Report Industry Investment Rating - Not provided in the content Core View - The fundamentals of the EU carbon market are strong due to the cold snap and supply tightening, but tariff risks need to be watched out for [2] Summary by Related Catalogs Market Conditions - In the primary market, the auction price was 85.93 euros/ton (-0.54%), and the bid coverage ratio was 1.18 [2] - In the secondary market, the EUA futures settlement price was 88.37 euros/ton (1.42%), and the trading volume was 26,000 lots (-1.11). The signal strength was 0 [2] Strategy - Bullish factor: The AGSI+ shows that on January 26, 2026, the weighted average filling rate of EU gas storage facilities was about 44.23%, significantly lower than the five - year average [2] - Bearish factor: No new bearish factors [2] - Other: The EU is striving to be consistent in the International Maritime Organization's net - zero framework, while major European shipping countries side with China or the US [2] Market Data - On January 27, 2026, the EUA auction volume was 23,309 tons, the auction price was 85.93 euros/ton, the CBAM certificate price was 271.25 euros/ton, the auction revenue was 85.92 million euros, and the bid coverage ratio was 1.18 [2] - On January 26, 2026, the EUA auction volume was 23,436 tons, the auction price was 86.40 euros/ton, the CBAM certificate price was 271.25 euros/ton, the auction revenue was 89.54 million euros, and the bid coverage ratio was 1.48 [2] - On January 27, 2026, the EUA futures settlement price was 88.37 euros/ton (up 1.42% from the previous day), the trading volume was 26,000 lots (-1.11), and the open interest increased by 0.01 lots. The spot settlement price was 85.23 euros/ton (up 1.44% from the previous day), and the spot trading volume was 1,108 lots (-691, down 1.94%) [2]