Investment Rating - The investment rating for the electrical equipment industry is "Positive" [3] Core Viewpoints - The report highlights the implementation of a new carbon quota transfer policy for the power generation industry, changing the compliance period to "annual compliance" instead of "biennial compliance" [2][16] - The new quota scheme allows for the transfer of carbon quotas from 2019-2024 to 2025, with a maximum transferable amount calculated based on a base transfer amount of 10,000 tons of CO2 [2][6] - The cancellation of the advance quota policy and personalized relief plans is expected to alleviate the pressure on companies facing quota shortages and enhance market stability [2][16] - The report anticipates increased trading activity in the carbon market due to the new compliance timeline and the flexibility provided to companies with lower quota holdings [2][16] Summary by Sections Carbon Quota Policy Changes - The new quota scheme specifies that carbon quotas generated from purchased electricity will no longer be included in the national carbon market management, which is expected to reduce regulatory burdens [2][16] - The adjustment in the calculation formula for coal-fired power generation quotas excludes the cooling method correction factor, which will lead to a decrease in quota allocation for certain types of power plants [4][14] Market Activity and Price Outlook - The report forecasts an increase in trading volume and potential price rises in the carbon market as companies adapt to the new compliance requirements [2][16] - The anticipated completion of quota allocation by November 6, 2024, is expected to enhance market activity before the compliance deadline at the end of 2024 [2][22] Important Dates - Key dates for quota allocation and compliance for 2023 and 2024 have been outlined, including submission deadlines and allocation issuance dates [22]
电气设备：明确发电行业碳配额结转政策，履约周期变成“一年一履约”
Minmetals Securities·2024-10-25 08:30