Macro

1. Carbon emissions: The Central Office and the State Council have issued opinions on promoting green and low-carbon transformation and strengthening the construction of the national carbon market. The opinion mentions that by 2027, the national carbon emission trading market will basically cover the major emission industries in the industrial sector, and the national voluntary greenhouse gas emission reduction trading market will achieve full coverage in key areas. By 2030, a national carbon emission trading market based on total quota control and combining free and paid distribution will be basically established, and a national voluntary greenhouse gas emission reduction trading market will be built, forming a carbon pricing mechanism with significant emission reduction effects, a sound regulatory system, and reasonable price levels.

2. Automobile: According to data released by the China Association of Automobile Manufacturers, the new energy vehicle market in China sold 1.262 million units in July 2025, a decrease of 5.0% compared to the previous month and a year-on-year increase of 27.3%. The penetration rate reached 48.7% and remained at a high level. Among them, sales of new energy passenger vehicles reached 1.195 million units, a year-on-year increase of 25.4%; Sales of new energy commercial vehicles reached 67,000 units, a year-on-year increase of 74.9%.

3. US India tariffs: The Trump administration outlined plans to impose a 50% tariff on Indian products in a draft announcement released on Monday, the latest signal of the White House's plan to push for tariff increases.

Energy

1. Crude oil: On August 25th, international crude oil futures rose. The settlement price of the October WTI crude oil futures contract in the United States was $64.80 per barrel, an increase of $1.14 or 1.8%. The settlement price of Brent crude oil futures for October was $68.80 per barrel, an increase of $1.07 or 1.6%.

According to the US Energy Information Administration, BP's refinery in Whiting, Indiana, with a daily processing capacity of 440,000 barrels, is expected to fully resume operations within the next 24 to 48 hours.

Brazil government statement: The Brazilian State owned Petroleum Regulatory Authority (PPSA) will auction off non contract areas of the Mero, Tupi, and Atapu oil fields on December 4th.

India's crude oil imports in July decreased by 8.7% month on month to 18.56 million tons, the lowest level since February 2024.

The Ministry of Natural Resources recently organized the listing and transfer of 7 oil and gas exploration rights. This centralized listing and sale signifies the imminent launch of a new wave of oil and gas exploration and development in China.

2. Refined oil: The domestic refined oil price adjustment window will open at 24:00 on August 26th, and the retail price of refined oil will soon be lowered.

3. Coking coal: Yulin Energy Bureau has issued a notice ordering Shaanxi Coal Group Shenmu Hongliulin Mining Co., Ltd. to suspend production for rectification and temporarily withhold its safety production license.

On August 25th, the market price of coking coal in Yaodu District, Linfen decreased by 10 RMB/ton, and the ex factory cash price including tax of high sulfur and strong fat coal A10.5, S4.1, V31, G100, Y40, CSR75, and Mt10 was 990 RMB/ton.

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