1. Report Industry Investment Rating - No information provided 2. Core View of the Report - EUA prices have turned down due to the expected increase in supply. The EUA futures settlement price was 70.74 euros/ton, a decrease of 0.67%, with a trading volume of 36,200 lots (an increase of 0.65). The signal strength of the strategy is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1]. 3. Summary according to Related Catalogs 3.1 Market Conditions - **Primary Market**: The auction price and bid - cover ratio are not available [1]. - **Secondary Market**: The EUA futures settlement price was 70.74 euros/ton, down 0.67%, and the trading volume was 36,200 lots, up 0.65. The spot settlement price on March 25, 2026, was 69.77 euros/ton, down 0.69%, and the spot trading volume was 5,801 lots, up 1.48% [1][3]. 3.2 Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1]. 3.3 Logic - **Positive Factors**: Germany hopes to significantly reduce its dependence on fossil fuel imports and narrow the climate gap [1]. - **Negative Factors**: The latest CoT report shows that investment funds' net long positions have decreased by 6.24 million tons; the EU plans to announce measures next week to keep EUAs that would otherwise be cancelled in the market to suppress a sharp rise in carbon prices [2]. 3.4 Other Information - The cease - fire clue has reduced the risk premium, and the TTF price has fallen but remains at a high level [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EU carbon market is affected by increased supply expectations, causing EUA to turn down. The EUA futures settlement price decreased by 0.67% to 70.74 euros/ton, with a trading volume of 36,200 lots (an increase of 0.65) [1]. 3. Summary by Relevant Catalog Market Quotes - **Primary Market**: The auction price and bid - cover ratio are not available [1]. - **Secondary Market**: The EUA futures settlement price is 70.74 euros/ton, down 0.67%, and the trading volume is 36,200 lots (an increase of 0.65) [1]. Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1]. Logic - **Positive Factors**: Germany hopes to significantly reduce its dependence on fossil fuel imports and narrow the climate gap [1]. - **Negative Factors**: (1) The latest CoT report shows that investment funds' net long positions decreased by 6.24 million tons; (2) The EU plans to announce measures next week to keep EUAs that would otherwise be cancelled in the market to suppress a sharp rise in carbon prices [2]. Other Information - The cease - fire clues have reduced the risk premium, and the TTF price has declined but remains at a high level [3]. Market Data Charts - **EUA Auction Information**: Data on EUA auction volume, price, CBAM certificate price, auction revenue, and bid - cover ratio from March 24 - 25, 2026 are presented [3]. - **EUA Auction Price and Bid - Cover Ratio Seasonal Charts**: Show the seasonal trends of EUA auction prices and bid - cover ratios from 2022 - 2026 [3]. - **EUA Futures and Spot Market Information**: Include data on futures and spot settlement prices, trading volumes, and their changes from March 24 - 25, 2026, as well as information on container shipping carbon costs [3]. - **EUA Futures and Spot Prices and Basis Chart**: Displays the relationship between EUA futures and spot prices and their basis [3]. - **December Contract Position Seasonal Chart**: Shows the seasonal positions of December contracts from 2023 - 2027 [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - EUA continues to rebound due to Trump's peace plan [1] - The signal strength of the strategy is 0 (0 means empty position, ±1 means bullish/bearish, ±2 means long/short) [1] - The bullish factor is that Trump issued a peace plan while opening "non - hostile" oil tankers to Iran, and there is no new bearish factor [1] Group 3: Summary by Related Catalogs Market Conditions - In the primary market, the auction price is 67.06 euros/ton (up 3.65%), and the bid - cover ratio is 1.55. In the secondary market, the EUA futures settlement price is 71.22 euros/ton (up 2.83%), with a trading volume of 29,700 lots (down 0.82) [1] - On March 24, 2026, the EUA auction price was 67.06 euros/ton, the CBAM certificate price was 65.22 euros/ton, the auction volume was 271,250 tons, the bid - cover ratio was 1.55, and the auction revenue was 181.9 million euros. On March 23, 2026, the EUA auction price was 69.71 euros/ton, the CBAM certificate price was 64.70 euros/ton, the auction volume was 271,250 tons, the bid - cover ratio was 1.37, and the auction revenue was 175.5 million euros [3] - On March 24, 2026, the EUA futures settlement price was 71.22 euros/ton (up 2.83%), the trading volume was 29,700 lots (down 0.82), and the open interest was 340,200 lots. The spot settlement price was 69.77 euros/ton (up 2.77%), the trading volume was 24,280 lots (down 1,813), the container shipping carbon cost was 2,594 US dollars/TEU, and the freight cost ratio was 1.48% [4] Other Information - The European Commission removed the long - awaited proposal to ban Russian oil imports from its temporary agenda on Tuesday, and the original plan was to announce the proposal on April 15 [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EU carbon market's EUA continues to rebound. Trump's peace plan is a positive factor, and there are no new negative factors. The EU Commission has removed the release date of the long - awaited EU ban on Russian oil import proposal from its temporary agenda [1][2] 3. Summary According to Relevant Catalogs Latest Market Conditions - **Primary Market**: The auction price is 67.06 euros/ton (3.65% increase), and the bid - cover ratio is 1.55. On March 24, 2026, the EUA auction volume was 271.25 tons, and the auction revenue was 18,190,000 euros [1][3] - **Secondary Market**: The EUA futures settlement price is 71.22 euros/ton (2.83% increase), with a trading volume of 29,700 lots (-0.82). The spot settlement price on March 24, 2026, was 69.77 euros/ton (2.77% increase), and the spot trading volume decreased by 1,813 lots [1][4] Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1] Core Logic - **Positive Factors**: Trump issued a peace plan while opening "non - hostile" oil tankers to Iran [1] - **Negative Factors**: There are no new negative factors [1] - **Other Information**: The EU Commission removed the release date of the EU ban on Russian oil import proposal from its temporary agenda, originally planned to be announced on April 15 [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Trump's release of a cease - fire signal led to a rebound in EUA. The auction price was 64.7 euros/ton (-2.98%), with a bid - cover ratio of 1.37. The EUA futures settlement price was 69.26 euros/ton (2.36%), and the trading volume was 37,900 lots (-0.70). The signal strength was 0 (0 means empty position, ±1 means bullish/bearish bias, ±2 means bullish/bearish) [2] - The positive factor is that Trump suspended the threat to "destroy" the Iranian nuclear power plant and waited for further negotiations, causing a rebound in global capital markets and a sharp decline in oil and gas prices. The negative factor is that the damage to Qatar's Ras Laffan may affect 8 - 12 months (about 20% of global LNG supply), pushing TTF to remain at a high level. Additionally, the World Meteorological Organization released the "2025 Global Climate Status Report", confirming that 2015 - 2025 was the hottest 11 - year period on record [2] Summary by Related Catalog Market - **Auction**: On March 23, 2026, the EUA auction volume was 2.7125 million tons, the auction price was 64.7 euros/ton (-2.98%), the bid - cover ratio was 1.37, and the auction revenue was 175.5 million euros. On March 20, 2026, the EUA auction volume was 1.093 million tons, the auction price was 66.69 euros/ton, the bid - cover ratio was 2.11, and the auction revenue was 72.89 million euros. The CBAM certificate price was 69.71 euros/ton on both dates [2] - **Futures**: On March 23, 2026, the EUA futures settlement price was 69.26 euros/ton (2.36%), the trading volume was 37,900 lots (-0.70), and the open interest was 338,300 lots. On March 20, 2026, the futures settlement price was 67.66 euros/ton [2] - **Spot**: On March 23, 2026, the EUA spot settlement price was 67.89 euros/ton (2.41%), and the trading volume was 4,407 lots. On March 20, 2026, the spot settlement price was 66.29 euros/ton, and the trading volume was 2,784 lots. The container shipping carbon cost was 23.68 US dollars/TEU on March 23, 2026, with a freight - cost ratio increase of 1.45% [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Trump's cease - fire signal led to a rebound in EUA. The auction price was 64.7 euros/ton (-2.98%), and the bid - cover ratio was 1.37. The EUA futures settlement price was 69.26 euros/ton (2.36%), with a trading volume of 3.79 million lots (-0.70). The signal strength was 0 [2]. - The bullish factor was that Trump paused threatening to "destroy" the Iranian nuclear power plant and waited for further negotiations, resulting in a rebound in global capital markets and a sharp drop in oil and gas prices. The bearish factor was that the damage to Qatar's Ras Laffan might affect 8 - 12 months (about 20% of global LNG supply), pushing TTF to remain at a high level [2]. - The World Meteorological Organization released the "2025 Global Climate Status Report" on Monday, confirming that 2015 - 2025 was the hottest 11 - year period on record [2]. Group 3: Summaries by Directory Auction Information - On March 23, 2026, the EUA auction volume was 271,250 tons, the bid - cover ratio was 1.37, the auction revenue was 175.5 million euros, the EUA auction price was 64.70 euros/ton, and the CBAM certificate price was 69.71 euros/ton. On March 20, 2026, the EUA auction volume was 109,300 tons, the bid - cover ratio was 2.11, the auction revenue was 72.89 million euros, the EUA auction price was 66.69 euros/ton, and the CBAM certificate price was 69.71 euros/ton [2]. Futures and Spot Market Information - Futures: On March 20 - 23, 2026, the futures settlement price increased from 67.66 euros/ton to 69.26 euros/ton (2.36%), the trading volume decreased by 0.70 million lots to 3.79 million lots, and the open interest remained unchanged at 33.83 million lots [2]. - Spot: On March 20 - 23, 2026, the spot settlement price increased from 66.29 euros/ton to 67.89 euros/ton (2.41%), the trading volume increased from 2,784 lots to 4,407 lots, and the freight cost ratio was 1.45% [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - EUA is running stably for now after the EU officially approved the 2040 emission reduction target [1] - The signal strength of the strategy is 0 (0 means empty position, ±1 means bullish/bearish, ±2 means long/short) [1] - The bullish factor is that the EU officially approved the 2040 emission reduction target, aiming to reduce by 90% compared to the 1990 level and allowing up to about 5% of emissions reduction through international carbon credits [1] - There is no new bearish factor [1] Group 3: Summary by Related Catalogs Latest Market Conditions - In the primary market, the auction price is 69.66 euros/ton (0.97%), and the bid - cover ratio is 2.5 [1] - In the secondary market, the EUA futures settlement price is 70.57 euros/ton (0.31%), and the trading volume is 36,700 lots (-0.17) [1] Strategy - Signal strength: 0 (0 for empty position, ±1 for bullish/bearish, ±2 for long/short) [1] Core Logic - Bullish: EU officially approved 2040 emission reduction target, reducing by 90% compared to 1990 level and allowing up to about 5% reduction via international carbon credits [1] - Bearish: No new bearish factors [1] - Other: European auto lobby groups seek further concessions on EU emission standards due to limited progress in carbon dioxide data; the International Energy Agency warned that if the crisis caused by US - Israel's strike on Iran persists, Europe and Asia will compete for scarce LNG supplies [1]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - TTF price has strengthened again, and the pressure of policy softening has caused EUA to decouple and pull back [2] - The bullish factor is that Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, indicating more intense global LNG competition during the summer replenishment window [2] - The bearish factor is that some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] 3. Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 68.99 euros/ton (-2.49%), and the bid coverage ratio is 1.52 [2] - Secondary market: The EUA futures settlement price is 70.35 euros/ton (-0.58%), and the trading volume is 38,400 lots (-0.55) [2] - Signal strength: 0 (0 means short position, ±1 means bullish/bearish, ±2 means strongly bullish/bearish) [2] Strategy - Bullish: Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, meaning more intense global LNG competition during the summer replenishment window [2] - Bearish: Some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - Other: The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] Market Data - EUA auction volume, CBAM certificate price, auction revenue, EUA auction price, and bid coverage ratio on different dates are presented in the table, such as on March 5, 2026, the EUA auction price is 68.99 euros/ton, and the bid coverage ratio is 1.52 [2] - EUA futures and spot market data including futures settlement price, trading volume, spot settlement price, and spot trading volume are provided, with their changes and percentage changes [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The conflict in Iran has doubled the TTF price, and the gas - coal conversion has pushed the EUA price up slightly [1] - Italy plans to "strip" the ETS cost from the electricity price formation mechanism, which may weaken the EUA price signal and hinder the green transition [1] Summary by Related Catalogs Market Conditions - **Primary Market**: The EUA auction price is 68.77 euros/ton (0.51%), and the bid - cover ratio is 1.46 [1] - **Secondary Market**: The EUA futures settlement price is 73.33 euros/ton (3.91%), with a trading volume of 58,600 lots (0.18) [1] - **Auction Details**: On March 3, 2026, the EUA auction price was 68.77 euros/ton, the CBAM certificate price was 69.58 euros/ton, the auction volume was 2.7125 million tons, the bid - cover ratio was 1.46, and the auction revenue was 186.54 million euros [3] - **Futures and Spot**: On March 3, 2026, the futures settlement price was 73.33 euros/ton (3.91% increase), the futures trading volume was 58,600 lots (0.18 increase), the spot settlement price was 71.91 euros/ton (3.89% increase), and the spot trading volume was 4,077 lots (- 883 decrease) [4] Strategy - Signal strength: 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) - There are no new positive factors, and the negative factor is Italy's plan to "strip" ETS cost from the electricity price formation mechanism [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The global situation is becoming more uncertain, and EUA is decoupled from TTF, showing a volatile trend [2] - There are no new positive factors, while there are negative factors such as the revised nuclear strategy announced by Macron and the energy crisis caused by the Iran conflict [2] 3. Summary by Directory Market Conditions - **Auction**: The EUA auction price on March 2, 2026, was 68.42 euros/ton, a decrease of 2.62%, and the bid - cover ratio was 1.63. The CBAM certificate price was 69.51 euros/ton, and the auction volume was 2712500 tons, with an auction revenue of 185.59 million euros [2][4] - **Futures**: The EUA futures settlement price on March 2, 2026, was 70.57 euros/ton, an increase of 0.40%, and the trading volume was 56800 lots, an increase of 2.77 lots. The futures position was 343900 lots [5] - **Spot**: The EUA spot settlement price on March 2, 2026, was 69.22 euros/ton, an increase of 0.42%, and the trading volume was 3248 lots, an increase of 24.35 lots [5] Strategy Core Logic - **Positive Factors**: None [2] - **Negative Factors**: Macron announced a revised nuclear strategy and opened deterrence exercises to European allies, increasing global uncertainty; the Iran conflict compressed natural gas supply, causing TTF to soar by 45% and triggering an energy crisis, which is negative for European industrial demand [2]