01 The main line of investment under the theme of carbon neutrality The carbon neutrality theme involves a long time horizon and is highly dependent on technological advancements, so investment opportunities coexist with risks. However, based on the judgment of global and Chinese economic growth and related technological evolution in the next 3~5 years, we can sort out several clear investment lines: 1. Clean energy field: This is the most direct investment direction for carbon neutrality. Clean energy and energy storage service providers such as wind, nuclear, solar, lithium batteries, hydrogen and hydropower will benefit from the urgent global demand for clean energy supply. Investors should focus on the leading companies in these sectors, especially those with technological innovation capabilities and market expansion potential. 2. Energy Conservation and Emission Reduction: In addition to clean energy, there will also be development opportunities in areas related to promoting energy conservation and emission reduction. Smart grids, smart cities and transportation, energy-efficient buildings, green consumption, green packaging, green finance and carbon capture technology are all investment directions worth paying attention to. Enterprises in these fields can help reduce carbon emissions and achieve sustainable development through technological innovation and model innovation. 3. Indirect changes brought about by the trend of carbon neutrality: The trend of vehicle electrification combined with 5G applications to generate intelligent vehicles, the related service support brought by carbon tax and carbon trading, and the relevant data and supporting services brought by ESG investment are all indirect investment opportunities under the trend of carbon neutrality. Investors should keep an eye out for emerging companies and innovative models in these areas to capture alpha.

02 Risk aversion in the context of carbon neutrality While seizing the opportunities of carbon neutrality investment, investors also need to pay attention to avoiding related risks. Here are the areas to be wary of: 1. Traditional energy companies that are slow to transform: Some enterprises in the oil, coal and other fields and industrial chains that do not actively respond to the trend of carbon neutrality will face greater transformation pressure and operational risks. Investors should be cautious about these companies to avoid falling into investment traps. 2. Enterprises with high carbon emissions and poor transformation: In the manufacturing industry, steel, nonferrous metals, cement and other raw material manufacturers, as well as traditional fuel vehicle manufacturers in transportation and their industrial chains, there are some enterprises with relatively large carbon emissions and high green premiums. If these companies do not actively transform to cope with the trend of reducing emissions, they will face the risk of losing market share and weakening profitability. Investors should pay close attention to the transformation progress of these companies and adjust their investment strategies in a timely manner.