回顾2024 - 2025年至今——我们主题研究的10大亮点

Equity ResearchJune 4, 2025 Global | Sustainability & Transition Strategy A Look Back on 2024-2025 to Date — 10Highlights from Our Thematic 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. Our thematic work has spanned various topics over the last year including theglobal energy transition and carbon removal, AI's impact on the labor market,and the growing role of the state in driving markets. Please see our 10 highlightsbelow. Research ***CLICK HERE TO VOTE*** Energy Transition & Carbon Removal 1)DEEP DIVE — Scaling Climate Tech Through Its Missing Middle: We hosted leading VCs,growth & infra investors, investment bankers, & companies to answer 1 question — Howwill climate tech companies scale? KTs: 1) Although the aggregate capital committed to thetransition is large — $165bn in private AUM since '21 & c.$90bn not deployed — it isn’t alignedwhere funding is most needed; 2) Capital for commercial projects 2–10 are key; 3) The CFOfunction is vital; 4) Cos should seek desperate customers — this translates to WTP. 2)Next Chapter of the Energy Transition — Defining the Public Markets Universe: Over the lastfew years, 2 narratives have persisted regarding public equity markets & the energy transition:1) There is a limited no. of stocks with significant exposure to the theme, and 2) Investing in thetransition has been a bad trade. We believe the universe is much bigger than pure-play renewablegeneration companies, while many pockets of the theme have outperformed. In this report, weset out an initial list of c.920 global companies exposed to the transition. 3)The Investor Guide to Japan's Energy Transition: We continue our focus on Japan's GX policy(see 10 Key Takes on Japan's Climate Policy—Our Research to Date). Based on two governmentresources — Sector-Specific Investment Strategies and Transition Finance Roadmaps — we havedeveloped a concrete understanding of how Japanese corporates will likely transition to a low-carbon economy. This report dives into Japan's high-emitting sectors, amongst other prioritizedfields, and the largest public equities within. Aniket Shah, PhD * | Head of Sust. &Transition Strategy(212) 323-3976 | ashah14@jefferies.com Charles Boakye, CFA * | Sust. & TransitionStrategist(212) 336-6649 | cboakye@jefferies.com 4)Navigating Energy Transition Performance in Trump 2.0: As we set out previously, we haveidentified c.1,000 companies involved in or significantly affected by the energy transition globally.In the first of a series of notes analyzing performance, value creation, and investor sentiment, wedetail those sectors which have outperformed on absolute and relative bases over the last 1yr andsince President Trump's election (3mo). Nuclear (+60%), Engineering & Construction (+19%) andElectrification (+18%) are up (1yr TSR). Luke Sussams ^ | Sust. & Transition Strategist44 (0)20 7548 4404 | lsussams@jefferies.com 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 5)CEOs in Carbon Removal — A Playbook Amidst Grave Uncertainty: The carbon removal industryis filled with opportunities — compliance carbon markets are starting to include CDR, and thereare 10+ promising technologies in addition to Direct Air Capture. However, concentrated demand,high costs, and volatile govt support present uncertainty. We hosted 14 companies, includingClimeworks, to gain insights. This report highlights our views, investment trends, policy updates,purchasing patterns, and profiles of these companies. 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.)AI Agents 6)Will AI Take Our Jobs? May 2025: We believe AI's most significant impact for investors will bethrough labor disruption, beginning with entry-level roles. Continuing our focus (here, here, here), weanalyze: 1) unemployment among recent grads (5.8%) vs. all workers (4%) and college grads (2.7%);2) earnings call transcripts — 40% of US stocks citing AI agents are ex-Tech, including 20 stocks inBroadline Retail; 3) recent interviews and reports, includingAI 2027andAI as Normal Technology. The Role of the State 7)DEEP DIVE Geopolitics That Matters — US-China via 40+ Key Data Points: US-China dynamics —around economic growth, trade, technology & defense collaboration/competition — will affect equitymarkets for decades. Too often the "US-China" topic devolves into ideological debates based onoutdated data and impressions. Here we lay out 40+ data points on relative US-China positioningacross econo