Report Overview - Report Title: National Carbon Market Market Briefing (Issue 91, 2025) [1] - Release Date: June 10, 2025 [3] Investment Rating - Not provided in the report Core Viewpoints - The single - day trading volume of CEA exceeded 1 million tons again, and the CEA price was weakly stable. CEA23 and CEA24 showed a differentiated trend, with 27,000 tons in the listing market and 990,000 tons in the bulk market. The listing agreement trading volume of CCER was 20,000 tons, and the average trading price was 88 yuan/ton, with a change of 1.64% [4] - It is recommended that enterprises with a quota gap make batch purchases at low prices before the end of August. The remaining 40% of the mandatory circulation quotas in 2025 can only meet part of the market demand, and about 40 - 50 million tons of market demand may be met by the voluntary sales of surplus enterprises [4] - After the CEA price fell to around 70 yuan, bottom - fishing demand emerged. However, the release of mandatory circulation quotas is insufficient, potential selling pressure still exists, the market price is fluctuating at the bottom, and there is still a lack of upward driving force. Considering the verification node, the trading volume is expected to rise in the middle and late June, and the bottom range in June is expected to be 62 - 66 yuan/ton [5] - If the selling time of surplus enterprises is postponed, the price bottom may be lower and the rebound height may be more limited. If the single - day trading volume can significantly increase, strong upward momentum may appear at the end of the third quarter [5] Summary by Catalog CEA Market - **Price and Volume Information**: The closing prices of CEA19 - 20, CEA21, CEA22, CEA23, and CEA24 were 67 yuan/ton, 67.5 yuan/ton, 67 yuan/ton, 68.6 yuan/ton, and 68.25 yuan/ton respectively. The price changes were 0.00%, 0.00%, 0.00%, - 0.44%, and 0.37% respectively. The total trading volumes were 0 tons, 0 tons, 0 tons, 25,700 tons, and 991,000 tons respectively. The listing agreement trading volumes were 0 tons, 0 tons, 0 tons, 25,700 tons, and 1,000 tons respectively, and the bulk agreement trading volume of CEA24 was 990,000 tons. The total turnovers were 68.3763 million yuan, 0 yuan, 0 yuan, 1.7642 million yuan, and 0 yuan respectively [7][8] CCER Market - The average trading price was 88 yuan/ton, with a change of 1.64%. The trading volume was 20,000 tons, and the cumulative trading volume was 2.0016 million tons [9]

来源：证券时报网 作者：张淑贤 在活跃度提升同时，全国碳市场价格依然持续走低。根据研究中心统计，4月全国碳市场CEA日均收盘价为82.26元/ 吨，相较于3月的日均收盘价87.90元/吨下跌6.42%，且呈波动下降态势。 研究中心预计，5月份全国碳市场价格仍将走低。该中心公布的2025年5月复旦碳价指数显示，2025年5月CEA买入价 格预期为78.37元/吨，卖出价格预期为82.66元/吨，中间价为80.52元/吨；买入价格指数为195.92，下跌7.70%；卖出价 格指数为186.51，下跌7.32%；中间价格指数为190.97，下跌7.51%。 "虽受清明假期效应影响，但4月全国碳市场交易活跃度和稳定性均有所提升，四分之三以上交易日的成交量都在10万 吨量能水平之上。"研究中心表示。 4月23日，生态环境部印发《关于做好2025年全国碳排放权交易市场有关工作的通知》（以下称"《通知》"），这是全 国碳市场扩围后首次印发相关重点工作通知，对发电、钢铁、水泥、铝冶炼行业的重点排放单位名录管理、碳排放数 据质量管理、碳排放配额分配清缴管理等全环节全流程工作任务及完成时限作出明确要求，持续增强市场预期，加快 推 ...

"虽受清明假期效应影响，但4月全国碳市场交易活跃度和稳定性均有所提升，3/4以上交易日的成交量 都在10万吨量能水平之上。"研究中心表示。 研究中心预计，5月份全国碳市场价格仍将走低。该中心公布的2025年5月复旦碳价指数显示，2025年5 月CEA买入价格预期为78.37元/吨，卖出价格预期为82.66元/吨，中间价为80.52元/吨；买入价格指数为 195.92，下跌7.70%；卖出价格指数为186.51，下跌7.32%；中间价格指数为190.97，下跌7.51%。 中化新网讯 受碳市场行业扩容消息提振，全国碳排放权交易市场4月份交易活跃度提升。复旦大学可持 续发展研究中心（以下简称"研究中心"）4月29日发布的数据显示，4月份全国碳市场交易升温，该月碳 配额（CEA）日均成交量为23.31万吨，较3月增幅接近50%。 但在活跃度提升的同时，全国碳市场价格依然持续走低。根据研究中心统计，4月全国碳市场CEA日均 收盘价为82.26元/吨，相较于3月的日均收盘价87.90元/吨下跌6.42%，且呈波动下降态势。 据了解，4月23日生态环境部印发《关于做好2025年全国碳排放权交易市场有关工作的通知》（以下 ...