Apple had a box-office hit with "F1," the car-racing movie. Now it looks like it's going to double up on the sport, with a likely deal to stream Formula 1 races. The tech company appears to be the leading bidder for the US rights to show F1 races. The rights are currently held by Disney's ESPN.Apple has submitted a bid worth at least $150 million a year to stream the races starting in 2026. And ESPN isn't going to try to match or beat that, according to a source familiar with negotiations. So barring a la ...

Core Viewpoint - The successful registration of the Dular Forest Carbon Sink CCER project in Arxan City, Inner Mongolia, highlights the region's advantages in carbon sink development and its contribution to the national carbon market [1][2]. Group 1: Project Overview - The Dular Forest Carbon Sink CCER project was developed by Arxan City Mulinsen Seedling Afforestation Co., Ltd. and has been registered in the national carbon market [1]. - Since the launch of the national voluntary greenhouse gas emission reduction trading market on January 22, 2024, only 41 forestry carbon sink projects have been publicly listed, with Inner Mongolia having only 3 projects [1]. - The project covers 83,000 acres of protective forest, with a clear land ownership and project boundary, and is expected to generate a total emission reduction of 576,294.66 tons of CO2 equivalent over a 40-year accounting period, averaging 14,407.37 tons of CO2 equivalent per year [1]. Group 2: Development Process - The project underwent a thorough preparation process, including expert site visits and the use of satellite remote sensing and ground monitoring data to accurately assess carbon sink volume [2]. - The project design document (PDD) was completed in May 2024, and the project was officially registered and publicly announced in July 2024 after passing various reviews [2]. - A comprehensive operational guideline covering "ownership confirmation - measurement accounting - market connection" has been developed, providing a practical reference for carbon sink development across the country [2].

股票研究 /[Table_Date] 2025.07.09 海洋碳汇探索核算，CCER 扩容提速 [Table_Industry] 环保 [Table_Invest] 评级： 增持 | [table_Authors] 徐强(分析师) | 于歆(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880517040002 | S0880523050005 | 本报告导读： 上周 CEA 周成交 247 万吨，周成交均价 73 元/吨。地方碳配额周成交 39 万吨，周 成交均价 52 元/吨。全国 CCER 周成交 10.30 万吨。 双 周 报 证 投资要点： 研 究 报 告 票 研 究 请务必阅读正文之后的免责条款部分 股 行 业 券 [Table_Summary] 周度投资观点：中央财经委员会第六次会议召开，推动海洋经济高 质量发展，探索开展海洋碳汇核算。我国首项藻类碳足迹国际标准 正式发布，我国在碳足迹国际标准领域取得新的突破。全国碳市场 在电力行业基础上扩容，CCER 需求量进一步提升。CCER 首批四 项方法学基础上新增煤矿低浓度 ...

Core Viewpoint - The national carbon market in China is expanding its coverage to include more industries, with significant policy advancements in 2023 aimed at enhancing carbon emissions trading and promoting low-carbon technologies [1][2]. Group 1: Carbon Market Expansion - The national carbon emissions trading market has officially expanded to include the steel, cement, and aluminum industries, following the power generation sector [1][2]. - The government aims to gradually include key products from the petrochemical, chemical, paper, and aviation industries into the carbon market starting in 2026 [1][2]. - The expansion follows a "mature first, include first" principle, with scientific assessments submitted to the State Council for approval [1][2]. Group 2: Industry-Specific Insights - The cement industry was prioritized for inclusion due to its mature production processes and data foundation, while the aluminum smelting sector has a relatively low direct carbon emission impact [2]. - Approximately 730 steel enterprises are engaged in annual carbon emissions accounting, with long-process steel companies accounting for 90% of total emissions in the sector [2]. - The chemical industry presents complexities in product inclusion due to the variety of products and their respective emissions profiles, with over 200 million tons of key products currently reported [3]. Group 3: Paper Industry Dynamics - The paper industry, while not yet included in the carbon market, has a significant relationship with carbon emissions due to its energy consumption patterns, with coal accounting for 75% of its energy use [4]. - The industry utilizes self-owned power plants, which are already included in the carbon market, leading to potential challenges in accounting for emissions from self-generated steam [5]. - Opportunities for the paper industry include enhancing energy efficiency and utilizing biomass in self-owned power plants, which can contribute to carbon reduction efforts [6][7]. Group 4: CCER Mechanism and Development - The CCER (China Certified Emission Reduction) mechanism currently allows for a 5% offset in the carbon market, with an estimated demand of approximately 400 million tons post-expansion [9][10]. - The existing CCER methodologies cover limited sectors, necessitating the development of additional methodologies to meet the growing demand for carbon credits [9][10]. - Expanding methodologies to include waste treatment and other sectors can facilitate low-carbon transitions and enhance the overall effectiveness of the carbon market [10].

本报讯(记者李春莲)6月29日，复旦大学可持续发展研究中心(以下简称"研究中心")公布了2025年7月复 旦碳价指数结果。此次公布了2025年7月全国碳排放配额(简称CEA)价格指数、2025年12月全国CEA价 格指数、2025年7月全国CCER价格指数以及2025年7月中国绿色电力证书GEC价格指数。 此外，为进一步丰富复旦碳价指数的服务功能，研究中心在6月份推出了"复旦碳价指数"小程序，涵盖 指数报价、预测趋势可视化、交易意愿填报与公示等多项功能。未来，研究中心将持续优化小程序的服 务范围与功能，扩大使用范围，提供以复旦碳价指数为核心的一揽子碳金融解决方案，提高市场透明度 和效率，为实现"双碳"目标提供强有力的服务和支持工具。 研究中心模型计算得出，2025年7月全国碳排放配额(CEA)的买入价格预期为70.67元/吨，卖出价格预期 为76.67元/吨，中间价为73.67元/吨；买入价格指数为176.66，上涨3.37%；卖出价格指数为172.98，上 涨2.52%；中间价格指数为174.73，上涨2.93%。 在发布环节，研究中心总结了6月份全国碳市场的运行情况：价格方面，6月份碳价持续攀升，除6月1 ...

Core Insights - The national carbon market in China is developing steadily, with industry expansion, improved methodologies, and mature market operations, but recent declines in carbon emission allowance (CEA) prices have raised concerns [1] - As of June 27, the average transaction price of CEA was 74.96 yuan/ton, a decrease of approximately 30% from the peak in November of the previous year [1] - Multiple factors, including a significant drop in international energy prices and a loosening of policies, have contributed to the recent decline in carbon prices [2] Market Dynamics - Demand for carbon allowances has weakened due to a decline in thermal power generation, which is the main industry in the national carbon market, with total power generation growth of only 0.1% from January to April, significantly lower than the 6.1% growth in the same period last year [2] - The manufacturing PMI fell below 50% after April, leading to a slowdown in industrial electricity growth, while higher temperatures reduced residential electricity demand [2] - The launch of the national voluntary greenhouse gas reduction trading market (CCER) and the increase in supply expectations have also contributed to the downward pressure on carbon prices [3][4] Future Price Trends - Despite the current decline, experts believe that carbon prices are likely to stabilize and rise in the long term due to the ongoing push for carbon neutrality and the gradual implementation of industry expansion [1][5] - The carbon price is expected to rise as high-emission industries transition and the renewable energy sector grows, with a higher carbon price incentivizing companies to adopt disruptive technologies [5] Global Influences - China's carbon prices may be influenced by other major global carbon markets, such as the EU's carbon border adjustment mechanism (CBAM), which will impose fees on certain products based on carbon market price differences starting in 2026 [6] - The International Monetary Fund (IMF) has suggested that to meet the Paris Agreement goals, the global average carbon price should exceed $85 per ton by 2030, which could also impact China's carbon pricing [6] Market Structure and Regulation - The EU carbon market serves as a reference for improving the financial attributes of carbon markets globally, with a well-established legal framework and a diverse range of trading products [9] - Experts suggest that financial institutions should be gradually introduced into carbon market trading to enhance liquidity and market activity, while ensuring that carbon prices do not rise too quickly [8][10] - There are challenges in the development of carbon finance in China, including the need for clearer legal definitions regarding carbon emission rights and the limitations on financial institutions' direct participation in the carbon market [8]

该行持续强化区域和要素市场服务，深化与北京绿交所、上海环交所等战略合作，创新推出"碳排放权 质押""CCER质押""生态产品价值（GEP）质押"贷款等特色产品，创新性地以"GEP质押"融资模式，支 持世界自然遗产条子泥湿地修复项目建设，为东亚-澳大利亚候鸟迁徙提供了良好栖息地环境。 6月25日，在亚洲基础设施投资银行（简称"亚投行"）十周年年会上，江苏银行（600919）与亚投行合 作签署《自然金融倡议合作意向书》，双方将围绕"自然与生物多样性"主题，共同探索开发自然友好型 金融产品，助力美丽中国、美丽江苏建设走深走实。 当前，全球大约一半的GDP产出和超过46亿人的生计都直接或间接依赖于生物多样性，生物多样性丧失 可能引发的物理和转型风险，越来越受到世界各国的广泛关注。据联合国开发署预测，全球每年生物多 样性保护资金缺口高达近万亿美元，迫切需要加快构建自然和生物多样性保护金融体系。作为亚投行 《自然金融倡议》创新合作方，江苏银行将率先与其开展非主权转贷合作，这一非主权项下的创新合作 模式，既顺应国际绿色金融发展大势，又紧扣美丽中国建设重点任务；既为美丽江苏建设引资，更为生 物多样性融资育智。 战略引领：锚定 ...

中金研究 "十四五"新能源装机高增，亦暴露消纳问题，"136号文"推动新能源全面入市，行业进入到竞争下半场，改变"大锅饭"模式，进入综合实力的比拼，我 们认为竞争中的企业alpha或将取决于成本管控能力、市场交易能力。 点击小程序查看报告原文 新能源全面入市重构行业生态，企业alpha有望在竞争中凸显。 "136号文"是绿电行业的划时代文件，引导新能源全面入市，未来的收入不确定性增加。 1）地方政府： 我们预计不同的地方政府将权衡招商引资与下游用能成本承受能力，根据区域资源禀赋科学制定机制电量规模，有望减少投资隐性成本， 带动行业健康发展。 2）电企： 投资趋于理性、优化投资结构，聚焦效益更佳的海风和消纳电价风险可控、资源佳的大基地，成本管控、运营交易、数智 创新能力突出的电企优势凸显。 3）新型经营主体： 储能、虚拟电厂匹配入市后的需求响应与交易组织需求，经济性有望显现。 另外，我们注意到三北地区更早开展市场化交易，部分地区入市比例超过80%，竞争较为充分，电价有企稳迹象，而刚开展现货交易的中东南部区域价格 下降风险可能更大，但我们相信经过2-3年充分交易后有望企稳。 消纳政策密集出台，"负荷为王"时代开启 ...

行业深度报告 hyzqdatemark 2025 年 06 月 22 日 证券研究报告 公用事业 证券分析师 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 板块表现： 绿电底层需求持续扩容 看好下游运营和监测设备 投资评级： 看好（维持） ——新型电力系统系列报告之一：绿电绿证碳市场政策体系全景梳理 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 在新型电力系统机制框架的理论体系中，电力价值呈现出多元复合的特性，其核心 由能量价值、时间价值与环境价值三大要素构成，当前碳市场建设的滞后，致使电 力的环境价值未能有效纳入定价范围，成为新能源发展承压的症结所在。为有效解 决电力环境价值定价问题，我国系统性构建了以碳市场、绿电交易市场和绿证交易 市场为核心的绿色电力交易市场体系，其中碳市场交易碳配额，绿电市场交易绿电 （含绿证价值），绿证市场交易绿证，同时还催生出碳排放权的 ...

全国碳市场：CEA 大幅反弹，CCER 活跃度攀 二 〇 二 五 年 度 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 报告导读： ◼ 本周价格走势：CEA 大幅反弹，CCER 活跃度攀升 本周，全国碳市场综合价格大幅反弹，收盘价 70.96 元/吨，周环比+4.50%，年同比-26.45%。全国 温室气体自愿减排交易市场最新单日成交均价 89.32 元/吨，周环比+5.08%。 全国碳市场周度总成交量约 315.49 万吨，环比上周增长 42%；其中，挂牌协议成交约 40 万吨，在周 度总成交量中所占比例降至 13%（减少 5 个百分点），本周大宗协议成交 275 万吨。碳配额 24 仍为本周成 交最活跃的年份配额，成交量占比降至 87%（周环比下滑 5 个百分点）。全国温室气体自愿减排交易市场 周度总成交量约 21 万吨，周环比上涨超 15 倍。 全国碳市场周度成交均价 69.46 元/吨，周环比+3.35%；全国温室气体自愿减排交易市场周度成交均 价 86.74 元/吨，环比回升 1.68%，较全国碳市场挂牌协议周度成交均价高出 25%。 ◼ 核心观点：6 月中 ...