电气设备行业周报：碳市场趋势跟踪（202410）：全国碳市场履约临近，碳价站稳百元

Investment Rating - The report rates the electrical equipment industry as "Positive" as of November 8, 2024 [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 starting in 2024. The new allocation formula for carbon quotas will be based on power generation rather than power supply, and indirect emissions from purchased electricity will no longer be included in the national carbon market [2][8]. - The national carbon market has seen increased activity, with the average carbon price maintaining above 100 yuan per ton in October 2024. The total trading volume for carbon emission allowances (CEA) reached 13.2458 million tons, a month-on-month increase of 69.05%, with a total transaction value of 1.296 billion yuan, up 70.99% [2][20]. Summary by Sections Policy Dynamics - The report discusses various international and domestic policy updates, including the release of new methodologies for carbon accounting and the establishment of a carbon emission accounting system by 2025 [6][10]. - It notes the issuance of guidelines for carbon emission trading quotas for the power generation sector, emphasizing the importance of compliance and the new quota transfer policies [8][9]. Market Dynamics - The report details the performance of the EU carbon market, noting a trading volume of 904 million tons in October 2024, with a slight decrease in settlement prices [20][22]. - In the domestic market, the report indicates that the total trading volume in local carbon markets increased to 4.49 million tons, a month-on-month growth of 106.70%, with Hubei leading in both trading volume and value [25][32].