1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - Last week, the carbon quota trading price in the European carbon market increased, the EUA futures price in the US market decreased while the UKA futures price increased, and the KAU25 spot price in the South Korean market decreased. The carbon quota trading volume in the European and US carbon markets increased, while that in the South Korean market decreased. In the national carbon market in China, the cumulative trading volume and transaction amount of carbon emission allowances decreased, but the daily average trading price increased. The weekly trading volume of domestic pilot carbon markets increased, with trading mainly concentrated in the Hubei carbon market [2]. - Two important events occurred in the field of green development last week: the official launch of China's first pressure - energy zero - carbon data center and the successful development of the first 110 - kilowatt - class thermally coupled direct seawater electrolysis hydrogen production system device [2]. 3. Summary by Directory 3.1 International Carbon Trading Market Tracking 3.1.1 European Carbon Quota Price and Volume - EUA spot price rose from 81.92 euros/ton on December 1st to 82.56 euros/ton on December 5th, with a weekly increase of 0.78%. The EUA spot trading volume last week was 19.10 tons, a 55.28% increase from the previous week [6]. 3.1.2 US Carbon Quota Price and Volume - EUA futures price dropped from 82.64 euros/ton on December 1st to 81.98 euros/ton on December 5th, with a weekly decrease of 0.80%. The total trading volume of EUA futures last week was 369.90 million tons, a 12.87% increase from the previous week. UKA futures price rose from 55.46 pounds/ton on December 1st to 56.10 pounds/ton on December 5th, with a weekly increase of 0.64% [8]. 3.1.3 South Korean Carbon Quota Price and Volume - KAU25 spot price dropped from 10,800 won/ton on December 1st to 10,450 won/ton on December 5th, with a weekly decrease of 3.24%. The trading volume of KAU25 spot in the South Korean market last week was 35.90 tons, a 23.78% decrease from the previous week [14]. 3.2 Domestic Carbon Market Tracking 3.2.1 National Carbon Market Carbon Quota Volume and Average Transaction Price - The cumulative trading volume of carbon emission allowances (CEA) in the national carbon market last week was 681.84 tons, and the cumulative transaction amount was 399 million yuan. Both the cumulative trading volume and transaction amount decreased compared to the previous week, with a decline of 32.14% and 31.84% respectively. As of December 5th, the daily average trading price of CEA last week was 58.73 yuan/ton, a 0.61% increase from the previous week [17]. 3.2.2 Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets - Except for the Guangdong Province GDEA and Fujian Province FJEA, the weekly average transaction price of carbon quotas in domestic pilot carbon markets showed a downward trend. The GDEA in Guangdong Province had the largest increase of 2.42%, and the HBEA in Hubei Province had the largest decrease of 8.59%. Compared with the same period last month (November 3rd - November 7th, 2025), except for the BEA in Beijing and the GDEA in Guangdong, the weekly average transaction price of carbon quotas in each pilot carbon market showed a downward trend, with the HBEA in Hubei Province having the largest decrease of 10.75% [20]. 3.2.3 Trading Volume and Transaction Amount of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets - The carbon quota trading in domestic pilot carbon markets last week was mainly concentrated in the Hubei carbon market. Its weekly trading volume accounted for 89.25% of the total weekly trading volume of all pilot carbon markets, and the transaction amount accounted for 87.86% of the total weekly transaction amount of all pilot carbon markets. The total weekly trading volume of domestic pilot carbon markets last week was 106.16 tons, an increase of 77.37% from the previous week [21]. 3.3 Double - Carbon Frontier Technology Tracking 3.3.1 Official Launch of China's First Pressure - Energy Zero - Carbon Data Center - The first pressure - energy zero - carbon data center in China was officially launched in Shaoxing, Zhejiang. It innovatively constructs an integrated and coordinated operation system of "pressure energy - electric energy - cold energy - computing power", achieving the deep integration of electric energy, cold energy, and computing power generated by natural gas differential pressure power generation. It can provide important support for the development of "Artificial Intelligence +" applications, reaching the leading level in the industry and filling the domestic gap in related technology fields. Compared with traditional commercial data centers, it no longer relies on fossil energy for power generation, achieving "zero - carbon" operation. After the project is put into operation, the annual power generation will exceed 1.5 million kilowatt - hours, and the annual electricity cost savings will exceed 1.2 million yuan [23]. 3.3.2 China Successfully Developed the First 110 - Kilowatt - Class Thermally Coupled Direct Seawater Electrolysis Hydrogen Production System Device - The "Thermally Coupled Direct Seawater Electrolysis Hydrogen Production" achievement press conference was held in Rizhao, Shandong on December 6th. China has successfully developed the first 110 - kilowatt - class thermally coupled direct seawater electrolysis hydrogen production system device, which has achieved continuous and stable operation for more than 500 hours, marking a key breakthrough from the laboratory to engineering application in the field of direct seawater electrolysis hydrogen production. This device solves the problem that traditional green hydrogen must rely on high - purity fresh water and provides a more efficient and low - cost solution for future seawater hydrogen production and other water electrolysis hydrogen production processes [24].

Core Insights - The first 110 kW-level seawater direct electrolysis hydrogen production system in China has passed expert review, marking a significant breakthrough from laboratory to engineering application in the field of seawater electrolysis for hydrogen production [1][2] - The system utilizes low-grade waste heat from nearby steel and petrochemical enterprises, allowing for efficient and stable conversion to high-purity hydrogen without relying on precious freshwater resources [1][2] Group 1 - The device addresses critical technical bottlenecks in seawater electrolysis, such as calcium and magnesium deposition, chloride ion corrosion, and short lifespan, thus providing a more efficient and cost-effective solution for future hydrogen production [1][2] - The system's ability to suppress chloride ion corrosion through the development of corrosion-resistant catalysts and dynamic control technology enhances the durability of the electrolysis equipment [2] - By utilizing low-grade waste heat and coupling with a screening system to produce high-quality freshwater, the device eliminates the need for traditional cooling units, significantly reducing investment and energy consumption [2] Group 2 - The project aligns with China's coastal industrial layout, creating a new paradigm for zero-carbon hydrogen supply by transforming industrial waste heat into usable energy [2] - The successful operation of the system for over 500 hours demonstrates its stability and marks a significant milestone in engineering readiness [2][3] - The project aims to establish a distributed energy network that captures waste heat, utilizes seawater, and produces green hydrogen on-site, providing robust technical support for coastal regions [2]

Core Viewpoint - The successful operation of China's first 110 kW thermal-coupled seawater electrolysis hydrogen production system for over 500 hours marks a significant breakthrough in the engineering application of seawater electrolysis technology, addressing key technical challenges in the field [1]. Group 1 - The system has achieved continuous stable operation for over 500 hours, demonstrating its reliability and effectiveness in hydrogen production [1]. - The breakthrough addresses critical technical bottlenecks such as calcium and magnesium deposition, chloride ion corrosion, and short lifespan of electrolysis equipment [1]. - The device can directly utilize natural seawater without complex pretreatment, significantly reducing hydrogen production costs and engineering complexity [1]. Group 2 - Efficient utilization of low-grade waste heat has been implemented to lower equipment costs and energy consumption [1]. - This advancement provides a more efficient and cost-effective solution for future seawater hydrogen production and other water electrolysis processes [1].

Core Insights - The first 110 kW seawater direct electrolysis hydrogen production system in China has passed expert review, marking a significant breakthrough in the engineering application of this global strategic technology [1] - The system has achieved over 500 hours of continuous stable operation, indicating its reliability and potential for commercial use [1] Technical Breakthroughs - The core breakthroughs include addressing key technical bottlenecks such as calcium and magnesium deposition, chloride ion corrosion, and short lifespan of electrolysis equipment [1] - Efficient utilization of low-grade waste heat has been implemented to reduce equipment costs and energy consumption [1] Cost and Complexity Reduction - The system can directly utilize natural seawater for continuous hydrogen production without complex pretreatment, significantly lowering hydrogen production costs and engineering complexity [1] - This development provides a more efficient and cost-effective solution for future seawater hydrogen production and other water electrolysis processes [1]