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。 ...

"到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业。"近日，生态环境部发布《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》（以下简称《配额方 案》），明确三大行业碳配额分配方式和适用范围等内容，重申了碳市场扩围"路线图"。 生态环境部应对气候变化司负责人就《配额方案》答记者问时表示，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，将坚持"成熟一个、纳入一个"的原则，根据行业发展状况、降碳减 污贡献、数据质量基础、碳排放特征等，有序扩大覆盖行业范围和温室气体种类。 这还是生态环境部首次透露全国碳市场扩围"路线图"。从2021年启动以来，全国碳市场已运行四年。 从覆盖的碳排放量来看，根据生态环境部此前发布的数据，在发电行业的基础上，钢铁、水泥、铝冶炼 行业的纳入使得全国碳市场重点排放单位总计达到3700家左右，覆盖排放量约80亿吨，管控全国60%以 上的碳排放量。 然而，目前生态环境部还未发布八大行业全部纳入全国碳市场后的重点排放单位数量和预计覆盖的碳排 放量。生态环境部应对气候变化司司长夏应显在此前接受21世纪经济报道采访时介绍，"中国的碳排放 ...

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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The national carbon market price is under pressure and fluctuating. The current low carbon price is partly due to the concentrated selling of surplus enterprises under the carry - over rule, and the price may stabilize after the selling pressure subsides in November [4][8] - Policies such as expanding the coverage of the national carbon market, implementing quota control and有偿分配, and strengthening the construction of the voluntary emission reduction trading market are expected to promote the development of the carbon market and the green - low - carbon transformation of industries [10] 3. Summary by Relevant Catalogs 3.1 National Carbon Market Overview - In October, the national carbon market's comprehensive price had a maximum of 59.30 yuan/ton, a minimum of 50.34 yuan/ton, and a closing price of 51.96 yuan/ton, down 10.37% from the previous month. The total trading volume of national carbon emission allowances was 41,562,530 tons, with a total turnover of 1,988,434,330.99 yuan. From January 1 to October 31, 2025, the trading volume was 139,661,332 tons, and the turnover was 8,785,796,587.81 yuan. The carbon price has been declining since June and is now close to the 2021 opening price, more than 50% lower than the 2024 high [8] - According to the latest regulations, surplus enterprises can carry over 60% of their surplus allowances to 2025 by December 31, 2025, but need to apply before June 10, 2026 [8] - Fudan Carbon Index predicts the buying, selling, and middle prices of national carbon emission allowances (CEA) and Chinese Certified Emission Reductions (CCER) for November and December 2025 [9] 3.2 Market News - In the first three quarters of 2025, China's GDP was 1,015,036 billion yuan, with a year - on - year growth of 5.2%. In September, the total social electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. The high electricity consumption in the third quarter was due to high - temperature weather and economic recovery [10] - During the "15th Five - Year Plan" period, efforts will be made to accelerate the green - low - carbon transformation of energy, including developing non - fossil energy, promoting the clean and efficient use of fossil energy, and promoting the green - low - carbon transformation of industries and lifestyles. Energy - saving and carbon - reduction actions in key industries are expected to save over 150 million tons of standard coal and reduce about 400 million tons of carbon dioxide emissions [10] - The "Opinions on Promoting Green - Low - Carbon Transformation and Strengthening Carbon Market Construction" aims to expand the coverage of the national carbon market, implement quota control and 有偿分配, tighten quotas, strengthen the construction of the voluntary emission reduction trading market, and improve the vitality of the national carbon market [10] 3.3 Data Summary - The report provides multiple data charts, including the EU carbon price, power generation equipment growth rate, power generation growth rate, photovoltaic installation volume, and coal power plant daily consumption, with data sources from Wind and the Research and Development Department of CCB Futures [12][15][19]

Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for November 2025, indicating a significant decline in carbon emission allowance prices and green certificate prices [1][2]. Carbon Emission Allowance (CEA) Prices - The expected buy price for the national carbon emission allowance (CEA) in November 2025 is 47.59 yuan/ton, with a sell price of 55.42 yuan/ton, resulting in a midpoint price of 51.51 yuan/ton. The buy price index decreased by 14.08%, and the sell price index decreased by 8.59% [1]. - For December 2025, the expected buy price is 55.63 yuan/ton, with a sell price of 65.35 yuan/ton, leading to a midpoint price of 60.50 yuan/ton [1]. Green Certificate Prices - The expected price for green certificates from centralized projects for 2025 is 4.24 yuan/unit, with a price index of 77.09. For distributed projects, the price is 3.65 yuan/unit (index 74.06), and for biomass power generation, it is 3.81 yuan/unit (index 73.84) [2]. - All green certificate prices showed a decline compared to October 2025, with biomass power generation certificates experiencing the largest drop [2]. Market Performance Overview - In October, the average closing price for CEA was 54.76 yuan/ton, down 12.4% from September's average of 62.51 yuan/ton. The carbon price exhibited a significant drop followed by a slight rebound [2]. - The average daily trading volume for carbon allowances was 1.7214 million tons, an increase of 15.81% compared to September's 1.4864 million tons, indicating active market trading as the compliance period approaches [2]. Global Carbon Market Trends - The global carbon market saw an overall increase in trading volume in October, although the Korean carbon market experienced a slight decline. The price trends varied across major global carbon markets, with mixed performance in trading prices [3].