电气设备：碳资产怎么评估？

Investment Rating - The industry rating is "Positive" indicating an expected overall return exceeding the benchmark index by more than 10% [3]. Core Viewpoints - The report emphasizes the importance of carbon asset evaluation, highlighting that policy factors are fundamental in influencing carbon asset price levels. Various methods for carbon asset evaluation are discussed, including market, income, and cost approaches [2][14]. - The report provides specific valuation examples, such as the market-based valuation of mangrove carbon sinks at 205.53 CNY/ton and the income-based valuation of carbon emission allowances for a thermal power company at 14.16 million CNY [17][21]. Summary by Sections Carbon Asset Evaluation - The report outlines the newly released guidelines for carbon asset evaluation by the China Asset Appraisal Association, which are advisory and not mandatory. It specifies that professionals in asset evaluation must possess knowledge related to carbon asset evaluation [2][7]. - The evaluation methods include market, income, cost, and innovative methods like shadow pricing and option pricing [14]. Valuation Examples - Using the market approach, the valuation of a specific mangrove carbon sink project was calculated to be 353.52 million CNY based on a transaction price of 205.53 CNY/ton for 17,200 tons [17]. - The income approach for a thermal power company projected a value of 14.16 million CNY for carbon emission allowances over the next three years, based on specific growth and pricing assumptions [21]. - The shadow pricing method estimated the carbon emission rights shadow price in Shanghai's industrial sector at 1,332.16 CNY/ton for 2021 [24][25]. Information Disclosure - The report stresses the significance of information disclosure in carbon asset evaluation, recommending that relevant parties prioritize transparency regarding carbon asset details, ownership, and valuation factors [27][29].