and discounts, allowing individuals and organizations purchasing carbon credits to enjoy benefits such as ticket reductions and accommodation discounts [2] Group 3: Carbon Footprint and Product Management - The plan proposes pilot projects for carbon footprint accounting and encourages carbon labeling for agricultural products like tea and mineral water to enhance their green competitiveness [2] - Cement companies will be encouraged to achieve compliance targets through a combination of carbon quota trading and CCER project offsets [2] Group 4: Financial Support and Collaboration - Enshi Prefecture will innovate green financial tools such as carbon quota collateralized loans and carbon account-linked loans to broaden financing channels for ecological products [2] - A multi-departmental collaborative mechanism will be established to ensure effective implementation of reforms, with a focus on task lists, responsibility assignments, and diverse financing channels [2]