全国碳币场行情简报 (2025年第202期) 挂牌协议均价涨近2%,日内成交量增长26% 今日 1、CEA:主力标的止跌企稳:挂牌93.8万吨,大宗211.3万吨 行情 2、CCER:挂牌协议成交量0.15万吨,成交均价60.04元/吨(-3.90%) 信号强度:1(0为空仓,士1为偏多/空,土2为多/空) 策略 核心 逻辑 (1随着履约压力逐步显现、强制流通配额基本释放完毕,上涨动能开始积聚,碳价或 进入趋势性回升阶段。 210月下旬起,受非市场因素犹动,发电集团开始联合挺价,碳价波动增大。 3钢铁、水泥、电解铝行业配额基础结转额增加至10万吨,然而多数企业因2025年度 配额缺口有限(3%以内)，实际采购积极性或低于预期。 国家君安期货 发布日期:2025-11-27 风险 CCER供应量剧增。 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) | 65. 00 | 67. 06 | 56. 46 | 56. 03 | ...

新华财经北京11月28日电据重庆市人民政府网站28日消息，重庆市人民政府日前印发《重庆市要素市场化配置综合改革试点行动方案》。其中 提到，深化天然气体制改革。支持重庆石油天然气交易中心扩大交易规模，建立油气产业链相关产品上线交易绿色通道，研究推动油气期货现 货市场联动。探索海外油气资源直接销售，开展油气大宗商品人民币跨境结算，发布并推广中国陆上天然气价格指数。支持年用量在1000万立 方米以上的天然气大用户自主选择供气路径，支持天然气（页岩气）勘探开发企业开展天然气销售业务。加快天然气管网设施独立运营和公平 开放，推动管输业务和销售业务分离，完善市内天然气管道运输价格机制。 深化电力市场改革。深化售电侧改革，建立保底售电公司运行机制，完善增量配网准入和退出机制。深化新能源上网电价市场化改革，构建绿 电直连政策体系并开展试点。在川渝毗邻地区探索"电力跨省域办理"一站式服务。完善"中长期+现货""电能量+辅助服务"体系，推动电力现货 市场转入正式运行。 推动碳市场提质增效。主动参与全国碳市场政策标准制定，建成温室气体全品类交易的地方碳市场，构建非二氧化碳温室气体市场化管控机 制。完善企业碳账户系统，集成建立碳金融 ...

6月30日，埃信华迈（IHS Markit，NYSE:INFO）亚太地区公司治理与ESG整合策略服务总监张译戈在 接受《每日经济新闻》记者采访时表示，目前全国碳市场覆盖范围明确，除了电力行业，"十四五"期间 将逐步纳入石化、化工、有色、建材、钢铁、有色、造纸，民航等八大高污染、高排放的行业，相对来 说，电力行业是数据基础较好的，这是参与全国碳市场的重要前提。 管控企业要将碳排放视同有形资产一样管理好，内部需要提升自己的能力建设，比如要建立规章制度， 有专门的负责人。同时，也要积极探索更低碳的发电相关的技术升级及节能改造，促进自身及整个行业 的低碳转型及绿色发展。 每经记者｜宋思艰 祝裕 每经编辑｜汤辉 6月22日，上海环境能源交易所发布了《关于全国碳排放权交易相关事项的公告》，这被认为意味着全 国性碳排放权交易市场的开启正日益临近。 ...

Core Points - The Ministry of Ecology and Environment (MEE) has released a roadmap for expanding the national carbon emissions trading market, aiming to cover major industrial sectors by 2027 [1][2][3] - The carbon market currently includes approximately 3,700 key emission units, covering around 8 billion tons of emissions, which accounts for over 60% of national carbon emissions [1][2][3] - The MEE has initiated preparatory work for including additional sectors such as chemicals, petrochemicals, civil aviation, and papermaking, adhering to a principle of gradual inclusion based on industry maturity [1][4] Industry Coverage - The eight key industries targeted for carbon market inclusion account for about 75% of China's carbon dioxide emissions, including power generation, steel, building materials, non-ferrous metals, petrochemicals, chemicals, papermaking, and aviation [2][3] - By 2025, the MEE plans to finalize the inclusion of steel, cement, and aluminum smelting into the carbon trading market, which will significantly enhance the market's coverage [3][4] Quota Distribution - The quota distribution for 2024 and 2025 will be free and based on carbon emissions per unit of output, following a gradual approach [6][7] - New enterprises that commence operations in 2024 and 2025 will not be included in the quota distribution for those years, ensuring that only established units are considered [6] Market Dynamics - The carbon price is expected to rise significantly by 2027, from approximately 50 yuan per ton to between 130 and 180 yuan per ton, reflecting the transition to a more stringent quota control and paid allocation system [7][9] - The current carbon market has a high participation rate, with over 90% engagement in spot trading, indicating a robust market structure [10] Future Directions - The MEE aims to enhance data quality management and regulatory frameworks to support the expansion of the carbon market, ensuring accurate emissions reporting from newly included sectors [5][9] - The transition to a paid allocation system and total quota control is a key focus for the 14th Five-Year Plan period, with an emphasis on establishing a fair and effective carbon pricing mechanism [11]

全国碳市场行情简报（2025年第196期） ( ■ 国泰君安期货 发布日期:2025-11-19 利好情绪发酵,盘中一度涨停 今日 行情 1、CEA: 配额全线大涨,成交量跌超约38%;挂牌114.6万吨,大宗90.9万吨 2、CCER:挂牌协议成交量2.00万吨,成交均价72.00元/吨（1.53%） 策略 今日信号强度:2 (0为空仓,土1为偏多/空,土2为多/空) (1随着履约压力逐步显现、强制流通配额基本释放完毕,上涨动能开始积聚, 核心 碳价或进入趋势性回升阶段。 逻辑 210月下旬起,受非市场因素犹动,发电集团开始联合挺价,碳价波动增大。 3钢铁、水泥、电解铝行业配额基础结转额增加至10万吨、利多碳价。 风险 CCER供应量剧增。 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) | 67. 65 | 67.06 | 66. 96 | 65. 01 | 67. 63 | | 涨跌幅(%) | 10. 00% | ...

□ 本报记者 陈月飞 顾敏 11月1日，南京奥体中心，2025江苏省城市足球联赛总决赛在此收官。随着球场灯光关闭、观众尽兴而 归、垃圾清运完成、媒体发出稿件，一场绿色实践也悄然完成——通过低碳办赛和捐赠减碳量，赛事实 现碳中和。 江苏省机关事务管理局负责人将一张由北京绿色交易所鉴证的"碳中和证书"，交到省体育产业集团负责 人的手中时，不仅标志着一次办赛的"零碳"努力完成，也是江苏公共机构碳普惠探索的一次高光亮相。 这背后，是一套从行为量化、数据核查、交易鉴证到价值激励的完整闭环，一场由政府牵头、机构参 与、公众响应的绿色接力悄然走向前台。 碳普惠减碳量如何"中和"一场比赛 办这场"苏超"总决赛要产生多少碳排放？答案可能会让你吃惊：1163.59吨。 这些碳排放从哪里来？从照亮球场的每一盏灯，到场内轰鸣的空调；从四面八方赶来观赛球迷的交通工 具，到球员住宿酒店消耗的能源资源；甚至连啦啦队的加油棒、媒体的摄像机，都在产生温室气体。 早在赛前一个月，省机关事务管理局就致函赛事组委会，建议通过共同努力达成赛事碳中和。想要实 现"零碳"，第一步是尽可能减少排放。"苏超"总决赛为此采取简化现场布置、倡导绿色出行等举措，但 ...

（来源：易碳家） 日期 2025.11.11 收盘价 (元/吨) 最高价(元/吨) 最低价(元/吨) 成交量 (万吨) 成交额 (亿元) 2025.11.10 1.79 2.66 2025.11.12 1.71 2025.11.13 1.94 2025.11.14 1.98 总计 日期 开盘价 (元/吨) 收盘价 (元/吨) 最高价 (元/吨) 最低价 (元/吨) 成交量 (吨) 成交额 (元) 2025/11/10 839 2025/11/11 5442 2025/11/12 2025/11/13 6727 2025/11/14 总计 成交量 (万吨) 0.93 深圳 0.03 成交额 (万元) 成交均价 (元/吨) 湖北 广东 0.36 1.03 0 0 福建 4.90 四川 0 一级市场 二级市场 成交量(万吨) 成交额(亿元) 全国 湖北 4.31 广东 9.95 6.28 3.07 深圳 0.32 1.48 9.01 3.36 7.94 福建 10 7.86 (万欧元) 四川 0 0.00 日期 成交均价 (欧元/吨) 成交量(万吨) 成交额 2025.11.07 2.60 2025.11.10 0 ...

Core Insights - The article emphasizes China's significant progress in achieving carbon peak and carbon neutrality goals, highlighting the establishment of a comprehensive carbon reduction policy system and the rapid development of renewable energy [1][2][3] Group 1: Waste Management and Recycling - By the end of 2024, 98.5% of urban communities in China will have waste classification facilities, reflecting a shift in public attitude towards environmental responsibility [1] - The transition from a single waste disposal method to a four-bin system symbolizes a broader commitment to green development [1] Group 2: Energy Transition - China is focusing on renewable energy to achieve its carbon neutrality goals, with non-fossil energy consumption increasing from 16.0% in 2020 to 19.8% in 2024, averaging nearly a 1 percentage point increase per year [2] - By August 2025, installed capacity for wind and solar power is expected to exceed 1.69 billion kilowatts, tripling the capacity from 2020 and contributing to 80% of new power installations since 2020 [2] - The share of fossil energy consumption is projected to decrease from 84.0% in 2020 to 80.2% in 2024, indicating a steady move towards cleaner energy sources [2] Group 3: New Energy Vehicles (NEVs) - As of June 2025, the number of NEVs in China is expected to reach 36.89 million, accounting for 10.27% of the total vehicle ownership, showcasing the rapid adoption of electric vehicles [3] - In 2024, NEVs are projected to be exported to over 180 countries, helping to reduce global carbon emissions by more than 50 million tons [3] - The contribution of the green low-carbon industry to China's GDP is increasing, with the "new economy" accounting for over 18% of GDP in 2024 [3] Group 4: Green Finance and Carbon Market - China has established a robust green finance framework, with green loan balances reaching 36.6 trillion yuan by the end of 2024, with nearly 70% directed towards carbon reduction projects [5] - The national carbon trading market, launched in July 2021, covers over 60% of carbon emissions, with cumulative trading volume reaching approximately 728 million tons and transaction value around 49.83 billion yuan by September 2025 [5] - The voluntary greenhouse gas reduction trading market was initiated in January 2024, with 31 projects registered and a total reduction of 15.04 million tons by October 2025 [5]

Investment Rating - The industry rating is "Outperform Market" (first rating) [5] Core Insights - The report highlights the recent updates in ESG disclosure guidelines and the impact of new policies on the green methanol industry, emphasizing the need for renewable energy consumption requirements and the promotion of green fuels [4][3] - The report tracks the performance of ESG indices and carbon pricing, noting significant changes in the carbon market and the implications for investment strategies [12][20] Summary by Sections Data Tracking - As of October 31, the Shanghai Composite Index increased by 1.9%, while the CSI 300 remained stable at -0.001%. The 300 ESG index rose by 0.014%, and the SEEE Carbon Neutral Index increased by 2% [12] - The latest price for national carbon market emissions allowances (CEA) is 51.96 CNY/ton, a decrease of 10.4% compared to the previous month [20][21] Industry Research Topics ESG Disclosure New Policies - The new ESG disclosure guidelines align more closely with EU standards, introducing additional environmental topics such as pollution, energy, and water resources [3][29] - The guidelines emphasize the importance of financial relevance in ESG disclosures, reflecting a shift towards integrating sustainability into business operations [44][46] Impact on Green Methanol Industry - New policies set forth in 10M25 establish non-electric renewable energy consumption requirements, aiming to enhance renewable energy absorption and create demand for green fuels [4][52] - The green electricity direct connection policy is expected to help green methanol reach cost parity with traditional fuels, benefiting from reduced electricity costs [55][60] Industry News - The EU has released a global climate and energy vision aimed at establishing leadership in clean technology, while domestic policies are increasingly supporting green methanol and sustainable aviation fuel production [5][4]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoint - The price of the main carbon trading target is rising, while the single - day trading volume has declined to around 1.5 million tons. It is recommended that enterprises with a quota gap purchase at low prices as soon as possible [4][5]. 3. Summary by Related Content Market Conditions - CEA: The main target rebounded strongly, with 944,000 tons listed and 589,000 tons in bulk transactions. CCER: The volume of listed - agreement transactions was 10,000 tons, and the average transaction price was 51.57 yuan/ton, with a 0.08% increase [4]. - Among different CEA years, CEA23 and CEA24 had price increases of 3.05% and 4.94% respectively, with closing prices of 45.59 yuan/ton and 46.72 yuan/ton [8]. - For CCER, the average transaction price was 51.57 yuan/ton, with a 0.08% increase, the transaction volume was 10,000 tons, and the cumulative transaction volume was 3.9516 million tons [10]. Strategy - It is recommended that enterprises with a quota gap purchase at low prices as soon as possible [5]. Core Logic - The depletion of mandatory circulation quotas may support a carbon price reversal. It is expected that the mandatory circulation quotas will be exhausted in November. By the end of October, as the compliance pressure emerges and the release of mandatory circulation quotas nears completion, the upward momentum of carbon prices may accumulate, and carbon prices may enter a stage of trend - based recovery. In late October, affected by non - market factors, power generation groups began to support prices jointly, increasing carbon price fluctuations [6].