双碳跟踪：钢铁、水泥、铝冶炼配额方案正式印发，化工等行业扩围准备中

Investment Rating - The industry investment rating is "Positive" and maintained [11]. Core Insights - The Ministry of Ecology and Environment issued the allocation plan for carbon emission rights in the steel, cement, and aluminum smelting industries for 2024 and 2025, focusing on direct carbon emissions during production and implementing a carbon emission intensity control approach starting in 2025 [2][6]. - The allocation mechanism is expected to tighten gradually, which will benefit the demand for green certificates and CCER, leading to improved cash flow for waste incineration companies and supporting the logic of green fuel substitution [2][14]. Summary by Sections Event Description - On November 17, 2025, the Ministry of Ecology and Environment published the allocation plan for carbon emission rights, detailing the distribution range and methods for 2024 and 2025, including issuance, compliance, and carryover of quotas [6]. Event Commentary - The report expresses optimism regarding the demand for green certificates, which is expected to improve cash flow for waste incineration companies. Companies such as Huanlan Environment, Weiming Environmental Protection, and Guangguang Environment are highlighted for their potential [8][14].