1、Asia Pacific Equity Research29 August 2025J P M O R G A NThis material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or r

2、edistributed without the written consent of J.P.Morgan.Utilities and EnvironmentalAlan Hon AC(852)2800-Asia Pacific Sustainable Investing ResearchHannah L Lee AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedFigure 1:Energy transition investment and growth b

3、y region(2024)Source:BNEFFigure 2:Net export balance for clean tech(2024)Source:BNEFThe road to a clean energy future is long(and uncertain).While the energy transition remains an overarching theme,history has shown that renewable energy build-out at scale does not necessarily translate into returns

4、 at all points of the value chain.Industry cycles,technological advancement,and geopolitics all come into play.In this report,we give10 answers to questions relating to the transition on three main topics:1)Which transition value chains are in supply tightness or emerging as important ones?2)Where a

5、re geopolitical risks less well understood?3)Which transition technologies will be the next game changers?JPM-covered stocks that emerge as our top picks include:Bannerman Energy(BMN),CATL-A,Hyundai Electric,Hyosung Heavy,ILU,LG Chem,LG Energy Solution,Orient Cables,Sieyuan and Tenaga.APAC leads the

6、 world in energy transition investment,making up 50%of the worlds US$2.1tn in 2024.APAC also had the highest growth of 21%(vs.AMER/EMEAs+7%/-2%)for the same year;and in clean technology net exports,with an amount of US$191bn.In recent years,the quest for energy to fuel AI DC has exacerbated the need