公用事业行业专题：电碳市场划清界限，双碳转型框架下协同发力

Industry Investment Rating - The report maintains a "Positive" rating for the utilities sector, specifically focusing on the green electricity and carbon markets [1] Core Viewpoints - Green electricity trading generates premium income, with green certificates serving as the sole proof of environmental value [4] - The national carbon market has entered its third compliance cycle, with the CCER market officially restarting in 2023 [4] - The national carbon market is expanding, and indirect emissions are no longer considered, clarifying the boundaries between CCER and green certificates [4] Green Electricity and Green Certificate Market - Green electricity trading is part of medium- and long-term power trading, with electricity energy value and environmental value accounted for separately [9] - Green certificates are the only proof of green electricity's environmental value, and the separation of certificates and electricity breaks transaction boundaries [16] - The renewable energy subsidy gap is widening, and environmental premiums are replacing subsidies through market mechanisms [19] - Green certificates are the basic proof of green electricity consumption, driving the green transformation of electricity demand [22] National Carbon Market - The national carbon market is expanding, with CCER assisting in quota completion [29] - The carbon quota market has transitioned from local pilots to a unified national market, with further expansion expected [31] - The CCER market has restarted after six years, with project methodologies fully updated [32] Linkage Between Green Electricity and Carbon Markets - The environmental value of green electricity lies in reducing carbon emissions, with carbon prices being an important component of electricity prices [35] - Purchased electricity generates indirect emissions, and emission factors clarify the zero-carbon value of green electricity [36] - The national carbon market is expanding to include three new industries, and indirect emissions are not considered to align with international markets [40] - Local markets continue to account for indirect emissions, with green electricity deduction mechanisms being introduced [44] Investment Recommendations - Green electricity operators are expected to benefit from environmental premiums, with companies like Longyuan Power, China Resources Power, and Xintian Green Energy recommended for attention [54]