亚洲策略篮子- 评估亚洲人工智能驱动的投资机会；推出亚洲 “核心动力” 篮子-Asia Strategy Baskets_ Assessing AI-Powered Investment Opportunities in Asia; Introducing the Asia Nuclear Power Basket (GSSZNUCL)

Summary of Key Points from the Conference Call Industry Overview - Industry Focus: The conference call discusses the energy sector in Asia, particularly the nuclear power and renewable energy industries, highlighting the strategic importance of these sectors amid rising electricity demand and geopolitical tensions [1][2][4][9][38]. Core Insights and Arguments - AI-Driven Power Demand: Global electricity demand is projected to grow at a CAGR of 3.7% from 2024 to 2026, with emerging markets in Asia, particularly China and India, expected to drive 60% of this growth [9][10]. Data centers are anticipated to increase their share of global electricity use from 1-2% to 3-4% by 2030, contributing a 0.3% CAGR to overall power demand [1][10]. - Green Energy Transition: Renewables now account for over 45% of global electricity capacity, a 15 percentage point increase over the past decade, primarily replacing coal rather than adding new supply [2][20][21]. - Nuclear Power's Role: Nuclear energy, with a capacity factor exceeding 90% and zero carbon emissions, is positioned as a key player in providing clean baseload power. Investment in nuclear has surged, growing at a ~14% CAGR from 2020 to 2024 [3][22][30]. The share of nuclear in global generation is projected to rise from ~9% today to over 12% by 2040 [22]. - Investment Opportunities: The Asia Nuclear Power basket (GSSZNUCL) has been introduced to capture investment opportunities in companies involved in the nuclear energy cycle. This basket, along with Environmental & Renewables (GSSZEVMT) and Power & Electricity (GSSZPOWE), forms the Power Up Asia aggregate basket (GSSZPOWU) [5][38]. Important but Overlooked Content - Diverging Energy Landscape in Asia: Different countries in Asia are taking varied approaches to energy transition. China is leading in energy transition investments, while Japan is restarting nuclear plants, and South Korea is expanding its nuclear footprint. India is focusing on renewables and coal to address power deficits, and Australia remains a key uranium exporter [4][35]. - Core-Satellite Investment Recommendation: The recommendation is to accumulate or buy nuclear stocks on weakness, given their strong year-to-date performance (+40%). Renewables are also favored due to China's anti-involution policy trends, while Power and Electricity sectors are seen as stable with compelling valuations [6][41][42]. - Valuation Trends: Nuclear stocks have recently experienced a sharp re-rating, now trading at the highest P/E multiples, while Power & Electricity stocks remain relatively inexpensive compared to their historical averages [44][59]. Conclusion - The conference call emphasizes the strategic importance of nuclear and renewable energy in Asia's energy landscape, driven by rising electricity demand and the need for energy security. Investment opportunities are highlighted through the introduction of specific baskets targeting these sectors, with a focus on the long-term growth potential of nuclear energy amidst a backdrop of technological innovation and policy support [38][64].