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图表30 碳金融市场产业链与券商嵌入角色

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所属报告：

财新智库：2025证券公司碳资产定价和风险管理实践报告（71页）.pdf

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碳资产的初始生成是碳金融体系的基础，涉及政府主导的强制性配额分配与自愿减排量开发。配额分配过程中证券公司几乎没有直接参与的空间，然而这并不意味着证券公司完全缺席，他们可以利用自身信息分析和咨询能力，为控排企业提供咨询服务，评估潜在的配额缺口或盈余并制定相应的经营和减排策略，这一业务虽然不直接介入碳资产开发，但为企业管理碳资产、应对履约压力提供了重要支持。与配额的行政分配不同，由于自愿减排量的产生依赖于市场化的项目开发机制，证券公司在其中有更广阔的参与空间，具体来说可以联合相关机构筛选评估符合CCER 或地方碳信用、碳普惠等标准的碳资产项目，为项目业主提供项目开发全流程服务，包括CCER方法学认证、项目注册以及减排量签发等，将生态资源转化为可交易的碳信用，其本质是将传统投行业务中“企业价值发现一结构化融资一市场准入服务”的全链条能力，转化为“碳项目价值评估一碳资产收益权证券化一政策对接中介”的新型服务模式。同时，券商可以通过签署预认购协议或者通过碳债券、碳收益支持票据等金融工具直接对接社会资本，为碳信用项目前期开发提供融资支持。碳资产流通环节以碳交易为核心，但无论是配额市场的控排企业刚性需求，还是自愿市场的减排量柔性需求，均面临交易对手方有限、合约标准化程度不足、市场深度欠缺等问题。证券公司作为传统资本市场的流动性重要提供者通过迁移做市商、自营交易等机制，可助力构建碳市场的价格发现中枢。在现货市场，借鉴债券做市的双边报价机制以及在股债商市场的交易经验，券商为碳市场注入更多流动性，同时券商也可作为交易服务方，通过撮合交易帮客户完成碳配额、自愿减排量买卖，提供交易策略咨询等服务，凭借广泛的客户资源精准匹配买卖双方需求。而除了通过自营交易直接参与碳资产买卖，券商还可以投资CCER 项目、购买碳基金、碳债券等。在衍生品市场，券商可以设计和交易碳期货、远期、期权、掉期等衍生品，复制商品期货的套期保值、套利策略，帮助企业锁定成本并吸

产业链原图定位