<p>Achieving low-carbon economic growth has become a pressing goal for emerging economies, particularly for China as the world's largest carbon emitter. The energy-use rights trading (EURT) system represents an important market-based instrument for advancing China's dual carbon targets, yet its micro-level effects on the low-carbon transition of high-carbon enterprises remain insufficiently understood. Using China's 2017 EURT pilot policy as a quasi-natural experiment, this study constructs a triple-differences (DDD) model and employs firm-level data from listed companies in high-carbon industries to empirically examine the effect of EURT policy on corporate carbon emission intensity in pilot regions. The results show that the EURT policy significantly reduces carbon emission intensity among high-carbon firms in pilot regions. Mechanism analysis identifies green technological innovation and green credit as two primary transmission channels through which the policy promotes low-carbon transformation. Heterogeneity analysis reveals that the emission-reduction effect is more pronounced among firms with higher business maturity, in industries with greater market competition, in regions with stronger environmental enforcement, and in areas with lower resource endowments. Further analysis demonstrates that perceived economic policy uncertainty and external attention significantly amplify the carbon-reduction effect of the EURT policy. This study provides micro-level empirical evidence on the role of market-based energy regulation in driving low-carbon transition in high-carbon industries and offers practical insights for policy optimization and targeted implementation.</p>