在AI叙事主导市场的当下，资本拥挤带来的脆弱性已不容忽视。美银表示，当AI狂热退潮，真正的机 会藏在那些支撑AI物理运行的"硬资产"中。 1月21日，据追风交易台消息，美银在最新的研报中称，虽然AI是一场根本性的技术革命，但估值过高 和时间周期的不确定性已成为不可忽视的风险。38%的基金经理现在将"AI泡沫"视为最大的尾部风险。 研报称，美银提出的"完美对冲"策略并非做空AI，而是转向"转型投资"（Transition Investing）。与其 直接押注高估值的AI科技股，不如布局AI革命背后必须依赖的物理基础设施：清洁能源、电网基建、 关键金属以及国防安全。 美银的核心逻辑在于：AI的尽头是电力和资源。该行预测到2030年，全球AI相关资本支出将超过1.2万 亿美元。这笔巨资将不可避免地流入到为数据中心提供动力的能源、构建硬件的金属以及保护技术的国 防领域。 与此同时，美银还认为，这些领域拥有政策支持、地缘政治驱动和供应链基本面的支撑，即便AI泡沫 破裂，它们也能提供相对的韧性。 清洁能源：从AI配角到主角的转变 美银指出，投资AI的最佳方式可能是不直接持有AI股票。国防、基础设施和转型金属等策略是AI革 ...

Core Insights - 84% of high-net-worth investors in Hong Kong are interested in transition investments, indicating a strong interest in supporting companies in high-emission industries to align their operations with net-zero targets [1] - The top three investment themes of interest among Hong Kong respondents are green hydrogen (49%), carbon capture and storage (47%), and electric vehicles (47%) [1] - Personal values (61%) are viewed as the primary reason for investment by Hong Kong investors, the highest percentage among all surveyed markets, followed by improved returns (61%) and positive social and environmental impact (54%) [1] Investor Sentiment - Despite the growing interest in transition investments, investors express some reservations, with the primary concern being perceived higher risks (52%), followed by doubts about the potential for change (40%) and lower expected returns (36%) [1]

Core Insights - Standard Chartered Bank's report highlights a strong interest among investors in transition investments, with 87% of respondents wanting to invest in companies focused on reducing carbon emissions, particularly among women and younger investors [1][2] - Transition investments are defined as investments aimed at supporting the shift to a low-carbon economy, including companies from high-emission sectors that have credible decarbonization plans [1] - The report indicates that investors are particularly interested in themes such as green hydrogen, low-carbon fuels, and carbon capture and storage [1] Investment Trends - In mainland China, 84% of investors express interest in transition investments, with current sustainable investment allocation at 26%, expected to rise to 38%, marking the highest anticipated increase among surveyed markets [2] - Nearly 90% of respondents in mainland China are willing to invest in companies with credible transition plans, indicating a strong market focus on sustainability [2] Challenges and Concerns - Investors face multiple challenges in transition investments, with high risk being the primary concern, alongside a lack of benchmarks for comparison and perceived low returns [1][2] - Only 15% of investors can clearly explain the concept of transition investments, indicating a gap in understanding [1]

Core Insights - The report reveals a significant trend where high-net-worth investors globally are increasingly embracing transition investments, with 87% of respondents willing to invest in companies focused on reducing carbon emissions, surpassing the 83% for sustainable investments [1] - There is a notable shift in market preference, as 59% of investors express strong interest in transition investments, which is 10 percentage points higher than the interest in sustainable investments [1] Transition Investments as a Mainstream Choice - Transition investments aim to support the shift towards a low-carbon economy, including investments in high-carbon industries like shipping, agriculture, and steel, provided these companies have credible decarbonization plans [1] - The report indicates that transition investments are gaining widespread recognition across major global markets, with over 80% acceptance in all surveyed markets, particularly high in India (93%), Malaysia (91%), and Singapore (91%) [2] - In mainland China, 84% of investors have a positive attitude towards transition investments, with current sustainable investment allocation at 26%, expected to rise to 38% [2] Interest from Women and Younger Demographics - The report highlights that women and younger investors are key drivers of transition investment growth, with 77% of female investors showing interest compared to 56% of male investors [3] - Among the younger demographic (ages 25-39), 66% express a positive attitude towards transition investments, reflecting a stronger inclination to align values with wealth growth [3] - There exists a significant knowledge gap, as only 15% of investors can accurately define transition investments without prompts, indicating that the concept is still in its early stages [3] Risks and Opportunities - Achieving effective transition requires substantial financing, with over $125 trillion needed in key sectors to meet the International Energy Agency's 2050 net-zero emissions scenario, where private investors are expected to contribute 70% [4] - Over 30% of investors currently allocate funds to high-emission sectors such as real estate (34%), oil and gas (32%), and automotive manufacturing (31%) [5] - Despite strong interest, challenges remain, including perceived high risks (50%), lack of benchmarks (46%), potential low returns (44%), and concerns about "greenwashing" (42%) [5]