Market Overview - The cumulative trading volume of carbon emission allowances in the national carbon market increased to 3.2428 million tons, with a transaction amount of 225.8395 million yuan, reflecting an increase of 30.17% and 23.92% respectively compared to the previous week[18] - The average daily transaction price of carbon emission allowances (CEA) was 69.59 yuan/ton, down by 4.85% from the previous week[18] International Carbon Market Trends - In the European market, EUA spot prices rose by 3.36% to 72.56 euros/ton, while trading volume decreased by 55.17% to 104,000 tons[6] - The EUA futures price increased by 3.35% to 73.22 euros/ton, with a slight decrease in trading volume of 0.07% to 2.87 million tons[6] - In the US market, EUA futures prices rose by 3.33% to 73.21 euros/ton, with trading volume increasing by 0.75% to 136.29 million tons[9] Domestic Market Insights - The trading volume in domestic pilot carbon markets decreased by 64.00% to 211,700 tons, with major trading concentrated in Shenzhen, Shanghai, Hubei, and Guangdong, accounting for 97.47% of total trading volume[24] - The average transaction price in Guangdong's carbon market dropped by 4.53%, marking the largest decline among pilot markets[22] Policy Developments - The People's Bank of China and six other departments issued guidelines to support new industrialization, focusing on enhancing technological innovation and supply chain resilience[25] - Shanghai's new policy for market-oriented pricing of renewable energy will ensure that all new energy projects will participate in market trading by the end of 2025, promoting a sustainable energy system[28] Risk Factors - Economic recovery may not meet expectations, and there are risks associated with unexpected policy relaxations and climate anomalies[29]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints The report tracks important dynamics in the domestic and international "dual carbon" fields from July 14 to July 18, 2025, mainly focusing on the carbon quota trading sector. It shows that carbon quota prices and trading volumes in different markets have different trends, and there are also significant events in the green development field [2][5]. 3. Summary by Relevant Catalogs International Carbon Trading Market Tracking - **European Carbon Quota Price and Volume**: EUA spot price dropped from 69.68 EUR/ton on July 14 to 69.18 EUR/ton on July 18, a weekly decline of 0.72%. The EUA spot trading volume last week was 250,000 tons, a 21.95% increase from the previous week. EUA futures price decreased from 70.43 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.77%. The EUA futures trading volume last week was 3.331 million tons, a 3.25% decrease from the previous week [6]. - **US Carbon Quota Price and Volume**: EUA futures price fell from 70.42 EUR/ton on July 14 to 69.89 EUR/ton on July 18, a weekly decline of 0.75%. The total EUA futures trading volume last week was 11.946 billion tons, a 0.99% decrease from the previous week. UKA futures price rose from 48.15 GBP/ton on July 14 to 49.21 GBP/ton on July 18, a weekly increase of 2.20% [9]. - **South Korean Carbon Quota Price and Volume**: KAU24 spot price increased from 8,600 KRW/ton on July 14 to 8,660 KRW/ton on July 18, a weekly increase of 0.70%. The trading volume of KAU24 spot in the South Korean market last week was 1.1412 million tons, a 2.82% decrease from the previous week [15]. Domestic Carbon Market Tracking - **National Carbon Market Carbon Quota Volume and Average Transaction Price**: The cumulative trading volume of carbon quotas (CEA) in the national carbon market last week was 155,700 tons, and the cumulative transaction amount was 114.0725 million yuan. Both the cumulative trading volume and transaction amount decreased compared to the previous week, with declines of 20.88% and 22.74% respectively. As of July 18, the average daily transaction price of CEA last week was 73.94 yuan/ton, a 1.67% decrease from the previous week [19]. - **Weekly Average Transaction Price of Carbon Quotas in Domestic Pilot Provincial and Municipal Carbon Markets**: Except for HBEA in Hubei Province and GDEA in Guangdong Province, the weekly average transaction prices of carbon quotas in domestic pilot carbon markets showed an upward trend, with the largest increase of 2.75% in SHEA in Shanghai. Compared with the same period last month (from June 16 to June 20, 2025), the weekly average transaction prices of carbon quotas in each pilot carbon market showed a downward trend except for SZA in Shenzhen, with the largest decline of 8.80% in SHEA in Shanghai [23]. - **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 carbon markets of Guangdong, Shenzhen, and Hubei provinces. Their weekly trading volumes accounted for 99.21% of the total weekly trading volume of all pilot carbon markets. The transaction amounts of the carbon markets in Guangdong, Shenzhen, and Hubei provinces accounted for a relatively high proportion, accounting for 98.65% of the total weekly transaction amount of all pilot carbon markets. The total weekly trading volume of domestic pilot carbon markets last week was 52,990 tons, a significant increase of 290.82% from the previous week [25]. Dual Carbon Frontier Technology Tracking - **Three Departments Issue Green Finance Support Project Catalog**: The People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly issued the "Catalogue of Projects Supported by Green Finance (2025 Edition)", which will come into effect on October 1, 2025. The catalogue integrates existing standards, delineates eight categories of supported projects such as energy conservation and carbon reduction, and environmental protection, providing a unified basis for various green financial products [2][27]. - **New Records Set for New Energy Power and Electricity in Ningxia**: On July 11, the maximum output of new energy in Ningxia reached 28.41 million kilowatts, and the daily maximum power generation reached 382 million kilowatt-hours, both setting new historical records. In the first half of 2025, the proportion of new energy power generation in Ningxia increased to 34.66%. With over 8 million kilowatts of new energy connected to the grid in the first half of the year and an expected increase of over 17 million kilowatts in the second half of the year, Ningxia will provide strong practical support and technical demonstrations for China's construction of a new power system dominated by new energy [29].