Abstract:The realization of carbon peaking and carbon neutralization has become one of the main goals of government and enterprise reform. Based on data from the carbon-neutral concept plate from iFinD, this paper empirically analyzes the supporting role of the capital market on the Macro policy release, studies the feedback of the capital market on this policy goal, and gives an empirical explanation of the policy effect based on various order trading data and social attention data. As the findings show, compared with the control group of stocks with similar characteristics, carbon neutral concept stocks have significantly positive return performances compared with the control group of stocks with similar characteristics after the announcement of the dual carbon goal, and this positive feedback is in advance; trading data of different kinds of orders play heterogeneous roles in the policy effect. The positive return feedback of carbon-neutral concept stocks mainly comes from the super-large tradings, this influence appears since the policy is announced and before the concept stocks are launched, while the medium and small tradings fail to play a supporting role, revealing the important role of institutional investors; the social-level attention also plays an important role in the feedback on the dual carbon policy. Baidu search-index data can significantly improve the return of carbon-neutral concept stocks, strengthen the significant positive impact of super-large tradings and speed up information absorption. To sum up, this paper reports the positive feedback of the capital market on the national macro policies and reveals the important role of super-large orders in the market. Findings are of great importance to encourage enterprises to develop and expand double-carbon-related initiatives and ultimately achieve the joint promotion of the capital market and the real economy.