全国碳市场履约临近，碳价站稳百元

Investment Rating - The report rates the electric equipment industry as "Positive" [2]. Core Insights - The report highlights significant changes in the carbon emission trading system for the power generation industry, including the transition from a two-year compliance cycle to an annual compliance cycle, and the exclusion of indirect emissions from purchased electricity from the national carbon market [2][7]. - The national carbon market has seen increased activity, with the average carbon price maintaining above 100 yuan per ton in October 2024, and a total transaction volume of 13.2458 million tons, representing a month-on-month increase of 69.05% [2][20]. - The report emphasizes the importance of enhancing carbon emission statistical accounting capabilities across various levels and sectors, with a comprehensive system expected to be established by 2030 [9][10]. Summary by Sections Policy Dynamics - Internationally, new methodologies for quantifying emission reductions related to stove efficiency and fuel switching have been introduced, impacting various existing methodologies [5][6]. - Domestically, the Ministry of Ecology and Environment has issued guidelines for the allocation and clearing of carbon emission allowances for the power generation sector for 2023 and 2024, with specific formulas for allowance carryover and compliance timelines [7][8]. Market Dynamics - In October 2024, the EU carbon market saw a trading volume of 904 million tons, with a slight decrease in settlement prices [20][22]. - The domestic carbon market's total transaction volume reached 13.2458 million tons in October, with a total transaction value of 1.296 billion yuan, indicating a robust market activity [20][24]. - Local carbon markets also experienced increased activity, particularly in regions like Hubei and Fujian, with Hubei leading in transaction volume [28][41].