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中办、国办重磅发布!
Jin Rong Shi Bao· 2025-08-25 14:08
碳市场是利用市场机制积极应对气候变化、加快经济社会发展全面绿色转型的重要政策工具。近日,为 推动建设更加有效、更有活力、更具国际影响力的全国碳市场,中共中央办公厅、国务院办公厅发布 《关于推进绿色低碳转型加强全国碳市场建设的意见》(以下简称《意见》)。 对于配额管理,本次《意见》要求完善碳排放配额管理制度,包括建立预期明确、公开透明的碳排放配 额管理制度,保持政策稳定性和连续性;科学设定配额总量,逐步由强度控制转向总量控制;到2027 年,对碳排放总量相对稳定的行业优先实施配额总量控制。稳妥推行免费和有偿相结合的碳排放配额分 配方式,有序提高有偿分配比例。建立配额储备和市场调节机制,平衡市场供需,增强市场稳定性和流 动性。合理确定用核证自愿减排量抵销碳排放配额清缴的比例。 除了强制碳市场之外,本次《意见》还提出要加快自愿减排交易市场建设,积极推动核证自愿减排量应 用。祁星认为,下一步应协调全国碳市场与CCER的作用边界,在制度设计上进一步明确碳配额交易与 CCER市场的功能定位和衔接规则,确保两者互为补充、共同驱动减排。此外,着力建立对接国际、规 范有效、公平透明的自愿减排交易市场,可提升中国碳市场的国际话语 ...
以碳金融为钥 启绿色金融新局
● 上海证券有限责任公司党委书记、董事长李海超 2025年6月,中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》;同月,国家金融监 督管理总局、上海市人民政府联合发布《关于支持上海国际金融中心建设行动方案》,明确提出"支持 上海参与国际碳金融定价权竞争,打造国际绿色金融枢纽"。作为植根上海、服务全国的券商机构,上 海证券深刻认识到,碳金融不仅是金融服务新质生产力的抓手之一,更是券商践行金融报国使命、助力 金融强国建设的重要路径。 按照碳金融业务相应指引积极履行券商使命 近年来,我国碳金融政策体系已形成"顶层设计-产品规范-市场准入"的全链条框架。2025年2月,证监 会发布《关于资本市场做好金融"五篇大文章"的实施意见》,明确"稳妥有序推进碳期货市场建设和碳 排放权期货研发上市"等,为券商参与碳金融业务提供了相应指引。 在推进上海国际金融中心建设的过程中,上海证券始终将碳金融作为服务国家战略的重要支点。碳金融 不是单一的金融创新,而是连接"双碳"目标与实体经济的纽带,碳金融需要与科技创新、绿色金融等深 度融合。 上海证券始终坚持金融服务实体经济、创新驱动发展,作为国资券商,积极落实国家绿色发展战略 ...
以碳金融为钥启绿色金融新局
按照碳金融业务相应指引 积极履行券商使命 近年来,我国碳金融政策体系已形成"顶层设计-产品规范-市场准入"的全链条框架。2025年2月,证监 会发布《关于资本市场做好金融"五篇大文章"的实施意见》,明确"稳妥有序推进碳期货市场建设和碳 排放权期货研发上市"等,为券商参与碳金融业务提供了相应指引。 在推进上海国际金融中心建设的过程中,上海证券始终将碳金融作为服务国家战略的重要支点。碳金融 不是单一的金融创新,而是连接"双碳"目标与实体经济的纽带,碳金融需要与科技创新、绿色金融等深 度融合。 ● 上海证券有限责任公司党委书记、董事长 李海超 2025年6月,中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》;同月,国家金融监 督管理总局、上海市人民政府联合发布《关于支持上海国际金融中心建设行动方案》,明确提出"支持 上海参与国际碳金融定价权竞争,打造国际绿色金融枢纽"。作为植根上海、服务全国的券商机构,上 海证券深刻认识到,碳金融不仅是金融服务新质生产力的抓手之一,更是券商践行金融报国使命、助力 金融强国建设的重要路径。 一是强化资源配置效能,为绿色转型注入金融活水。可以通过发行碳债券等碳金融融资工具, ...
中国首个再生金属衍生品(铸造铝合金期货和期权)上市的战略意义|资本市场
清华金融评论· 2025-08-15 09:30
Core Viewpoint - The launch of the first recycled metal derivatives, specifically casting aluminum alloy futures and options, marks a significant advancement in China's green finance market, providing a new perspective for risk management and supporting the development of the circular economy [2][4][8]. Summary by Sections Launch of Recycled Metal Derivatives - The Shanghai Futures Exchange has officially listed casting aluminum alloy futures and options, filling a gap in the domestic futures market for recycled metals [2][5]. - On the first trading day, the main contract closed at 19,190 yuan/ton, up 825 yuan/ton, a 4.49% increase from the listing price, with a total trading volume of 57,300 contracts and a transaction value of 11.01 billion yuan [5]. Industry Overview - Casting aluminum alloy, primarily made from scrap aluminum, is a key pathway for low-carbon transition, with energy consumption only 3%-5% of that of traditional electrolytic aluminum production [6]. - The carbon emissions from producing one ton of casting aluminum alloy are approximately 3.6% of those from electrolytic aluminum, saving 3.4 tons of standard coal and 22 tons of water [6]. - China's recycled aluminum production is expected to exceed 10 million tons in 2024 and reach over 18 million tons by 2030, with the new derivatives promoting standardized development in the industry [6]. Complete Aluminum Industry Chain - The introduction of casting aluminum alloy futures and options completes the risk hedging system for the aluminum industry, covering the entire supply chain from bauxite to recycled aluminum [7]. - Companies can now use these derivatives to manage risks associated with raw material costs and product price fluctuations, enhancing the resilience of the entire aluminum industry chain [7]. Green Finance and Risk Management - The emergence of casting aluminum alloy derivatives signifies a new phase in green finance, moving beyond traditional credit and bond products to include market-based pricing and risk hedging mechanisms [8][10]. - These derivatives allow companies to lock in costs for recycled materials and manage price volatility, thus enhancing operational efficiency and competitiveness in the low-carbon economy [8][10]. Innovation in Green Financial Products - The derivatives market introduces innovative functions for green finance, transitioning from single financing tools to comprehensive risk management platforms [11]. - The development of structured financial products that combine futures with green indicators, such as carbon emissions and recycling rates, is encouraged [16]. Recommendations for Financial Institutions - Financial institutions are advised to expand their green finance product offerings and enhance competitive differentiation, particularly in the carbon market, where China's trading volume is significantly lower than that of the EU [16][18]. - Collaboration between banks and futures exchanges is essential to create a comprehensive risk management system that supports the green transition of the real economy [15][18].
更好发挥期市的“减震器”“配置器”作用
Qi Huo Ri Bao Wang· 2025-08-15 00:36
Core Insights - The futures market in China has reached a historical high in total funds, reflecting the transformation of futures tools from "financial derivatives" to "operational necessities" during the economic transition [1][2] - The growth in the futures market is driven by a combination of policy support, industry demand, and market dynamics, indicating a positive feedback loop [3][4] Group 1: Market Dynamics - As of July 2025, the total funds in the futures market are approximately 1.82 trillion yuan, representing an 11.6% increase from the end of 2024, amidst global geopolitical tensions and economic recovery disparities [2] - The demand for hedging and asset allocation has surged due to the expansion of China's real economy, with GDP growth of 5.3% in the first half of 2025 [2] - The divergence between CPI and PPI has created a need for enterprises to lock in prices through futures to stabilize cash flow [2] Group 2: Policy and Industry Support - The increase in general corporate client equity by 18.5% by July 2025 is attributed to supportive policies, including the introduction of more futures products and fee discounts for hedging transactions [3] - Leading enterprises are increasingly reliant on futures tools for pricing and inventory management, creating a leverage effect that benefits smaller traders [3] Group 3: Futures Market Evolution - The futures market is evolving across multiple dimensions, including the introduction of carbon futures and data derivatives, indicating a shift towards more complex financial instruments [4] - The market participant structure is changing from retail-dominated to a more balanced distribution among professional institutions and industry clients [4] - Technological advancements such as blockchain and IoT are expected to streamline the delivery process, reducing costs and enhancing participation for small enterprises [4] Group 4: Service to the Real Economy - The establishment of industry chain prosperity indices can guide production and inventory management across supply chains [5] - A tiered toolbox for risk management is being developed to cater to both small and large enterprises, enhancing their ability to hedge against market fluctuations [5] - Collaborative efforts in key commodity hubs are being made to integrate logistics and financial services, providing comprehensive support to businesses [5] Group 5: Strategic Positioning - The futures market is positioned as a stabilizer for the real economy, enabling Chinese enterprises to manage risks proactively and integrate futures into their daily operations [6] - The goal is to establish "Chinese pricing" in global trade contracts, enhancing the competitiveness of Chinese businesses in the international market [6]
【财经分析】全国碳价半年跌逾三成 长期或将稳中有升
Xin Hua Cai Jing· 2025-06-12 12:12
Core Viewpoint - The national carbon market has experienced a significant price decline, with carbon emission allowances (CEA) dropping to 68.48 yuan/ton, a decrease of approximately 35% from the historical high of around 105 yuan/ton reached in November of the previous year. This decline is attributed to weakened demand, increased supply expectations, and deteriorating market sentiment. However, long-term prospects suggest that carbon prices may stabilize and rise due to tightening policies, industrial upgrades, and deeper international linkages [1][2][4]. Group 1: Price Decline Factors - The primary demand side for carbon market is thermal power, which has seen a decrease in generation, directly impacting the motivation to purchase carbon allowances. From January to April, total electricity generation, including thermal power, grew by only 0.1% year-on-year, significantly lower than the 6.1% growth in the same period last year [2]. - The manufacturing PMI fell below 50 after April due to trade frictions, leading to a slowdown in industrial electricity growth. Additionally, higher temperatures this year have reduced residential electricity consumption, further impacting demand for carbon allowances [2]. - The introduction of a "zero gap" for new industry allowances and the restart of the voluntary emission reduction market (CCER) have also contributed to downward pressure on prices [3]. Group 2: Long-term Market Outlook - Despite the current price decline, there is a consensus that the long-term upward trend of carbon prices remains intact. The total allowance will tighten annually in line with the "dual carbon" goals, leading to increased scarcity [4]. - The European Union's Carbon Border Adjustment Mechanism (CBAM), set to impose a "carbon tax" in 2026, is expected to align domestic carbon prices with major markets [4]. - The transition of high-emission industries will require higher carbon price signals, supporting the long-term price increase [4]. Group 3: Financial Innovations and Risk Management - The China Securities Regulatory Commission has proposed the development of carbon futures, which will help companies manage carbon price volatility through hedging strategies [5]. - The establishment of a well-functioning carbon futures market is seen as essential for stabilizing carbon costs and avoiding adverse impacts on business operations due to price fluctuations [5][6]. - The future development of a carbon futures market is viewed as an opportunity for gaining international pricing power in major energy commodities [6].
事关碳排放权、用水权!高层最新印发
Wind万得· 2025-05-29 22:40
Core Viewpoint - The article emphasizes the establishment and enhancement of a market-oriented resource and environmental element allocation system, aiming for a more active and efficient trading market by 2027, particularly focusing on carbon emissions, water rights, and pollution rights [34]. Group 1: Market Mechanisms and Regulations - By 2027, the trading systems for carbon emissions rights, water rights, and pollution rights will be fundamentally improved, enhancing the market's ability to allocate resources efficiently and effectively [3]. - The article outlines the need to optimize the allocation and transfer systems for resource and environmental elements, including carbon emissions rights and water rights, to promote market liquidity [34]. - It highlights the importance of integrating various trading systems, such as carbon emissions trading and pollution permits, to facilitate smoother transactions and better resource management [9][35]. Group 2: Financial Support and Green Finance - The article discusses the establishment of a financial support system to encourage the development of green financial products, such as green credit and insurance, which will support the trading of carbon emissions rights and water rights [38][26]. - It suggests that the value of carbon assets will become more prominent, leading to the potential introduction of carbon financial products like carbon futures and carbon pledge loans, which could enhance market liquidity [38]. Group 3: Industry Impacts - The renewable energy sector, particularly wind, solar, and energy storage companies, is expected to benefit from the integration of carbon markets and green electricity trading [40]. - The demand for water-saving technologies, such as efficient irrigation and water recycling, is anticipated to experience significant growth due to the new policies [41]. - The environmental monitoring industry is likely to see a surge in demand for carbon emission accounting and pollution monitoring services, presenting opportunities for third-party service providers [42].
报道:欧盟和英国已达成一项初步协议,以加强双方关系
Hua Er Jie Jian Wen· 2025-05-19 08:43
Core Points - The UK and EU have reached a breakthrough agreement that significantly reduces trade barriers, extends fishing rights until 2038, and revives security and defense cooperation [1][2] - The agreement is expected to improve the UK's economic growth outlook, albeit at the cost of some sovereignty, as the UK will have to accept EU rules and oversight from its courts [1][3] Trade and Fisheries - The most notable aspect of the agreement is the mutual fishing rights extension to 2038, surpassing the UK's initial proposal of a four-year extension [3] - This major concession will unlock future agreements on food and agricultural standards, eliminate most border checks with the EU, and promote energy cooperation [3] Economic Context - The core motivation behind the agreement is the UK's urgent need to overcome economic stagnation [3][5] - The UK will accept many EU-related rules to achieve a "common health and plant quarantine area" and energy agreements, with the European Court serving as the final arbiter of EU law [3][5] Carbon Market Connection - A strategic initiative includes the commitment to connect carbon markets, avoiding border carbon adjustment taxes on products like steel and cement [4] - This news has led to market fluctuations, with UK carbon futures rising by 8.4% to £52.40 per ton, and EU carbon contracts increasing by 0.6% to €71.41 per ton [4] Youth and Cultural Exchange - The agreement extends beyond trade, with the UK committing to rejoin the EU's Erasmus+ student exchange program and establishing a time-limited youth visa scheme [5] - The EU will also lift restrictions, allowing UK visitors to use electronic gates within the EU and simplifying travel for artists [5] Defense and Security Cooperation - As part of the defense and security agreement, a platform will be established for consultation and cooperation across various fields, including information sharing and maritime and space security [5] - The EU has committed to exploring pathways for the UK to access the EU's joint procurement defense fund, which is crucial for the UK [5]
湖北推动支点能级跨越 力争2027年经济总量突破7万亿
Chang Jiang Shang Bao· 2025-05-06 00:56
Core Viewpoint - Hubei Province aims to accelerate its development as a strategic support point for the rise of the central region, with a focus on achieving significant economic growth and enhancing its role in national development [1] Economic Growth Targets - The plan sets two key economic targets: to exceed 7 trillion yuan by 2027 and to reach approximately 9 trillion yuan by 2030 [1] - Hubei's economic contribution to the central region has consistently been over 25% in recent years, with the province's GDP surpassing 6 trillion yuan ahead of schedule [1] Investment and Financial Strategies - The plan emphasizes increasing investment quality and quantity, aiming for private investment to account for around 60% by 2027 [2] - In Q1 2025, state-owned enterprises in Hubei reported total assets exceeding 3 trillion yuan, with a year-on-year revenue growth of 27.8% [2] - The province plans to mobilize over 3 trillion yuan in various investments, focusing on over 400 major projects [3] Industry Development Initiatives - Hubei is set to enhance its strategic emerging industries, including new energy, intelligent connected vehicles, and photonics, with an investment target of 30 billion yuan [3] - The province aims to foster innovation by establishing high-level R&D platforms and increasing the number of high-tech enterprises [3] Financial Innovation and Services - Hubei's financial sector is expected to grow significantly, with a target financial industry value of 2.736 trillion yuan by 2024 [4] - The plan includes initiatives to develop a high-level financial center, focusing on technology finance and green finance [4][5] - The province aims to enhance consumer spending, with a reported 7.3% growth in retail sales in Q1, ranking second nationally [5]
助力“金融向绿” 券商ESG战略赋能“绿水青山”
Zheng Quan Ri Bao· 2025-04-27 16:41
Core Viewpoint - The proactive disclosure of ESG (Environmental, Social, and Governance) reports by securities firms is a key initiative for promoting sustainable development in the financial system, marking a transition from passive compliance to active innovation and comprehensive integration of ESG practices [1][2][3] Group 1: ESG Development in Securities Firms - The year 2024 marks the 20th anniversary of the ESG concept proposed by the UN Global Compact and is a significant year for ESG policy in China, with a historical shift from encouragement to mandatory disclosure [2] - As of April 27, 2024, 38 listed securities firms have disclosed their ESG reports, reflecting the industry's commitment to integrating ESG principles into their operations [2][3] - The current ESG rating landscape shows that 8 firms have received "AA" and "AAA" ratings, while 21 firms received lower ratings, indicating a diverse range of ESG performance among securities firms [3] Group 2: Green Finance Opportunities - The growing recognition of ESG principles is leading to a more mature and standardized market, providing diverse business opportunities for securities firms, particularly in green finance [4] - In 2024, securities firms underwrote or managed green bonds worth 167.41 billion yuan and low-carbon transition bonds worth 26.79 billion yuan, facilitating capital flow into green low-carbon industries [5] - The total scale of ESG-themed funds managed by securities firms has exceeded 100 billion yuan by the end of 2024, highlighting the increasing importance of ESG funds for investors [5] Group 3: Carbon Finance Initiatives - Carbon finance has become a focal area for securities firms, with 8 listed firms receiving approval to participate in carbon emissions trading, indicating a shift towards more diversified services in this sector [6] - Securities firms are positioned as effective intermediaries in carbon trading, helping companies meet emission reduction requirements while creating investment opportunities for investors [6] - The innovation of carbon financial derivatives, such as carbon futures and options, is expected to become a new growth point for the performance of securities firms [6] Group 4: Alignment with National Strategies - The securities industry is actively integrating into national strategic frameworks, enhancing financial service supply to support key areas such as green development, private economy, and rural revitalization [7]