Core Viewpoint - The rebound in CEA prices in November is a result of both policy guidance and changes in market supply and demand [4]. Group 1: Price Trends and Influencing Factors - CEA prices have been declining throughout the year, but November saw a rebound with a maximum price of 70.14 yuan/ton and a minimum of 51.54 yuan/ton, closing up 14.80% from the last trading day of the previous month [4]. - The new quota transfer regulations, which increased the basic transfer amount for key emission units in the steel, cement, and aluminum industries from 10,000 tons to 100,000 tons, have contributed to the price rebound [6]. - The end of the surplus quota sell-off and the government's intention to stabilize prices have also played a role in the price recovery [6][7]. Group 2: Policy Signals and Market Stability - Recent announcements, including a new round of national contributions and policies to promote green and low-carbon transitions, have strengthened expectations for the carbon market [7]. - The upcoming compliance deadline at the end of the year has increased the willingness of some companies to purchase quotas [7]. - The fluctuation of carbon prices is considered a normal market phenomenon, influenced by supply-demand relationships, market expectations, and trading behaviors [7]. Group 3: Market Dynamics and Future Outlook - The current carbon price reflects market expectations regarding quota supply and demand, impacting the decisions and interests of both buyers and sellers [9]. - The low carbon price may benefit companies with quota deficits but could hinder surplus companies from maximizing their reduction potential [9]. - The voluntary carbon market (CCER) prices are currently lower than CEA prices, leading some companies to prefer purchasing CCERs to offset their quotas [9][10]. Group 4: Strategic Recommendations for Companies - Companies are advised to adopt a cautiously optimistic approach towards carbon prices, utilizing basic transfer quotas strategically before the end of the year [12]. - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) in 2026 may indirectly influence China's carbon market rules and expansion speed, but its direct impact on prices is expected to be limited in the short term [12]. - The transition to a mixed allocation of free and paid carbon quotas is anticipated to enhance carbon price stability and market efficiency [13].