Core Insights - The Shanghai Environment and Energy Exchange has announced that eight public fund companies, including E Fund, Huatai-PB Fund, GF Fund, and others, have submitted applications for the Carbon Neutrality ETF to the China Securities Regulatory Commission (CSRC), marking the first batch of carbon neutrality ETF products in China [1] Group 1: Carbon Neutrality ETF Development - The "China Securities Shanghai Environment Exchange Carbon Neutrality Index" was initiated in 2019 and officially approved by the CSRC in August 2021, with the index being publicly released in September 2021 [1] - The upcoming carbon neutrality ETFs will track this index, which is the first thematic index named after carbon neutrality [1] Group 2: Market Activity and Trends - As of April 22, the cumulative trading volume of carbon emission allowances (CEA) in the national carbon market reached 18.95 million tons, with a total transaction value of 8.2377 billion yuan [1] - The dual carbon goals in China have made carbon neutrality and ESG (Environmental, Social, and Governance) indices significant themes in the capital market, prompting many institutions to actively invest [1] - Since the second half of 2021, multiple fund companies have increased their pace in green investment, with a growing number of products featuring themes like "green," "environmental," "ESG," and "low carbon" [1]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - In 2025, the remaining 40% of mandatory circulation allowances can only meet part of the market demand, and about 0.5 - 0.6 billion tons of market demand may be met by the voluntary sales of surplus enterprises. The market selling pressure in 2025 will be less than that in Q4 2024 [3]. - There is no quota gap for the newly included industries in the 2024 annual compliance. The gap in the national carbon market is slightly adjusted down, but it has limited impact on the supply - demand balance. The expansion plan brings short - term emotional bearishness and may accelerate the release of mandatory circulation allowances. The short - term support level for the comprehensive price is around 86 yuan, and if it breaks below, the lower level is seen at 76 yuan/ton [3]. - Pay attention to the trading activity around the pre - allocation deadline of the 2024 annual allowances (April 14). The exhaustion node of mandatory circulation allowances is postponed, and the strong upward momentum may appear in Q2 2025 and later [3]. Summary of Each Section 1. National Carbon Market Comprehensive Data - This week, the comprehensive price of the national carbon market was weak, with a closing price of 85.4 yuan/ton, a week - on - week decrease of 0.84% and a year - on - year decrease of 2.59%. The carbon allowances of 2019 - 20 and 2023 decreased by 2.34% and 1.08% respectively compared with last week. The weekly total trading volume was about 1.74 million tons, a 40% increase from last week [1]. - The weekly average trading price of the national carbon market was 76.76 yuan/ton, a 10.28% week - on - week decline, mainly dragged down by large - scale agreement transactions [2]. - Among them, the volume of listed agreement transactions was about 170,000 tons, accounting for 9.9% of the weekly total trading volume. The trading popularity of the 2023 carbon allowances was still the highest, accounting for 96% of the weekly total trading volume (a 3 - percentage - point decline) [1]. 2. Carbon Allowance Market Data by Year - The trading volume and turnover data of carbon allowances of different years are presented in detail in Table 1, including weekly total trading volume, listed agreement trading volume, large - scale agreement trading volume, weekly total turnover, listed agreement turnover, large - scale agreement turnover, weekly average trading price, listed agreement average trading price, and large - scale agreement average trading price [12]. - The latest prices, week - on - week and year - on - year growth rates of carbon allowances of different years are shown in Table 2 [12]. - Since the launch of the annual label, the trading volume and average trading price data of carbon allowances of different years are presented in Table 3, including listed agreement and large - scale agreement trading volume, average trading price, price difference, total trading volume, and the proportion of large - scale trading [20]. 3. National Greenhouse Gas Voluntary Emission Reduction Registration and Market Trading Data - The first batch of registered emission reduction volumes in 2025 are shown in Table 4, including project owners, methodologies, registration dates, applied registered emission reduction volumes, and expected error rates [21]. - The weekly trading data of the national greenhouse gas voluntary emission reduction trading market are presented in Table 5, including weekly total trading volume, weekly total turnover, average trading price, week - on - week growth rate, and premium rate [22]. Recommended Strategy - It is recommended that enterprises with allowance gaps make batch purchases at low prices in the range of 76 - 80 yuan/ton [4].