电气设备行业周报：2025年全国碳市场健康平稳有序运行仍或是政策主旋律

Investment Rating - The investment rating for the electrical equipment sector is "Positive" [4] Core Insights - The national carbon market is expected to operate healthily and steadily in 2025, with policy continuity being a key theme. The carbon price is anticipated to maintain slight fluctuations, and the carbon futures market is not expected to be launched in the short term [3][4] - Significant changes are expected in the national carbon emission quota market in 2024, with the introduction of the "Interim Regulations on Carbon Emission Trading Management" providing a clear legal basis for market operations. The indirect emissions from power generation facilities, steel, cement, and electrolytic aluminum industries will no longer be included in the national carbon trading market management [1][3] - The CCER market has gradually returned to normal after its restart, with the first batch of CCER projects registered by December 31, 2024. The regulatory authorities are focusing on the standardization and integrity of the CCER project registration and emission reduction process [2][3] Summary by Sections National Carbon Market Policy - The national carbon market is set to see important changes in 2024, with the introduction of new regulations and a focus on aligning with EU carbon market rules. The first control year for the steel, cement, and electrolytic aluminum industries is planned for 2024, with compliance expected by the end of 2025 [1][12] - The carbon emission quota transfer policy will be introduced in 2024, changing the compliance cycle to "annual compliance" to alleviate pressure on companies facing quota shortages [1][3] Carbon Market Trends - The carbon emission quota market is expected to exhibit significant tidal phenomena, with trading volumes surging as compliance deadlines approach and dropping sharply afterward [1][3] - The CCER market has seen a total transaction volume of 375,300 tons and a total transaction value of 23.835 million yuan on its first day of reopening, with an average price of 63.51 yuan per ton [2][3]