1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EU carbon market's EUA continues to rebound. Trump's peace plan is a positive factor, and there are no new negative factors. The EU Commission has removed the release date of the long - awaited EU ban on Russian oil import proposal from its temporary agenda [1][2] 3. Summary According to Relevant Catalogs Latest Market Conditions - **Primary Market**: The auction price is 67.06 euros/ton (3.65% increase), and the bid - cover ratio is 1.55. On March 24, 2026, the EUA auction volume was 271.25 tons, and the auction revenue was 18,190,000 euros [1][3] - **Secondary Market**: The EUA futures settlement price is 71.22 euros/ton (2.83% increase), with a trading volume of 29,700 lots (-0.82). The spot settlement price on March 24, 2026, was 69.77 euros/ton (2.77% increase), and the spot trading volume decreased by 1,813 lots [1][4] Strategy - The signal strength is 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) [1] Core Logic - **Positive Factors**: Trump issued a peace plan while opening "non - hostile" oil tankers to Iran [1] - **Negative Factors**: There are no new negative factors [1] - **Other Information**: The EU Commission removed the release date of the EU ban on Russian oil import proposal from its temporary agenda, originally planned to be announced on April 15 [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Trump's cease - fire signal led to a rebound in EUA. The auction price was 64.7 euros/ton (-2.98%), and the bid - cover ratio was 1.37. The EUA futures settlement price was 69.26 euros/ton (2.36%), with a trading volume of 3.79 million lots (-0.70). The signal strength was 0 [2]. - The bullish factor was that Trump paused threatening to "destroy" the Iranian nuclear power plant and waited for further negotiations, resulting in a rebound in global capital markets and a sharp drop in oil and gas prices. The bearish factor was that the damage to Qatar's Ras Laffan might affect 8 - 12 months (about 20% of global LNG supply), pushing TTF to remain at a high level [2]. - The World Meteorological Organization released the "2025 Global Climate Status Report" on Monday, confirming that 2015 - 2025 was the hottest 11 - year period on record [2]. Group 3: Summaries by Directory Auction Information - On March 23, 2026, the EUA auction volume was 271,250 tons, the bid - cover ratio was 1.37, the auction revenue was 175.5 million euros, the EUA auction price was 64.70 euros/ton, and the CBAM certificate price was 69.71 euros/ton. On March 20, 2026, the EUA auction volume was 109,300 tons, the bid - cover ratio was 2.11, the auction revenue was 72.89 million euros, the EUA auction price was 66.69 euros/ton, and the CBAM certificate price was 69.71 euros/ton [2]. Futures and Spot Market Information - Futures: On March 20 - 23, 2026, the futures settlement price increased from 67.66 euros/ton to 69.26 euros/ton (2.36%), the trading volume decreased by 0.70 million lots to 3.79 million lots, and the open interest remained unchanged at 33.83 million lots [2]. - Spot: On March 20 - 23, 2026, the spot settlement price increased from 66.29 euros/ton to 67.89 euros/ton (2.41%), the trading volume increased from 2,784 lots to 4,407 lots, and the freight cost ratio was 1.45% [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - TTF price has strengthened again, and the pressure of policy softening has caused EUA to decouple and pull back [2] - The bullish factor is that Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, indicating more intense global LNG competition during the summer replenishment window [2] - The bearish factor is that some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] 3. Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 68.99 euros/ton (-2.49%), and the bid coverage ratio is 1.52 [2] - Secondary market: The EUA futures settlement price is 70.35 euros/ton (-0.58%), and the trading volume is 38,400 lots (-0.55) [2] - Signal strength: 0 (0 means short position, ±1 means bullish/bearish, ±2 means strongly bullish/bearish) [2] Strategy - Bullish: Reuters expects European gas storage inventory to drop to the 22 - 27% range at the end of winter, far lower than the five - year average of about 41%, meaning more intense global LNG competition during the summer replenishment window [2] - Bearish: Some members of the European Parliament have called on the European Commission to take a more moderate approach in the upcoming EU ETS industry benchmark update [2] - Other: The European Commission will reconsider including the indirect emissions of the metal sector in GBAM from 2027 [2] Market Data - EUA auction volume, CBAM certificate price, auction revenue, EUA auction price, and bid coverage ratio on different dates are presented in the table, such as on March 5, 2026, the EUA auction price is 68.99 euros/ton, and the bid coverage ratio is 1.52 [2] - EUA futures and spot market data including futures settlement price, trading volume, spot settlement price, and spot trading volume are provided, with their changes and percentage changes [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The conflict in Iran has doubled the TTF price, and the gas - coal conversion has pushed the EUA price up slightly [1] - Italy plans to "strip" the ETS cost from the electricity price formation mechanism, which may weaken the EUA price signal and hinder the green transition [1] Summary by Related Catalogs Market Conditions - **Primary Market**: The EUA auction price is 68.77 euros/ton (0.51%), and the bid - cover ratio is 1.46 [1] - **Secondary Market**: The EUA futures settlement price is 73.33 euros/ton (3.91%), with a trading volume of 58,600 lots (0.18) [1] - **Auction Details**: On March 3, 2026, the EUA auction price was 68.77 euros/ton, the CBAM certificate price was 69.58 euros/ton, the auction volume was 2.7125 million tons, the bid - cover ratio was 1.46, and the auction revenue was 186.54 million euros [3] - **Futures and Spot**: On March 3, 2026, the futures settlement price was 73.33 euros/ton (3.91% increase), the futures trading volume was 58,600 lots (0.18 increase), the spot settlement price was 71.91 euros/ton (3.89% increase), and the spot trading volume was 4,077 lots (- 883 decrease) [4] Strategy - Signal strength: 0 (0 means empty position, ±1 means slightly long/short, ±2 means long/short) - There are no new positive factors, and the negative factor is Italy's plan to "strip" ETS cost from the electricity price formation mechanism [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - EU plans to increase free quota supply, causing EUA to plummet [1] - The signal strength is 0 (0 means short position, ±1 means bullish/bearish, ±2 means long/short) [1] - Bullish factor: Latest data shows EU natural gas inventory is only about 39 - 43%, with Germany, France, and the Netherlands having particularly low inventory, lower than last year's and long - term average [1] - Bearish factors: (1) European and American stock markets closed down collectively, spreading market pessimism; (2) EU plans to relax emission restrictions on EU ETS enterprises and consider increasing free quotas [1] Group 3: Summary by Relevant Catalog Market Conditions - Primary market: The auction price is 80.55 euros/ton (-0.31%), and the bid coverage ratio is 1.45 [1] - Secondary market: The EUA futures settlement price is 78.2 euros/ton (-5.69%), and the trading volume is 71,700 lots (2.40) [1] - On February 5, 2026, the EUA auction price was 80.55 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 2.7125 million tons, bid coverage ratio was 1.45, and auction revenue was 218.49 million euros [3] - On February 4, 2026, the EUA auction price was 80.80 euros/ton, CBAM certificate price was 84.02 euros/ton, auction volume was 1.5245 million tons, bid coverage ratio was 2.03, and auction revenue was 123.18 million euros [3] - On February 5, 2026, the EUA futures settlement price was 78.20 euros/ton (-5.69%), trading volume increased by 2.40 ten - thousand lots to 7.17 ten - thousand lots, and the position remained unchanged at 35.55 ten - thousand lots [4] - On February 5, 2026, the EUA spot settlement price was 76.59 euros/ton (-5.67%), trading volume increased by 27.18% to 11,465 lots [4]

1. Report's Industry Investment Rating - Not available in the provided content 2. Core View of the Report - The EU carbon market is facing a situation where the EU Allowance (EUA) has fallen from its high due to lingering concerns about tariffs [2]. 3. Summary According to Relevant Catalogs Market Conditions - **Primary Market**: The auction price is 86.4 euros/ton, a decrease of 1.27%, and the bid - cover ratio is 1.48 [2]. - **Secondary Market**: The EUA futures settlement price is 87.13 euros/ton, a decrease of 1.44%, with a trading volume of 37,000 lots (increase of 0.93 lots). The spot settlement price is 85.23 euros/ton, a decrease of 1.42%, and the spot trading volume is 1,799 lots (decrease of 4,767 lots), and the container shipping carbon cost is 30.34 US dollars/TEU, accounting for 1.90% of the freight [2][3]. Strategy Core Logic - **Positive Factors**: No new positive factors [2]. - **Negative Factors**: No new negative factors [2]. - **Other Factors**: The European Parliament will re - examine the EU - US trade agreement next week, and Europe has agreed to significantly increase the deployment of North Sea turbines, aiming to reach 100 gigawatts by 2050 [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The cold wave supports the strengthening of EUA prices [1] - There are no new positive factors, and the primary (auction) market will restart on January 7, 2026, which is a negative factor [2] Group 3: Summary by Relevant Catalogs Market Conditions - Primary market: Auction price and bid - cover ratio are not available [1] - Secondary market: EUA futures settled at 88.31 euros/ton (up 1.08%), with a trading volume of 15,800 lots [1] EUA Auction Information - On January 2, 2026, the EUA auction volume was 0.00 million tons, the auction price was 84.60 euros/ton, CBAM certificate price was not available, auction revenue was not available, and the bid - cover ratio was 0 [5] - On December 31, 2025, the EUA auction volume was 0.00 million tons, the auction price was 84.60 euros/ton, CBAM certificate price was not available, auction revenue was not available, and the bid - cover ratio was 0 [5] EUA Futures and Spot Information - On December 31, 2025, the EUA futures settlement price was 87.37 euros/ton, and on January 2, 2026, it was 88.31 euros/ton (up 1.08%); the trading volume on January 2, 2026, was 1.58 million lots [5] - On December 31, 2025, the EUA spot settlement price was 85.24 euros/ton, and on January 2, 2026, it was 86.22 euros/ton (up 1.15%); the trading volume on January 2, 2026, was 778 lots [5] Strategy - Today's signal strength is 1 (0 means empty position, ±1 means bullish/bearish bias, ±2 means bullish/bearish) [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Policy softening impact is fermenting, and EUA continues to decline [1] - The recommended strategy is to go short on rallies with a light position [1] 3. Summary by Relevant Catalogs Market Conditions - **Primary Market**: The EUA auction price is 80.07 euros/ton (-1.46%), and the bid - cover ratio is 1.53 [1] - **Secondary Market**: The EUA futures settlement price is 80.17 euros/ton (-1.62%), with a trading volume of 33,900 lots (0.72) [1] Strategy - The strategy is to go short on rallies with a light position [1] Factors Affecting the Market - **Positive Factors**: There are no new positive factors [1] - **Negative Factors**: TF prices have declined due to mild weather and stable supply; some EU legislators plan to push for a delay of ETS2 by at least three years [1] - **Other Factors**: The US is asking the EU to get rid of Russian gas faster and expand the "Vertical Corridor" connecting Greece, Bulgaria, Romania, and Ukraine [1] Market Data Charts - **Auction Market Data**: On November 6, 2025, the CBAM certificate price was 80.07 euros/ton, the EUA auction price was 78.20 euros/ton, the EUA auction volume was 3.268 million tons, the bid - cover ratio was 1.53, and the auction revenue was 261.67 million euros [3] - **Futures and Spot Market Data**: On November 6, 2025, the EUA futures settlement price was 80.17 euros/ton, the futures trading volume was 33,900 lots, and the futures position was 372,500 lots; the spot settlement price was 79.96 euros/ton, and the spot trading volume was 1903 lots [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The fundamental contradictions are not prominent, and EUA maintains a narrow - range oscillation. The recommended strategy is to lightly short at high prices. There are no new positive or negative factors [1] 3. Summary by Relevant Catalog Market Conditions - **Primary Market**: The auction price is 78.71 euros/ton (up 0.20%), and the bid - cover ratio is 1.6 [1] - **Secondary Market**: The EUA futures settlement price is 78.67 euros/ton (down 0.18%), with a trading volume of 22,200 lots (up 0.05) [1] Other Information - Multiple European truck manufacturers have written to the European Commission, requesting the relaxation of CO₂ emission targets for heavy - duty vehicles, stating that the current targets are "difficult to achieve" [1][2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As the compliance period approaches, EUA continues to decouple from European energy and the stock market, showing an upward trend with fluctuations [1] - The strategy is to buy low and sell high, with a price range of €63 - 76 [1] - There are no new positive or negative factors [1] Group 3: Summary Based on Related Catalogs EUA Auction Information - On August 29, 2025, the EUA auction price was 71.30 euros/ton, the CBAM certificate price was 70.99 euros/ton, the auction volume was 161.45 million tons, the bid - coverage ratio was 1.82, and the auction revenue was 115.11 million euros [3] - On August 28, 2025, the EUA auction price was 71.18 euros/ton, the CBAM certificate price was 70.99 euros/ton, the auction volume was 324.45 million tons, the bid - coverage ratio was 1.39, and the auction revenue was 230.94 million euros [3] EUA Futures and Spot Market Information - On August 29, 2025, the EUA futures settlement price was 72.99 euros/ton (up 1.77%), the trading volume was 23,400 lots (down 0.12 lots), and the open interest was unchanged [1][4] - On August 29, 2025, the EUA spot settlement price was 72.46 euros/ton (up 1.78%), the trading volume was 2,644 lots, the container shipping carbon cost was 16.86 US dollars/TEU, and the freight cost ratio was 1.14% [4]