碳市场扩容政策点评：碳市场扩容正式落地，关注行业转型风险与高质量发展机遇

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The expansion of the carbon market has officially launched, covering the steel, cement, and aluminum smelting industries, increasing the overall carbon emissions coverage by approximately 60% [1][10] - The number of key emission units is expected to rise from about 2,200 to approximately 3,700, marking an increase of about 68% [11] - The carbon market is transitioning from a single industry focus to a multi-industry integration, enhancing the carbon pricing mechanism and promoting high-quality development [1][2] Summary by Sections 1. Policy Framework - The National Carbon Emission Trading Market now includes the steel, cement, and aluminum smelting industries, aiming to create a more effective and internationally influential carbon market [10] - The new threshold for inclusion is set at an annual greenhouse gas emission of 26,000 tons of CO2 equivalent, which is higher than most local carbon markets [12] 2. Policy Evolution and Market Development - The carbon market has been gradually expanding since its establishment in 2017, with a structured approach to include high-energy-consuming industries [2][23] - The final plan has optimized the description of the aluminum smelting industry, enhancing clarity and precision in regulatory language [21] 3. Policy Impact and Interpretation - The transition risks associated with high-carbon industries are accompanied by opportunities for high-quality development, pushing these sectors towards low-carbon competitiveness [2][31] - The carbon pricing mechanism is being improved to enhance the ability to respond to green trade barriers, with the market now covering multiple greenhouse gases [39][42] 4. Transition Financial Tools - Transition finance, as an extension of green finance, provides long-term support for high-carbon industries to shift towards low-carbon and zero-carbon emissions [3][45] - Specific financial instruments include transition bonds and sustainable-linked loans, which incentivize companies to engage in sustainable practices based on performance metrics [45][46]