高盛：资本支出可靠性、效率和当量性在不确定性中的关键主题

Investment Rating - The report maintains a bullish view on Green Capex as a favorable investment theme driving stock performance despite ongoing uncertainties [4][5][6]. Core Insights - The report identifies three key pillars supporting Green Capex: Regulators/policymakers, Big Tech, and broader residential/corporate consumers, emphasizing the importance of reliability, efficiency, and product equivalency [4][5][6][7]. - It highlights that substantial Green Capex will be supported by these three groups, focusing on technologies that contribute to decarbonization, infrastructure, and clean water goals [8][12][15]. Summary by Sections Regulators/Policymakers - Policymakers are expected to prioritize investments in reliability and resiliency, particularly in energy and water infrastructure, amid concerns over recent election outcomes and inflation [5][42]. - There is a recognition of the need for modernization of electricity and water infrastructure to meet rising demand and mitigate risks of outages [42][48]. Big Tech - Big Tech companies are anticipated to continue supporting Green premiums to drive clean energy innovation and efficiency, leveraging their strong financial positions [6][27][28]. - The report notes that as data center power demand is projected to grow significantly, Big Tech's commitment to reducing emissions will be crucial [27][39]. Residential and Corporate Consumers - Broader consumers are likely to favor Green technologies that do not require significant behavioral changes or additional costs, focusing on affordability and reliability [6][50]. - The report suggests that there is a growing willingness among corporates to invest in Green technologies, particularly those with minimal to no Green premiums [50][54]. Technologies and Investment Opportunities - Key technologies highlighted include solar, battery storage, energy efficiency solutions, and carbon capture, which are expected to benefit from increased investment [11][12][40]. - The report emphasizes the importance of product equivalency, where new technologies must match the performance and cost of existing solutions to drive adoption [7][50]. Market Dynamics - The report indicates that the private sector is on track to contribute $1.0 trillion of the additional $2.8 trillion needed annually for Green Capex in the 2020s, with public companies having the capacity for an additional $0.7 trillion [15][19]. - It also notes that investment levels appear resilient, with upward revisions to private sector expectations over the past year [15][19].