从业资格号:F03097187 投资咨询号: Z0020317 投资咨询业务资格: 证监许可【2012】669号 2025年11月17日,生态环境部发布《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量和 分配方案》（下称《方案》）:对比生态环境部之前发布的征求意见稿,《方案》有两处调整:(1)碳排放强度与碳 排放强度偏离度的系数由0.1调整为0.15,碳排放强度偏离度上下限由±30%调整为±20%; (2)钢铁、水泥、铝冶炼行 业重点排放单位基础结转量由1万吨调整为10万吨;对于纳入两个及两个以上行业的重点排放单位,其基础结转量由1万 吨调整为各行业重点排放单位基础结转量的总和(≥11万吨)。 2025年11月19日,碳排放配额早盘直线拉升涨停,收盘略有回调,收盘价66.86元/吨,涨幅超8%。 三大行业基础结转量增加,碳价大幅上涨! 2025/11/19 能源转型与碳中和组 伊 张默涵 《方案》的调整为碳价提供有效支撑,建议关注逢低买入的机会。 受《方案》的影响,碳价早盘直线拉升,并于10:53涨停,收盘时价格略有回调;全天成交量为114.64万吨,较昨日成交 量上涨17.6%。短 ...

伊 张默涵 从业资格号:F03097187 投资咨询号: Z0020317 投资咨询业务资格: 证监许可【2012】669号 三大行业基础结转量增加,碳价大幅上涨! 2025年11月17日,生态环境部发布《2024、2025年度全国碳排放权交易市场钢铁、水泥、铝冶炼行业配额总量和 分配方案》（下称《方案》）:对比生态环境部之前发布的征求意见稿,《方案》有两处调整:(1)碳排放强度与碳 排放强度偏离度的系数由0.1调整为0.15,碳排放强度偏离度上下限由±30%调整为±20%; (2)钢铁、水泥、铝冶炼行 业重点排放单位基础结转量由1万吨调整为10万吨;对于纳入两个及两个以上行业的重点排放单位,其基础结转量由1万 吨调整为各行业重点排放单位基础结转量的总和(≥11万吨)。 2025/11/19 2025年11月19日,碳排放配额早盘直线拉升涨停,收盘略有回调,收盘价66.86元/吨,涨幅超8%。 能源转型与碳中和组 受《方案》的影响,碳价早盘直线拉升,并于10:53涨停,收盘时价格略有回调;全天成交量为114.64万吨,较昨日成交 量上涨17.6%。短期需关注基础结转量的增加带来的潜在需求是否能转化为有效的市场 ...

Core Insights - The national carbon market in China experienced a price increase, with the closing price at 59.04 yuan per ton, up by 2.16% from the previous day [1][2] Price Summary - Opening price: 57.79 yuan/ton [2] - Highest price: 60.66 yuan/ton [2] - Lowest price: 57.72 yuan/ton [2] - Closing price: 59.04 yuan/ton [2] - Daily price increase: 2.16% [2] Trading Volume and Value - Total trading volume for the day: 3,005,646 tons [3] - Total trading value for the day: 178,836,058.63 yuan [3] - Volume for listed agreement trading: 1,080,386 tons, valued at 64,233,390.09 yuan [2] - Volume for bulk agreement trading: 1,925,260 tons, valued at 114,602,668.54 yuan [2] Cumulative Trading Data - From January 1 to November 10, 2025, cumulative trading volume: 151,902,635 tons, cumulative trading value: 9,427,773,354.71 yuan [4] - As of November 10, 2025, total cumulative trading volume: 782,171,299 tons, total cumulative trading value: 52,460,500,458.22 yuan [4]

Group 1 - The national carbon emissions trading market has completed its institutional framework and is now in a stable and effective operational phase, marking a new stage in its development [1][4] - As of October 28, 2025, the cumulative trading volume of carbon emission allowances reached 760 million tons, with a total transaction value of 51.44 billion yuan, indicating the gradual effectiveness of the price "guiding role" [2] - The inclusion of key emission units, approximately 1,500 new entities, will enable effective control over more than 60% of the national carbon emissions [2] Group 2 - The voluntary greenhouse gas reduction trading market has been actively promoting trading since its launch in January last year, enhancing the participation capacity and low-carbon reduction awareness among market entities [6] - The upcoming 30th United Nations Climate Change Conference aims to achieve positive outcomes, emphasizing the necessity of collective climate action and international cooperation [7] - China will adhere to the principles of the UN Framework Convention on Climate Change and the Paris Agreement, advocating for developed countries to fulfill their climate obligations while balancing negotiations on mitigation, adaptation, funding, technology, and capacity building [9]

Group 1 - The national carbon emissions trading market in China has established a basic framework over the past four years, with stable and effective market operations, marking a new phase in its development [1][3] - As of October 28, 2025, a total of 760 million tons of carbon emission allowances have been traded, generating a transaction value of 51.44 billion yuan, indicating the gradual emergence of a price "guiding role" [1] - The steel, cement, and aluminum smelting industries are continuously being integrated into the national carbon emissions trading market, with approximately 1,500 new key emission units added, which will effectively manage over 60% of the national carbon emissions [1] Group 2 - The voluntary greenhouse gas emission reduction trading market in China has been operational since January of last year, with active trading of reduction volumes, demonstrating the market's role in incentivizing low-cost greenhouse gas reduction actions across various industries [5] - The capacity of market participants and awareness of low-carbon reduction have significantly improved, reflecting the effectiveness of the market mechanism [5] Group 3 - China aims to promote positive outcomes at the upcoming 30th United Nations Climate Change Conference, emphasizing that no country can remain isolated in the face of the climate crisis [6][7] - The country will adhere to the framework of the United Nations Framework Convention on Climate Change and the Paris Agreement, advocating for the principle of "common but differentiated responsibilities" [9] - China calls for developed countries to fulfill their obligations regarding climate change while balancing negotiations on mitigation, adaptation, funding, technology, and capacity building [9]

Core Viewpoint - The company, Xinjiang Tianfu Energy Co., Ltd., has reported a decline in net profit for the third quarter of 2025, primarily due to the absence of non-recurring gains from carbon emission rights sales and the completion of prior year's tax credit offsets [3][17]. Financial Data Summary - The third quarter report indicates that the net profit has decreased compared to the same period last year, influenced by the lack of carbon emission rights sales which contributed 0.62 billion yuan in the previous year [3]. - The financial report for the first nine months of 2025 is unaudited, and the company has confirmed the accuracy and completeness of the financial information presented [2][7]. Shareholder Information - The company has not reported any changes in the top ten shareholders or any significant share lending activities during the reporting period [6]. Board Meeting Decisions - The board of directors approved the third quarter report during the meeting held on October 20, 2025, with unanimous support from all participating members [8][11]. - The board also approved a proposal to sell approximately 640,000 tons of carbon emission quotas through the national carbon trading system, with the timing of the sale dependent on market conditions [12][16]. Impact of Carbon Quota Sale - The proceeds from the sale of carbon emission quotas will be classified as non-recurring gains and are intended to support the company's main business operations and funding needs [17]. - The company aims to actively participate in the carbon trading market, aligning with its strategy of achieving "carbon peak and carbon neutrality" while enhancing profitability [18].

Core Viewpoint - Tianfu Energy announced the approval of a proposal to sell approximately 640,000 tons of carbon emission quotas through the national carbon emission trading system, with the transaction price to be determined based on market trends [2]. Summary by Categories Company Actions - The company plans to sell carbon emission quotas via agreement transfer, single-item bidding, and other compliant methods [2]. - The management has been authorized to carry out the relevant work for the disposal of carbon emission quotas and to sign related contracts and documents [2]. Market Context - The sale will be timed according to the price trends of carbon emission quotas in the national carbon market [2].

Core Viewpoint - The company has approved a proposal to sell approximately 640,000 tons of carbon emission quotas through the national carbon emission trading system, with the transaction price to be determined based on market trends [1] Group 1 - The eighth board of directors' 18th meeting has passed the resolution regarding the sale of carbon emission quotas [1] - The company plans to utilize methods such as agreement transfer and single-item bidding for the sale [1] - The management has been authorized to carry out the necessary actions related to the disposal of carbon emission quotas and to sign relevant contracts and documents [1]

Core Insights - The national carbon trading market in China is designed to convert emission reduction pressure into internal motivation, encouraging various sectors to participate in the green and low-carbon transition [1][2] - The market has become the largest in the world in terms of greenhouse gas emissions coverage, effectively managing over 60% of the national carbon dioxide emissions by including industries such as steel, cement, and aluminum [1][2] - The carbon market is expected to enhance trading vitality, with a projected transaction volume of 18.114 billion yuan in 2024, marking the highest level since its inception in 2021 [2] Group 1 - The carbon trading market allows companies to sell excess carbon emission allowances and reinvest the proceeds into energy-saving projects, creating a positive feedback loop [1] - The market aims to promote technological advancement and industrial upgrades by limiting carbon emissions in key sectors [2] - The establishment of a voluntary greenhouse gas reduction trading market broadens participation across various industries, complementing the mandatory carbon trading market [2] Group 2 - The construction of the carbon market is a significant institutional innovation that requires effective management mechanisms, comprehensive regulations, and reliable trading systems [3] - The government has issued guidelines to enhance the carbon market's effectiveness and international influence, aiming for a more vibrant and impactful system [3] - There is a focus on expanding the market's coverage and improving the quality of emission data while combating fraudulent activities [3]

Core Viewpoint - The issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a significant step towards the comprehensive deepening and acceleration of the national carbon market, providing direction for institutional innovation and operational optimization, which is crucial for achieving carbon neutrality goals and enhancing China's carbon governance system [1] Group 1: Carbon Market Structure - The national carbon market consists of a mandatory carbon trading market and a voluntary emission reduction market, which are interconnected through quota clearing and offset mechanisms, each focusing on different aspects while complementing each other [2] - The carbon pricing mechanism is central to the carbon trading market policy, with quota allocation being a key factor influencing carbon pricing [2] Group 2: Quota Allocation and Management - Current quota allocation primarily uses a free distribution method based on carbon emission intensity and actual production volume, avoiding negative impacts on economic growth [2] - As more emission entities are included in the carbon market, the focus will gradually shift from controlling carbon intensity to controlling total carbon emissions, transitioning from free allocation to a mixed approach of "free + paid" allocation [2] Group 3: Monitoring and Verification - A robust monitoring, reporting, and verification (MRV) system is essential for accurately determining historical carbon emissions and their intensity, which supports the effective functioning of the carbon market [3] - Enhancing data quality through comprehensive regulation and automated monitoring is crucial for achieving national emission reduction targets [3] Group 4: Low-Carbon Transition Strategies - Companies can achieve green and low-carbon transformation through energy-saving renovations and clean energy alternatives, fostering a virtuous cycle of emission reduction, revenue generation, and reinvestment in research and development [4] - The development of low-carbon industry clusters, such as clean energy and carbon consulting, can drive industrial structure upgrades and promote economic transition towards a green high-end model [4]