Report Title - EU Carbon Market Market Briefing (Issue No. 97, 2025) [1] Report Industry Investment Rating - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Report's Core View - EUA continues to decouple from TTF and closes higher again. The short - term outlook is neutral to bullish, while the medium - term outlook shows an oscillation range of €67 - 75. There are both positive and negative factors affecting the market [2]. Summary by Related Catalogs Market Conditions - First - level (Auction): Auction price is not available, and the bid - coverage ratio is not available. Second - level (EUA Futures): The settlement price is 74.23 euros/ton (0.99% increase), and the trading volume is 21,700 lots (0.57 increase) [2] Strategy - Short - term: Neutral to bullish; Medium - term: Oscillation range of €67 - 75 [2] Core Logic - Positive factors: Most EU countries are on holiday, so there is no auction today; The Norwegian natural gas plant is still under maintenance [2] - Negative factors: Rising European temperatures suppress natural gas demand, but it is not enough to stimulate stable cooling demand; Low Asian natural gas demand leads to excess LNG being diverted to Europe, alleviating the pre - replenishment supply shortage and pushing down the TTF price [2] Data Charts - The report includes charts on EUA latest auction market information, EUA auction price trend - seasonal chart, EUA auction bid - coverage ratio - seasonal chart, EUA market information - futures and spot, EUA futures and spot prices and basis, and December contract positions - seasonal chart [2]

Report Title - EU Carbon Market Quotes Briefing (Issue No. 91, 2025) [1] Report Date - 2025-05-30 [2] Industry Investment Rating - Not provided Core Views - TTF dropped significantly, and EUA followed weakly [2] - Short-term: Neutral to bullish; Medium-term: Oscillation range of €67 - 75 [2] Summary by Related Catalogs Market Quotes - **Primary Market**: The auction price and bid coverage ratio are not available [2] - **Secondary Market**: EUA futures settled at 70.94 euros/ton (-1.57%), with a trading volume of 24,700 lots (0.05) [2] Strategy - Short-term outlook is neutral to bullish, while the medium-term shows an oscillation range between €67 and €75 [2] Core Logic - **Likely Positive Factors**: German Economy Minister urges the EU Commission to approve electricity subsidies for German energy-intensive enterprises [2] - **Likely Negative Factors**: Thursday is a public holiday in most EU countries, potentially leading to weak buyer demand; The US Federal Appellate Court temporarily halted the ruling to enforce a tariff administrative order [2][3] Charts - **Chart 1**: EU Emission Allowance (EUA) latest auction market information, including auction volume, price, CBAM certificate price, bid coverage ratio, and auction revenue [4] - **Chart 2**: EUA auction price trend - Seasonal chart [4] - **Chart 3**: EUA auction bid coverage ratio - Seasonal chart [4] - **Chart 4**: EU Emission Allowance (EUA) market information - Futures and spot, including futures settlement price, trading volume, open interest, spot settlement price, trading volume, shipping carbon cost, and freight ratio [5] - **Chart 5**: EUA futures and spot prices and basis [5] - **Chart 6**: December contract open interest - Seasonal chart [5]