生态环境部应对气候变化司司长夏应显表示，纳入碳市场将有效推动钢铁、水泥、铝冶炼这三个行 业绿色低碳转型，有效压实企业的减排责任，为国家温室气体排放控制目标实现提供有效保障。 新华社北京11月24日电（记者高敬）《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》提出，扩大全国碳排放权交易市场覆盖范围。 2021年7月，以发电行业为突破口，全国碳排放权交易市场启动上线交易。今年3月，全国碳排放权 交易市场首次扩围，钢铁、水泥、铝冶炼行业纳入碳排放权交易市场管理。 日前，生态环境部印发《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量 和分配方案》，这是碳排放权交易市场扩围工作的重要部署安排。方案发布后，生态环境部门将下发 2024年度配额，重点排放单位将于年内完成首次配额清缴。明年上半年，生态环境部门将下发2025年度 预分配配额。重点排放单位应在明年年底前完成2025年度配额清缴工作。 他还表示，全国碳排放权交易市场扩围将会驱动更多企业通过有关技术创新、节能技改、提升管理 效益等方式减少碳排放，进而有效带动低碳、零碳、负碳技术的研发和投资，为重点排放单位的绿色低 碳转型提供技 ...

日前，生态环境部印发《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量 和分配方案》，这是碳排放权交易市场扩围工作的重要部署安排。方案发布后，生态环境部门将下发 2024年度配额，重点排放单位将于年内完成首次配额清缴。明年上半年，生态环境部门将下发2025年度 预分配配额。重点排放单位应在明年年底前完成2025年度配额清缴工作。 生态环境部应对气候变化司司长夏应显表示，纳入碳市场将有效推动钢铁、水泥、铝冶炼这三个行 业绿色低碳转型，有效压实企业的减排责任，为国家温室气体排放控制目标实现提供有效保障。 新华社北京11月24日电（记者高敬）《中共中央关于制定国民经济和社会发展第十五个五年规划的 建议》提出，扩大全国碳排放权交易市场覆盖范围。 2021年7月，以发电行业为突破口，全国碳排放权交易市场启动上线交易。今年3月，全国碳排放权 交易市场首次扩围，钢铁、水泥、铝冶炼行业纳入碳排放权交易市场管理。 瞄准"双碳"目标，如何扩大全国碳排放权交易市场覆盖范围？记者了解到，生态环境部已启动化 工、石化、民航、造纸等行业扩围前期准备工作。一是推进历史数据治理，为科学合理确定配额总量和 分配方案奠定 ...

湖北"十五五"发展的总体目标是推动加快建成中部地区崛起的重要战略支点取得决定性进展。 近日，湖北省委十二届十一次全会审议通过了《中共湖北省委关于制定全省国民经济和社会发展第十五个五年规划的建议》。22日湖北召开专题新闻发布 会，亮出该省"十五五"支点建设新蓝图。 全会指出，湖北正处于战略地位整体跃升期、高质量发展关键转型期、综合优势系统重塑期、基本建成支点加速冲刺期。基于此，湖北"十五五"发展的总体 目标是推动加快建成中部地区崛起的重要战略支点取得决定性进展。 湖北省委副秘书长陈宏斌介绍，支点建设不仅事关湖北一域，更关乎现代化建设大局。从全国来讲，确保基本实现社会主义现代化取得决定性进展，这就要 求各个地方都要在大局中找准定位、竞进作为。"湖北方案"要与中央精神在战略上高度契合、目标上有机结合、推进上深度融合。从湖北来看，支点建设的 既定部署是"一年开新局、五年大变化、十年结硕果"，2030年要基本建成支点，2035年要全面建成支点，"十五五"发展的总体目标意味着"基本建成支点"， 体现了一以贯之、久久为功的战略连续性。 围绕实现这一总体目标，湖北对未来五年部署了12项重点任务。 湖北省科技厅厅长冯艳飞介绍， ...

11月22日上午，全省经济社会发展专题会（西片区）在泰安召开。会议深入学习贯彻党的二十届四 中全会和习近平总书记视察山东重要讲话精神，分析研究西片区各市经济运行情况，推动各级坚决完成 全年目标任务，确保"十四五"圆满收官、明年一季度"开门红"。 省委书记林武出席会议并讲话，省委副书记、省长周乃翔主持，省政协主席葛慧君，省人大常委会 副主任、党组书记杨东奇出席。 林武指出，西片区8市在全省大局中地位重要、作用突出，今年以来经济社会发展取得新的成效。 要坚定信心决心，继续精准落实党中央决策部署，全力冲刺收官，坚决实现全年经济社会发展目标。 林武强调，做好下步工作，要准确把握形势，着力做足增量、遏制减量、应对变量，推动经济实现 质的有效提升和量的合理增长。要全力以赴稳定工业运行，推动石化、钢铁、电解铝、汽车、纺织服装 等重点行业企业稳定生产、提质增效，推动新竣工投产企业尽快达产达效。要全力以赴稳定有效投资， 加快推进省市县三级重点项目建设，力争形成更多实物工作量。要全力以赴提振消费，持续促进商品消 费、新型消费，推动房地产高质量发展，提升服务业贡献度。要全力以赴稳住外贸基本盘，加快进博 会、广交会等新签订单交付进度 ...

编制说明介绍，本期筛查和评估重点考虑持久性、生物累积性，以及水生慢性毒性1类、致癌性1或2 类、致突变1或2类、生殖毒性1或2类、特异性靶器官毒性-反复接触1类和内分泌干扰性等高危害化学物 新污染物治理涉及石化、塑料、橡胶等行业领域。摄影 / 章轲 初步研判对相关化学物质实施环境风险管控具备经济技术可行性。 又一批化学品有望列入优先控制名录，以落实《新污染物治理行动方案》，加强新污染物治理，切实保 障生态环境安全和人民健康。 第一财经记者从生态环境部了解到，生态环境部办公厅、国家疾控局综合司已就优先控制化学品名录 （第三批）开始征求有关方面意见。据11月21日公布的编制说明介绍，本批名录包括24种类化学物质。 这些化学物质的生产和使用主要涉及石化、塑料、橡胶、制药、纺织、染料、涂料、农药、皮革、电镀 等行业领域。 此前两批优先控制化学品名录合计列入40种类化学物质，涵盖短链氯化石蜡、甲醛、汞及汞化合物、六 价铬化合物、铅化合物，以及苯、邻甲苯胺等人类致癌物，全氟辛酸、二噁英等持久性有机污染物，以 及铊及铊化合物等重金属类物质，涉及化工、轻工、塑料、橡胶、制药等多个行业。 《新污染物治理行动方案》提出，到202 ...

Core Viewpoint - PTA is currently supported by cost factors, with market focus on the execution of maintenance schedules and the recovery of export orders. The polyester futures prices are expected to remain supported due to cost boosts, domestic "anti-involution" policies, and improved export expectations from India [1] Group 1: Cost Support - The oil supply surplus is expected to be strong from Q4 to Q1 next year, leading to a weak and fluctuating international oil price. The low PTA processing fee results in a mild transmission of oil price changes to downstream industries [2] - The domestic PX operating rate has slightly decreased to 86.8%, down 3 percentage points week-on-week, while the Asian PX operating rate is at 78.5%, down 1.7 percentage points. This decline in operating rates is due to maintenance activities, leading to tight PX spot market supply [4] Group 2: Inventory Pressure - The total PTA production capacity is projected to reach 91.715 million tons by the end of 2025, with a capacity growth rate of 9.5%. Recent new capacities have led to a relatively loose spot liquidity [5] - PTA social inventory is approximately 3.1561 million tons, showing a slight accumulation. The inventory structure is reasonable, with polyester factories maintaining raw material stock for 13-14 days. The overall inventory level is lower than the same period in the past two years [5] Group 3: Market Dynamics - The PTA industry operating rate has adjusted to 75.7%, while the polyester industry operating rate is at 90.5%. The overall supply-demand dynamics for PTA remain stable [7] - The polyester industry is expected to exceed 90 million tons in total production by 2025, with an average operating rate of 88.29%. However, the demand for polyester is showing signs of weakness, leading to a forecasted trading range for PTA contracts between 4500 and 4900 yuan/ton [8]

【冠通期货研究报告】 PP日报：震荡下行 发布日期：2025年11月21日 【行情分析】 PP下游开工率环比上涨0.29个百分点至53.57%，处于历年同期偏低水平。但其中拉丝主力下游塑 编开工率持平于44.24%，塑编订单环比略有减少，略低于去年同期。11月21日，广东石化一线、独山 子石化新二线等检修装置重启开车，PP企业开工率上涨至83.5%左右，处于中性偏低水平，标品拉丝 生产比例上涨至27%左右。石化去库放缓，目前石化库存处于近年同期中性偏高水平。成本端，俄罗 斯副总理诺瓦克表示，美国及西方最新实施的制裁并未对俄罗斯的石油产量造成影响，另外有消息 称特朗普政府秘密与俄罗斯协调一项结束乌克兰冲突的新框架，泽连斯基表明对和谈持开放态度， 原油价格下跌。供应上，新增产能40万吨/年的中石油广西石化10月中旬投产，近期检修装置略有减 少。下游进入旺季尾声，塑编等订单跟进持续性有限，市场缺乏大规模集中采购，对行情提振有限， 贸易商普遍让利以刺激成交。PP产业还未有反内卷实际政策落地，当然反内卷与老旧装置淘汰，解 决石化产能过剩问题仍是宏观政策，将影响后续行情。预计PP偏弱震荡。 现货方面： PP各地区现货价格 ...

Report Overview - Report Title: Carbon Market Weekly Report - Date: November 21, 2025 Industry Investment Rating - Not provided in the report Core Viewpoints - The Chinese government is actively promoting the construction of the carbon market, with policies aiming to expand coverage, control quota总量, and increase market vitality [9][10] - The expansion of the national carbon emissions trading market will gradually cover major industrial emission - intensive industries by 2027, marking a new stage in using market - based mechanisms for deep - emission reduction [10] Summary by Directory 1. Carbon Market Weekly Overview - In October, the national carbon market's comprehensive price had a high of 59.30 yuan/ton, a low of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The trading volume and turnover of different trading methods were also reported [7] - In the 3rd week of November, the national carbon market quota had a high of 70.14 yuan/ton, a low of 60.02 yuan/ton, and a closing price of 65.27 yuan/ton, with a weekly increase of 8.48%. The total trading volume was 1169.44 million tons, and the total turnover was 701.0284 million yuan. Price expectations for November and December 2025 were also given [8] 2. Market News - The central government issued an opinion to expand the carbon market's coverage, implement quota总量 control and paid distribution, and improve market vitality [9] - China's carbon market construction aligns with the "dual - carbon" goal, and will gradually implement quota总量 control and paid distribution as the carbon - peak process advances [10] - The expansion schedule of the national carbon emissions trading market was announced, with major industrial sectors to be included by 2027, covering about 75% of CO2 emissions [10] - The "Chengdu Declaration" at the 2025 8th China International Photovoltaic and Energy Storage Industry Conference called for anti - "involution" in the industry and promoted high - quality development [10]

二是坚持创新驱动、塑强引擎，产业层次高端跃升。充分吸收提案关于创新引领的建议，突出企业主体 地位，强化要素定向集聚，最大程度释放创新资源协同集成效应。争取9家国家级工程研究中心落地， 推动222家国家级企业技术中心成功获批、数量占全国的1/9、稳居首位。我们依托这些优质平台，大力 支持企业研发创新，累计培养引进研发人员18.8万人，争取冶金、化工等领域38个项目承担国家重大技 术攻关任务，累计获批资金38.6亿元，带动一批事关国家战略安全的"卡脖子"技术加速突破。 三是坚持低碳引领、数智赋能，生产模式逐绿向新。针对提案提出的绿色发展、智能转型问题，出台化 解重点产业结构性矛盾实施意见，同步制定石化、钢铁、新能源汽车、船舶等9个行业提质升级行动方 案，协同推进高端转型、数智赋能、低碳发展。持续加力设备更新，今年累计争取366个项目获批超长 期国债29.6亿元，带动工业重点领域先进产能占比突破40%，拉动工业投资较快增长，1-10月同比增长 6%、高于全部投资增速11.3个百分点。持续深化实数融合，出台人工智能赋能13个重点领域推进方 案，配套28条政策措施，统筹10亿元财政资金支持重点平台、重点企业、重点项目， ...

Core Insights - The expansion roadmap for China's national carbon emissions trading market has been officially unveiled, with a clear timeline for including additional industries by 2027, aiming to cover approximately 75% of national CO2 emissions [1][4]. Summary by Sections Carbon Market Expansion - The Ministry of Ecology and Environment has released a quota distribution plan for the steel, cement, and aluminum smelting industries for 2024 and 2025, marking a significant step in the carbon market's expansion [1][4]. - By including these three industries, the total number of key emission units will reach around 3,700, covering emissions of approximately 8 billion tons, which accounts for over 60% of national carbon emissions [4]. Future Industry Inclusion - The final goal is to achieve full coverage of major emission industries in the industrial sector by 2027, with preliminary preparations already underway for the chemical, petrochemical, civil aviation, and paper industries [4][5]. - Predictions suggest that once eight major industries are fully included, over 8,000 enterprises will enter the market, covering more than 70% of greenhouse gas emissions nationwide [4]. Technical Preparations - The Ministry has collected and verified carbon emission data from relevant industries since 2013, laying the groundwork for scientifically determining total quotas [5]. - A comprehensive set of technical documents related to quota distribution, accounting, reporting, and verification is being expedited, alongside upgrades to the national carbon market management platform and trading systems [5]. Market Dynamics and Pricing - The diversity of market participants is expected to enhance the pricing function of the carbon market, with the current closing price around 66 yuan per ton [5]. - Industry experts predict that carbon prices could rise significantly, potentially reaching between 130 to 180 yuan per ton by 2027, driven by quota control and paid distribution mechanisms [5]. Industry-Specific Impacts - Different industries will experience varying impacts from the carbon market expansion, with sectors like electricity and steel being better prepared compared to more complex industries like petrochemicals and paper [6]. - The aviation sector faces additional challenges, including external pressures such as the EU carbon border tax [6]. Future Market Development - By 2030, the goal is to establish a carbon market based on total quota control, combining free and paid distribution, to create a reasonable carbon pricing mechanism [7]. - The Ministry has indicated that total quota control will be prioritized in stable emission sectors, gradually tightening quotas to enhance market efficiency and optimize carbon reduction resource allocation [7].