Investment Rating - The report maintains an "A" rating for the industry, indicating an expected performance that will exceed the benchmark index by more than 10% [1][9]. Core Insights - The report emphasizes the significance of Direct Air Capture (DAC) technology as a "negative carbon asset" in the context of the artificial intelligence and carbon finance era. It highlights the increasing demand for DAC due to the surge in carbon emissions from data centers driven by AI [2][3]. - Major technology companies, including Microsoft and Meta, are accelerating their procurement of DAC carbon removal credits to achieve carbon neutrality goals. The integration of DAC with data centers is seen as beneficial due to the availability of clean energy and the potential to utilize waste heat from cooling systems [2][3]. - The report also notes that DAC possesses unique attributes as a "negative carbon asset," which does not rely on carbon emission sources and can remove existing CO2. This positions DAC as a foundational asset in the carbon finance era [3][4]. Summary by Sections Section 1: Technology and Market Dynamics - The report discusses the explosive growth in energy consumption by global data centers, projected to reach 1,200 terawatt-hours by 2035, and the corresponding increase in greenhouse gas emissions from major tech firms [2]. - It highlights the strategic partnerships between DAC technology companies and major players in the chemical and energy sectors, such as the collaboration between Bluestar Technology and Climeworks [4][6]. Section 2: Investment Opportunities - The report identifies key companies in the DAC space, including Bluestar Technology and Jianlong Micro-Nano, which are involved in the development of efficient CO2 adsorption materials and equipment [4]. - It mentions that Jianlong Micro-Nano is working on a sustainable aviation fuel project utilizing DAC technology, with plans for commercial production by 2027 [6]. Section 3: Industry Trends - The report notes the increasing interest from petrochemical giants in DAC technology due to their existing advantages in carbon storage and the potential for financialization of carbon credits [3][4]. - It emphasizes the ongoing technological advancements in DAC materials and equipment, which are crucial for reducing costs and enhancing efficiency in carbon capture [4].