The report will review and draw conclusions about the Shenzhen carbon market’s first year performance from the following perspectives: Chapter 1 will elaborate the key components of the Shenzhen ETS, and compare Shenzhen’s ETS with other ETSs; Chapter 2 will introduce the Shenzhen carbon market’s operational performance, including compliance results, enterprise growth, and trading performance. Chapter 3 will sum up the experience of the first year of operation of the Shenzhen ETS. Chapter 4 will provide policy recommendations on the improvement of the Shenzhen ETS. The report finally provides five case studies of typical regulated companies after in-depth research and highlights the best practice of some companies as well as the passive response of other companies, for the sake of providing a reference for other regulated companies.