2025-06-04-Jefferies-回顾2024_-_2025年至今——我们主题研究的10大亮点_8页_187kb

Summary of Global Sustainability & Transition Strategy Report (June 4, 2025)

1. Energy Transition & Carbon Removal

• Energy Transition Universe: Includes approximately 920 global companies with exposure to energy transition, challenging the narrative that it's limited to pure-play renewables. Performance varies, with sectors like nuclear, engineering and construction, and electrification outperforming in post-Trump election scenarios.
• Climate Tech Scaling: Key funding gap in projects worth $2-10 billion, vital CFO roles, and focus on seeking desperate customers to drive willingness-to-pay (WTP) in carbon removal and transition.
• Japan's GX Policy: Based on government strategies, analysis centers on high-emitting sectors and public equities, with Tailwinds for Japanese corporates transitioning to low-carbon economies.
• Carbon Removal Uncertainties: Opportunities from compliance markets and emerging technologies, but hurdles include concentrated demand, high costs, and unstable government support; insights from companies like Climeworks.

2. AI Agents

• Labor Market Impact: AI may disrupt entry-level jobs, affecting unemployment rates among recent graduates; analysis includes earnings call data showing AI's influence in non-tech sectors like retail.

3. Geopolitical and Governmental Roles

• US-China Dynamics: Deep dive with over 40 data points comparing economic, trade, technology, and defense aspects, highlighting long-term equity market implications.
• Big Government Trend: Increasing state intervention globally due to factors like debt, demographics, and geopolitics, with implications for investments.
• Immigration and Tariff Policies: Potential sectoral impacts from Trump-era policies such as deportations and visa restrictions, or benefits from new trade deals in tariffs.