转型世界主题投资：2025年第三季度主题精选及股票清单（全球）

eS12847813 07 July 2025EquityGlobalTransformingWorldThematic ResearchThematic InvestingMerrill Lynch (Israel)Haim Israel >>Equity StrategistMerrill Lynch (Israel)+97236072007haim.israel@bofa.comFelix TranEquity StrategistBofAS+1 646 556 0731felix.tran@bofa.comLauren-Nicole Kung >>EquityStrategistMLI (UK)+44 20 7996 1045lauren-nicole.kung@bofa.comMartyn Briggs >>Equity StrategistMLI (UK)+44 20 7996 7442martyn.briggs@bofa.comAcronyms and Definitions:Al: artificial intelligenceAD: autonomous drivingADAS: advanced driver assistancesystemAV: autonomous vehicleESS: energy storage systemEV: electric vehicleeVTOL: electric vertical take-off andlandingLiDAR: light detection and rangingMENA: Middle East and North AfricaMSK: musculoskeletalrecombinant collagen: collagenproduced via genetic engineeringSMR: small modular reactorSSD: solid state driveUAV: unmanned aerial vehicle Links to Thematic Stocklists - EarthInnovation, PeopleExhibit 1: Summary of BofA Transforming World themes and the links to the stocklistsPlease click on the 3 hyperlinks below to be directed to the thematic primer picks for each of the Transforming World pillars1) Thematic Investing -Primer Picks (EARTH STOCKLIST LINK)OceanTech“Secrets of the Sea"- s2.5tn in economic value across OceanShots, Transformers (subsea cables, tidal), Explorers (marine tech), Savers (aquaculture)Net Zero*Transwarming World" post COP26 and COP27 we explore the path to net zero and implications of decarbonizationScarcity*The World Is Not Enough Water, Biodiversity/Air, Rare Earths/Metals, Farming Ag, Waste Disposal, Processing Power, Health/Wellness, Youth, Sklls/Education, TimeClimate Change*Emission Impossible? Net Zero transition to enable Climate Change with entry points across Renewables, Electric Vehicles, Energy Storage etcEnergy Efficiency“Efficient Frontier" - USS8-14tn in investments over the next 2OY: Autos, Buildings, ICT, Industrials, loT, LED & Lighting, Smart Grid & Energy Storage, Transport.Energy Storage*Clean it, Store it, Use it" - renewables, energy storage & EVs combined will be next clean energy phase; USS27bn market by 2030 growing at 16% CAGRFuture Food"We Can't Keep (M)Eating Like This": climate, deglobalization & health risks are converging, more food production needed in next 40Y than past 8,000YHydrogen*The Special 1": beneficiaries include electrolysers, industrials gases, fuel cells/FCEVs; hydrogen economy is $11tn opportunity by 2050Water“H2o.no! - opportunities across water management, water treatment and water infrastructure & supply as the water problem intensifiesWaste“Taking Out The Trash"opportunities across sustainable packaging, recycling, waste management and waste treatment2) Thematic Investing - Primer Picks(INNOVATION STOCKLIST LINK)Breakthroughs"I want to break free! - c$16tn of mcap identified across 30 breakthroughs & tech evolutions in Al, computing, robots, communication, healthtech, energy and mobilityAI & Big Data*Me Myself and AI USS15.7tn GDP gains by 2030 with opportunities across High Tech, Data Analytics, Autos, Industrials, Telecom, Healthcare and FinancialsCybersecurity"You've Been Hacked!" - US$8tn in economic damage in 2023 with opportunities in cybersecurity-related solutionseCommerce*From Bricks to Clicks” Gen Z, the Great Wealth Transfer, new tech (social commerce, fintech, voice, & AR) driving eCommerce, $2tn transfer in valueeSports*Video Kiled The Stadium Star" - 1/3 playing or watching video games, Gen Z account for 60% of viewers, $15bn total addressable marketFuture Human"lmmortal Combat": technology to enhance human lifespans, USs60obn+ market across genomics, big data & Al, future food, ammortality & moonshot medicineFuture Mobility*Overdrive" - USs1.5tn market opportunity by 2030 across Electric, Autonomous, Connected, and Shared verticalsFuture Security“Stay Safe!" - Uss80Obn of safe' solutions spanning cybersecurity, insurance, aerospace & defence, auto safety, TICRobots*Robot Revolution USs14-33tn disruptive potential across Al, Aerospace & Defence, Autos & Transport, Financials, Healthcare, Industrials, ServicesSharing Economy*Uberfication USS2tn total addressable market across Transport, Travel, Leisure & Work, Food, Retail, Media, Financials & Other Sectors to play the USS2tn TAMSmart Cities*21st Century Cities' USS1.5tn+ market across Smart Buildings, Energy, Home, Infrastructure, Mobility and Safety to play the Smart cities themeSpace*To Infinity And Beyond" - USs2.7tn market by 2045E across “terra firma" investment opportunities (launch, satllite, insurance, contractors etc) and "moonshots*Total Reality"Metaverse" - USs700bn+ potential mkt by 2025E across virtual/augmented reality, voice/speech recognition, gesture/touchless/haptics etc3) Thematic Investing - Primer Picks(PEOPLE STOCKLIST LINK)Demographics*Power To The People”- Peak Fertilty, Greying Population,Inequality, New Asia, Rise of Africa, Immigration, Urbanisation, Future of Work, D&l, Gen CAgeing*The Silver Economy" - USs15tn Bab