跨境碳定价，绿电价值或提升

Investment Rating - The report assigns an "Accumulate" rating for the industry [4] Core Insights - Electricity demand continues to rise, with a long-term positive outlook for thermal power generation [2] - The implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) on January 1 will significantly impact China's exports, particularly in steel and aluminum, which constitute about 3.5% of total exports to the EU [4] - The "West-to-East Power Transmission" capacity has reached 340 million kilowatts, expected to exceed 420 million kilowatts by 2030, supporting a 30% share of renewable energy generation [4] - In January, renewable energy generation in Inner Mongolia reached a record high, contributing over 25% of the adjustment load, with significant increases in new energy storage capacity [4] - The electricity spot market in Qinghai shows a price difference of 376 yuan per megawatt-hour between energy storage and other generation sources, indicating market dynamics [4] Summary by Sections - Investment Rating: The industry is rated as "Accumulate," indicating a potential increase of over 15% relative to the CSI 300 index [4][9] - Electricity Demand: The report highlights a sustained increase in electricity demand, particularly benefiting thermal power in the long term [2][4] - CBAM Impact: The CBAM will create barriers for high-carbon products, necessitating companies to enhance their carbon tracking and develop green products [4] - Power Transmission Capacity: The "West-to-East Power Transmission" initiative is projected to grow significantly, enhancing inter-provincial power exchange capabilities [4] - Renewable Energy Performance: Inner Mongolia's renewable energy generation has reached new highs, showcasing the growth of new energy storage systems [4] - Market Dynamics: The electricity spot market reflects significant price variances, indicating the competitive landscape among different energy sources [4]