二、春节2月15日（星期日）至2月23日（星期一）休市，2月24日（星期二）起照常开市。另外，2月14 日（星期六）、2月28日（星期六）为周末休市。 格隆汇12月25日｜上海环境能源交易所发布全国碳排放权交易市场2026年全年休市安排的通知。根据 《国务院办公厅关于2026年部分节假日安排的通知》（国办发明电〔2025〕7号）精神，现将全国碳排 放权交易市场2026年全年休市安排通知如下： 一、元旦1月1日（星期四）至1月3日（星期六）休市，1月5日（星期一）起照常开市。另外，1月4日 （星期日）为周末休市。 ...

Group 1 - The establishment of a patent standard quality certification integration system is necessary to create a national-level data warehouse for patent standard certification, addressing institutional bottlenecks, data gaps, and interest barriers [1] - This year marks the 5th anniversary of China's "dual carbon" goals, with experts urging the acceleration of standardization system construction to support green and low-carbon transformation of Chinese enterprises [1] - The current energy consumption intensity in China is 1.5 times the world average, and fossil energy per capita consumption is high, with energy demand expected to continue growing rigidly until 2035 [1] Group 2 - Central enterprises are seen as the backbone of the national economy and play a crucial role in promoting green development and achieving "dual carbon" goals [2] - From 2022 to 2024, central enterprises are expected to invest over 60 billion RMB in overseas clean energy projects, with increasing green content in their international operations [2] - A green supply chain management system for central enterprises is being developed, providing decision-making references for sustainable practices and enhancing corporate governance [2] Group 3 - The construction and development of China's carbon market are critical not only for achieving its "dual carbon" goals but also for influencing global climate governance [3] - The carbon trading market is a key tool for optimizing the allocation of limited emission space resources, increasingly becoming a primary policy tool for countries to achieve carbon peak and carbon neutrality [3] Group 4 - The carbon pricing system influences investment, financing, product sales, and technological innovation across various industries [4] - The carbon market promotes deep transformation of traditional industries and fosters new productive forces through a mechanism where emissions incur costs and reductions yield benefits [4] - There is a need to establish a patent standard quality certification integration system to overcome the limitations of current single-line operations in related fields [4] Group 5 - The essence of carbon neutrality is to replace traditional resource-consuming energy with advanced new energy manufacturing [5] - The "Belt and Road" Green Development International Alliance has established a platform for cooperation in green investment and financing, addressing bottlenecks in project implementation [5] - The Ministry of Ecology and Environment is collaborating with the People's Bank of China to enhance the management and service capabilities of green development financing partnerships [5] Group 6 - Three national standards related to greenhouse gas product carbon footprint quantification were released at the 2025 Fifth Carbon Neutrality and Green Development Conference [6] - The International Carbon Accounting Verification Council (ICAVC) published two standards for carbon management software and data center carbon efficiency evaluation [7]

Core Insights - The establishment of the "Open Alliance for Carbon Emission Trading Markets" aims to enhance international cooperation in carbon markets among China, the EU, and Brazil, involving 11 economies to create a global compliant carbon market network [1][2] Group 1: Alliance Characteristics - The alliance includes both traditional carbon market leaders and emerging market representatives, reflecting a trend of bridging cooperation between developed and developing countries in carbon market governance [1][2] - The collaboration is expected to provide more climate finance support to emerging markets, addressing the funding challenges faced by developing countries [1] Group 2: Challenges and Solutions - The alliance seeks to unify global carbon pricing mechanisms through standard coordination, mutual recognition of systems, and sharing of experiences and technologies, which are essential for ensuring the effectiveness and fairness of compliant markets [2] - Current fragmentation in carbon markets, with 80 different carbon pricing tools, creates significant disparities and hinders collaborative development, leading to risks such as regulatory arbitrage and "false reductions" [2][3] Group 3: Impact on Global Carbon Markets - The formation of the alliance is expected to transition global carbon markets from "dispersed operation" to "coordinated connectivity," breaking down institutional barriers and enhancing liquidity and uniformity in carbon pricing mechanisms [3] - Sharing carbon accounting methodologies and verification systems among members will accelerate capacity building in emerging market carbon trading systems and attract international capital into low-carbon projects [3]

Core Viewpoint - During the "14th Five-Year Plan" period, Heilongjiang Province has achieved significant progress in ecological and environmental quality, ranking among the top tier in the country, with six consecutive years of excellent performance in pollution prevention assessments [1][2]. Group 1: Ecological Protection Initiatives - The province focuses on addressing urgent environmental issues for the public, emphasizing the importance of clean air, water, and soil [1]. - By 2024, the proportion of good air quality days is expected to increase by 1.3 percentage points compared to 2020, and PM2.5 concentration is projected to decrease by 0.6 micrograms per cubic meter [1]. - The improvement of water quality in the Songhua River is highlighted, with a target of increasing the proportion of good water quality monitoring sections by 10.2 percentage points by 2024 compared to 2020 [2]. Group 2: Economic Development through Ecological Value - The province aims to catalyze economic growth through ecological value, establishing a comprehensive ecological environment zoning and control system [2]. - Since the launch of the national carbon emissions trading market, 99 key emission units in Heilongjiang have actively participated, with a notable project in Daxing'anling that reduces carbon dioxide emissions by over 6,000 tons annually [2]. Group 3: Legal Framework for Environmental Governance - Heilongjiang has implemented local regulations and standards tailored to its specific conditions, focusing on water pollution prevention and other environmental laws [2]. - Innovative systems such as environmental judicial linkage and ecological compensation have been developed to enhance legal governance in environmental protection [2]. Group 4: Technological Empowerment in Environmental Management - The establishment of digital platforms for environmental monitoring and data analysis has been prioritized, utilizing big data and cloud computing for real-time environmental data collection and intelligent decision-making [3]. - The "smart environmental protection" system aims to upgrade environmental supervision from manual to technological and intelligent methods [3].

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [4][7]. Core Insights - The establishment of the ecological environment rights trading platform in Hubei province is expected to significantly benefit carbon trading and management sectors, with a focus on building a comprehensive trading center by 2030 [11][18]. - The joint development plan between Anhui and Henan provinces aims to create a cross-province pollution prevention and control system, enhancing opportunities for the environmental industry [19][26]. - The current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets within the environmental sector [2][27]. Summary by Sections Carbon Trading Market - The national carbon market saw a price increase, with the highest price reaching 55.67 CNY/ton and a total trading volume of 7.5 billion tons since inception [2][32]. - The report highlights the potential for growth in hazardous waste management and recycling sectors, recommending companies like GaoNeng Environment and Huicheng Environmental [2][28]. Industry News - Recent policies in Yunnan and Inner Mongolia aim to enhance pollution control and energy efficiency in the cement industry, indicating a broader trend towards stricter environmental regulations [3][42]. - The environmental sector underperformed compared to the broader market, with a reported increase of 2.61% against the Shanghai Composite Index's 2.88% [32][39]. Key Companies - Huicheng Environmental is noted for its strong technological capabilities and ongoing projects in hazardous waste management, with a significant focus on plastic recycling [28][30]. - GaoNeng Environment aims to become a leading global environmental service provider, benefiting from increased orders due to regulatory changes [29][30]. - HongCheng Environment is recognized for its consistent revenue growth and high dividend payouts, making it an attractive investment option [28][30].

Core Insights - The national carbon emissions trading market in China is a significant policy tool aimed at achieving carbon peak and carbon neutrality goals, transforming emission reduction pressure into internal motivation for economic growth [1][2] - The market has successfully integrated major industries such as steel, cement, and aluminum, covering over 60% of the country's carbon dioxide emissions [1][2] - The trading market's activity is increasing, with a record transaction volume of 18.114 billion yuan in 2024, marking the highest level since its inception in 2021 [2] Group 1 - The carbon market encourages companies to sell excess carbon emission allowances and reinvest the proceeds into energy-saving projects, creating a positive feedback loop [1] - The national carbon market operates independently from the voluntary greenhouse gas reduction trading market, yet they are interconnected through a quota clearing mechanism [2] - The carbon market has fostered a low-carbon development awareness across society, emphasizing that carbon emissions incur costs while reductions yield benefits [2] Group 2 - The establishment of the carbon market is a complex system requiring effective management, regulatory frameworks, reliable trading systems, and accurate emission data [3] - There is a need to expand the coverage of the national carbon emissions trading market and develop a comprehensive methodology to support voluntary emission reductions [3] - Recent government opinions aim to enhance the effectiveness and international influence of the national carbon market, promoting green and low-carbon transitions [3]

Group 1: Nationally Determined Contributions (NDC) Goals - China announced new NDC goals aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with a target for non-fossil energy consumption to exceed 30% of total energy consumption [1] - The total installed capacity for wind and solar power is expected to reach over 360 million kilowatts, which is more than six times the capacity in 2020 [1] - The NDC goals are seen as a strong commitment to reducing global greenhouse gas emissions and will enhance the efficiency of the national carbon market [1] Group 2: Carbon Market Development - The national carbon market has been operational for over four years, covering more than 2,200 key emission units in the power sector, making it the largest carbon market globally in terms of greenhouse gas emissions coverage [2] - As of August 2024, the cumulative trading volume in the carbon market reached nearly 700 million tons, with a transaction value of approximately 48 billion yuan [2] - The carbon market is expected to expand to include the steel, cement, and aluminum industries by 2025, adding over 1,300 new key emission units and increasing the controlled carbon emissions by about 3 billion tons [7] Group 3: Future Plans and Recommendations - The Ministry of Ecology and Environment plans to steadily expand the carbon market's coverage and enhance trading varieties and methods [3] - A central document was released outlining a roadmap for the carbon market's development, aiming for comprehensive coverage of major industrial sectors by 2027 [4] - Experts suggest establishing a total control system for carbon emissions and setting net-zero growth targets for the 14th Five-Year Plan period [5][6] Group 4: International Cooperation and Standards - China is actively working to enhance its international influence in carbon markets and is exploring cross-border carbon trading mechanisms [10] - The upcoming COP30 in Brazil is seen as a critical point for advancing the implementation of the Paris Agreement, with expectations for increased international cooperation [9] - China's carbon market has been recognized as a model for emerging economies, with its innovative carbon intensity control being referenced by countries like Turkey, Brazil, and Indonesia [11]

Group 1: Nationally Determined Contributions (NDC) Goals - China announced a new round of NDC goals aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 compared to peak levels, with a target for non-fossil energy consumption to exceed 30% of total energy consumption [1] - The NDC goals detail China's commitments to climate change, providing strong support for global greenhouse gas reduction efforts [1] - The establishment of a national carbon market is expected to enhance efficiency in price discovery and control emissions in major high-emission industries [1] Group 2: Carbon Market Development - The national carbon market has been operational for over four years, covering more than 2,200 key emission units in the power sector, making it the largest carbon market globally in terms of greenhouse gas emissions coverage [2] - As of August 2024, the carbon market has recorded a cumulative trading volume of nearly 700 million tons, with a transaction value of approximately 48 billion RMB, marking a new annual high for 2024 [2] - The carbon market's design and policy framework have been continuously improved, with over 60% of total CO2 emissions effectively controlled [2][3] Group 3: Future Expansion and Industry Inclusion - By 2025, the carbon market will expand to include the steel, cement, and aluminum industries, adding over 1,300 new key emission units and increasing the controlled emissions by approximately 3 billion tons [7] - The Ministry of Ecology and Environment plans to gradually include additional sectors such as aviation, petrochemicals, chemicals, and paper manufacturing into the carbon market [7][8] - The carbon market aims to establish a total control system for emissions, with a focus on stabilizing emissions in certain industries by 2027 [4][6] Group 4: International Cooperation and Standards - China is actively working to enhance the international influence of its carbon market and participate in the formulation of global carbon market rules [9][10] - The upcoming COP30 in Brazil is seen as a critical point for advancing the implementation of the Paris Agreement, with China expressing a commitment to multilateral cooperation in climate action [9] - The success of China's carbon market is being recognized globally, with other developing countries looking to China as a model for their own carbon market development [11][12]

Core Viewpoint - The national carbon emissions trading market in China has shown significant operational effectiveness since its launch in 2021, with a well-established system and smooth functioning of allocation, trading, and compliance processes [4][6]. Market Performance - As of August 2025, the cumulative trading volume of carbon allowances reached nearly 700 million tons, with a transaction value exceeding 47.8 billion yuan. The carbon price has increased from 48 yuan per ton at the start to over 100 yuan per ton, currently stabilizing around 60 yuan per ton [4][6][11]. Policy Impact - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" by the central government marks a systematic deployment for the future development of the national carbon market, providing a roadmap and objectives for market construction [4][8]. Market Expansion - The inclusion of the steel, cement, and aluminum smelting industries into the carbon market has added over 30 billion tons of annual emissions coverage, enhancing market activity and resilience [5][11]. Recommendations for Improvement - To address existing issues in the carbon market, it is recommended to establish a transparent carbon allowance management system, maintain policy stability, and implement a combination of free and paid allocation methods [5][12]. - The introduction of paid allocation is expected to enhance corporate awareness of carbon costs and benefits, promoting proactive management of emissions [9][10]. Future Directions - The carbon market aims to cover major industrial sectors by 2027 and expand the range of greenhouse gases included, with a focus on enhancing trading mechanisms and regulatory frameworks [8][11].

Core Points - The 2025 China Carbon Market Conference was held in Shanghai, emphasizing the importance of carbon neutrality and low-carbon development in China [1][2] - Shanghai aims to lead in carbon market development, aligning with national "dual carbon" strategies and promoting green transformation [2][3] - The conference highlighted the progress of China's carbon market, including a 60% control of carbon emissions and the establishment of a multi-level policy framework [3][4] Group 1: Conference Overview - The conference was co-hosted by the Shanghai Municipal Government, Hubei Provincial Government, and the Ministry of Ecology and Environment, focusing on enhancing carbon pricing mechanisms and stimulating green development [6] - Key figures from various sectors, including international organizations and local governments, participated in the conference [5] Group 2: Government Initiatives - Shanghai is committed to deepening local carbon market reforms and enhancing green finance standards to support market vitality [2][3] - Hubei Province aims to leverage its carbon registration system to establish a national carbon market center and financial hub [4] Group 3: Future Directions - The Ministry of Ecology and Environment plans to expand the coverage of the carbon market and enhance trading varieties and methods [3] - The conference served as a platform for international cooperation and knowledge exchange in the field of green development [6]