川财证券：研究所晨报-20241118

Group 1: Market Overview - The report indicates that the three major indices experienced a decline last week, influenced by rising inflation expectations in the US, with the ten-year Treasury yield maintaining a range of 4.4%-4.5% and a strengthening US dollar putting pressure on the RMB exchange rate [3][18] - The China Securities Regulatory Commission (CSRC) released the "Guidance on Market Value Management for Listed Companies," emphasizing that market value management should be based on improving company quality and should comply with laws and regulations [3][12][18] Group 2: Investment Opportunities - The report suggests focusing on central enterprises with merger and acquisition expectations, artificial intelligence, and low-altitude economy sectors as potential investment directions [3][22] - The approval of Article 6.4 of the Paris Agreement at COP29 is seen as a historic moment for the global carbon market, establishing a solid foundation for carbon trading among countries [4][39] - The global carbon market is evolving, with increasing coverage and influence, and is becoming a crucial tool for countries to address climate change [4][45] Group 3: Industry Insights - The report highlights that the carbon market will allow countries to trade their emission allowances, facilitating capital flow towards developing countries with potential carbon-related projects [4][45] - The implementation of Article 6.4 is expected to enhance China's carbon market's internationalization, enabling access to more international funding for green technology exports and energy transition projects [4][45] - The report notes that China's carbon market is in its early stages and can learn from developed countries to establish a clear development roadmap and improve its trading system [4][45]