智通财经网·2026-03-05 02:40Group 1 - The core viewpoint is that low-carbon technology and industries are essential for high-emission sectors to respond to the Carbon Border Adjustment Mechanism (CBAM) and achieve green transformation during the 14th Five-Year Plan period [1] - The three major high-emission industries—steel, aluminum, and cement—will focus on the circular economy, supported by both policy and corporate transformation needs, becoming a new engine for green low-carbon growth [1] - Leading companies in high-emission industries that have made significant progress in transformation possess technological and financial advantages, which may enhance their international competitiveness through low-carbon transformation [1] Group 2 - The CBAM will officially take effect on January 1, 2026, after a two-year transition period, initially covering six high-emission industries, including steel, aluminum, and cement [1] - Importers will need to pay for carbon emissions from the previous year, with the first CBAM certificate payments due in 2027, and the scope may expand to downstream industries by 2028 [1][2] - The CBAM is part of the EU carbon market reform, which will gradually increase the proportion of paid certificates while phasing out free allowances for relevant industries by 2035 [2] Group 3 - The CBAM is essentially a green trade barrier aimed at revitalizing the EU economy and addressing internal and external challenges, including the post-COVID recovery and energy crisis [3] - The EU is implementing a "Brussels effect" through the CBAM, encouraging other countries to adopt similar measures, thereby strengthening its position as a global regulator in green trade [3] Group 4 - The CBAM will significantly increase short-term carbon costs for China's high-emission industries, with cement facing the highest cost pressure, followed by steel and aluminum [4] - The carbon cost as a percentage of the value of corresponding export products is estimated to be 14.2%-15.9% for cement, 8.5%-9.5% for steel, and 2.9%-3.2% for aluminum [4] - Exporting companies in these sectors will also incur additional "hidden costs" related to carbon auditing and data management to comply with CBAM requirements [4] Group 5 - In response to the CBAM, China has made some preparations and achieved certain industry transformation results, but stricter carbon management and assessment will be enforced during the 14th Five-Year Plan [5] - High-emission industries will face dual carbon costs domestically and internationally, necessitating gradual low-carbon transformation through technological innovation [5] - The evolving trade landscape and supply chain restructuring present opportunities for accelerated transformation, with companies that adapt effectively likely to excel in innovation and operational performance [5]