Core Viewpoint - The successful tokenization financing of Real World Assets (RWA) in Hong Kong depends on the auditability and transparency of the underlying assets, as well as the understanding of digital asset logic by enterprises and their partners, particularly in areas such as on-chain issuance mechanisms, off-chain redemption arrangements, asset anchoring paths, cross-border governance structures, regulatory requirements, and information disclosure mechanisms [1][7][17]. Group 1: RWA Overview and Market Trends - RWA refers to the tokenization financing transactions of real-world assets, where the rights to the income of physical assets are represented as digital tokens on a blockchain network [3]. - The enactment of Hong Kong's Stablecoin Regulation in August has created significant opportunities for the combination of stablecoins and RWA, potentially becoming a breakthrough in the Web 3.0 era [4]. - Various industries, including real estate, renewable energy, and cultural tourism, are actively exploring the feasibility of RWA financing in Hong Kong as a new funding channel [6][11]. Group 2: Challenges and Considerations - The enthusiasm for RWA financing among real estate companies is particularly high, as they aim to tokenize stable rental income from mature commercial properties to alleviate debt pressure [7][11]. - Many intermediary institutions are presenting overly optimistic views on the ease of RWA operations, leading enterprises to underestimate the challenges related to asset scale, revenue status, and asset rights verification [8][14]. - The operational costs for RWA financing are substantial, with various preparatory tasks costing hundreds of thousands of yuan, which can lead to significant income for intermediaries if they successfully convince enterprises to pursue RWA [16]. Group 3: Compliance and Risk Management - Enterprises must ensure compliance with cross-border asset structure regulations, information disclosure requirements, and the design of on-chain and off-chain coordination mechanisms to avoid potential pitfalls [17][21]. - The lack of a unified framework for verifying the authenticity of assets on-chain and the complexities of cross-border regulation pose significant challenges for enterprises [21]. - A growing number of enterprises are recognizing the exaggerated claims of some intermediaries and are seeking professional teams with experience in Hong Kong's regulatory environment to reassess the feasibility of RWA financing [21][22].

Core Viewpoint - The Shanghai Environment and Energy Exchange has announced the implementation of a one-way bidding trading method for the national carbon emission trading system, marking a significant step towards market-oriented pricing and standardized operation in China's carbon market [1][2]. Summary by Relevant Sections Trading Mechanism - The one-way bidding trading method is a common practice in mature trading markets, providing a more dynamic trading mechanism compared to the previous negotiated trading method, which relied heavily on individual trading intentions [2][3]. - This new method allows for a unified price transaction or a bid price transaction, with minimum bid quantities and price limits set, enhancing market stability and reducing price volatility caused by individual premium differences [2][3]. Price Discovery and Market Efficiency - The mechanism significantly strengthens the market price discovery function, establishing a fair value benchmark for carbon quotas and allowing prices to better reflect market supply and demand [3]. - The one-way bidding method is expected to improve the efficiency and credibility of price formation, as it aggregates market acceptance and releases segmented market demand elasticity [3]. Impact on Participants - The minimum bid quantity for sellers is set at no less than 100,000 tons of CO2 equivalent, with price limits established to prevent market manipulation and speculation, ultimately enhancing market fairness and stability [4][5]. - The new trading method is designed to lower hidden transaction costs for enterprises by providing more time for internal approvals and funding arrangements, thus improving trading efficiency [5][6]. Future Development Path - The implementation of one-way bidding is seen as a foundational step for the future development of China's carbon market, which is still in its early stages [6][7]. - There are suggestions for exploring carbon derivatives, such as carbon futures and options, to enhance market liquidity and risk management capabilities [6][7]. - The carbon market is expected to evolve in phases, emphasizing its role as a policy tool for controlling greenhouse gas emissions while gradually enhancing its financial attributes [7].

Core Viewpoint - The European Union's assessment of CORSIA may significantly increase costs for airlines, particularly those operating long-haul flights from Europe, as the EU carbon pricing mechanism could be applied to these flights, resulting in carbon costs that are five times higher than those under CORSIA [3][4]. Group 1: Impact on Airlines - If the EU Commission recommends extending the EU carbon pricing mechanism to long-haul flights from Europe by July 2026, many airlines' carbon costs could rise dramatically, affecting major carriers like American Airlines, United Airlines, Delta Air Lines, and others [4]. - European airlines such as Lufthansa, Air France, and British Airways may face greater impacts compared to low-cost carriers like easyJet and Ryanair, which operate fewer long-haul flights [4]. - The European Transport and Environment Federation is lobbying for the extension of the EU carbon pricing mechanism to all flights departing from Europe, arguing that CORSIA's carbon price is too low to meet EU climate goals [4]. Group 2: Carbon Pricing Comparison - The current price of EU carbon allowances is €75 per ton of CO2 equivalent, which is 20% higher than the UK's price of £52 per ton (approximately €63) and five times higher than CORSIA's futures price of $17 per ton (approximately €14.8) [6]. - The reduction of free allowances since 2021 has supported demand for EU carbon allowances, although approximately €120 million in free allowances were issued in 2024 [6]. - Unlike the EU and UK carbon trading systems, which charge for all emissions from internal flights, CORSIA only applies carbon offset costs to emissions exceeding pre-pandemic baseline levels, leading to criticism regarding its lack of ambition [6]. Group 3: IAG's Carbon Costs - IAG, which operates several airlines including British Airways and Iberia, faces significant carbon costs even with the current EU carbon pricing mechanism limited to internal flights, with annual carbon costs amounting to hundreds of millions of euros [10]. - In 2024, IAG received €153 million in free carbon allowances, totaling €1.06 billion since 2020, but these free allowances will gradually decrease by 2026 [10]. - IAG's carbon allowance expenditure in 2024 is projected to be €301 million, up from €212 million in 2023, with the company assuming a future EU carbon price of €120 per ton, which is 60% higher than the current price [10].

Market Overview - The national carbon market's comprehensive price today opened at 74.48 yuan/ton, reached a high of 74.78 yuan/ton, and a low of 74.37 yuan/ton, closing at 74.78 yuan/ton, which represents an increase of 0.94% compared to the previous day [1] Trading Volume and Revenue - Today's listed agreement trading volume was 41,000 tons, with a total transaction value of 3,121,900.00 yuan; there were no large-scale agreement transactions today [1] - The total trading volume of carbon emission allowances in the national carbon market from January 1 to July 7, 2025, was 40,690,419 tons, with a total transaction value of 3,048,727,469.11 yuan [1] - As of July 7, 2025, the cumulative trading volume of carbon emission allowances in the national carbon market reached 670,959,083 tons, with a cumulative transaction value of 46,081,454,572.62 yuan [1]

Market Overview - The national carbon market opened at a price of 73.69 yuan/ton, with a highest price of 73.69 yuan/ton, a lowest price of 72.57 yuan/ton, and a closing price of 73.11 yuan/ton, reflecting a decrease of 1.58% compared to the previous day [1] Trading Volume and Revenue - The total trading volume for the day in the national carbon market was 605,000 tons, with a total transaction value of 44,242,500.00 yuan [1] - The agreement trading volume was 355,000 tons, generating a transaction value of 25,822,500.00 yuan, while the bulk agreement trading volume was 250,000 tons, with a transaction value of 18,420,000.00 yuan [1] Cumulative Data - From January 1 to July 2, 2025, the total carbon emission allowance trading volume reached 40,010,768 tons, with a total transaction value of 2,998,284,222.91 yuan [1] - As of July 2, 2025, the cumulative trading volume in the national carbon market was 670,279,432 tons, with a cumulative transaction value of 46,031,011,326.42 yuan [1]

Group 1 - The carbon price index released by Fudan University indicates a comprehensive increase in national carbon market prices in July, with expected buying price for carbon emission allowances at 70.67 yuan/ton and selling price at 76.67 yuan/ton, resulting in a midpoint price of 73.67 yuan/ton [1] - The buying price index increased by 3.37% to 176.66, while the selling price index rose by 2.52% to 172.98, and the midpoint price index saw a 2.93% increase to 174.73 [1] - The average closing price for carbon allowances in June was 71.04 yuan/ton, up approximately 1.6% from May's average of 69.90 yuan/ton, with a significant increase of over 12% from the beginning to the end of June [1] Group 2 - The Shanghai Environment and Energy Exchange announced the implementation of a one-way bidding trading method for the national carbon emission trading system, which can adopt either uniform price or bid price transaction models [2] - The minimum bid quantity for sellers in the one-way bidding process is set at no less than 100,000 tons of carbon dioxide equivalent, with sellers allowed to set a base price based on the previous trading day's closing price or a 10% discount [2] - Buyers are restricted to a maximum bid price that does not exceed 10% above the previous trading day's closing price for the designated annual carbon emission allowances [2]

Core Insights - The national carbon market's comprehensive price today opened at 75.47 yuan/ton, reached a high of 77.20 yuan/ton, and closed at 76.54 yuan/ton, reflecting a decrease of 0.04% from the previous day [1] Trading Volume and Revenue - The total trading volume for carbon emission allowances today was 1,386,460 tons, with a total transaction value of 103,926,863.90 yuan [1] - The volume for listed agreement trading was 384,460 tons, generating a transaction value of 29,807,053.90 yuan, while the bulk agreement trading volume was 1,002,000 tons, with a transaction value of 74,119,810.00 yuan [1] Cumulative Data - From January 1 to June 27, 2025, the total trading volume of carbon emission allowances reached 38,184,164 tons, with a total transaction value of 2,866,523,074.01 yuan [1] - As of June 27, 2025, the cumulative trading volume of carbon emission allowances in the national market was 668,452,828 tons, with a cumulative transaction value of 45,899,250,177.52 yuan [1]

Group 1 - The core event of the "National Low Carbon Day" was held in Beijing, focusing on the linkage between the carbon market and green electricity trading, with key carbon emission units becoming the main consumers of green electricity [1] - Beijing's carbon market has been operational for 11 compliance cycles, with the average online transaction price of carbon emission allowances rising from approximately 50 yuan per ton at the start to 111 yuan per ton by 2024 [1] - Approximately 900 key carbon emission units are managed under Beijing's carbon market, covering industries such as electricity, cement manufacturing, petrochemicals, thermal supply, public transportation, and other industrial and service sectors, with a total carbon emission volume of about 45 million tons [1] Group 2 - Companies consuming green electricity can receive around 0.06 yuan compensation per kilowatt-hour, resulting in a net benefit of approximately 0.04 yuan after offsetting about 0.02 yuan of the incremental cost of green electricity [2] - The local carbon market primarily distributes carbon emission allowances for free, supplemented by paid allocations to promote healthy market operation and signal the cost of carbon emissions [2] - Since 2022, the introduction of paid competitive bidding for carbon emission allowances has increased market liquidity and activity, contributing to the healthy functioning of the carbon market [2]

Core Insights - The national carbon market's comprehensive price today opened at 72.82 yuan/ton, reached a high of 75.25 yuan/ton, and closed at 74.32 yuan/ton, reflecting an increase of 0.81% from the previous day [1] Trading Volume and Revenue - The total trading volume for the national carbon emission allowances today was 1,847,395 tons, with a total transaction value of 145,738,933.84 yuan [1] - The volume for listed agreement trading was 422,395 tons, generating a transaction value of 31,623,933.84 yuan, while the bulk agreement trading volume was 1,425,000 tons, with a transaction value of 114,115,000.00 yuan [1] Cumulative Data - From January 1 to June 24, 2025, the total trading volume of carbon emission allowances in the national market was 34,139,273 tons, with a total transaction value of 2,565,959,923.91 yuan [1] - As of June 24, 2025, the cumulative trading volume of carbon emission allowances reached 664,407,937 tons, with a cumulative transaction value of 45,598,687,027.42 yuan [1]

金十期货6月20日讯，今日全国碳市场综合价格行情为:开盘价72.82元/吨，最高价73.68元/吨，最低价 72.82元/吨，收盘价73.01元/吨，收盘价较前一日下跌0.59%。今日挂牌协议交易成交量182898吨，成交 额13479883.30元；大宗协议交易成交量650000吨，成交额47405000.00元。今日全国碳排放配额总成交 量832898吨，总成交额60884883.30元。2025年1月1日至6月20日，全国碳市场碳排放配额成交量 31638826吨，成交额2374472020.03元。 （全国碳交易） 今日全国碳市场收盘价73.01元/吨，较前一日下跌0.59% ...