Core Insights - The Fudan University Sustainable Development Research Center released the carbon price index for October 2025, including national carbon emission allowance (CEA) prices, voluntary carbon market (CCER) prices, and green electricity certificate (GEC) prices [1][2]. CEA and CCER Price Indices - The expected buying price for CEA in October 2025 is 55.39 CNY/ton, with a selling price of 60.63 CNY/ton, resulting in a midpoint price of 58.00 CNY/ton. The buying price index decreased by 19.09%, and the selling price index decreased by 16.23% [2][3]. - For December 2025, the expected buying price for CEA is 62.10 CNY/ton, with a selling price of 70.45 CNY/ton, leading to a midpoint price of 66.28 CNY/ton [2][3]. - The expected buying price for CCER in October 2025 is 69.00 CNY/ton, with a selling price of 76.83 CNY/ton, resulting in a midpoint price of 72.92 CNY/ton. The buying price index decreased by 7.75%, and the selling price index decreased by 9.29% [2][3]. GEC Price Indices - The expected price for green certificates (GEC) for centralized projects produced in 2024 is 3.11 CNY/unit, with a price index of 62.79. For distributed projects, the price is 2.82 CNY/unit (index 53.87), and for biomass power generation, it is 1.84 CNY/unit (index 40.88) [4][5]. - For 2025 production, the expected price for centralized projects is 5.45 CNY/unit (index 99.09), for distributed projects is 5.20 CNY/unit (index 105.51), and for biomass projects is 5.55 CNY/unit (index 107.56) [4][5]. Market Activity in September - In September, the average closing price for CEA was 62.94 CNY/ton, down 11.5% from August's average of 71.12 CNY/ton. The price fluctuated from 69.41 CNY/ton at the beginning of the month to 59.16 CNY/ton by the end [6]. - The average daily trading volume for carbon allowances increased to 136.78 million tons, a 90% increase compared to August's 71.95 million tons, indicating heightened market activity [6]. - The announcement of China's 2035 national contributions reflects a comprehensive approach to low-carbon development, emphasizing China's role in global climate governance [6]. Global Carbon Market Trends - In September, global carbon market trading volumes generally increased, with the EU market seeing a 30.02% rise in average daily trading volume, while the Korean market experienced a 49.10% decline [7]. - The EU carbon market's average price rose from 86.18 USD/ton to 88.90 USD/ton, while the UK market's price increased from 73.04 USD/ton to 75.99 USD/ton [7].

Core Viewpoint - Jiangnan Chemical (002226.SZ) continues to show growth in both revenue and net profit in Q1 2025, with significant improvements in cash flow and total assets [1][2] Financial Performance - Q1 2025 revenue reached 2.013 billion yuan, and net profit attributable to shareholders was 146 million yuan, with cash flow from operating activities increasing by 187.93% year-on-year [1] - The company's gross margin improved to 27.39%, up by 1.05 percentage points year-on-year, while net margin reached 9.93%, an increase of 0.20 percentage points [2] - The total profit of the civil explosives industry in Q1 2025 was 1.313 billion yuan, reflecting a year-on-year growth of 23.03% [2] Industry Position and Growth - Jiangnan Chemical holds a leading position in the civil explosives industry with a production capacity of 765,500 tons, making it one of the most comprehensive civil explosive companies in China [2] - The company is actively involved in industry consolidation and has completed acquisitions to enhance its market position [2] - The company is expected to benefit from the integration of its production capacity and the anticipated injection of assets from affiliated companies [2] Strategic Initiatives - The company is leveraging its affiliation with the Weapon Industry Group to focus on civil explosives and participate in the "Belt and Road" initiative, contributing to multiple engineering projects in various countries [3] - Jiangnan Chemical is committed to green and low-carbon development, having established several green factories and contributing to sustainable energy projects [4][5] ESG and Innovation - The company has released its third consecutive ESG report, highlighting its commitment to low-carbon development and resource recycling [4] - Jiangnan Chemical's renewable energy business generated 777 million yuan in revenue and contributed to environmental asset growth through green certificate sales [5] - The company is investing in technological innovation, focusing on smart mining and new explosive materials to enhance its competitive edge [7] Shareholder Engagement - Jiangnan Chemical emphasizes corporate governance and sustainable development, ensuring investor rights and sharing growth with shareholders through dividends [6][7]