Report Title - EU Carbon Market Market Briefing (Issue No. 149, 2025) [1] Report Date - August 21, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - TTF price surge drives EUA futures prices to turn positive; strategy is to buy low and sell high within the range of €63 - 76 [2] Market Summary Primary Market - EUA auction price is 70.47 euros/ton (-1.26%), and the bid coverage ratio is 1.66 [2] Secondary Market - EUA futures settlement price is 71.29 euros/ton (0.18%), with a trading volume of 17,700 lots (-0.40) [2] Strategy - Adopt a high - sell and low - buy strategy within the price range of €63 - 76 [2] Core Logic Bullish Factors - No new bullish factors [2] Bearish Factors - The latest CoT report shows that investment funds' net long positions decreased by 8.65 million tons last week due to significant long - position liquidation; under the newly passed regulations, European gas storage facilities must reach 90% of their capacity between October and December, and the current capacity utilization is 73.91%, indicating a loose EU natural gas supply [2] Other Information - Russia stated on Wednesday that it must participate in any discussions regarding Ukraine's security guarantees, weakening hopes for a quick peace agreement [2][3] Data Tables EUA Auction Information - On August 20, 2025, the EUA auction price was 70.47 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 2.069 billion tons, the bid coverage ratio was 1.66, and the auction revenue was 145.8 million euros [4] - On August 19, 2025, the EUA auction price was 71.37 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 3.2455 billion tons, the bid coverage ratio was 1.59, and the auction revenue was 231.63 million euros [4] EUA Futures and Spot Information - On August 20, 2025, the futures settlement price was 71.29 euros/ton (0.18% increase), the trading volume was 17,700 lots (-0.40), and the open interest was 335,200 lots (no change); the spot settlement price was 70.73 euros/ton (0.20% increase), and the trading volume was 1,233 lots (-5,020) [5]

Core Viewpoint - The forum highlighted the importance of digital technology in enhancing carbon data management practices, emphasizing the need for better tools to support ESG and carbon neutrality efforts [1][2]. Group 1: Carbon Market and Data Management - The carbon market is becoming a key tool for global emission reduction policies, with an international carbon market framework gradually forming under the Paris Agreement [1]. - There is a growing exploration of digital carbon management systems across various industries, focusing on energy consumption and carbon emissions platforms [2]. - The Shanghai Carbon Public Welfare System utilizes blockchain and other advanced technologies to create a secure and efficient carbon management platform, ensuring data privacy and traceability [2]. Group 2: Financial Products and Indices - The Shanghai Environment and Energy Exchange has collaborated with other financial institutions to launch various carbon indices, including the China Securities Carbon Neutral Index and the Shanghai Carbon Price Index [3]. - A new green transition index will be released in the second half of the year, aimed at evaluating the performance of high carbon-emitting companies in their green transition efforts [4]. - The emphasis is on leveraging carbon emission data to enhance the role of green finance in guiding investment towards sustainable projects [4]. Group 3: Future Outlook - There is an increasing demand for carbon data applications in areas such as carbon accounting, asset financing, and ESG reporting [4]. - The need for more digital tools to support the acquisition, processing, analysis, and application of carbon data is emphasized to better facilitate ESG and carbon neutrality initiatives [4].

Core Points - The national carbon market opened at a price of 71.31 yuan per ton, with a closing price of 70.86 yuan per ton, reflecting a decrease of 0.99% from the previous day [1][2] - The total trading volume of carbon emission allowances today was 390,844 tons, with a total transaction value of 27,932,689.60 yuan [3][5] - Cumulative trading volume of carbon emission allowances in the national carbon market reached 687,745,739 tons, with a cumulative transaction value of 47,283,681,347.74 yuan as of August 18, 2025 [5] Trading Data - Today's trading included 90,844 tons in listed agreement transactions, amounting to 6,452,689.60 yuan, and 300,000 tons in bulk agreement transactions, totaling 21,480,000.00 yuan [2] - The highest price recorded today was 71.31 yuan per ton, while the lowest was 70.85 yuan per ton [1][2] - The trading data for various annual carbon emission allowances showed fluctuations, with some allowances experiencing price changes of up to -2.21% [4]

Core Viewpoint - Jiangsu Yueda Investment Co., Ltd. reported a significant decrease in revenue for the first half of 2025, with a total revenue of approximately 1.36 billion yuan, a decline of 22.01% compared to the same period last year, while net profit attributable to shareholders increased by 27.62% to approximately 14 million yuan [2][3][11]. Company Overview and Financial Indicators - The company is headquartered in Yancheng, Jiangsu Province, and operates in various sectors including new energy, textiles, and specialized vehicles [2][3]. - Key financial metrics for the first half of 2025 include: - Total revenue: 1,358,178,119.31 yuan - Total profit: 10,348,380.66 yuan - Net profit attributable to shareholders: 14,024,716.17 yuan - Total assets: 10,000,537,285.24 yuan - Net assets attributable to shareholders: 4,377,757,979.26 yuan [2][3]. Business Segments - **New Energy**: The company focuses on developing and operating new energy projects, including wind and solar power, with significant investments in projects like the 150MW solar project and the 100MW/200MWh energy storage project [7][12]. - **Textiles**: The textile segment has shown resilience, with a production capacity of 42,000 tons of high-end knitted yarn and 28.8 million meters of home textile fabric [6][11]. - **Specialized Vehicles**: The specialized vehicle segment includes products like garbage trucks and street cleaning vehicles, with a focus on environmentally friendly technologies [6][11]. Industry Context - The new energy sector in China is experiencing rapid growth, with installed capacity for solar power reaching 110 million kilowatts, a year-on-year increase of 54.2% [8][9]. - The carbon market is also expanding, with a cumulative transaction volume of carbon emission allowances reaching 669 million tons by mid-2025 [9][10]. - The agricultural machinery market is facing challenges, with a decline in traditional tractor sales, but high-end products are gaining traction due to policy and technological advancements [10][11]. Operational Highlights - The company has made strategic acquisitions, including a 51% stake in Yueda Energy Service Company, to enhance its capabilities in energy management and sales [12][14]. - The company is actively pursuing projects in carbon asset management and has established a biomass fuel production base to support renewable energy initiatives [13][14]. - The company is also focusing on digital transformation and management innovation to improve operational efficiency and market competitiveness [16].

Core Viewpoint - The Shanghai Carbon Market aims to enhance its resource allocation function to support the city's goal of reaching carbon peak by 2030 [3] Group 1: Action Plan and Market Coverage - On August 14, Shanghai issued the "Action Plan for Comprehensive Deepening Reform of the Shanghai Carbon Market (2026-2030)", which outlines measures for total quota control in stable carbon emission industries and reserves development space for strategic emerging industries [3][4] - The plan aims to gradually expand market coverage through a "lowering thresholds, expanding categories, and increasing varieties" approach [5] Group 2: Carbon Market Development - The Shanghai Carbon Market, along with the national carbon market covering the power and steel industries, currently accounts for approximately two-thirds of the city's total carbon emissions, significantly aiding in the reduction of emissions in the industrial sector [3] - As of June 30, 2025, the Shanghai Carbon Market has cumulatively traded 26.5 million tons of carbon, with a total transaction value of 5.521 billion yuan, ranking it among the top pilot carbon markets [3] Group 3: Financial Support and Innovation - The Action Plan emphasizes the importance of financial support in promoting green transformation in industries, encouraging companies to establish carbon footprint management systems and set greenhouse gas emission control targets [5][6] - The plan includes initiatives to enhance the carbon financial product and service system, allowing financial institutions to participate in voluntary greenhouse gas reduction activities and carbon trading [6][7] Group 4: Collaboration Between Industry and Finance - The synergy between industrial transformation and financial support is highlighted, aiming to create a strong impetus for the green development of the real economy [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The exhaustion of mandatory circulation allowances may support a carbon price reversal, with an expected depletion by mid - early October, but anticipatory trading could lead to signs of a reversal in Q3 [5] - Before August, carbon prices may fluctuate due to slow release of mandatory circulation allowances and low trading willingness; starting from September, as compliance pressure builds, prices may rise [5] - The report suggests that enterprises with a carbon allowance gap should make phased purchases at low prices before the end of August [3] Group 3: Summary by Related Catalogs Carbon Emission Allowance (CEA) Market - CEA22 is stable, while the main target continues to decline. There are 160,000 tons for listing and 100,000 tons for bulk trading [3] - CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 have closing prices of 71.34 yuan/ton, 70.00 yuan/ton, 70.80 yuan/ton, 72.42 yuan/ton, and 72.47 yuan/ton respectively, with CEA23 and CEA24 having a decline of - 0.29% and - 0.48% [7] - The total trading volume of CEA22, CEA23, and CEA24 are 100,000 tons, 56,900 tons, and 103,000 tons respectively [7] China Certified Emission Reduction (CCER) Market - The listing agreement trading volume is 80,000 tons, and the average trading price is 80.25 yuan/ton, a decrease of 2.53%. The trading amount is 6.5 million yuan, and the cumulative trading volume is 2.4808 million tons [3][9]

◎记者 宋薇萍 8月14日，《上海碳市场全面深化改革行动方案（2026—2030年）》（下称"行动方案"）正式发布。根 据行动方案，上海要建成规则完善、诚信透明、广泛参与的温室气体自愿减排管理体系，逐步形成以碳 市场为主体的碳定价机制，将上海碳市场打造成为具有一定国际影响力的碳交易、碳金融、碳定价和碳 创新中心。 行动方案明确，上海要实施碳排放权交易市场提质增效行动、温室气体自愿减排引导激励行动和碳市场 创新能力协同提升行动等三大行动，共提出16条具体举措。 一位碳市场行业资深人士对上海证券报记者表示，与今年3月发布的征求意见稿相比，行动方案在实施 细则上有了显著突破，不仅明确了纳管范围扩大的具体路径，还对有偿分配比例等关键指标设定了量化 的时间节点，特别是在退出行业配额结转管理等方面作出了更明确规定。这些制度性安排为上海碳市场 的长期稳健发展奠定坚实基础。 其中，围绕碳排放权交易市场提质增效，行动方案明确，上海将建立同碳排放总量与强度双控制度相衔 接的碳排放配额分配制度，对碳排放总量相对稳定的行业试点实施配额总量控制，为战略性新兴产业和 未来产业预留发展空间。同时，上海将稳妥有序提高有偿分配比例。到2027 ...

企业"碳指标"融资难、银行放贷顾虑多？这类问题在广东有了解决路径。8月12日，广东省高级人民法 院、广东省生态环境厅、中国人民银行广东省分行联合印发《关于推进碳排放配额担保助力绿色金融发 展的若干意见》（以下简称《意见》），从质押登记确权、担保产品创新到司法服务保障，提出13条具 体规定。 作为全国首份在省级层面为碳排放配额质押融资提供系统化司法保障的政策文件，《意见》首次在省级 层面明确碳排放配额属于合法质押标的，首创以省级文件明确"双登记"模式确认碳资产权属，并设置行 之有效的违约处置机制，标志着广东在推动统一的碳金融市场建设上迈出关键一步。 广东碳交易市场活跃 碳排放配额是政府分配给企业、允许其在特定时期内可排放的温室气体的额度，是碳排放权的凭证和载 体。 省生态环境厅气候与交流处处长关绣娟指出，企业通过节能减排，实际排放量低于核定配额的部分，既 可以在碳市场交易，也可以作为担保物向银行申请质押融资。这种基于碳资产的金融服务也叫碳金融， 是推动绿色转型的重要力量。 广东是全国最活跃的区域试点碳市场。数据显示，截至2025年7月，仅广州碳排放权交易中心的累计成 交配额就达到2.3085亿吨，总成交金额67 ...

Report Overview - Report Title: National Carbon Market Market Briefing (Issue 136, 2025) [1] - Release Date: August 12, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - CEA shows a decline in volume and price, with CEA22 dropping significantly and the main targets remaining weak; CCER has light trading volume [2] - It is recommended that enterprises with carbon quota gaps make phased low - price purchases before the end of August [3] - The depletion of mandatory circulation quotas may support a carbon price reversal. Expected depletion is in mid - early October, but signs of reversal may appear in Q3. Before August, carbon prices may fluctuate, and from September, prices may rise due to increasing compliance pressure [5] Summary by Relevant Catalogs CEA Market - CEA22 dropped by 3.01%, with a closing price of 70.80 yuan/ton. CEA23 and CEA24 also declined slightly, by 0.23% and 0.05% respectively. CEA19 - 20 and CEA21 remained unchanged [7] - The total CEA volume includes 29.3 tons in the listing market and 19.0 tons in the bulk market [2] CCER Market - The CCER listing agreement trading volume was 0.21 tons, with an average transaction price of 82.33 yuan/ton, a year - on - year increase of 4.26%, and a transaction amount of 17,500 yuan [2][9]

Core Viewpoint - Shuangliang Group and Beijing Green Exchange have signed a strategic cooperation framework agreement to promote green transformation and high-quality industrial development through collaboration in various fields related to carbon neutrality and sustainability [1] Group 1: Strategic Cooperation - The agreement focuses on deep cooperation in areas such as green low-carbon methodology development, zero-carbon park/factory construction, carbon asset management capability building, CCER development, ESG, and talent cultivation [1] Group 2: Goals and Impact - The collaboration aims to support the achievement of "dual carbon" goals, injecting new momentum into the green transformation of enterprises and the high-quality development of industries [1]