回顾2024 - 2025年至今——我们可持续性研究的10大亮点

Equity ResearchJune 4, 2025 Global | Sustainability & Transition Strategy A Look Back On 2024-2025 To-Date—10Highlights from Our Sustainability Research If you have appreciatedour service over the pastyear, please support uswith a Five Star Rating inthe Sustainability (ESG),Washington Research andThematic categories of theExtel Survey. We have continued our work on Sustainability with a focus on how companiesand investors can monetize the theme, and what matters going forward. Pleasesee our 10 highlights inside. Research 1)Winter is Coming: Prepare for Legal Battle over Sustainability, DEI, and ESG:8 Key Takes: 1)59anti-ESG proposals to kick off 2025;2)First antitrust lawsuit filed;3)Investors in net-zero coalitionsmay face scrutiny;4)SEC to focus on misrepresentations;5)ERISA rule from DoL and list of “non-pecuniary factors” could be next;6)Spence vs American Airlines Inc lawsuit should not be viewedas settled law;7)Agencies to look for egregious, illegal DEI practices among private employers;8)Sustainability disclosures are here. ***CLICK HERE TO VOTE*** 2)Linking Dispersion in Stock Returns to ESG Metrics: Recent studies have demonstrated a positiverelationship between ESG factors & stock returns. These linkages clearly vary by factor, sector &geography. Together with JEF Quant team, we analyzed seven of the most widely disclosed ESGmetrics and their association with dispersion in TSR from '21-'23. Our study finds that fundamentalfactors (e.g., profitability, growth) are far more associated with TSR dispersion, vs ESG factorswhere results were mixed. 3)AI Agents—The Key Human Capital Question in 2025: Insights from our 3.5 years of studyinghuman capital investing have led us to focus on the central investment human capital theme of2025: AI agents. This note outlines what AI agents are, recent updates from MSFT and CRM, andpractical steps for investors to analyze how companies integrate AI into the workforce. Aniket Shah, PhD * | Head of Sust. &Transition Strategy(212) 323-3976 | ashah14@jefferies.com 4)Data Over Vibes—A Snapshot of the State of ESG and Sustainability in the US: We are frequentlyasked, "Is ESG dead?", so we decided to review a range of data points to provide an unexaggeratedand non-hyperbole snapshot of the state of ESG and sustainability in the US. In short, it'scomplicated. Seemingly conflicting data signals to us a move away from extraneous initiatives.Where "ESG" oversimplified a disparate and complicated set of issues, E, S & G factors are stilldriving decisions, whether they are called out separately or not. Charles Boakye, CFA * | Sust. & TransitionStrategist(212) 336-6649 | cboakye@jefferies.com Luke Sussams ^ | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.com 5)What Makes A Great Company — Recap of NBIM's 2025 Investment Conference: JEF STShas written on corporate culture-related topics and the benefit of long-termism in investmentstrategy and decision-making since our start in June 2021 (see here). These themes were the focusof Norges Bank Investment Management's 2025 Investment Conference, where we heard fromleaders including David Solomon (Goldman Sachs), Adena Friedman (Nasdaq), and Sir ChristopherHohn (TCI Fund Management). Matthew Spring, CFA * | Sust. & TransitionStrategy Associate+1 (212) 738-5297 | mspring@jefferies.com Carina Elfving * | Sust. & Transition StrategyAssociate+1 (212) 336-7238 | celfving@jefferies.com Yujin Kim * | Sust. & Transition StrategyAssociate+1 (212) 778-8314 | ykim4@jefferies.com Jacqueline Murdock ^ | Sust. & TransitionStrategy Associate+44 (0)20 7548 4165 | jmurdock@jefferies.com Ana Zotovic ‡ | Sust. & Transition StrategyAssociate+1 (416) 847 7399 | azotovic@jefferies.com Research (cont.) 6)Back to Basics — IPOs: What Sustainability Investors Actually Care About: With capital raisingbeing a lever to commercialize sustainability and in anticipation of a surge in IPOs, we interviewedleading long-only sustainability investors on what they actually care about on sustainability at theIPO stage. What investors expect is for companies to have a solid "G" foundation, articulate howsustainability will drive business value, and provide clarity on how they will improve and meetexpectations around reporting and transparency. 7)Back to Basics: Strategic Avenues for Commercializing Sustainability: Three years ago wepublished an ESG guidebook, which painted a picture of the landscape for ESG reporting frameworks,ratings, and more. Today, it is clear that the conversation has matured, with a focus now oncommercialization and value creation. In this note, we go back to basics, highlighting 10 strategiclevers corporates can pull to commercialize sustainability in response to external pressures.Investors can use this note to guide engagement. 8)If They Could, They Would—Anticipating The Next Great Resignation: The moment job openingseventually rise, we expect US workers to quit in waves. Our survey shows discontent